Wacker Chemie (WCH) investor relations material

Executive summary

• Q3 2025 sales reached €1.34 billion, down 6% year-over-year, with EBITDA at €112 million, reflecting weak demand, lower prices, and negative exchange-rate effects across all divisions.

• Net result for Q3 was negative at €-82 million, with EPS at €-1.73, impacted by deferred tax expense and unsatisfactory utilization rates.

• Strategic focus remains on specialty chemicals, aligning polysilicon with semiconductor growth, and accelerating efficiency, with a comprehensive cost-saving project initiated for Q1 2026.

• All business divisions experienced sales and earnings declines, with actions underway to focus on cash and cost control.

Financial highlights

• Q3 sales at €1.34 billion, down 6% year-over-year; EBITDA at €112 million, down 23% year-over-year; EBITDA margin at 8.3%.

• EBIT was €-20 million, down from €30 million a year ago; EBIT margin at -1.5%.

• Net income for Q3 was €-82 million, EPS at €-1.73; net cash flow improved to €19 million, mainly due to inventory reduction.

• Net financial debt increased to €1.16 billion as of September 30, 2025; equity at €4.42 billion, liquidity at €781 million.

• Capital expenditures were €111 million, down 26% year-over-year, focused on maintenance and specialty silicones facility construction.

Outlook and guidance

• Full-year 2025 sales expected at the lower end of €5.5–5.9 billion; EBITDA in the lower half of €500–700 million.

• Net result for the year anticipated to be negative and significantly below the previous year; net cash flow projected negative but better than prior year.

• Pronounced year-end slowdown anticipated, especially in Silicones and Polymers, due to weak order intake.

• Significant cost-saving measures targeting fixed production costs to be implemented starting Q1 2026.

• CapEx to be substantially lower and on par with depreciation in 2026.