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(AWP Alliance News) - BASF SE on Thursday maintained its outlook but warned of heightened uncertainty due to the war in the Middle East, as profit climbed in the first quarter. The Ludwigshafen, Germany-based chemicals company said attributable net income increased 15% to EUR927 million in the first quarter from EUR808 million a year prior. Earnings per share jumped 16% to EUR1.06 from EUR0.91. However, sales revenue was down 3.0% at EUR16.02 billion from EUR16.51 billion. BASF said sales were lower due to strong adverse currency movements and slightly lower prices. Earnings before interest, tax, depreciation and amortisation before special items fell 5.6% to EUR2.36 billion from EUR2.50 billion. BASF said the figure would have matched the level of the previous year without currency headwinds of more than EUR100 million. BASF said competitive pressure led to falling prices in the Chemicals, Materials, Industrial Solutions, Nutrition & Care and Agricultural Solutions segments. However, prices in the Surface Technologies segment were 'significantly above' the previous year, mostly due to higher precious metal prices. All segments, except for Surface Technologies, recorded increased sales volumes. It reported negative free cash flow of EUR1.38 billion, improved from EUR1.80 billion a year prior. BASF noted that its free cash flow is usually negative in the first quarter and improves over the course of the year, due to the seasonal nature of the Agricultural Solutions business. BASF said it is not changing its previous assumptions for the global economic environment in 2026, due to a 'high level of uncertainty' about how the conflict in the Middle East will play out. In February, BASF said it expects a 2.7% rise in global GDP, a 2.3% increase in industrial production and 2.4% growth in chemical production. It forecast an average euro exchange rate of USD1.20 with an average annual oil price of USD65 per barrel. The euro was buying USD1.1694 on Thursday, close to BASF's previous assumption, but Brent for June deliver was trading at USD116.30, well above the February assumption. 'From today's perspective, the assumptions made in February regarding growth in global GDP, industrial production and chemical production may prove to be too optimistic. The oil price may be higher than our existing assumption, owing to impeded production and exports as a result of the conflict in the Middle East,' BASF said. It added that the US dollar may appreciate compared to the euro. However, BASF maintained its own forecast for 2026. It expects Ebitda before special items between EUR6.2 billion and EUR7.0 billion, with free cash flow between EUR1.5 billion and EUR2.3 billion. The firm reported Ebitda before special items of EUR6.6 billion in 2025, with free cash flow of EUR1.3 billion. BASF said it is 'closely monitoring' the opportunities and risks from the ongoing conflict in the Middle East. 'Given the rapidly changing situation - especially with regard to energy and raw material prices as well as potential disruptions to global supply chains - it is currently impossible to reliably quantify or assess the resulting effects,' the company added. Shares in BASF were down 0.4% at EUR53.85 midday Thursday in Frankfurt. By Michael Hennessey, Alliance News reporter Comments and questions to newsroom@alliancenews.com Copyright 2026 Alliance News Ltd. All Rights Reserved.

(AWP Alliance News) - Japan's finance minister hinted strongly Thursday that Tokyo was close to intervening in the market to support the yen, after the currency slipped to its lowest level against the dollar since mid-2024. The yen, trading around JPY160 to the dollar, is close to the level it was at when Japanese authorities spent billions of dollars in the summer of 2024 to boost its value.  The currency has weakened against the greenback in recent months amid the Iran war and rising oil prices, as well as the gap between US and Japanese interest rates. 'We are finally nearing the moment to take resolute measures that I referred to before,' Finance Minister Satsuki Katayama told reporters in remarks that help boost the yen. 'I have consistently referred to taking bold action when needed,' she had said Tuesday. 'We're ready to respond 24 hours a day.' Next week's Golden Week holiday in Japan represents a period of lower liquidity, which has historically provided an opportunity for intervention, Bloomberg News reported. source: AFP Copyright 2026 Alliance News Ltd. All Rights Reserved.

(AWP Alliance News) - Deutsche Post AG on Thursday backed its guidance for the year as it reported higher profit for the quarter, despite slightly lower revenue. The Bonn, Germany-based package delivery company, which trades as DHL Group, said attributable net profit rose 3.3% to EUR812 million in the first quarter from EUR786 million a year prior. However, revenue for the quarter fell 1.9% to EUR20.42 billion from EUR20.81 billion. Organic revenue was up 2.0%, as DHL said the fall in reported revenue was primarily due to currency effects. Earnings before interest and tax climbed 8.3% to EUR1.48 billion from EUR1.37 billion, as the margin widened to 7.3% from 6.6%. Free cash flow, excluding mergers & acquisitions, increased to EUR.12 billion from EUR732 million in the first quarter. DHL Express revenue fell 1.9% to EUR6.01 billion from EUR6.13 billion, while Global Forwarding revenue was 5.0% lower at EUR4.53 billion from EUR4.76 billion. Supply Chain revenue climbed 2.8% to EUR4.50 billion from EUR4.38 billion, while eCommerce revenue sank 11% to EUR1.56 billion from EUR1.76 billion. Post & Parcel Germany revenue was 1.7% higher at EUR4.50 billion from EUR4.43 billion. 'Especially in times of geopolitical disruptions, the advantages of our strong global footprint and seasoned local leadership teams become clear. Despite blocked sea routes and closed airspace, we keep cargo moving and our customers' supply chains running,' said Chief Executive Officer Tobias Meyer. The firm said it is 'well on track' to achieve its full year targets, but noted that 'geopolitical uncertainties' will persist through 2026. For 2026, it continues to expect an operating profit above EUR6.2 billion with free cash flow, excluding M&A, of around EUR3 billion. In 2025, DHL reported operating profit of EUR6.1 billion with free cash flow, excluding M&A of EUR3.2 billion. Shares in DHL were up 2.6% at EUR48.07 on Thursday morning in Frankfurt. By Michael Hennessey, Alliance News reporter Comments and questions to newsroom@alliancenews.com Copyright 2026 Alliance News Ltd. All Rights Reserved.