Wacker Chemie AG
Dr. Christian Hartel (CEO), Dr. Tobias Ohler (CFO)
WACKER FY 2025 Comments
Sustainability
CDP Climate Rating A EcoVadis Gold
WACKER achieved top scores in the
latest annual assessments.
External ratings provide customers
with proof of our sustainability credentials. Our leading sustainability profile is a differentiating factor in the market.
Operations
Utilization rates remain unsatisfactory due to ongoing macroeconomic & geopolitical headwinds
PACE Cost Project
Measures defined in Q4/25 to cut fixed production and admin costs by >€300m; focus on profitable growth
529 €m
EBITDA
before restructuring expenses
Dividend Proposal
In line with policy of distributing 50% of net income, the Board will propose a €0 dividend at the AGM for FY 2025
5.49 €bn
Sales
FYQ/234/2: 4€:5€.7125b4nm
427 €m
EBITDA
reported
FY/24: €744m
-805 €m
Net Income
with ~ €600m in
non-cash charges
OverviewFinancials
Sales & EBITDA held back by weak markets; cash flow supported by targeted actions to reduce working capital
Annual gross savings from PACE in €m2026e
2027e
2028e
200
300
>300
Comprehensive cost project underway
The goal is to reduce production & administrative costs by >€300m annually
More than half of the savings are to result from a reduction in personnel
Over 1,500 job cuts planned worldwide
Project team developed measures to achieve targets, main areas:
Labor productivity
Maintenance & engineering
Production related services
Procurement
Implementation started January 2026 and to be completed by end of 2027
Restructuring expenses of €103m in Q4/25 mainly related to provision in
Germany
2026
Outlook
FY 2026 Group Outlook
Sales: Low single-digit percentage higher year over year
EBITDA: In the range from €550 to 700m
ROCE: Positive, low single-digit percentage figure
CapEx: Approximately €300m
Net cash flow: Positive, significantly1 higher than prior year
Net debt: Low double-digit percentage lower than prior year
Outlook does not include potential impacts from the recent developments in the Middle East
Significant: >10%
Silicones
Zhangjiagang (CN), Tsukuba (JP), Jincheon (KR) & Nünchritz:
Specialty assets
commissioned in 2025
Karlovy Vary (CZ):
High performance silicones starting in mid-2026
Calvert City (US):
Additional VAE capacities for the US market
Munich:
R&D Biotechnology Center focused on biopharma-ceuticals and ingredients opened in 2025
Burghausen:
Increase semiconductor etching capacity by 50% commissioned in 2025
Strategic Priorities
We elevate our
Business Model & Value PropositionWe unleash the potential of our
Structure & Processes
We excel with our
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2025 EBITDA at €529m Before Restructuring Expenses
FY 2025 comments
Sales -4.1% yoy
Volume/Mix -0.7%, Price -1.6%, FX -2.0%
EBITDA before restructuring expenses -29% yoy
Net income includes approx. €600m non-cash charges
and €103m restructuring expenses
4%
5,722
-41
-86
5,485
Sales
FY 2024
Volume/Mix
Price
-109
FX
Sales
FY 2025
Profit & loss
FY 2025 | FY 2024 | |
Sales | 5,485 | 5,722 |
EBITDA | 427 | 744 |
EBITDA % | 7.8% | 13.0% |
EBIT | -180 | 271 |
EBIT % | -3.3% | 4.7% |
EBITDA / EBIT includes restructuring expenses | 103 | - |
Net income | -805 | 261 |
EPS | -16.53 | 4.85 |
€9.4bn
€8.4bn
€9.4bn
€8.4bn
12/31/24
12/31/25
Fixed Assets
Inventories Receivables Cash / Securities
12/31/24 12/31/25
Equity
Provisions
Financial Liabilities Liabilities
Cash & securities:
• + €227m higher at €1.48bn
Inventories:
- €268m lower YoY
Pension provisions:
- €126m lower at €627m on higher discount rates
Financial liabilities:
• + 422m higher to €2.37bn
Shareholder equity:
- €1.08bn lower at €3.76bn
Balance sheet per 12/31/25
51% | 45% | |||
12% | ||||
11% | ||||
28% | ||||
21% | ||||
17% | 15% |
53% | 52% | |||
18% | 17% | |||
16% | 13% | |||
18% | ||||
13% |
-3%
-7%
2,805 2,733 650
602
FY 2024
FY 2025
Q4 2024
Q4 2025
EBITDA (€m) / margin-1%
-40%
341 336 69
42
FY 2024
FY 2025
Q4 2024
Q4 2025
6.9%
10.7%
12.3%
12.2%
Q4 2025 Comments
