BASF has published its financial results for the second quarter of 2025. EBITDA before special items fell by EUR 185 million year on year to EUR 1.8 billion. Agricultural Solutions stood out with volume growth of 21 %. Surface Technologies and Nutrition & Care also posted slightly higher earnings. In contrast, Chemicals faced significant margin pressure, which was the main driver of the decline. Group sales reached EUR 15.8 billion, down by EUR 342 million compared with the prior-year quarter, mainly due to negative currency effects and lower prices.

Earnings before interest and taxes (EBIT) came to EUR 494 million, EUR 22 million below the level of the previous year. The decrease was also linked to lower contributions from Wintershall Dea and Harbour Energy. Net income after non-controlling interests dropped to EUR 79 million, compared with EUR 430 million a year earlier.

Cash flow development in Q2 2025

Cash flow from operating activities was EUR 1.6 billion, EUR 365 million less than in the prior-year quarter. BASF attributed the decline primarily to changes in trade payables. Free cash flow, however, increased slightly to EUR 533 million. Capital expenditures fell by EUR 428 million, as the peak investment phase at the Verbund site in South China has now passed.

In the first half of 2025, BASF Group generated sales of EUR 33.2 billion, EUR 493 million less than in the previous year. EBITDA before special items stood at EUR 4.4 billion, down from EUR 4.7 billion. Free cash flow amounted to minus EUR 1.3 billion.