Q1 2026 Results
1
May 8, 2026
Christian Kullmann, Chief Executive Officer
Dr. Claus Rettig, Interim Chief Financial Officer
Board update: CEO contract extended, new CFO appointed -
a strong combination of continuity and fresh perspectives
CEO Christian Kullmann: Contract extendedCEO since 2017
Contract extended from 2027 until 2030
Strong signal for stability and continuity in turbulent times
Clear commitment to achieve strategic and financial goals latest until 2030
Picture
placeholder
New CFO Michael Rauch since May 1st, 2026Highly experienced manager across different functions, companies, industries and countries
CEO and CFO roles
Strong background in transformation processes
Capital markets experience
Picture
placeholder
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 in-line with prior year despite notably weaker earnings
Good start into the year underpinning FY guidance of ~40% cash conversion
Q2 adj. EBITDA to be at least €550 m: Clear step-up compared to prior year (€509 m) and prior quarter (€475 m)
Likely strongest quarter in 2026 thanks to both higher volumes and prices; support esp. from methionine
FY 2026 outlook confirmed amid significant uncertainty: Adj. EBITDA between €1.7 and 2.0 bn
War in Middle East results in changed earnings profile for the year: Opportunities increasing mainly in H1, risks lie in H2
Table of contents
Highlights and Outlook FY 2026
Financial performance Q1 2026
Q1 adj. EBITDA of €475 m slightly ahead of expectations
thanks to stronger March
Adj. EBITDA (in € m)
Drivers of Q1 performance
"around
€450 m"
+6%
Results from optimization programs clearly visible
− -410 FTE vs. year-end 2025
Start into the year facing same weak demand environment as in H2 2025
Late March supported by volume uptick; likely pre-buying after start of war in Middle East
− e.g. Crosslinkers, High Performance Polymers and lubricant additives with strong volume development and strong order entries for Q2 already
− Only limited pricing impact so far due to time delay of price adjustments
450
475
Q1
guidance
Jan Feb
Mar
Q1 2026Strong cash generation in Q1:
FCF in-line with prior year despite notably weaker earnings
− Supported by cash inflow from termination of take-or-pay contract last year, customer pre-payments and customer co-financing of investments
− NWC outflow (-€100 m) similar to last year
Good start into the year underpinning FY guidance of ~40% cash conversion
FCF of €183 m in-line with prior year despite notably weaker earnings
Free Cash Flow (in € m)
Drivers of Q1 performance
195
183
133
127
21
Q1 2022
Q1 2023
Q1 2024
Q1 2025
Q1 2026Evonik relatively better positioned to navigate the current environment
Middle East war-related challenges & risks
Evonik positioning
Exports from Asian competition to the world limited
(given they only produce in "their" home region
and rely on Middle East feedstock more)
Global setup: ~80% of sales are produced locally
Balanced product portfolio a clear benefit, esp. Advanced Technologies with upside both on prices and volumes
Supply chain disruptions globally
Strong local sourcing: ~80% of raw materials locally sourced
Raw materials largely secured for coming months
Only exception: partial Force Majeure for methionine Singapore
Input costs rising significantly
(raw materials, energy, freight)
Ability to currently pass on higher input costs
Hedging strategy limits increase in energy costs
Second-order effects
(esp. GDP risk)
From H2 onwards: Inflation leading to volume risk
Balanced product portfolio potentially mitigating this risk to a certain degree
Q2 adj. EBITDA to be at least €550 m -
Better H1 than initially expected …… while risks lie in H2
Likely strongest quarter in 2026 thanks to both higher volumes and prices
Outlook
confirmed:
€1.7-2.0 bn
475
"at least €550 m"
(Q2 2025: €509 m)
Q1 Q2E Q3E Q4E FY 2026E
+ Strong price momentum
+ Volume increases /
pre-buying at least also in April
↯ Higher variable costs limiting upside
↯ Impact of raw material availability on production
↯ Planned methionine maintenance
+ Higher volumes / pre-buying in late March (only limited price effects)
↯ Weak start into the year
↯ Seasonal decline vs.
