Evonik
Leading Beyond Chemistry
Q1 2026 Results
May 8, 2026
Christian Kullmann, Chief Executive Officer
Dr. Claus Rettig, Interim Chief Financial Officer
1
Board update: CEO contract extended, new CFO appointed –
a strong combination of continuity and fresh perspectives
CEO Christian Kullmann: Contract extended
New CFO Michael Rauch since May 1st, 2026
▪ CEO since 2017
▪ Highly experienced
manager across
different functions,
companies, industries
and countries
▪ Contract extended
from 2027 until 2030
Picture
placeholder
▪ Strong signal for
stability and continuity
in turbulent times
▪ Clear commitment to
achieve strategic and
financial goals latest
until 2030
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| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
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▪ CEO and CFO roles
▪ Strong background in
transformation
processes
▪ Capital markets
experience
Slightly better than expected Q1 – FY guidance confirmed
Q1 adj. EBITDA of €475 m slightly ahead of expectations thanks to stronger March
Start into the year facing same weak demand environment as H2 2025; late March supported by volume uptick / pre-buying
Strong cash generation in Q1: FCF of €183 m in-line with prior year despite notably weaker earnings
Good start into the year underpinning FY guidance of ~40% cash conversion
Q2 adj. EBITDA to be at least €550 m: Clear step-up compared to prior year (€509 m) and prior quarter (€475 m)
Likely strongest quarter in 2026 thanks to both higher volumes and prices; support esp. from methionine
FY 2026 outlook confirmed amid significant uncertainty: Adj. EBITDA between €1.7 and 2.0 bn
War in Middle East results in changed earnings profile for the year: Opportunities increasing mainly in H1, risks lie in H2
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| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Table of contents
1
Highlights and Outlook FY 2026
1
2
Highlights and Outlook FY 2026
Financial performance Q1 2026
2
4
Financial performance Q1 2026
| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Q1 adj. EBITDA of €475 m slightly ahead of expectations
thanks to stronger March
Adj. EBITDA (in € m)
Drivers of Q1 performance
+6%
“around
€450 m”
▪ Results from optimization programs clearly visible
475
450
− -410 FTE vs. year-end 2025
▪ Start into the year facing same weak demand
environment as in H2 2025
▪ Late March supported by volume uptick; likely prebuying after start of war in Middle East
− e.g. Crosslinkers, High Performance Polymers
and lubricant additives with strong volume
development and strong order entries for Q2
already
1
Q
guidance
5
Jan
Feb
| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Mar
Q1 2026
− Only limited pricing impact so far due to time
delay of price adjustments
Strong cash generation in Q1:
FCF of €183 m in-line with prior year despite notably weaker earnings
Free Cash Flow (in € m)
195
133
Drivers of Q1 performance
183
▪ FCF in-line with prior year despite notably weaker
earnings
− Supported by cash inflow from termination of
take-or-pay contract last year, customer prepayments and customer co-financing of
investments
127
− NWC outflow (-€100 m) similar to last year
▪ Good start into the year underpinning FY guidance
of ~40% cash conversion
21
Q1 2022
6
Q1 2023
Q1 2024
| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Q1 2025
Q1 2026
Evonik relatively better positioned to navigate the current environment
Middle East war-related challenges & risks
Exports from Asian competition to the world limited
(given they only produce in “their” home region
and rely on Middle East feedstock more)
Supply chain disruptions globally
Input costs rising significantly
(raw materials, energy, freight)
Second-order effects
(esp. GDP risk)
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| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Evonik positioning
▪ Global setup: ~80% of sales are produced locally
▪ Balanced product portfolio a clear benefit, esp. Advanced
Technologies with upside both on prices and volumes
▪ Strong local sourcing: ~80% of raw materials locally sourced
▪ Raw materials largely secured for coming months
▪ Only exception: partial Force Majeure for methionine Singapore
▪ Ability to currently pass on higher input costs
▪ Hedging strategy limits increase in energy costs
▪ From H2 onwards: Inflation leading to volume risk
▪ Balanced product portfolio potentially mitigating this risk to a
certain degree
Q2 adj. EBITDA to be at least €550 m –
Likely strongest quarter in 2026 thanks to both higher volumes and prices
Better H1 than initially expected …
475
8
Q2E
- Strong price momentum
- Volume increases /
pre-buying at least also in April
↯ Higher variable costs limiting upside
↯ Impact of raw material availability
on production
↯ Planned methionine maintenance
| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Outlook
confirmed:
€1.7-2.0 bn
“at least €550 m”
(Q2 2025: €509 m)
Q1
- Higher volumes /
pre-buying in late
March (only
limited price
effects)
↯ Weak start into
the year
… while risks lie in H2
Q3E
↯ Inflation could lead to
demand softening
↯ Hence, lower
volumes and
utilization possible
Q4E
↯ Seasonal decline vs.
