| Solutions & Specialties key data | ||||||
|---|---|---|---|---|---|---|
| 3rd quarter 2024 | 3rd quarter 2025 | Change | 1st nine months 2024 |
1st nine months 2025 |
Change | |
| Sales (external) | €1,773 million | €1,637 million | –7.7% | €5,350 million | €5,095 million | –4.8% |
| Intersegment sales | €7 million | €8 million | 14.3% | €20 million | €21 million | 5.0% |
| Sales (total) | €1,780 million | €1,645 million | –7.6% | €5,370 million | €5,116 million | –4.7% |
| Change in sales (external) | ||||||
| Volume | 3.9% | 0.4% | 4.9% | 0.8% | ||
| Price | –4.9% | –4.3% | –7.7% | –3.4% | ||
| Currency | –1.0% | –3.8% | –1.0% | –2.2% | ||
| Sales by region (external) | ||||||
| EMLA | €640 million | €611 million | –4.5% | €2,029 million | €1,928 million | –5.0% |
| NA | €434 million | €397 million | –8.5% | €1,335 million | €1,283 million | –3.9% |
| APAC | €699 million | €629 million | –10.0% | €1,986 million | €1,884 million | –5.1% |
| EBITDA1 | €208 million | €196 million | –5.8% | €590 million | €552 million | –6.4% |
| EBIT1 | €134 million | €126 million | –6.0% | €344 million | €336 million | –2.3% |
| Cash flows from operating activities | €162 million | €173 million | 6.8% | €303 million | €331 million | 9.2% |
| Cash outflows for additions to property, plant, equipment and intangible assets | €61 million | €57 million | –6.6% | €144 million | €170 million | 18.1% |
| Free operating cash flow | €101 million | €116 million | 14.9% | €159 million | €161 million | 1.3% |
1 EBIT and EBITDA include the effect on earnings of intersegment sales.
In the Solutions & Specialties segment, third-quarter sales in 2025 were down 7.7% to €1,637 million (previous year: €1,773 million). The main driver here was a decline in average selling prices, which had a reducing effect on sales of 4.3%. In addition, exchange rate movements had an unfavorable impact of 3.8% on sales. A rise in volumes sold, on the other hand, pushed up sales by 0.4%.
The EMLA region’s sales decreased 4.5% to €611 million (previous year: €640 million), due mainly to lower average selling prices, which had the effect of significantly reducing sales. Conversely, exchange rate movements had a considerable positive impact on sales. Changes in sales volumes had no notable effect on sales. The NA region’s sales decreased 8.5% to €397 million (previous year: €434 million), due especially to exchange rate movements, which had the effect of significantly reducing sales. By comparison, a higher selling price level drove up sales slightly. Changes in volumes sold had a neutral overall impact on sales. Sales in the APAC region dropped by 10.0% to €629 million (previous year: €699 million), driven primarily by exchange rate movements, which had the effect of significantly reducing sales. Conversely, a rise in volumes sold and in average selling prices both boosted sales slightly.
In the third quarter of 2025, EBITDA in the Solutions & Specialties segment was down 5.8% on the corresponding prior-year quarter, declining to €196 million (previous year: €208 million); this was predominantly due to lower margins, since the decline in the average selling price level was only partially compensated for by lower raw material prices. Another factor contributing to lower earnings than in the corresponding prior-year quarter was a reduced amount of business development subsidies received in China attributable to the segment. In addition, exchange rate movements had a negative effect on EBITDA. In contrast, the effect of an account entry of €11 million, which was recognized in income, in connection with the takeover of Pontacol AG, Schmitten FR (Switzerland), and higher sales volumes boosted earnings.
In the third quarter of 2025, EBIT decreased by 6.0% to €126 million (previous year: €134 million).
Free operating cash flow was up, amounting to €116 million in the third quarter of 2025 (previous year: €101 million), mainly driven by a lower amount of cash tied up in working capital than in the prior-year quarter. Conversely, lower EBITDA had a negative effect on free operating cash flow.