CREATING TOMORROW'S SOLUTIONS
Q1 2025 - Conference Call NoteDr. Christian Hartel (CEO), Dr. Tobias Ohler (CFO)
Q1 2025 - Conference call note
April 30, 2025 0
April 30, 2025
Financials
Operations
Efficiency Measures
Ongoing focus on costs and driving specific operating costs lower
Semi-POLYSILICON
Ramp of new etching facility underway
Performing in Weak
Markets
Much higher specialties volumes
Global Safety Initiative Launched
Measures intended to further strengthen WACKER's safety culture worldwide
Safety is the precondition for everything we do
€1.48bn Sales (-1% yoy) Low demand in solar & construction markets | ||
€127m | 8.6% | |
EBITDA (Q1/24: €172m) | EBITDA Margin (Q1/24: 11.6%) | |
-€3m | €880m | |
Net Income (Q1/24: €48m) | Net Debt (Dec. 31, 2024: €691m) | |
HCR Plant
Increased high consistency rubber production by 28% while maintaining operating costs
Specific energy consumption lower
Dispersible Powders
Automation & sate-of-the-art process control systems
Reduce specific energy consumption
Intermediates
Increased production by 22% at a multipurpose plant while reducing operating costs
Lower specific energy
consumption
Etching Line
Higher output in etched
polysilicon for semi
WOS = WACKER Operating System
SILRES® HP 2000 LV
Silicone resin hardener for top coats
GENIOSIL® STP-E 140
Hybrid polymer binder for adhesives
GENIOSIL® STP-E 340
Hybrid polymer binder for adhesives
ELASTOSIL® eco 7770 P
Neutral cure silicone sealant
VINNOL ® H 15/45 M
Reduced carbon footprint
Polymer Binders
for CEM II ceramic tile adhesives
ECS = European Coating Show
Q1 Comments
Sales -1% yoy
Volume/Mix -1%, Price 0%, FX +1%
EBITDA -26% yoy
Performance defined by the strong demand in silicone specialties and semi being offset by weak demand for solar & construction-related products and lower at-equity income
-1%
1,490
12
1,478
-18
Sales Q1 2024
Volume/Mix
-6
Price
FX
Sales Q1 2025
Q1 2025 | Q1 2024 | |
Sales | 1,478 | 1,490 |
Gross profit from sales | 192 | 211 |
Gross margin | 13.0% | 14.2% |
EBITDA | 127 | 172 |
EBITDA margin | 8.6% | 11.6% |
EBIT | 0.4 | 63 |
EBIT margin | 0.0% | 4.2% |
Net income | -3 | 48 |
EPS | -0.16 | 0.89 |
Characteristics 03/31/25
Cash & Securities:
High level of liquidity at €923m
Working Capital:
+ €158m higher on seasonality in Chems offsetting lower polysilicon stock
Pension Provisions:
€43m lower at €710m on higher discount rates
Shareholder Equity:
€51m lower at €4.8bn, after negative FX translation effects and net loss of €3m
€9.4bn €9.1bn
52% | 53% | |||
19% | 19% | |||
16% | 18% | |||
13% | ||||
10% |
12/31/24 03/31/25
€9.4bn €9.1bn
51% | 53% | |||
11% | 11% | |||
21% | 20% | |||
17% | 17% |
12/31/24 03/31/25
Fixed Assets Inventories Receivables Cash / Securities
Comments Q1
Sales and EBITDA seasonally up qoq and higher yoy with significantly better product mix
Specialties with ongoing yoy volume growth dynamics
Growing demand in healthcare / wound care and high-performance LEDs in displays supported specialties volumes
+5%
710 719 727 650 745
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
EBITDA (€m) / margin+33%
15.0%
14.5%
12.6%
11.4%
10.3%
81
90 109 108
67
Outlook FY 2025
Sales up around 10% yoy, with an EBITDA margin slightly higher than the prior year
Sales growth driven by higher volumes in Specialties
Improved utilization supports margins
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
