BASF - Key Themes Ahead of 2Q26 Results

研报英文原文证据摘录

BASF - Key Themes Ahead of 2Q26 Results

NSTEIN FLASHMAIL

6 July 2026

James Hooper

+44 20 7676 6995

European Chemicals james.hooper@bernsteinsg.com

BASF SE Sebastien Afoy

+44 207 762 1032

Rating sebastien.afoy@bernsteinsg.com

Outperform Specialist Sales

Price Target James Brady

+44 20 7762 5272

BAS.GR 61.00 EUR james.brady@bernsteinsg.com

We regularly hold calls with companies, making sure we are up-to-date with their latest communications. We recently caught up with BASF

in the lead up to their 2Q26 reporting, and provide an update of the key themes below.

The company messaging around Q2 was positive, with currently analyst expectations considered a floor. The company saw

positive volumes yoy in April and May and was able to maintain a solid order book through June. On a YoY basis, the strongest EBITDA

improvements are expected from Chemicals and Materials, supported by higher commodity prices earlier in the quarter. Materials is

expected to perform very strongly, but Chemicals division Vara consensus of €521m of Q2 may be a touch optimistic in the context of the

Ludwigshafen turnaround. Industrial Solutions should also increase YoY. Nutrition & Care and Agricultural Solutions are expected to be

similar YoY, whereas Surface Technologies is expected to decline given weaker auto production and lower precious metal prices. Given

this performance, BASF were confident in at least performing in-line with Vara consensus on 2Q EBITDA before special items: Vara:

€2,052m; BERNe:€2,048m; albeit other consensus sources are starting to factor this in (Bloomberg consensus €2,114m and Visible

Alpha consensus at €2,117m).

The Q3 outlook seems solid, which we believe means an imminent guidance raise, albeit demand uncertainty may mean BASF