AI assistant
BASF SE Interim / Quarterly Report 2026
44_ir_2026-05-05_4e611dd6-8b4d-42f5-a8dc-0f5dd835650c.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Quarterly Statement Q1 2026
Published on April 30, 2026
Key Figures at a Glance
Business Review
Selected Financial Data
Q1 | BASF Group
26 | Quarterly Statement
Contents
| Key Figures at a Glance | 3 |
|---|---|
| At a Glance | 3 |
| Key Figures | 4 |
| Business Review | 5 |
| --- | --- |
| BASF Group | 5 |
| Significant Events | 5 |
| Results of Operations | 6 |
| Net Assets | 8 |
| Financial Position | 8 |
| Outlook | 11 |
| Chemicals | 12 |
| Materials | 14 |
| Industrial Solutions | 16 |
| Nutrition & Care | 18 |
| Surface Technologies | 20 |
| Agricultural Solutions | 22 |
| Other | 24 |
| Selected Financial Data | 25 |
| --- | --- |
| Statement of Income | 25 |
| Balance Sheet | 26 |
| Statement of Cash Flows | 27 |
| Reconciliation Tables of Various Earnings Indicators | 28 |
| Selected Key Figures Excluding Precious and Base Metals | 30 |
Further information can be found on our corporate website:
» BASF Reporting
BASF Quarterly Statement Q1 2026
Contents | 2
Key Figures at a Glance
Business Review
Selected Financial Data
Q1 2026 — at a glance
€16.0
billion
Salesᵃ
Q1 2025: €16.5 billion
€2.4
billion
EBITDA before special itemsᵃ
Q1 2025: €2.5 billion
-€1.4
billion
Free cash flow
Q1 2025: -€1.8 billion
EBITDA before special items by segmentᵃ and Other
Million €
ᵃ With the planned divestiture of the automotive OEM coatings, automotive refinish coatings and surface treatment business units, sales and earnings from these activities are reported as discontinued operations and are no longer part of the sales and EBIT(DA) before special items of the BASF Group and of Surface Technologies. The prior-year figures have been restated accordingly (for more information on this planned transaction, see BASF Report 2025 from page 39 onward).
Outlook for the 2026 business year unchanged
(Forecast published in the BASF Report 2025)
€6.2–€7.0
billion
EBITDA before special items
€1.5–€2.3
billion
Free cash flow
17.2–18.2
million metric tons
CO₂ emissions
BASF Quarterly Statement Q1 2026
At a Glance
Key Figures at a Glance
Business Review
Selected Financial Data
Key Figures
BASF Group
| Q1 | ||||
|---|---|---|---|---|
| 2026 | 2025 | +/- | ||
| Sales | million € | 16,020 | 16,509 | -3.0% |
| EBITDA before special items | million € | 2,356 | 2,495 | -5.6% |
| EBITDA | million € | 2,186 | 2,070 | 5.6% |
| EBITDA margin before special items | % | 14.7 | 15.1 | . |
| Depreciation and amortizationb | million € | 925 | 910 | 1.6% |
| Income from operations (EBIT) | million € | 1,261 | 1,160 | 8.8% |
| Special items in EBIT | million € | -173 | -432 | 60.0% |
| EBIT before special items | million € | 1,434 | 1,592 | -9.9% |
| Income before income taxes | million € | 1,098 | 1,013 | 8.4% |
| Income after taxes from continuing operations | million € | 884 | 818 | 8.0% |
| Income after taxes from discontinued operations | million € | 62 | 19 | 226.5% |
| Income after taxes | million € | 946 | 837 | 12.9% |
| Net income | million € | 927 | 808 | 14.8% |
| Earnings per share from continuing operationsc | € | 0.99 | 0.89 | 11.5% |
| Earnings per share from discontinued operationsc | € | 0.07 | 0.02 | 231.8% |
| Earnings per sharec | € | 1.06 | 0.91 | 16.6% |
| Adjusted earnings per sharec | € | 1.32 | 1.57 | -16.1% |
| Research and development expenses | million € | 438 | 479 | -8.7% |
| Personnel expenses | million € | 3,005 | 3,068 | -2.1% |
| Employees (March 31) | 106,428 | 111,408 | -4.5% | |
| Assets (March 31) | million € | 81,766 | 81,419 | 0.4% |
| Investments including acquisitionsd | million € | 838 | 935 | -10.3% |
| Equity ratio (March 31) | % | 43.4 | 45.9 | . |
| Net debt (March 31) | million € | 20,489 | 20,393 | 0.5% |
| Cash flows from operating activities | million € | -797 | -982 | 18.8% |
| Free cash flow | million € | -1,375 | -1,798 | 23.5% |
a Owing to the planned divestiture of the automotive OEM coatings, automotive refinish coatings and surface treatment businesses to Carlyle, the affected business units have been classified as discontinued operations in accordance with IFRS 5. The prior-year earnings figures listed up to and including income taxes have been restated.
b Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)
As a result of the share buyback program, which commenced in November 2025, the weighted average number of outstanding shares amounted to 878,364,560 in the first quarter of 2026 and 892,522,164 in the first quarter of 2025.
d Additions to intangible assets and property, plant and equipment
Due to rounding, individual figures may not add up to the totals shown and percentages may not correspond exactly to the figures shown.
BASF Quarterly Statement Q1 2026
Key Figures
Key Figures at a Glance
Business Review
Selected Financial Data
Business Review
BASF Group
Significant Events
On February 25, 2026, based upon the proposal of the Nomination Committee, the Supervisory Board of BASF SE nominated Mark Garrett for election as shareholder representative on the Supervisory Board. The election is to take place at the Annual Shareholders’ Meeting of BASF SE on April 30, 2026. Mark Garrett is to succeed Liming Chen, who is resigning his Supervisory Board mandate at his own request upon the conclusion of the Annual Shareholders’ Meeting 2026.
As of March 1, 2026, a new setup for the Global Digital Services unit was introduced. The aim is to reduce costs, standardize services and continuously align the portfolio to the needs of BASF’s core businesses. A new global Digital Hub will be opened in Hyderabad, India. The global Digital Hubs in Ludwigshafen, Germany, in Madrid, Spain, and in Kuala Lumpur, Malaysia, will remain. BASF is also planning the next step in the transformation of its Global Business Services unit to ensure long-term competitiveness, resilience and consistent service delivery for BASF divisions worldwide. In this context, Global Business Services intends to bundle financial and HR services at a new global hub in India. Both measures will contribute to significantly reducing the costs of the Global Digital Services and Global Business Services units.
On March 1, 2026, BASF closed the sale of its business with optical brighteners, which are ingredients in laundry detergent formulations, to Catexel GmbH, Wiesbaden, Germany. This business was part of the Care Chemicals division in the Nutrition & Care segment. The transaction comprises the international business, including the production of optical brightening agents at the Monthey site in Switzerland as well as around 80 employees.
Following receipt of all necessary regulatory approvals, BASF Agricultural Solutions closed the acquisition of AgBiTech, Brisbane, Australia, on March 31, 2026. This follows the agreement with private equity firm Paine Schwartz Partners and other shareholders signed in January 2026. AgBiTech specializes in biological insect control solutions. The transaction is structured as a share deal and comprises all assets, including the portfolio, intellectual property rights, production sites, R&D facilities and employees. This business activity will be reported in the Agricultural Solutions division.
