BASF: Key takeaways from Ludwigshafen

研报英文原文证据摘录

BASF: Key takeaways from Ludwigshafen

Equity Research

European Chemicals & Ingredients

10 June 2026

BASF

Key takeaways from Ludwigshafen

As part of our inaugural Chemicals & Ingredients bus tour to

BASF’s Ludwigshafen, management highlighted rising

confidence in site competitiveness, normalising demand BASFn.DE/BAS GY UNDERWEIGHT European Chemicals &

Ingredientspost-March panic buying, and the strategic value of BASF’s NEGATIVE

Price Target EUR 40.00

trading platform. Price (09-Jun-26) EUR 48.53

Potential Upside/Downside -17.6%

Source: Bloomberg, Barclays Research

Yesterday, as part of our inaugural Chemicals & Ingredients investor bus tour, our first stop was

to Europe’s largest chemical site, BASF's Ludwigshafen. We met with Stephan Kothrade (CTO)

alongside the Investor Relations team (Dr. Stefanie Wettberg, Dr. Lars Budde) for a group European Chemicals & Ingredients

discussion, followed by an on‑site tour of the Verbund site. BASF presented a picture of Katie Richards

improving strategic confidence, with Ludwigshafen positioned as a winner of European +44 (0)20 3555 0315

consolidation, trading conditions normalising after March’s panic buying, and the Zhanjiang kathryn.richards@barclays.com

Barclays, UKVerbund providing tangible proof of what lower‑carbon, integrated chemistry can look like at

scale. Anil Shenoy

+91 (0)22 6175 2487

anil.shenoy@barclays.com

Barclays, UK

Key takeaways

Alex Sloane

•• Trading conditions: from panic buying to normalisation. Mr Kothrade described panic +44 (0)20 3555 0645

alexander.sloane@barclays.com

buying peaking in March, driven by Middle East tensions, attacks on peers’ assets and force Barclays, UK

majeure declarations at several Asian refineries, but noted that conditions have since

normalised.