ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/16/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 16/04/2026

Celanese : From a depressed year to a potential improvement in profitability

FY 2026 performance could show some y/y improvements in profitability contrary to initial expectations of a continued deterioration of credit metrics amid increasing supply and depressed demand, notably on the Acetic Chain segment. Such change is of course driven by the current war in Iran which has rebalanced chemical markets, passing from structural oversupply to a regional tightness with the US being the main winner. With Celanese being well implanted in the US, and amid increasing export opportunities, earnings should benefit as margins increase and domestic demand improves in the absence ...

Celanese : From a depressed year to a potential improvement in profitability

FY 2026 performance could show some y/y improvements in profitability contrary to initial expectations of a continued deterioration of credit metrics amid increasing supply and depressed demand, notably on the Acetic Chain segment. Such change is of course driven by the current war in Iran which has rebalanced chemical markets, passing from structural oversupply to a regional tightness with the US being the main winner. With Celanese being well implanted in the US, and amid increasing export opportunities, earnings should benefit as margins increase and domestic demand improves in the absence ...

Grifols A : Debt refinancing starts well, more to come in 2026-27

After a significant rebound in 2023 and in 2024, Grifols is now entering into a phase of slower earnings improvement. Underlying growth was still solid in 2025 (+9% for revenues and +11% for adjusted EBITDA excluding the IRA and currency impacts) but external factors weighed on results (they were up by +4% and +3% respectively on a reported basis). The company is guiding for 5% to 9% adjusted EBITDA growth on constant FX this year and is not providing any revenue guidance, apart from saying that it will focus on profitable growth. Still, we expect that credit metrics will continue to improve a...