BASF raises EBITDA outlook as core businesses drive growth

Quarter performance

Sales in Q3 2026 were €16.4 billion, €2.0 billion above the prior year, driven mainly by price increases (plus 12%) and slightly higher volumes (plus 2%). Price and volume improvements were strongest in Chemicals, Materials, Surface Technologies and Industrial Solutions; Agricultural Solutions saw a volume decline. Positive currency effects also contributed. EBITDA before special items increased by €213 million to €1.6 billion, keeping the margin at 10.0%.

Profitability and one‑offs

Reported EBITDA was €1.2 billion and included special items of −€437 million related to transformation and restructuring measures (notably at Ludwigshafen) and a legal settlement in Care Chemicals. Depreciation and amortization rose to €1.3 billion, including a €318 million impairment in Monomers. EBIT was −€98 million. Net income was €155 million and basic EPS €0.18; adjusted EPS (ex special items and amortization) was €0.72.

Cash flow and investments

Operating cash flow was €1.1 billion, down €275 million, mainly due to €507 million of cash tied up in inventories from higher raw material prices. Investing cash flow was −€89 million, supported by €434 million proceeds from the Harbour Energy share disposal. Free cash flow was €523 million, up €125 million year‑on‑year.

Outlook 2026 and assumptions

BASF raised its 2026 EBITDA before special items range to €7.4–7.8 billion and left free cash flow guidance at €1.5–2.3 billion and CO2 emissions guidance at 17.2–18.2 million metric tons. Macroeconomic assumptions include GDP growth 2.5%, industrial production 2.0%, chemical production 1.8%, an average EUR/USD of $1.17 and Brent at $80/barrel.