News

Covestro appoints Klaus Fröhlich as new Chief Financial Officer

Tue, 05 May 2026 18:30:00 +0200

The Supervisory Board of Covestro has unanimously decided to appoint Klaus Fröhlich as the new Chief Financial Officer (CFO). The 53-year-old will assume the role from Christian Baier effective October 1, 2026. Christian Baier will leave the company on September 30, 2026. At the same time, Klaus Fröhlich will become a member of the Board of Management of Covestro AG.

Rainer Seele, Chairman of the Supervisory Board of Covestro, said: "Klaus Fröhlich is a proven financial expert with many years of experience in managing finances and companies in challenging market environments. With his clear financial perspective and his focus on performance, efficiency, and value creation, he will play an important role in further strengthening Covestro's competitiveness and in driving the consistent execution of the company's strategy."

"I am very much looking forward to my new role at Covestro and would like to thank the Supervisory Board for its trust," said Klaus Fröhlich. "The company has a strong technological foundation, dedicated employees, and a clear strategic direction. Together with the Board of Management and teams worldwide, I aim to contribute to advancing the company's transformation and enabling sustainable, profitable growth."

Klaus Fröhlich is Group Chief Investment Officer at the energy and chemical company ADNOC and has more than 25 years of experience in finance and international investment banking. He previously served as Chief Financial Officer in Saudi Arabia and worked for Morgan Stanley, most recently as Head of Investment Banking for the Middle East and North Africa.

Orderly succession in the finance function

Former Chief Financial Officer Christian Baier informed the Supervisory Board in December 2025 that he would not extend his contract and would leave Covestro at the end of his term in September 2026. With this early decision, he enabled a planned and orderly transition of his succession. Until his departure, Christian Baier will continue to perform his duties in full. The Supervisory Board would like to thank Christian Baier for his dedication and for his important role during a strategically decisive phase for Covestro, particularly in further developing the company's strategy and successfully implementing key transformation initiatives.

About Covestro:

Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. Covestro supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector. In addition, polymers from Covestro are also used in sectors such as sports and leisure, telecommunications and health, as well as in the chemical industry itself. The company is geared completely to the circular economy. In addition, Covestro aims to achieve climate neutrality for its Scope 1 and Scope 2 emissions by 2035, and the Group’s Scope 3 emissions are also set to be climate neutral by 2050. Covestro generated sales of EUR 12.9 billion in fiscal year 2025. At the end of 2025, the company had 46 production sites worldwide and employed approximately 17,600 people (calculated as full-time equivalents).

Forward-looking statements

This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

XRG P.J.S.C., Abu Dhabi, UAE, submits formal squeeze-out request and sets the cash compensation for the transfer of the shares held by minority shareholders of Covestro AG at EUR 59.46 per share

Fri, 20 Mar 2026 13:55:46 +0100

XRG P.J.S.C., Abu Dhabi, United Arab Emirates (“XRG”), today submitted to the Board of Management of Covestro AG (ISIN: DE0006062144 / WKN 606214) the formal request in accordance with Section 327a para. 1 sentence 1 of the German Stock Corporation Act (Aktiengesetz) to convene a general meeting of Covestro AG at which a resolution is to be passed on the transfer of the shares of the company’s remaining shareholders (minority shareholders) to XRG in exchange for an appropriate cash compensation (so-called squeeze-out under stock corporation law), and in doing so disclosed the cash compensation per share it has determined.

XRG has informed Covestro AG that it holds a 95.1% stake in the share capital of Covestro AG (before deduction of Covestro AG’s treasury shares) directly and through its wholly-owned indirect subsidiary ADNOC International Germany Holding AG. It is thus the majority shareholder within the meaning of Section 327a para. 1 sentence 1 of the German Stock Corporation Act.

XRG has further announced that it has set the cash compensation for the transfer of the shares held by the minority shareholders of Covestro AG at EUR 59.46 per share of Covestro AG. The determined cash compensation is based on an expert opinion issued by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main.

The squeeze-out under stock corporation law will not take effect until the transfer resolution is entered in the commercial register of Covestro AG. Covestro AG plans to submit the resolution on the squeeze-out under German stock corporation law for approval at its ordinary general meeting, which is expected to be held on 19 May 2026. The convocation will be published separately.

Covestro concludes fiscal year 2025 within narrowed guidance range

Thu, 26 Feb 2026 07:00:00 +0100

In the 2025 fiscal year, Covestro achieved its EBITDA target despite a persistently challenging market environment. Volatile geopolitical dynamics, sustained weak global demand coupled with intense competitive pressure, and the impact of the fire at the Dormagen Chempark weighed heavily on the Group’s economic development. In particular, the further decline in price levels across all regions and overcapacities in key product groups had a significant effect on margins and earnings. At the same time, Covestro consistently pursued its transformation and, with the successful completion of the strategic partnership with XRG, took decisive strategic steps for the future.

