Goldman Says BASF's 2Q26 Results Beat Expectations, but Cash Flow Slipped
Goldman Sachs said BASF's second-quarter 2026 results came in above expectations, with EBITDA at 24.49 billion euros and sales volumes in every segment above consensus.
Goldman Sachs said BASF's second-quarter 2026 results came in above expectations, with EBITDA at 24.49 billion euros and sales volumes in every segment above consensus.
The note said operating cash flow fell to 5.24 billion euros as receivables and inventories increased and transformation spending rose. Goldman Sachs also pointed to BASF's structural change signals, including staffing at its lowest level since 1954 and the CoreShift cost-cutting program. The bank said the market may already have digested the initial results and that investors are worried quarterly momentum could have peaked. It flagged the upcoming call on current trading, along with future updates on cash flow and capital allocation, as the main follow-up items.
The note said operating cash flow fell to 5.24 billion euros as receivables and inventories increased and transformation spending rose. Goldman Sachs also pointed to BASF's structural change signals, including staffing at its lowest level since 1954 and the CoreShift cost-cutting program. The bank said the market may already have digested the initial results and that investors are worried quarterly momentum could have peaked. It flagged the upcoming call on current trading, along with future updates on cash flow and capital allocation, as the main follow-up items.