Lanxess / Wacker Chemie: Modest upgrades for 2026E

研报英文原文证据摘录

Lanxess / Wacker Chemie: Modest upgrades for 2026E

Equity Research

25 June 2026

Lanxess / Wacker Chemie

Modest upgrades for 2026E

Wacker Q2 tracking better with stable pricing-driven margins;

FY near top-end, Section 232 a key catalyst. Lanxess

unchanged near term but upside from pricing execution European Chemicals & Ingredients NEGATIVE

Unchangedpossible; more constructive on H2 vs peers with improving

visibility on margins. European Chemicals & Ingredients

Anil Shenoy

+91 (0)22 6175 2487

We make minor changes to our estimates for both Lanxess and Wacker following recent updates anil.shenoy@barclays.com

and channel checks, with our broader investment case remaining unchanged as we continue to Barclays, UK

see limited change in underlying fundamentals. Katie Richards

+44 (0)20 3555 0315

kathryn.richards@barclays.comWacker Chemie

Barclays, UK

Q2 likely better than guided; policy optionality remains a catalyst. We increase our Q2

EBITDA estimates for Wacker by ~+7% as discussions with European diversified companies Alex Sloane

during our Germany trip suggest conditions have held up better than initially indicated. As a +44 (0)20 3555 0645

alexander.sloane@barclays.comresult, our Q2 view is now above management’s prior commentary of a sequential decline vs.

Q1. For the full year, however, our estimates move only modestly upwards and near the top end

of the €550–700m guidance range. We are +6% ahead of latest Vara consensus. Setu Sharda

+ 91 (0)22 6175 1934

Looking ahead, potential Section 232 outcomes on polysilicon and derivatives could act as a setu.sharda@barclays.com

catalyst, with the decision currently expected by June 30. While the timing and outcome remain Barclays, UK