^ Original-Research: Wacker Chemie - from Parmantier & Cie. GmbH

05.11.2026 / 11:15 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Classification of Parmantier & Cie. GmbH to Wacker Chemie

Company Name: Wacker Chemie ISIN: DE000WCH8881

Reason for the research: Q3 Update Recommendation: BUY from: 04.11.2026 Target price: 106,00 Last rating change: Analyst: Stefan Heieck & René Parmantier

PRESS RELEASE

Parmantier & Cie. reiterates Buy on Wacker Chemie with unchanged EUR106 price target

Siltronic guidance upgrade supports semiconductor read-across; constructive SOTP scenarios indicate additional valuation potential

Frankfurt am Main, 5 November 2026. Parmantier & Cie. Research reiterates Buy on Wacker Chemie with an unchanged formal price target of EUR106. In their latest research update, analysts Stefan Heieck and René Parmantier continue to expect Wacker to outperform its conservative Q4 guidance.

Parmantier & Cie. forecasts EUR790m EBITDA for 2027 and EUR854m for 2028. The investment case centres on an operating recovery in Silicones and Polymers and a stronger balance sheet. The PCR base-case assumption of EUR500m net cash in 2027 is an independent estimate, not company guidance.

Today's guidance upgrade from Siltronic provides a positive read-across for semiconductor materials. Siltronic now expects 2026 sales approximately in line with the previous year and has narrowed its EBITDA-margin guidance from 20-24% to 22-24%. This does not yet establish a sustainable recovery in solar polysilicon.

The constructive sum-of-the-parts valuation indicates approximately EUR120 per Wacker share after valuation-timing adjustment, or approximately EUR129 on a nominal 2028 basis. Both are scenarios and not new formal price targets. Principal risks remain China, polysilicon and solar, European energy costs, weak end markets and cash conversion.

Investors interested in the full study and joining our research mailing list are invited to email: research@parmantiercie.com.

Independent research. This announcement is a marketing summary, not investment advice. Forecasts and fair-value scenarios are not guarantees. The full study contains the valuation assumptions, risks and regulatory disclosures.

You can download the research here:

Contact for questions: René Parmantier & Stefan Heieck

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2429154 05.11.2026 CET/CEST

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Quelle: dpa-Afx