Press release Regulated information Brussels, January 28, 2026, 17:45 CET In line with Belgian transparency legislation (Law of May 2, 2007), Citigroup Inc. recently sent to Solvay the following transparency notifications indicating that they crossed the threshold of 3%. Here is a summary of the notifications: Date on which the threshold is crossed Voting rights after the transaction Equivalent financial instruments after the transaction Total January 19, 2026 0.56% 2.51 3.06% January 22, 2026 0.00% 0.00% ...

Core Viewpoint - The chemical group experienced a decline in shares following a prerelease of earnings that did not meet both its guidance and consensus expectations [1] Group 1 - The company's earnings fell short of its own guidance [1] - The earnings also failed to meet consensus expectations from analysts [1]

Company Overview - Kemvera, formerly known as New Iridium, is a sustainable chemical innovation company focused on scaling bio-based chemical solutions using domestic agricultural feedstock [2][5] - The company aims to produce affordable, drop-in chemicals from bio-based and CO₂-derived feedstocks, such as corn ethanol, to support U.S. farmers and domestic manufacturing [3][9] Progress and Development - Kemvera has completed the process design package (FEL 1) for a planned commercial-scale plant with a capacity of 50,000 metric tons per year [1] - The company has also designed a 500 metric tons per year pre-commercial demonstration reactor and commissioned a 20 metric tons per year pilot reactor, demonstrating continuous operations [1] Market Potential - The domestic green chemicals market is projected to reach USD 7.46 billion by 2033, with a Compound Annual Growth Rate of 7.8% from 2025 [4] - Kemvera's strategy includes partnerships with ethanol producers and agricultural stakeholders to create a sustainable domestic value chain from cornfields to industrial users [4][8] Product Applications - Kemvera envisions its bio-acetic acid and bio-ethyl acetate products being used in footwear, disinfectants, and various consumer products, providing reliable alternatives to fossil-derived chemicals [6] Funding and Partnerships - The company is raising Series A funding and seeking partnerships with ethanol producers, chemical companies, and consumer brands to support its production anchored in renewable agricultural products [8]

Core Insights - The analyst maintains a "Hold" stance on Dow (DOW), indicating a cautious outlook despite previous steep corrections observed by June 2025, focusing on potential balance sheet stress until a turnaround occurs [1]. Group 1: Analyst Background - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, emphasizing equity valuation, market trends, and portfolio optimization [1]. - Previously served as Vice President at Barclays, leading teams in model validation, stress testing, and regulatory finance, showcasing expertise in both fundamental and technical analysis [1]. - Co-authors investment research with a partner, combining strengths to deliver high-quality, data-driven insights, with a focus on macroeconomic trends, corporate earnings, and financial statement analysis [1].

Core Insights - The analyst maintains a "Hold" stance on Dow (DOW), indicating a cautious outlook despite previous steep corrections observed by June 2025, focusing on potential balance sheet stress until a turnaround occurs [1]. Group 1: Analyst Background - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, emphasizing equity valuation, market trends, and portfolio optimization [1]. - Previous experience includes serving as Vice President at Barclays, leading teams in model validation, stress testing, and regulatory finance, showcasing expertise in both fundamental and technical analysis [1]. - The analyst collaborates with a research partner to co-author investment research, combining strengths to deliver high-quality, data-driven insights [1]. Group 2: Research Focus - The research approach integrates rigorous risk management with a long-term perspective on value creation, particularly interested in macroeconomic trends, corporate earnings, and financial statement analysis [1]. - The goal is to provide actionable ideas for investors aiming to outperform the market [1].

