Results of Operations1
The content of this section is not part of the statutory audit of the annual financial statements but has undergone a separate limited assurance by our auditor.
The content of this section is voluntary, unaudited information, which was critically read by the auditor.
In the 2025 business year, sales stood at €59,657 million, compared with €61,444 million in the previous year. Negative currency effects, mainly relating to the U.S. dollar, the Chinese renminbi and the Brazilian real, had a significant impact on sales. In a competitive market environment, prices fell in almost all segments; only the Surface Technologies and Nutrition & Care segments achieved price increases compared to the previous year. A significant increase in volumes in the Surface Technologies segment and slight volume growth in the Agricultural Solutions and Materials segments more than compensated for lower volumes in the Nutrition & Care, Industrial Solutions and Chemicals segments.
Sequential development of sales
Billion €
|
Change in million € |
Change in % |
|---|---|---|
Volumes |
940 |
1.5 |
Prices |
–1,066 |
–1.7 |
Currencies |
–1,864 |
–3.0 |
Acquisitions |
– |
– |
Divestitures |
–349 |
–0.6 |
Changes in the scope of consolidation |
552 |
0.9 |
Total change in sales |
–1,787 |
–2.9 |
EBITDA before special items2 decreased by €686 million year on year to €6,554 million. This development resulted from the significant decline in earnings in the core businesses: EBITDA before special items declined in the Chemicals, Industrial Solutions, Materials and Nutrition & Care segments, mainly due to lower contribution margins; slightly higher fixed costs also dampened earnings in the Materials segment. Higher earnings in the standalone businesses partially offset the decline in the core businesses: The Surface Technologies segment improved EBITDA before special items mainly due to the significant increase in ECMS earnings as a result of fixed cost savings and reimbursements of production costs. In the Agricultural Solutions segment, earnings increased mainly due to an improved contribution margin. Earnings from Other decreased slightly compared to the previous year.
The EBITDA margin before special items was 11.0% compared with 11.8% in the previous year.
Sequential development of EBITDA before special items
Billion €
EBITDA3 amounted to €5,618 million following €6,211 million in the prior-year period.
Special items4 in EBITDA amounted to €–936 million in 2025. Special charges of €937 million for restructuring measures were incurred primarily in connection with the ongoing cost savings programs, particularly for the program focused on the Ludwigshafen site. Other charges and income of -€651 million mainly included expenses in connection with the sale of BASF's shares in the Nordlicht 1 and 2 wind farm projects and the conversion of the ERP system. Special income from divestitures, which mainly included gains from the sale of the Brazilian decorative paints business and from the food and health performance ingredients business had an offsetting effect (for further information, see the Notes to the Consolidated Financial Statements).
Million € |
2025 |
2024 |
|---|---|---|
Restructuring measures |
–937 |
–521 |
Integration costs |
9 |
2 |
Divestitures |
643 |
–11 |
Other charges and income |
–651 |
–500 |
Total special items in EBITDA |
–936 |
–1,030 |
Impairments and reversals of impairments in special items |
–318 |
–683 |
Total special items in EBIT |
–1,253 |
–1,713 |
EBIT came in at €1,634 million, down on the prior-year figure by €176 million (for more information, see the Statement of Income). Depreciation and amortization5 included in EBIT amounted to €3,984 million (previous year: €4,400 million). This included impairments of €404 million (including special items of €318 million), mainly in the Chemicals segment. In the prior year, impairments reported in EBIT amounted to €753 million, of which €683 million had been recognized as special items.
We use the indicator return on capital employed (ROCE) to measure our rate of return. In 2025, ROCE was 5.8% (2024: 5.1%; for more information, see Our Steering Concept).
Million € |
|
2025 |
2024 |
|---|---|---|---|
EBIT BASF Group |
|
1,634 |
1,810 |
– EBIT Other |
|
–1,891 |
–1,328 |
EBIT of the segments |
|
3,525 |
3,138 |
Cost of capital basis of segments, average of month-end figures |
|
60,500 |
61,478 |
ROCE |
% |
5.8 |
5.1 |
Million € |
2025 |
2024 |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Intangible assets |
9,917 |
10,577 |
||||||||
+ |
Property, plant and equipment |
24,297 |
23,348 |
|||||||
+ |
Integral companies accounted for using the equity method |
1,383 |
1,614 |
|||||||
+ |
Inventories |
12,689 |
13,229 |
|||||||
+ |
Accounts receivable, trade |
9,956 |
10,553 |
|||||||
+ |
Current and noncurrent other receivables and other assetsa |
2,003 |
2,144 |
|||||||
+ |
Assets of disposal groups |
254 |
13 |
|||||||
Cost of capital basis of segments, average of month-end figures |
60,500 |
61,478 |
||||||||
+ |
Deviation from balances as of December 31 |
–2,847 |
–709 |
|||||||
+ |
Assets not included in cost of capital basis |
18,521 |
19,647 |
|||||||
Assets of the BASF Group as of December 31 |
76,174 |
80,415 |
||||||||
|
||||||||||
1 The earnings figures up to and including income taxes show values excluding the discontinued coatings business. The 2024 figures have been restated.
2 For an explanation of this indicator, see the reconciliation tables in Results of Operations
4 Special items may arise from restructuring measures, the integration of acquired businesses, gains or losses resulting from divestitures and sales of shareholdings, impairments and other expenses and income that arise outside of ordinary business activities.
5 Depreciation and amortization of intangible assets and property, plant and equipment (including impairments and reversals of impairments), excluding depreciation and amortization or reversals of impairments attributable to the discontinued coatings business. Previous year's figures have been restated.