BASF Quarterly Statement Q1 2026
BASF Group | 5
Key Figures at a Glance
Business Review
Selected Financial Data
Results of Operations
Sales in the first quarter of 2026 amounted to €16,020 million, €488 million below the figure of the prior-year quarter (€16,509 million). Currency effects, mainly relating to the U.S. dollar and the Chinese renminbi, had a negative influence on sales in all segments. Competitive pressure led to falling prices in the Chemicals, Materials, Industrial Solutions, Nutrition & Care and Agricultural Solutions segments. In the Surface Technologies segment, prices were significantly above the level of the prior-year quarter, mainly on account of higher precious metal prices. Nearly all segments recorded increased sales volumes, except for Surface Technologies. Sales in Other declined significantly.
Factors influencing sales
Compared with the first quarter of 2025, income from operations before depreciation, amortization and special items (EBITDA before special items) $^{2}$ decreased by €140 million to €2,356 million. The Chemicals, Agricultural Solutions and Nutrition & Care segments recorded declines in earnings, whereas EBITDA before special items improved in the Surface Technologies and Materials segments. Earnings in the Industrial Solutions segment matched the prior-year level. First-quarter earnings in Other were significantly below the prior-year figure. The EBITDA margin before special items decreased to 14.7% versus 15.1% in the prior-year quarter. EBITDA $^{2}$ amounted to €2,186 million, following €2,070 million in the prior-year period.
Sequential development of EBITDA before special items
Billion €
BASF Quarterly Statement Q1 2026
BASF Group
Key Figures at a Glance
Business Review
Selected Financial Data
Special items³ in EBITDA amounted to -€170 million in the first quarter of 2026. Special charges were incurred primarily in connection with the ongoing cost savings programs, particularly for the program focused on the Ludwigshafen site. In the first quarter of the previous year, special charges of €425 million were largely related to the sale of BASF’s shares in the Nordlicht 1 and 2 wind farm projects (€325 million).
At €1,261 million, EBIT⁴ was up by €102 million over the level of the prior-year quarter. Depreciation and amortization⁵ amounted to €925 million (prior-year quarter: €910 million).
Compared with the prior-year quarter, net income from shareholdings improved by €6 million to -€44 million, largely as a result of income from the divestment of shares in Harbour Energy plc, London, United Kingdom, which is accounted for using the equity method. Impairments of a company reported under other shareholdings had an offsetting effect.
The financial result came in at -€119 million, compared with -€96 million in the prior-year quarter. This decline was primarily due to the decreased other financial result, which was largely attributable to lower income from the capitalization of construction interest.
Overall, income before income taxes in the first quarter of 2026 increased by €85 million compared with the prior-year period to reach €1,098 million. At 19.5%, the tax rate nearly matched the prior-year quarter’s level (19.2%).
Income after taxes from continuing operations amounted to €884 million, up by €65 million versus the same period of the previous year.
Income after taxes from discontinued operations, which includes the automotive OEM coatings, automotive refinish coatings and surface technology business activities that are classified as held for sale, increased considerably to €62 million (prior-year quarter: €19 million).
Income attributable to noncontrolling interests was €18 million, down by €11 million compared to the prior-year period. The main reason for this was a lower earnings contribution from BASF TotalEnergies Petrochemicals LLC, Houston, Texas, owing to a scheduled steam cracker turnaround. As a result, net income amounted to €927 million (prior-year quarter: €808 million).
Earnings per share were €1.06 in the first quarter of 2026 (prior-year quarter: €0.91). Earnings per share adjusted⁶ for special items and amortization of intangible assets amounted to €1.32 (prior-year quarter: €1.57).
³ Special items may arise from the integration of acquired businesses, restructuring measures, gains or losses resulting from divestitures and sales of shareholdings, and other expenses and income that arise outside of ordinary business activities.
⁴ The calculation of income from operations (EBIT) is shown in the Statement of Income on page 25 of this quarterly statement.
⁵ Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments), excluding depreciation and amortization, impairments or reversals of impairments attributable to the discontinued coatings business; the previous year’s figures have been restated.
⁶ For an explanation of this indicator, see Results of Operations on page 52 of the BASF Report 2025 and the reconciliation tables on page 29 of this quarterly statement.
BASF Quarterly Statement Q1 2026
BASF Group | 7
Net Assets
As of March 31, 2026, total assets amounted to €81,766 million, approximately €5.6 billion above the 2025 year-end figure.
Noncurrent assets were €44,164 million, slightly below the level recorded at the end of the previous year. The €170 million increase in intangible assets resulted primarily from currency effects as well as additions that exceeded the level of amortization. Property, plant and equipment rose by €300 million: Positive currency effects were partially offset by depreciation in excess of additions. Compared with December 31, 2025, the carrying amounts of non-integral investments accounted for using the equity method declined by €1,075 million, largely as a result of the dividend payments received from Wintershall Dea GmbH, Kassel, Germany. The €98 million rise in other receivables and miscellaneous assets was primarily due to higher defined benefit assets as well as an increase in derivatives with positive fair values.
Current assets rose by €5,917 million compared with the prior year-end figure to €37,602 million. This was mainly attributable to the €3,193 million increase in trade accounts receivable, which were seasonally higher in the Agricultural Solutions segment. Inventories were €740 million above the level recorded on December 31, 2025. The Chemicals segment in particular built up inventories in connection with the continued commissioning of the Verbund site in Zhanjiang, China. Other receivables and miscellaneous assets rose by €1,396 million compared with year-end 2025, driven mainly by an increase in precious metal trading positions as well as higher positive fair values of derivatives. Cash and cash equivalents increased by €418 million. Assets of disposal groups amounted to €4,207 million and contained the assets of the coatings business as of both March 31, 2026, and year-end 2025.
Financial Position
Compared with the 2025 year-end figure, equity rose by €1,135 million to €35,473 million. Retained earnings increased by €435 million; net income of €927 million was partially offset by share buybacks amounting to €494 million. Other comprehensive income was €653 million above the level recorded at year-end 2025, largely due to currency effects. At 43.4%, the equity ratio was below the level of December 31, 2025 (45.9%).
Compared with the end of 2025, noncurrent liabilities rose by €1,215 million to €26,640 million. The main driver here was an increase of €1,429 million in noncurrent financial indebtedness. This was primarily attributable to a net increase of around €0.8 billion in bank liabilities, mainly due to the additional utilization of a credit line in China for the construction of the local Verbund site, and the issuance of two CNY bonds with a carrying amount of around €0.5 billion. Other noncurrent provisions declined by €106 million, primarily due to provisions for restructuring measures being reclassified to current provisions.
Current liabilities increased by €3,242 million compared with December 31, 2025. Trade accounts payable were €679 million above the level recorded at the end of the prior year. Higher rebate provisions in the Agricultural Solutions segment were the main reason why current provisions increased by €759 million. Current financial indebtedness exceeded the 2025 year-end level by €1,151 million, owing to a roughly €1.4 billion rise in commercial paper and an increase of around €0.7 billion in liabilities to banks due to reclassifications as well as new borrowing. The scheduled repayment of a euro-denominated bond with a nominal value of €1 billion had an offsetting effect. Other liabilities increased by €307 million, primarily due to an increase in negative fair values of derivatives.
Key Figures at a Glance
Business Review
Selected Financial Data
Compared with the end of 2025, net debt¹ increased by €2,160 million to €20,489 million.
Net debt
| Million € | March 31, 2026 | December 31, 2025 |
|---|---|---|
| Noncurrent financial indebtedness | 19,910 | 18,481 |
| + Current financial indebtedness | 3,759 | 2,608 |
| Financial indebtedness | 23,669 | 21,088 |
| - Marketable securities | 91 | 89 |
| - Cash and cash equivalents | 3,089 | 2,670 |
| Net debt | 20,489 | 18,329 |
In the first quarter of 2026, cash flows from operating activities improved by €185 million compared with the prior-year quarter to -€797 million.
