Update Picture
FY 2025e
Preliminary Release
Wacker Chemie AG
January 28th, 2026
Sustainability
CDP Climate Rating A EcoVadis Gold
WACKER achieved the 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
530 €m
EBITDA
before special effects
Special Effects
In Q4/25, €100m EBITDA relevant and an additional €600m in non-cash charges included in net income
5.49 €bn
Sales
FYQ/234/2: 4€:5€.7125b4nm
430 €m
EBITDA
reported
FY/24: €744m
-800 €m
Net Income
FY/24: €261m
OverviewFinancials
Sales & EBITDA held back by weak markets; cash flow supported by targeted actions to reduce working capital
Overview of provision and valuation adjustmentsSpecial Effects in FY/25e
PACE cost project | Restructuring provision included in reported group EBITDA figure of €430m | €100m |
Non-cash charges below the EBIT line and included in net income | ||
Siltronic stake | Market value of shares consistently below book value | €310m |
German deferred tax assets | Conservative outlook on German taxable income | €195m |
ADL Biopharma | Impairment of goodwill from acquisition of Spanish fermentation assets | €90m |
Underway With Total Savings Of > €300 Million Per Year Targeted
Cost project details
PACE
Project
Comprehensive cost project underway
Targeted savings of over €300m per year
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 provision of €100m in Q4/25
Year-over-year FY and Q4 performance
In €m | Q4 2025e | Q4 20241 | % | 2025e | 20241 | % |
Sales | 1,255 | 1,335 | -6% | 5,485 | 5,722 | -4% |
EBITDA before specials | 185 | 283 | -35% | 530 | 744 | -29% |
EBITDA-margin before specials | 15% | 21.2% | - | 10% | 13.0% | - |
EBITDA | 85 | 283 | -70% | 430 | 744 | -42% |
EBITDA-margin | 7% | 21.2% | - | 8% | 13.0% | - |
EBIT | -140 | 152 | - | -180 | 271 | - |
EBIT-margin | -11% | 11.4% | - | - | 4.7% | - |
Net income | -695 | 144 | - | -800 | 261 | - |
CapEx | 165 | 223 | -26% | 465 | 666 | -30% |
Net cash flow | 280 | 79 | >100% | -5 | -326 | - |
Net financial debt | 885 | 691 | 28% | 885 | 691 | 28% |
1) 2024 EBITDA and EBIT figures restated due to reclassification of Investment income to financial result
PACE Provision & Targeted Working Capital MeasuresQuarterly figures
Sales (€m)
-6%
1,335
1,478
1,413
1,340
1,255
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025e
EBITDA (€m) / margin
-70%
283
119
114
112
85
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025e
7%
8.3%
8.1%
8.1%
21.2%
Q4 Comments
EBITDA of 4 operating segments -46% yoy to ~ €100m (PY €185m)
Chemicals (Silicones & Polymers) with year-end seasonality and inventory/cost management
Polysilicon with strong growth in Semi, low solar volumes
Biosolutions held back by ongoing weak markets
CO2compensation for FY 2025 received (approx. €160m) and recognized as income in the OTHERS segment in Q4/25
Quarterly figures
Sales (€m)
-8%
650
745
713
673
600
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025e
EBITDA (€m) / margin
-42%
103
104
69
86
40
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025e
7%
10.7%
12.8%
14.6%
13.9%
Q4 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 initiatives addressing inventories and accounts receivables supported cash generation but weighed on the margin
Order intake patterns remained weak as expected
Sales (€m)
-6%
337
360
363
344
315
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025e
EBITDA (€m) / margin
+3%
34
37
40
47
35
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025e
11%
10.1%
10.9%
10.4%
13.7%
Q4 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
Quarterly figures
Sales (€m)
106
91
-15%
87
93
90
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025e
EBITDA (€m) / margin
-€14m
16
5
8
5
2
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025e
2%
5.5%
5.8%
8.8%
14.9%
Q4 Comments
Sales stable QoQ, but declined YoY due to reductions in Biopharma customer offtake
Inventory initiatives and low utilization rates weighed on EBITDA
Focus on strengthening commercial activities, filling capacities and cost management
Quarterly figures
Sales (€m)
+8%
209
245
218
197
225
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025e
EBITDA (€m) / margin
-70%
66
24
34
Q4 2024
Q1 2025
Q2 2025
18
8.9%
Q3 2025
20
Q4 2025e
9%
9.9%
15.4%
31.4%
Q4 Comments
Strong semi sales, volumes up double-digit % YoY
Low solar-grade demand due to regulatory uncertainty in the US with Section 232 decision pending
EBITDA held back by low solar-grade volumes, FX and very low plant utilization rates
Quarterly figures
Sales (€m)
37
40
-6%
34
36
35
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025e
EBITDA (€m)
-€114m
99
-15
-51
-47
Q4 2024
Q1 2025
-69
Q2 2025
Q3 2025
Q4 2025e
Q4 Comments
PACE cost project provision of €100m included in reported
Q4/25 EBITDA figure of -€15m
To ensure a true and fair view of segment performance, we credit the expected payments (CO2compensation) quarterly to the segments, debiting OTHERS
CO2compensation for FY/25 received (approx. €160m) and recognized as income in the OTHERS segment in Q4/25, net effect approx. €120m after Q4 credit to segments
Underutilization of infrastructure assets weighs on results
Annual and quarterly figures
In €m | FY 2025e | FY 20241 | Q4 2025e | Q4 20241 | ||||||||
Sales | EBITDA | % | Sales | EBITDA | % | Sales | EBITDA | % | Sales | EBITDA | % | |
Chemicals | 4,115 | 495 | 11.7 | 4,269 | 535 | 12.5 | 915 | 75 | 8 | 986 | 103 | 10.5 |
Silicones | 2,730 | 335 | 12.3 | 2,805 | 341 | 12.2 | 600 | 40 | 7 | 650 | 69 | 10.7 |
Polymers | 1,380 | 160 | 11.6 | 1,463 | 194 | 13.3 | 315 | 35 | 11 | 337 | 34 | 10.1 |
Biosolutions | 360 | 20 | 6.1 | 375 | 35 | 9.4 | 90 | 2 | 2 | 106 | 16 | 14.9 |
Polysilicon | 885 | 95 | 10.8 | 949 | 193 | 20.4 | 225 | 20 | 9 | 209 | 66 | 31.4 |
Others | 145 | -180 | - | 144 | -20 | - | 35 | -15 | - | 37 | 99 | - |
Consolidation | - | - | - | -15 | -1 | - | - | - | - | -3 | -1 | - |
WACKER Group | 5,485 | 430 | 7.8 | 5,722 | 744 | 13.0 | 1,255 | 85 | 7 | 1,335 | 283 | 21.2 |
1) 2024 EBITDA figures restated due to reclassification of Investment income to financial result
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 Munichinvestor.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
2024 ANNUAL REPORT &ESG
DISCLOSURES
Financial Calendar
March 11, 2026
April 29, 2026
May 6, 2026
July 30, 2026
Oct. 29, 2026
FY 2025 Results
Q1 2026 Results AGM
Q2 2026 Results
Q3 2026 Results
WACKER: Issuer, Contact and Additional Information| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |