Wacker Chemie AG

Latest Results (18.05.2026):

Wacker Chemie AG — Q1 2026: Sales were €1,406m (-5% y/y) while EBITDA rose to €173m (+45% y/y), driven by the PACE cost program and pull‑forward order effects; EBIT turned positive to €52m and net income was €15m. Liquidity stood at €1.44bn and net financial debt was €964m. Management raised the FY 2026 sales outlook (to high‑single‑digit % growth) while keeping EBITDA guidance unchanged at €550–700m.

Key financials (Q1 2026)

Sales €1,406m (-5% y/y); EBITDA €173m (+45% y/y) with a 12.3% margin; EBIT €52m (vs. -€7m in Q1/25); Net income €15m; EPS €0.21. CapEx €61m; net cash flow -€32m (improved vs -€165m); net financial debt €964m.

What drove results

EBITDA uplift came primarily from the PACE cost‑reduction program and pull‑forward demand (notably from effects related to the Middle East crisis). FX weighed on sales (~-4%); pricing was slightly negative in the quarter (-1%); volumes/mix roughly flat. Price increases in Silicones and Polymers were announced late March to address rising input costs.

Segment performance (Q1 2026)

Silicones: sales €708m, EBITDA €117m (16.5% margin). Polymers: €333m / €50m (14.9%). Biosolutions: €100m / €13m (13.5%). Polysilicon: €226m / €23m (10.0%). Others: loss €27m. Group consolidation effects minor.

Balance sheet & liquidity

High liquidity at €1.44bn and shareholders’ equity €3.82bn (equity ratio ~45%). Net financial debt moved to €964m (from €886m at year‑end), reflecting operating and investing cash flows, dividend/lease outflows and FX effects. Reported financial liabilities ~€2.40bn.

Outlook for FY 2026

Sales guidance was raised to high‑single‑digit percentage growth y/y (updated); EBITDA guidance remains unchanged at €550–700m. Guidance excludes potential impacts from changes in polysilicon trade policies. Management indicates FY CapEx approximately €300m (guidance range).

Cost‑savings program (PACE)

PACE is a central driver: management targets >€300m in savings by 2028 and cites PACE as a key contributor to the Q1 EBITDA improvement.

Operational highlights & market context

Wacker commissioned a new production line in Japan for thermally conductive silicones to serve e‑mobility/battery customers. Semiconductor demand was strong (supporting polysilicon volumes); solar demand remains weak/uncertain. Order intake showed pull‑forward effects and volatility related to geopolitical developments.