Accessible version MENA Chemicals The only certainty is uncertainty: stay selective Price Objective Change Cutting FY26E earnings again on lower sales volumes Given uncertainty around the pace of traffic recovery through Strait of Hormuz, we now assume limited sales volumes for 3-4 months vs our previous forecast of 2-3 months. As a result, for our petchems coverage, we lower FY26E EPS by 28% (low volumes + prices), while for fertilisers we lower FY26E EPS by 6% (lower volumes). We still favour fertilisers, ...