Bourogue 2Q26: Low visibility, but the dividend provides comfort

研报英文原文证据摘录

Bourogue 2Q26: Low visibility, but the dividend provides comfort

4 August 2026

James Hooper

+44 20 7676 6995

European Chemicals james.hooper@bernsteinsg.com

Sebastien AfoyBorouge Plc +44 207 762 1032

Rating sebastien.afoy@bernsteinsg.com

Market-Perform Specialist Sales

James Brady

Price Target +44 20 7762 5272

james.brady@bernsteinsg.com

BOROUGE.UH 2.44 AED (2.45 OLD)

Borouge 2Q26: Low visibility, but the dividend provides comfort

It is hard to infer too much about the long-term investment case of Borouge from the 2Q26

Close Date 3 Aug 2026

results (see report Quick Take: Borouge 2Q26 - Flexing their commercial muscle). Given the

BOROUGE.UH Close Price (AED) 2.40

limited visibility for the coming months, Borouge framed its outlook around two scenarios:

Price Target (AED) 2.44

a reopening of the Strait of Hormuz or a continuation of current restrictions. Under the first

Upside/(Downside) 2%

scenario, utilisation rates would likely recover to historical levels above 100% gradually,

52-Week Range 2.68/2.38

although realised prices could also moderate. If the Strait remains constrained, management

EDME 1,618.74

expects utilisation to stay in the c.70% range, supported by continued strength in pricing. As

FYE Dec

we believe polyolefin prices are likely to remain structurally higher following the conflict, we

Div Yield 6.8%

view the reopening scenario as the more favourable outcome. However, in our forecasts we

Market Cap (AED) (M) 72,138

assume operations progressively normalise until 2Q27. Reflecting disruptions through 4Q26,

EV (AED) (M) 22,932

we trim our FY26 and FY27 EBITDA estimates. However, this does not alter our more positive

long-term view on market fundamentals, nor does it affect our confidence in Borouge's ability Performance YTD 1M 6M 12M