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EBITDA before special items at €1.77 billion and thus in line with analyst consensus.
July 14, 2025
By: Kerry Pianoforte
Editor, Coatings World
BASF has released preliminary figures for the second quarter of 2025. Sales declined by 2.1% in the second quarter of 2025 to €15.77 billion (Q2 2024: €16.11 billion). This resulted from negative currency effects in all segments and lower prices, particularly in the Chemicals segment. Volumes increased slightly compared with the prior-year quarter, mainly thanks to considerable volume growth in the Agricultural Solutions and Surface Technologies segments. According to Vara, analysts had expected sales of €15.80 billion on average for the second quarter of 2025.
EBITDA before special items of BASF Group amounted to an expected €1.77 billion in the second quarter of 2025 and was thus on the level of the analyst consensus for the second quarter of 2025 (Vara: €1.77 billion) but below the prior-year quarter figure (Q2 2024: €1.96 billion). Agricultural Solutions considerably increased EBITDA before special items compared with the prior-year quarter figure, even exceeding the highest analyst estimate for the segment. The Surface Technologies and Nutrition & Care segments achieved slightly higher EBITDA before special items compared with the prior-year quarter. In the Materials segment, EBITDA before special items declined slightly compared with Q2 2024. EBITDA before special items in the Chemicals and Industrial Solutions segments fell significantly short of the respective prior-year quarter figures. EBITDA before special items in Other was also considerably weaker than in Q2 2024. The decline in EBITDA before special items of BASF Group in the second quarter of 2025 compared with the prior-year period was mainly due to considerably lower earnings in the Chemicals segment as well as in Other.
BASF Group’s EBIT before special items amounted to an expected €0.81 billion in the second quarter of 2025, slightly above the analyst consensus (Vara: €0.78 billion) and considerably below the figure for the prior-year quarter (Q2 2024: €0.97 billion). Special items in EBIT mainly resulted from restructuring costs incurred as part of the ongoing cost-saving programs. EBIT of BASF Group amounted to an expected €0.49 billion in the second quarter of 2025, considerably below average analyst estimates (Vara: €0.70 billion) and slightly below the figure for the prior-year quarter (Q2 2024: €0.52 billion).
Net income reached an expected €0.08 billion, considerably below average analyst estimates for the second quarter of 2025 (Vara: €0.41 billion) and considerably below the figure in the prior-year quarter (Q2 2024: €0.43 billion). This was mainly due to significantly higher income taxes and lower contributions from equity investments.
The BASF Group’s free cash flow is likely to amount to €0.53 billion in the second quarter of 2025 (Q2 2024: €0.47 billion). This is based on expected cash flows from operating activities of €1.59 billion (Q2 2024: €1.95 billion), minus expected payments made for property, plant and equipment and intangible assets in the amount of €1.05 billion (Q2 2024: €1.48 billion).
Outlook for the full-year 2025
Due to ongoing macroeconomic and geopolitical uncertainties, BASF is adjusting its assumptions for the full year 2025. The global gross domestic product is projected to grow less in 2025 than previously assumed. This development is essentially attributable to the U.S. tariffs announced in early April and the resulting uncertainties in the market. Against this background, the U.S. dollar has depreciated significantly against the euro. The growth of global industrial production is also expected to slow down. As a result, in 2025, market demand for chemical products will likely grow less than previously expected. Due to continued high product availability on the market, margins continue to remain under pressure, especially upstream.
BASF is therefore adjusting its assumptions regarding the global economic environment in 2025 as follows (previous assumptions from the BASF Report 2024 in parentheses; current assumptions rounded):
Consequently, BASF expects earnings development to be weaker than previously forecast and adjusts its outlook for the full-year 2025. The company now anticipates EBITDA before special items to reach between €7.3 billion and €7.7 billion in 2025 (previous outlook 2025: €8.0 billion to €8.4 billion; analyst consensus 2025: €7.6 billion; full year 2024: €7.9 billion). For free cash flow, BASF continues to expect a figure of between €0.4 billion and €0.8 billion in 2025 (average analyst estimates for 2025: €0.5 billion; full year 2024: €0.7 billion); this is due, among other reasons, to lower expected payments made for property, plant and equipment and intangible assets.
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