Evonik Industries Ag · XETR:EVK
Evonik Industries — Q4 2025 Earnings Presentation
44 slides from Evonik Industries's earnings presentation, Feb 5, 2026
Slide 1: Evonik Leading Beyond Chemistry – Q4 / FY 2025 Preliminary Results
Evonik Leading Beyond Chemistry Q4 / FY 2025 Preliminary (Unaudited) Results February 5, 2026 Christian Kullmann, Chief Executive Officer Dr. Claus Rettig, Interim Chief Financial Officer 1
Slide 2: Revised 2025 guidance achieved with strong cash generation – Aiming for broadly stable earnings in 2026
Revised 2025 guidance achieved with strong cash generation – Aiming for broadly stable earnings in 2026 Revised earnings outlook for FY 2025 achieved: Adj. EBITDA of €1,874 m Solid Q4 (adj. EBITDA €357 m; “only“ -8% yoy); results mainly supported by Health Care as well as lower personnel costs Cash
Slide 3: Short-term trading environment remains tough, strategic direction remains valid
While the short-term trading environment remains tough, our strategic direction remains valid and we control our own destiny Today In the coming years Weak demand and structural headwinds At least some demand improvement We control our own destiny – We have more potential acting from a position of f
Slide 4: Table of contents
Table of contents 1 Highlights FY 2025 1 Highlights FY 2025 2 Outlook FY 2026 2 Outlook FY 2026 3 Focus on strategy execution 3 Focus on strategy execution 4 Update on capital allocation priorities 4 Update on capital allocation priorities 4 | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Resul
Slide 5: FY 2025 results overview
FY 2025 results overview Sales (in € m) Sales (yoy in %) Adj. EBITDA (in € m) Volume Price 14,069 -2% FX -1% Other 1,874 (FY 2024: 15,157) (FY 2024: 2,065) -2% -2% Free Cash Flow (in € m) / CCR1 ROCE (in %) Adj. EPS (in €) 695 37% 6.1 1.36 (FY 2024: 873) (FY 2024: 42%) (FY 2024: 7.1) (FY 2024: 1.67)
Slide 6: Revised earnings outlook for FY 2025 achieved
Revised earnings outlook for FY 2025 achieved Adj. EBITDA (in € m) Drivers of Q4 earnings development (Revised) Outlook: ”Around €1.9 bn“ ▪ Q4 adj. EBITDA of €357 m (“only“ -8% yoy) 2,065 ▪ Custom Solutions with yoy higher earnings in Q4 1,874 (+3%) thanks to strong Health Care business ▪ Advanced T
Slide 7: Cash conversion rate of 37% for FY 2025 in upper half of guidance corridor
Cash conversion rate of 37% for FY 2025 in upper half of guidance corridor Free Cash Flow (in € m) / Conversion rate (in %) Drivers of Q4 cash development (Revised) Outlook: ”Between 30-40%“ ▪ Q4 FCF of €411 m (Q4 2024: €172 m) CCR1 42% 37% ▪ Reduced capex spend at year-end (-€65 m yoy in Q4) 873 ▪
Slide 8: Consistent strategy execution in new normal environment
Consistent strategy execution in ”new normal“ environment more relevant than ever – in 2025 we showed good progress Portfolio Growth Optimization Investments in Asia Biosurfactants ETM1 on track Japan, Singapore, China Expansion of applications Reduction of >850 FTE Portfolio transformation Ramping-
Slide 9: Moving forward with product innovation and sustainability
We are moving forward with product innovation and sustainability Innovation Sustainability: Handprint Sustainability: Footprint +13pp 48% -31% faster sales growth +3pp share of reduction of in Innovation Next Generation GHG emissions2 Growth Areas Solutions1 Temporarily ahead of 2030 target of -25%
Slide 10: Table of contents
Table of contents 1 Highlights FY 2025 1 Highlights FY 2025 2 Outlook FY 2026 2 Outlook FY 2026 3 Focus on strategy execution 3 Focus on strategy execution 4 Update on capital allocation priorities 4 Update on capital allocation priorities 10 | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Resu
