The following is the presentation of the annual changes in compensation awarded and due to current and former Board of Management and Supervisory Board members compared with the company’s earnings performance and the average compensation of employees (FTEs) from fiscal years 2021 to 2025 as required by Section 162, Paragraph 1, Sentence 2, No. 2 AktG.
| Five-year comparison of compensation awarded and due to Board of Management members (AktG)1 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | 2025 | |||||
| € thou- sand |
€ thou- sand |
% | € thou- sand |
% | € thou- sand |
% | € thou- sand |
% | |
| Board of Management members as of December 31, 2025 | |||||||||
| Dr. Markus Steilemann (Chair) | 4,285 | 1,691 | –60.5 | 3,857 | 128.1 | 4,482 | 16.2 | 3,929 | –12.3 |
| Christian Baier (since October 1, 2023) | 320 | 1,187 | 270.9 | 862 | –27.4 | ||||
| Dr. Thorsten Dreier (since July 1, 2023) | 593 | 992 | 65.3 | 856 | –13.7 | ||||
| Monique Buch (since June 1, 2025) | 406 | ||||||||
| Former Board of Management members | |||||||||
| Sucheta Govil (until July 31, 2025) | 2,108 | 746 | –64.6 | 1,957 | 162.3 | 2,274 | 16.2 | 1,973 | –13.2 |
| Dr. Thomas Toepfer (until August 31, 2023) | 2,719 | 1,044 | –61.6 | 808 | –22.6 | ||||
| Dr. Klaus Schäfer (until June 30, 2023) | 2,236 | 864 | –61.4 | 1,570 | 81.7 | 1,630 | 3.8 | 1,543 | –5.3 |
| Patrick Thomas (until May 31, 2018) | 202 | 23 | –88.6 | 284 | . | 287 | 1.1 | 290 | 1.0 |
| Total | 11,550 | 4,368 | –62.2 | 9,389 | 114.9 | 10,852 | 15.6 | 9,859 | –9.2 |
1 Percentage changes always refer to the change from the respective previous year.
| Five-year comparison of compensation awarded and due to Supervisory Board members (AktG)1 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | 2025 | |||||
| € thou- sand |
€ thou- sand |
% | € thou- sand |
% | € thou- sand |
% | € thou- sand |
% | |
| Supervisory Board members as of December 31, 2025 | |||||||||
| Mercedes Alonso Benito (since December 2025) | 1 | ||||||||
| Dr. Christine Bortenlänger | 126 | 174 | 38.1 | 177 | 1.7 | 179 | 1.1 | 194 | 8.4 |
| Dr. Christoph Gürtler (since April 2022) | 134 | 197 | 47.3 | 196 | –0.5 | 190 | –3.1 | ||
| Oliver Heinrich (since May 2024) | 87 | 154 | 77.0 | ||||||
| Guy Janssens (since December 2025) | 1 | ||||||||
| Irena Küstner | 127 | 174 | 37.0 | 177 | 1.7 | 179 | 1.1 | 187 | 4.5 |
| Frank Löllgen (since April 2022) | 88 | 128 | 45.7 | 177 | 38.3 | 241 | 36.2 | ||
| Khaled Salmeen (since December 2025) | 1 | ||||||||
| Dr. Rainer Seele (since December 2025) | 16 | ||||||||
| Kerstin Spendel (since February 2025) | 150 | ||||||||
| Marc Stothfang | 107 | 156 | 45.8 | 162 | 3.8 | 165 | 1.9 | 156 | –5.5 |
| Patrick Thomas (since July 2020) | 132 | 225 | 70.5 | 226 | 0.4 | 227 | 0.4 | 223 | –1.8 |
| Former Supervisory Board members | |||||||||
| Dr. Richard Pott (until December 2025) | 302 | 368 | 21.9 | 378 | 2.7 | 378 | 0.0 | 355 | –6.1 |
| Lise Kingo (until December 2025) | 84 | 189 | 125 | 194 | 2.6 | 194 | 0.0 | 182 | –6.2 |
| Regine Stachelhaus (until December 2025) | 142 | 188 | 32.4 | 196 | 4.3 | 198 | 1.0 | 180 | –9.1 |
| Dr. Sven Schneider (until September 2025) | 154 | 221 | 43.8 | 223 | 0.9 | 147 | –34.1 | ||
| Petra Kronen (until December 2024) | 152 | 251 | 65.1 | 261 | 4.0 | 260 | –0.4 | –100.0 | |
| Petra Reinbold-Knape (until April 2024) | 147 | 190 | 29.3 | 198 | 4.2 | 60 | –69.7 | –100.0 | |