Group sales decreased by 8.7 percent to EUR 12.9 billion in the 2025 fiscal year (previous year: EUR 14.2 billion). This development was primarily driven by lower selling prices in all regions as well as exchange rate effects. At EUR 740 million (previous year: EUR 1.1 billion), EBITDA was within the range of EUR 700 million to EUR 800 million specified in October 2025. The production downtime at several plants following a fire at the Dormagen Chempark had a negative impact on the full year in the low three-digit million euro range. Free Operating Cash Flow amounted to EUR –283 million (previous year: EUR 89 million), which was also within the expected range. The Group net result was EUR –644 million (previous year: EUR –266 million), reflecting the ongoing challenging market conditions. Greenhouse gas emissions (Scope 1 and Scope 2) fell to 4.3 million metric tons of CO2 equivalents (previous year: 4.7 million metric tons). This was primarily due to the successful implementation of the Nitric Acid Unit Climate Initiative projects at the Baytown (USA) and Shanghai (China) sites.

“The year 2025 was once again characterized by geopolitical uncertainties and a globally challenging market environment,” says Dr. Markus Steilemann, CEO of Covestro. “Our ambition remains unchanged: With our innovative strength, technological excellence, and our clearly focused ‘Sustainable Future’ strategy, we are consistently evolving Covestro together with our customers. 2025 was therefore also a year of important strategic decisions. With XRG as a long-term strategic partner, additional opportunities are opening up to further expand our position as a leading provider of sustainable and circular material solutions.”

Targeted investments and efficiency increases

In 2025, Covestro made targeted investments in growth and enhanced its organizational efficency. Despite the continuing challenging environment, Covestro made strategic acquisitions to further strengthen its portfolio in attractive growth markets. With the acquisition of Pontacol AG, completed in August 2025, Covestro is expanding its film business to include highly specialized multilayer adhesive films, which open up new opportunities in areas such as medical technology, mobility, and the textile industry.

Furthermore, in August 2025, Covestro signed an agreement with Vencorex to acquire two production sites for HDI derivatives in Rayong (Thailand) and Freeport, Texas (USA). This transaction, which is expected to close in the first half of 2026 if possible, strengthens the production network for aliphatic isocyanates and supports the growth strategy in the Coatings & Adhesives business entity.

At the same time, Covestro is making continuous progress with its STRONG transformation program launched in 2024. As of the end of 2025, the company has already saved approximately EUR 275 million, consistently implementing the announced efficiency increases. The goal is to achieve annual savings of EUR 400 million worldwide by the end of 2028. The focus is on the consistent continuation of the transformation, structural and process improvements, as well as extensive digitalization and the use of artificial intelligence across all areas of the company.

“The market environment remained challenging in 2025. The sustained pressure on prices and margins, as well as a lack of demand momentum, weighed significantly on our business,” says Christian Baier, CFO of Covestro. “What is decisive, however, is that we are adjusting our cost structures, simplifying processes, and prioritizing our investments. These measures are proving effective. The successful capital increase creates additional financial flexibility. This shows that even in a volatile market environment, we are actively shaping our transformation.”

Strategic partnership with XRG successfully completed

A key milestone in the 2025 fiscal year was the successful completion of the strategic partnership between Covestro and XRG on December 10, 2025. With XRG as a long-term oriented shareholder, Covestro will further accelerate its transformation. In this context, the EUR 1.17 billion capital increase agreed upon in the investment agreement with XRG was completed in December 2025. The transaction strengthens Covestro’s equity base and increases financial flexibility in a volatile market environment.

XRG has also announced its intention to pursue a squeeze-out under stock corporation law following a corresponding resolution at this year’s Annual General Meeting of Covestro AG. In accordance with the investment agreement concluded between the parties, the Board of Management and the Supervisory Board fundamentally support this plan. This step would simplify the ownership structure and reduce capital market regulatory requirements. The resulting strategic and financial flexibility will allow Covestro to advance its “Sustainable Future” strategy over the long term and drive sustained investment in growth areas like the circular economy, digitalization, and AI.

Outlook 2026

For the 2026 fiscal year, Covestro continues to expect a demanding market environment. A sustainable recovery in global demand is currently not in sight, while the global competitive environment remains characterized by overcapacities, persistent price pressure, and an increasingly protectionist trade policy.

Against this background, the forecast for EBITDA, Free Operating Cash Flow, and ROCE above WACC is provided in the form of a qualitative assessment rather than quantitative ranges. For 2026, Covestro expects EBITDA to be in the region of the previous year’s level*. For Free Operating Cash Flow and ROCE above WACC, the company anticipates a significant improvement compared to 2025 levels. For greenhouse gas emissions (Scope 1+2) measured in CO2 equivalents, the Group expects a value between 3.9 and 4.5 million metric tons.

Due to the negative Group net result and in line with Covestro’s dividend policy, no dividend will be distributed for the 2025 fiscal year.

^{*This may include a deviation in the single-digit percentage range.}

Development of the Segments

In the Performance Materials segment, sales decreased by 12.1 percent to EUR 6.1 billion (previous year: EUR 7.0 billion). EBITDA fell by 34.1 percent to EUR 375 million (previous year: EUR 569 million), due to lower margins and higher expenses for the implementation of the STRONG transformation program. The latter primarily related to the closure of the production facility in Maasvlakte (Netherlands) operated jointly with LyondellBasell.

In the Solutions & Specialties segment, sales decreased by 5.5 percent to EUR 6.6 billion (previous year: EUR 7.0 billion), due to lower selling prices and negative exchange rate effects. EBITDA decreased by 8.0 percent to EUR 681 million (previous year: EUR 740 million). Increased sales volumes and lower expenses within the framework of the STRONG transformation program had a positive impact on earnings.

