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Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
BASF
BASF (BAS) investor relations material
BASF Q2 2026 (Media) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 (Media) earnings summary29 Jul, 2026
Executive summary
EBITDA before special items in Q2 2026 rose 54% to EUR 2.4 billion, exceeding analyst expectations, driven by higher prices, volume growth, and lower fixed costs.
Sales increased by 6.2% year-over-year to €33.2 billion in H1 2026, with strong contributions from Chemicals and Nutrition & Care.
Major restructuring and portfolio measures advanced, including the sale of coatings activities and ramp-up of the Zhanjiang Verbund site.
Workforce reduced by 7,000 positions since January 2024, with significant progress in cost-saving and asset restructuring, especially at Ludwigshafen.
Net income surged to €5.1 billion, mainly due to a €3.5 billion after-tax gain from the Coatings business divestiture.
Financial highlights
EBITDA before special items for H1 2026 reached EUR 4.8 billion, up EUR 715 million year-over-year.
EBIT increased 41.4% year-over-year to €2.2 billion.
Free cash flow for H1 2026 was EUR -1.6 billion, reflecting higher working capital needs and inventory buildup.
Equity ratio improved to 44.6%; net debt declined to about EUR 17 billion.
Cash and cash equivalents rose to €7.8 billion, mainly from the Coatings sale.
Outlook and guidance
Full-year 2026 EBITDA before special items forecast raised to EUR 6.9–7.7 billion.
Free cash flow expected between EUR 1.5–2.3 billion for 2026.
CapEx to remain below depreciation until 2028; capital expenditures to be reduced by 20% through 2028.
Outlook remains highly uncertain due to Middle East conflict and potential supply chain disruptions.
Impact of Coatings sale on H1 net income
Zhanjiang startup effect on Chemicals cash flow
Battery Materials fixed costs increase drivers
Strategic shift from organic growth to M&A
Middle East conflict impact on pricing power
CoreShift net cash fixed cost reduction target
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Latest events from BASF
- Q2 EBITDA before special items up 54%, sales and net income surged, 2026 guidance upgraded.BAS
Q2 202629 Jul 2026 - €7.7B coatings carve-out gives 40% retained stake and €5.8B cash, closing Q2 2026.BASM&A Announcement9 Jul 2026
- Q3 2025 earnings and sales declined, but portfolio actions and share buybacks advanced.BASQ3 20258 Jul 2026
- Q1 2025: Stable sales, lower earnings and cash flow, but guidance and ratings unchanged.BASQ1 20258 Jul 2026
- Lowered 2025 outlook follows declines in sales, earnings, and cash flow amid margin pressure.BASQ2 2025 (Media)8 Jul 2026
- 2028 targets reaffirmed as portfolio optimization, cost savings, and innovation drive long-term growth.BASCMD 20258 Jul 2026
- Targets €12B in shareholder returns, €10–12B EBITDA, and accelerated green transformation by 2028.BASCMD 2024 Day 28 Jul 2026
- Q3 2025 saw lower sales and earnings, but portfolio actions and Surface Technologies drove resilience.BASQ3 2025 (Media)8 Jul 2026
- Zhanjiang Verbund site launches with digital, sustainable operations and strong growth outlook.BASInvestor update8 Jun 2026
Next BASF earnings date
Q3 202628 Oct, 2026
BASF
Next BASF earnings date
Q3 202628 Oct, 2026
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