BASF Q1 2026: resilient performance
- Q1 sales €16,020m (‑€488m vs prior year) with EBITDA before special items €2,356m (down €140m) and EBITDA €2,186m after -€170m special items.
- Free cash flow -€1,375m and operating cash flow -€797m, supported by €316m higher equity‑accounted income and increased dividends from Wintershall Dea GmbH.
- Dividend proposal €2.25 per share and commitment to distribute at least €12bn to shareholders from 2025–2028, targeting an annual dividend of at least €2.25 (~€2bn/year).
- 2026 forecast maintained: EBITDA before special items €6.2–7.0bn, free cash flow €1.5–2.3bn and CO2 emissions 17.2–18.2 Mt amid Middle East conflict and currency/oil uncertainties.
Key results Q1 2026
Solid volume growth drove sales of €16,020m (‑€488m vs prior year); EBITDA before special items €2,356m (‑€140m), EBITDA €2,186m after €170m special items; EBIT €1,261m; net income €927m; EPS €1.06.
Prices, volumes and segments
Currency headwinds (USD, RMB) weighed on sales; volumes rose in nearly all segments except Surface Technologies; prices fell in Chemicals, Materials, Industrial Solutions, Nutrition & Care and Agricultural Solutions while Surface Technologies saw higher prices due to precious metal costs; Other declined sharply.
Cash flow and special items
Operating cash flow improved to ‑€797m; free cash flow improved to ‑€1,375m, helped by €316m higher equity‑accounted income and larger dividends from Wintershall Dea, and lower capex; special items (~‑€170m) mainly reflect cost‑saving measures, notably at the Ludwigshafen site.
Shareholder returns and outlook
Dividend proposal €2.25/share (payment if approved on May 6, ex‑dividend May 4, 2026) and commitment to distribute at least €12bn from 2025–2028 targeting ≥€2.25/year; FY 2026 forecast maintained: EBITDA before special items €6.2–7.0bn, free cash flow €1.5–2.3bn, CO2 emissions 17.2–18.2 Mt, while noting Middle East conflict risks that could raise oil prices and strengthen the dollar.
Source: BASF