Evonik
Leading Beyond Chemistry
Q2 2026 Results
August 4, 2026
Christian Kullmann, Chief Executive Officer
Michael Rauch, Chief Financial Officer
1
Second quarter ahead of plan – FY guidance raised
Q2 adj. EBITDA of €630 m (+24% yoy)
ahead of expectations mainly due to strong Advanced Technologies
Strong Q2 FCF of €49 m (prior year: -€211 m)
thanks to better earnings and less bonus payout
Efficiency program Evonik Tailor Made extended until 2029:
Additional 3,200 FTEs to be reduced
FY 2026 outlook raised considerably:
Adj. EBITDA between €2.0 and 2.2 bn expected
2
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
Table of contents
1
Highlights and Outlook FY 2026
1
2
Highlights and Outlook FY 2026
Financial performance Q2 2026
2
3
Financial performance Q2 2026
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
We continue to execute on our strategy
Today
In the coming years
Weak demand and structural headwinds
At least some demand improvement
We control our own destiny –
acting from a position of
strength
We have more potential
for improvement
with our strategy execution
ROCE ~11%
→ Consistent cost reduction
→ Industry-leading cash generation
→ Further portfolio optimization
→ Moderate leverage
→ Growth in attractive niches
→ More balanced use of cash
4
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
Tangible
progress
already
in 2026
as soon as possible
Efficiency program Evonik Tailor Made extended until 2029:
Additional 3,200 FTEs to be reduced
2023-2026
2027-2029
2023-2026
Reorganization
“Evonik Tailor
Made”
Business
optimization
Reorganization and optimization measures on track
Reduction confirms path to tangible financial impact in the future
Employees
~-1,000
-1,000
~-850
-877
31,930
2024
5
31,053
2025
“Evonik Tailor Made” extended and expanded
- All cost savings and optimization measures bundled
for more efficient steering
▪
30,053
~30,000
ETM alone: €400 m gross savings, with 80% personnel costs
▪
€238 m provision booked in Q2 2024 (for 2,000 employees)
Additional ~3,200 FTEs to be reduced
−
both in administrative and operative roles
−
holistic view, integrating the business line optimizations
▪
Further application of HR tools: e.g. early retirement packages,
internal relocation, natural fluctuation
▪
Plus using more potential through increased efficiency and
digitalization
2026E
▪
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
…2027-2029
Procurement
optimization
NEW!
Consistently turning innovation into market-ready solutions:
Highlights from our three Innovation Growth Areas
6
Advance Precision Biosolutions
Enable Circular Economy
Accelerate Energy Transition
Ecobiol® - Probiotics
in Livestock Production
Specialized
catalysts & adsorbents
DURAION® Membrane
Strengthens the gut microbiome
and the immune system of
animals while preventing the
spread of pathogens
Facilitates the chemical recycling
of plastics by enhances the
pyrolysis oil quality for use in
steam crackers
Enables the cost-efficient
production of green hydrogen
via water electrolysis
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
Q2 adj. EBITDA of €630 m ahead of expectations
mainly due to strong Advanced Technologies
Adj. EBITDA (in € m) / Margin (in %)
▪ Solid performance in Custom Solutions (+7% yoy)
+24%
630
509
Drivers of Q2 performance
▪ Strong Advanced Technologies (+25% yoy)
− High volumes in Organics (esp. Crosslinkers
