Evonik Industries Ag · XETR:EVK
Evonik Industries — Q1 2026 Earnings Presentation
26 slides from Evonik Industries's earnings presentation, May 8, 2026
Slide 1: Evonik Leading Beyond Chemistry – Q1 2026 Results
Evonik Leading Beyond Chemistry Q1 2026 Results May 8, 2026 Christian Kullmann, Chief Executive Officer Dr. Claus Rettig, Interim Chief Financial Officer 1
Slide 2: Board update: CEO contract extended, new CFO appointed
Board update: CEO contract extended, new CFO appointed – a strong combination of continuity and fresh perspectives CEO Christian Kullmann: Contract extended New CFO Michael Rauch since May 1st, 2026 ▪ CEO since 2017 ▪ Highly experienced ▪ Contract extended manager across from 2027 until 2030 differe
Slide 3: Slightly better than expected Q1 – FY guidance confirmed
Slightly better than expected Q1 – FY guidance confirmed Q1 adj. EBITDA of €475 m slightly ahead of expectations thanks to stronger March Start into the year facing same weak demand environment as H2 2025; late March supported by volume uptick / pre-buying Strong cash generation in Q1: FCF of €183 m
Slide 4: Table of contents
Table of contents 1 Highlights and Outlook FY 2026 1 Highlights and Outlook FY 2026 2 Financial performance Q1 2026 2 Financial performance Q1 2026 4 | May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Slide 5: Q1 adj. EBITDA of €475 m slightly ahead of expectations thanks to stronger March
Q1 adj. EBITDA of €475 m slightly ahead of expectations thanks to stronger March Adj. EBITDA (in € m) Drivers of Q1 performance +6% “around ▪ Results from optimization programs clearly visible 475 €450 m” − -410 FTE vs. year-end 2025 450 ▪ Start into the year facing same weak demand environme
Slide 6: Strong cash generation in Q1: FCF of €183 m in-line with prior year
Strong cash generation in Q1: FCF of €183 m in-line with prior year despite notably weaker earnings Free Cash Flow (in € m) Drivers of Q1 performance 195 183 ▪ FCF in-line with prior year despite notably weaker earnings − Supported by cash inflow from termination of 133 127 take-or-pay c
Slide 7: Evonik relatively better positioned to navigate the current environment
Evonik relatively better positioned to navigate the current environment Middle East war-related challenges & risks Evonik positioning Exports from Asian competition to the world limited ▪ Global setup: ~80% of sales are produced locally (given they only produce in “their” home region ▪ Balanced prod
Slide 8: Q2 adj. EBITDA to be at least €550 m
Q2 adj. EBITDA to be at least €550 m – Likely strongest quarter in 2026 thanks to both higher volumes and prices Outlook Better H1 than initially expected … … while risks lie in H2 confirmed: €1.7-2.0 bn “at least €550 m” (Q2 2025: €509 m) 475 Q1 Q2E Q3E Q4E FY 2026E + Higher volumes
Slide 9: FY 2026 outlook confirmed: Adj. EBITDA between €1.7 and 2.0 bn
FY 2026 outlook confirmed: Adj. EBITDA between €1.7 and 2.0 bn Adj. EBITDA (in € bn) Expected building blocks for earnings development War in Middle East results in changed earnings profile “€1.7 - 2.0 bn” for the year: 1.9 ▪ Key opportunities – mainly in H1: − Strong price momentum − Higher volumes
Slide 10: Free Cash Flow: Targeting ~40% cash conversion again
Free Cash Flow: Targeting ~40% cash conversion again Free Cash Flow (in € m) / Conversion rate1 (in %) Expected building blocks for FCF development CCR1 37% ~40% ▪ Similar operating result (mid-point of guidance 695 range) as starting point ▪ Disciplined capex approach: yoy stable at ~€750 m ▪ Lo
Slide 11: Table of contents
Table of contents 1 Highlights and Outlook FY 2026 1 Highlights and Outlook FY 2026 2 Financial performance Q1 2026 2 Financial performance Q1 2026 11 | May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Slide 12: Q1 2026 results overview
Q1 2026 results overview Sales (in € m) Sales (yoy) Adj. EBITDA (in € m) Volume Price 3,427 -2% FX -1% Other 475 (Q1 2025: 3,777) (Q1 2025: 560) -5% -1% Capex1 (in € m) Free Cash Flow (in € m) Adj. EPS (in €) 224 183 0.34 (Q1 2025: 190) (Q1 2025: 195) (Q1 2025: 0.59) 1. Cash outflows for investments
