Reduced outlook for 2025

Covestro reduces its forecast for EBITDA, free operating cash flow (FOCF) and return on capital employed over weighted average cost of capital (ROCE over WACC) for fiscal year 2025. This is a consequence of a continuously weak global economy without signs of a short-term recovery.

Covestro adjusts its forecast for fiscal year 2025 as follows:
 

• EBITDA is expected to be between EUR 700 million and EUR 1,100 million. The previous forecast projected EBITDA between EUR 1,000 million and EUR 1,400 million. The consensus expected this figure to be EUR 931 million.

 

• Free operating cash flow (FOCF) is expected to be between EUR -400 million and EUR +100 million. The previous forecast projected FOCF between EUR 0 million and EUR 300 million. The consensus expected this figure to be EUR 106 million.

 

• Return on capital employed over weighted average cost of capital (ROCE over WACC) is expected to be between -9 and -5 percentage points. The previous forecast projected ROCE over WACC between -6 and -3 percentage points.

Unchanged, greenhouse gas emissions, measured via CO₂ equivalents, are expected to be between 4.2 million tons and 4.8 million tons.

In the second quarter 2025, Covestro preliminary EBITDA amounted to EUR 270 million, which is within the previous forecast range between EUR 200 million and EUR 300 million. This was supported by the release of bonus provisions of EUR 43 million in line with the reduction of the full year forecast. The consensus expected this figure to be EUR 220 million.

The financial report for the second quarter 2025 will be published on July 31, 2025.

Capital market expectations are based on the average values of the latest consensus estimates of financial analysts, recently published by Vara Research on July 7, 2025.