Q1-Q3 avg. usually
~20%
↯ Possibly more
pronounced this year
(optimization after
pre-buying)
FY 2026E
FY 2026 outlook confirmed: Adj. EBITDA between €1.7 and 2.0 bn
Adj. EBITDA (in € bn)
Expected building blocks for earnings development
“€1.7 - 2.0 bn”
1.9
War in Middle East results in changed earnings profile
for the year:
▪ Key opportunities – mainly in H1:
− Strong price momentum
− Higher volumes / pre-buying
▪ Key risks – mainly in H2:
− Risk of inflation-led demand slowdown
− Potential destocking
▪ At mid-point of guidance range, war-related
opportunities and risks balance out
2025
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| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
2026E
Free Cash Flow: Targeting ~40% cash conversion again
Free Cash Flow (in € m) / Conversion rate1 (in %)
CCR1
37%
Expected building blocks for FCF development
~40%
▪ Similar operating result (mid-point of guidance
range) as starting point
695
▪ Disciplined capex approach: yoy stable at ~€750 m
▪ Lower bonus payments in FY 2026 (for 2025)
▪ NWC initially expected to be flat, now a certain
headwind possible mainly from cost and price
inflation – but too early to predict year-end effect
given potential slowdown in H2
2025
- Cash Conversion Rate = FCF / adj. EBITDA
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| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
2026E
Table of contents
1
Highlights and Outlook FY 2026
1
2
Highlights and Outlook FY 2026
Financial performance Q1 2026
2
11
Financial performance Q1 2026
| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Q1 2026 results overview
Sales (in € m)
3,427
(Q1 2025: 3,777)
Capex1 (in € m)
Volume
-2%
FX
-5%
Adj. EBITDA (in € m)
Price
-1%
Other
-1%
Free Cash Flow (in € m)
475
(Q1 2025: 560)
Adj. EPS (in €)
224
183
0.34
(Q1 2025: 190)
(Q1 2025: 195)
(Q1 2025: 0.59)
- Cash outflows for investments
12
Sales (yoy)
| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Custom Solutions
Q1 26 vs. Q1 25
Sales
Volume
Price
FX
Other
-3%
+/-0%
-6%
+2%
(in € m)
Additives
--Care
-7%
1,427
1,359
1,334
974
868
920
453
491
414
Q1 2025
Q4 2025
Q1 2026
▪ Strong comparables yoy, with FX headwinds and modestly
lower volumes, yet stable pricing and product mix
▪ Pick-up in orders at quarter end, however no visible
underlying demand improvement given weak Jan and Feb
Additives (adj. EBITDA lower yoy)
▪ Additives (ex Catalysts), especially lubricant additives,
continued stable performance yoy against good base
▪ Catalysts weak start into the year; with Alkoxides awaiting
upswing from regulatory changes
-11%
Adj.
EBITDA
256
184
(in € m)
/ margin
(in %)
13
227
17.9%
13.5%
17.0%
Q1 2025
Q4 2025
Q1 2026
| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Care (adj. EBITDA lower yoy)
▪ Care Solutions still suffering from subdued demand in base
ingredients, while specialities develop on track
▪ Health Care with solid demand in oral drug delivery, good
pricing and enhanced plant effectiveness
Advanced Technologies
Q1 26 vs. Q1 25
Sales
(in € m)
Inorganics
--Organics
--Animal
Nutrition
Adj.