Additional information:

Please find below the link for downloading today´s publication of Q4/FY 2025 results: Financial Documents & Presentations.

Please follow this link to access the online Annual Report 2025.

Covestro AG – Chief Executive Officer Dr Markus Steilemann will not extend his contract beyond May 31, 2028

Mon, 23 Feb 2026 11:15:23 +0100

The Chief Executive Officer of Covestro AG, Dr Markus Steilemann, today informed the Chairman of the Supervisory Board of the Company that he will not be available for a further term of office upon the expiry of his current term, which runs until 31 May 2028. The Supervisory Board of Covestro AG will initiate an orderly succession process for the position of Chief Executive Officer in due course.

Dr Markus Steilemann will ensure a smooth transition of his responsibilities to his successor.

Covestro, Fertiglobe, and TA’ZIZ sign Memorandum of Understanding to explore strategic ammonia collaboration

Fri, 06 Feb 2026 14:17:36 +0100

Today, on the occasion of the visit of German Chancellor Friedrich Merz to the United Arab Emirates, Covestro, one of the world’s leading manufacturers of high-quality polymer materials, Fertiglobe, the world’s largest seaborne exporter of urea and ammonia and TA’ZIZ, a world-scale chemicals ecosystem being developed in Abu Dhabi, have signed a Memorandum of Understanding (MoU) to explore collaboration across the ammonia and nitric acid value chains. The MoU reflects the parties’ shared interest in assessing both near-term supply solutions and longer-term opportunities supporting the transition toward lower-carbon production pathways. This collaboration follows the closing of XRG’s acquisition of Covestro in December 2025 and reflects the additional opportunities enabled by Covestro and Fertiglobe operating within XRG’s Global Chemicals platform, with expanded international reach.

Under the MoU, Covestro and Fertiglobe intend to explore short-term ammonia supply opportunities from Fertiglobe’s facilities to Covestro’s sites in China and the United States. In parallel, they will assess longer-term supply options to sites in Europe, China and the United States, based on low-carbon ammonia produced using carbon capture technologies, as well as green ammonia from renewable sources, including projects developed by Fertiglobe. Ammonia is a key raw material for Covestro's production of MDI (diphenylmethane diisocyanate) and TDI (toluene diisocyanate), essential components for polyurethane hard and soft foams.

“The potential strategic supply arrangement with Fertiglobe could strengthen our access to a critical raw material while supporting the gradual transition towards lower-carbon production pathways,” said Dr. Markus Steilemann, CEO of Covestro. “Reliable low-carbon ammonia supply enhances operational flexibility across our sites and helps manage long-term cost and availability risks. At the same time, the agreement is a first concrete step in translating our partnership with XRG into tangible business impact.”

“We see strong potential in combining our ammonia production portfolio with Covestro‘s industrial expertise and global footprint,” said Ahmed El-Hoshy, CEO of Fertiglobe. “The Memorandum of Understanding creates a structured basis to assess concrete projects and opportunities – from supply and infrastructure to downstream applications.”

“This Memorandum of Understanding highlights the strategic potential of the UAE’s expanding chemicals landscape,” said Mashal Saoud Al Kindi, CEO of TA’ZIZ. “Together with Covestro and Fertiglobe, we see significant growth opportunities across the ammonia value chain, underpinned by TA’ZIZ’s role in building an ecosystem that enables sustainable growth, attracts global partners, and positions the UAE at the forefront of future chemical production.”

Beyond supply arrangements, the parties, including TA’ZIZ, will also evaluate enabling infrastructure facilities such as storage and transport solutions, as well as potential business opportunities across the entire ammonia value chain, globally and in the United Arab Emirates.

About Fertiglobe

Fertiglobe is the world’s largest seaborne exporter of urea and ammonia combined, and an early mover in sustainable ammonia. Fertiglobe’s production capacity comprises of 6.6 million tons of urea and merchant ammonia, produced at four subsidiaries in the UAE, Egypt and Algeria, making it the largest producer of nitrogen fertilizers in the Middle East and North Africa (MENA), and benefits from direct access to six key ports and distribution hubs on the Mediterranean Sea, Red Sea, and the Arab Gulf. Headquartered in Abu Dhabi and incorporated in Abu Dhabi Global Market (ADGM), Fertiglobe employs more than 2,700 employees. Fertiglobe is listed on the Abu Dhabi Securities Exchange (“ADX”) under the symbol “FERTIGLB” and ISIN “AEF000901015.

To find out more, visit: www.fertiglobe.com

About TA’ZIZ

TA’ZIZ is a critical enabler of the UAE’s industrial development and economic diversification ambitions. Founded in 2020 as a joint venture between ADNOC and ADQ, TA’ZIZ is a manufacturing, industrial services, logistics and utilities ecosystem, that drives, supports, and enables the production of transition fuels and new products across the chemicals value chain. Once completed in 2028, the TA’ZIZ Industrial Chemicals Zone will be set to produce 4.7 million tonnes per annum (mtpa) of chemicals. This includes a 1 mtpa ammonia plant, a 1.8 mtpa methanol plant and 1.9 mtpa of marketable products from its integrated polyvinyl chloride (PVC) complex. The PVC complex, which produces PVC, ethylene dichloride (EDC), vinyl chloride monomer (VCM), and caustic soda, will be one of the world’s top three largest single site PVC complexes. The first phase of the TA’ZIZ ecosystem is expected to contribute $50 billion (AED183 billion) to the UAE economy, creating 20,000 construction jobs and 6,000 operational roles while enabling local manufacturers to produce hundreds of new end products for the first time, supporting national industrial growth and ADNOC’s ambition to become a top three global chemicals player.

