| 2024 | 2025 | Change | |
| Sales | €14,179 million | €12,942 million | –8.7% |
| Change in sales | |||
| Volume | 7.4% | –0.9% | |
| Price | –8.0% | –5.2% | |
| Currency | –0.8% | –2.6% | |
| Sales by region | |||
| EMLA1 | €5,848 million | €5,181 million | –11.4% |
| NA2 | €3,507 million | €3,378 million | –3.7% |
| APAC3 | €4,824 million | €4,383 million | –9.1% |
| EBITDA4 | €1,071 million | €740 million | –30.9% |
| Changes in EBITDA5 | |||
| Volume | 37.0% | 6.8% | |
| Price | –106.9% | –68.9% | |
| Raw material price | 59.4% | 29.8% | |
| Currency | –1.4% | –3.2% | |
| Other6 | 11.1% | 4.6% | |
| EBIT7 | €87 million | (€347 million) | . |
| Financial result | (€114 million) | (€145 million) | 27.2% |
| Net income8 | (€266 million) | (€644 million) | 142.1% |
| Earnings per share9 | (€1.41) | (€3.39) | 140.4% |
| Cash flows from operating activities10 | €870 million | €487 million | –44.0% |
| Cash outflows for additions to property, plant, equipment and intangible assets | €781 million | €770 million | –1.4% |
| Free operating cash flow11 | €89 million | (€283 million) | . |
| Net financial debt12, 13 | €2,618 million | €1,796 million | –31.4% |
| Return on capital employed (ROCE)14 | 0.7% | –2.9% | |
| Weighted average cost of capital (WACC)15 | 8.1% | 7.3% | |
| ROCE above WACC14, 15 | –7.4% points | –10.2% points | |
| Employees13, 16 | 17,503 FTE | 17,598 FTE | 0.5% |
| Greenhouse gas emissions (CO2equivalents)17 | 4.9 million metric tons | 4.3 million metric tons | –12.2% |
1 EMLA: Europe, Middle East, Latin America (excluding Mexico), Africa region.
2 NA: North America region (Canada, Mexico, United States).
3 APAC: Asia and Pacific region.
4 Earnings before interest, taxes, depreciation and amortization (EBITDA): EBIT plus depreciation, amortization, and impairment losses; less impairment loss reversals on property, plant and equipment and intangible assets.
5 Since January 1, 2025, certain distribution expenses have been shown in the “Raw material price” item and no longer in the “Other” item. The prior-year figure has not been adjusted.
6 Other changes in EBITDA.
7 Earnings before interest and taxes (EBIT): income after income taxes plus financial result and income taxes.
8 Net income: income after income taxes attributable to the shareholders of Covestro AG.
9 Earnings per share: according to IAS 33 (Earnings per Share), net income divided by the weighted average number of outstanding no-par value voting shares of Covestro AG. The calculation for fiscal 2025 was based on 189,879,508 no-par shares (previous year: 188,740,330 no-par shares).
10 Operating cash flows: cash flows from operating activities according to IAS 7 (Statement of Cash Flows).
11 Free operating cash flow (FOCF): cash flows from operating activities less cash outflows for additions to property, plant, equipment and intangible assets.
12 Excluding provisions for pensions and other post-employment benefits.
13 As of December 31 in each case.
14 Return on capital employed (ROCE): ratio of EBIT after imputed income taxes to capital employed. Imputed income taxes are calculated by multiplying an imputed tax rate of 25% by EBIT.
15 Weighted average cost of capital (WACC): weighted average cost of capital reflecting the expected return on the company’s equity and debt capital.
16 Employees calculated as full-time equivalents (FTEs). Board of Management members, employees in vocational training, and interns are not included in this metric.
17 Greenhouse gas (GHG) emissions (Scope 1 and Scope 2, GHG Protocol) of all Covestro’s environmentally relevant sites.