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1 Evonik Leading Beyond Chemistry Christian Kullmann, Chief Executive Officer Dr. Claus Rettig, Interim Chief Financial Officer Q4 / FY 2025 Preliminary (Unaudited) Results February 5, 2026
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2 Revised 2025 guidance achieved with strong cash generation – Aiming for broadly stable earnings in 2026 | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results Revised earnings outlook for FY 2025 achieved: Adj. EBITDA of €1,874 m Solid Q4 (adj. EBITDA €357 m; “only“ -8% yoy); results mainly supported by Health Care as well as lower personnel costs Consistent strategy execution key to reach our ROCE target of 11% as soon as possible Realization of growth projects in attractive niches and implementation of optimization programs as base for future success Cash conversion rate of 37% for FY 2025 in upper half of guidance corridor (FCF of €695 m) Strong finish to the year with €411 m of FCF generated in Q4 thanks to decisive NWC management New dividend policy in two steps: 1) €1 for fiscal 2025; 2) 40-60% payout of adj. net income for years thereafter Combining an attractive dividend (~7% yield for 2025) with increased financial flexibility Aiming for broadly stable earnings in FY 2026: Adj. EBITDA between €1.7 and 2.0 bn expected Tough environment mainly balanced out by further cost optimization; FCF conversion around 40% again
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3 While the short-term trading environment remains tough, our strategic direction remains valid and we control our own destiny → Industry-leading cash generation → Moderate leverage Today Weak demand and structural headwinds In the coming years At least some demand improvement We control our own destiny – acting from a position of strength We have more potential for improvement with our strategy execution → Consistent cost reduction → Further portfolio optimization → Growth in attractive niches → More balanced use of cash ROCE ~11% as soon as possible | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results We have more potential for improvement with our strategy execution as soon as possible
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4 Highlights FY 2025 Highlights FY 2025 1 1 Outlook FY 2026 Outlook FY 2026 2 2 Focus on strategy execution Focus on strategy execution 3 3 Update on capital allocation priorities Update on capital allocation priorities 4 4 Table of contents | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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5 FY 2025 results overview Sales (in € m) Adj. EBITDA (in € m)Sales (yoy in %) Free Cash Flow (in € m) / CCR1 Adj. EPS (in €)ROCE (in %) Volume Price -2% -1% FX Other -2% -2% 1,874 (FY 2024: 2,065) 14,069 (FY 2024: 15,157) 695 (FY 2024: 873) 1.36 (FY 2024: 1.67) 6.1 (FY 2024: 7.1) 37% (FY 2024: 42%) 1. Cash Conversion Rate = FCF / adj. EBITDA | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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6 Revised earnings outlook for FY 2025 achieved Adj. EBITDA (in € m) 2024 2025 2,065 1,874 (Revised) Outlook: ”Around €1.9 bn“ Drivers of Q4 earnings development ▪ Q4 adj. EBITDA of €357 m (“only“ -8% yoy) ▪ Custom Solutions with yoy higher earnings in Q4 (+3%) thanks to strong Health Care business ▪ Advanced Technologies with flat earnings yoy in Q4; visible benefits of optimization programs able to offset tough competition ▪ Lower personnel costs supportive − Structural reduction: >850 FTE less yoy − Further bonus provision release | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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7 Cash conversion rate of 37% for FY 2025 in upper half of guidance corridor Free Cash Flow (in € m) / Conversion rate (in %) Drivers of Q4 cash development CCR1 37%42% 1. Cash Conversion Rate = FCF / adj. EBITDA 2024 2025 873 695 (Revised) Outlook: ”Between 30-40%“ ▪ Q4 FCF of €411 m (Q4 2024: €172 m) ▪ Reduced capex spend at year-end (-€65 m yoy in Q4) ▪ Decisive NWC management − Delta NWC +€163 m in Q4 − NWC to sales ratio down to 17.2% at year-end (end of Q3: 19.4%; end of last year: 17.7%) | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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8 Consistent strategy execution in ”new normal“ environment more relevant