Net income rose by €119 million compared with the level of the previous first quarter. This included non-cash-effective equity-accounted income, which was €316 million higher than in the same period of the previous year. The significantly higher dividends received from equity-accounted shareholdings, especially from Wintershall Dea GmbH, had a positive effect.
Compared with the first quarter of 2025, there was a higher amount of cash tied up in inventories and trade accounts receivable, but this was largely offset by cash released from trade accounts payable.² Changes in provisions led to a decrease of €357 million in cash released compared with the prior-year quarter. Changes in other operating assets and liabilities as well as in pension provisions resulted in a €46 million decline in net cash outflow. The significantly higher amount of cash tied up in precious metal trading positions was counterbalanced by an increase in cash released from commodity derivatives and tax positions. In the prior-year quarter, there had been an additional negative impact on cash flow from a payment of approximately €300 million for the out-of-court settlement of the multidistrict litigation proceedings in connection with AFFF products in the United States.
Cash flows from investing activities in the first quarter of 2026 amounted to -€375 million, as compared to -€674 million in the prior-year quarter. Payments for intangible assets and property, plant and equipment decreased by €238 million, mainly in relation to the Verbund site in China. Furthermore, payments were made in the amount of €124 million in connection with the acquisition of AgBiTech, Brisbane, Australia, and for a purchase price adjustment of €33 million relating to the sale of the global pigments business in 2021. This was contrasted by payments of €310 million received from the sale of shares in Harbour Energy plc.
Cash flows from financing activities increased by €479 million to €1,568 million. Compared with the prior-year quarter, there was a €972 million increase in the net additions of financial and similar liabilities. Share buybacks in the amount of €494 million in the first quarter of 2026 had an offsetting effect. In the prior-year quarter, no shares were repurchased.
¹ For an explanation of this indicator, see Financial Position from page 56 onward of the BASF Report 2025
² The cash tied up and cash released in these items reflect the change of the items compared with the value at the respective previous year-end.
BASF Quarterly Statement Q1 2026
BASF Group | 9
Key Figures at a Glance
Business Review
Selected Financial Data
Free cash flow³ improved by €423 million compared with the prior-year quarter, due in part to lower payments made for intangible assets and property, plant and equipment.
Free cash flow
| Q1 | ||
|---|---|---|
| Million € | 2026 | 2025 |
| Cash flows from operating activities | -797 | -982 |
| – Payments made for property, plant and equipment and intangible assets | 578 | 816 |
| Free cash flow | -1,375 | -1,798 |
BASF enjoys good credit ratings, especially compared with competitors in the chemical industry. Fitch confirmed its credit rating of A/F1/outlook stable on February 13, 2026. Moody's maintained its credit rating of A3/P-2/outlook stable on January 28, 2026. Standard & Poor's confirmed its credit rating of A-/A-2/outlook stable on December 12, 2025.
³ For an explanation of this indicator, see Financial Position from page 61 onward of the BASF Report 2025 and the reconciliation tables on page 29 of this quarterly statement.
BASF Quarterly Statement Q1 2026
BASF Group | 10
Key Figures at a Glance
Business Review
Selected Financial Data
Outlook
After a weak close of the year 2025, chemical production in the first two months of the first quarter of 2026 was initially characterized by stagnation in the EU, a moderate uptrend in the United States and a continuation of dynamic growth in China. Since March, developments have been influenced by the armed conflicts in the Middle East and the near‐total closure of the Strait of Hormuz for maritime shipments of oil, natural gas and chemicals.
Even after the outbreak of war in the Middle East, early economic indicators and existing production data show continued growth in global chemical production. However, future developments will be increasingly influenced by the steep rise in oil and natural gas prices. In addition, there are also physical shortages of raw material deliveries from the Middle East, especially to Asia.
Future economic developments will be affected by high uncertainty about the progression of this conflict, especially with regard to opening the Strait of Hormuz and the impacts on the production and exports of energy and petrochemical commodities from the Middle East, as well as with regard to global demand.
Given the high level of uncertainty about how the conflict in the Middle East will play out, BASF is not changing its assumptions at this time regarding the global economic environment in 2026, which were presented in the BASF Report 2025:
- Growth in gross domestic product: +2.7%
- Growth in industrial production: +2.3%
- Growth in chemical production: +2.4%
- Average euro/dollar exchange rate of $1.20 per euro
- Average annual oil price (Brent crude) of $65 per barrel
From today's perspective, the assumptions made in February regarding growth in global GDP, industrial production and chemical production may prove to be too optimistic. The oil price may be higher than our existing assumption, owing to impeded production and exports as a result of the conflict in the Middle East. The U.S. dollar may appreciate compared to the euro.
The BASF Group's forecast for the 2026 business year published in the BASF Report 2025 is maintained:
- EBITDA before special items of between €6.2 billion and €7.0 billion
- Free cash flow of between €1.5 billion and €2.3 billion
- CO₂ emissions of between 17.2 million metric tons and 18.2 million metric tons
With regard to opportunity and risk factors, the statements contained in the BASF Report 2025 remain fundamentally valid. The forecast risks associated with lower prices did materialize in some cases in the first quarter of 2026. This had a negative impact on margins compared with the prior‐year quarter, while volume trends were positive. We are closely monitoring the opportunities and risks relating to the conflict in the Middle East and will leverage opportunities and mitigate risks. Given the rapidly changing situation – especially with regard to energy and raw material prices as well as potential disruptions to global supply chains – it is currently impossible to reliably quantify or assess the resulting effects.
According to the company's assessment, neither existing individual risks nor the sum of individual risks pose a threat to the continued existence of the BASF Group.
> For more information on opportunities and risks, see page 90 onward of the BASF Report 2025
BASF Quarterly Statement Q1 2026
Outlook | 11
Key Figures at a Glance
Business Review
Selected Financial Data
Chemicals
Q1 2026
At a glance
€233 million
EBITDA before special items
Q1 2025: €336 million
-€493 million
Segment cash flow
Q1 2025: -€390 million
Sales in the Chemicals segment fell slightly compared with the first quarter of the previous year. In the Intermediates division, sales were down considerably, while the Petrochemicals division recorded a slight decline.
Factors influencing sales
| Chemicals | Petrochemicals | Intermediates | |
|---|---|---|---|
| Volumes | 11.4% | 15.3% | -0.1% |
| Prices | -13.9% | -15.0% | -10.8% |
| Currencies | -4.6% | -4.7% | -4.4% |
| Portfolio | 2.9% | 3.0% | 2.9% |
| Sales | -4.1% | -1.4% | -12.4% |
The decrease in sales was largely attributable to lower prices in the Petrochemicals division, especially for cracker products, primarily as a result of global overcapacities and lower feedstock costs. In the Intermediates division, prices declined especially in the amines business and in the acids and polyalcohols business; this was also mainly because of excess capacities worldwide.
Currency effects, mainly relating to the U.S. dollar and the Chinese renminbi, had a dampening effect on sales.
The segment's volumes were significantly above the level of the prior-year quarter. The expanded production capacities at the new Verbund site in Zhanjiang, China, which included the steam cracker that started up on schedule in early January, had a direct impact on sales volumes in the Petrochemicals division. In the Intermediates division, volumes matched the level of the prior-year quarter.
Positive portfolio effects resulted from the change in the business model of BASF-YPC Company Ltd., Nanjing, China, which is accounted for using the equity method.
