Combined Annual Report 2025

Financial Review of the Year

Key financials

In EUR mn (unless otherwise stated)

 

 

 

 

 

 

2025

2024

Δ

Sales revenues from continuing operations1

 

24,308

26,194

–7%

Clean CCS Operating Result2

 

4,607

5,141

–10%

Clean Operating Result Energy2

 

2,707

3,810

–29%

Clean CCS Operating Result Fuels2

 

1,116

927

20%

Clean Operating Result Chemicals2

 

784

459

71%

Clean Operating Result Corporate & Other2

 

–75

–73

–3%

Consolidation: elimination of inter-segmental profits

 

75

19

n.m.

Clean CCS Group tax rate

in %

43

45

–3

Clean CCS net income2

 

2,649

2,814

–6%

Clean CCS net income attributable to stockholders of the parent2, 3

 

1,941

2,090

–7%

Clean CCS EPS2

in EUR

5.94

6.39

–7%

 

 

 

 

 

Special items4

 

–924

–764

–21%

thereof Energy

 

–830

–605

–37%

thereof Fuels

 

–7

–98

93%

thereof Chemicals

 

–75

–55

–37%

thereof Corporate & Other

 

–12

–6

–87%

Special items4

 

–924

–764

–21%

thereof personnel restructuring

 

–75

–15

n.m.

thereof unscheduled depreciation/write-ups

 

–465

–504

8%

thereof asset disposal

 

19

23

–18%

thereof other

 

–402

–268

–50%

CCS effects: inventory holding gains (+)/losses (–)

 

–239

–123

–95%

 

 

 

 

 

Operating Result Group

 

3,110

4,202

–26%

Operating Result Energy

 

1,877

3,205

–41%

Operating Result Fuels

 

866

709

22%

Operating Result Chemicals from continuing operations1

 

374

352

6%

Operating Result Corporate & Other

 

–87

–80

–9%

Consolidation: elimination of inter-segmental profits

 

80

16

n.m.

Net financial result

 

–63

–103

39%

Group tax rate from continuing operations1

in %

60

53

7

Net income

 

1,520

2,024

–25%

Net income attributable to stockholders of the parent

 

1,017

1,389

–27%

Earnings Per Share (EPS)

in EUR

3.11

4.25

–27%

 

 

 

 

 

Cash flow from operating activities

 

5,215

5,456

–4%

Free cash flow before dividends

 

2,461

2,304

7%

Free cash flow after dividends

 

180

–158

n.m.

Organic free cash flow before dividends

 

1,499

1,986

–25%

Organic free cash flow after dividends

 

–781

–475

–64%

 

 

 

 

 

Leverage ratio

in %

14

12

2

Capital expenditure5

 

3,798

4,101

–7%

Organic capital expenditure6

 

3,739

3,710

1%

Clean CCS ROACE

in %

10

10

0

ROACE

in %

6

7

–1

Note: In March 2025, the Borealis Group, excluding Borouge investments, was reclassified to “held for sale” and in addition classified as “discontinued operations.” Since reclassification, the non-current assets are no longer depreciated or amortized and investments are no longer accounted for according to the equity method. If not mentioned otherwise, all indicators in the table above also include items classified as “held for sale” and “discontinued operations.”

1

Restated 2024 figures.

2

Adjusted for special items and CCS effects; further information can be found in Note 6 – Segment Reporting – of the Notes to the Consolidated Financial Statements

3

After deducting net income attributable to hybrid capital owners and net income attributable to non-controlling interests

4

The disclosure of special items is considered appropriate in order to facilitate the analysis of the ordinary business performance. To reflect comparable figures, certain items affecting the result are added back or deducted. Special items from equity-accounted companies and temporary hedging effects for material transactions are included.

5

Capital expenditure including acquisitions

6

Organic capital expenditure is defined as capital expenditure including capitalized exploration and appraisal expenditure and excluding acquisitions and contingent considerations.

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