To find out more, visit: www.taziz.com

Covestro AG decides to apply for switch from the Prime Standard to the General Standard of the Frankfurt Stock Exchange

Thu, 22 Jan 2026 15:40:37 +0100

Covestro AG decides to apply for switch from the Prime Standard to the General Standard of the Frankfurt Stock Exchange. The shares of Covestro AG (WKN 606214 / ISIN DE0006062144) are currently admitted to trading on the regulated market of the Frankfurt Stock Exchange and to the sub-segment of the regulated market with additional post-admission obligations (Prime Standard).

The Board of Management of Covestro AG today decided to apply for the revocation of the shares' admission to the Prime Standard and to switch to the General Standard. The change of stock market segment serves to reduce the additional expenses associated with listing in the Prime Standard. The revocation of admission will take effect three months after the publication of the revocation decision by the management of the Frankfurt Stock Exchange on the Internet (www.deutsche-boerse.com). The revocation does not affect the admission of Covestro AG shares to the regulated market (General Standard).

XRG P.J.S.C. initiates process for the transfer of the shares held by the minority shareholders of Covestro AG to XRG P.J.S.C. (squeeze-out under German stock corporation law)

Fri, 09 Jan 2026 11:56:03 +0100

XRG P.J.S.C. today informed Covestro AG that the general meeting of Covestro AG shall resolve the transfer of the shares held by the minority shareholders to XRG P.J.S.C. in return for appropriate cash compensation pursuant to sec. 327a para. 1 sent. 1 of the German Stock Corporation Act (Aktiengesetz, "AktG") (squeeze-out under German stock corporation law).

XRG P.J.S.C., together with its indirect wholly owned subsidiary, ADNOC International Germany Holding AG, holds approx. 95.10% of the share capital of Covestro AG and is thus the majority shareholder in the meaning of sec. 327a para. 1 sent. 1 AktG.

The time at which the squeeze-out under stock corporation law takes effect depends, amongst other things, on the approving resolution of Covestro AG's general meeting and the registration of the transfer resolution with the commercial register. The amount of the appropriate cash compensation that the main shareholder will grant to the minority share-holders of Covestro AG for the transfer of shares has not yet been determined and will be announced at a later date.

Dr. Rainer Seele Assumes Chairmanship of Covestro Supervisory Board – Dr. Richard Pott Steps Down After Many Years of Successful Service

Mon, 22 Dec 2025 10:30:00 +0100

The Supervisory Board of Covestro has elected Dr. Rainer Seele as its new Chairman on 18 December 2025. He has succeeded Dr. Richard Pott effective 20 December 2025, who has stepped down from the board after many years of successful service. The leadership transition follows the successful completion of the strategic partnership between Covestro and XRG, which closed on 10 December 2025.

Recognition of Dr. Richard Pott's Outstanding Contributions

Dr. Richard Pott has played a pivotal role in shaping Covestro as Chairman of the Supervisory Board since the company's founding in 2015. During his more than ten-year tenure, he guided the company through critical development phases – from the separation from Bayer and the successful IPO to the recent strategic realignment with partner XRG.

Dr. Richard Pott said: “It has been an honor to support Covestro on its journey and help shape the development of this exceptional company. I am convinced that the strategic partnership with XRG positions Covestro excellently for the future. I also wish my successor Dr. Rainer Seele all the best in his endeavours in guiding the company into its next phase of development.”

Dr. Rainer Seele Brings International Expertise

Dr. Rainer Seele is a senior leader with deep industry expertise and global experience across the international energy and chemicals sector. Since 2025, he has led XRG’s global chemicals business as President and played a central role in the development of the strategic partnership with Covestro. Previously, he served as CEO of OMV AG from 2015 to 2021 and held senior leadership roles at companies including Wintershall, where he helped shape their long-term direction. Dr. Seele holds a PhD in Chemistry.

Dr. Rainer Seele said: “I am very much looking forward to my role as Chairman of the Supervisory Board of Covestro. The company combines outstanding technological expertise with a highly skilled workforce, and a clear strategic focus on sustainability and the circular economy. Together with the Management Board under the leadership of Dr. Markus Steilemann and as part of the XRG family, we will continue to advance Covestro's transformation, drive long-term value creation and unlock its full potential. I would also like to thank Dr. Richard Pott for his outstanding contribution and for leading a successful transition.”

Chief Financial Officer Christian Baier to leave Covestro upon expiry of his contract at his own request

Thu, 18 Dec 2025 10:30:00 +0100

Christian Baier, Chief Financial Officer of Covestro AG, has informed the Chairman of the Supervisory Board that he will not be renewing his contract and will leave the company upon expiry of his term in September 2026 at his own request. By sharing this information well in advance, Baier aims to enable an orderly search for his successor. Dr. Richard Pott, Chairman of the Supervisory Board, has taken note of this decision with regret and will initiate the search for a successor in due course.

