BASF raises profit outlook after Iran war price hikes

BASF raised its 2026 profit outlook for the second time this year on Wednesday after increasing prices to clients following the outbreak of the Iran war.

The German chemicals company now expects core profit of 7.4 billion to 7.8 billion euros, or $8.2 billion to $8.7 billion, up from a previous forecast of 6.9 billion to 7.7 billion euros.

BASF said third-quarter core profit rose 15 percent from a year earlier to 1.6 billion euros, while sales rose 14 percent to 16.4 billion euros. The company said the increase was mainly driven by higher prices and slightly higher volumes.

The European chemicals industry is under pressure from high energy prices and competition from Asian rivals. BASF is restructuring and cutting thousands of jobs at its Ludwigshafen headquarters after opening a chemical complex in China earlier this year.

BASF is also exploring the acquisition of German rival Evonik. Chief executive Markus Kamieth said the proposed combination was a serious attempt and was not intended to drag on for years.