| Dr. Ulrich Liman (until April 2022) | 129 | 59 | –54.5 | ||||||
| Prof. Dr. Rolf Nonnenmacher (until April 2022) |
153 | 67 | –56.3 | ||||||
| Frank Werth (until April 2022) | 102 | 38 | –62.3 | ||||||
| Ferdinando Falco Beccalli (until April 2021) |
29 | ||||||||
| Total | 1,732 | 2,454 | 41.7 | 2,515 | 2.5 | 2,523 | 0.3 | 2,378 | –5.7 |
1 Percentage changes always refer to the change from the respective previous year.
| Five-year comparison of relevant performance indicators (AktG)1 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | 2025 | |||||
| Net income/(loss) Covestro AG | €648 million | (€316 million) | . | (€124 million) | –60.8% | (€55 million) | –55.6% | (€137 million) | 149.1% |
| EBITDA2 | €3,085 million | €1,617 million | –47.6% | €1,080 million | –33.2% | €1,071 million | –0.8% | €740 million | –30.9% |
| Free operating cash flow3 | €1,429 million | €138 million | –90.3% | €232 million | 68.1% | €89 million | –61.6% | (€283 million) | . |
| ROCE4above WACC5 | 12.9% points | –5.0% points | –6.1% points | –7.4% points | –10.2% points | ||||
| Greenhouse gas emissions6 (CO2 equivalents) |
€5.2 million | €4.7 million | –9.6% | 4.9 million metric tons | 4.3% | 4.7 million metric tons | –4.1% | 4.3 million metric tons | –8.5% |
| Core volume growth7 | 10.0% | ||||||||
1 Percentage changes always refer to the change from the respective previous year.
2 Earnings before interest, taxes, depreciation and amortization (EBITDA): EBIT plus depreciation, amortization, and impairment losses; less impairment loss reversals on intangible assets and property, plant and equipment.
3 Free operating cash flow (FOCF): cash flows from operating activities less cash outflows for additions to property, plant, equipment and intangible assets.
4 Return on capital employed (ROCE): ratio of EBIT after imputed income taxes to capital employed. An imputed tax rate of 25% has been used for calculating ROCE since the year 2022 (previously: effective tax rate).
5 Weighted average cost of capital (WACC): weighted average cost of capital reflecting the expected return on the company’s equity and debt capital. A figure of 7.3% has been taken into account for the year 2025 (2024: 8.1%). ROCE above WACC has been a key management indicator since the year 2022.
6 GHG emissions (Scope 1 and 2, GHG Protocol) at main production sites (responsible for more than 95% of our energy usage). From fiscal 2025 onward greenhouse gas (GHG) emissions (Scope 1 and Scope 2, GHG Protocol) of all Covestro’s environmentally relevant sites.
7 Until the year 2021, core volume growth, which refers to the core products in the operational reporting segments, was a key management indicator. It is calculated as the percentage change in externally sold volumes compared with the prior year. Covestro also takes advantage of business opportunities outside its core business, for example the sale of precursors and by-products such as hydrochloric acid, sodium hydroxide solution, and styrene. These transactions are not included in core volume growth. Retroactive calculation based on the definition of the core business as of March 31 of each subsequent year.
In addition to the net income/net loss of Covestro AG (which is legally required to be reported), earnings performance also includes the key figures of the Covestro Group underlying short-term variable compensation (EBITDA, free operating cash flow, ROCE above WACC, absolute annual direct and indirect Scope 1 and Scope 2 GHG emissions (CO2 equivalents), and core volume growth). Since the year 2022, core volume growth has been replaced by EBITDA as a key management indicator.
Employee compensation was calculated by dividing personnel expenses (wages and salaries plus social expenses and expenses for pensions and other benefits) disclosed in the Consolidated Financial Statements for the relevant period by the number of employees expressed as full-time equivalents (FTEs) as of the reporting date.
| Five-year comparison of employee compensation (AktG)1 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | 2025 | |||||
| Personnel expenses | €2,298 million | €1,995 million | –13.2% | €2,141 million | 7.3% | €2,131 million | –0.5% | €2,025 million | –5.0% |
| Employees2 | 17,905 FTEs | 17,981 FTEs | 0.4% | 17,516 FTEs | –2.6% | 17,503 FTEs | –0.1% | 17,598 FTEs | 0.5% |
| Personnel expenses per FTE | €128 thousand | €111 thousand | –13.6% | €122 thousand | 10.1% | €122 thousand | –0.2% | €115 thousand | –5.7% |
1 Percentage changes always refer to the change from the respective previous year.
2 The number of permanent or temporary employees is stated in full-time equivalents (FTEs). Part-time employees are included on a pro-rated basis in line with their contractual working hours. Board of Management members, employees in vocational training, and interns are not included in this metric because of their special employment relationship.