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Covestro (1COV) investor relations material
Covestro Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 sales declined 12% year-over-year to €3.2 billion, mainly due to lower prices, adverse FX, and the Dormagen fire incident, with volumes down 1.5%.
EBITDA reached €242 million, at the upper end of guidance, supported by cost savings despite margin pressure from negative pricing and FX effects.
Net income dropped to €33 million, with EPS at €0.17.
Completed acquisition of Pontacol AG and signed a deal to acquire Vencorex sites in the U.S. and Thailand, expanding specialty chemicals and adhesive film capabilities.
The XRG transaction is progressing as planned, with closing expected before December 2, 2025.
Financial highlights
Q3 2025 sales: €3,171 million (-12.0% YoY); EBITDA: €242 million (-15.7% YoY); EBIT: €25 million (-67.1% YoY).
Free operating cash flow for Q3 was €111 million; for 9M 2025, it was -€370 million, reflecting lower EBITDA and higher CapEx.
Net financial debt increased by €393 million to €3,011 million as of September 30, 2025; net debt/EBITDA ratio at 3.8x.
Gross margin for Q3 2025 was €488 million, down from €571 million in Q3 2024.
Capital expenditures for property, plant, and equipment rose 27.3% YoY in Q3.
Outlook and guidance
FY2025 EBITDA guidance narrowed to €700–800 million, with free operating cash flow expected between -€400 million and -€200 million.
ROCE above WACC projected at -9 to -8 percentage points; sales guidance for FY2025 is €13.0–14.0 billion.
Market headwinds and the Dormagen incident expected to burden EBITDA by up to €150 million for FY2025.
Gradual ramp-up of Dormagen production expected through 2026, with full TDI capacity dependent on chlorine availability.
Macroeconomic environment remains weak, with no short-term recovery expected.
Explain Performance Materials EBITDA rise
Pontacol acquisition: bargain purchase reason
Why was the FOCF forecast lowered?
Dormagen: When will TDI production fully recover?
XRG: Key remaining regulatory hurdles?
EV: Quantify Covestro's product value increase?
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Q4 202526 Feb, 2026
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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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