欧洲化工企业三季度盈利受挫

European chemical companies suffered a setback in third quarter profits

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。

European companies' third quarter financial reports show a significant decline in profits and even net losses, with sales plummeting simultaneously. The multiple pressures of price decline and exchange rate fluctuations caused by overcapacity have offset the slight improvement in sales, 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 third quarter profit and sales have both declined. According to a research report by multinational investment bank Jefferies on November 11th, BASF's profit margin is under pressure and shows no signs of improvement, with almost all indicators in a cyclical trough. Combined with high capital expenditures in 2025, the company's profits and cash flow continue to suffer, but with the commissioning of a large-scale production base under construction in Zhanjiang, China, its capital expenditures will decline 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, deeply embroiled in litigation, continued to incur net losses in the third quarter, but its earnings before interest, tax, depreciation, and amortization (EBITDA), excluding non recurring items, increased by 21% year-on-year to 1.51 billion euros, exceeding the expected 1.28 billion euros by analysts at Capital Intelligence. The growth mainly came from the crop science business. The adjusted EBITDA of this business doubled year-on-year to 172 million euros during the same period, with a profit margin increasing from 0.9% to 4.5%, but 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.

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 Domagen factory in Germany. Its sales in the third quarter decreased by 12% and turned from profit to loss. Subsequently, it lowered its full year EBITDA guidance to 700 million to 800 million euros. The company stated that the decline in sales and EBITDA is mainly due to weak selling prices, exchange rate fluctuations, and declining sales volume, as well as increasing global market competition and price pressure. The shutdown was caused by a sudden power outage triggered by an external fire on July 12th, resulting in severe damage to the chlorine unit and the 280000 tons/year toluene diisocyanate (TDI) unit. Force majeure has been declared. However, despite this, the third quarter EBITDA of 242 million euros 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 went from profit to loss in the third quarter, with a decrease in sales. Adjusted EBITDA was 385 million euros, lower than the expected 398 million euros, a year-on-year decrease of 2%. The company stated that structural cost control and precise execution offset the impact of declining sales, while lowering its annual profit guidance. It is expected that the adjusted EBITDA for 2025 will 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。

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。

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%.