BASF Group’s sales in the second quarter of 2025 amounted to €15.8 billion, €342 million below the level of the prior-year period. The main drivers of this development were negative currency effects as well as lower prices.

The decline in prices was largely attributable to the Chemicals segment, whereas prices improved in the Surface Technologies and Nutrition & Care segments. Positive volume growth in the Agricultural Solutions, Surface Technologies and Materials segments partially offset the decline in sales.

In the second quarter of 2025, BASF generated EBITDA before special items of around €1.8 billion.

“The Agricultural Solutions segment recorded significantly higher earnings and achieved remarkable volume growth of 21 percent compared with the prior-year quarter,” says Dr. Markus Kamieth, chairman of the Board of Executive Directors of BASF, presenting the quarterly figures together with CFO Dr. Dirk Elvermann.

The Surface Technologies and Nutrition & Care segments achieved slightly higher earnings. In the base chemicals businesses, margins remained under pressure due to high product availability on the market.

Compared with the prior-year quarter, income from operations before depreciation, amortization and special items (EBITDA before special items) decreased by €185 million to €1.8 billion. This was mainly due to the considerable earnings decline in the Chemicals segment, resulting largely from lower margins.

EBITDA amounted to €1.5 billion following €1.6 billion in the prior-year period. In the second quarter of 2025, EBITDA included special items in the amount of minus €297 million. Special charges resulted primarily from structural measures in connection with cost-saving programs.

At €494 million, EBIT was €22 million below the prior-year quarter’s figure. The €112 million decline in net income from shareholdings was primarily due to negative earnings contributions from Wintershall Dea GmbH and Harbour Energy plc.

Cash flows from operating activities totaled €1.6 billion in the second quarter, €365 million below the prior-year quarter’s figure.

“We have now passed the peak investment phase for our South China Verbund site and thus our cash performance will improve accordingly,” says Elvermann. Free cash flow, which is the cash flows from operating activities less payments made for property, plant and equipment and intangible assets, was €533 million in the second quarter of 2025, an increase of €62 million compared with the prior-year period.

Compared with the first half of 2024, BASF Group sales in the first half of 2025 decreased by €493 million to €33.2 billion. The decline was due to negative price developments in four of the six segments, particularly in the Chemicals segment. The Nutrition & Care and Surface Technologies segments recorded a rise in prices.

The BASF Group’s EBITDA before special items decreased by €272 million in the first half of 2025 and amounted to €4.4 billion. This was mainly attributable to declines in the Chemicals segment.

Cash flows from operating activities amounted to €603 million in the first half of the year, €834 million below the prior-year period’s figure. Free cash flow was minus €1.3 billion in the first half of 2025, compared with minus €986 million in the prior-year period.

Due to ongoing macroeconomic and geopolitical uncertainties, BASF has adjusted its assumptions for the full year 2025. According to current estimates, global gross domestic product will grow less rapidly in 2025 than previously expected. Growth is expected to weaken across all major economic regions in the second half of the year.