BASF released preliminary figures for the second quarter of 2025 and adjusted its full-year outlook due to ongoing macroeconomic and geopolitical uncertainty.

Sales declined 2.1% in the second quarter to €15.77 billion, primarily due to negative currency effects and lower prices, especially in the Chemicals segment. Volume growth in the Agricultural Solutions and Surface Technologies segments slightly offset the decline. Analysts had expected €15.80 billion in sales, according to Vara Research.

EBITDA before special items was €1.77 billion, in line with analyst consensus but down from €1.96 billion in Q2 2024. Agricultural Solutions saw strong gains, while Surface Technologies and Nutrition & Care recorded slight increases. Earnings declined in the Chemicals, Industrial Solutions and Other segments.

EBIT before special items was €0.81 billion, slightly above consensus estimates of €0.78 billion but below the €0.97 billion recorded a year earlier. Net income fell to €0.08 billion, well below both analyst expectations (€0.41 billion) and the prior-year figure (€0.43 billion), driven by higher income taxes and lower contributions from equity investments.

Free cash flow rose to €0.53 billion (Q2 2024: €0.47 billion), with operating cash flow of €1.59 billion and lower capital expenditures of €1.05 billion.

For full-year 2025, BASF now expects EBITDA before special items between €7.3 billion and €7.7 billion, down from its prior estimate of €8.0 billion to €8.4 billion. The company continues to project free cash flow between €0.4 billion and €0.8 billion. The revised forecast reflects slower growth in GDP, industrial production, and chemical production, as well as a weaker U.S. dollar and lower oil prices.

BASF will release its Half-Year Financial Report 2025 on July 30, followed by a conference call with analysts and investors.