than ever – in 2025 we showed good progress OptimizationPortfolio Growth Investments in Asia Japan, Singapore, China Portfolio transformation Launch of SYNEQT Ramping-up investments PA12, Alkoxides and others Biosurfactants Expansion of applications ETM1 on track Reduction of >850 FTE Business optimization programs on track 1. ETM: Evonik Tailor Made | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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9 We are moving forward with product innovation and sustainability Sustainability: Handprint Innovation Sustainability: Footprint 1. NGS: “Next Generation Solutions” include “Leader” (A++) and “Driver” (A+) products and solutions (conducted via PSA analysis) | 2. Scope 1 and 2 CO2e emissions; vs base year 2021 reduction of GHG emissions2 Temporarily ahead of 2030 target of -25% SBTi Scope 1&2 due to weaker volumes in 2025 and portfolio change faster sales growth in Innovation Growth Areas versus Group sales +3pp share of Next Generation Solutions1 Increased from 45 to 48%; well on track for target of >50% by 2030 48% +13pp | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results -31%
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10 Highlights FY 2025 Highlights FY 2025 1 1 Outlook FY 2026 Outlook FY 2026 2 2 Focus on strategy execution Focus on strategy execution 3 3 Update on capital allocation priorities Update on capital allocation priorities 4 4 Table of contents | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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11 Assumptions for FY 2026 outlook: We focus on controllable levers – external factors unlikely to improve External factors ▪ Global industrial production to stay below 2025 level (+1.7% for 2026E vs. +3.1% in 2025) ▪ No pronounced demand recovery in key end markets ▪ Likely continued FX headwind from USD weakness ▪ Continued Chinese competition in selected products Growth ▪ Ramping-up capacities in innovative areas ▪ Higher volumes – less shutdowns expected (esp. in Advanced Technologies) Self-help measures / Cost savings ▪ More savings from ETM and business optimization → another ~1,000 FTE to be reduced in 2026 ▪ Positive effects from asset network optimization ▪ Support from short-term contingencies Additional factors ▪ Tailwind from lower energy costs ▪ Reduced impact from inventory optimization Tailwinds and positives from strategy executionHeadwinds – Mostly from external factors Evonik factors ▪ Methionine capacity additions by competitors likely resulting in normalization of prices ▪ 2025 was supported by one time-effects (not recurring) ▪ Fixed cost increases hard to compensate in downturn Base case: Effects more or less balance out | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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12 Aiming for broadly stable earnings in FY 2026: Adj. EBITDA between €1.7 and 2.0 bn 2025 2026E 1.9 “€1.7 - 2.0 bn” Adj. EBITDA (in € bn) Outlook by segment Custom Solutions Advanced Technologies Infrastructure (incl. C4) / Other Slightly above prior-year level Slightly below prior-year level Slightly above prior-year level ▪ Slightly higher volumes expected in most businesses; increasing utilization of new plants ▪ Slightly falling input costs ▪ Health Care: positive effects from optimization program ▪ Less positive one-time-effects vs. PY ▪ Continued competitive pressure for more standardized products ▪ Normalization of methionine prices, partly offset by higher volumes and better cost position ▪ Benefits from optimization programs ▪ More FTE reduction ▪ Slight recovery for Oxeno (C4) possible, coming from a trough level in 2025 | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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13 Free Cash Flow: Targeting ~40% cash conversion again Expected building blocks for FCF development 2025 2026E 695 CCR1 ~40%37% 1. Cash Conversion Rate = FCF / adj. EBITDA ▪ Similar operating result (mid-point of guidance range) as starting point ▪ Disciplined capex approach: yoy stable at ~€750 m ▪ Lower bonus payments in FY 2026 (for 2025) ▪ NWC neutral as base case, but final outcome depending on business development esp. towards year-end | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results Free Cash Flow (in € m) / Conversion rate (in %)
