The BASF Group’s sales for the full year 2025 are expected to be €59.7 billion (2024: €61.4 billion, excluding discontinued Coatings operations). 

This is in line with the average figure estimated by analysts (Vara: €59.6 billion). While volumes increased slightly in 2025, negative currency effects and slightly lower prices weighed on sales growth.

Net income is expected to be €1.6 billion in 2025. This is considerably above the analyst consensus (Vara: €1.2 billion) and net income in the prior year (2024: €1.3 billion). This mainly results from higher earnings contributions from the at-equity consolidated participation in Wintershall Dea.

Income from operations before depreciation, amortization, and special items (EBITDA before special items) for 2025 is expected to be €6.6 billion, which is slightly below the average analysts’ estimates for 2025 (Vara: €6.7 billion). This is also below the range forecast by BASF in October 2025 of €6.7 billion to €7.1 billion. BASF’s most recent earnings expectation was at the low end of this range. 

In 2024, EBITDA before special items was €7.2 billion (excluding discontinued Coatings operations). The decrease compared with the previous year was due to lower margins and negative currency effects.

EBIT for 2025 is expected to be €1.6 billion, which is below the analyst consensus for 2025 (Vara: €2.2 billion) and below the previous year’s figure (2024: €1.8 billion, excluding discontinued Coatings operations). EBIT includes considerably higher restructuring costs than in the prior year. 

BASF is progressing faster than planned with the announced restructuring measures. Special charges were partially offset by positive special items, from the sale of the decorative paints business to Sherwin-Williams on October 1, 2025. In total, special items in EBIT are expected to amount to minus €1.3 billion in 2025.

Free cash flow is expected to be €1.3 billion in 2025 (2024: €0.7 billion), exceeding the average estimates (Vara: €0.6 billion) and the range of €0.4 billion to €0.8 billion forecast by BASF. Compared to the prior year, free cash flow was supported by lower payments made for property, plant, and equipment and intangible assets (2025: €4.3 billion; 2024: €6.2 billion). 

Cash flows from operating activities are expected to amount to €5.6 billion in 2025 (2024: €6.9 billion). The decline compared with the prior year mainly results from an increase in precious metal trading positions from higher prices. This was partially offset by a substantial dividend from Wintershall Dea.