BASF (BAS GY) Q4 2025 (EUR): Revenue 14.0bln (exp. 14.04bln), Net profit 560mln (exp. 285mln), EBITDA 1.03bln (prev. 1.43bln Y/Y), sees FY26 Adj. EBITDA between 6.2-7.0bln (exp. 7.22bln)

• Do not expect a meaningful market upswing or a significant easing of geopolitical tension in the near term.

• Revenue 59.7bln (prev. 61.4bln Y/Y).
• Adj. EBITDA 6.6bln (prev. 7.2bln Y/Y).

BASF's Q4 results show a revenue miss relative to expectations, although net profit significantly outperformed, indicating strong operational efficiency or reduced costs. However, the downward revision in forward guidance for FY26 suggests persistent challenges ahead, likely reflecting broader market conditions and pressures in the chemicals sector which could weigh on investor sentiment.