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BASF Conference Call: Q1 2025 May 2, 2025
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2 May 2, 2025 | BASF Conference Call: Q1 2025 Cautionary note regarding forward-looking statements This presentation contains forward-looking statements. These statements are based on current estimates and projections of the Board of Executive Directors and currently available information. Forward-looking statements are not guarantees of the future developments and results outlined therein. These are dependent on a number of factors; they involve various risks and uncertainties; and they are based on assumptions that may not prove to be accurate. BASF does not assume any obligation to update the forward-looking statements contained in this presentation above and beyond the legal requirements.
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3 May 2, 2025 | BASF Conference Call: Q1 2025 Share of sales from locally manufactured products in 2024 1 Including BASF-YPC Company Ltd., which operates the Verbund site in Nanjing, China 2 Based on sales by location of customer Strong local production footprint in all regions gives BASF resilience 38% ▲ +2% Share of BASF Group sales in 20242 Volume development Q1 2025 vs. Q1 20242 27% ▼ -9% 25% ▲ +2% 10% ▲ +7% Europe North America South America, Africa, Middle East Asia Pacific1 ~90% ~90% ~80% ~80%
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4 May 2, 2025 | BASF Conference Call: Q1 2025 EBITDA before special items in Q1 2025 nearly at prior-year quarter level ▪ Adjusted sales1 of €15.9 billion and reported sales1 of €17.4 billion almost stable ▪ Volumes decreased by around 1% ▪ Prices declined by less than 1% ▪ Currency and portfolio effects slightly supported sales development Q1 2025 vs. Q1 2024 Volumes Prices Currency Portfolio BASF Group adjusted1 ▼ -1.1% ▼ -0.4% ▲ 0.3% ▲ 0.2% BASF Group IFRS1 ▼ -0.9% ▼ -0.6% ▲ 0.4% ▲ 0.2% Sales development 2,712 1,957 1,622 1,567 2,625 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 EBITDA before special items (million €) 1 The adjusted figures exclude sales from precious and base metal services as well as precious and base metal sales in the Battery Materials and Environmental Catalyst and Metal Solutions business. The IFRS figures correspond to the Consolidated Financial Statements.
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5 May 2, 2025 | BASF Conference Call: Q1 2025 Q1 2025: Earnings in Surface Technologies matched level of prior-year quarter, remaining segments came in below BASF Group Chemicals Materials Industrial Solutions1 Nutrition & Care Surface Technologies1 Agricultural Solutions Other BASF Group EBITDA before special items by segment Q1 2025 (million €) EBITDA before special items Q1 2025 vs. Q1 2024 (million €) 1 Since January 1, 2025, the chemical and refining catalysts business has been reported as part of the Performance Chemicals division in the Industrial Solutions segment. It was previously part of the Catalysts division in the Surface Technologies segment. The prior-year figures have been adjusted accordingly. 2,712 -117 -39 -22 -32 3 -157 278 2,625 336 469 361 230 307 1,204 -282
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6 May 2, 2025 | BASF Conference Call: Q1 2025 ▪ Strong demand for high-quality and high-purity semiconductor- grade chemicals ▪ New production facility in Ludwigshafen in proximity to key customer operations ▪ Mutual long-term customer- supplier commitments ▪ Startup expected by 2027 6 May 2, 2025 | BASF Conference Call: Q1 2025 BASF invests in semiconductor-grade sulfuric acid plant in Ludwigshafen
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7 May 2, 2025 | BASF Conference Call: Q1 2025 BASF Group Q1 2025: Key financial figures Q1 2025 vs. Q1 2024 EBITDA before special items €2,625m -€87m Adjusted EBITDA margin bsi1 16.5% -0.4ppt EBIT before special items €1,664m Net income €808m -€560m Operating cash flow -€982m Free cash flow -€1,798m -€90m -€468m -€342m 1 EBITDA margin before special items excluding sales from precious and base metal services as well as precious and base metal sales in the Battery Materials and Environmental Catalyst and Metal Solutions business.
