BASF lowers forecast after mixed second quarter 2025

巴斯夫下调2025年第二季度业绩预期

 BASF posted stable volumes in Q2 2025, but margins in Basic Chemicals remained under pressure. The company has revised its EBITDA forecast for the full year.

 巴斯夫在2025年第二季度实现稳定销量,但基础化学品业务的利润率仍面临压力.基于此,该公司修改了全年的EBITDA预测。

 BASF adjusted its 2025 outlook as macroeconomic uncertainties continue to weigh on performance.

图: 宏观经济的不确定性继续影响业绩,巴斯夫调整2025年的前景。

In Q2 2025, BASF reported sales of EUR 15.8 billion, slightly below the prior-year figure. A 21 % increase in volumes in Agricultural Solutions helped offset weaker prices in other segments. Negative currency effects also weighed on revenue. While Surface Technologies and Nutrition & Care were able to raise prices, the Chemicals segment faced significant price declines due to high product availability.

EBITDA before special items amounted to EUR 1.8 billion, down EUR 185 million year-on-year. The sharpest decline was in Chemicals, while Agricultural Solutions, Surface Technologies and Nutrition & Care posted modest improvements. The EBITDA margin before special items stood at 11.2 %, compared with 12.1 % in Q2 2024.

2025年第二季度,巴斯夫的销售额为 158 亿欧元,略低于去年同期。农业解决方案业务的销量增长21.0%,帮助抵消了其他业务板块价格疲软的影响.汇率的负面效应也影响了营收.虽然”表面处理技术”和”营养及护理”部门能够提高价格,但由于市场上同类产品的可获得性高,化学品部门面临着价格的大幅下降。

不计特殊项目的EBITDA为 18 亿欧元,同比下降 1.85 亿欧元.降幅最大的是化学品,而农业解决方案、表面技术和营养与护理则略有改善.不计特殊项目的EBITDA利润率为11. %,而2024年第二季度为12. %.

Cash flow and half-year performance

Operating cash flow in the second quarter was EUR 1.6 billion, EUR 365 million below the prior-year figure. Capital expenditures for property, plant and equipment and intangible assets decreased by EUR 428 million to EUR 1.1 billion. Free cash flow improved to EUR 533 million.

In the first half of 2025, BASF recorded sales of EUR 33.2 billion (down EUR 493 million year-on-year). EBITDA before special items declined to EUR 4.4 billion. EBIT fell to EUR 1.7 billion, while net income after non-controlling interests dropped to EUR 887 million.

现金流和半年业绩

第二季度经营现金流为 16 亿欧元,比去年同期下降 3.65 亿欧元.物业、厂房、设备和无形资产的资本支出为 11 亿欧元,减少了 4.28 亿欧元,自由现金流改善至 5.33 亿欧元。

2025年上半年,巴斯夫销售额为 332 亿欧元（同比下降 4.93 亿欧元）.不计特殊项目的EBITDA下降至 44 亿欧元.息税前利润降至 17 亿欧元,扣除非控股权益后的净利润降至 8.87 亿欧元.

Outlook 2025

Due to weaker global economic growth and geopolitical uncertainties, BASF now expects EBITDA before special items of between EUR 7.3 billion and EUR 7.7 billion for 2025 (previously EUR 8.0 billion to EUR 8.4 billion). Free cash flow is projected between EUR 0.4 billion and EUR 0.8 billion.

CO₂ emissions are forecast in the range of 16.7 to 17.7 million tonnes. While direct impacts from trade tariffs remain limited due to BASF’s regional production strategy, indirect effects—such as increased competition and inflation—may affect demand and pricing.

展望2025年

由于全球经济增长疲软和地缘政治的不确定性,巴斯夫目前预计2025年扣除特殊项目的EBITDA在 73 亿欧元至 77 亿欧元之间（之前为 80 亿欧元至 84 亿欧元）.自由现金流预计在 4 亿欧元至 8 亿欧元之间.二氧化碳排放量预计在16.7 至 1770 万吨之间.虽然由于巴斯夫的区域生产战略,贸易关税的直接影响继续有限,但竞争加剧和通货膨胀等间接影响,还是可能会影响需求和定价。

备注:
本文章原文来自欧洲涂料网站: https://www.european-coatings.com/news/basf-lowers-forecast-after-mixed-second-quarter-2025/
最初发布时间:31.07.2025

图片来源:BASF
翻译为广州九维提供.