Covestro closed the second quarter of 2025 in a challenging economic environment. Newly imposed US import tariffs and oversupply from the Asia-Pacific region drove significant price declines in key sales markets. While sales volumes remained largely stable, group sales fell by 8.4 % to EUR 3.4 billion. EBITDA declined by 15.6 % to EUR 270 million, although it came in at the upper end of the company’s guidance. The group result was EUR –59 million, and free operating cash flow amounted to EUR –228 million.

Given the continued weak economic conditions and no signs of a short-term recovery, Covestro lowered its full-year 2025 guidance. The company now expects EBITDA of between EUR 700 million and EUR 1.1 billion (previously: EUR 1.0 billion to EUR 1.4 billion) and free operating cash flow of between EUR –400 million and EUR 100 million. ROCE above WACC is expected to be between –9 and –5 percentage points. The CO₂ emissions forecast remains unchanged.

Strategic steps with acquisition and management change

In June, Covestro agreed to acquire Swiss speciality film manufacturer Pontacol AG, strengthening its multilayer adhesive film portfolio. The deal includes two production sites in Switzerland and Germany and around 100 employees, and is expected to close in Q3 2025.

From 1 August, Monique Buch will take over as Chief Commercial Officer, responsible for the Solutions & Specialties segment, succeeding Sucheta Govil. She will oversee six business units, including the supply chain centres in the main regions.