Industrial Solutions
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.
The Industrial Solutions segment consists of the Dispersions & Resins and the Performance Chemicals divisions. It develops and markets ingredients and additives for industrial applications, such as polymer dispersions, resins, process catalysts, adsorbents as well as refinery catalysts, additives and electronic materials. The segment aims to grow organically in key industries, such as coatings, construction, electronic materials, plastics and adhesives, paper coatings, automotive, as well as energy and resources. It intends to expand its market position by leveraging comprehensive industry expertise and application know-how.
At a glance
€1,200 million
EBITDA before special items
2024: €1,437 million
€1,061 million
Segment cash flow
2024: €1,102 million
In the Industrial Solutions segment, sales declined by €629 million compared with the previous year, to €8,594 million. In both operating divisions, this performance was primarily due to price and currency effects.
|
Industrial Solutions |
Dispersions & Resins |
Performance Chemicals |
|---|---|---|---|
Volumes |
–0.6% |
–0.4% |
–0.9% |
Prices |
–2.5% |
–3.1% |
–1.8% |
Currencies |
–2.6% |
–2.5% |
–2.7% |
Portfolio |
–1.1% |
– |
–2.4% |
Sales |
–6.8% |
–6.0% |
–7.8% |
Prices declined in both operating divisions, mainly due to lower raw material prices and a competitive environment.
Negative currency effects, mainly relating to the U.S. dollar and the Chinese renminbi, dampened the segment’s sales.
In addition, volumes declined slightly in both operating divisions. In the Performance Chemicals division, sales volumes decreased mainly in the antioxidants and light stabilizers business areas as well as in lubricant solutions. In the Dispersions & Resins division, the increase in the electronic materials business area partially counterbalanced the decline in volumes in the resins and dispersions business areas.
Furthermore, the sale of the flocculants business for mining applications in the Performance Chemicals division in November 2024 had a negative portfolio effect.
EBITDA before special items declined significantly in both operating divisions, mainly due to a decrease in the contribution margin. Lower fixed costs only partially offset the impact on earnings in the Performance Chemicals division, while slightly higher fixed costs further burdened earnings in the Dispersions & Resins division.
Special items in EBITDA amounted to €-48 million in 2025. These were mainly due to restructuring measures.
Segment cash flow for the Industrial Solutions segment declined slightly overall. In particular, lower EBITDA negatively affected cash flow in the Performance Chemicals division. The Dispersions & Resins division, on the other hand, significantly increased its cash flow, mainly due to positive effects from the reduction of inventories.
Million € |
|
2025 |
2024 |
+/– |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales to third parties |
|
8,594 |
9,223 |
–6.8% |
||||||||||||
of which Dispersions & Resins |
|
4,801 |
5,110 |
–6.0% |
||||||||||||
Performance Chemicals |
|
3,794 |
4,114 |
–7.8% |
||||||||||||
Intersegment transfers |
|
468 |
558 |
–16.1% |
||||||||||||
Sales including transfers |
|
9,063 |
9,781 |
–7.3% |
||||||||||||
EBITDA before special items |
|
1,200 |
1,437 |
–16.5% |
||||||||||||
Special items in EBITDA |
|
–48 |
–25 |
–87.6% |
||||||||||||
EBITDA |
|
1,153 |
1,412 |
–18.4% |
||||||||||||
EBITDA margin before special items |
% |
14.0 |
15.6 |
. |
||||||||||||
Depreciation and amortizationb |
|
448 |
453 |
–1.2% |
||||||||||||
EBIT before special items |
|
786 |
994 |
–20.9% |
||||||||||||
Special items in EBIT |
|
–81 |
–35 |
–129.1% |
||||||||||||
Income from operations (EBIT) |
|
705 |
959 |
–26.4% |
||||||||||||
Investments including acquisitionsc |
|
391 |
349 |
12.0% |
||||||||||||
Segment cash flow |
|
1,061 |
1,102 |
–3.7% |
||||||||||||
Assets (December 31) |
|
6,560 |
7,494 |
–12.5% |
||||||||||||
Research and development expenses |
|
187 |
187 |
–0.1% |
||||||||||||
|
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Industrial Solutions – sales by region
By location of customer
