Wacker Chemie (WCH) CMD 2026 summary

Strategic priorities and portfolio management

• Launched REFOCUS, a holistic strategy prioritizing profitability, ROCE, and selective growth in attractive markets, shifting from broad-based expansion to targeted investments and operational excellence.

• Portfolio managed through four roles: Accelerate Growth, Optimize Return, Maximize Cash, and Turnaround, guiding resource allocation and business steering.

• Emphasis on asset-light downstream expansion in silicones, cost and capital discipline in polymers, commercial excellence in biosolutions, and semi leadership in polysilicon.

• Selective innovation and investment directed at high-growth markets such as semiconductors, healthcare, energy, e-mobility, and advanced electronics.

• Cultural shift underway, with new leadership programs, AI upskilling, and external hires to align team capabilities with portfolio roles.

Cost efficiency and operational improvements

• PACE program targets over €300 million in annual gross savings by 2028, with more than 50% EBITDA relevant; €85 million already saved in H1 2026.

• Organizational restructuring includes merging units, centralizing support, and reducing 1,600 positions by 2027/2028.

• Digital transformation completed with SAP S/4HANA, enabling AI scaling and process automation.

• Lower break-even point and increased resilience expected, freeing up resources for innovation and growth.

• Leaner structures and process optimization to improve efficiency and accountability.

Financial guidance and capital allocation

• Structural EBITDA margin ambition set at 15% ±2 percentage points, with ROCE targeted above 10%.

• CapEx to remain below depreciation, at €300–400 million annually, prioritizing maintenance and selective growth.

• Dividend policy unchanged, aiming to distribute ~50% of net income, with leverage target at 1x EBITDA.

• Solid financials maintained: strong liquidity, low net debt (~€500 million), reduced pension deficit, and increased shareholder equity.

• Focus on selective investments in high-growth markets while optimizing working capital and asset utilization.