2Q26 First Take: Strong Beat; Price Strength Fully Captured

研报英文原文证据摘录

2Q26 First Take: Strong Beat; Price Strength Fully Captured

Update

July 22, 2026 08:12 AM GMT

Morgan Stanley & Co. International plc+MYanbu National Petrochemicals Company SJ Ricardo Rezende, CFA

| Europe Equity Analyst

Ricardo.Rezende@morganstanley.com +44 20 7677-9886

Sylvia C Richards

Research Associate2Q26 First Take: Strong Beat; Sylvia.Richards@morganstanley.com +44 20 7677-3354

Giulia Faro

Research AssociatePrice Strength Fully Captured Giulia.Faro@morganstanley.com +44 20 7425-7581

Yanbu National Petrochemicals Company SJ (2290.SE,

AlphaSignals Earnings Reaction

YANSAB AB)

Weakens our thesis Meaningful upside Modest revision higher

EEMEA - Chemicals | Saudi Arabia

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Underweight

Source: Company data, Morgan Stanley Research Industry View No Rating

Shr price, close (Jul 21, 2026) SAR 31.30

Price target SAR 29.50

Key Takeaways 52-WeekMkt cap, currRange(mn) SAR 38.44-SAR 17,60624.32

Net debt (12/26e) (mn)* SAR (1,659)

Revenues rose +42.3% q/q to SAR1,879mn, in line with Visible Alpha consensus, EV, curr (mn)* SAR 15,570

aided by Yansab's location on the Red Sea Coast.

* = GAAP or approximated based on GAAP

With no disruption to its exports and running at near-max utilisation, the

company could fully capture the +48% q/q increase in product prices.

EBITDA of SAR625mn was stronger, beating MSe/consensus by +67%/+44% and

supporting a similarly robust bottom-line result.

Valuation appears stretched, in our view, but continued SoH disruption may

sustain its outperformance versus peers.

Bottom line: positive. Yansab likely had one of the strongest quarterly

performances across MENA chemicals. While many peers faced logistics issues,