BASF (BAS) Q3 2025 (Media) earnings summary

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 €1.4–1.54 billion, slightly below the prior year, reflecting resilience amid challenging market and currency conditions.

• Major portfolio actions included the carve-out and sale of the Coatings business, divestments in food, health, and decorative paints, and the completion of the South China Verbund site.

• Net income for Q3 2025 was €172 million, down 39.9% year-over-year; adjusted EPS rose to €0.52 from €0.32.

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 €1,400–1,544 million, down 3.2–4.8%.

• Free cash flow in Q3 2025 was €398 million, down from €569 million in Q3 2024.

• For the first nine months of 2025, EBITDA before special items was €5.9 billion, down slightly from the prior year.

• Net income for the first nine months was €1.06–1.1 billion, down nearly 50% year-over-year.

• Operating cash flow for Q1–Q3 2025 was €1,974 million, down €1,515 million year-over-year.

Outlook and guidance

• Full-year 2025 EBITDA before special items is expected at €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 for Q4 include steeper price reductions and weak volume growth.