“We steadfastly adhered to our strategy in 2024 and forged full speed ahead with our transformation – despite the challenges the entire chemical industry once again faced,” CEO Markus Steilemann said. “In particular, the improvement in our plant availability enabled us to significantly increase our volumes sold. We are continuing resolutely along this path creating the basis for long-term growth with targeted investments in our competitiveness and sustainable future technologies.”
Looking at its individual business segments, sales were up slightly in performance materials, rising 1.4% from €6.88bn in 2023 to €6.97bn last year. Sales were driven by a 12% increase in volumes, but a weak market with excess supply dragged selling prices and margins. EBITDA was down by 1.2%, falling from 2023’s €576m to €569m last year. In 2025, a modest increase in volumes is expected, but margins will remain challenging, CFO Christian Baier told the company’s analyst conference.
In solutions & specialties, sales were down by 3.6% to €7.00bn, from €7.27bn a year earlier. EBITDA dropped more sharply, with 2024’s €817m representing a 9.4% drop on the €817m posted a year earlier. Results were impacted by a drop in margins, and also the absence of the non-recurring positive effect from the sale of the additive manufacturing business in 2023. Expenses from the implementation of its Strong transformation programme also reduced earnings.
On the environmental front, the company said its greenhouse gas emissions fell to 4.7MT of CO2, down from 2023’s 4.9MT. It cited lower emission factors at five production sites: Leverkusen, Dormagen, Uerdingen and Brunsbüttel in Germany, and Baytown in Texas. Also during the year, it signed a long-term power purchase agreement with BP, securing access to renewable energy from a solar farm in Spain. This will increase its renewable electricity consumption from 10% to 30% in the country, cutting CO2 emissions by about 16kT/year.
The company expects economic condition will remain challenging in the coming year. It expects EBITDA will fall in the range €1.0bn and €1.6bn, and in the first quarter will be between €50m and €150m. The Adnoc deal is not expected to be completed before the second half of 2025.