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14 Additional indications for FY 2026 Sales between €14 and 15 bn (2025: €14.1 bn) ROCE around prior-year level (2025: 6.1%) Capex1 ~€750 m (2025: €748 m) EUR/USD sensitivity2 +/-1 USD cent = -/+ ~€5 m adj. EBITDA (FY basis) Adj. D&A around prior-year level (2025: €1,013 m) Adj. net financial result around prior-year level (2025: -€162 m) Adj. tax rate around long-term sustainable level of ~30% (2025: 22%) 1. Cash outflow for investment in intangible assets, pp&e | 2. Including transaction effects (after hedging) and translation effects; before secondary / market effects | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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15 Highlights FY 2025 Highlights FY 2025 1 1 Outlook FY 2026 Outlook FY 2026 2 2 Focus on strategy execution Focus on strategy execution 3 3 Update on capital allocation priorities Update on capital allocation priorities 4 4 Table of contents | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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16 Reaching our mid-term targets is challenged right now by a combination of temporary and structural headwinds External challenges Weak end market demand High cost-base in Europe Increasing regulation Chinese competition Protectionism New assumption for external environment: Industrial production: ~1.7%1 2025 2026E 3.1 2024 3.0 → Consistent strategy execution key to reach our ROCE target of 11% as soon as possible → Implementation of optimization programs and realization of growth projects in attractive niches | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results 1. Expected growth rate for manufacturing sector in 2026, Oxford Economics (as of September 2025) Assumption at 2025 CMD: 2.5% p.a.
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17 Additives for coatings Components for lithium batteries PU foam for insulation Active cosmetic ingredients Gas separation membranes Growth aspirations in existing products to be complemented with more long-term oriented opportunities Growth investments Market growth Innovation … long-term growth opportunities Specific contributions in the next years … As presented at 2025 CMD NEW! Existing products in new markets with strong growth potential 3-4% relevant market growth p.a. PA12 | Germany Alkoxides | Singapore Silica | United States Metal Oxides | Japan Biosurfactants | Slovakia Membranes | Austria Data center cooling Drone applications Consumer electronics | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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18 Broad portfolio of High Performance Polymers provides solutions to attractively growing market for drone applications Lightweight materials e.g. ROHACELL foam ▪ ROHACELL is used for the construction of lightweight structures and composites ▪ Minimizing weight, enhancing scalability and enabling high performance; typically used in wings, blades and radomes ▪ High performance material for design-freedom and mechanical superiority, enabling long-ranged drones with modular manufacturing ▪ Collaboration between Evonik and hp Inc. in 3D printing for drones to serve the future need of civil and military industry 3D printing of lightweight materials e.g. PA12 powder Expected market growth1: >15% Expected market growth1: ~20% ROHACELL® VESTOSINT® 1. CAGR 2024-2030 | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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19 Evonik provides innovative thermal management and piping solutions for a rapidly growing and evolving data center cooling infrastructure Data center liquid cooling (immersion cooling) e.g. VISCOBASE products & formulations ▪ Oil Additives business offers esters and hydrocarbons but also customized solutions like blends and formulations to fast growing end market ▪ Our range of products combines technical benefits with additional relevant features like biodegradability or lower carbon footprint ▪ Durable and reliable: High temperature, mechanical, and chemical resistance for long-term operation in liquid-cooling pipelines ▪ Clean and coolant-compatible: Minimal ion leaching and strong coolant compatibility to ensure system cleanliness and prevent corrosion Superior piping material e.g. PA12 Expected market growth1: ~20% Expected market growth1: ~10% VESTAMID® VISCOBASE® 1. CAGR 2024-2030 | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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20 With our solutions for the consumer electronics and batteries industry, we are well positioned in fast-growing markets Relevant market growth1: ~5-8% ▪ Polybutadiene-based potting compounds play a vital role in protecting electronic equipment from environmental factors ▪ They offer exceptional customization, ensuring optimal electrical insulation and mechanical strength Consumer electronics e.g. Potting compounds for electronics & electrical sensors ▪ High-performance aluminum oxide grades for lithium-ion-batteries ▪ Investment in aluminum oxide plant in Yokkaichi, Japan (October 2025) ▪ Commitment to innovation and sustainability drives growth in Asia- Pacific Batteries / Li-ion batteries e.g. Aluminum oxides for EV Relevant market growth1: >10% AEROXIDE® POLYVEST® 1. CAGR 2024-2030 | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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21 Initiated restructuring and optimization programs are on track – execution to be even more focused from here Reorganization “Evonik Tailor Made” Business optimization Procurement optimization … to be bolstered by even more focus Specific contributions in the next years … NEW! As presented at 2025 CMD + All cost savings and optimization measures bundled for more efficient steering + Additional short-term contingencies, e.g. travel restrictions, training and communication spending reductions + Unlocking value through digital sourcing by leveraging bots and AI in procurement process 2024 2025 2026E 31,930 31,053 30,053 -877 -1,000 Reorganization and optimization measures on track FTE reduction confirms path to tangible financial impact in the future ~30,000 | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results ~-1,000 # FTE
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22 Fixed cost compensation: A clear challenge in a downturn ~€5 bn fixed costs Extraordinary high cost inflation in 2025 (esp. German wages +7% vs. average general fixed cost increase of ~4%) In 2025, cost savings did not fully come through to the bottom-line as planned + Evonik Tailor Made and business optimization + Programs on track + >850 FTE reduction in 2025 | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results Savings Fixed cost increase
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23 Highlights FY 2025 Highlights FY 2025 1 1 Outlook FY 2026 Outlook FY 2026 2 2 Focus on strategy execution Focus on strategy execution 3 3 Update on capital allocation priorities Update on capital allocation priorities 4 4 Table of contents | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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24 Capital allocation priorities remain unchanged – new dividend policy based on payout ratio INVESTMENTS INTO ORGANIC GROWTH ATTRACTIVE DIVIDEND ADDITIONAL VALUE CREATION 1 2 3 … unchanged and disciplined Use of cash priorities … Until 2027: De-leveraging No M&A ~50% Smart Preservation Capex ~50% Disciplined Growth Capex Optional: Additional shareholder returns New dividend policy based on payout ratio1: Combining an attractive dividend with increased financial flexibility 1. From FY 2026 (paid in 2027) onwards; €1 per share as transition for FY 2025 (paid in 2026) Unchanged UnchangedNEW! | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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25 ▪ Dividend tied to financial performance enables − Long-term sustainability of dividend − More financial flexibility for Evonik to reach its strategic and financial targets − Participation of investors in future growth ▪ Range for payout ratio allows for dividend continuity and reliability in Euro terms (i.e. higher payout ratio in weaker financial years and vice versa) 40-60% payout ratio based on adj. net income New dividend policy: Combining an attractive dividend with increased financial flexibility ▪ Rigid dividend of €1.17 not adequate in this tough market environment and for a company in transformation ▪ Transition year from the past’s fixed dividend level to a payout ratio in the future ▪ €1 per share highly attractive dividend in these difficult times: ~7% yield1 €1 per share Dividend proposal for FY 2025 (to be paid in 2026) From FY 2026 onwards (to be paid from 2027) New dividend policy to be established in two steps 1 2 | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results 1. Based on share price level on February 4, 2026