EBITDA
Volume
Price
FX
Other
-1%
-1%
-6%
-1%
-9%
1,601
1,415
1,450
566
577
554
395
454
390
484
Q1 2025
Q4 2025
Q1 2026
621
426
-17%
291
186
(in € m)
/ margin
(in %)
14
241
18.2%
13.1%
16.6%
Q1 2025
Q4 2025
Q1 2026
| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Inorganics (adj. EBITDA up yoy)
▪ Silica benefits from network optimization
▪ Improved sales momentum for Silica starting in March and
into April, especially specialty Silica
Organics (adj. EBITDA up yoy)
▪ High Performance Polymers benefiting from optimization
program and strong demand for foams
▪ Crosslinkers yoy below strong Q1 2025, improving from
March onwards
Animal Nutrition (adj. EBITDA down yoy)
▪ Tough comparable: last year supported by one-time effect
▪ Higher variable costs and raw material shortages in
Singapore (Force Majeure)
▪ Price momentum in methionine market (from April onwards)
Infrastructure / Other
Adj. EBITDA (in € m)
Thereof: Infrastructure
-23%
-46%
61
59
47
Q1 2025
Q4 2025
Q1 2026
13
7
▪ Oxeno (C4): Q1 performance limited
by weak demand and raw material
costs rising faster than prices after
start of war in the Middle East
▪ Infrastructure: high level of stability,
little impact of Middle east conflict
due to hedging of energy costs
Thereof: Other
-13
Q1 2025
15
Q4 2025
-17%
-48
-72
Q1 2025
Q4 2025
-40
Q1 2026
| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Q1 2026
▪ Less negative yoy, supported by strong
cost discipline (mainly Evonik Tailor
Made savings)
16
Additional indications for FY 2026 (all unchanged)
Sales
between €13.5 and 14.5 bn (2025: €14.1 bn)
ROCE
around prior-year level (2025: 6.1%)
Capex1
~€750 m (2025: €748 m)
EUR/USD sensitivity2
+/-1 USD cent = -/+ ~€5 m adj. EBITDA (FY basis)
Adj. D&A
around prior-year level (2025: €1,013 m)
Adj. net financial result
around prior-year level (2025: -€162 m)
Adj. tax rate
around long-term sustainable level of ~30% (2025: 22%)
- Cash outflow for investment in intangible assets, pp&e | 2. Including transaction effects (after hedging) and translation effects; before secondary / market effects
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| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Adjusted income statement Q1 2026
in € m
Sales
Q1 2025
Q1 2026
∆
3,777
3,427
-9%
Adj. EBITDA
560
475
-15%
Depreciation & amortization
-251
-240
Adj. EBIT
309
235
Adj. net financial result
-29
-46
D&A on intangible assets
34
32
Adj. income before income taxes
314
221
Adj. income tax
-36
-59
Adj. income after taxes
278
162
-3
-4
Adj. net income
275
158
Adj. earnings per share (in €)
0.59
-10
0.34
-6
Adj. non-controlling interests
Adjustments
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| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
-24%
-30%
-42%
-43%
Adj. net financial result (-€46 m)
▪ €17m lower yoy; largely attributable to
interest income related to a tax refund in
the prior year
Adj. tax rate (27%)
▪ Adj. tax rate this year in-line with full year
guidance; last year exceptionally low due
to one-time effects
Adjustments (-€6 m)
▪ Mostly driven by restructuring measures
Cash flow statement Q1 2026
in € m
Q1 2025
Q1 2026
299
229
Depreciation and amortization
240
239
∆ Net working capital
-98
-100
Change in provisions for pensions & other post-employment benefits
-4
-8
Change in other provisions
37
27
Change in miscellaneous assets/liabilities
-100
46
Cash inflows/outflows from income taxes
-2
-23
Others
13
-3
385
407
-190
-224
FCF
195
183
Cash flow from investing activities
-511
-203
Cash flow from financing activities
402
-112
Income before financial result and income taxes (EBIT)
Cash flow from operating activities
Cash outflows for investment in intangible assets, pp&e
19
| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
CF from operating activities
▪ Lower (reported) EBIT as starting point
▪ One-time effect from last year in ACA
business now cash-relevant
▪ Misc. assets/ liabilities supported by