Until his departure, Baier will continue to perform his duties as Chief Financial Officer in full and with the same high level of commitment. He has been a member of the Board of Management since October 2023 and is responsible for Accounting, Controlling, and Finance, and other areas.

Dr. Richard Pott, Chairman of the Supervisory Board, said: “We thank Christian Baier for his outstanding commitment over the past years. He played a key role in guiding Covestro through an important phase in its history, securing the strategic partnership with XRG and initiating the company’s transformation. We respect his decision and are grateful for the early notice, which allows us to begin an orderly succession process. I am pleased that he will continue to fully support the ongoing transformation in the year ahead.”

Dr. Markus Steilemann, CEO of Covestro, said: “I would like to express my sincere gratitude to Christian Baier for his dedicated work and the excellent cooperation. He joined Covestro during a period of change and has been instrumental in advancing our ‘Sustainable Future’ strategy. Not least, he played an important role in the negotiations and conclusion of the strategic partnership with XRG. Together with XRG, Covestro is now excellently positioned for a successful future.”

Christian Baier said: “I am grateful for what we have achieved together at Covestro in recent years. With the strategic partnership with XRG, the capital increase, and the implementation phase of the company’s transformation, Covestro is well positioned for long-term and sustainable growth.”

Covestro and XRG commence strategic partnership: Transaction successfully closed

Wed, 10 Dec 2025 15:00:00 +0100

Covestro AG today announced the successful closing of its strategic partnership with XRG P.J.S.C. (formerly ADNOC International Limited, together with its subsidiaries in the following “XRG”). The agreed capital increase of EUR 1.17 billion was carried out as planned, providing Covestro with additional resources to support the implementation of its “Sustainable Future” strategy.

Dr. Markus Steilemann, CEO of Covestro, said: “With today’s closing of the transaction, we can now begin our joint journey with XRG. Together with XRG as a strong and long-term partner, we are well positioned to drive Covestro’s transformation and create long-term value for our customers, employees, and stakeholders worldwide.”

The closing of the transaction marks the official start of the partnership, building on all underlying agreements and prior regulatory clearances.

Further information on the transaction can be found on the deal website at: www.covestro-offer.com

Covestro and XRG receive final outstanding regulatory approval for strategic partnership

Fri, 21 Nov 2025 14:43:00 +0100

Covestro AG and XRG P.J.S.C. (formerly ADNOC International Limited, together with its subsidiaries in the following “XRG”) received the final outstanding regulatory approval from the German Federal Ministry for Economic Affairs and Energy under foreign investment rules for their strategic partnership. Thereby, all closing conditions of the transaction are fulfilled. The closing is expected to take place in the coming days. With this milestone, Covestro and XRG will embark on their joint journey to redefine the chemical industry through innovation, circularity, driving digital transformation and strengthening the pioneering role in high-growth sectors.

“This is an exciting new chapter for Covestro,” said Dr. Markus Steilemann, CEO of Covestro. “With XRG as a strong and long-term-oriented partner, we will drive innovation and digital transformation, scale circular solutions, and set new standards in the chemical industry. Together, we are well-positioned to take our ‘Sustainable Future’ strategy to the next level. Our partnership reflects not only shared goals and ambitions for a successful future and a new chemical era, but also mutual benefits and opportunities for both Covestro and XRG as well as for our customers, suppliers, employees and all other stakeholders.”

Dr. Rainer Seele, President of Global Chemicals at XRG, said: “Securing these regulatory clearances allows us to move forward and focus on establishing a long-term, stable partnership with Covestro. This acquisition strengthens XRG’s international footprint in chemicals and supports our ambition to become a top three global investor in the sector. We have deep respect for Covestro’s people and expertise, and we look forward to working closely with its management team to realize the company’s full potential.”

Supporting Covestro’s ‘Sustainable Future’ Strategy

The partnership is built on a shared commitment to addressing powerful megatrends and shaping industries and societies worldwide. By combining XRG’s strength and global reach with Covestro’s expertise in advanced technologies and circular solutions, the two companies aim to unlock opportunities and deliver long-term value for all stakeholders. Upon closing, Covestro’s ongoing transformation will be further supported by a EUR 1.17 billion capital increase, which will enable the timely execution of strategic investment plans and further execution of its ‘Sustainable Future’ strategy.

With XRG as long-term oriented shareholder, Covestro will continue its journey focusing on scaling its circular economy ambitions, driving digital transformation through advanced technologies such as AI and quantum computing, and strengthening its activities in high-growth sectors like mobility, construction, and electronics. XRG’s expertise in energy transition will complement Covestro’s sustainability goals, providing access to cleaner energy solutions and enhancing resilience in a rapidly changing global landscape.

A Strong Foundation for Long-Term Growth and Continuity

Key elements of the agreed strategic partnership include, inter alia, that Covestro, a global leader in high-quality polymer materials, will act as the foundational platform for XRG’s Performance Materials and Specialty Chemicals business. In accordance with the terms of the Investment Agreement, Covestro will retain its autonomy, with its Board of Management, led by CEO Dr. Markus Steilemann, continuing to oversee operational management and strategic direction. XRG will collaborate with Covestro’s management to identify further opportunities to enhance operational efficiency, strengthen resilience and capture long-term value as the company enters this next phase. Also, in accordance with the terms of the Investment Agreement, upon closing, Covestro maintains its corporate structure, German corporate governance standards and existing general works agreements along with its registered headquarters in Leverkusen.

