欧洲化企三季度盈利受挫
European chemical companies' profits were hit in the third quarter.
欧洲化企三季度财报显示，各企业利润大幅下滑甚至出现净亏损，销售额同步暴跌。产能过剩引发的价格下跌、汇率波动等多重压力，抵消了销量端的微弱改善，市场环境仍极具挑战性。
The third-quarter financial reports of European chemical enterprises show that the profits of various enterprises have dropped significantly or even turned to net losses, and sales have plummeted simultaneously. The multiple pressures such as the price decline caused by overcapacity and exchange rate fluctuations have offset the slight improvement in sales volume, and the market environment remains highly challenging.
巴斯夫三季度盈利与销售额双降。跨国投行杰富瑞11月11日研报指出，巴斯夫公司利润率承压且暂无改善迹象，几乎各项指标均处于周期低谷。叠加2025年高额资本支出，公司盈利与现金流持续受损，但随着中国湛江在建大型生产基地投产，其2026至2027年资本支出将回落。
BASF's profit and sales both fell in the third quarter. Jefferies, a multinational investment bank, reported a research report on November 11 that BASF's profit margin is under pressure and shows no signs of improvement, and almost all indicators are at a cyclical low. Superimposed on high capital expenditures in 2025, the company's profits and cash flow will continue to suffer. However, as the large-scale production base under construction in Zhanjiang, China is put into operation, its capital expenditures will fall from 2026 to 2027.BASF's profit and sales both declined in the third quarter. A research report by Jefferies, a multinational investment bank, on November 11th pointed out that BASF's profit margin is under pressure and shows no sign of improvement, with almost all indicators at the bottom of the cycle. Coupled with high capital expenditure in 2025, the company's profit and cash flow will continue to be damaged. However, with the commissioning of the large-scale production base under construction in Zhanjiang, China, its capital expenditure will fall from 2026 to 2027.
深陷诉讼的拜耳三季度延续净亏损，但剔除非经常性项目后的息税折旧摊销前利润(EBITDA)同比增长21%至15.1亿欧元，超标普资本智商分析师预期的12.8亿欧元，增长主要来自作物科学业务。该业务同期经调整EBITDA同比翻倍至1.72亿欧元，利润率从0.9%升至4.5%，但营收同比下降3.2%至38.6亿欧元。
Bayer, which was deeply involved in litigation, continued its net loss in the third quarter, but its earnings before interest, taxes, depreciation and amortization (EBITDA) after excluding non-recurring items increased by 21% year-on-year to 1.51 billion euros, exceeding the 1.28 billion euros expected by Pu Capital IQ analysts. Mainly from crop science business. The business's adjusted EBITDA doubled year-on-year to 172 million euros during the same period, and its margin rose from 0.9% to 4.5%, but revenue fell 3.2% year-on-year to 3.86 billion euros.Bayer, mired in lawsuits, continued to report a net loss in the third quarter. However, after excluding non-recurring items, its earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 21% year-on-year to 1.51 billion euros, exceeding the expectations of S&P Capital IQ analysts at 1.28 billion euros. The growth mainly came from the Crop Science business. During the same period, the adjusted EBITDA of this business doubled to 172 million euros, with the profit margin rising from 0.9% to 4.5%, but the revenue decreased by 3.2% year-on-year to 3.86 billion euros.
赢创三季度由盈转亏，净亏损1.06亿欧元，部分源于重组成本及基础设施部门资产减值损失。经调整EBITDA同比下降22%至4.48亿欧元，环比从二季度5.09亿欧元大幅下滑；利润率从去年同期15.1%、上一季度14.5%降至13.2%。营收同比下降12%至34亿欧元，主要受销量下滑影响，2024年8月超吸收性聚合物业务剥离及美元疲软等汇率因素进一步加剧下滑态势。
Evonik turned from profit to loss in the third quarter, with a net loss of 106 million euros, partly due to restructuring costs and asset impairment losses in the infrastructure sector. Adjusted EBITDA fell 22% year-on-year to 448 million euros, a sharp decline from 509 million euros in the second quarter; Margins fell to 13.2% from 15.1% in the same period last year and 14.5% in the previous quarter. Revenue fell 12% year-on-year to 3.4 billion euros, mainly due to the decline in sales volume. Exchange rate factors such as the divestiture of the superabsorbent polymer business in August 2024 and the weak US dollar further exacerbated the decline.Evonik suffered a net loss of 106 million euros in the third quarter, partly due to restructuring costs and impairment losses on assets of the infrastructure department. Adjusted EBITDA decreased by 22% year-on-year to 448 million euros, a significant drop from 509 million euros in the second quarter. The profit margin dropped from 15.1% in the same period last year and 14.5% in the previous quarter to 13.2%. Revenue declined by 12% to 3.4 billion euros, mainly due to the decline in sales. The divestment of the super absorbent polymer business in August 2024 and the weakness of the US dollar due to exchange rate factors further exacerbated the downward trend.
