INEOS Group (INEGRP) & Quattro (STYRO) Q2 26 preview

研报英文原文证据摘录

INEOS Group (INEGRP) & Quattro (STYRO) Q2 26 preview

FICC Research

Credit Research

20 July 2026

INEOS Group (INEGRP) & Quattro (STYRO)

Q2 26 preview

INEOS reports its Q2 26 trading statement on 23 July

(INEGRP) and 24 July (STYRO). Q2 is already expected to have

been strong, so focus is likely to be on H2 guidance in the James Alistair Cawthorpe + 44 (0) 20 8773 5888

context of the Middle East re-escalation, as well as on longer- james.cawthorpe@barclays.com

term demand and European policy. Barclays, UK

Emma Bromée

+44 (0) 20 7773 4511

emma.bromee@barclays.com

Barclays, UK

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INEOS Group reports its Q2 26 trading statement on Thursday 23 July (call 28 July), with Quattro

on 24 July (call 30 July). With Q2 widely expected to be a strong quarter for both businesses, we

will focus mostly on H2 conditions, and whether the recent re-escalation in the Middle East is

likely to mean this strength continues. Across both businesses, we expect earnings to slow from

Q2 into Q3 but for the earnings environment to remain better than in Q1, as supply chains are

likely take longer to normalise, and affected capacity will take time to restart.

Beyond the Middle East disruption, focus is shifting back to Chinese capacity expansion into

2030, the resumption of Asian import pressure and how European policy can help mitigate this.

Project ONE execution remains a primary consideration for INEGRP – we think the risk of a