Wacker Chemie: 2Q26 adj EBITDA slightly above consensus, updated FY26 guidance in line with consensus at the midpoint

研报英文原文证据摘录

Wacker Chemie: 2Q26 adj EBITDA slightly above consensus, updated FY26 guidance in line with consensus at the midpoint

J P M O R G A N Europe Equity Research

30 July 2026

Wacker Chemie Underweight

WCHG.DE, WCH GR

2Q26 adj EBITDA slightly above consensus, updated Price (29 Jul 26):€86.50

FY26 guidance in line with consensus at the midpoint Price Target (Dec-27):€60.00

Our take: Wacker’s 2Q26 adj. EBITDA, excluding a €37m one-off positive European Chemicals

ACpension effect, was €175m (11.5% margin), 2% above Vara consensus and 12% Chetan Udeshi, CFA

above our estimate (JPMe). By segment, the beat reflected stronger-than-expected (44-20) 7742-7034

Silicones and Polymers, partially offset by weaker Polysilicon earnings. The chetan.x.udeshi@jpmorgan.com

company raised FY26 guidance following the 2Q performance. Excluding the J.P. Morgan Securities plc

pension one-off, the midpoint of the updated range (c. €650m) is ~4% higher than Angelina Glazova, CFA

the prior guidance midpoint and broadly in line with Vara consensus, though still (44-20) 7134-8379

angelina.glazova@jpmorgan.com

~9% above our estimate. In our conversation this morning, the company did not J.P. Morgan Securities plc

provide a specific 3Q26 outlook; we therefore expect 3Q trading and the near-term

Kanchan Sangtani

bridge to be a key focus on today’s conference call (3pm UKT). We had placed (91-22) 6157-3639

Wacker on Negative Catalyst Watch into the 2Q26 print. While results were better kanchan.sangtani@jpmchase.com

than we expected, the key question—for Wacker and much of the sector—is the J.P. Morgan India Private Limited

sustainability of earnings strength since the start of the ME conflict, into

Specialist Sales contact details:2H26/2027.

Sam Edmunds - Specialist Sales -