WEBVTT

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Looking back, it's fair to say
that 2024 was a mixed year Covestro.

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A year that demanded a lot from us once again,

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but also highlighted
what we are capable of achieving.

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However, the global markets did not develop

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as we had anticipated
at the beginning of the year.

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While demand for our products
remained steady,

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it stayed at a low level overall.

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In addition, sustained price pressure
significantly impacted our margins.

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Nevertheless,
we closed the year within our guidance -

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despite operating in a market environment

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that was challenging for Covestro

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and the chemical industry as a whole.

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What personally pleases me
and makes me proud

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are the successes we achieved

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despite these external circumstances.

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We sharpened our focus

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and worked on the levers
we can control:

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improving the availability
of our plants

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and maintaining strict cost discipline.

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Moreover, we continuously review
and optimize our structures and processes

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to make ourselves
more efficient and competitive.

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This embodies the Covestro spirit

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and aligns perfectly
with our “Sustainable Future” strategy:

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We become the best of who we are
also in challenging times.

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My sincere
thanks go to all colleagues worldwide

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whose dedication
in 2024 made this possible.

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I have particularly positive memories

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of several projects
and developments from 2024.

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For example, we made significant progress

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in digitization
and the use of artificial intelligence.

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This AI offers huge potential -

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from production to various other business areas.

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Equipping our global workforce
with a skills to leverage AI

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effectively is a crucial step.

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For example,
our internal training initiative,

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“Expeditions C”, lays the foundation for that.

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With AI, we can test new ideas
quickly and cost-effectively,

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and are not afraid to discontinue projects

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that don't deliver value.

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I am convinced that this approach
will propel us forward significantly.

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Another major milestone
this year was undoubtedly

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the takeover offer from ADNOC

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and the high acceptance
rate by our shareholders

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at the end of the year.

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The negotiations and processes required significant effort

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from many colleagues,

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and while we are still in the process,
we have already achieved a lot in 2024.

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I look back on that very positively.

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Looking ahead to 2025,

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we do not anticipate a quick economic
recovery in global markets.

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That means rolling up our sleeves
and tackling the next steps

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with determination.

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We are also taking a closer look inward:

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How do we work together?

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What can we improve?

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We will continue our transformation
with full commitment -

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guided by measurable actions,

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concrete steps and our clear
strategic alignment firmly in focus.

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In the foreseeable future,

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we expect to have a strong partner
by our side:

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With ADNOC, we can further accelerate
the implementation

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of our “Sustainable Future” strategy
and our focus on the circular economy.

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I see 2025 as a year that will undoubtably

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bring challenges,
but also many opportunities:

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opportunities to shape, to drive change,
and to move forward as a team.

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Mastering such phases
is what Covestro is all about.

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That's why I look ahead with confidence, curiosity,

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and anticipation for what lies ahead -
and what we will achieve together.