Evonik Industries AG

Latest Results (31.01.2026):

Evonik Industries AG — third quarter of 2025 (Q3 2025): a weak quarter driven by slowing global demand. Group sales fell 12% year‑on‑year to €3,391 million, adjusted EBITDA declined 22% to €448 million (margin 13.2%), and the company reported a net loss of €106 million in Q3. Evonik has revised full‑year 2025 adjusted EBITDA guidance down to around €1.9 billion.

Sales and margins

Q3 sales: €3,391m (-12% vs Q3 2024). Organic decline mainly from lower volumes while selling prices were virtually stable. Adjusted EBITDA margin fell to 13.2% from 15.1% in Q3 2024.

Profitability

Q3 adjusted EBITDA €448m (-22% YoY). Adjusted EBIT €197m (-39%). Reported net income Q3: -€106m (vs €223m in Q3 2024). Adjusted net income Q3: €128m (-53%). Basic EPS Q3: -€0.23 (adjusted EPS €0.27).

First nine months (YTD) trends

1‑9M 2025 sales €10,666m (-8%); adjusted EBITDA €1,517m (-10%); adjusted EBITDA margin 14.2% (vs 14.5%); net income for the nine months €247m (-34%); free cash flow €284m (down from €701m).

Segment performance (Q3 2025)

Advanced Technologies: sales €1,445m, adjusted EBITDA €202m (-32%) — maintenance and weaker volumes hit results. Custom Solutions: sales €1,340m, adjusted EBITDA €215m (-25%) — lower demand for additives and care. Infrastructure: sales €574m (-26%), adjusted EBITDA €54m (-21%) — affected by Oxeno weakness and prior portfolio sale (Superabsorbents).

Cash flow and balance sheet

Operating cash flow (continuing) 1‑9M: €831m. Cash outflows for PP&E and intangibles €547m. Free cash flow 1‑9M: €284m. Net financial debt as of Sept 30, 2025: €3,677m.

Financing actions

Refinancing activity in 2025 included a €500m green bond (Jan 2025) and issuance of a €500m green hybrid bond (30‑year, coupon 4.25%) in September. Evonik ran a tender on its outstanding 2021 hybrid (take‑up ~66%, ~€328m repaid). A conventional €500m bond matured and was redeemed in Sep 2025.

Outlook and guidance

Full‑year 2025 adjusted EBITDA guidance revised to around €1.9bn (previously €2.0–2.3bn). ROCE expected slightly below prior year. Planned 2025 capex reduced to ~€750m and cash conversion rate now expected between 30% and 40%.

Key drivers and risks

Management cites weak global macroeconomics, cautious customers across most end‑markets, negative currency effects (USD), and continued weakness in Oxeno (C4 chemistry) as principal headwinds. Actions highlighted: cost discipline, portfolio steering, capacity utilization and optimization programs to mitigate the downturn.