Solutions & Specialties
| Solutions & Specialties key data | ||||||
|---|---|---|---|---|---|---|
| 4th quarter 2024 | 4th quarter 2025 | Change | 2024 | 2025 | Change | |
| Sales (external) | €1,654 million | €1,526 million | –7.7% | €7,004 million | €6,621 million | –5.5% |
| Intersegment sales | €7 million | €5 million | –28.6% | €27 million | €26 million | –3.7% |
| Sales (total) | €1,661 million | €1,531 million | –7.8% | €7,031 million | €6,647 million | –5.5% |
| Change in sales (external) | ||||||
| Volume | 1.3% | 2.4% | 4.0% | 1.2% | ||
| Price | –4.0% | –5.0% | –6.8% | –3.8% | ||
| Currency | –0.2% | –5.1% | –0.8% | –2.9% | ||
| Sales by region (external) | ||||||
| EMLA | €556 million | €536 million | –3.6% | €2,585 million | €2,464 million | –4.7% |
| NA | €420 million | €367 million | –12.6% | €1,755 million | €1,650 million | –6.0% |
| APAC | €678 million | €623 million | –8.1% | €2,664 million | €2,507 million | –5.9% |
| EBITDA1 | €150 million | €129 million | –14.0% | €740 million | €681 million | –8.0% |
| EBIT1 | €30 million | €56 million | 86.7% | €374 million | €392 million | 4.8% |
| Cash flows from operating activities | €368 million | €287 million | –22.0% | €671 million | €618 million | –7.9% |
| Cash outflows for additions to property, plant, equipment and intangible assets | €110 million | €62 million | –43.6% | €254 million | €232 million | –8.7% |
| Free operating cash flow | €258 million | €225 million | –12.8% | €417 million | €386 million | –7.4% |
1 EBITDA and EBIT include the effect on earnings of intersegment sales.
Sales in the Solutions & Specialties segment were down 5.5% to €6,621 million in fiscal 2025 (previous year: €7,004 million). This was mainly driven by a competition-related decline in average selling prices by 3.8%, which coincided with a reduction in raw material prices being passed on to customers, as well as 2.9% attributable to adverse exchange rate movements. On the other hand, an increase in volumes sold had a beneficial effect on sales of 1.2%.
Sales in the EMLA region were down by 4.7% to €2,464 million (previous year: €2,585 million), driven primarily by a significant decrease in average selling prices. In contrast, exchange rate movements had a slightly positive effect on sales. Changes in volumes sold had a neutral overall impact on sales. The NA region’s sales decreased 6.0% to €1,650 million (previous year: €1,755 million), due especially to adverse exchange rate movements, which had a significant reducing effect on sales. At the same time, a minimal drop in the selling price level had a negative impact on sales. In contrast, a rise in volumes sold had a slightly positive effect on sales. Sales in the APAC region were down 5.9% to €2,507 million (previous year: €2,664 million), because of an adverse change in exchange rates, which had a significant sales-reducing effect. At the same time, a slight drop in the selling price level had a negative impact on sales. A rise in volumes sold, on the other hand, had a slightly beneficial effect on sales.
The Solutions & Specialties segment’s EBITDA was down 8.0% to €681 million in fiscal 2025 (previous year: €740 million). This was mainly driven by reduced margins, as lower raw material prices only partially offset the decline in selling prices. Adverse exchange rate movements also had the effect of reducing earnings. In contrast, a rise in volumes sold, lower provisions for short-term variable compensation, and a year-on-year decrease in expenses in connection with the STRONG transformation program of €24 million had a positive impact on earnings. Moreover, the recognition of a transaction through profit or loss in connection with the acquisition of Pontacol AG, Schmitten FR (Switzerland) boosted earnings in an amount of €12 million.
EBIT rose by 4.8% to €392 million (previous year: €374 million).
Free operating cash flow was down 7.4% to €386 million (previous year: €417 million), mainly because EBITDA was down on the previous year. This stood against lower cash outflows for additions to property, plant, equipment and intangible assets than in the previous year and partially offset the negative effect of the change in EBITDA.