customer pre-payments and co-financing
Cash outflow for investment
▪ Slightly higher capex spending this year
due to shift between quarters;
FY guidance is stable for capex
CF from financing activities
▪ €500m green bond issuance last year,
net repayment of financial debt this year
Net financial debt development Q1 2026
3,311
Dec 31, 2025
Net financial
debt
20
407
224
F from
C
operating
activities
ash outflows
C
for investments
in intangibles
and PP&E
| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
20
27
19
Net interest
payments
Addition/reduction in
leasing liabilities
Other
3,140
Mar 31, 2026
Net financial
debt
Development of debt and leverage over time
Total
Leverage1
3.0
2.3
2.4
2.5
Net financial debt (€3,140 m)
3,310
3,253
3,311
3,140
Net financial
debt
▪ Net financial debt leverage stable at
1.6x2
(in € m)
German
pension
discount
rate (%) and
Pension
provisions
(in € m)
Adj. EBITDA
(LTM)
3.5
3.6
1,858
1,662
1,656
2023
2,065
2024
4.3
4.3
1,490
1,547
1,874
2025
1,789
Q1 2026
- (Net financial debt – 50% hybrid bond + pension provisions) / Adj. EBITDA (LTM); 2. (Net financial debt – 50% hybrid bond) / Adj. EBITDA (LTM)
21
▪ Net financial debt slightly down thanks to
good cash generation in Q1
| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Pension provisions (€1,547 m)
▪ Increased pension provisions at stable
discount rate
▪ Long-dated pension obligations with
~12 years duration
▪ Solid funding ratio of ~85%
Segment overview by quarter
Sales (in € m)
Q1/25
Q2/25
Q3/25
Q4/25
FY 2025
Q1/26
Custom Solutions
1,427
1,367
1,340
1,359
5,492
1,334
Advanced Technologies
1,601
1,511
1,445
1,415
5,973
1,450
Infrastructure / Other1
749
621
606
629
2,604
643
Evonik Group
3,777
3,499
3,391
3,403
14,069
3,427
Adj. EBITDA (in € m)
Q1/25
Q2/25
Q3/25
Q4/25
FY 2025
Q1/26
Custom Solutions
256
254
215
184
909
227
Advanced Technologies
291
266
202
186
944
241
Infrastructure / Other1
13
-11
31
-13
21
7
Evonik Group
560
509
448
357
1,874
475
- Including Oxeno (C4 business)
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| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Upcoming IR events
Conferences & roadshows
Upcoming reporting dates & events
May 13, 2026
Roadshow London (Barclays)
May 8, 2026
Q1 2026 Reporting
May 19, 2026
Chemicals Conference, London (Citi)
June 3, 2026
Annual Shareholders’ Meeting
May 20, 2026
Sustainability Forum, virtual (Oddo BHF)
August 4, 2026
Q2 2026 Reporting
May 21, 2026
Sustainability Call Series, virtual (JP Morgan)
November 3, 2026
Q3 2026 Reporting
May 26, 2026
European Champions Conference, Frankfurt (DB)
May 27, 2026
Roadshow Copenhagen
May 28, 2026
Roadshow Stockholm
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| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Evonik Investor Relations Team
24
Christoph Finke
Senior Vice President Investor Relations
Cédric Schupp
Director Investor Relations & ESG
+49 174 9931647
[email protected]
+49 173 2552453
[email protected]
Katharina Gayk
Specialist Investor Relations
Johanna Göbel
Senior Manager Investor Relations
+49 174 9931669
[email protected]
+49 172 5268167
[email protected]
Janine Göttel
Specialist Investor Relations
Gevitha Selvakumar
Manager Investor Relations & ESG
+49 151 53831578
[email protected]
+49 174 9080817
[email protected]
| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
Disclaimer
In so far as forecasts or expectations are expressed in this presentation or where our statements concern the
future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties.
Actual results or developments may vary, depending on changes in the operating environment. Neither
Evonik Industries AG nor its group companies assume an obligation to update the forecasts, expectations or
statements contained in this release.
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| May 8, 2026 | Evonik Q1 2026 Earnings Conference Call
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