Reporting Q1 2026

Sales in the first quarter of 2026 amounted to €16,020 million, €488 million below the figure of the prior-year quarter (€16,509 million). Currency effects, mainly relating to the U.S. dollar and the Chinese renminbi, had a negative influence on sales in all segments. Competitive pressure led to falling prices in the Chemicals, Materials, Industrial Solutions, Nutrition & Care and Agricultural Solutions segments. In the Surface Technologies segment, prices were significantly above the level of the prior-year quarter, mainly on account of higher precious metal prices. Nearly all segments recorded increased sales volumes, except for Surface Technologies. Sales in Other declined significantly.

Compared with the first quarter of 2025, income from operations before depreciation, amortization and special items (EBITDA before special items) decreased by €140 million to €2,356 million. The Chemicals, Agricultural Solutions and Nutrition & Care segments recorded declines in earnings, whereas EBITDA before special items improved in the Surface Technologies and Materials segments. Earnings in the Industrial Solutions segment matched the prior-year level. First-quarter earnings in Other were significantly below the prior-year figure. The EBITDA margin before special items decreased to 14.7% versus 15.1% in the prior-year quarter. EBITDA amounted to €2,186 million, following €2,070 million in the prior-year period. Special items in EBITDA amounted to minus €170 million in the first quarter of 2026. Special charges were incurred primarily in connection with the ongoing cost savings programs, particularly for the program focused on the Ludwigshafen site.

At €1,261 million, EBIT was up by €102 million over the level of the prior-year quarter. Depreciation and amortization included in EBIT amounted to €925 million (prior-year quarter: €910 million). Net income amounted to €927 million (prior-year quarter: €808 million). Earnings per share were thus €1.06 in the first quarter of 2026 (prior-year quarter: €0.91).

In the first quarter of 2026, cash flows from operating activities improved by €185 million compared with the prior-year quarter to minus €797 million. Net income rose by €119 million compared with the level of the previous first quarter. This included non-cash-effective equity-accounted income, which was €316 million higher than in the same period of the previous year. The significantly higher dividends received from equity-accounted shareholdings, especially from Wintershall Dea GmbH, had a positive effect.

Free cash flow improved by €423 million compared with the prior-year quarter to minus €1,375 million, due in part to lower payments made for intangible assets and property, plant and equipment. BASF’s free cash flow is usually negative in the first quarter and improves over the course of the year. This is primarily attributable to the seasonal nature of the Agricultural Solutions business.