EBITDA before special items¹ in the Chemicals segment was considerably below the level of the prior-year quarter, mainly owing to lower contribution margins in both divisions. The reduction in earnings in the Petrochemicals division resulted in particular from lower contribution margins due to global overcapacities as well as from higher turnaround intensity in comparison to the prior-year quarter. In addition, there were higher fixed costs in association with the commissioning of the Zhanjiang Verbund site. Earnings in the Intermediates division declined only slightly, as lower fixed costs almost entirely offset the lower contribution margins. Overall, the earnings of the Chemicals segment improved gradually during the first quarter of 2026.
¹ For EBITDA before special items and segment cash flow, “slight” means a change of 0.1%–10.0%, while “considerable” and its synonyms are used for changes of 10.1% and higher. “At prior-year level” indicates no change (+/-0.0%).
BASF Quarterly Statement Q1 2026
Chemicals | 12
Key Figures at a Glance
Business Review
Selected Financial Data
Special items in EBITDA amounted to -€14 million and resulted primarily from restructuring measures and the changeover of the ERP system.
Compared to the first quarter of the previous year, the Chemicals segment cash flow² was down significantly. In the Petrochemicals division, cash flow was significantly lower than in the prior-year period: Higher inventory building, primarily in connection with the startup of the new production site in Zhanjiang, resulted in a larger amount of cash tied up in working capital. EBITDA also declined compared with the prior-year period. Lower capital expenditures for the Verbund site in Zhanjiang had an offsetting effect. In the Intermediates division, the slight decrease in cash flow was attributable mainly to a stronger increase in trade accounts receivables as well as lower EBITDA due to higher special items. Reduced capital expenditures compensated somewhat for these effects.
Segment data – Chemicals
| Million € | 2026 | 2025 | +/- |
|---|---|---|---|
| Sales to third parties | 2,662 | 2,777 | -4.1% |
| of which Petrochemicals | 2,056 | 2,085 | -1.4% |
| Intermediates | 606 | 692 | -12.4% |
| EBITDA before special items | 233 | 336 | -30.5% |
| Special items in EBITDA | -14 | -2 | -831.4% |
| EBITDA | 219 | 334 | -34.4% |
| EBITDA margin before special items (%) | 8.8 | 12.1 | . |
| Depreciation and amortizationa | 284 | 218 | 30.5% |
| EBIT before special items | -51 | 119 | . |
| Special items in EBIT | -14 | -3 | -403.8% |
| Income from operations (EBIT) | -65 | 116 | . |
| Investments including acquisitionsb | 320 | 454 | -29.5% |
| Segment cash flow | -493 | -390 | -26.2% |
| Assets (March 31) | 15,155 | 14,497 | 4.5% |
| Research and development expenses | 20 | 21 | -2.9% |
a Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)
b Additions to intangible assets and property, plant and equipment
BASF Quarterly Statement Q1 2026
Chemicals
Key Figures at a Glance
Business Review
Selected Financial Data
Materials
Q1 2026
At a glance
€511 million
EBITDA before special items
Q1 2025: €469 million
€4 million
Segment cash flow
Q1 2025: €44 million
Sales in the Materials segment were significantly below the level of the prior-year quarter. Considerably lower sales were recorded in the Performance Materials division, while the decrease in the Monomers division was mild.
Factors influencing sales
| Materials | Performance Materials | Monomers | |
|---|---|---|---|
| Volumes | 4.3% | 0.1% | 8.4% |
| Prices | -5.2% | -4.8% | -5.7% |
| Currencies | -5.1% | -5.5% | -4.8% |
| Portfolio | - | - | - |
| Sales | -6.1% | -10.1% | -2.1% |
The sales decline in the Materials segment was partly attributable to lower prices in both divisions compared with the first quarter of 2025. In the Monomers division, price declines were mainly related to MDI, while in the Performance Materials division, lower prices were primarily seen in the PU systems and engineering plastics businesses.
Sales were dampened in particular by currency effects relating to the U.S. dollar and Chinese renminbi.
By contrast, volumes in the segment rose slightly: While sales volumes in the Performance Materials division remained nearly stable, the Monomers division recorded a significant increase, especially for isocyanates and ammonia.
EBITDA before special items was slightly higher than in the prior-year quarter. This was mainly attributable to substantially improved earnings in the Monomers division. Here, fixed costs decreased due to lower manufacturing costs as well as savings from restructuring measures; increased contribution margins also contributed to the improvement. Earnings in the Performance Materials division declined slightly, mainly because of negative currency effects and smaller margins, which could only be partially offset by lower fixed costs.
Special items in EBITDA amounted to -€15 million and resulted from the changeover of the ERP system as well as the ongoing restructuring measures.
BASF Quarterly Statement Q1 2026
Materials
Key Figures at a Glance
Business Review
Selected Financial Data
Compared with the prior-year period, segment cash flow fell significantly in the Materials segment. The Monomers division recorded a considerable decline, largely due to a higher amount of cash tied up in working capital. This was the result of inventory accumulation, whereas inventories were slightly drawn down during the prior-year period, as well as a higher buildup of accounts receivables. Improved EBITDA in this division partially compensated for this. Although the Performance Materials division slightly improved its cash flow thanks to lower cash tied up in working capital compared with the prior-year quarter, the figure remained negative.
Segment data – Materials
| Million € | 2026 | 2025 | +/- |
|---|---|---|---|
| Sales to third parties | 3,238 | 3,449 | -6.1% |
| of which Performance Materials | 1,562 | 1,738 | -10.1% |
| Monomers | 1,676 | 1,711 | -2.1% |
| EBITDA before special items | 511 | 469 | 8.9% |
| Special items in EBITDA | -15 | -10 | -45.9% |
| EBITDA | 496 | 459 | 8.1% |
| EBITDA margin before special items (%) | 15.8 | 13.6 | . |
| Depreciation and amortization^{a} | 185 | 211 | -11.9% |
| EBIT before special items | 325 | 260 | 25.0% |
| Special items in EBIT | -15 | -12 | -21.6% |
| Income from operations (EBIT) | 311 | 248 | 25.1% |
| Investments including acquisitions^{b} | 124 | 135 | -8.0% |
| Segment cash flow | 4 | 44 | -91.8% |
| Assets (March 31) | 9,739 | 10,111 | -3.7% |
| Research and development expenses | 42 | 45 | -6.2% |
a Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)
b Additions to intangible assets and property, plant and equipment
BASF Quarterly Statement Q1 2026
Materials
Key Figures at a Glance
Business Review
Selected Financial Data
Industrial Solutions
Q1 2026
At a glance
€361 million
EBITDA before special items
Q1 2025: €361 million
€102 million
Segment cash flow
Q1 2025: €142 million
Sales in the Industrial Solutions segment fell significantly compared with the prior-year period, mainly due to currency effects, primarily relating to the U.S. dollar.
Factors influencing sales
| Industrial Solutions | Dispersions & Resins | Performance Chemicals | |
|---|---|---|---|
| Volumes | 1.4% | 1.4% | 1.4% |
| Prices | -4.0% | -4.9% | -2.8% |
| Currencies | -5.2% | -5.0% | -5.5% |
| Portfolio | - | - | - |
| Sales | -7.8% | -8.5% | -6.9% |
Prices decreased in both divisions as a result of high competitive pressure and lower feedstock prices. In the Dispersions & Resins division, prices declined in particular for dispersions, while the Performance Chemicals division recorded lower prices mainly in the plastic additives business.
Both divisions contributed to the slight volume increase in this segment. Volume growth in the Dispersions & Resins division resulted mainly from the increase recorded in the electronic materials business. Sales volumes in the Performance Chemicals division improved in particular in the chemical catalysts business.
