Lanxess AG (LXS6.DE): Updating estimates ahead of 2Q26

研报英文原文证据摘录

Lanxess AG (LXS6.DE): Updating estimates ahead of 2Q26

Equity Research

29 June 2026 | 10:26AM GST

Lanxess AG (LXSG.DE): Updating estimates ahead of 2Q26

We update our estimates for Lanxess ahead of 2Q26 results (7 August) and to reflect Georgina Fraser, Ph.D.

+44(20)7552-5984 |

the latest movements in FX. We now forecast FY26 adj. EBITDA of €478mn (from georgina.fraser@gs.com

Goldman Sachs International

€496mn), placing us 7% below Visible Alpha Consensus Data and below the

Gabriel Simoes

mid-point of the company’s full-year guidance of €450-550mn (vs. Visible Alpha +44(20)7051-6922 |

Consensus at €512mn). The 4% reduction in our FY26 adj. EBITDA forecast reflects gabriel.simoes@gs.comGoldman Sachs International

softer pricing and volumes in Advanced Intermediates. At the group level, we now Marcus von Scheele

model pricing of +3.4% for the FY (from +5.2% previously), reflecting the recent +44(20)7774-7676marcus.vonscheele@gs.com|

declines observed across global chemical prices. Goldman Sachs International

Thomas Ward

We revise our 2Q26 estimates to reflect softer volumes in Advanced Intermediates +44(20)7051-2527thomas.ward@gs.com|

versus our prior expectations, on weaker demand across construction and Goldman Sachs International

automotive end markets, though we continue to view the division as the principal

beneficiary of the supply constraints arising from the conflict in the Middle East. We

also moderate our pricing assumptions in the Specialty Additives division. We now

model 2Q26 adj. EBITDA of €149mn (+1% vs. Visible Alpha Consensus), down from

€161mn previously. For FY27/28, we leave our adj. EBITDA estimates broadly

unchanged, leaving us 8%/10% below Visible Alpha Consensus for FY27 and FY28,

respectively.

Our price target remains unchanged at €13.