Evonik - First Quarter Exceeds Expectations

Evonik report that they had a much better start into 2024 than the capital market had expected. The final results for the first quarter 2024 from the specialty chemicals company now available confirmed the preliminary data published April 16. Adjusted EBITDA increased by 28 percent higher to €522 million compared to the same quarter of the previous year. Free cash flow also grew significantly: at €127 million, it was well above the first quarter of 2023 (€21 million).

Sales volumes increased its by 4 percent in the first quarter. Prices, on the other hand, fell by 5 percent, partly due to the passing-on of lower raw material prices. Revenues, therefore, decreased by 5 percent to €3.80 billion, while consolidated net income amounted to €156 million, compared to €47 million in the first quarter of 2023. The adjusted EBITDA margin rose by 3.6 percentage points to 13.8 percent.

“Many of our customers are buying again. However, there is still restraint in some industries and markets, so we are not seeing a broad-based upturn yet.” said Evonik Chief Executive Officer Christian Kullmann.

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