Wacker Chemie Ag · XETR:WCH
Wacker Chemie — Q2 2024 Earnings Presentation
16 slides from Wacker Chemie's earnings presentation, Jul 26, 2024
Slide 1: Q2 2024 – Conference Call Note
CREATING TOMORROW’S SOLUTIONS Q2 2024 – Conference Call Note Dr. Christian Hartel (CEO), Dr. Tobias Ohler (CFO) July 26, 2024 Q2 2024 – Conference Call Note July 26, 2024 0
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating. Certain statements and information contained in this presentation may relate to future expectations and other forward-looking statements that are based on man
Slide 3: WACKER Q2 2024 Highlights
WACKER Q2 2024 Highlights Financials Operations Sustainability €1.5bn Higher Demand Enabling Drives Chemicals EBITDA higher Sustainable Sales (-16% yoy) yoy and qoq Driven primarily by lower solar-poly volumes Products WACKER presents new €160m 10.9% Lower Energy Costs Silicone products to improve t
Slide 4: Official Opening of the New mRNA Competence Center in Halle on June 3rd
Official Opening of the New mRNA Competence Center in Halle on June 3rd mRNA Competence Center Pandemic Preparedness Fast Growing mRNA CDMO Plan Market Production of mRNA vaccines / therapies multiple indications WACKER / CordenPharma cover mRNA enable advanced therapies the entire mRNA vaccin
Slide 5: Group Q2/24 EBITDA at €160m, with Chemicals EBITDA +€21m Higher YoY
Profit & Loss Statement Group Q2/24 EBITDA at €160m, with Chemicals EBITDA +€21m Higher YoY Profit & Loss (€m) Q2 Comments Q2 2024 Q2 2023 Sales -16% yoy Volume/Mix -14%, Price -5%, FX -0.3% Sales 1,468 1,753 Group EBITDA -37% yoy Performance defined by lower solar-poly volumes but Gross profit
Slide 6: Resilient Financials with €4.6bn in Equity and €1.1bn in Liquidity
Balance Sheet Composition Resilient Financials with €4.6bn in Equity and €1.1bn in Liquidity Balance sheet (%) Characteristics 6/30/24 Assets Liabilities Cash & Securities: High level of liquidity at €1.1bn €8.9bn €9.0bn €8.9bn €9.0bn Working Capital: +€278m higher due to seasonal higher sales i
Slide 7: SILICONES: Q2/24 EBITDA at €90m, Supported by High Specialties Demand
SILICONES Q2/24 EBITDA at €90m, Supported by High Specialties Demand Sales (€m) Comments Q2 +3% 719 Specialties clearly higher yoy & ongoing high volumes qoq 699 673 610 710 Standards with limited plant availability, price pressure in Asia remains Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 EBITDA
Slide 8: POLYMERS: Q2/24 EBITDA at €59m, Higher Demand YoY and Seasonally-Higher Volumes QoQ
POLYMERS Q2/24 EBITDA at €59m, Higher Demand YoY and Seasonally-Higher Volumes QoQ Sales (€m) Comments Q2 -7% 417 Volumes up qoq & yoy, consumer-related binders with 393 342 372 389 good demand Weak construction markets in W. Europe & China offset by Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 deman
Slide 9: BIOSOLUTIONS: Q2/24 EBITDA at €1m, New mRNA Facility Successfully Started and Certified
BIOSOLUTIONS Q2/24 EBITDA at €1m, New mRNA Facility Successfully Started and Certified Sales (€m) Comments Q2 +8% 98 mRNA facility start-up completed and certified by the 91 77 93 72 Federal Government Sales growth yoy and qoq driven by BioPharma Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 EBITDA
Slide 10: POLYSILICON: Q2/24 EBITDA at €55m, Supported by Semi & US Solar Market
POLYSILICON Q2/24 EBITDA at €55m, Supported by Semi & US Solar Market Sales (€m) Comments Q2 -55% 513 Sales decline yoy and qoq due to lower Solar-grade 342 303 300 volumes sold 232 No further sales at low China domestic prices Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 EBITDA higher qoq on bette
Slide 11: Financials with a Net Debt of €661m
Net Financial Position Financials with a Net Debt of €661m Net Financial Position Bridge per 6/30/2024 (€m) 4 -84 -310 -149 -108 -15 -661 Net financial debt Cash flow Cash flow from Dividend Lease Exchange-rate Net financial debt as of from operating long-term paid, liabilities effects as of Dec. 31
Slide 12: Q2 2024 Results
Appendix Q2 2024 Results In €m Q2 2024 Q2 2023 % YoY Sales 1,468 1,753 -16% EBITDA reported 160 256 -37% EBITDA-Margin 10.9% 14.6% EBIT 43 153 -72% EBIT-Margin 2.9% 8.7% Net income for the period 35 119 -71% EPS 0.58 2.38 -75% CapEx 177 145 22% Net Cashflow -179 -99 82% Net Debt 661 270 145% Q2 2024
Slide 13: Q2 2024 Results – Breakdown by Business
Appendix Q2 2024 Results – Breakdown by Business Sales EBITDA EBITDA Margin (%) In €m / % Q2/24 Q2/23 % YoY Q1/24 % QoQ Q2/24 Q2/23 % YoY Q1/24 % QoQ Q2/24 Q2/23 Q1/24 Chemicals 1,108 1,115 -1% 1,083 2% 149 128 17% 137 9% 13.4 11.4 12.6 SILICONES 719 699 3% 710 1% 90 52 73% 81 11% 12.6 7.4 11.4 POLY
Slide 14: Key Raw Materials, Power and Gas
Appendix Key Raw Materials, Power and Gas Si-Metal (€/mt) Electricity (€/MWh) 10,000 500 8,000 400 6,000 300 4,000 200 2,000 100 0 0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Source: CRU, Si-Metal Spot FD Europe Source: EEX, Baseload Front Contract Avg. Month VAM (€/mt) Natural Gas (€/MWh) 4
Slide 15: Guidance: FY EBITDA Now Expected in Upper Half of Range
Appendix Guidance: FY EBITDA Now Expected in Upper Half of Range In €m FY 2023 Outlook 2024 Sales 6,402 €6,000 – 6,500m EBITDA 824 €600 – 800m EBITDA margin (%) 12.9 Substantially lower than last year Net cash flow 166 Negative, substantially lower than last year CapEx 710 Slightly lower than last y
Slide 16: WACKER: Issuer, Contact and Additional Information
WACKER: Issuer, Contact and Additional Information Issuer and Contact Financial Calendar INVESTOR RELATIONS CONTACTS 09/18+19/24 CMD Burghausen 10/29/24 Q3 2024 Results Joerg Hoffmann, CFA Tel. +49 89 6279 1633 | joerg.hoffmann@wacker.com Scott McCollister Tel. +49 89 6279 1560 | scott.mccollister@w