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26 While the short-term trading environment remains tough, our strategic direction remains valid and we control our own destiny → Industry-leading cash generation → Moderate leverage Today Weak demand and structural headwinds In the coming years At least some demand improvement We control our own destiny – acting from a position of strength → Consistent cost reduction → Further portfolio optimization → Growth in attractive niches → More balanced use of cash ROCE ~11% | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results We have more potential for improvement with our strategy execution as soon as possible
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28 Q4 2025 results overview Sales (in € m) Adj. EBITDA (in € m)Sales (yoy in %) Capex (in € m) Adj. EPS (in €)Free Cash Flow (in € m) Volume Price +2% -2% FX Other -5% +/-0% 357 (Q4 2024: 388) 3,403 (Q4 2024: 3,599) 201 (Q4 2024: 266) 0.15 (Q4 2024: 0.16) 411 (Q4 2024: 172) | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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29 Custom Solutions | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results Sales (in € m) Additives --- Care Adj. EBITDA (in € m) / margin (in %) FY 25 vs. FY 24 Volume Price FX Other -3% +1% -3% +1% FY 2024 FY 2025 5,737 5,492 -4% 3,6833,908 1,829 1,809 FY 2024 FY 2025 978 909 -7% 17.0% 16.6% Q4 25 vs. Q4 24 Volume Price FX Other +/-0% +1% -5% +1% Q4 2024 Q3 2025 179 215 Q4 2025 184 Q4 2024 1,408 935 473 Q3 2025 1,340 899 441 Q4 2025 1,359 491 869 12.7% 16.0% 13.5% Q4 comments ▪ Differentiated steering of segments visible − Pricing focus paying off (+1%) − Volumes stabilizing (+0%) ▪ FX as burden ▪ Earnings up yoy, driven by Health Care Additives (adj. EBITDA stable yoy) ▪ Despite weak demand persisting, most additives with stable to positive volumes ▪ Biodiesel catalysts and PU-additives with volume declines, mostly in Europe & US Care (adj. EBITDA up yoy) ▪ Care Solutions suffering from still weak end customer demand in Base Ingredients, while Specialities developed well ▪ Health Care with strong year end, mainly driven by phasing of customer campaigns and higher demand in oral drug delivery
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30 Advanced Technologies | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results Sales (in € m) Inorganics --- Organics --- Animal Nutrition Adj. EBITDA (in € m) / margin (in %) FY 25 vs. FY 24 Volume Price FX Other +2% -2% -3% +1% FY 2024 FY 2025 6,089 5,973 -2% 1,634 2,395 1,944 1,664 2,490 1,935 FY 2024 FY 2025 1,023 944 -8% 16.8% 15.8% Q4 comments Inorganics (adj. EBITDA up yoy) ▪ Solid performance yoy for Silica: first visible effect of asset network optimization and ramp-up of metal oxides plant in Japan Organics (adj. EBITDA down yoy) ▪ Positive volume trend in both businesses ▪ Crosslinkers with ongoing price pressure and impact of stronger inventory reduction towards year end ▪ Polymers with strong demand for PA12 in automotive, sport and consumer end markets, esp. in Asia Animal Nutrition (adj. EBITDA down yoy) ▪ Strong volume development yoy offset by normalization of prices; strong impact from exchange rate effects ▪ Market demand remains strong Q4 25 vs. Q4 24 Volume Price FX Other +2% -3% -5% +/-0% Q4 2024 Q3 2025 185 202 Q4 2025 186 Q4 2024 1,504 408 489 Q3 2025 1,445 411 439 607 595 Q4 2025 1,415 566 395 454 12.3% 14.0% 13.1%
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31 Infrastructure / Other 33 54 Q4 24 Q3 25 Q4 25 59 Q4 24 -9 Q3 25 -23 Q4 25 -72 24 31 Q4 2024 Q3 2025 Q4 2025 -13 Adj. EBITDA (in € m) Thereof: Infrastructure Thereof: Other ▪ Oxeno (C4 business) with continued weak market conditions ▪ Stronger results from infrastructure business Marl and Wesseling due to lower costs and project business ▪ Last year supported by positive effect of CO2 certificates | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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32 Adjusted income statement Q4 2025 in € m Q4 2024 Q4 2025 ∆ Sales 3,599 3,403 -5% Adj. EBITDA 388 357 -8% Depreciation & amortization -277 -252 Adj. EBIT 111 105 -5% Adj. net financial result -31 -37 D&A on intangible assets 39 32 Adj. income