科思创因德国多马根工厂持续停产损失1.5亿欧元，三季度销售额下降12%且由盈转亏，随后将全年EBITDA指引下调至7亿至8亿欧元。该公司表示，销售额与EBITDA下滑主因售价疲软、汇率波动及销量下降，全球市场竞争与价格压力持续加剧。此次停产源于7月12日厂外火灾引发的突然停电，导致氯装置及28万吨/年甲苯二异氰酸酯(TDI)装置严重受损，已宣布不可抗力。但尽管如此，其三季度EBITDA达2.42亿欧元仍超市场预期的1.69亿欧元。
Covestro suffered a loss of 150 million euros due to the continuous shutdown of its Darmstadt plant in Germany. Its sales dropped by 12% in the third quarter and turned from profit to loss. Subsequently, the company lowered its full-year EBITDA guidance to 700-800 million euros. The company stated that the main reasons for the decline in sales and EBITDA were weak prices, exchange rate fluctuations, and decreased sales volume. Global market competition and price pressure continued to intensify. This shutdown was caused by a sudden power outage resulting from an external fire on July 12th, which severely damaged the chlorine plant and the 280,000-ton/year TDI plant. An act of force majeure has been declared. However, despite this, its EBITDA of 242 million euros in the third quarter still exceeded market expectations of 169 million euros.
阿克苏诺贝尔三季度由盈转亏，销售额下降，经调整EBITDA为3.85亿欧元，低于预期的3.98亿欧元，同比降低2%。公司称，结构性成本控制与精准执行抵消了销量下滑的影响，同时下调了年度盈利指引，预计2025年经调整EBITDA为14.8亿欧元。
AkzoNobel turned from profit to loss in the third quarter, with sales declining. Adjusted EBITDA was 385 million euros, lower than the expected 398 million euros, a year-on-year decrease of 2%. The company said that structural cost control and precise execution offset the impact of declining sales, and at the same time lowered its annual profit guidance, expecting adjusted EBITDA to be 1.48 billion euros in 2025.AkzoNobel turned from a profit to a loss in the third quarter. Its sales declined, and the adjusted EBITDA was 385 million euros, lower than the expected 398 million euros, a 2% decrease year-on-year. The company stated that structural cost control and precise execution offset the impact of the sales decline, and it has lowered its annual profit guidance, expecting the adjusted EBITDA in 2025 to be 1.48 billion euros.
阿科玛考虑到宏观经济压力及美国需求不及预期，将全年EBITDA指引下调至12.5亿至13亿欧元。公司三季度盈利与销售额下滑，EBITDA同比降24%至3.1亿欧元，仍超过市场预期的3.06亿欧元。
Arkema lowered its full-year EBITDA guidance to 1.25 billion to 1.3 billion euros, taking into account macroeconomic pressures and lower-than-expected demand in the United States. The company's profit and sales declined in the third quarter, and EBITDA fell 24% year-on-year to 310 million euros, still exceeding market expectations of 306 million euros.Arkema, taking into account the macroeconomic pressures and the fact that US demand was lower than expected, has lowered its full-year EBITDA guidance to between 1.25 billion and 1.3 billion euros. The company's profit and sales in the third quarter declined, with EBITDA dropping by 24% year-on-year to 310 million euros, still exceeding the market expectation of 306 million euros.
朗盛集团三季度销售额同比下降16.3%，常规业务范围内息税折旧及摊销前利润为1.25亿欧元，同比下降27.7%。分业务板块看，消费者保护业务表现稳健，息税折旧及摊销前利润同比增长1.4%至7200万欧元，利润率提升至15.9%；特殊添加剂业务受需求疲软和产能利用率不足影响，利润下滑26.2%；高品质中间体业务面临亚洲市场价格压力和需求不振双重挑战，利润大幅下滑61.8%。
LANXESS Group's sales in the third quarter decreased by 16.3% year-on-year, and its earnings before interest, taxes, depreciation and amortization within the regular business scope was 125 million euros, a year-on-year decrease of 27.7%. In terms of business segments, the consumer protection business performed steadily, with profit before interest, taxes, depreciation and amortization increasing by 1.4% year-on-year to 72 million euros, and the profit margin increasing to 15.9%; Affected by weak demand and insufficient capacity utilization, the profit of special additives business fell by 26.2%; The high-quality intermediates business faced the dual challenges of price pressure and sluggish demand in the Asian market, and its profit dropped sharply by 61.8%.The sales of Lanxess Group in the third quarter decreased by 16.3% compared to the previous year. Within the regular business scope, the earnings before interest, taxes, depreciation and amortization was 125 million euros, a decrease of 27.7% year-on-year. By business segment, the consumer protection business performed steadily, with earnings before interest, taxes, depreciation and amortization increasing by 1.4% to 72 million euros, and the profit margin rising to 15.9%. The special additives business suffered a 26.2% decline in profits due to weak demand and insufficient capacity utilization. The high-quality intermediates business faced dual challenges of price pressure and sluggish demand in the Asian market, resulting in a significant 61.8% decline in profits.