CapEx (€m)41
67
-€3m
63
95
38
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Comments Q1
Sales and EBITDA seasonally up qoq, but lower yoy due to
somewhat lower prices & construction-related DPP1 volumes
DPP volumes lower yoy with growth in Americas offset by weakness in Asia and Europe
Dispersions volumes at prior year level
EBITDA impacted by lower utilization and inventory effects
-3%
372 389 365 337 360
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
EBITDA (€m) / margin-34%
15.0%
15.0%
12.6%
10.4%
10.1%
56 59 46
Outlook FY 2025
Sales with low single-digit % growth, with an EBITDA margin at the prior-year level
Regional dynamics continue unchanged, Central Europe and
China with weak construction demand
34 37
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
CapEx (€m)-€2m
31
13
15
17
11
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
1) DPP = Dispersible Polymer Powder
Comments Q1
Sales growth yoy driven by BioPharma
EBITDA qoq lower due to lower BioPharma invoicing than in Q4
EBITDA prior year had benefited from good mix of products and customer projects
Focus on filling new capacities
72
98
106
91
+27%
100
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Outlook FY 2025
Sales around €400m, with an EBITDA margin slightly above the prior year
Demand for Biotech stays soft and the project business
remains challenging
6.4%
1
5.8%
13.7%
14.9%
+15%
14
16
5
1.1%
5
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
CapEx (€m)-€10m
14
10
18
7
4
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Comments Q1
Sales and EBITDA decline yoy due to lower solar-grade
volumes sold
Semi volumes significantly higher yoy and qoq
EBITDA qoq lower with significantly lower IRA benefit (approx. €30m in Q4)
Utilization rate at around 50%, production in line with
demand
300
232
209
209
245
-18%
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
EBITDA (€m) / margin31.4%
23.8%
14.5%
14.0%
11.7%
-34%
55
43
29
66
Outlook FY 2025Sales between €1.0 - 1.3bn and an EBITDA in the range of
€100 - 250m
Strong volume growth in semi
Uncertainties about AD /CVD tariffs remain
29
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
CapEx (€m)69
34
-€7m
46
50
27
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Net Financial Position Bridge (€m)32
-691 0
-197 | -13 | -12 | -880 | |||
Net financial debt | Cash flow | Cash flow from | Dividend | Lease | Exchange-rate | Net financial debt |
as of | from operating | long-term | paid, | liabilities | effects | as of |
Dec. 31, 2024 | activities | investing | Wacker | and other | March 31, 2025 | |
(gross cash | activities | Chemie AG | ||||
flow) | before securities | |||||
In €m | Q1 2025 | Q1 2024 | % YoY |
Sales | 1,478 | 1,490 | -1% |
EBITDA reported | 127 | 172 | -26% |
EBITDA-Margin | 8.6% | 11.6% | |
EBIT | 0.4 | 63 | -99% |
EBIT-Margin | 0.0% | 4.2% | |
Net income for the period | -3 | 48 | - |
EPS | -0.16 | 0.89 | - |
CapEx | 93 | 117 | -21% |
Net Cashflow | -165 | -126 | 31% |
Net Debt | 880 | 308 | >100% |
FY 2024
FY 2023
Q1 2025
Q1 2024
In €m / % SALES EBITDA
EBITDA MARGIN
SALES EBITDA
EBITDA MARGIN
SALES EBITDA
EBITDA MARGIN
SALES EBITDA
EBITDA MARGIN
Chemicals 4,269 542 12.7
SILICONES 2,805 347 12.4
POLYMERS 1,463 194 13.3
BIOSOLUTIONS 375 35 9.4
POLYSILICON 949 193 20.4
Others 144 -7 -
Consolidation -15 -1 -
4,321 490 11.3
