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Press Conference: Q3 2025 Ludwigshafen, October 29, 2025
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2 October 29, 2025 | BASF Press Conference: Q3 2025 BASF Group sales declined due to currency headwinds and lower prices ▪ Volumes increased overall due to growth in the Surface Technologies, Chemicals and Materials segments ▪ Prices declined, particularly in the Chemicals segment ▪ Currency effects burdened sales development in all divisions ▪ Portfolio effects supported sales slightly Q3 2025 vs. Q3 2024 Total Volumes Prices Currency Portfolio Pro forma figures1 ▼ -3.2% ▲ 1.5% ▼ -1.7% ▼ -3.9% ▲ 0.9% Pro forma figures (excluding metals)2 ▼ -6.1% ▲ 0.9% ▼ -4.3% ▼ -3.6% ▲ 1.0% Sales development 1,622 1,567 2,625 1,772 1,544 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 EBITDA before special items (million €)1 1 The pro forma figures include discontinued operations (automotive OEM coatings, automotive refinish coatings and surface treatment businesses). 2 The pro forma figures (excluding metals) 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 divisions.
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3 October 29, 2025 | BASF Press Conference: Q3 2025 Q3 2025 snapshot: Market development and BASF’s performance Market environment Volume development Specific margin Core businesses Chemicals Materials Industrial Solutions Nutrition & Care Standalone businesses Surface Technologies1 Agricultural Solutions Impact on BASF’s EBITDA before special items in Q3 2025 vs. Q3 2024 1 Including discontinued operations (automotive OEM coatings, automotive refinish coatings and surface treatment businesses).
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4 October 29, 2025 | BASF Press Conference: Q3 2025 Q3 2025: EBITDA before special items only slightly below prior-year quarter, despite strong market and currency headwinds BASF Group Chemicals Materials Industrial Solutions1 Nutrition & Care Surface Technologies1, 2 Agricultural Solutions Other BASF Group EBITDA before special items by segment Q3 2025 (million €)2 EBITDA before special items Q3 2025 vs. Q3 2024 (million €)2 1,622 -80 -76 -88 -67 179 31 22 1,544 262 408 291 134 443 80 -75 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 former Catalysts division in the Surface Technologies segment. The prior-year figures have been restated accordingly. 2 Including discontinued operations (automotive OEM coatings, automotive refinish coatings and surface treatment businesses)
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5 October 29, 2025 | BASF Press Conference: Q3 2025 We are on track with the stepwise startup of our Zhanjiang Verbund site Expected EBITDA before special items (million €) 1,000-1,200 -400 0 400 800 1,200 2025 2026 2030 ▪ Mechanical completion of steam cracker achieved in October 2025 ▪ Tight budgetary discipline, scope changes and excellence in procurement led to capex reduction by €1.3 billion to €8.7 billion for the entire project from 2019 to 2028 ▪ Due to currently long markets, increase in earnings contribution will be slower than initially assumed 5 October 29, 2025 | BASF Press Conference: Q3 2025
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6 October 29, 2025 | BASF Press Conference: Q3 2025 Zhanjiang Verbund site: We are now focusing on commissioning and the handover to operations OperationCommissioningConstruction6 October 29, 2025 | BASF Press Conference: Q3 2025 May 2025 October 2025 Cracker B200/ Cracker
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7 October 29, 2025 | BASF Press Conference: Q3 2025 BASF and Carlyle reach binding transaction agreement on coatings business to create a leading standalone company 1 Funds managed by global investment firm Carlyle (NASDAQ: CG), in partnership with Qatar Investment Authority (QIA) 2 Automotive OEM coatings, automotive refinish coatings and surface treatment businesses (excluding decorative paints) Ownership structure post closing 40% share60% share 1 Coatings2 ▪ Significant step in unlocking the value of BASF’s standalone businesses, as we swiftly execute our “Winning Ways” strategy ▪ Enterprise value of the transaction2 amounts to €7.7 billion ▪ At closing, which is expected in Q2 2026: ▪ BASF will hold a 40% equity stake in the coatings business ▪ BASF will receive pre-tax cash proceeds of approx. €5.8 billion ▪ Significant future value creation potential by accelerating growth and unlocking the full potential of the business in a standalone entity
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8 October 29, 2025 | BASF Press Conference: Q3 2025 Implications of the coatings transaction agreed with Carlyle on BASF’s statement of income and statement of cash flows Until closing P&L ▪ BASF will report the business of the transaction as discontinued operations as of September 30, 2025 ▪ Sales and earnings of the business are no longer included in sales and EBIT(DA) of BASF Group – retroactively as of January 1, 2025; prior-year figures have been restated ▪ Income after taxes of the business is presented in the income after taxes from discontinued operations; between signing and closing, depreciation is suspended Cash flows ▪ Cash flows of the business will be considered in the respective line items of BASF’s statement of cash flows (no change) As of closing P&L ▪ BASF’s minority stake will be accounted for as a financial investment under the equity method and will be reported in the EBIT(DA) before special items of Other Cash flows ▪ The cash inflow from the transaction will be reported in cash flows from investing activities in the line item “payments received from divestitures” ▪ After closing, dividend payments from the business to BASF Group will be reported in BASF’s cash flows from operating activities; within BASF’s cash flows from operating activities, the equity result of the business will be eliminated