Slide 13: Custom Solutions
Custom Solutions Q1 26 vs. Q1 25 ▪ Strong comparables yoy, with FX headwinds and modestly Volume Price FX Other lower volumes, yet stable pricing and product mix -3% +/-0% -6% +2% Sales ▪ Pick-up in orders at quarter end, however no visible (in € m) underlying demand improvement given weak Jan and F
Slide 14: Advanced Technologies
Advanced Technologies Q1 26 vs. Q1 25 Volume Price FX Other Inorganics (adj. EBITDA up yoy) Sales -1% -1% -6% -1% ▪ Silica benefits from network optimization (in € m) ▪ Improved sales momentum for Silica starting in March and -9% Inorganics into April, especially specialty Silica --- 1,601 Orga
Slide 15: Infrastructure / Other
Infrastructure / Other Adj. EBITDA (in € m) Thereof: Infrastructure ▪ Oxeno (C4): Q1 performance limited -23% by weak demand and raw material -46% costs rising faster than prices after start of war in the Middle East 61 59 ▪ Infrastructure: high level of stability, 47 13 little impact of Mi
Slide 16: © evonik
© evonik
Slide 17: Additional indications for FY 2026 (all unchanged)
Additional indications for FY 2026 (all unchanged) Sales between €13.5 and 14.5 bn (2025: €14.1 bn) ROCE around prior-year level (2025: 6.1%) Capex1 ~€750 m (2025: €748 m) EUR/USD sensitivity2 +/-1 USD cent = -/+ ~€5 m adj. EBITDA (FY basis) Adj. D&A around prior-year level (2025: €1,013 m) Adj. net
Slide 18: Adjusted income statement Q1 2026
Adjusted income statement Q1 2026 in € m Q1 2025 Q1 2026 ∆ Sales 3,777 3,427 -9% Adj. net financial result (-€46 m) Adj. EBITDA 560 475 -15% ▪ €17m lower yoy; largely attributable to Depreciation & amortization -251 -240 interest income related to a tax refund in Adj. EBIT 309 235 -24% the prior yea
Slide 19: Cash flow statement Q1 2026
Cash flow statement Q1 2026 in € m Q1 2025 Q1 2026 Income before financial result and income taxes (EBIT) 299 229 CF from operating activities Depreciation and amortization 240 239 ▪ Lower (reported) EBIT as starting point ∆ Net working capital -98 -100 ▪ One-time effect from last year in ACA busine
Slide 20: Net financial debt development Q1 2026
Net financial debt development Q1 2026 3,311 3,140 407 20 27 19 224 Dec 31, 2025 F from C ash outflows C Net interest Addition/reduction in Other Mar 31, 2026 Net financial operating for investments payments leasing liabilities Net financial debt activities in intangibles deb
Slide 21: Development of debt and leverage over time
Development of debt and leverage over time Total 3.0 2.3 2.4 2.5 Leverage1 Net financial debt (€3,140 m) 3,310 3,253 3,311 3,140 ▪ Net financial debt slightly down thanks to Net financial debt good cash generation in Q1 (in € m) ▪ Net financial debt leverage stable at 1.6x2 German 4.3
Slide 22: Segment overview by quarter
Segment overview by quarter Sales (in € m) Q1/25 Q2/25 Q3/25 Q4/25 FY 2025 Q1/26 Custom Solutions 1,427 1,367 1,340 1,359 5,492 1,334 Advanced Technologies 1,601 1,511 1,445 1,415 5,973 1,450 Infrastructure / Other1 749 621 606 629 2,604 643 Evonik Group 3,777 3,499 3,391 3,403 14,069 3,427 Adj. EBI
Slide 23: Upcoming IR events
Upcoming IR events Conferences & roadshows Upcoming reporting dates & events May 13, 2026 Roadshow London (Barclays) May 8, 2026 Q1 2026 Reporting May 19, 2026 Chemicals Conference, London (Citi) June 3, 2026 Annual Shareholders’ Meeting May 20, 2026 Sustainability Forum, virtual (Oddo BHF) August 4
Slide 24: Evonik Investor Relations Team
Evonik Investor Relations Team Christoph Finke Cédric Schupp Senior Vice President Investor Relations Director Investor Relations & ESG +49 174 9931647 +49 173 2552453 christoph.finke@evonik.com cedric.schupp@evonik.com Katharina Gayk Johanna Göbel Specialist Investor Relations Senior Manager Invest
Slide 25: Disclaimer
Disclaimer In so far as forecasts or expectations are expressed in this presentation or where our statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties. Actual results or developments may vary, depending on changes in the oper
Slide 26: © evonik
© evonik