Evonik Industries AG

Latest Results (18.12.2025):

Evonik Industries AG — Q3 2025: The company reported a weak third quarter with sales down 12% year‑on‑year to €3,391m and adjusted EBITDA falling 22% to €448m (adjusted EBITDA margin 13.2%). Net income swung to a loss of €106m (Q3 2024: €223m), while adjusted net income fell to €128m and adjusted EPS to €0.27. For the first nine months, adjusted EBITDA was €1,517m (‑10%), free cash flow declined to €284m and net financial debt was €3,677m. Management revised full‑year 2025 adjusted EBITDA guidance to around €1.9bn.

Key financials (Q3 2025)

Sales: €3,391m (‑12% YoY). Adjusted EBITDA: €448m (‑22%). Adjusted EBITDA margin: 13.2% (Q3 2024: 15.1%). Reported net income: ‑€106m vs €223m prior year. Adjusted net income: €128m (‑53%). Adjusted EPS: €0.27.

Nine‑month picture

Sales (9M 2025): €10,666m (‑8%). Adjusted EBITDA (9M): €1,517m (‑10%). Net income (9M): €247m (‑34%). Free cash flow (9M): €284m (down €417m vs prior year). Cash flow from operations (9M): €831m.

Segment performance highlights

Advanced Technologies: Q3 sales €1,445m (‑6%), adjusted EBITDA €202m (‑32%). Custom Solutions: Q3 sales €1,340m (‑9%), adjusted EBITDA €215m (‑25%). Infrastructure: Q3 sales €574m (‑26%), adjusted EBITDA €54m (‑21%); results impacted by sale of Superabsorbents and weak Oxeno (C4) demand.

One‑off items and adjustments

Q3 adjustments totaled ‑€222m, including ‑€31m for structural measures and ‑€191m in “other special items” mainly due to impairment losses in the Infrastructure segment. These drove the large gap between adjusted and reported results.

Cash, debt and financing

Net financial debt as of Sept 30, 2025: €3,677m (increase vs Dec 31, 2024). Evonik redeemed a €500m bond in Sept 2025 and issued a €500m green hybrid bond; a tender repaid €328m of the outstanding 2021 hybrid. Capital expenditures (9M): ~€490m; key projects include SEPURAN® membrane expansion (Austria) and an aluminum oxide plant (Japan).

Outlook revision

Evonik now expects 2025 adjusted EBITDA around €1.9bn (previously €2.0–2.3bn). ROCE expected slightly below prior year. Cash conversion rate forecast revised to 30–40% (previously ~40%). Management cites weak global demand, currency headwinds (USD), and protectionist trade risks as drivers.