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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
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Covestro
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, with volumes down 1.5%.
EBITDA reached €242 million, down 15.7% year-over-year but at the upper end of guidance, supported by cost savings.
Net income dropped to €33 million, with EPS at €0.17.
Strategic acquisitions included Pontacol AG and Vencorex sites in the U.S. and Thailand, expanding global production and specialty capabilities.
The XRG transaction is progressing, 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; 9M 2025 FOCF at -€370 million due to 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 financial debt rose to €3,632 million, mainly from increased bank liabilities and commercial paper.
Net income for Q3 2025 was €33 million; EPS at €0.17.
Outlook and guidance
FY2025 EBITDA guidance narrowed to €700–800 million, reflecting Dormagen incident and market headwinds.
Free operating cash flow guidance set between -€400 million and -€200 million.
Sales for FY2025 estimated at €13.0–14.0 billion.
ROCE above WACC projected at -9 to -8 percentage points.
Gradual ramp-up of Dormagen production expected through 2026, with full TDI availability as chlorine supply improves.
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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Next Covestro earnings date
Q4 202526 Feb, 2026
Covestro
Next Covestro earnings date
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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