EBITDA before special items in the Industrial Solutions segment matched the level of the prior-year quarter. The Dispersions & Resins division achieved a slight increase in earnings: Reduced fixed costs more than compensated for the slight price-related decline in the contribution margin. By contrast, earnings declined in the Performance Chemicals division, where a price-related decrease in the contribution margin could only be partially offset by lower fixed costs.
Special items in EBITDA amounted to -€11 million and arose in both divisions primarily in connection with the changeover of the ERP system.
Segment cash flow was significantly below the level of the prior-year quarter. In the Dispersions & Resins division, a higher amount of cash tied up in inventories compared to the previous first quarter was the main reason for the decline in cash flow. The decrease in cash flow compared with the prior-year quarter in the Performance Chemicals division was primarily attributable to a smaller amount of cash released from trade accounts receivable as well as lower EBITDA.
BASF Quarterly Statement Q1 2026
Industrial Solutions
Key Figures at a Glance
Business Review
Selected Financial Data
Segment data – Industrial Solutions
| Million € | 2026 | 2025 | +/- |
|---|---|---|---|
| Sales to third parties | 2,092 | 2,269 | -7.8% |
| of which Dispersions & Resins | 1,198 | 1,309 | -8.5% |
| Performance Chemicals | 893 | 960 | -6.9% |
| EBITDA before special items | 361 | 361 | 0.0% |
| Special items in EBITDA | -11 | -6 | -80.0% |
| EBITDA | 350 | 355 | -1.3% |
| EBITDA margin before special items (%) | 17.3 | 15.9 | . |
| Depreciation and amortization^{a} | 95 | 104 | -8.8% |
| EBIT before special items | 266 | 257 | 3.7% |
| Special items in EBIT | -11 | -6 | -82.9% |
| Income from operations (EBIT) | 255 | 251 | 1.8% |
| Investments including acquisitions^{b} | 69 | 68 | 1.2% |
| Segment cash flow | 102 | 142 | -28.6% |
| Assets (March 31) | 6,807 | 7,198 | -5.4% |
| Research and development expenses | 41 | 46 | -10.8% |
a Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)
b Additions to intangible assets and property, plant and equipment
BASF Quarterly Statement Q1 2026
Industrial Solutions | 17
Key Figures at a Glance
Business Review
Selected Financial Data
Nutrition & Care
Q1 2026
At a glance
€192 million
EBITDA before special items
Q1 2025: €230 million
-€60 million
Segment cash flow
Q1 2025: -€103 million
In the Nutrition & Care segment, sales in the first quarter of 2026 were slightly below the prior-year level. Sales decreased substantially in the Care Chemicals division but improved slightly in the Nutrition & Health division.
Factors influencing sales
| Nutrition & Care | Care Chemicals | Nutrition & Health | |
|---|---|---|---|
| Volumes | 8.9% | 2.6% | 27.3% |
| Prices | -5.0% | -3.3% | -9.8% |
| Currencies | -4.6% | -4.0% | -6.5% |
| Portfolio | -2.3% | 0.4% | -9.8% |
| Sales | -2.9% | -4.4% | 1.2% |
The considerable rise in volumes had a positive influence on the segment's sales. The Nutrition & Health division recorded volume increases mainly for vitamin and carotenoid products as well as in the aroma and pharmaceutical businesses; the prior-year quarter had still been negatively affected by the aftereffects of the fire in the isophytol plant in July 2024. Volumes in the Care Chemicals division rose in particular in the industrial formulators, home care and industrial and institutional cleaning business areas, largely as a result of the conflict in the Middle East and the associated shifts in global supply chains.
Prices declined in both divisions. In the Nutrition & Health division, this occurred in all business areas, particularly for vitamin and carotenoid products. Prices also fell in nearly all business areas of the Care Chemicals division.
Currency effects, mainly relating to the U.S. dollar, adversely impacted the segment's sales.
The sale of the business with food and health performance ingredients led to a negative portfolio effect in the Nutrition & Health division. In the Care Chemicals division, the change in the business model of BASF-YPC Company Ltd., Nanjing, China, which is accounted for using the equity method, had a positive influence on sales. This effect more than compensated for the slight negative impact from the sale of the optical brighteners business.
Overall, EBITDA before special items in the segment considerably lagged the level of the prior-year quarter, owing mainly to the price-related decline in the contribution margin of the Care Chemicals division. By contrast, earnings in Nutrition & Health division improved substantially due to significantly higher sales volumes as well as reduced fixed costs resulting mainly from the divestiture of the food and health performance ingredients business.
Special items in EBITDA amounted to -€8 million and resulted in particular in connection with the changeover of the ERP system.
BASF Quarterly Statement Q1 2026
Nutrition & Care | 18
Key Figures at a Glance
Business Review
Selected Financial Data
Compared to the prior-year period, segment cash flow in the Nutrition & Care segment improved significantly overall but remained negative. The main driver here was improved cash flow in the Nutrition & Health division, chiefly resulting from decreased capital expenditures and higher EBITDA. Cash flow in the Care Chemicals division was down slightly, mainly due to a significant decline in EBITDA.
Segment data – Nutrition & Care
| Million € | 2026 | 2025 | +/- |
|---|---|---|---|
| Sales to third parties | 1,669 | 1,720 | -2.9% |
| of which Care Chemicals | 1,223 | 1,278 | -4.4% |
| Nutrition & Health | 446 | 441 | 1.2% |
| EBITDA before special items | 192 | 230 | -16.4% |
| Special items in EBITDA | -8 | -3 | -146.5% |
| EBITDA | 184 | 226 | -18.9% |
| EBITDA margin before special items (%) | 11.5 | 13.4 | . |
| Depreciation and amortization^{a} | 138 | 124 | 11.0% |
| EBIT before special items | 55 | 106 | -48.8% |
| Special items in EBIT | -9 | -4 | -99.1% |
| Income from operations (EBIT) | 46 | 102 | -55.2% |
| Investments including acquisitions^{b} | 89 | 151 | -41.3% |
| Segment cash flow | -60 | -103 | 41.6% |
| Assets (March 31) | 7,924 | 8,011 | -1.1% |
| Research and development expenses | 29 | 33 | -13.1% |
a Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)
b Additions to intangible assets and property, plant and equipment
BASF Quarterly Statement Q1 2026
Nutrition & Care | 19
Key Figures at a Glance
Business Review
Selected Financial Data
Surface Technologies
Q1 2026
At a glance
€275 million
EBITDA before special items
Q1 2025: €170 million
€148 million
Segment cash flow
Q1 2025: -€2 million
The Surface Technologies segment recorded considerably higher sales compared with the same quarter of the previous year. This was due to increased prices in the Environmental Catalyst and Metal Solutions (ECMS) and Battery Materials divisions.
Factors influencing sales
| Surface Technologies | Battery Materials | ECMS | Coatingsa | |
|---|---|---|---|---|
| Volumes | -1.3% | -6.6% | -1.0% | – |
| Prices | 25.6% | 24.6% | 27.1% | – |
| Currencies | -9.4% | -6.8% | -10.1% | – |
| Portfolio | -5.0% | – | – | -100.0% |
| Sales | 9.9% | 11.2% | 15.9% | -100.0% |
a The figures of the Coatings division refer exclusively to the decorative paints business unit, which was sold on October 1, 2025.
The higher prices in the ECMS division were mainly attributable to significantly increased precious metal prices. In the Battery Materials division, prices improved in the cathode materials business.
By contrast, currency effects relating to the U.S. dollar and Indian rupee had a dampening impact on sales. In the Battery Materials division, sales were negatively influenced by effects relating to the Chinese renminbi.
