Goldman Sachs BASF SE (BASFn.DE) Research Report

Research evidence excerpt

Goldman Sachs BASF SE (BASFn.DE) Research Report

Equity Research

1 July 2026 | 2:39PM GST

BASF SE (BASFn.DE): Updating estimates ahead of 2Q26

We update our estimates for BASF ahead of 2Q26 earnings (29 July). We lower our Georgina Fraser, Ph.D.

+44(20)7552-5984 |

2Q26 adj. EBITDA estimate by 11% to €2.32bn, driven primarily by Chemicals, where georgina.fraser@gs.com

Goldman Sachs International

we moderate our margin assumption on lower-than-expected price drop-through.

Gabriel Simoes

While the order book is reported to be still solid for the summer months, we see +44(20)7051-6922 |

uncertainty over 2H activity as 1H pre-buying unwinds and demand potentially gabriel.simoes@gs.comGoldman Sachs International

softens. In Chemicals, Asia/China margin pressure has re-intensified as regional Marcus von Scheele

competitors have lifted force majeures. The segment additionally faces drag from +44(20)7774-7676marcus.vonscheele@gs.com|

the Zhanjiang start-up (guided €-100mn EBITDA headwind in FY26) and a Goldman Sachs International

Wardregulatory-driven turnaround at one of the larger Ludwigshafen crackers in 2Q. Thomas | +44(20)7051-2527

thomas.ward@gs.com

Our 2Q26 adj. EBITDA of €2.32bn still sits 8% above Visible Alpha Consensus Data of Goldman Sachs International

€2.15bn. We expect Industrial Solutions to remain a relative bright spot, supported

by a strong electronic materials business serving the semiconductor industry.

Conversely, we expect Nutrition & Care to be more challenged in 2Q, reflecting a

vitamins plant shutdown that limited volumes as well as more hesitant consumer

demand in Care Chemicals. Our FY26 adj. EBITDA estimate is now €7.99bn vs. Visible

Alpha Consensus of €7.59bn, placing us +5%/+4% ahead of consensus on

FY26/FY27 adj. EBITDA, respectively.