Q1-Q3 avg. usually
~20%
↯ Possibly more pronounced this year (optimization after pre-buying)
↯ Inflation could lead to
demand softening
↯ Hence, lower volumes and utilization possible
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 for the year:
Key opportunities - mainly in H1:
− Strong price momentum
− Higher volumes / pre-buying
Key risks - mainly in H2:
− Risk of inflation-led demand slowdown
− Potential destocking
At mid-point of guidance range, war-related opportunities and risks balance out
1.9
2025 2026E
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 range) as starting point
Disciplined capex approach: yoy stable at ~€750 m
Lower bonus payments in FY 2026 (for 2025)
NWC initially expected to be flat, now a certain headwind possible mainly from cost and price inflation - but too early to predict year-end effect given potential slowdown in H2
695
2025 2026E
1. Cash Conversion Rate = FCF / adj. EBITDA
Table of contents
Highlights and Outlook FY 2026
Financial performance Q1 2026
475
(Q1 2025: 560)
Adj. EBITDA (in € m)
3,427
(Q1 2025: 3,777)
Sales (in € m)
Q1 2026 results overview
Sales (y | oy) | ||
Volume | Price | ||
-2% | -1% | ||
FX | Other | ||
-5% | -1% | ||
224
(Q1 2025: 190)
Capex1 (in € m)
183
(Q1 2025: 195)
Free Cash Flow (in € m)
0.34
(Q1 2025: 0.59)
Adj. EPS (in €)
1. Cash outflows for investments
-7%
Strong comparables yoy, with FX headwinds and modestly
lower volumes, yet stable pricing and product mix
Pick-up in orders at quarter end, however no visible underlying demand improvement given weak Jan and Feb
Additives (adj. EBITDA lower yoy)
Additives (ex Catalysts), especially lubricant additives, continued stable performance yoy against good base
Catalysts weak start into the year; with Alkoxides awaiting upswing from regulatory changes
Care (adj. EBITDA lower yoy)
Care Solutions still suffering from subdued demand in base ingredients, while specialities develop on track
Health Care with solid demand in oral drug delivery, good pricing and enhanced plant effectiveness
Q1 26 vs. Q1 25 | |||
Volume | Price | FX | Other |
-3% | +/-0% | -6% | +2% |
Custom Solutions
17.9%
17.0%
13.5%
Adj.
EBITDA
(in € m)
/ margin
(in %)
Sales
(in € m)
Additives
---
Care
1,427 | 1,359 | 1,334 | ||
974 | 868 | 920 | ||
453 | 491 | 414 | ||
Q1 2025 | Q4 2025 -11% | Q1 2026 | ||
256
184
227
Q1 2025 Q4 2025 Q1 2026
Advanced Technologies
Q1 26 vs. Q1 25 | |||
Volume | Price | FX | Other |
-1% | -1% | -6% | -1% |
-9%
Inorganics (adj. EBITDA up yoy)
Silica benefits from network optimization
Improved sales momentum for Silica starting in March and into April, especially specialty Silica
Organics (adj. EBITDA up yoy)
High Performance Polymers benefiting from optimization program and strong demand for foams
Crosslinkers yoy below strong Q1 2025, improving from March onwards
Animal Nutrition (adj. EBITDA down yoy)
Tough comparable: last year supported by one-time effect
Higher variable costs and raw material shortages in Singapore (Force Majeure)
Price momentum in methionine market (from April onwards)
Sales
(in € m)
Inorganics
---
Organics
---
Animal
Nutrition
1,415 | 1,450 | ||
566 | 577 | ||
395 | 390 | ||
454 | 484 | ||
Q4 2025 | Q1 2026 |
1,601
621
426
554
Adj.
EBITDA
(in € m)
/ margin
(in %)
Q1 2025
291
-17%
18.2%
16.6%
13.1%
186
241
Q1 2025 Q4 2025 Q1 2026
-23%
61
59
Q1 2025
Q4 2025
Q1 202647
Oxeno (C4): Q1 performance limited by weak demand and raw material costs rising faster than prices after start of war in the Middle East
Infrastructure: high level of stability, little impact of Middle east conflict due to hedging of energy costs
Thereof: Infrastructure
Adj. EBITDA (in € m)
Infrastructure / Other
-17%
-48
-72
-40
Q1 2025
Q4 2025
Q1 2026Less negative yoy, supported by strong cost discipline (mainly Evonik Tailor Made savings)
Thereof: Other
-46%
13
-13
7
Q1 2025 Q4 2025 Q1 2026
16
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 financial result | around prior-year level (2025: -€162 m) |
Adj. tax rate | around long-term sustainable level of ~30% (2025: 22%) |
1. Cash outflow for investment in intangible assets, pp&e | 2. Including transaction effects (after hedging) and translation effects; before secondary / market effects
Adjusted income statement Q1 2026
Adj. net financial result (-€46 m)
€17m lower yoy; largely attributable to interest income related to a tax refund in the prior year
Adj. tax rate (27%)
Adj. tax rate this year in-line with full year guidance; last year exceptionally low due to one-time effects
Adjustments (-€6 m)
Mostly driven by restructuring measures
