BASF stock gains as Q3 EBITDA rises and 2026 outlook tightens

BASF reported stronger third-quarter operating earnings and raised its 2026 outlook on October 28. In its official results release, the German chemicals group said higher prices, firmer volumes and lower fixed costs lifted performance across its core businesses.

BASF stock traded at 53.47 euros on Lang & Schwarz at 10:33 CET on Wednesday, November 4, 2026, 0.24 percent above the Xetra close of Tuesday, November 3.

Pricing drives quarterly growth

Sales reached 16.4 billion euros in the third quarter, up from 14.3 billion euros a year earlier. Prices increased 12 percent and volumes rose 2 percent. Currency effects also supported the top line, while Agricultural Solutions recorded lower prices and a significant decline in volumes.

EBITDA before special items rose by 213 million euros to 1.6 billion euros. The margin remained at 10.0 percent. Chemicals, Nutrition & Care, Materials and Industrial Solutions generated enough additional earnings to more than offset weaker contributions from Agricultural Solutions and Surface Technologies.

The reported figures also show pressure below the adjusted operating level. EBITDA was 1.2 billion euros, unchanged from the prior-year quarter, while special items totaled negative 437 million euros. BASF attributed these charges mainly to restructuring measures at its Ludwigshafen site and a legal-dispute settlement in Care Chemicals. EBIT fell to negative 98 million euros from 232 million euros, partly because depreciation and amortization included a 318 million euro impairment in Monomers.

Outlook moves higher

BASF now expects 2026 EBITDA before special items of 7.4 billion euros to 7.8 billion euros, compared with its previous range of 6.9 billion euros to 7.7 billion euros. The higher floor gives investors a clearer earnings framework, although the company kept its free-cash-flow forecast unchanged at 1.5 billion euros to 2.3 billion euros.

Management cited continuing geopolitical and global economic uncertainty, particularly its potential effect on oil and gas prices. The group retains assumptions for 2.5 percent global GDP growth, 2.0 percent industrial production growth and 1.8 percent chemical production growth in its 2026 planning framework.

Net income was 155 million euros, compared with 172 million euros in the prior-year quarter. Adjusted earnings per share improved to 0.72 euros from 0.52 euros, while reported earnings per share slipped to 0.18 euros from 0.19 euros. Operating cash flow declined to 1.1 billion euros as 507 million euros was tied up in inventories, but free cash flow increased to 523 million euros.

Investors weigh execution risks

The quarter strengthens the case that pricing power and cost control are supporting BASF's recovery, but the uneven segment performance remains important for the share. Agricultural Solutions' weaker volumes and the burden from restructuring and impairment charges show that higher adjusted EBITDA has not yet translated into uniform earnings momentum.

The next major investor appointment is BASF's Capital Markets Day on November 23 and 24, 2026. It may provide further detail on the group's transformation, portfolio priorities and medium-term cash generation.

The wider DAX market environment remains relevant for the valuation of large German industrial companies.

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