| 3rd quarter 2024 | 3rd quarter 2025 | Change | 1st nine months 2024 |
1st nine months 2025 |
Change | |
| Sales | €3,603 million | €3,171 million | –12.0% | €10,803 million | €10,027 million | –7.2% |
| Change in sales | ||||||
| Volume | 6.1% | –1.5% | 8.7% | –0.8% | ||
| Price | –4.2% | –7.0% | –9.8% | –4.3% | ||
| Currency | –0.9% | –3.5% | –1.0% | –2.1% | ||
| Sales by region | ||||||
| EMLA1 | €1,460 million | €1,217 million | –16.6% | €4,513 million | €4,088 million | –9.4% |
| NA2 | €894 million | €829 million | –7.3% | €2,678 million | €2,628 million | –1.9% |
| APAC3 | €1,249 million | €1,125 million | –9.9% | €3,612 million | €3,311 million | –8.3% |
| EBITDA4 | €287 million | €242 million | –15.7% | €880 million | €649 million | –26.3% |
| Changes in EBITDA5 | ||||||
| Volume | 33.2% | –5.9% | 38.7% | 4.2% | ||
| Price | –54.2% | –88.2% | –114.6% | –53.3% | ||
| Raw material price | 8.7% | 52.6% | 63.2% | 22.0% | ||
| Currency | –0.7% | –4.9% | –1.9% | –2.3% | ||
| Other6 | 16.6% | 30.7% | 7.4% | 3.1% | ||
| EBIT7 | €76 million | €25 million | –67.1% | €218 million | (€23 million) | . |
| Financial result | (€24 million) | (€34 million) | 41.7% | (€83 million) | (€116 million) | 39.8% |
| Net income8 | €33 million | (€47 million) | . | (€74 million) | (€266 million) | 259.5% |
| Earnings per share9 | €0.17 | (€0.25) | . | (€0.39) | (€1.41) | 261.5% |
| Cash flows from operating activities10 | €262 million | €302 million | 15.3% | €258 million | €186 million | –27.9% |
| Cash outflows for additions to property, plant, equipment and intangible assets | €150 million | €191 million | 27.3% | €422 million | €556 million | 31.8% |
| Free operating cash flow11 | €112 million | €111 million | –0.9% | (€164 million) | (€370 million) | 125.6% |
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 intangible assets and property, plant and equipment.
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 was based on 188,740,330 no-par shares for the third quarter of 2025 (previous year: 188,740,330 no-par shares) and on 188,740,330 no-par shares for the first nine months of 2025 (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.