and High Performance Polymers)
475
− Positive price momentum in Animal Nutrition
▪ Higher spreads / margins in Oxeno / C4 business
7
14.5%
13.9%
16.2%
Q2 2025
Q1 2026
Q2 2026
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
▪ Good earnings support from optimization
programs across the Group
Strong Q2 FCF of €49 m thanks to better earnings
and less bonus payout
Free Cash Flow (in € m)
Q2
Drivers of H1 performance
H1
232
49
▪ Free cash flow significantly up in H1 (yoy)
despite rather stable adj. EBITDA (+3% in H1)
− Lower NWC outflow due to strict
NWC management
-211
− Lower bonus cashout (yoy)
and higher non-cash provisions (both in Q2)
▪ Strong H1 underpinning FY guidance
of ~40% cash conversion
-16
Q2 2025
8
Q2 2026
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
H1 2025
H1 2026
FY 2026 outlook raised considerably:
Adj. EBITDA between €2.0 and 2.2 bn expected
Adj. EBITDA (in € bn)
Outlook by segment
“€2.0 - 2.2 bn”
1.9
“€1.7 - 2.0 bn”
Custom
Solutions
Advanced
Technologies
2025
9
Previous Outlook Updated Outlook
2026E
2026E
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
Infrastructure
(incl. C4) / Other
Stable on
prior-year level
(2025: €909 m)
Considerably above
prior-year level
(2025: €944 m)
Significantly above
prior-year level
(2025: €21 m)
Free Cash Flow outlook confirmed:
Targeting ~40% conversion
Free Cash Flow (in € m) / Conversion rate1 (in %)
CCR1
37%
~40%
Building blocks for FCF development
Better operating result
695
Disciplined capex
Lower bonus payments (for 2025)
2025
- Cash Conversion Rate = FCF / adj. EBITDA
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| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
2026E
NWC with certain headwind from inflation
Table of contents
1
Highlights and Outlook FY 2026
1
2
Highlights and Outlook FY 2026
Financial performance Q2 2026
2
11
Financial performance Q2 2026
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
Q2 2026 results overview
Sales (in € m)
3,893
(Q2 2025: 3,499)
Capex1 (in € m)
Adj. EBITDA (in € m)
Volume
Price
+7%
+7%
FX
Other
-2%
-1%
Free Cash Flow (in € m)
630
(Q2 2025: 509)
Adj. EPS (in €)
180
49
0.65
(Q2 2025: 176)
(Q2 2025: -211)
(Q2 2025: 0.34)
- Cash outflows for investments
12
Sales (yoy)
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
Custom Solutions
Q2 26 vs. Q2 25
Sales
Volume
Price
FX
Other
+4%
+3%
-1%
-2%
(in € m)
Additives
--Care
Adj.
EBITDA
+4%
1,367
1,334
1,422
942
920
999
425
414
423
Q2 2025
Q1 2026
Q2 2026
+7%
271
254
227
18.6%
17.0%
19.1%
Q2 2025
Q1 2026
Q2 2026
(in € m)
/ margin
(in %)
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| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
▪ Good volume and price development; FX headwind
subsiding
▪ Sales and order intake on elevated levels esp. in Additives,
however normalisation towards quarter-end
Additives (adj. EBITDA slightly up yoy)
▪ Additives (ex Catalysts) with good demand, partly
supported by war-related supply chain disruptions
▪ Catalysts improving after weak start into the year
Care (adj. EBITDA slightly up yoy)
▪ Care Solutions with favourable price realization in
specialities, compensating weak volumes from subdued
demand in base ingredients
▪ Health Care with solid demand in oral drug delivery, good
pricing and enhanced plant effectiveness
Advanced Technologies
Q2 26 vs. Q2 25
Sales
(in € m)
Inorganics
--Organics
--Animal
Nutrition
Adj.