About XRG:
XRG is an international investment company with an enterprise value of $150 billion, investing across natural gas, chemicals and scalable energy solutions that power AI and industry globally. Headquartered in Abu Dhabi and wholly owned by ADNOC, XRG’s portfolio includes operating and non-operating interests in assets and companies that are meeting the rapidly increasing global demand for energy and the chemicals that are essential for sustainable economic growth.
To find out more, visit: www.XRG.com
For media inquiries, please contact: media@XRG.com

Results in line with expectations – cost-cutting measures proving effective

Thu, 30 Oct 2025 07:00:00 +0100

Covestro closed the third quarter of 2025 with results in line with its own expectations in a market environment that remained very challenging. Nevertheless, the global economic environment continued to be characterised by intense competitive and price pressure. The main factors weighing on performance were persistently weak demand and the resulting oversupply in key sales markets, as well as the effects of a fire at an external substation at Chempark Dormagen, which led to a production shutdown at several plants. Sales and earnings were below the previous year’s levels, mainly due to lower sales prices, exchange rate fluctuations and lower sales volumes. Group sales declined by twelve percent to EUR 3.2 billion (previous year: EUR 3.6 billion). EBITDA amounted to EUR 242 million (previous year: EUR 287 million), with the fire in Dormagen having a negative impact in the mid double-digit million euro range. Consolidated net income amounted to EUR –47 million (previous year: EUR 33 million), while free operating cash flow amounted to EUR 111 million (previous year: EUR 112 million).

Covestro is responding to these conditions with cost discipline and efficiency, while at the same time pursuing opportunities for further targeted growth. The STRONG transformation programme launched in 2024 is already showing significant progress: with total savings of around EUR 320 million realised by the end of 2025, Covestro is well on track to achieve its target of EUR 400 million annually by 2028. Around EUR 250 million of this will be achieved in 2025. In addition, the company continues to focus consistently on strategic investments to achieve sustainable growth in attractive market segments and further strengthen its competitiveness.

“The third quarter has once again shown how challenging the environment remains for our industry,” said Dr. Markus Steilemann, CEO of Covestro. “We continue to feel high price pressure and subdued demand worldwide – which is precisely why it is crucial to continue to act decisively. Our measures are taking effect, and we are strengthening our position in attractive growth markets with targeted investments. We have a clear strategy and are managing our business with discipline, customer focus, and strong team spirit. At the same time, we are continuing to develop Covestro in a targeted manner: towards a company that is even more resilient, responds even faster and creates long-term value for all stakeholders.”

Full-year forecast for 2025 narrowed

As is customary at the end of the year, Covestro has narrowed its forecast within the ranges it had previously issued. The company expects EBITDA for the full year 2025 to be between EUR 700 million and EUR 800 million, with the fire in Dormagen having a negative impact on the full year in the low three-digit million euro range (previously: EUR 700mn to EUR 1.1bn). Covestro expects free operating cash flow to be between EUR –400 million and EUR –200 million (previously: EUR –400mn to EUR +100mn). The return on capital employed above the weighted average cost of capital (ROCE above WACC) is expected to be between –9 and –8 percentage points (previously: –9 pp to –5 pp. The Group continues to expect greenhouse gas emissions (CO2 equivalents) to be between 4.2 million and 4.8 million tonnes.

“In the current market environment, we are steering Covestro with a clear focus on costs, liquidity and efficiency,” says Christian Baier, Chief Financial Officer of Covestro. “We are taking decisive action to secure our financial stability while continuing to invest in areas that will strengthen our long-term competitiveness. The acquisition of Pontacol and the agreement with Vencorex are prime examples of this – but there is something more fundamental at stake: we are securing our financial and operational freedom to combine stability today with prospects for tomorrow.”

Focus on sustainable growth

With the acquisition of Pontacol AG, completed on 28 August 2025, Covestro has expanded its film business to include highly specialised flat and blown films. The two acquired production sites in Switzerland and Germany, with their extensive expertise open up additional opportunities for innovation and growth, particularly in the fields of medical technology, mobility and the textile industry.

In addition, Covestro signed an agreement with Vencorex Holding SAS in August 2025 to acquire two production companies for HDI derivatives in Rayong (Thailand), and Freeport (USA). This strengthens the company's production network for aliphatic isocyanates and consistently pursues its long-term growth strategy in the Coatings & Adhesives business unit. Covestro is also consolidating its market position in the Asia-Pacific and North America regions.

Ten years of Covestro and innovative ideas at K 2025

In the third quarter, Covestro celebrated its tenth anniversary – a milestone that marks the company’s transformation into a global leader in innovation, sustainability and the circular economy in the chemical industry. The anniversary was not only a moment for reflection, but also for looking ahead: Over the past decade, Covestro has established itself as an innovation-driven, financially sound, and sustainability-oriented company that is purposefully advancing its global footprint. However, the main focus was on the shared attitude of the global team: this forms the basis for acting decisively and seizing new opportunities, even in persistently challenging market conditions.