Slide 11: Assumptions for FY 2026 outlook
Assumptions for FY 2026 outlook: We focus on controllable levers – external factors unlikely to improve Headwinds – Mostly from external factors Tailwinds and positives from strategy execution Growth External factors ▪ Ramping-up capacities in innovative areas ▪ Global industrial production to stay
Slide 12: Aiming for broadly stable earnings in FY 2026: Adj. EBITDA between €1.7 and 2.0 bn
Aiming for broadly stable earnings in FY 2026: Adj. EBITDA between €1.7 and 2.0 bn Adj. EBITDA (in € bn) Outlook by segment ▪ Slightly higher volumes expected in Slightly most businesses; increasing “€1.7 - 2.0 bn” Custom above utilization of new plants 1.9 Solutions prior-year ▪ Slightly falling in
Slide 13: Free Cash Flow: Targeting ~40% cash conversion again
Free Cash Flow: Targeting ~40% cash conversion again Free Cash Flow (in € m) / Conversion rate (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 ▪ Lower
Slide 14: Additional indications for FY 2026
Additional indications for FY 2026 Sales between €14 and 15 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 financial result ar
Slide 15: Table of contents
Table of contents 1 Highlights FY 2025 1 Highlights FY 2025 2 Outlook FY 2026 2 Outlook FY 2026 3 Focus on strategy execution 3 Focus on strategy execution 4 Update on capital allocation priorities 4 Update on capital allocation priorities 15 | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Resu
Slide 16: Reaching mid-term targets challenged by temporary and structural headwinds
Reaching our mid-term targets is challenged right now by a combination of temporary and structural headwinds External challenges Weak end market demand New assumption for external environment: Industrial production: ~1.7%1 → Consistent strategy High cost-base in Europe 3.1 execution key to reach o
Slide 17: Growth aspirations in existing products complemented with long-term opportunities
Growth aspirations in existing products to be complemented with more long-term oriented opportunities NEW! Specific contributions … long-term growth As in the next years … presented opportunities at 2025 CMD Existing products in new markets Growth PA12 | Germany Silica | United States with strong gr
Slide 18: High Performance Polymers for growing drone applications market
Broad portfolio of High Performance Polymers provides solutions to attractively growing market for drone applications Lightweight materials e.g. ROHACELL foam Expected ▪ ROHACELL is used for the construction of lightweight structures and market composites growth1: ▪ Minimizing weight, enhancing scal
Slide 19: Thermal management and piping solutions for data center cooling
Evonik provides innovative thermal management and piping solutions for a rapidly growing and evolving data center cooling infrastructure Data center liquid cooling (immersion cooling) e.g. VISCOBASE products & formulations Expected ▪ Oil Additives business offers esters and hydrocarbons but also mar
Slide 20: Solutions for consumer electronics and batteries industry
With our solutions for the consumer electronics and batteries industry, we are well positioned in fast-growing markets Consumer electronics e.g. Potting compounds for electronics & electrical sensors Relevant ▪ Polybutadiene-based potting compounds play a vital role in protecting market electronic e
Slide 21: Restructuring and optimization programs on track