in € m | Q1 2025 | Q1 2026 | ∆ |
Sales | 3,777 | 3,427 | -9% |
Adj. EBITDA | 560 | 475 | -15% |
Depreciation & amortization | -251 | -240 | |
Adj. EBIT | 309 | 235 | -24% |
Adj. net financial result | -29 | -46 | |
D&A on intangible assets | 34 | 32 | |
Adj. income before income taxes | 314 | 221 | -30% |
Adj. income tax | -36 | -59 | |
Adj. income after taxes | 278 | 162 | -42% |
Adj. non-controlling interests | -3 | -4 | |
Adj. net income | 275 | 158 | -43% |
Adj. earnings per share (in €) | 0.59 | 0.34 | |
Adjustments | -10 | -6 |
Cash flow statement Q1 2026
CF from operating activities
Lower (reported) EBIT as starting point
One-time effect from last year in ACA business now cash-relevant
Misc. assets/ liabilities supported by
customer pre-payments and co-financing
Cash outflow for investment
Slightly higher capex spending this year
due to shift between quarters;
FY guidance is stable for capex
CF from financing activities
€500m green bond issuance last year,
net repayment of financial debt this year
in € m | Q1 2025 | Q1 2026 |
Income before financial result and income taxes (EBIT) | 299 | 229 |
Depreciation and amortization | 240 | 239 |
∆ Net working capital | -98 | -100 |
Change in provisions for pensions & other post-employment benefits | -4 | -8 |
Change in other provisions | 37 | 27 |
Change in miscellaneous assets/liabilities | -100 | 46 |
Cash inflows/outflows from income taxes | -2 | -23 |
Others | 13 | -3 |
Cash flow from operating activities | 385 | 407 |
Cash outflows for investment in intangible assets, pp&e | -190 | -224 |
FCF | 195 | 183 |
Cash flow from investing activities | -511 | -203 |
Cash flow from financing activities | 402 | -112 |
Net financial debt development Q1 2026
3,140
20
27
19
224
407
3,311
Dec 31, 2025 | CF from | Cash outflows | Net interest | Addition/reduction in | Other | Mar 31, 2026 |
Net financial | operating | for investments | payments | leasing liabilities | Net financial | |
debt | activities | in intangibles | debt | |||
and PP&E |
Development of debt and leverage over time
Total Leverage1
3.0
2.3
2.4
2.5
Net financial debt (€3,140 m)
Net financial debt slightly down thanks to good cash generation in Q1
Net financial debt leverage stable at
1.6x2
Pension provisions (€1,547 m)
Increased pension provisions at stable discount rate
Long-dated pension obligations with
~12 years duration
Solid funding ratio of ~85%
Net financial debt
(in € m)
3,310 3,253 3,311 3,140
3.6
1,547
1,490
1,662
1,858
3.5
German pension discount rate (%) and Pension provisions (in € m)
4.3 4.3
Adj. EBITDA (LTM) | 1,656 | 2,065 | 1,874 | 1,789 |
2023 2024 2025 Q1 2026
1. (Net financial debt - 50% hybrid bond + pension provisions) / Adj. EBITDA (LTM); 2. (Net financial debt - 50% hybrid bond) / Adj. EBITDA (LTM)
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. EBITDA (in € m) | Q1/25 | Q2/25 | Q3/25 | Q4/25 | FY 2025 | Q1/26 |
Custom Solutions | 256 | 254 | 215 | 184 | 909 | 227 |
Advanced Technologies | 291 | 266 | 202 | 186 | 944 | 241 |
Infrastructure / Other1 | 13 | -11 | 31 | -13 | 21 | 7 |
Evonik Group | 560 | 509 | 448 | 357 | 1,874 | 475 |
1. Including Oxeno (C4 business)
Upcoming IR events
Upcoming reporting dates & events
Conferences & roadshows
May 13, 2026 | Roadshow London (Barclays) |
May 19, 2026 | Chemicals Conference, London (Citi) |
May 20, 2026 | Sustainability Forum, virtual (Oddo BHF) |
May 21, 2026 | Sustainability Call Series, virtual (JP Morgan) |
May 26, 2026 | European Champions Conference, Frankfurt (DB) |
May 27, 2026 | Roadshow Copenhagen |
May 28, 2026 | Roadshow Stockholm |
May 8, 2026 | Q1 2026 Reporting |
June 3, 2026 | Annual Shareholders' Meeting |
August 4, 2026 | Q2 2026 Reporting |
November 3, 2026 | Q3 2026 Reporting |
Evonik Investor Relations Team
Christoph Finke
Senior Vice President Investor Relations
+49 174 9931647
christoph.finke@evonik.com
Cédric Schupp
Director Investor Relations & ESG
+49 173 2552453
cedric.schupp@evonik.com
Johanna Göbel
Senior Manager Investor Relations
+49 172 5268167
johanna.goebel@evonik.com
Katharina Gayk
Specialist Investor Relations
+49 174 9931669
katharina.gayk@evonik.com
Janine Göttel
Specialist Investor Relations
+49 151 53831578
janine.goettel@evonik.com
Gevitha Selvakumar
Manager Investor Relations & ESG
+49 174 9080817
gevitha.selvakumar@evonik.com
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 operating environment. Neither Evonik Industries AG nor its group companies assume an obligation to update the forecasts, expectations or statements contained in this release.
26