Fuchs Key focus points into 2Q26 results

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Fuchs Key focus points into 2Q26 results

J P M O R G A N Europe Equity Research

10 July 2026

Fuchs

Key focus points into 2Q26 results

Fuchs will report its 2Q26 results on July 31st, and we update our model to reflect our European Chemicals

ACrecent conversation with the company, as well as the latest market trends and FX Angelina Glazova, CFA

(details in Table 1Changesinestimates-Table 2JPMvsBlombergconsensus below). We continue to assume that the one-off negative (44-20) 7134-8379

impact associated with OPET consolidation will weigh on 2Q results (JPMe EBIT angelina.glazova@jpmorgan.com

impact ~€7m), but the USD FX in 2Q proved stronger than we initially assumed, Chetan Udeshi, CFA

which has prompted slight positive revisions in our model. We also raised our organic (44-20) 7742-7034

growth assumption for 2Q by 1ppt (to ~12%), assuming that Fuchs could have seen chetan.x.udeshi@jpmorgan.com

J.P. Morgan Securities plc

somewhat more benefit on the volume side from the pre-buying trend early in the

quarter due to the Middle East (ME) conflict. As a result, we raise our 2Q26 group Specialist Sales contact details:

sales forecast by 1% to €997m and increase our 2Q26 group EBIT forecast by 3% to

Sam Edmunds - Specialist Sales -

€110m, 1% ahead of Bloomberg consensus. That said, we keep our FY26/27/28E European Industrials

EBIT forecasts broadly unchanged (at €460m/€495m/€523m, +2%/+1%/ in line with (44-20) 7742-8733

Bloomberg consensus) reflecting some uncertainty over 2H26 outlook, in particular sam.edmunds@jpmorgan.com

related to the development of raw material/base oil prices. As can be seen in Figure

1Baseoilspricetrendsin2026-Figure 2Baseoilsvscrudeoilpricetrendsin2019-2026, prices for base oils have generally remained elevated through May and