European Chemicals: Weekend Chemical Reactions

研报英文原文证据摘录

European Chemicals: Weekend Chemical Reactions

J P M O R G A N Europe Equity Research

02 August 2026

European Chemicals

Weekend Chemical Reactions

European Chemicals What’s in the Note? Click on the section title below to jump to that section:

Chetan Udeshi, CFA AC

• Trending Over the Past Week (44-20) 7742-7034

• What Caught Our Eye? chetan.x.udeshi@jpmorgan.comJ.P. Morgan Securities plc

AC • Key Upcoming Events Angelina Glazova, CFA

• Weekly Recap: Key Insights from JPM Research (44-20)angelina.glazova@jpmorgan.com7134-8379

• Sector Valuation J.P. Morgan Securities plc

Kanchan Sangtani

(91-22) 6157-3639

kanchan.sangtani@jpmchase.comTrending Over the Past Week J.P. Morgan India Private Limited

Here, we discuss the stocks/topics where we have seen the most incremental client Specialist Sales contact details:

interest and feedback over the past week. Sam Edmunds - Specialist Sales -

European Industrials

• DSM-Firmenich: This was the most actively discussed name post 2Q (44-20) 7742-8733

earnings, unsurprising given the ~+12% share price reaction. Most clients we sam.edmunds@jpmorgan.com

spoke to viewed both the 2Q print and the company’s comments on a strong

EU Chemicals 2Q26 reporting calendar

July as better than expected, including relative to what many bears (including

us) had anticipated going into the quarter. That said, feedback remains

polarized. Bulls argued that the destock/unwind bear case is now largely off the

table and that the 2Q step-up plus July momentum could represent an inflection

toward the company’s 5% organic sales growth ambition; combined with still-

elevated short interest, they see an attractive long setup. Bears remain

unconvinced that the 2Q improvement is structural and view the strong July as