| Performance Materials key data | ||||||
|---|---|---|---|---|---|---|
| 3rd quarter 2024 | 3rd quarter 2025 | Change | 1st nine months 2024 |
1st nine months 2025 |
Change | |
| Sales (external) | €1,777 million | €1,489 million | –16.2% | €5,300 million | €4,784 million | –9.7% |
| Intersegment sales | €591 million | €489 million | –17.3% | €1,718 million | €1,555 million | –9.5% |
| Sales (total) | €2,368 million | €1,978 million | –16.5% | €7,018 million | €6,339 million | –9.7% |
| Change in sales (external) | ||||||
| Volume | 8.6% | –3.1% | 13.6% | –2.3% | ||
| Price | –3.6% | –9.8% | –12.4% | –5.4% | ||
| Currency | –0.9% | –3.3% | –1.0% | –2.0% | ||
| Sales by region (external) | ||||||
| EMLA | €779 million | €572 million | –26.6% | €2,363 million | €2,047 million | –13.4% |
| NA | €452 million | €425 million | –6.0% | €1,320 million | €1,319 million | –0.1% |
| APAC | €546 million | €492 million | –9.9% | €1,617 million | €1,418 million | –12.3% |
| EBITDA1 | €125 million | €174 million | 39.2% | €424 million | €336 million | –20.8% |
| EBIT1 | (€11 million) | €28 million | . | €13 million | (€115 million) | . |
| Cash flows from operating activities | €199 million | €194 million | –2.5% | €219 million | €132 million | –39.7% |
| Cash outflows for additions to property, plant, equipment and intangible assets | €88 million | €126 million | 43.2% | €270 million | €360 million | 33.3% |
| Free operating cash flow | €111 million | €68 million | –38.7% | (€51 million) | (€228 million) | 347.1% |
1 EBIT and EBITDA include the effect on earnings of intersegment sales.
In the Performance Materials segment, third-quarter sales in 2025 were down 16.2% to €1,489 million (previous year: €1,777 million). The main drivers here were a decline in average selling prices in a difficult market environment, which had a reducing effect on sales of 9.8%, as well as exchange rate movements, which had an averse effect on sales of 3.3%. A drop in volumes sold had a decreasing effect on sales amounting to 3.1%. This was caused by among other factors, lower availabilities due to the production stoppage in Dormagen (Germany).
Sales in the EMLA region were down by 26.6% from the corresponding prior-year quarter to €572 million (previous year: €779 million), driven primarily by lower average selling prices and a contraction in sales volumes. Both had a decreasing impact on sales. Exchange rate movements, on the other hand, had a significant positive effect on sales. The NA region’s sales decreased by 6.0% to €425 million (previous year: €452 million), principally because of exchange rate movements, which had the effect of significantly reducing sales. In addition, a drop in the average selling price level had a slightly negative effect on sales. Conversely, the expansion of volumes sold had a significant positive impact on sales. The APAC region’s sales went down by 9.9% to €492 million (previous year: €546 million), mainly because of exchange rate movements, which had the effect of significantly reducing sales. The average selling price level additionally caused sales to decline slightly. In contrast, higher volumes sold had the effect of increasing sales slightly.
In the third quarter of 2025, EBITDA in the Performance Materials segment was up 39.2% on the corresponding prior-year quarter, rising to €174 million (previous year: €125 million). This was mainly due to insurance compensation of €75 million due to the production stoppage in Dormagen (Germany) its recognition which had a neutral effect on earnings at the Group level. In addition, a gain on the sale of intangible assets in an amount of €20 million benefited EBITDA. In contrast, lower margins had a reducing effect on earnings, since the decline in the selling price level could only partially be compensated for by lower raw material prices. At the same time, the negative trend in volumes sold – in part as a consequence of the production stoppage in Dormagen (Germany) – and exchange rate movements weighed on EBITDA.
In the third quarter of 2025, EBIT amounted to €28 million (previous year: €–11 million).
Free operating cash flow declined to €68 million in the third quarter of 2025 (previous year: €111 million), largely due to an increase in funds tied up in working capital as well as higher cash outflows for additions to property, plant, equipment and intangible assets. Conversely, higher EBITDA had a positive effect on free operating cash flow.