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Investing.com -- Shares of Azelis and IMCD fell 3% and 2%, respectively, after Barclays lowered its 2025 earnings before interest, taxes, and amortisation (EBITA) forecasts for both companies ahead of third-quarter results.
Barclays cut its Azelis EBITA estimate by 3% and its IMCD estimate by 2%, citing no expected improvement in Q3 compared with Q2 and referencing broader macroeconomic trends and cautious remarks from chemical manufacturers.
Barclays now projects Azelis’ 2025 EBITA to be €101 million for Q3, about 6% below Bloomberg consensus, and its full-year EBITA estimate 3% below consensus.
For IMCD, the Q3 EBITA forecast is €126 million, in line with consensus, with the full-year estimate matching expectations.
For Azelis, gross profit organic growth is expected to decline by 3.6% and EBITA organic growth to decline by 9.2% in Q3, compared with a 3.0% decline and a 9.5% decline in Q2. For IMCD, Barclays projects gross profit organic growth to increase by 0.2% and EBITA organic growth to decline by 7.5%, compared with a 0.3% increase and a 5.7% decline in Q2.
Regionally, Barclays expects subdued performance in Asia-Pacific to continue, with China facing persistent weakness due to overcapacity and downward pressure on prices.
In the Americas, Life Sciences is expected to underperform compared with Industrial Chemicals, which is likely to pressure margins.
The region also faces tough comparisons with the previous quarter. In EMEA, Barclays expects weaker performance in Q3 compared with Q2 due to similarly challenging comps.
Within the sector, Barclays indicated a preference for Ingredients, Distributors, and Industrial Gases, citing DSM Firmenich, Novonesis, Air Liquide, and IMCD as preferred stocks, while maintaining an underweight stance on Solvay.