Evonik Half-Year Report 2023

Evonik’s business performance was significantly hindered by the difficult economic environment for industrial companies. Following the weak first quarter of 2023, we had anticipated a clear recovery in the second quarter. Unfortunately, demand from our end-markets remained very weak, with customers continuing to reduce inventories. As a result, volumes were considerably lower than in the prior-year quarter. In the specialty chemicals business, we managed to hold selling prices stable for the most part. However, we registered significant price declines in the Animal Nutrition and Performance Intermediates businesses. Overall, sales and adjusted EBITDA contracted significantly year-on-year. In response to the unsatisfactory earnings performance, we are rigorously implementing the contingency measures introduced in the second half of 2022. The impact of these measures to safeguard earnings should become increasingly visible during the year.