In a difficult environment, Evonik has delivered another strong quarter, exceeding analysts' expectations. The company is therefore publishing preliminary key figures for the second quarter in advance and is materially raising its outlook for the fiscal year 2024.

• Adjusted EBITDA in second quarter well above prior year

• Further improvement also compared to already good first quarter

• Outlook for full year: Adjusted EBITDA expected between €1.9 billion and €2.2 billion

Based on preliminary and unaudited figures, Evonik achieved an adjusted EBITDA of €578 million in the second quarter, 29 percent above the prior-year figure (Q2 2023: €450 million). Analysts had expected €531 million (Vara consensus as of May 29, 2024). At the same time, the result is another 11 percent higher than the already good first quarter.

As there was still no broad-based macroeconomic recovery, company-specific factors in particular led to this positive development: In addition to continued strict cost discipline, good volume development in Specialty Additives as well as a price recovery in Animal Nutrition and lower production costs were drivers of the sequential increase.

Based on this development, Evonik is raising its outlook for adjusted EBITDA, lifting the range for the full year 2024 by €200 million. Earnings are now expected to be between €1.9 billion and €2.2 billion (previously: €1.7 billion to €2.0 billion).