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9 October 29, 2025 | BASF Press Conference: Q3 2025 Figures including and excluding discontinued operations 1 Pro forma 2025 figures include discontinued operations; prior-year figures correspond to the figures reported in 2024 reporting. 2 The sales and earnings figures listed until income before income taxes for 2025 show values excluding discontinued operations. The prior-year values were restated. 3 Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments) Million € 2025 pro forma1 2024 reported1 +/- % 20252 2024 restated2 +/- % Sales 15,230 15,739 -3.2 14,328 14,816 -3.3 EBITDA before special items 1,544 1,622 -4.8 1,430 1,478 -3.2 EBITDA 1,307 1,277 2.4 1,207 1,163 3.8 Depreciation and amortization3 1,029 1,027 0.2 976 971 0.4 Income from operations (EBIT) 278 250 11.4 232 191 21.1 Special items in EBIT -315 -385 18.1 -301 -354 14.8 EBIT before special items 594 635 -6.5 533 545 -2.2 Income before income taxes 184 570 -67.7 140 516 -72.8 Income after taxes from continuing operations 202 343 -41.2 169 302 -43.9 Income after taxes from discontinued operations - - . 32 41 -21.4 Income after taxes 202 343 -41.2 202 343 -41.2 Net income 172 287 -39.9 172 287 -39.9 Financial figures Q3
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10 October 29, 2025 | BASF Press Conference: Q3 2025 Cash contributions ▪ Sale of food and health performance ingredients business (closed Sept. 30, 2025) and of Brazilian decorative paints business (closed Oct. 1, 2025) ▪ BASF and Carlyle reached binding transaction agreement on coatings business (announced on Oct. 10, 2025) ▪ Further monetization of oil and gas: Proceeds from divestment of Harbour Energy shares over time; first payments from Wintershall Dea related to federal investment guarantees already in 2025 ▪ Cash inflow from potential IPO of minority share in Agricultural Solutions Cash allocations ▪ Confirmed ordinary dividend of at least €2.25 per share annually ▪ Deleveraging to support balance sheet and single A credit rating ▪ Share buyback program starts earlier than announced at Capital Markets Day in 20241 ▪ Large acquisitions currently not in focus, small to mid-sized M&A possible ▪ Capex (including intangibles) below depreciation as of 2026 Our successful portfolio measures enable us to strengthen our balance sheet and bring forward share buybacks 1 Announcement at CMD in September 2024: Share buybacks of at least €4 billion between 2027 and 2028
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11 October 29, 2025 | BASF Press Conference: Q3 2025 ▪ At the CMD in September 2024, BASF had announced share buybacks of at least €4 billion between 2027 and 2028 ▪ Given the considerable cash proceeds already received and further proceeds expected, BASF will begin buying back shares significantly earlier than originally scheduled ▪ Volume of up to €1.5 billion to be repurchased by the end of June 2026 BASF to begin share buyback in November 2025
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12 October 29, 2025 | BASF Press Conference: Q3 2025 BASF Group Q1-Q3 2025: Key financial figures1 Q1-Q3 2025 vs. Q1-Q3 2024 EBITDA before special items €5,941m -€350m EBITDA margin bsi (excl. metals)2 13.6% -0.3ppt EBIT before special items €3,067m Net income €1,059m -€1,025m Operating cash flow €1,974m Free cash flow -€868m -€290m -€1,515m -€450m 1 Pro forma figures including discontinued operations (automotive OEM coatings, automotive refinish coatings and surface treatment businesses) 2 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 businesses
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13 October 29, 2025 | BASF Press Conference: Q3 2025 Cash flow development in Q1-Q3 2025 and Q3 2025 Q1-Q3 2025 (million €) Q3 2025 (million €) 1,371 398 -973 Cash flows from operating activities Payments made for property, plant and equipment and intangible assets Free cash flow Q3 2025 1,974 -868-2,842 Cash flows from operating activities Payments made for property, plant and equipment and intangible assets Free cash flow Q1-Q3 2025 Q3 2025 vs. Q3 2024 ▪ Cash flows from operating activities decreased by €681 million to €1.4 billion, mainly due to cash tied up in other operating assets ▪ Payments made for property, plant and equipment and intangible assets declined by €510 million to €973 million ▪ Free cash flow came in at €398 million compared with €569 million in Q3 2024
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14 October 29, 2025 | BASF Press Conference: Q3 2025 Outlook 2025 for BASF Group – confirmed but technically adjusted Underlying assumptions unchanged Growth in gross domestic product Growth in industrial production Growth in chemical production Average euro/dollar exchange rate Average annual oil price (Brent crude) +2.0% – +2.5% +1.8% – +2.3% +2.5% – +3.0% $1.15 per euro $70 per barrel Previous forecast1 Technically adjusted forecast2 EBITDA before special items (billion €) 7.3 – 7.7 6.7 – 7.1 Free cash flow (billion €) 0.4 – 0.8 0.4 – 0.8 (unchanged) CO2 emissions4 (million metric tons) 16.7 – 17.7 16.7 – 17.7 (unchanged) 1 The previous forecast includes discontinued operations (automotive OEM coatings, automotive refinish coatings and surface treatment businesses). 2 The technically adjusted forecast is in accordance with IFRS and excludes discontinued operations. 3 Extraordinary impact from the startup of the Zhanjiang Verbund site, impact on EBITDA before special items and on free cash flow (without capex impact) 4 Scope 1 and Scope 2 Zhanjiang startup impact 20253 minus ~0.4 minus ~0.8