In an increasingly difficult economic environment, Evonik’s adjusted EBITDA in the second quarter of 2025 declined by 12% to €509 million compared to the robust results in the previous year (Q2 2024: €578 million).

“Weak demand and high uncertainty characterized the second quarter,” says CEO Christian Kullmann. “That also shows in our numbers.”

At €3.5 billion, quarterly revenue was 11% lower year-over-year (Q2 2024: €3.93 billion). More than half of this decline is attributable to unfavorable currency effects and to the divestment of the superabsorbents business. Sales volumes fell by 4%. Prices remained fairly stable. Sales of C4-chain products were below average.

Longer than planned maintenance shutdowns of production plants, for polyamide 12 and other products, also contributed to the revenue decline.

The adjusted EBITDA margin at 14.5% remained at about the level of last year (Q2 2024: 14.7%). Net income amounted to €120 million, compared with €-5 million in the prior-year quarter, which had been impacted by provisions for the efficiency program “Evonik Tailor Made.”

Free cash flow was €-211 million (Q2 2024: €217 million). This metric was impacted by increased net working capital and significantly higher variable compensation payouts for the year 2024.

“The economic situation clearly deteriorated in May and June,” says CFO Maike Schuh. “In the second half of the year, there will be fewer maintenance shutdowns, and we should benefit from the ramp-up of new capacities for some of our products.”

For 2025, Evonik expects adjusted EBITDA to reach the lower end of the projected range of between €2 billion and €2.3 billion, provided the global economy does not weaken further.