2,741 236 8.6
1,580 253 16.0
337 7 1.9
1,599 321 20.0
162 8 -
-18 -1 -
1,105 145 13.1
745 108 14.5
360 37 10.4
91 5 5.8
245 29 11.7
40 -52 -
-3 0 -
1,083 137 12.6
710 81 11.4
372 56 15.0
72 5 6.4
300 43 14.5
39 -13 -
-4 0 -
WACKER Group 5,722 763 13.3
6,402 824 12.9
1,478 127 8.6
1,490 172 11.6
In €m | FY 2024 | Outlook 2025 | |
Sales | 5,722 | €6.1 - 6.4bn | |
EBITDA | 763 | €700 - 900m | |
EBITDA margin (%) | 13.3 | On par with last year | |
Net cash flow | -326 | Positive, substantially higher than last year | |
CapEx | 666 | Significantly lower than prior year, slightly above depreciation | |
Net Debt | 691 | On par with last year | |
Net Income | 261 | Significantly lower than prior year | |
Depreciation | 473 | Slightly higher than €500m | |
ROCE (%) | 5.0 | On par with last year | |
Tax Rate (%) | +1% | Around 20% |
2020 | 2021 | 2022 | 2023 | 2024 | 2030 Target | |
Net Zero | 100% | 93% | 87% | 72% | 76% | 100% reduction by 2045 |
Value Up | ||||||
Sustainable products | 83% | 89% | 90% | 94% | 94% | 100% of products meet defined sustainability criteria |
Diversity: Women in management | 17% | 19% | 21% | 21% | 23% | 33% of management positions held by women |
Regionalization: Management | 27% | 29% | 30% | 32% | 33% | 50% management positions outside Germany |
Footprint Down | ||||||
CO2e (Scope 1+2) emissions | 100% | 101% | 89% | 76% | 70% | 50% reduction in absolute CO2e emissions |
Energy consumption | 100% | 98% | 99% | 103% | 105% | 15% reduction in specific energy consumption |
Water withdrawal | 100% | 98% | 102% | 104% | 107% | 15% reduction in specific water withdrawal |
Collaboration Beyond | ||||||
CO2e (Scope 3) emissions | 100% | 86% | 80% | 62% | 70% | 25% reduction in absolute CO2e emissions |
Sustainable supply chain | 57% | 60% | 72% | 79% | 84% | 100% of key suppliers meet defined TfS criteria |
Health & Safety | ||||||
Chemical accidents with missed workdays1 | 3 | 4 | 10 | 2 | 5 | 0 days - reoccurring annual target |
Severe process safety incidents | 1 | 3 | 3 | 0 | 0 | 0 incidents - reoccurring annual target |
1) 2024: incidents per million work hours: 3.6 Target: <2
Si-Metal (€/mt)10,000
8,000
6,000
4,000
2,000
0
2021 2022
2023
2024
2025
Source: CRU, Si-Metal Spot FD Europe
Electricity (€/MWh)500
400
300
200
100
0
2021 2022
2023
2024
2025
Source: EEX, Baseload Front Contract Avg. Month
VAM (€/mt)4,000
3,000
2,000
1,000
0
2021 2022
2023
2024
2025
Source: ICIS, Contract FD NWE
Natural Gas (€/MWh)250
200
150
100
50
0
2021 2022 2023
2024
2025
Source: PEGAS, Front Contract Avg. Month
WACKER: Issuer, Contact and Additional Information
Issuer and Contact Financial Calendar
May 7, 2025 Annual Shareholders Meeting
July 31, 2025 Q2 2025 Results
Oct. 30, 2025 Q3 2025 Results
INVESTOR RELATIONS CONTACTS
Joerg Hoffmann, CFA
Tel. +49 89 6279 1633 | joerg.hoffmann@wacker.com
Scott McCollister
Tel. +49 89 6279 1560 | scott.mccollister@wacker.com
Wacker Chemie AG
Gisela-Stein-Straße 1, D-81671 Munich investor.relations@wacker.com
PublicationsCREATING TOMORROW'S SOLUTIONS
FACTBOOK 2024
Additional InformationISIN DE000WCH8881
WKN WCH888
Deutsche Börse WCH
CUSTOMER MAGAZINE
FACTBOOKANNUAL REPORT & ESG DISCLOSURES
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Wacker Chemie AG published this content on April 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2025 at 06:04 UTC.
