BASF Report 2025

Further Indicators of Results of Operations

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.

We are using our most important financial key performance indicators, EBITDA before special items and free cash flow, to steer the BASF Group in the short and medium term, (for more information, see Our Steering Concept onward). These are alternative performance measures (APMs) that are not defined by IFRS® Accounting Standards. As such, the methods of calculation may differ from those used by other companies.

Other alternative performance measures that we provide for investors, analysts and rating agencies to assess our performance include EBITDA, EBITDA margin before special items, adjusted earnings per share as well as net debt and capital expenditure (for more information, see Financial Position and Material Investments and Portfolio Measures).

EBITDA before special items

Million €

 

2025

2024

EBIT

 

1,634

1,810

–

Special items

 

–1,253

–1,713

EBIT before special items

 

2,887

3,523

+

Depreciation and amortization

 

3,580

3,647

+

Impairments and reversals of impairments on property, plant and equipment and intangible assets before special items

 

86

70

Depreciation, amortization, impairments and reversals of impairments on property, plant and equipment and intangible assets before special items

 

3,667

3,717

EBITDA before special items

 

6,554

7,240

Sales

 

59,657

61,444

EBITDA margin before special items

%

11.0

11.8
EBITDA

Million €

2025

2024

EBIT

1,634

1,810

+

Depreciation and amortization

3,580

3,647

+

Impairments and reversals of impairments on property, plant and equipment and intangible assets

404

753

Depreciation, amortization, impairments and reversals of impairments on property, plant and equipment and intangible assets

3,984

4,400

EBITDA

5,618

6,211

Compared with earnings per share, adjusted earnings per share is adjusted for special items as well as amortization, impairments and reversals of impairments on intangible assets. Amortization of intangible assets primarily results from the purchase price allocation following acquisitions and is therefore of a temporary nature. The effects of these adjustments on income taxes and on noncontrolling interests are also considered. This makes adjusted earnings per share a suitable measure for making comparisons over time and predicting future profitability.

In 2025, adjusted earnings per share amounted to €2.24 (previous year: €3.51).

Adjusted earnings per share

Million €

 

2025

2024

Income after taxes

 

1,726

1,453

–

Special itemsa

 

108

–1,327

+

Amortization, impairments and reversals of impairments on intangible assets

 

398

565

–

Amortization, impairments and reversals of impairments on intangible assets contained in special items

 

1

61

–

Adjustments to income taxes

 

48

196

–

Adjustments to income after taxes from discontinued operations

 

–147

–227

Adjusted income after taxes

 

2,113

3,315

–

Adjusted noncontrolling interests

 

116

183

Adjusted net income

 

1,997

3,132

Weighted average number of outstanding sharesb

in thousands

891,742

892,522

Adjusted earnings per share

€

2.24

3.51

a

Includes special items in net income from shareholdings and in financial result of €1,361 million in the 2025 business year and €386 million in the 2024 business year.

b

Due to the share buyback program started in November 2025, the weighted average number of outstanding shares in the 2025 business year was 891,742,093 and 892,522,164 in the 2024 business year.
Sales and earnings

Million €

 

2025

2024

+/–

Sales

 

59,657

61,444

–2.9%

EBITDA before special items

 

6,554

7,240

–9.5%

Special items in EBITDA

 

–936

–1,030

9.1%

EBITDA

 

5,618

6,211

–9.5%

EBITDA margin before special items

%

11.0

11.8

.

Depreciation and amortizationa

 

3,984

4,400

–9.5%

EBIT before special items

 

2,887

3,523

–18.1%

Special items in EBIT

 

–1,253

–1,713

–26.8%

EBIT

 

1,634

1,810

–9.7%

Income before income taxes

 

2,447

1,861

31.5%

Income after taxes

 

1,726

1,453

18.8%

Net income

 

1,619

1,298

24.7%

Earnings per share

€

1.82

1.45

25.1%

Adjusted earnings per share

€

2.24

3.51

–36.6%

a

Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments), excluding depreciation and amortization, impairments or reversals of impairments attributable to the discontinued coatings business; previous year’s figures have been restated
Sales and earnings by quarter 2025a

Million €

 

Q1

Q2

Q3

Q4

Full year

Sales

 

16,509

14,788

14,328

14,032

59,657

EBITDA before special items

 

2,495

1,595

1,430

1,033

6,554

Special items in EBITDA

 

–425

–273

–223

–15

–936

EBITDA

 

2,070

1,323

1,207

1,019

5,618

EBITDA margin before special items

%

15.1

10.8

10.0

7.4

11.0

Depreciation and amortizationb

 

910

927

976

1,171

3,984

EBIT before special items

 

1,592

686

533

76

2,887

Special items in EBIT

 

–432

–291

–301

–229

–1,253

EBIT

 

1,160

395

232

–153

1,634

Income before income taxes

 

1,013

221

140

1,073

2,447

Income after taxes

 

837

108

202

579

1,726

Income after taxes from continuing operations

 

818

28

169

525

1,540

Income after taxes from discontinued operations

 

19

80

32

54

185

Net income

 

808

79

172

560

1,619

Earnings per share

€

0.91

0.09

0.19

0.63

1.82

of which from continuing operations

€

0.89

0.01

0.16

0.57

1.63

Adjusted earnings per share

€

1.57

0.48

0.52

–0.34

2.24

of which from continuing operations

€

1.49

0.35

0.46

–0.41

1.89

a

Quarterly results not audited

b

Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)
Sales and earnings by quarter 2024a

Million €

 

Q1

Q2

Q3

Q4

Full year

Sales

 

16,615

15,151

14,816

14,863

61,444

EBITDA before special items

 

2,541

1,788

1,478

1,434

7,240

Special items in EBITDA

 

–34

–357

–315

–325

–1,030

EBITDA

 

2,507

1,431

1,163

1,109

6,211

EBITDA margin before special items

%

15.3

11.8

10.0

9.6

11.8

Depreciation and amortizationb

 

909

988

971

1,532

4,400

EBIT before special items

 

1,639

859

545

480

3,523

Special items in EBIT

 

–41

–416

–354

–903

–1,713

EBIT

 

1,598

443

191

–423

1,810

Income before income taxes

 

1,683

328

516

–666

1,861

Income after taxes

 

1,411

470

343

–770

1,453

Income after taxes from continuing operations

 

1,341

414

302

–769

1,288

Income after taxes from discontinued operations

 

69

56

41

–2

165

Net income

 

1,368

430

287

–786

1,298

Earnings per share

€

1.53

0.48

0.32

–0.88

1.45

of which from continuing operations

€

1.46

0.42

0.28

–0.87

1.29

Adjusted earnings per share

€

1.11

1.50

0.32

0.59

3.51

of which from continuing operations

€

0.99

1.38

0.23

0.51

3.09

a

Quarterly results not audited

b

Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments), excluding depreciation and amortization, impairments or reversals of impairments attributable to the discontinued coatings business

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