Wacker Chemie (WCH) Investor presentation summary

Financial performance and business overview

• 2024 sales reached €5.7bn with EBITDA of €744m and a 13.0% margin; ROCE was 5.0%.

• Q2 2025 sales declined 4% YoY to €1,413m, with EBITDA down 26% to €114m and a margin of 8.1%.

• All segments saw margin pressure in Q2 2025, with Polysilicon and Silicones maintaining higher margins than Polymers and Biosolutions.

• FY 2025 guidance expects sales of €5.5–5.9bn and EBITDA of €500–700m, both lower than 2024.

• Net debt increased to €1,139m in Q2 2025, up 72% YoY.

Segment highlights and strategy

• Silicones focus on specialty solutions for e-mobility, renewable energy, and electronics, with a 5-year average EBITDA margin of 17%.

• Polymers lead in VAE/DPP capacity, driving sustainability and innovation in construction markets.

• Biosolutions leverages CDMO trends and health-focused products, with sales growing from €197m in 2024 to €375m in 2015.

• Polysilicon maintains #1 position in high-end semiconductors, targeting solar market growth and high barriers to entry.

• Group 2030 targets include sales >€10bn, EBITDA margin >20%, and halving CO2e emissions.

Cost, efficiency, and investment initiatives

• Digitalization and automation aim for >€100m annual savings; maintenance and regionalization add >€100m more by 2026.

• CapEx for 2025–26 set at €500–800m per year, focused on profitable growth and sustainability.

• CapEx exceeds depreciation, with M&A focused on earnings-accretive bolt-ons.

• Dividend policy targets ~50% payout of net income; €27.50 per share paid since 2020.

• Net financial debt/EBITDA targeted at ~1.0x for financial flexibility.