AZELIS GROUP (+) : Company contact ahead of Q2-26 reporting

研报英文原文证据摘录

AZELIS GROUP (+) : Company contact ahead of Q2-26 reporting

EQUITIES

CHEMICALS

AZELIS GROUP OUTPERFORMPRICE* EUR9.9  TARGET PRICE EUR14 (UPSIDE 42%)

FLASH NOTE

Company contact ahead of Q2-26 reporting

22 JUNE 2026 Securities Research Report Production time: 15:02* (London time)

Research Analyst & Publishing Entities

Hannah Harms BNP Paribas London Branch (+44) 207 039 9424 hannah.harms@uk.bnpparibas.com

Call with Head of IR:

Azelis do not see a significant change to end markets in Q2 vs Q1. Modest OSG is expected in Q2, supported by easier

comps in Asia and Americas. Azelis do not provide financial guidance, so comments on current trading are qualitative.

Bloomberg consensus of EBITA €115m looks reasonable. Azelis will report on 30th July.

Points of colour:

– Q2-26: Expect modest OSG, supported by easier comps in Americas and Asia as volumes outside of Europe are no longer

deteriorating. No significant change in end markets in Q2 vs Q1. Continue to see green shoots (US personal care and

food, Asia ex AUS/NZ price and volume on easier comps) and deterioration (EMEA Industrial and LATAM). Azelis confirm

there was limited pre-buy at the end of Q1 and beginning of Q2. Price increases have been implemented across many

products to pass through the increases from principals. Azelis reaffirm these price increases are neutral, albeit there could

be short term uplift.

– Group mix: Expect similar mix to Q1, with higher margin areas like Australia and New Zealand providing lower contribution

compared to Asia, which is a lower margin region but higher growth.

– North America: CASE and Ag remain under pressure, albeit with no further signs of deterioration. Food and personal care

remain resilient. Do expect significant sequential improvement.