Summary of China-Japan Trade Tensions Conference Call Industry Overview - The conference call focuses on the trade relationship between China and Japan, highlighting the economic implications of ongoing tensions between the two countries. Key Points and Arguments Trade Relationship Dynamics - 17% of Japanese exports are directed to China, while only 4% of China's exports go to Japan [2] - Japanese firms are more exposed to China, with 4.8% of their revenues coming from China compared to 0.6% for Chinese firms from Japan [2] - Despite a trade deficit with Japan, China's reliance on Japan for inputs has decreased over the years [2] Base Case Scenario - The base case anticipates limited escalation of tensions, as China is likely to calibrate trade measures to avoid significant supply chain disruptions, which would also impact its own economy [3] - Both economies are currently weak, with growth primarily driven by exports rather than domestic demand [3] Potential Escalation Scenarios - If tensions escalate, China could: 1. Expand the dual-use export-control list to include more rare earths [4] 2. Initiate anti-dumping measures against Japanese imports [4] 3. Discourage purchases of Japanese consumer goods [4] 4. Implement a temporary ban on rare earths for civilian use [4] - Such actions could lead to downside risks for Japan's growth, particularly affecting sectors like autos, electronics, and chemicals [5] Equity Market Implications - The current market backdrop is viewed as a moderate net negative for both China and Japan, but not significant enough to alter overall investment strategies [6] - Japan maintains a small overweight position (FX unhedged) while China is underweight, with Japanese defense stocks performing well [6] Macroeconomic Considerations - The Bank of Japan (BoJ) may adopt a cautious stance in response to heightened uncertainty, monitoring trade and production data closely [16] - Fiscal support for supply-chain resilience is expected to increase, focusing on diversification and strategic inventories [16] Medium-Term Implications - Japan is actively diversifying its supply sources for rare earths, including agreements with Australian and French companies to reduce dependence on China [17] - The Japanese government has established a policy to ensure stable supply of critical minerals, designating 35 resources as critical commodities [66] Market and Currency Implications - If China expands export controls, it could lead to a deterioration in risk sentiment, affecting near-term BoJ rate hike expectations and potentially causing JPY depreciation [20][21] - The current measures have already led to a significant drop in Chinese tourist arrivals in Japan and reduced flight capacity [25] Supply Chain Vulnerabilities - Japan's exposure to China's export control list is manageable, with only a limited number of products affected [23] - Key products where Japan relies on China include tungsten, magnesium, and hydrofluoric acid [23] Counter-Measures from Japan - Japan is currently not considering direct counter-measures like tariffs due to the high economic costs involved, focusing instead on structural responses [14] - Japan's Ministry of Foreign Affairs has protested against China's measures but has not indicated plans for punitive actions [50] Conclusion - The ongoing trade tensions between China and Japan present both risks and opportunities, with significant implications for various sectors and the broader economic landscape. Monitoring developments in trade policies and supply chain dynamics will be crucial for investors and policymakers alike.

Summary of Key Points from the Conference Call on the China Chemical Sector Industry Overview - The conference call focused on the China Chemical Sector, specifically discussing carbon fibre, MDI (Methylene Diphenyl Diisocyanate), electrolytes, and silicone products for the year 2026. Carbon Fibre (CF) - **Capacity Projections**: China's new carbon fibre capacity planned for 2026 is estimated at 110,000 tons, bringing the total capacity to 280,000 tons. However, the actual capacity expected to come online is between 220,000 to 230,000 tons due to uncertainties with smaller enterprises and industrial parks [2][2]. - **Demand Drivers**: Wind turbine blades are projected to remain the primary application, accounting for 40% of CF demand in 2025, with potential growth in 2026-2028. The mass production of China's homegrown aircraft is expected to further increase demand for high-performance carbon fibre in the aerospace sector [2][2]. - **Price Trends**: Prices for high-performance carbon fibre products (>T800) are expected to remain stable, while lower-end products (T300) may face price pressures due to sufficient capacity [2][2]. MDI (Methylene Diphenyl Diisocyanate) - **Supply Outlook**: New MDI capacity in Asia for 2026-2027 is anticipated from expansions at Wanhua Fujian (700,000 tons per annum), BASF Shanghai (160,000 tons per annum), and Kumho in South Korea (100,000 tons per annum), with most expected to launch in the second half of 2026 [3][3]. - **Demand Growth**: MDI demand is expected to grow by 4-5% in 2026, with domestic demand remaining resilient despite weaker exports to the US in 2025. A mild recovery in exports is anticipated year-over-year [3][3]. - **Price Stability**: MDI prices are expected to stabilize with potential increases of RMB 500-1,000 per ton in the first half of 2026, with a focus on peak-season demand and new capacity launches in the second half [3][3]. Electrolytes - **Price Forecast**: Electrolyte prices are projected to rise to RMB 32,000 per ton in 2026 from RMB 22,000 per ton in 2025, with a midpoint forecast of RMB 33,000-36,000 per ton for 2027-2030 [4][4]. - **Demand Growth**: China's electrolyte demand is expected to grow by 24% in 2026 and 30% in 2027, driven by increasing shipments of power and energy storage batteries [4][4]. - **Capacity Utilization**: Overall electrolyte capacity utilization is expected to improve in 2026 compared to 2025, with attention needed on how new LiPF6 capacity launches will impact supply-demand dynamics in the second half of 2026 [4][4]. Silicone - **Profitability Outlook**: The average selling price (ASP) of Silicone DMC is expected to increase to RMB 12,570 per ton in 2026 from RMB 12,113 per ton in 2025, with profits likely to rise by approximately RMB 300 per ton to RMB 680 per ton [5][5]. - **Capacity Management**: No new DMC capacity is expected in 2026, and industry self-discipline efforts have led to coordinated production cuts among mainstream producers to balance supply and demand [5][5]. - **Utilization Rates**: Industry capacity utilization is projected to be 60.5% in 2026, down 1.5 percentage points from 2025, as producers aim to defend prices through production control [5][5]. Risks and Considerations - **Market Risks**: The chemical sector faces risks including large price fluctuations due to volatile international oil prices, potential demand risks from macroeconomic uncertainties, and the possibility of new capacity coming online faster than expected, which could weaken chemical fundamentals [7][7].

