High Grade & High Yield Chemicals: 2Q26 Earnings Calendar & Cheat Sheet

Research evidence excerpt

High Grade & High Yield Chemicals: 2Q26 Earnings Calendar & Cheat Sheet

J P M O R G A N North America Credit Research

22 July 2026

High Grade & High Yield

Chemicals

2Q26 Earnings Calendar & Cheat Sheet

North America Corporate Credit -

Chemicals and Energy (HY)

Aaron Rosenthal, CFA AC

(1-212) 270-4584

aaron.rosenthal@jpmorgan.com

• To wish was to hope, and to hope was to expect. Actual second quarter Elle Boyd

commodity chemicals results will likely take a backseat to C-suite messaging (1-212) 270-7283

elle.boyd@jpmchase.com

regarding the extent of the 2H26 earnings normalization against peak cycle 2Q J.P. Morgan Securities LLC

earnings. Contractual dynamics, geographic asset positioning, the re-

escalation of M.E. tensions, and the potential impact from weather events will Contents

collectively help to smooth the magnitude of the 3Q earnings decline (v. 2Q). High Grade & High Yield Chemicals Relative

That said, structural headwinds persist, and we maintain that 2027 economics Value 2

are more likely to reflect pre-war levels. Specialty chemical earnings profiles 2Q26 Chemicals Earnings Calendar and Dial-In

Details 7

in 1H26 broadly traded price for volumes. A highly volatile raw material High Yield Chemicals 2Q26 Cheat Sheet 9

environment coupled with weak underlying demand suggests balancing price,

cost, and volumes will become increasingly challenging in 2H26. Limited

visibility, elevated uncertainty, and cash flow headwinds tied to fluctuating raw

material values were cited across flash results from a handful of European

producers. Evolving trade dynamics (tariffs, regional trade agreements,

protectionist measures), supply chain logistics, the impact from higher for

longer interest rates, and M&A will be topical. Please find below a summary