BASF (BAS) Q3 2026 earnings summary

Executive summary

• Q3 sales rose 14.2% YoY to €16.36bn; EBITDA before special items increased 14.9% to €1.643bn, while net income declined to €155m from €172m.

• Pricing and volume growth across core businesses supported stronger earnings; Agricultural Solutions was pressured by lower volumes.

• FY2026 EBITDA before special items guidance rose to €7.4–7.8bn; free cash flow guidance remained €1.5–2.3bn.

Financial highlights

• Q1–Q3 sales increased 8.7% to €49.586bn; EBITDA before special items rose 16.8% to €6.448bn.

• Q1–Q3 net income was €5.227bn, including a €3.5bn after-tax coatings disposal gain; cash fixed costs declined €297m to €11.786bn.

• Q3 reported EBITDA was €1.206bn, nearly unchanged YoY, including €437m of special items; EBIT was -€98m versus €232m.

• Q3 operating cash flow was €1.096bn and free cash flow €523m; Q1–Q3 operating cash flow was €823m and free cash flow -€1.040bn.

Outlook and guidance

• FY2026 EBITDA before special items forecast increased to €7.4–7.8bn from €6.9–7.7bn.

• FY2026 free cash flow guidance remained €1.5–2.3bn; CO₂ emissions guidance remained 17.2–18.2m metric tons.

• Year-end 2026 net debt is expected near €15bn; 2026 payments for PP&E and intangible assets are expected clearly below €3bn.

• Planning assumptions include GDP growth of 2.5%, chemical production growth of 2.0%, industrial production growth of 1.8%, €1.17/$ and Brent at $80/barrel.

• 2027 planning is incomplete; market-driven volume and margin upside remains uncertain, with margins above trough but below estimated 10-year mid-cycle levels.