Covestro also sent a strong signal to the outside world in October at K 2025 in Düsseldorf. Under the motto ‘The Material Effect,’ the company presented more than 25 innovations that offer concrete solutions for key future topics such as the circular economy, climate neutrality, digitalisation and mobility. The strong response from customers and partners underscored Covestro’s role as a reliable, innovative solution provider and confirmed its focus on profitable and sustainable applications. This strengthens the company’s position in key industries and consistently implements its ‘Sustainable Future’ strategy.

Overview of the segments

In the Performance Materials segment, sales declined by 16.2 per cent to EUR 1.5 billion in the third quarter (previous year: EUR 1.8 billion), driven primarily by lower average selling prices, exchange rate movements and a decline in sales volumes. EBITDA rose to EUR 174 million (previous year: EUR 125 million), mainly due to positive one-off effects. Free operating cash flow amounted to EUR 68 million (previous year: EUR 111 million).

In the Solutions & Specialties segment, sales declined by 7.7 per cent to EUR 1.6 billion (previous year: EUR 1.8 billion). This was also due in particular to the decline in average selling prices and exchange rate developments. Higher sales volumes had a positive effect. EBITDA amounted to EUR 196 million (previous year: EUR 208 million). Free operating cash flow amounted to EUR 116 million (previous year: EUR 101 million).

Challenging market environment and global uncertainties characterise the first three quarters of 2025

Group sales for the year to date amounted to EUR 10.0 billion (previous year: EUR 10.8 billion), due to the continuing challenging market environment, weak demand and intense competitive and price pressure in all regions. EBITDA amounted to EUR 649 million, consolidated net income to EUR –266 million and free operating cash flow to EUR –370 million.

Covestro expands specialty isocyanate footprint with two former Vencorex sites in the US and Thailand

Thu, 14 Aug 2025 09:00:00 +0200

German materials manufacturer Covestro has signed an agreement with Vencorex Holding SAS, a subsidiary of Thai chemical company PTT Global Chemical Public Company Limited, to acquire two legal entities with stand-alone production sites for HDI (Hexamethylene Diisocyanate) derivates in Rayong, Thailand and Freeport, USA. The legal entities and sites were formerly part of the French aliphatics specialist Vencorex. With this acquisition, Covestro strategically expands and improves its aliphatics production portfolio in the US and in the Asia-Pacific region. Thereby, the company further advances the implementation of its "Sustainable Future" corporate strategy by continuing its growth in profitable and innovative business areas like Coatings and Adhesives.

"The acquisition of these two former Vencorex sites fits perfectly to our portfolio and our strategic goals," says Christian Baier, Chief Financial Officer of Covestro. "While we maintain cost discipline to secure our short-term performance, we strengthen our long-term competitiveness through targeted investments like this one.”

Covestro is a renowned supplier for HDI derivatives. It is an essential component for example in polyurethanes coatings, adhesives and sealants. It can therefore be found in a myriad of applications, like coatings and adhesives for cars, trucks, bridges, ships, wood furniture and electronics, to name just a few. Through the acquisition, Covestro complements its existing capacities in the US, Germany, China, and India, among others.

"These new capacities in Thailand and the US will augment our existing comprehensive production capabilities across all major regions. They will enable us to produce and deliver according to our customer’s demands even better, especially during current market challenges," says Thomas Roemer, Head of the Business Entity Coatings and Adhesives at Covestro. “After the acquisition of the Resins & Functional Materials (RFM) business from DSM and investments in organic growth this is yet another sign of confidence the company has in the coatings and adhesives business. I look forward to welcoming the new colleagues into our organization!”

Both parties have agreed not to disclose the purchase price. The transaction is expected to close by the end of 2025.

Volatile market environment weighs on second quarter

Thu, 31 Jul 2025 07:00:00 +0200

Covestro closed the second quarter of 2025 in a difficult economic environment that was further exacerbated by new trade barriers. The unpredictable increase in US import tariffs led to noticeable disruptions in global supply chains in some key customer industries and significant declines in exports to the US. This resulted in a significant oversupply in relevant sales markets, particularly from the Asia-Pacific region, which led to a massive global decline in prices.

While sale volumes remained largely stable, the decline in average selling prices and currency effects had a significant negative impact. Overall, Group sales fell by 8.4 percent to EUR 3.4 billion (previous year: EUR 3.7 billion). EBITDA fell by 15.6 percent to EUR 270 million (previous year: EUR 320 million), which was at the upper end of our own forecast. This was helped by the reversal of EUR 44 million in bonus provisions following the adjustment of the full-year forecast. Net income amounted to EUR –59 million (previous year: EUR –72 million). Free operating cash flow was EUR –228 million, compared with EUR –147 million in the same period of the previous year.

“The economic environment remains challenging: geopolitical tensions and new trade barriers unexpectedly increased pressure in the second quarter,” says Dr Markus Steilemann, CEO of Covestro. “We are also seeing the consequences: overcapacity, tougher price developments, and hardly any economic momentum. This makes it all the more important that we look ahead, stay the course, and focus on what we can control.”