Volumes declined slightly, with lower sales volumes recorded in the ECMS division's mobile emissions catalysts and recycling business and in the cathode materials business of the Battery Materials division.
Moreover, the sale of the Brazilian decorative paints business as of October 1, 2025, led to negative portfolio effects in the Coatings division.
EBITDA before special items in the Surface Technologies segment rose significantly compared with the first quarter of the previous year. The increase in earnings in the ECMS division resulted primarily from higher contributions from precious metal trading. Lower fixed costs as a result of one-off payments in connection with the successful resolution of a litigation matter also helped to boost earnings. EBITDA before special items in the Battery Materials division rose, in particular due to improved margins.
Segment cash flow rose significantly overall compared with the prior-year period. This was primarily attributable to the increase recorded by the ECMS division as a result of a smaller increase in trade accounts receivable as well as improved EBITDA. Cash flow in the Battery Materials division declined because more cash was tied up in net working capital, primarily owing to stronger inventory buildup compared with the prior-year period.
BASF Quarterly Statement Q1 2026
Surface Technologies | 20
Key Figures at a Glance
Business Review
Selected Financial Data
Segment data – Surface Technologiesa
| Million € | 2026 | 2025 | +/- |
|---|---|---|---|
| Sales to third parties | 2,406 | 2,189 | 9.9% |
| of which Battery Materials | 135 | 122 | 11.2% |
| ECMS | 2,271 | 1,958 | 15.9% |
| Coatingsb | - | 109 | -100.0% |
| EBITDA before special items | 275 | 170 | 62.1% |
| Special items in EBITDA | -3 | -9 | 68.7% |
| EBITDA | 272 | 160 | 69.8% |
| EBITDA margin before special items (%) | 11.4 | 7.8 | . |
| Depreciation and amortizationc | 52 | 57 | -9.2% |
| EBIT before special items | 225 | 113 | 98.5% |
| Special items in EBIT | -4 | -10 | 57.0% |
| Income from operations (EBIT) | 220 | 103 | 113.6% |
| Investments including acquisitionsd | 21 | 21 | 0.0% |
| Segment cash flow | 148 | -2 | . |
| Assets (March 31) | 6,760 | 6,190 | 9.2% |
| Research and development expenses | 36 | 42 | -15.4% |
a Owing to the planned divestiture of the automotive OEM coatings, refinish coatings and surface treatment businesses, these activities are reported as discontinued operations and are no longer part of the Surface Technologies segment. The prior-year figures have been restated accordingly, even if no retrospective adjustment was made in the balance sheet.
b The figures of the Coatings division refer exclusively to the decorative paints business unit, which was sold as of October 1, 2025.
c Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments) excluding depreciation and amortization or reversals of impairments attributable to the discontinued coatings business
d Additions to intangible assets and property, plant and equipment, excluding additions attributable to the discontinued coatings business; prior-year figures have been restated
BASF Quarterly Statement Q1 2026
Surface Technologies
Key Figures at a Glance
Business Review
Selected Financial Data
Agricultural Solutions
Q1 2026
At a glance
€1,102 million
EBITDA before special items
Q1 2025: €1,204 million
-€1,160 million
Segment cash flow
Q1 2025: -€978 million
Sales in the Agricultural Solutions segment declined considerably compared with the prior-year quarter, largely due to currency effects.
Factors influencing sales
| Agricultural Solutions | |
|---|---|
| Volumes | 2.7% |
| Prices | -0.5% |
| Currencies | -5.3% |
| Portfolio | - |
| Sales | -3.1% |
Sales in Europe rose slightly, due in part to higher sales volumes. Negative currency effects in Türkiye and Ukraine had an offsetting effect.
In North America, sales declined considerably as a result of strong negative currency effects relating to the U.S. dollar. Sales volumes increased slightly due to higher demand and front-loaded sales.
The South America, Africa and Middle East region recorded a significant sales decrease, mainly due to volume declines in Africa. In South America, lower prices were offset by higher sales volumes in seed treatment and crop protection products. Currency effects had an adverse impact.
Sales also declined substantially in the Asia Pacific region, primarily due to negative currency effects, largely relating to the Chinese renminbi. Slightly increased volumes, mainly in South Korea and India, partially compensated for this.
EBITDA before special items decreased slightly compared with the first quarter of the previous year, largely due to currency-related declines in contribution margins.
Special items in EBITDA amounted to -€24 million in the first quarter of 2026, primarily as a result of special charges in connection with the ERP system conversion.
Segment cash flow was considerably below the level of the prior-year period. This was mainly due to lower EBITDA and a higher buildup of trade accounts receivable versus the prior-year quarter after receivables at year-end 2025 had been reduced more significantly than at the end of 2024.
BASF Quarterly Statement Q1 2026
Agricultural Solutions
Key Figures at a Glance
Business Review
Selected Financial Data
Segment data – Agricultural Solutions
| Million € | 2026 | 2025 | +/- |
|---|---|---|---|
| Sales to third parties | 3,104 | 3,203 | -3.1% |
| EBITDA before special items | 1,102 | 1,204 | -8.5% |
| Special items in EBITDA | -24 | -15 | -59.7% |
| EBITDA | 1,078 | 1,189 | -9.4% |
| EBITDA margin before special items (%) | 35.5 | 37.6 | . |
| Depreciation and amortization^{a} | 134 | 158 | -15.0% |
| EBIT before special items | 968 | 1,047 | -7.5% |
| Special items in EBIT | -25 | -16 | -51.2% |
| Income from operations (EBIT) | 943 | 1,031 | -8.5% |
| Investments including acquisitions^{b} | 191 | 72 | 166.0% |
| Segment cash flow | -1,160 | -978 | -18.6% |
| Assets (March 31) | 16,834 | 17,146 | -1.8% |
| Research and development expenses | 224 | 221 | 1.7% |
a Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)
b Additions to intangible assets and property, plant and equipment
BASF Quarterly Statement Q1 2026
Agricultural Solutions | 23
Key Figures at a Glance
Business Review
Selected Financial Data
Other
Q1 2026
At a glance
€849 million
Sales
Q1 2025: €903 million
-€319 million
EBITDA before special items
Q1 2025: -€274 million
Sales in Other were down considerably versus the level of the prior-year quarter. This was primarily attributable to lower sales in commodity and energy trading.
Compared with the prior-year quarter, EBITDA before special items in Other decreased significantly, largely due to measurement effects from derivatives related to hedges.
EBITDA in Other included special charges amounting to €95 million, which resulted mainly from restructuring measures.
Financial data – Otherᵃ
| Million € | 2026 | 2025 | +/- |
|---|---|---|---|
| Sales to third parties | 849 | 903 | -5.9% |
| EBITDA before special items | -319 | -274 | -16.3% |
| of which costs for cross-divisional corporate research | -42 | -47 | 10.2% |
| costs of corporate headquarters | -58 | -59 | 0.9% |
| other businesses | 55 | 26 | 115.5% |
| miscellaneous income and expenses | -274 | -194 | -41.1% |
| Special items in EBITDA | -95 | -380 | 75.1% |
| EBITDA | -413 | -654 | 36.8% |
| Depreciation and amortizationᵇ | 35 | 38 | -5.8% |
| EBIT before special items | -354 | -311 | -13.6% |
| Special items in EBIT | -95 | -380 | 75.1% |
| Income from operations (EBIT) | -449 | -691 | 35.1% |
| Investments including acquisitionsᶜ | 25 | 34 | -26.6% |
| Assets (March 31)ᵈ | 18,546 | 18,267 | 1.5% |
| Research and development expenses | 45 | 71 | -36.4% |
ᵃ The prior-year figures have been restated due to the planned divestiture of the automotive OEM coatings, automotive refinish coatings and surface treatment business units.