Core Insights - Asia is set to lead global acetic acid capacity additions by 2030, driven by strong domestic demand and robust petrochemical infrastructure [1] - The region is expected to add 9.92 million tonnes per annum (mtpa) of acetic acid production capacity from 2025 to 2030, primarily from China, India, and Indonesia [2] Regional Capacity Additions - China will contribute the largest share with 5.80 mtpa from six upcoming projects by 2030 [2] - India is expected to add 3.60 mtpa, with the most significant project being the Reliance Industries Jamnagar Acetic Acid Plant, set to start operations in 2030 with a capacity of 3.0 mtpa [3] - Indonesia will account for 0.52 mtpa of the total capacity additions in the region [2] Notable Projects - The Guangdong Shengyuanda Technology Jieyang Acetic Acid Plant in China is projected to come online in 2027 with a capacity of 1.50 mtpa [4] - Other significant projects in China include the Zhejiang Petrochemical Daishan Acetic Acid Plant, ShengHong Holding Group Lianyungang Acetic Acid Plant, and Sichuan Ruibo New Energy Materials Zigong Acetic Acid Plant, each expected to add 1 mtpa [5] Other Regions - The Middle East is expected to add approximately 0.35 mtpa of new capacity, supported by projects in Iran and Oman [8] - Africa is projected to add about 0.28 mtpa from an announced project in Egypt [8] Additional Information - Further details on global acetic acid capacity and capital expenditure can be found in GlobalData's report titled 'Acetic acid Industry Capacity and Capital Expenditure Forecasts with Details of Active and Planned Plants to 2030' [9]

Core Viewpoint - Olin Corporation (OLN) has experienced a significant decline in share value, losing nearly 30% over the past year due to weak macroeconomic trends and low construction activity, particularly in China [1] Company Performance - Olin Corporation is a leading manufacturer of chemicals for PVC piping [1] - The company's stock performance has been negatively impacted by the overall downturn in the construction sector [1] Market Conditions - The construction activity has been low, especially in China, contributing to the challenges faced by Olin Corporation [1]

Core Insights - Olin Corporation (OLN) has revised its Q4 2025 adjusted EBITDA outlook to approximately $67 million, down from the previous guidance of $110-$130 million due to a shortfall in its Chlor Alkali Products and Vinyls segment [1][6] Group 1: Financial Performance - The Chlor Alkali Products and Vinyls unit generated revenues of $924 million in Q3, reflecting a year-over-year increase of around 6%, primarily driven by increased volume [3] - The decline in adjusted EBITDA expectations is attributed to operational issues at the Freeport, TX facility, including extended maintenance, unplanned downtime, and lower-than-expected demand for pipeline chlorine [2][6] Group 2: Operational Challenges - The Freeport facility faced significant operational disruptions, including an extended planned maintenance turnaround and interruptions in raw material supply, which negatively impacted performance towards the end of the quarter [2] - The facility has since returned to normal operations, alleviating some of the pressure on the segment [2][6] Group 3: Market Performance - Olin's shares have decreased by 27.3% over the past year, contrasting with a 20% decline in the industry [3] - The company is focusing on safe operations, cost reduction initiatives, and a disciplined value-first commercial approach to improve its performance [2][6]