Which major European chemical companies have upgraded their full-year EBITDA guidance ahead of Q2 earnings releases, and by how much did BASF raise its forecast?

BASF, Evonik, and Covestro have all upgraded their full-year EBITDA guidance based on strong Q2 performance. BASF substantially hiked its full-year EBITDA guidance by €700 million — from a previous range of €6.2 billion–€7.0 billion to €6.9 billion–€7.7 billion — citing above-expectations Q2 results across its materials, industrial solutions, and agricultural solutions divisions; it projects Q2 EBITDA at €2.4 billion, notably higher than the consensus estimate of ~€2.08 billion.

What key factors are driving the improved profitability for Evonik and Covestro in Q2, despite ongoing inflationary pressures?

For Evonik, stronger profitability stems from favorable pricing conditions, higher sales driven by global supply disruptions (especially among Asian competitors facing raw material shortages), and cost-cutting initiatives; it now expects full-year EBITDA of €2.0–€2.2 billion, up from €1.7–€2.0 billion earlier and €1.9 billion in 2025. For Covestro, a 64% year-on-year H1 EBITDA increase to €669 million occurred despite a 2% sales decline, underscoring that successful price increases outpaced rising raw material costs — leading the company to expect full-year earnings 'significantly' above 2025 levels, reversing earlier expectations of merely flat performance.

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