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Covestro (1COV) investor relations material
Covestro Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Q2 2025 sales volumes were stable, but sales declined to €3.4 billion due to lower prices and unfavorable FX effects.
EBITDA for Q2 2025 reached €270 million, above the mid-point of guidance, supported by internal cost measures and bonus provision releases.
Free operating cash flow was negative at €228 million in Q2 and €481 million in H1 2025, reflecting lower EBITDA and higher CapEx.
Full-year 2025 guidance was revised downward due to adverse market conditions, margin pressure, and significant incidents including the Dormagen fire.
The XRG transaction is progressing, with closing expected in H2 2025 and a payout of €62 per share.
Financial highlights
Q2 2025 sales declined 8.4% year-over-year to €3.4 billion, mainly from negative pricing (-4.8%) and FX (-3.2%).
EBITDA decreased 15.6% year-over-year to €270 million, above guidance midpoint due to cost measures and bonus provision release.
Free operating cash flow for H1 2025 was negative €481 million, with Q2 contributing negative €228 million.
Net debt increased by €492 million to €3,110–3,325 million as of June 30, 2025, with a net debt/EBITDA ratio of 3.8x.
H1 2025 sales were €6,856 million (down 4.8% year-over-year); H1 EBITDA was €407 million (down 31.4%).
Outlook and guidance
EBITDA guidance for FY 2025 lowered to €700–1,100 million (from €1,000–1,400 million).
Free operating cash flow now expected between -€400 million and +€100 million.
Return on capital employed over WACC projected at -9 to -5 percentage points.
Q3 EBITDA expected at €150–250 million, including Dormagen incident impact.
Sales forecast for FY 2025 is €13–15.2 billion.
Assess impact of US tariffs on 2025 sales.
Explain STRONG program's impact on EBITDA.
What is the status of XRG takeover approvals?
What assumptions underlie the low end of PM's EBITDA?
Any signs of demand revival into Q3 in key industries?
Comment on EU's chemical action plan impact.
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Q3 202530 Oct, 2025
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Frequently asked questions
Covestro supplies high-tech polymer materials and related application solutions. The Coroplast , used as a roof or wall cladding, is highly efficient in protecting against moisture penetration and provides insulation values superior to those of plastic foil laminated to a supporting material or insulation board. The Climalite brand represents functional stability, excellent heat and cold shock resistance, low water vapor permeability, and outstanding performance in tests conducted with heavy rains and extreme temperatures. The company was founded in 1863 and is headquartered in Leverkusen, Germany.
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