ᵇ Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)
ᶜ Additions to intangible assets and property, plant and equipment
ᵈ Includes assets of businesses recognized under Other and reconciliation to assets of the BASF Group
BASF Quarterly Statement Q1 2026
Other | 24
Key Figures at a Glance
Business Review
Selected Financial Data
Selected Financial Data
Statement of Incomeᵃ
| Q1 | ||
|---|---|---|
| Million € | 2026 | 2025 |
| Sales revenue | 16,020 | 16,509 |
| Cost of sales | -11,867 | -12,085 |
| Gross profit on sales | 4,153 | 4,424 |
| Selling expenses | -1,825 | -1,851 |
| General administrative expenses | -303 | -341 |
| Research and development expenses | -438 | -479 |
| Other operating income | 651 | 298 |
| Other operating expenses | -1,008 | -595 |
| Income from integral companies accounted for using the equity method | 31 | -296 |
| Income from operations (EBIT) | 1,261 | 1,160 |
| Income from non-integral companies accounted for using the equity method | -60 | -49 |
| Income from other shareholdings | 33 | 2 |
| Expenses from other shareholdings | -18 | -4 |
| Net income from shareholdings | -44 | -51 |
| Interest income | 79 | 89 |
| Interest expenses | -212 | -216 |
| Interest result | -133 | -127 |
| Other financial income | 43 | 70 |
| Other financial expenses | -28 | -40 |
| Other financial result | 14 | 31 |
| Financial result | -119 | -96 |
| Income before income taxes | 1,098 | 1,013 |
| Income taxes | -215 | -195 |
| Income after taxes from continuing operations | 884 | 818 |
| Income after taxes from discontinued operations | 62 | 19 |
| Income after taxes | 946 | 837 |
| of which attributable to shareholders of BASF SE (net income) | 927 | 808 |
| attributable to noncontrolling interests | 18 | 29 |
| Earnings per share from continuing operations (€) | 0.99 | 0.89 |
| Earnings per share from discontinued operations (€) | 0.07 | 0.02 |
| Earnings per share (€) | 1.06 | 0.91 |
| Dilution effect (€) | - | - |
| Diluted earnings per share (€) | 1.06 | 0.91 |
ᵃ Owing to the planned divestiture of the automotive OEM coatings, automotive refinish coatings and surface treatment businesses to Carlyle, the affected business units have been classified as discontinued operations in accordance with IFRS 5 retroactively as of January 1, 2025.
BASF Quarterly Statement Q1 2026
Statement of Income
Key Figures at a Glance
Business Review
Selected Financial Data
Balance Sheet
Assets
| Million € | March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|---|---|---|
| Intangible assets | 9,863 | 9,692 | 11,621 |
| Property, plant and equipment | 25,705 | 25,405 | 26,655 |
| Integral investments accounted for using the equity method | 1,823 | 1,746 | 1,834 |
| Non-integral investments accounted for using the equity method | 2,173 | 3,247 | 3,362 |
| Other financial assets | 1,066 | 1,055 | 1,194 |
| Deferred tax assets | 638 | 544 | 639 |
| Receivables for income taxes | 97 | 97 | 89 |
| Other receivables and miscellaneous assets | 2,800 | 2,702 | 2,834 |
| Noncurrent assets | 44,164 | 44,489 | 48,228 |
| Inventories | 12,908 | 12,168 | 13,869 |
| Accounts receivable, trade | 11,518 | 8,325 | 12,433 |
| Receivables for income taxes | 630 | 696 | 639 |
| Other receivables and miscellaneous assets | 5,158 | 3,762 | 3,482 |
| Marketable securities | 91 | 89 | 60 |
| Cash and cash equivalents | 3,089 | 2,670 | 2,314 |
| Assets of disposal groups | 4,207 | 3,973 | 394 |
| Current assets | 37,602 | 31,684 | 33,191 |
| Total assets | 81,766 | 76,174 | 81,419 |
Equity and liabilities
| Million € | March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|---|---|---|
| Subscribed capital | 1,142 | 1,142 | 1,142 |
| Capital reserves | 3,131 | 3,131 | 3,139 |
| Retained earnings | 30,366 | 29,931 | 31,688 |
| Other comprehensive income | -357 | -1,009 | 116 |
| Equity attributable to shareholders of BASF SE | 34,283 | 33,194 | 36,085 |
| Noncontrolling interests | 1,190 | 1,143 | 1,266 |
| Equity | 35,473 | 34,338 | 37,351 |
| Provisions for pensions and similar obligations | 1,824 | 1,832 | 2,149 |
| Deferred tax liabilities | 892 | 953 | 1,064 |
| Income tax provisions | 379 | 401 | 337 |
| Other provisions | 1,748 | 1,854 | 1,812 |
| Financial indebtedness | 19,910 | 18,481 | 18,875 |
| Other liabilities | 1,887 | 1,903 | 1,724 |
| Noncurrent liabilities | 26,640 | 25,424 | 25,961 |
| Accounts payable, trade | 6,163 | 5,484 | 6,558 |
| Provisions | 4,453 | 3,693 | 4,103 |
| Liabilities for income taxes | 459 | 213 | 579 |
| Financial indebtedness | 3,759 | 2,608 | 3,892 |
| Other liabilities | 3,712 | 3,405 | 2,876 |
| Liabilities of disposal groups | 1,107 | 1,008 | 99 |
| Current liabilities | 19,653 | 16,411 | 18,107 |
| Total equity and liabilities | 81,766 | 76,174 | 81,419 |
BASF Quarterly Statement Q1 2026
Balance Sheet | 26
Key Figures at a Glance
Business Review
Selected Financial Data
Statement of Cash Flows
| Q1 | ||
|---|---|---|
| Million € | 2026 | 2025 |
| Net income | 927 | 808 |
| Depreciation and amortization of property, plant and equipment and intangible assetsa | 925 | 981 |
| Equity-accounted income | 28 | 345 |
| Gains (-) / losses (+) from the disposal of noncurrent assets as well as divestmentsb | -13 | -8 |
| Other noncash items and reclassificationsb | -16 | -4 |
| Dividends received from equity-accounted investments | 817 | 28 |
| Changes in inventories | -628 | -443 |
| Changes in accounts receivable, trade | -2,977 | -2,310 |
| Changes in accounts payable, trade | 619 | -209 |
| Changes in provisions | 478 | 835 |
| Changes in other operating assets | -1,464 | -504 |
| Changes in other operating liabilities and pension provisions | 506 | -499 |
| Cash flows from operating activities | -797 | -982 |
| Payments made for property, plant and equipment and intangible assets | -578 | -816 |
| Payments made for financial assets and securities | -173 | -184 |
| Payments made for investments in equity instruments | -31 | -16 |
| Payments made for acquisitions less acquired cash and cash equivalents | -125 | - |
| Payments received from divestitures less transferred cash and cash equivalents as well as subsequent purchase price adjustments | -33 | 3 |
| Payments received from the disposal of noncurrent assets and securities | 276 | 224 |
| Payments received from the disposal of equity instruments | 289 | 116 |
| Cash flows from investing activities | -375 | -674 |
| Capital repayments and other equity transactions | -494 | - |
| Additions to financial and similar liabilities | 3,432 | 1,902 |
| Repayment of financial and similar liabilities | -1,370 | -812 |
| Dividends paid | - | - |
| Cash flows from financing activities | 1,568 | 1,090 |
| Cash-effective changes in cash and cash equivalents | 396 | -566 |
| Changes in cash and cash equivalents from foreign exchange rates and changes in the scope of consolidation | 38 | -30 |
| Cash and cash equivalents at the beginning of the periodc | 2,818 | 2,921 |
| Cash and cash equivalents at the end of the periodc | 3,252 | 2,325 |
a This item includes depreciation and amortization, impairments and reversals of impairments.
b For improved presentation of material effects, the item "Gains (-) / losses (+) from disposals of non-current assets" has been supplemented by the result from divestments. Previously, this result was included under "Other non-cash items and reclassifications". The prior-year figures have been adjusted accordingly. For the first quarter of 2025, an amount of €1 million was reclassified.
c As of March 31, 2026, and December 31, 2025, as well as March 31, 2025, and December 31, 2024, the cash and cash equivalents in the statement of cash flows differ from the value in the balance sheet due to the existence of disposal groups.