Sales & EBITDA held back by negative Volume / Mix effects, FX and low utilization rates
Specialty pricing resilient, market prices for standards in China showed late improvement
Successful WC initiatives weighed on the margin
Order intake patterns remained weak as expected
Sales at prior year level with higher volumes and prices
being offset by negative FX effects
EBITDA margin slightly above prior year
FY 2026 Outlook
-6%
-7%
1,463
1,379
337
312
FY 2024
FY 2025
Q4 2024
Q4 2025
EBITDA (€m) / margin-19%
+1%
194
158
34
34
FY 2024
FY 2025
Q4 2024
Q4 2025
11.0%
10.1%
11.5%
13.3%
Q4 2025 Comments
Sales and EBITDA defined by lower volumes, negative FX effects, lower ASPs and typical year-end seasonality
Stronger performance in EMEA, weakness in China continued
Cost management supported Q4/25 results
Order intake patterns remained weak as expected
Sales at prior year level with higher volumes and partially
higher prices offset by negative FX effects
EBITDA margin slightly higher than prior year
FY 2026 Outlook
-4%
-15%
375
360
106
89
FY 2024
FY 2025
Q4 2024
Q4 2025
EBITDA (€m) / margin-41%
-84%
35 16
21
3
2.8%
FY 2024
FY 2025
Q4 2024
Q4 2025
14.9%
5.7%
9.4%
Q4 2025 Comments
Sales stable QoQ, but declined YoY due to reductions in Biopharma
Inventory initiatives and low utilization rates weighed on EBITDA
Focus on strengthening commercial activities, filling capacities and cost management
Market environment remains challenging
Sales up by a high single-digit % year over year
EBITDA at around €30m
FY 2026 Outlook
-7%
+6%
949
883
209
222
FY 2024
FY 2025
Q4 2024
Q4 2025
EBITDA (€m) / margin-50%
-69%
193 66
96
21
FY 2024
FY 2025
Q4 2024
Q4 2025
9.3%
31.4%
10.9%
20.4%
Q4 2025 Comments
Strong semi sales, volumes up by double-digit % YoY
Low solar demand
EBITDA held back by low solar volumes, FX and very low plant utilization
Sales up by a low double-digit % year over year, EBITDA at prior year level
Semi volumes significantly higher than prior year
Solar remains challenging, with no significant effects from
trade policies included in outlook
Higher sales & efficiency offset by higher energy costs
FY 2026 Outlook
37
40
-13%
34
36
32
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
EBITDA (€m)-€117m
99
-18
-51
-47
Q4 2024
Q1 2025
-69
Q2 2025
Q3 2025
Q4 2025
Q4 2025 Comments
PACE project costs of €103m included in reported Q4/25
EBITDA figure of - €18m
CO2compensation for FY/25 received (approx. €160m) &
recognized as income in Q4/25 Others, net effect approx.
€120m after Q4 credit to segments
Underutilization of infrastructure assets weighed on results
FY 2026 Others segment EBITDA with - €50m due to
ongoing low shared infrastructure utilization
Total CO2compensation in 2026 will be approx. €70m
Q1-Q3 negative EBITDA, Q4 positive
FY 2026 Outlook
Year-over-year development of net debt
543
-691
-546
-124 -43
-24
-886
Net financial debt 12.31.2024
Cash flow from operating activities
Cash flow from investing before securities
Dividend paid, WACKER
Lease liabilities Fx, others Net financial
debt 12.31.2025
Q1 2026 Update: Sales Around €1,350m With An EBITDA Between €140 And 160mCurrent trading
Silicones | Biosolutions | |
|
| |
Polymers | Polysilicon | |
|
compensation at €15m vs. €40m in Q1/25 | |
Sales lower due to FX headwinds, EBITDA higher YoY with cost savings | ||
In €m | FY 2025 | Outlook 2026 |
Sales | 5,485 | Low single-digit percentage higher yoy |
EBITDA | 427 | In the range from €550 to 700m |
EBITDA margin (%) | 7.8 | Low double-digit percentage figure |
Included in EBITDA / EBIT: restructuring expenses | -103 | 0 |
Net cash flow | -4 | Positive, significantly1 higher than prior year |
CapEx | 466 | Approximately €300m |
Net debt | 886 | Low double-digit percentage lower than prior year |
ROCE (%) | -3.1 | Positive, low single-digit percentage figure |
1) Significant: >10%
Overview of special effects (provision and valuation adjustments) in 2025Item | Description | Charge appears in | Amount |