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8 May 2, 2025 | BASF Conference Call: Q1 2025 Cash flow development in Q1 2025 Q1 2025 vs. Q1 2024 ▪ Cash flows from operating activities decreased by -€468 million to -€982 million, mainly due to build-up of precious metals trading position and payment of €300 million for settlement related to AFFF products in the U.S. ▪ Payments made for property, plant and equipment and intangible assets declined by €127 million to €816 million ▪ Free cash flow came in at -€1.8 billion compared with -€1.5 billion in Q1 2024 Q1 2025 (million €) Q1 2024 (million €) -513 -1,457-943 Cash flows from operating activities Payments made for property, plant and equipment and intangible assets Free cash flow Q1 2024 -982 -1,798-816 Cash flows from operating activities Payments made for property, plant and equipment and intangible assets Free cash flow Q1 2025 AFFF- related payment
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9 May 2, 2025 | BASF Conference Call: Q1 2025 Strong balance sheet Million € March 31, 2025 Dec. 31, 2024 Change Total assets 81,419 80,415 1.2% Noncurrent assets 48,228 49,183 -1.9% Current assets 33,191 31,232 6.3% Equity 37,351 36,884 1.3% Equity ratio 45.9% 45.9% - Financial debt 22,767 21,762 4.6% Net debt 20,393 18,781 8.6% ▪ Total assets increased by €1.0 billion to €81.4 billion, mainly due to the seasonality of the Agricultural Solutions business ▪ Equity ratio unchanged at 45.9% ▪ Net debt increased by €1.6 billion to €20.4 billion
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10 May 2, 2025 | BASF Conference Call: Q1 2025 Maintaining our single A credit rating Rating agency Long-/short- term rating Outlook Last update Fitch A/F1 stable November 1, 2024 Moody’s A3/P-2 stable April 8, 2025 Standard & Poor’s A-/A-2 stable December 2, 2024 ▪ BASF enjoys good credit ratings, particularly compared with competitors ▪ BASF strives to maintain its single A rating, which ensures unrestricted access to financial markets ▪ Prudent financial policy with strong balance sheet and high equity ratio ensures favorable financing conditions
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11 May 2, 2025 | BASF Conference Call: Q1 2025 Outlook 2025 for BASF Group remains unchanged Underlying assumptions Growth in gross domestic product Growth in industrial production Growth in chemical production Average euro/dollar exchange rate Average annual oil price (Brent crude) +2.6% +2.4% +3.0% $1.05 per euro $75 per barrel 1 Extraordinary impact from the startup of the Zhanjiang Verbund site, impact on EBITDA before special items and on free cash flow (incl. impact on EBITDA before special items and on net working capital) 2 Scope 1 and Scope 2 BASF Group 2024 actual BASF Group 2025 forecast Zhanjiang startup impact 20251 EBITDA before special items (billion €) 7.9 8.0 – 8.4 minus ~0.4 Free cash flow (billion €) 0.7 0.4 – 0.8 minus ~0.8 CO2 emissions2 (million metric tons) 17.0 16.7 – 17.7 Current trends
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13 May 2, 2025 | BASF Conference Call: Q1 2025 Financial figures Q1 2025 Q1 2024 Change Million € Million € % Sales 17,402 17,553 -0.9 EBITDA before special items 2,625 2,712 -3.2 EBITDA 2,177 2,655 -18.0 EBIT before special items 1,664 1,754 -5.1 EBIT 1,197 1,689 -29.2 Net income from shareholdings -51 229 . Net income 808 1,368 -40.9 BASF Group Q1 2025 vs. Q1 2024: Financial figures
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14 May 2, 2025 | BASF Conference Call: Q1 2025 Chemicals Sales development Total Volumes Prices Currencies Portfolio Q1 2025 vs. Q1 2024 ▲ 0.4% ▼ -2.3% ▼ -0.3% ▲ 0.8% ▲ 2.3% Segment cash flow (million €)EBITDA before special items (million €) -556 -406 -363 -726 -390 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 453 444 342 103 336 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
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15 May 2, 2025 | BASF Conference Call: Q1 2025 Materials EBITDA before special items (million €) Segment cash flow (million €) Sales development Total Volumes Prices Currencies Portfolio Q1 2025 vs. Q1 2024 ▲ 0.2% 0.0% ▼ -0.3% ▲ 0.7% ▼ -0.1% 508 448 484 365 469 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 85 137 299 246 44 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
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16 May 2, 2025 | BASF Conference Call: Q1 2025 Industrial Solutions EBITDA before special items1 (million €) Segment cash flow1 (million €) Sales development Total Volumes Prices Currencies Portfolio Q1 2025 vs. Q1 2024 ▼ -0.7% ▲ 0.1% ▼ -0.7% ▲ 0.9% ▼ -1.1% 383 367 378 308 361 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 117 167 403 416 142 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 1 Since January 1, 2025, the chemical and refining catalysts business has been reported as part of the Performance Chemicals division in the Industrial Solutions segment. It was previously part of the Catalysts division in the Surface Technologies segment. The prior-year figures have been adjusted accordingly.
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17 May 2, 2025 | BASF Conference Call: Q1 2025 Nutrition & Care EBITDA before special items (million €) Segment cash flow (million €) Sales development Total Volumes Prices Currencies Portfolio Q1 2025 vs. Q1 2024 ▼ -0.6% ▼ -3.4% ▲ 2.6% ▲ 0.3% 0.0% 262 183 201 168 230 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 -64 19 52 -38 -103 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
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18 May 2, 2025 | BASF Conference Call: Q1 2025 Surface Technologies EBITDA before special items1 (million €) Segment cash flow1 (million €) Sales development Total Volumes Prices Currencies Portfolio Q1 2025 vs. Q1 2024 ▼ -1.2% ▲ 0.1% ▼ -2.0% ▲ 0.7% ▼ -0.1% 304 319 264 211 307 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 234 173 185 98 33 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 1 Since January 1, 2025, the chemical and refining catalysts business has been reported as part of the Performance Chemicals division in the Industrial Solutions segment. It was previously part of the Catalysts division in the Surface Technologies segment. The prior-year figures have been adjusted accordingly.
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19 May 2, 2025 | BASF Conference Call: Q1 2025 Agricultural Solutions EBITDA before special items (million €) Segment cash flow (million €) Sales development Total Volumes Prices Currencies Portfolio Q1 2025 vs. Q1 2024 ▼ -7.9% ▼ -5.6% ▼ -1.4% ▼ -0.9% - 1,361 135 49 394 1,204 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 -715 1,005 612 959 -978 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
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20 May 2, 2025 | BASF Conference Call: Q1 2025 Review of “Other” Financial figures Q1 2025 Q1 2024 Change Million € Million € % Sales 903 736 22.7 EBITDA before special items -282 -560 49.7 of which Costs of corporate research -47 -53 11.5 Costs of corporate headquarters -59 -60 2.2 Other businesses 11 10 18.3 Miscellaneous income and expenses -187 -457 59.0 Special items in EBITDA -380 -64 -491.4 EBITDA -662 -624 -6.0