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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
BASF
BASF (BAS) investor relations material
BASF Q3 2025 (Media) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 (Media) earnings summary29 Oct, 2025
Executive summary
Q3 2025 sales declined 3.2–3.3% year-over-year due to currency headwinds and lower prices, despite volume growth in Surface Technologies, Chemicals, and Materials.
EBITDA before special items was slightly below the prior-year quarter, reflecting resilience amid challenging market and currency conditions.
Net income for Q3 2025 was €172 million, a 39.9% decrease year-over-year.
Major portfolio actions included the sale of the coatings business to Carlyle, divestments in food, health, and decorative paints, and the acquisition of the remaining stake in Alsachimie S.A.S.
Surface Technologies segment saw strong volume and price growth, with significant margin and EBITDA improvement.
Financial highlights
Q3 2025 sales were €14.3–15.2 billion (restated/pro forma), down 3.2–3.3% year-over-year; EBITDA before special items was €1.4–1.54 billion, down 3.2–4.8%.
Net income for Q3 2025 was €172 million, and free cash flow was €398 million, both down significantly year-over-year.
For the first nine months of 2025, EBITDA before special items was €5.9 billion, with an EBITDA margin before special items (excluding metals) of 13.6%.
Cash flows from operating activities for Q1–Q3 2025 were €1.97–2 billion, down from €3.5 billion year-over-year.
Equity ratio at 44.4% as of September 30, 2025; net debt increased to €20.9 billion.
Outlook and guidance
Full-year 2025 outlook for EBITDA before special items adjusted to €6.7–7.1 billion, reflecting portfolio changes and Zhanjiang startup.
Free cash flow guidance remains €0.4–0.8 billion; CO2 emissions forecast unchanged.
Management expects a slight increase in full-year earnings remains achievable, but risks include steeper price reductions and lower volume growth.
Global GDP growth for 2025 projected at 2.0–2.5%, with chemical production growth at 2.5–3.0%.
"Coatings" divestment: impact on core business EBITDA?
Quantify precious metals trading impact on Surface Technologies.
Explain Q3 2025 negative tax rate.
Clarify portfolio strategy for non-Verbund assets
ETS reform: What specific changes are needed?
Detail 2026 capital allocation priorities
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Next BASF earnings date
Q4 202527 Feb, 2026
BASF
Next BASF earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Chemical Production Experts
BASF SE, short for Badische Anilin- und Soda-Fabrik, is a German multinational corporation and one of the largest chemical producers in the world. Founded in 1865, the company has played an instrumental role in shaping the global chemical industry. Today, BASF operates across various sectors with a portfolio ranging from chemicals, materials, and industrial solutions to surface technologies, nutrition, and care products.
Roots in the Textile Industry
The company's roots trace back to Mannheim, Germany, where it was founded by Friedrich Engelhorn to produce dyes for the growing textile industry. Today, with a global network of more than 390 production sites, BASF is one of the central players in global chemical synthesis, creating a variety of products that serve a multitude of industries. Over the years, the company has grown and diversified its product offerings and has made significant contributions to the chemical industry, including the development of the Haber-Bosch process, which enabled the large-scale synthesis of ammonia, a key component for fertilizers and explosives.
Versatile Use Cases
The chemical products produced by BASF are used in a vast array of applications. From producing chemicals that are essential for the construction industry to the creation of materials used in the automotive sector, BASF's influence is wide-reaching. The company also makes products used in pharmaceuticals, agriculture, and consumer goods. Notably, BASF is also one of the world’s leading suppliers of ingredients for the personal care industry. When it comes to companies using their products we find names such as Adidas and Linde. These two companies utilize BASF’s products in very different ways and act as an example of the variety of different applications for the company’s products.
Embracing Digitalization
In a bid to keep up with a rapidly digitizing world and continue to evolve with the times, BASF has been actively incorporating digital technologies into its operations. From digitalizing its production processes to using data analytics and artificial intelligence for decision-making and innovation, the company is using digital tools to further optimize its processes and continue to evolve.
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