Q1 2026 BASF SE Earnings Call Transcript
Key Points
- BASF SE (BASFY) demonstrated resilience in a challenging market environment, achieving an EBITDA before special items of EUR 2.4 billion, only slightly down from the previous year.
- The company saw solid volume growth across most segments, particularly in Petrochemicals, Monomers, and Nutrition & Health divisions.
- The successful startup of the new Verbund site in South China contributed to strong volume growth, especially benefiting the Chemicals segment.
- BASF SE (BASFY) has a broad and well-diversified product portfolio, serving numerous customer industries worldwide, which enhances its resilience.
- The company has secured long-term natural gas supply agreements with Equinor and Cheniere, ensuring high volume flexibility and diversification.
- Overall sales declined slightly due to strong currency headwinds and lower prices, particularly in core businesses.
- Adverse currency effects, mainly from the depreciation of the US dollar and Chinese renminbi, dampened sales across all divisions.
- EBITDA before special items declined by 6% compared to the prior-year quarter, impacted by currency headwinds and lower contribution margins in some segments.
- The Chemicals segment faced challenges due to global overcapacities and higher turnaround intensity, affecting earnings.
- The Nutrition & Care segment experienced a considerable decline in EBITDA before special items, mainly due to price-related declines in the Care Chemicals division.
Good morning, ladies and gentlemen. On behalf of BASF, I would like to welcome you to our conference call on the first-quarter 2026 results. Today's presentation is being recorded. (Operator Instructions)
Today's presentation contains forward-looking statements. These statements are based on current estimates and projections of the Board of Executive Directors and can't be 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. BASF does not assume any obligation to update the forward-looking statements contained in this presentation above and beyond the legal requirements.
With me on the call today are CFO, Dirk Elvermann; and Christian Jutzi, President of BASF's Corporate Finance division. Please be aware that we have already posted the speech on our website at basf.com/q12026.
Now I would like to hand over to Dirk.
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