before income taxes 119 100 -16% Adj. income tax -41 -28 Adj. income after taxes 78 72 -8% Adj. non-controlling interests -4 1 Adj. net income 74 71 -4% Adj. earnings per share (in €) 0.16 0.15 Adjustments -202 -37 Adj. net financial result (-€37 m) ▪ Slightly weaker than prior-year due to somewhat higher net financial debt Adj. tax rate (28%) ▪ Broadly in-line with long-term sustainable tax rate of ~30% Adjustments (-€37 m) ▪ Last year contained provision build-up for several optimization projects | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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33 Adjusted income statement FY 2025 in € m FY 2024 FY 2025 ∆ Sales 15,157 14.069 -7% Adj. EBITDA 2,065 1.874 -9% Depreciation & amortization -1,038 -1.013 Adj. EBIT 1,027 861 -16% Adj. net financial result -143 -162 D&A on intangible assets 144 131 Adj. income before income taxes 1,028 830 -19% Adj. income tax -233 -184 Adj. income after taxes 795 646 -19% Adj. non-controlling interests -18 -12 Adj. net income 777 634 -18% Adj. earnings per share (in €) 1.67 1.36 Adjustments -450 -283 Adj. net financial result (-€162 m) ▪ Slightly more negative than prior-year Adj. tax rate (22%) ▪ Deferred taxes from prior periods booked in December, reducing the adjusted tax rate to 22% ▪ Expected to be back to ~30% in 2026 Adjustments (-€283 m) ▪ Mainly Oxeno impairment in Q3 (€170 m) | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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34 Cash flow statement Q4 2025 in € m Q4 2024 Q4 2025 Income before financial result and income taxes (EBIT) -90 68 Depreciation and amortization 368 275 ∆ Net working capital 176 339 Change in provisions for pensions & other post-employment benefits -4 -4 Change in other provisions 141 10 Change in miscellaneous assets/liabilities -45 -6 Cash inflows/outflows from income taxes -109 -55 Others +1 -15 Cash flow from operating activities 438 612 Cash outflows for investment in intangible assets, pp&e -266 -201 FCF 172 411 Cash flow from investing activities -205 -169 Cash flow from financing activities -230 -400 CF from operating activities ▪ Last year’s EBIT impacted by provision build-up for several optimization projects ▪ Strong NWC optimization towards year- end: +€163 m yoy ▪ Lower “other provisions”, PY impacted by provision build-up for business optimization Cash outflow for investment ▪ Disciplined capex spending towards year-end (-€65 m yoy) CF from financing activities ▪ More negative CF from financing activities mainly driven by repayment of financial debt | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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35 Cash flow statement FY 2025 in € m FY 2024 FY 2025 Income before financial result and income taxes (EBIT) 577 578 Depreciation and amortization 1,117 1,203 ∆ Net working capital -202 83 Change in provisions for pensions & other post-employment benefits -48 -49 Change in other provisions 535 -254 Change in miscellaneous assets/liabilities -81 -21 Cash inflows/outflows from income taxes -213 -120 Others 28 23 Cash flow from operating activities 1,713 1,443 Cash outflows for investment in intangible assets, pp&e -840 -748 FCF 873 695 Cash flow from investing activities -663 -652 Cash flow from financing activities -1,330 -731 CF from operating activities ▪ Last year with targeted NWC build-up at year-end – this year with NWC optimization in weak environment (NWC to sales ratio 17.2% at year-end vs 17.7% end of last year) ▪ Other provisions: high provisions created in 2025 for Evonik Tailor Made, business optimization measures and bonus – payout partly this year Cash outflows for investment ▪ Disciplined capex spending in weak environment with low plant utilization CF from financing activities ▪ Net repayment of financial debt €570 m lower than last year | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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36 Net financial debt development Q4 2025 | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results Sep 30, 2025 Net financial debt CF from operating activities Cash outflows for investments in intangibles and PP&E Addition/reduction in leasing liabilities 3,677 3,311 Other Dec 31, 2025 Net financial debt Net interest payments 46201 612 1817