Initiated restructuring and optimization programs are on track – execution to be even more focused from here Specific contributions … to be bolstered NEW! As presented in the next years … by even more focus at 2025 CMD Reorganization Procurement + All cost savings and Business optimization optimizat
Slide 22: Fixed cost compensation: A clear challenge in a downturn
Fixed cost compensation: A clear challenge in a downturn + Evonik Tailor Made and business optimization + Programs on track In 2025, cost + >850 FTE reduction in 2025 savings did not fully come through to the bottom-line as ~€5 bn fixed costs planned Extraordinary high cost inflation in 2025 (es
Slide 23: Table of contents
Table of contents 1 Highlights FY 2025 1 Highlights FY 2025 2 Outlook FY 2026 2 Outlook FY 2026 3 Focus on strategy execution 3 Focus on strategy execution 4 Update on capital allocation priorities 4 Update on capital allocation priorities 23 | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Resu
Slide 24: Capital allocation priorities unchanged – new dividend policy based on payout ratio
Capital allocation priorities remain unchanged – new dividend policy based on payout ratio Use of cash … unchanged 1 priorities … 2 and disciplined 3 INVESTMENTS INTO ATTRACTIVE ADDITIONAL ORGANIC GROWTH DIVIDEND VALUE CREATION Unchanged Unchanged NEW! Until 2027: ~50% ~50% New dividend policy De-le
Slide 25: New dividend policy: attractive dividend with increased financial flexibility
New dividend policy: Combining an attractive dividend with increased financial flexibility New dividend policy to be established in two steps 1 Dividend ▪ Rigid dividend of €1.17 not adequate in this tough market environment proposal for FY 2025 €1 and for a company in transformation ▪ Transition ye
Slide 26: Short-term trading environment remains tough, strategic direction remains valid
While the short-term trading environment remains tough, our strategic direction remains valid and we control our own destiny Today In the coming years Weak demand and structural headwinds At least some demand improvement We control our own destiny – We have more potential acting from a position of f
Slide 27: © evonik
© evonik
Slide 28: Q4 2025 results overview
Q4 2025 results overview Sales (in € m) Sales (yoy in %) Adj. EBITDA (in € m) Volume Price 3,403 +2% FX -2% Other 357 (Q4 2024: 3,599) (Q4 2024: 388) -5% +/-0% Capex (in € m) Free Cash Flow (in € m) Adj. EPS (in €) 201 411 0.15 (Q4 2024: 266) (Q4 2024: 172) (Q4 2024: 0.16) 28 | February 5, 2026 | Ev
Slide 29: Custom Solutions
Custom Solutions Q4 25 vs. Q4 24 FY 25 vs. FY 24 Volume Price FX Other Volume Price FX Other Q4 comments +/-0% +1% -5% +1% -3% +1% -3% +1% ▪ Differentiated steering of segments visible Sales − Pricing focus paying off (+1%) (in € m) -4% 1,408 1,340 1,359 − Volumes stabilizing (+0%) 5,737 5,492 ▪ FX
Slide 30: Advanced Technologies
Advanced Technologies Q4 25 vs. Q4 24 FY 25 vs. FY 24 Volume Price FX Other Volume Price FX Other Q4 comments Sales +2% -3% -5% +/-0% +2% -2% -3% +1% Inorganics (adj. EBITDA up yoy) (in € m) ▪ Solid performance yoy for Silica: first visible -2% Inorganics 1,504 1,445 1,415 effect of asset network op
Slide 31: Infrastructure / Other
Infrastructure / Other Adj. EBITDA (in € m) Thereof: Infrastructure ▪ Oxeno (C4 business) with continued weak market conditions 54 59 ▪ Stronger results from infrastructure 33 business Marl and Wesseling due to 31 lower costs and project business 24 Q4 24 Q3 25 Q4 25 Thereof: Other -13 -9 -23 -72 ▪
Slide 32: Adjusted income statement Q4 2025
Adjusted income statement Q4 2025 in € m Q4 2024 Q4 2025 ∆ Sales 3,599 3,403 -5% Adj. net financial result (-€37 m) Adj. EBITDA 388 357 -8% ▪ Slightly weaker than prior-year due to Depreciation & amortization -277 -252 somewhat higher net financial debt Adj. EBIT 111 105 -5% Adj. net financial resul