EBITDA
(in € m)
/ margin
(in %)
14
Volume
Price
FX
Other
+7%
+5%
-1%
-2%
+9%
1,511
1,450
614
577
1,647
631
401
496
390
484
453
Q2 2025
Q1 2026
Q2 2026
563
+25%
333
266
241
17.6%
16.6%
20.2%
Q2 2025
Q1 2026
Q2 2026
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
Inorganics (adj. EBITDA slightly down yoy)
▪ Silica benefits from network optimization
▪ Hydrogen Peroxide lower due to license income in previous
year, good volume growth for semiconductor applications
Organics (adj. EBITDA clearly up yoy)
▪ High Performance Polymers with major shutdown last year;
now benefitting from higher capacity utilization
▪ Crosslinkers capitalizing on market momentum
Animal Nutrition (adj. EBITDA clearly up yoy)
▪ Ongoing strong price momentum
▪ Slightly lower volumes available due to shutdowns
▪ Backward integration in Mobile completed, with first
positive effects in Q2 already
Infrastructure / Other
Adj. EBITDA (in € m)
Thereof: Infrastructure
+163%
100
26
38
47
Q2 2025
Q1 2026
7
15
Q1 2026
Q2 2026
Thereof: Other
-11
Q2 2025
▪ Oxeno (C4): benefiting from higher
margins due to war in the Middle East
▪ Infrastructure: as usual high level of
stability
-49
-40
Q2 2025
Q1 2026
-74
Q2 2026
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
Q2 2026
▪ Higher cost savings not fully
compensating increased bonus
provisions for FY 2026
16
Additional indications for FY 2026
Sales
Around €15 bn (previously: between €13.5 and 14.5 bn; 2025: €14.1 bn)
ROCE
Slightly above prior-year level (previously: on 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
Slightly below prior-year level (previously: around prior-year level; 2025: €1,013 m)
Adj. net financial result
Around prior-year level (2025: -€162 m)
Adj. tax rate
Around ~25% (previously: on 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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| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
Adjusted income statement Q2 2026
in € m
Sales
Q2 2025
Q2 2026
∆
3,499
3,893
11%
Adj. EBITDA
509
630
24%
Depreciation & amortization
-259
-260
Adj. EBIT
250
370
Adj. net financial result
-44
-41
D&A on intangible assets
32
31
Adj. income before income taxes
238
360
Adj. income tax
-74
-63
Adj. income after taxes
164
297
-4
-1
Adj. net income
160
296
Adj. earnings per share (in €)
0.34
-14
0.65
-207
Adj. non-controlling interests
Adjustments
18
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
48%
Adj. tax rate (18%)
▪ Adj. tax rate lower than long-term average
(~30%) due to higher earnings share in
countries with lower tax rates
▪ Resulting in lower projection for
FY adj. tax rate (~25%)
51%
Adjustments (-€207 m)
81%
▪ -€48 m for restructuring, esp. provision for
Witten site closure
85%
▪ -€159 m for other special items, mainly
impairment of Oxeno (C4) business
Cash flow statement Q2 2026
in € m
Q2 2025
Q2 2026
236
163
Depreciation and amortization
260
376
∆ Net working capital
-237
-180
Change in provisions for pensions & other post-employment benefits
-13
-17
Change in other provisions
-341
-63
Change in miscellaneous assets/liabilities
78
-39
Cash inflows/outflows from income taxes
-38
-34
▪ Other provisions: lower outflow for bonus
and higher non-cash provisions (e.g.
Witten closure)
Others
20
23
CF from investing activities
-35
229
-176
-180
▪ Last year with inflow from the disposal of
securities in special funds
-211
49
Cash flow from investing activities
34
-161
Cash flow from financing activities
-341
-270
Income before financial result and income taxes (EBIT)
Cash flow from operating activities
Cash outflows for investment in intangible assets, pp&e
FCF
19
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
CF from operating activities
▪ Lower (reported) EBIT as starting point
▪ Higher impairments, mainly C4
▪ Strict NWC management, less outflow
yoy
CF from financing activities
▪ Lower dividend payout (-€79 m yoy)
Net financial debt development H1 2026
3,311
20
64
Net interest
payments
ddition /
A
reduction in
leasing liabilities
Other
3,620
466
636
Dec 31, 2025
Net financial
debt
45
34
F from
C
operating
activities