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37 Net financial debt development FY 2025 | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results Dec 31, 2024 Net financial debt CF from operating activities Cash outflows for investments in intangibles and PP&E 545 3,253 3,311 Cash outflows for dividends to shareholders of Evonik Industries AG OtherAddition/ reduction in leasing liabilities 152 7 748 Dec 31, 2025 Net financial debt 1,443 Net interest payments 63
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38 Development of debt and leverage over time | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results . 1. (Net financial debt – 50% hybrid bond + pension provisions) / Adj. EBITDA (LTM); 2. (Net financial debt – 50% hybrid bond) / Adj. EBITDA (LTM) 2.3 2.4 Total Leverage1 3,257 3,310 3,253 3,311 Adj. EBITDA (LTM) 2,490 1,656 2,065 1,874 German pension discount rate (%) and Pension provisions (in € m) Net financial debt (in € m) 1,359 1,858 1,662 1,490 4.3 3.63.5 4,1 1.8 3.0 2022 2023 2024 2025 Net financial debt (€3,311 m) ▪ Net financial debt slightly up yoy ▪ Net financial debt leverage increased moderately to 1.6x (2024: 1.5x)² reflecting lower adj. EBITDA Pension provisions (€1,490 m) ▪ Decreased pension provisions due to higher discount rate ▪ Long-dated pension obligations with ~12 years duration ▪ Solid funding ratio of ~86%
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39 Segment overview by quarter Sales (in € m) Q3/24 Q4/24 FY 2024 Q1/25 Q2/25 Q3/25 Q4/25 FY 2025 Custom Solutions 1,465 1,408 5,737 1,427 1,367 1,340 1,359 5,492 Advanced Technologies 1,535 1,504 6,089 1,601 1,511 1,445 1,415 5,973 Infrastructure / Other1 832 687 3,331 749 621 606 629 2,604 Evonik Group 3,832 3,599 15,157 3,777 3,499 3,391 3,403 14,069 Adj. EBITDA (in € m) Q3/24 Q4/24 FY 2024 Q1/25 Q2/25 Q3/25 Q4/25 FY 2025 Custom Solutions 287 179 978 256 254 215 184 909 Advanced Technologies 296 185 1,023 291 266 202 186 944 Infrastructure / Other1 -6 24 64 13 -11 31 -13 21 Evonik Group 577 388 2,065 560 509 448 357 1,874 1. Including Oxeno (C4 business) | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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40 Five-year financial review Sales (in € bn) Adj. EBITDA / Margin (in € m / in %) Free Cash Flow / Cash Conversion (in € m / in %) ROCE (in %) 2021 2022 2023 2024 15.0 18.5 15.3 15.2 2025 14.1 2021 2022 2023 2024 2,383 2,490 1,656 2,065 2025 1,874 2021 2022 2023 2024 950 785 801 873 2025 695 2021 2022 2023 2024 9.0 8.3 3.4 7.1 2025 6.1 13.6%10.8%13.5%15.9% 13.3% 42%48%32%40% 37% | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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41 Upcoming IR events Conferences & roadshows Upcoming reporting dates & events March 16, 2026 Roadshow, Paris March 24, 2026 European Chemicals Forum, London (J.P. Morgan) May 12, 2026 Best of Europe Virtual 1on1 Conference (UBS) May 13, 2026 Roadshow, London March 4, 2026 Q4 / FY 2025 Reporting May 8, 2026 Q1 2026 Reporting June 3, 2026 Annual Shareholders’ Meeting August 4, 2026 Q2 2026 Reporting November 3, 2026 Q3 2026 Reporting | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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42 Evonik Investor Relations team Gevitha Selvakumar Manager Investor Relations & ESG +49 201 177 3142 gevitha.selvakumar@evonik.com Janine Göttel Specialist Investor Relations +49 201 177 3146 janine.goettel@evonik.com Christoph Finke Senior Vice President Investor Relations Cédric Schupp Director Investor Relations & ESG +49 201 177 3149 cedric.schupp@evonik.com Katharina Gayk Specialist Investor Relations +49 201 177 3141 katharina.gayk@evonik.com +49 201 177 3145 christoph.finke@evonik.com Johanna Göbel Manager Investor Relations +49 201 177 3148 johanna.goebel@evonik.com | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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43 Disclaimer In so far as forecasts or expectations are expressed in this presentation or where our statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties. Actual results or developments may vary, depending on changes in the operating environment. Neither Evonik Industries AG nor its group companies assume an obligation to update the forecasts, expectations or statements contained in this release. | February 5, 2026 | Evonik Q4 / FY 2025 Preliminary Results
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