Wacker Chemie (WCH) investor relations material

Executive summary

• Full-year 2025 sales reached EUR 5.49 billion, down 4.1% year-over-year, with EBITDA before special items at EUR 529 million and reported EBITDA at EUR 427 million, reflecting weak markets and significant restructuring charges.

• Net income was -EUR 805 million, impacted by EUR 705 million in restructuring provisions and impairments, including EUR 600 million in non-cash charges and EUR 103 million in restructuring expenses.

• The company launched the PACE cost-cutting program, targeting over EUR 300 million in annual savings and a reduction of more than 1,500 positions globally, mainly in Germany.

• Dividend proposal for FY 2025 is EUR 0, reflecting the net loss.

• Strategic focus is on specialties in chemicals, semiconductor-grade polysilicon, and advanced biotech solutions, with investments in new facilities and innovation centers; sustainability ratings remained strong.

Financial highlights

• EBITDA before restructuring expenses declined 29% year-over-year to EUR 529 million; reported EBITDA was EUR 427 million, down 43%.

• EBIT was -EUR 180 million, including EUR 103 million in restructuring expenses and EUR 102 million in asset impairments.

• EPS dropped to -EUR 16.53 from EUR 4.85.

• Liquidity at year-end was EUR 1.48 billion, with equity of EUR 3.76 billion and a solid equity ratio of 45%.

• Net financial debt increased to EUR 886 million, supported by reduced working capital and successful debt placement.

Outlook and guidance

• For 2026, group sales are forecast to grow by a low single-digit percentage, with EBITDA expected between EUR 550 million and EUR 700 million and margin in the low double digits.

• CapEx is projected at around EUR 300 million, significantly below the prior year, with a focus on filling capacities rather than new investments.

• Net cash flow is expected to be positive and much higher than last year, leading to lower net financial debt and positive ROCE.

• Q1 2026 sales are expected at about EUR 1.35 billion, with EBITDA between EUR 140 million and EUR 160 million, higher year-over-year due to cost savings.

• Outlook does not factor in potential impacts from recent Middle East developments due to uncertainty.