Net Assets

Total assets amounted to €76,174 million as of December 31, 2025, around €4.2 billion below the prior year-end figure.

Noncurrent assets decreased by €4,694 million compared to the prior year-end figure, mainly as a result of reclassifications to the disposal group for the assets of the planned divestiture of the automotive OEM coatings, automotive refinish coatings and surface treatment business units (coatings disposal group) and currency effects. The decline in intangible assets was €2,290 million, of which €1,069 million was due to transfers to the disposal group and €740 million due to currency effects. Furthermore, amortization exceeded additions by €354 million.

The €1,792 million decline in property, plant and equipment was mainly due to negative currency effects (€1,569 million) and the reclassification of assets to the coatings disposal group (€1,042 million). This was offset by additions to property, plant and equipment of €4,665 million, which exceeded depreciation of €3,686 million. This included impairments of €414 million, mainly in the Chemicals segment.

The carrying amounts of the integral investments accounted for using the equity method decreased by €653 million compared to December 31, 2024, mainly due to the sale of BASF's shares in the Nordlicht 1 and 2 wind farm projects. The reason for the €164 million lower carrying amount of the non-integral investments accounted for using the equity method was primarily the lower carrying amount of Harbour Energy plc, London, United Kingdom, particularly as a result of currency effects and dividend payments. The carrying amount of Wintershall Dea was higher than at the end of the previous year, mainly due to positive income after tax; this was offset by dividend payments received.

The increase in noncurrent other receivables and miscellaneous assets of €336 million was largely attributable to higher defined benefit assets.

Current assets rose by €452 million to €31,684 million compared with the prior year-end.

Inventories declined by €1,513 million, mainly due to currency effects (€679 million) and transfers to the coatings disposal group (€535 million). The €2,068 million decline in trade accounts receivable was also mainly driven by reclassifications to the coatings disposal group (€764 million) and currency effects (€684 million).

Other receivables and miscellaneous assets increased by €506 million, mainly because of higher precious metal trading positions. Cash and cash equivalents were €243 million below the figure as of December 31, 2024.

The assets of disposal groups amounted to €3,973 million and included the assets of coatings. As of December 31, 2024, this figure included in particular the assets allocated to the food and health performance ingredients business, which was divested on September 30, 2025.

For more information on the composition of individual balance sheet items and their development, see the Notes to the Consolidated Financial Statements.