Forecast for the segments

In the Chemicals segment, we expect a significant increase in EBITDA before special items in 2026. In both the Petrochemicals and Intermediates divisions, this increase will be mainly attributable to new capacities as a result of the Verbund site in Zhanjiang becoming fully operational. Lower fixed costs in the Intermediates division are expected to support the earnings trend. We assume a considerable improvement in the segment's cash flow compared to 2025. In addition to the expected higher EBITDA in both divisions, this will be mainly driven by the planned further reduction in capital expenditure in the Petrochemicals division.

Compared with 2025, we anticipate a slight decrease in EBITDA before special items for the Materials segment. For the Monomers division, we forecast that earnings will be significantly below the prior-year level, mainly due to weaker margins and currency effects. Conversely, we expect a significant increase in earnings in the Performance Materials division due to higher volumes with stable margins. Segment cash flow is expected to be significantly below the level of the previous year. In the Monomers division, we anticipate a significant decline in cash flow, primarily attributable to an increase in trade accounts receivable and inventories related to the new capacities as a result of the MDI expansion in North America. In the Performance Materials division, segment cash flow is also expected to be significantly lower than the prior-year level, mainly due to rising capital expenditure.

In the Industrial Solutions segment, EBITDA before special items is expected to increase slightly. While we anticipate significant earnings growth for the Performance Chemicals division, mainly due to lower fixed costs, we forecast a slight increase in earnings for the Dispersions & Resins division, mainly due to measures to improve margins as well as lower fixed costs. Segment cash flow is anticipated to be slightly below the prior-year level overall. We expect a significant decline in the Dispersions & Resins division, mainly due to increased capital expenditure. This development will more than offset the expected significant increase in the Performance Chemicals division, which will mainly result from higher EBITDA.

In the Nutrition & Care segment, we expect a significant increase in EBITDA before special items in 2026, mainly due to increased volumes in the Nutrition & Health division, after the previous year had been impacted by the consequences of force majeure events. However, the regulatory required maintenance shutdowns in the first and second quarters of 2026 will have an offsetting effect. The Care Chemicals division anticipates significantly higher earnings, as the effects of persistently high competitive pressures and squeezed margins are expected to be offset by additional volumes from new plants and slightly lower fixed costs. Segment cash flow is expected to increase significantly in 2026 in both divisions, primarily due to lower capital expenditures as well as higher earnings.

In the Surface Technologies segment, we anticipate a significant decline in earnings, particularly since the earnings of the ECMS division were positively influenced by one-off effects in 2025. The Battery Materials division is also predicted to have a significantly lower result, as higher fixed costs due to discontinued subsidies will only be partially offset by a slightly higher contribution margin. In addition, the earnings contributed by the Brazilian decorative paints business, which was sold on October 1, 2025, are no longer included in the segment. Overall, segment cash flow is forecast to be significantly below the prior-year figure. This is based on the fact that we expect negative effects from working capital in the Battery Materials division, while lower EBITDA will be the main factor in the ECMS division.

In the Agricultural Solutions segment, EBITDA before special items for 2026 is expected to be slightly lower than in the previous year. We expect rising volumes and lower fixed costs to be more than offset by negative currency effects. Compared to 2025, we expect a significant decline in the segment's cash flow, mainly attributable to lower positive contributions from working capital, especially from trade accounts receivable.