BASF Quarterly Statement Q1 2026
Statement of Cash Flows
Key Figures at a Glance
Business Review
Selected Financial Data
Reconciliation Tables of Various Earnings Indicators
EBITDA before special items
| Q1 | ||
|---|---|---|
| Million € | 2026 | 2025 |
| EBIT | 1,261 | 1,160 |
| – Special items | -173 | -432 |
| EBIT before special items | 1,434 | 1,592 |
| + Depreciation and amortization | 918 | 893 |
| + Impairments and reversals of impairments on property, plant and equipment and intangible assets before special items | 3 | 11 |
| Depreciation, amortization, impairments and reversals of impairments on property, plant and equipment and intangible assets before special items | 921 | 904 |
| EBITDA before special items | 2,356 | 2,495 |
| Sales revenue | 16,020 | 16,509 |
| EBITDA margin before special items | % | 14.7 |
EBITDA
| Q1 | ||
|---|---|---|
| Million € | 2026 | 2025 |
| EBIT | 1,261 | 1,160 |
| + Depreciation and amortization | 918 | 893 |
| + Impairments and reversals of impairments on property, plant and equipment and intangible assets | 6 | 17 |
| Depreciation, amortization, impairments and reversals of impairments on property, plant and equipment and intangible assets | 925 | 910 |
| EBITDA | 2,186 | 2,070 |
BASF Quarterly Statement Q1 2026
Reconciliation Tables of Various Earnings Indicators
Key Figures at a Glance
Business Review
Selected Financial Data
Adjusted earnings per share
| Q1 | ||
|---|---|---|
| Million € | 2026 | 2025 |
| Income after taxes | 946 | 837 |
| - Special itemsa | -178 | -432 |
| + Amortization, impairments and reversals of impairments on intangible assets | 88 | 107 |
| - Amortization, impairments and reversals of impairments on intangible assets contained in special items | 0 | - |
| - Adjustments to income taxes | 20 | 0 |
| - Adjustments to income after taxes from discontinued operations | 11 | -56 |
| Adjusted income after taxes | 1,181 | 1,433 |
| - Adjusted noncontrolling interests | 20 | 31 |
| Adjusted net income | 1,161 | 1,402 |
| Weighted average number of outstanding sharesb | 878,365 | 892,522 |
| Adjusted earnings per share | € | 1.32 |
a This includes special items amounting to -€5 million in net income from shareholdings and financial result for the first quarter of 2026.
b As a result of the share buyback program, which commenced in November 2025, the weighted average number of outstanding shares amounted to 878,364,560 in the first quarter of 2026 and 892,522,164 in the first quarter of 2025.
Reconciliation of segment cash flow to free cash flow
| Q1 | ||
|---|---|---|
| Million € | 2026 | 2025 |
| Segment cash flow | -1,460 | -1,287 |
| + Net income from shareholdings | -44 | -51 |
| + Financial result | -119 | -96 |
| + Income taxesa | -215 | -195 |
| + Segment cash flow, net income from shareholdings, financial result and income taxes from discontinued operations | 31 | 10 |
| - Income after taxes attributable to noncontrolling interests | 18 | 29 |
| + Changes in items included in segment cash flow that are recognized under Other, as well as other items presented in cash flows from operating activitiesb | 449 | -151 |
| Free cash flow | -1,375 | -1,798 |
a The value corresponds to the amount reported in the statement of income and does not represent a cash flow.
b For more information on the composition of the items, see Our Steering Concept on page 29 of the BASF Report 2025
BASF Quarterly Statement Q1 2026
Reconciliation Tables of Various Earnings Indicators
Key Figures at a Glance
Business Review
Selected Financial Data
Selected Key Figures Excluding Precious and Base Metals
The IFRS figures correspond to the amounts presented in the Consolidated Financial Statements. 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 divisions.
BASF Group
| Q1 | |||||
|---|---|---|---|---|---|
| 2026 | 2025 | ||||
| IFRS figure | Adjusted figure | IFRS figure | Adjusted figure | ||
| Sales | million € | 16,020 | 14,198 | 16,509 | 15,047 |
| Factors influencing sales | |||||
| Volumes | % | 4.3 | 4.7 | 0.7 | -1.0 |
| Prices | % | -1.2 | -4.8 | -0.6 | -0.3 |
| Currencies | % | -5.6 | -5.1 | 0.5 | 0.3 |
| Portfolio | % | -0.4 | -0.4 | 0.2 | 0.2 |
| EBITDA before special items | million € | 2,356 | 2,356 | 2,495 | 2,495 |
| EBITDA margin before special items | % | 14.7 | 16.6 | 15.1 | 16.6 |
Surface Technologies
| Q1 | |||||
|---|---|---|---|---|---|
| 2026 | 2025 | ||||
| IFRS figure | Adjusted figure | IFRS figure | Adjusted figure | ||
| Sales | million € | 2,406 | 594 | 2,189 | 730 |
| Factors influencing sales | |||||
| Volumes | % | -1.3 | -3.2 | 1.4 | 1.2 |
| Prices | % | 25.6 | 6.0 | -2.0 | 0.4 |
| Currencies | % | -9.4 | -6.6 | 0.8 | -1.4 |
| Portfolio | % | -5.0 | -14.9 | - | - |
| EBITDA before special items | million € | 275 | 275 | 170 | 170 |
| EBITDA margin before special items | % | 11.4 | 46.4 | 7.8 | 23.3 |
BASF Quarterly Statement Q1 2026
Selected Key Figures Excluding Precious and Base Metals | 30
Key Figures at a Glance
Business Review
Selected Financial Data
Half-Year Financial Report 2026
Jul. 29, 2026
Quarterly Statement Q3 2026
Oct. 28, 2026
Publication of BASF Report 2026
Feb. 26, 2027
Quarterly Statement Q1 2027 / Annual Shareholders’ Meeting 2027
Apr. 29, 2027
Half-Year Financial Report 2027
Jul. 30, 2027
Responsible Care®
OUR COMMITMENT TO SUSTAINABILITY
BASF supports the chemical industry’s global Responsible Care initiative.
Contact
General inquiries
Phone: +49 621 60-0
Email: [email protected]
Media Relations
Jens Fey, phone: +49 621 60-99123
Investor Relations
Dr. Stefanie Wettberg, phone: +49 621 60-48002
Internet
basf.com
Further Information
Published on April 30, 2026
You can find this and other BASF publications online at basf.com/publications
Forward-looking statements and forecasts
This quarterly statement 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. We do not assume any obligation to update the forward-looking statements contained in this quarterly statement above and beyond the legal requirements.
- Such risk factors include in particular those discussed in Opportunities and Risks from page 90 onward in the BASF Report 2025.
- The BASF Report is available online at basf.com/report.
BASF Quarterly Statement Q1 2026
Further Information