It remains to be seen, how the war in Ukraine directly or indirectly impacts BASF’s global business. The company has combined sales of <€1bn in these countries. On the other hand, there is a sizeable orderbook, which made management positive for H1 and there is hope in the pick-up in demand from automotive. The miss to our profitability expectations (-1.4%; consensus: -0.6%) came mainly from the steep price increases in December, which can not be passed on fast enough.