Evonik Industries (EVK) AGM 2024 summary

Opening remarks and agenda

• AGM opened by the chairman, held virtually in accordance with legal statutes, with all formalities and technical instructions provided for participation and voting.

• No additional shareholder motions or proposals for election were submitted; agenda items and procedures were clearly outlined.

Board and executive committee updates

• Supervisory board reviewed and approved financial statements and profit appropriation proposals, with no objections raised.

• Supervisory board activities included diligent oversight, strategic advice, and regular dialogue with the management board.

• Committee structure was updated, including renaming to Investment and Sustainability Committee, and new employee representatives introduced.

• Three new employee representatives joined the supervisory board, each presenting their backgrounds and commitment to the company's future.

Financial performance review

• 2023 marked by weak demand, inflation, and geopolitical crises, leading to a profit warning and cost-saving measures.

• Group sales fell 17% to EUR 15.3 billion; adjusted EBITDA was EUR 1.66 billion, within the target range.

• Net income was negative due to impairments and structural charges, but adjusted earnings per share were EUR 0.79.

• Free cash flow reached EUR 801 million, exceeding the previous year and supporting dividend stability.