PACE cost project | Restructuring provision | EBITDA / EBIT | €103m |
Asset impairments | Impairment of goodwill in Spanish fermentation assets / chemical assets | D&A / EBIT | €102m |
Siltronic stake | Market value of shares consistently below book value in 2025 | Financial Result | €308m |
Tax assets | Conservative outlook on deferred tax assets in Germany | Income taxes | €194m |
Annual and quarterly figures
In €m | Q4 2025 | Q4 20241 | % | 2025 | 20241 | % |
Sales | 1,254 | 1,335 | -6% | 5,485 | 5,722 | -4% |
EBITDA | 81 | 283 | -71% | 427 | 744 | -43% |
EBITDA-margin | 6.5% | 21.2% | - | 7.8% | 13.0% | - |
EBIT | -141 | 152 | - | -180 | 271 | - |
EBIT-margin | -11.2% | 11.4% | - | -3.3% | 4.7% | - |
EBITDA / EBIT includes restructuring expenses | -102.6 | - | - | -102.6 | - | - |
Net income | -700 | 144 | - | -805 | 261 | - |
CapEx | 166 | 239 | -31% | 466 | 709 | -34% |
Net cash flow | 280 | 79 | >100% | -4 | -326 | - |
Net financial debt | 886 | 691 | 28% | 886 | 691 | 28% |
2024 EBITDA and EBIT figures restated due to reclassification of Investment income to financial result
FY And Q4 Results For The Group And By Segment
Annual and quarterly figuresIn €m
FY 2025
FY 20241
Q4 2025
Q4 20241
Sales
EBITDA
%
Sales
EBITDA
%
Sales
EBITDA
%
Sales
EBITDA
%
Chemicals
4,112
494
12.0
4,269
535
12.5
913
76
8.3
986
103
10.5
Silicones
2,733
336
12.3
2,805
341
12.2
602
42
6.9
650
69
10.7
Polymers
1,379
158
11.5
1,463
194
13.3
312
34
11.0
337
34
10.1
Biosolutions
360
21
5.7
375
35
9.4
89
3
2.8
106
16
14.9
Polysilicon
883
96
10.9
949
193
20.4
222
21
9.3
209
66
31.4
Others2
142
-185
-
144
-20
-
32
-18
-
37
99
-
Consolidation
-12
1
-
-15
-1
-
-3
1
-
-3
-1
-
WACKER Group
5,485
427
7.8
5,722
744
13.0
1,254
81
6.5
1,335
283
21.2
2024 EBITDA figures restated due to reclassification of Investment income to financial result
2025 EBITDA and Q4 EBITDA with Pace restructuring provision of €103m
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2030 Targets | |
Net Zero | 100% | 93% | 87% | 72% | 76% | 71% | 100% reduction by 2045 |
Value Up | |||||||
Sustainable products | 83% | 89% | 90% | 94% | 94% | 96% | 100% of products meet defined sustainability criteria |
Diversity: Women in management | 17% | 19% | 21% | 21% | 23% | 23% | 33% of management positions held by women |
Regionalization: Management | 27% | 29% | 30% | 32% | 33% | 31% | 50% management positions outside Germany |
Footprint Down | |||||||
CO2e (Scope 1+2) emissions | 100% | 101% | 89% | 76% | 70% | 57% | 50% reduction in absolute CO2e emissions |
Energy efficiency | 100% | 98% | 99% | 103% | 105% | 92% | 15% energy savings through energy efficiency measures |
Sustainable water management | New | 100% of water management sustainable | |||||
Collaboration Beyond | |||||||
CO2e (Scope 3) emissions | 100% | 86% | 80% | 62% | 70% | 70% | 25% reduction in absolute CO2e emissions |
Sustainable supply chain | 57% | 60% | 72% | 79% | 84% | 88% | 100% of key suppliers meet defined TfS criteria |
Health & Safety | |||||||
Chemical accidents, missed workdays | 3 | 4 | 10 | 2 | 5 | 6 | 0 days - reoccurring annual target |
Severe process safety incidents | 1 | 3 | 3 | 0 | 0 | 0 | 0 incidents - reoccurring annual target |
Si-Metal (€/mt)
6,000
4,000
2,000
0
2022
2023
2024
2025
2026
Electricity (€/MWh)
500
400
300
200
100
0
2022
2023
2024
2025
2026
VAM (€/mt)
4,000
3,000
2,000
1,000
0
2022
2023
2024
2025
2026
Natural Gas (€/MWh)
250
200
150
100
50
0
2022 2023
2024
2025
2026
DE000WCH8881
WCH888 WCH
ISIN
WKN
Deutsche Börse
Additional Information
Wacker Chemie AG
Gisela-Stein-Straße 1, D-81671 Munich investor.relations@wacker.com
Joerg Hoffmann, CFA
Tel. +49 89 6279 1633 | joerg.hoffmann@wacker.com
Scott McCollister
Tel. +49 89 6279 1560 | scott.mccollister@wacker.com
Investor relations contacts
Publications
FACTBOOK
2025 ANNUAL REPORT &ESG
DISCLOSURES
Financial Calendar
April 29, 2026
May 6, 2026
July 30, 2026
Oct. 29, 2026
Q1 2026 Results
AGM
Q2 2026 Results
Q3 2026 Results
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