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Original-Research: BASF SE - from Parmantier & Cie. GmbH

28.10.2026 / 14:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of Parmantier & Cie. GmbH to BASF SE

     Company Name:                BASF SE
     ISIN:                        DE000BASF111

     Reason for the research:     Update
     Recommendation:              Buy
     from:                        28.10.2026
     Target price:                EUR 61.00
     Target price on sight of:    3-6 months
     Last rating change:          n/a
     Analyst:                     René Parmantier

BASF CEO Markus Kamieth: "The timing is right"

Management's consolidation message underpins Parmantier & Cie.'s positive
BASF-Evonik investment case

Frankfurt am Main, 28 October 2026. BASF CEO Markus Kamieth's statement that
the timing is right for European chemicals consolidation reinforces
Parmantier & Cie.'s view that a BASF-Evonik combination could create a
stronger global specialty-chemicals platform.

Three investment highlights

Strong Q3: BASF's EBITDA before special items increased 14.9% to EUR1.64bn;
core-business EBITDA rose 48.9% to EUR1.63bn. Full-year EBITDA guidance
increased to EUR7.4-7.8bn.

Compelling combination potential: Parmantier's illustrative 2029 scenario
delivers approximately EUR11.8bn combined EBITDA and around 2x net
debt/EBITDA, including pensions, potentially creating further acquisition
flexibility subject to cash generation and credit discipline.

Agricultural Solutions: The EUR27.3bn base-case enterprise valuation offers
substantial portfolio and deleveraging potential.

Recommendations remain BASF Buy, target EUR61; Evonik Hold, target EUR21.

Kamieth also reaffirmed financial discipline and that acquisitions are
optional, not mandatory. His remarks support the strategic thesis, not
confirmation of a transaction.

Research: Stefan Heieck and René Parmantier

This release summarises independent research. Combination and IPO scenarios
are analyst assumptions, not agreed transactions or company guidance.
Methodology, recommendation history and regulatory disclosures are contained
in the full study "BASF & Evonik: True Love", dated 28 October 2026. Not an
offer or personalised investment advice.



You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f80acdddaf7c2755503d436d0dd919c4

Contact for questions:
René Parmantier | Parmantier & Cie. GmbH | rp@parmantiercie.com

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2423860 28.10.2026 CET/CEST

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