Ludwigshafen, Germany
January 22, 2026

• Free cash flow of €1.3 billion is considerably above analyst consensus (€0.6 billion) and the range forecast by BASF (€0.4 billion to €0.8 billion)

• EBITDA before special items reaches €6.6 billion, which is slightly below analyst consensus (€6.7 billion) and the range forecast by BASF (€6.7 billion to €7.1 billion)

The BASF Group’s sales for the full year 2025 are expected to be €59.7 billion (2024: €61.4 billion, excluding discontinued Coatings operations). This is in line with the figure estimated by analysts on average (Vara: €59.6 billion). While volumes increased slightly in 2025, negative currency effects and slightly lower prices burdened sales development.

Income from operations before depreciation, amortization and special items (EBITDA before special items) for 2025 is expected to be €6.6 billion, which is slightly below the average analysts’ estimates for 2025 (Vara: €6.7 billion) and below the range forecast by BASF in October 2025 of €6.7 billion to €7.1 billion. BASF’s most recent earnings expectation was at the low end of this range. In 2024, EBITDA before special items was €7.2 billion (excluding discontinued Coatings operations). The decrease compared with the previous year was due in particular to lower margins and negative currency effects. 

Free cash flow is expected to be €1.3 billion in 2025 (2024: €0.7 billion), considerably exceeding the average analysts’ estimates (Vara: €0.6 billion) and the range of €0.4 billion to €0.8 billion forecast by BASF. Compared with the prior year, free cash flow was supported by lower payments made for property, plant and equipment and intangible assets (2025: €4.3 billion; 2024: €6.2 billion).

Cash flows from operating activities are expected to amount to €5.6 billion in 2025 (2024: €6.9 billion). The decline compared with the prior year mainly results from an increase in precious metal trading positions due to higher prices; this was partially offset by a substantial dividend from Wintershall Dea.

EBIT of the BASF Group for 2025 is expected to be €1.6 billion, which is below the analyst consensus for 2025 (Vara: €2.2 billion) and below the previous year’s figure (2024: €1.8 billion, excluding discontinued Coatings operations). EBIT includes considerably higher restructuring costs than in the prior year. BASF is progressing faster than planned with the announced restructuring measures. Special charges were partially offset by positive special items, in particular from the sale of the decorative paints business to Sherwin-Williams on October 1, 2025. In total, special items in EBIT are expected to amount to minus €1.3 billion in 2025. 

Net income is expected to be €1.6 billion in 2025. This is considerably above the analyst consensus (Vara: €1.2 billion) and net income in the prior year (2024: €1.3 billion). This mainly results from higher earnings contributions from the at-equity consolidated participation in Wintershall Dea.

Further information
The overview of analysts’ estimates, which is compiled monthly on behalf of BASF, can be found at: www.basf.com/analysts-estimates.
The BASF Report 2025 will be published on February 27, 2026. 

Website: http://www.basf.de

Published: January 22, 2026