404
ash outflows Dividend payout
C
for investments
in intangibles
and PP&E
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
June 30, 2026
Net financial
debt
Development of debt and leverage over time
Total
Leverage1
3.0x
2.3x
2.4x
2.6x
3,310
3,253
3,311
3,620
Net financial
debt
Net financial debt (€3,620 m)
▪ Net financial debt up mainly due to
dividend payment
▪ Net financial debt leverage stable at
1.8x2
(in € m)
Pension provisions (€1,538 m)
German
pension
discount
rate (%) and
Pension
provisions
(in € m)
Adj. EBITDA
(LTM)
3.5
3.6
1,858
1,662
4.3
4.1
1,490
1,538
▪ Long-dated pension obligations with
~12 years duration
1,656
2,065
1,874
1,910
2023
2024
2025
H1 2026
- (Net financial debt – 50% hybrid bond + pension provisions) / Adj. EBITDA (LTM); 2. (Net financial debt – 50% hybrid bond) / Adj. EBITDA (LTM)
21
▪ Pension provisions broadly stable
despite slightly lower discount rate,
positive development of plan assets
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
▪ Solid funding ratio of ~85%
Segment overview by quarter
Sales (in € m)
Q1/25
Q2/25
Q3/25
Q4/25
FY 2025
Q1/26
Q2/26
Custom Solutions
1,427
1,367
1,340
1,359
5,492
1,334
1,422
Advanced Technologies
1,601
1,511
1,445
1,415
5,973
1,450
1,647
Infrastructure / Other1
749
621
606
629
2,604
643
824
Evonik Group
3,777
3,499
3,391
3,403
14,069
3,427
3,893
Adj. EBITDA (in € m)
Q1/25
Q2/25
Q3/25
Q4/25
FY 2025
Q1/26
Q2/26
Custom Solutions
256
254
215
184
909
227
271
Advanced Technologies
291
266
202
186
944
241
333
Infrastructure / Other1
13
-11
31
-13
21
7
26
Evonik Group
560
509
448
357
1,874
475
630
- Including Oxeno (C4 business)
22
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
Update on business optimization programs
Secure competitive position and deliver savings
Amino Acids
High Performance
Polymers
Silica/Silanes
Coating &
Adhesive Resins
Health Care
Crosslinkers
(i-Chain)
Q2 2023
Q1 2024
Q4 2023
Q1 2024
Q1 2024
Q1 2024
Start date
Full potential
Main Levers
Update
End of 2026
End of 2027
End of 2027
▪ Operational cost
reduction
▪ Closing gaps for
optimum
production setup
by investments
▪ Production,
portfolio and
overhead
▪ Sales Force
Effectiveness,
Portfolio Review,
Pricing
▪ Synergies of
Silanes/Silica
business lines
merger
▪ Active asset and
site landscape
optimization
▪ Focus on
additives and
specialty acrylics
▪ Polyolefins to be
transferred to C4
▪ Discontinuation
of polyester
business
▪ Focus on lipids
▪ Closure of
pharma keto
acids site in D
▪ Evaluation for
keto / amino
acids sites in
France / China
▪ Focus on
isophorone chain
▪ Optimization of
production and
raw material
purchasing
▪ US backwards
integration
completed
▪ Improvement of
profitability
visible1
▪ e.g. closure
Havre de Grace,
& Waterford
(US),
Leverkusen
▪ Transfer
Polyolefins done
▪ Closure Witten1
▪ Closure Hanau
▪ Improvement of
profitability
visible; on track
ongoing
ongoing
Status
- All measures in execution, full savings end of 2027
23
End of 2027
| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
ongoing
Upcoming IR events
Conferences & roadshows
Upcoming reporting dates & events
August 5, 2026
Roadshow Frankfurt (Oddo)
November 3, 2026
Q3 2026 Reporting
September 2, 2026
Roadshow London (Citi)
March 4, 2027
Q4/FY 2026 Reporting
September 2, 2026
Roadshow Amsterdam
May 4, 2027
Q1 2027 Reporting
September 9, 2026
Global Materials Conference, New York (UBS)
August 4, 2027
Q2 2027 Reporting
September 10, 2026
Industrial Conference, New York (Jefferies)
November 4, 2027
Q3 2027 Reporting
September 23, 2026
German Corp. Conf., Munich (Berenb. & Goldman)
September 24, 2026
Investment Conference, Munich (Baader)
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| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
Evonik Investor Relations Team
25
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]
| August 4, 2026 | Evonik Q2 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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| August 4, 2026 | Evonik Q2 2026 Earnings Conference Call
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