Slide 33: Adjusted income statement FY 2025
Adjusted income statement FY 2025 in € m FY 2024 FY 2025 ∆ Sales 15,157 14.069 -7% Adj. EBITDA 2,065 1.874 -9% Adj. net financial result (-€162 m) Depreciation & amortization -1,038 -1.013 ▪ Slightly more negative than prior-year Adj. EBIT 1,027 861 -16% Adj. net financial result -143 -162 Adj. tax
Slide 34: Cash flow statement Q4 2025
Cash flow statement Q4 2025 in € m Q4 2024 Q4 2025 CF from operating activities Income before financial result and income taxes (EBIT) -90 68 ▪ Last year’s EBIT impacted by provision Depreciation and amortization 368 275 build-up for several optimization projects ∆ Net working capital 176 339 ▪ Stro
Slide 35: Cash flow statement FY 2025
Cash flow statement FY 2025 in € m FY 2024 FY 2025 CF from operating activities Income before financial result and income taxes (EBIT) 577 578 ▪ Last year with targeted NWC build-up at Depreciation and amortization 1,117 1,203 year-end – this year with NWC ∆ Net working capital -202 83 optimization
Slide 36: Net financial debt development Q4 2025
Net financial debt development Q4 2025 3,677 3,311 612 17 46 18 201 Sep 30, 2025 CF from Cash outflows Net interest Addition/reduction in Other Dec 31, 2025 Net financial operating for investments payments leasing liabilities Net financial debt activities in intangibles debt and PP&E 36 | February 5
Slide 37: Net financial debt development FY 2025
Net financial debt development FY 2025 3,253 3,311 152 7 63 545 1,443 748 Dec 31, 2024 CF from Cash outflows Cash outflows Net interest Addition/ Other Dec 31, 2025 Net financial operating for investments for dividends payments reduction in Net financial debt activities in intangibles to shareholder
Slide 38: Development of debt and leverage over time
Development of debt and leverage over time Total Leverage1 1.8 3.0 2.3 2.4 Net financial debt (€3,311 m) ▪ Net financial debt slightly up yoy Net financial debt ▪ Net financial debt leverage increased 3,257 3,310 3,253 3,311 (in € m) moderately to 1.6x (2024: 1.5x)² reflecting lower adj. EBITDA Germ
Slide 39: Segment overview by quarter
Segment overview by quarter Sales (in € m) Q3/24 Q4/24 FY 2024 Q1/25 Q2/25 Q3/25 Q4/25 FY 2025 Custom Solutions 1,465 1,408 5,737 1,427 1,367 1,340 1,359 5,492 Advanced Technologies 1,535 1,504 6,089 1,601 1,511 1,445 1,415 5,973 Infrastructure / Other1 832 687 3,331 749 621 606 629 2,604 Evonik Gro
Slide 40: Five-year financial review
Five-year financial review Sales (in € bn) Adj. EBITDA / Margin (in € m / in %) 18.5 15.9% 13.5% 10.8% 13.6% 13.3% 15.0 15.3 15.2 14.1 2,490 2,383 2,065 1,874 1,656 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Free Cash Flow / Cash Conversion (in € m / in %) ROCE (in %) 40% 32% 48% 42% 37% 9.0
Slide 41: Upcoming IR events
Upcoming IR events Conferences & roadshows Upcoming reporting dates & events March 16, 2026 Roadshow, Paris March 4, 2026 Q4 / FY 2025 Reporting March 24, 2026 European Chemicals Forum, London (J.P. Morgan) May 8, 2026 Q1 2026 Reporting May 12, 2026 Best of Europe Virtual 1on1 Conference (UBS) June
Slide 42: Evonik Investor Relations team
Evonik Investor Relations team Christoph Finke Cédric Schupp Senior Vice President Investor Relations Director Investor Relations & ESG +49 201 177 3145 +49 201 177 3149 christoph.finke@evonik.com cedric.schupp@evonik.com Katharina Gayk Johanna Göbel Specialist Investor Relations Manager Investor Re
Slide 43: 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 44: © evonik
© evonik