IMCD: 2Q26 results modestly above consensus

研报英文原文证据摘录

IMCD: 2Q26 results modestly above consensus

J P M O R G A N Europe Equity Research

29 July 2026

IMCD Underweight

IMCD.AS, IMCD NA

2Q26 results modestly above consensus Price (28 Jul 26):€88.64

Price Target (Dec-27):€75.00

Our Take: This is a modestly better than expected 2Q print, but given the likely European Chemicals

ACboost from the Middle-East conflict, the market's focus will be on any additional Chetan Udeshi, CFA

color on 3Q trading on the conference call. 2Q gross profit (GP) is 3%/2% ahead (44-20) 7742-7034

of JPMe/Bloomberg consensus, with +7% YoY organic vs. JPMe +5% YoY chetan.x.udeshi@jpmorgan.com

organic. Higher GP than JPMe resulted in 2Q adj EBITA coming in ~7% above J.P. Morgan Securities plc

JPMe and 3% above consensus, with +11% YoY organic vs. JPMe of +7% YoY Angelina Glazova, CFA

organic, with a beat in all regions vs. JPMe. 1H EPS is ~6% above JPMe/consensus (44-20) 7134-8379

angelina.glazova@jpmorgan.com

with cash EPS 3% above JPMe. 1H FCF was better than JPMe, largely due to much J.P. Morgan Securities plc

lower than expected cash taxes, likely due to phasing. There is no formal guidance,

Kanchan Sangtani

as is typical for the company. (91-22) 6157-3639

kanchan.sangtani@jpmchase.com

groupresultsvs.expectationsand Table 24Q25segmentresultsvs.expectations below Tafor details on group and J.P. Morgan India Private Limited• Noteworthy Areas: See Table 14Q25

segment results. 2Q26 adj EBITA to gross profit conversion ratio increased to

44.8% (JPMe was 43.4%) from 41.6% in 1Q26 and 43.1% in 2Q25. Regional Specialist Sales contact details:

performance was a meaningful beat in both EMEA and Americas and slightly Sam Edmunds - Specialist Sales -

better in APAC compared to JPMe on adj EBITA basis. EMEA and Americas European Industrials