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Adjusted EBITDA in second quarter well above prior year, with adjusted EBITDA expected between €1.9 billion and €2.2 billion.
July 15, 2024
By: DAVID SAVASTANO
Editor, Ink World Magazine
In a difficult environment, Evonik has delivered another strong quarter, exceeding analysts’ expectations. The company is therefore publishing preliminary key figures for the second quarter in advance and is materially raising its outlook for the fiscal year 2024.
Based on preliminary and unaudited figures, Evonik achieved an adjusted EBITDA of €578 million in the second quarter, 29% above the prior-year figure (Q2 2023: €450 million). Analysts had expected €531 million (Vara consensus as of May 29, 2024). At the same time, the result is another 11% higher than the already good first quarter.
As there was still no broad-based macroeconomic recovery, company-specific factors in particular led to this positive development: In addition to continued strict cost discipline, good volume development in Specialty Additives as well as a price recovery in Animal Nutrition and lower production costs were drivers of the sequential increase.
Based on this development, Evonik is raising its outlook for adjusted EBITDA, lifting the range for the full year 2024 by €200 million. Earnings are now expected to be between €1.9 billion and €2.2 billion (previously: €1.7 billion to €2.0 billion).
Following a slight decline in the first quarter, sales in the second quarter were, based on preliminary figures, at just above €3.9 billion and thus around the level of the previous year (Q2 2023: €3.9 billion).
The strict contingency measures led to lower costs across the group. This had a positive impact on the adjusted EBITDA margin, which improved by 3.1%age points year-on-year to 14.7% (Q2 2023: 11.6%).
Evonik will publish final figures for the second quarter of 2024 as planned on August 1, 2024.
With adjusted EBITDA of €220 million, Specialty Additives was able to increase its already good result from the first quarter by a further 19%. Compared to the previous year, earnings were 10% higher (Q2 2023: €199 million). The adjusted EBITDA margin climbed to around 23%. Compared to the first quarter, sales volumes and thus capacity utilization increased further. Falling raw material prices had a supporting effect.
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