Evonik: Modest 2Q adj EBITDA beat; FY26 reiterated; methionine strength points to 3Q upgrade

研报英文原文证据摘录

Evonik: Modest 2Q adj EBITDA beat; FY26 reiterated; methionine strength points to 3Q upgrade

J P M O R G A N Europe Equity Research

04 August 2026

Evonik Underweight

EVKn.DE, EVK GR

Modest 2Q adj EBITDA beat; FY26 reiterated; Price (03 Aug 26):€17.56

methionine strength points to 3Q upgrade Price Target (Dec-27):€14.00

Our Take: 2Q revenue was close to JPMe and +4% vs. Vara consensus, with 14% European Chemicals

ACYoY organic growth driven evenly by volumes and prices (+7% YoY each). 2Q adj. Chetan Udeshi, CFA

EBITDA of €630m (a 16% margin) rose 24% YoY, reflecting operating leverage (44-20) 7742-7034

from higher volumes amid ongoing cost-savings actions, positive net pricing chetan.x.udeshi@jpmorgan.com

(especially in methionine), and some inventory revaluation gains – largely offset J.P. Morgan Securities plc

by higher bonus provisions. Adj. EBITDA was 2%/3% above JPMe/consensus. Angelina Glazova, CFA

The company reiterated FY26 guidance, which was already upgraded in June (44-20) 7134-8379

angelina.glazova@jpmorgan.com

2026. That said, after speaking with management this morning, we understand the J.P. Morgan Securities plc

company is assuming a more pronounced decline in adj. EBITDA in 4Q vs. 3Q than

Kanchan Sangtani

normal seasonality would imply, as it continues to see a very favorable methionine (91-22) 6157-3639

pricing/margin environment. Orders in some businesses that benefited from pre- kanchan.sangtani@jpmchase.com

buying in 2Q (e.g., cross-linkers, oil additives) have normalized but remain at good J.P. Morgan India Private Limited

levels. Overall, this suggests 3Q adj. EBITDA could land around €600m-630m

Specialist Sales contact details:(per our calculations), above Vara consensus of €562m and likely towards the

upper end of buy-side expectations.