Full year 2025: Annual forecast adjusted

Due to the continuing weak overall economic situation with no signs of a short-term recovery, Covestro adjusted its forecast for fiscal 2025 on July 11, 2025. Covestro now expects EBITDA to be between EUR 700 million and EUR 1.1 billion (previously: EUR 1.0 billion to EUR 1.4 billion). Free operating cash flow is now forecast to be between EUR –400 million and EUR +100 million (previously: EUR 0 million to EUR 300 million). Covestro expects its return on capital employed above the weighted average cost of capital (ROCE above WACC) for fiscal 2025 to be between –9 and –5 percentage points (previously: –6 to –3 percentage points). The expectation for greenhouse gas emissions measured in CO₂ equivalents remains unchanged: Covestro continues to plan for a value between 4.2 million and 4.8 million tons. For the third quarter of 2025, Covestro expects EBITDA between 150 and 250 million euros.

“In the second quarter, the ongoing challenges posed by weak demand, oversupply, and new trade tariffs had a significant impact on our margins,” says Christian Baier, CFO of Covestro. “Despite stable sales volumes, these external factors are clearly reflected in our results. A short-term recovery is not currently foreseeable – we have therefore adjusted our forecast and are resolutely implementing our transformation and efficiency measures.”

Acquisition strengthens sustainable growth

With the acquisition of Pontacol AG agreed in June 2025, Covestro is strategically expanding its portfolio in the specialty films segment and further advancing the implementation of its “Sustainable Future” strategy. The Swiss manufacturer of multilayer adhesive films brings two specialized production sites in Switzerland and Germany with around 100 employees to the company. The acquisition opens up additional value creation potential through complementary technologies, an expanded customer and product portfolio, and synergies in central functions. The transaction will be financed with cash and is therefore in line with Covestro’s goal of maintaining a solid investment-grade rating. The transaction is expected to close in the third quarter of 2025.

New Chief Commercial Officer

Monique Buch will join Covestro as Chief Commercial Officer (CCO) on August 1, 2025. She will be responsible for the Solutions & Specialties segment and will lead six business units, including the Supply Chain Centers in the three main regions. Monique Buch succeeds Sucheta Govil, whose second term ends on July 31, 2025. Monique Buch has been a member of Covestro’s Executive Board since June of this year.

Segment results at a glance

In the Performance Materials segment, sales declined by 11.8 percent to EUR 1.6 billion in the second quarter of 2025 (previous year: EUR 1.8 billion). EBITDA fell to EUR 149 million (previous year: EUR 196 million), weighed in particular by lower margins and expenses for implementing the STRONG transformation program. Free operating cash flow amounted to EUR –172 million (previous year: EUR –89 million).

The Solutions & Specialties segment recorded a 5.4 percent decline in sales to EUR 1.7 billion (previous year: EUR 1.8 billion). EBITDA amounted to EUR 175 million (previous year: EUR 174 million). Lower expenses for the STRONG transformation program and higher sales volumes had a positive effect here. Free operating cash flow amounted to EUR 56 million (previous year: EUR 36 million).

First half of the year marked by sustained price pressure

Group sales declined by 4.8 percent to EUR 6.9 billion in the first half of 2025 (previous year: EUR 7.2 billion). The decline was primarily due to lower sale prices, which had a negative impact of 3.0 percent. EBITDA at Group level amounted to EUR 407 million (previous year: EUR 593 million), while free operating cash flow was EUR –481 million (previous year: EUR –276 million).

Covestro AG: Reduced outlook for 2025

Fri, 11 Jul 2025 13:17:00 +0200

Covestro reduces its forecast for EBITDA, free operating cash flow (FOCF) and return on capital employed over weighted average cost of capital (ROCE over WACC) for fiscal year 2025. This is a consequence of a continuously weak global economy without signs of a short-term recovery.

Covestro adjusts its forecast for fiscal year 2025 as follows:

EBITDA is expected to be between EUR 700 million and EUR 1,100 million. The previous forecast projected EBITDA between EUR 1,000 million and EUR 1,400 million. The consensus expected this figure to be EUR 931 million.
Free operating cash flow (FOCF) is expected to be between EUR -400 million and EUR +100 million. The previous forecast projected FOCF between EUR 0 million and EUR 300 million. The consensus expected this figure to be EUR 106 million.
Return on capital employed over weighted average cost of capital (ROCE over WACC) is expected to be between -9 and -5 percentage points. The previous forecast projected ROCE over WACC between -6 and -3 percentage points.

Unchanged, greenhouse gas emissions, measured via CO2 equivalents, are expected to be between 4.2 million tons and 4.8 million tons.

In the second quarter 2025, Covestro preliminary EBITDA amounted to EUR 270 million, which is within the previous forecast range between EUR 200 million and EUR 300 million. This was supported by the release of bonus provisions of EUR 43 million in line with the reduction of the full year forecast. The consensus expected this figure to be EUR 220 million.

The financial report for the second quarter 2025 will be published on July 31, 2025.

Capital market expectations are based on the average values of the latest consensus estimates of financial analysts, recently published by Vara Research on July 7, 2025.

Covestro acquires Pontacol: expansion in specialty films

Tue, 24 Jun 2025 10:00:00 +0200

On June 23, 2025, Covestro has signed an agreement to acquire Pontacol, a Swiss manufacturer of multilayer adhesive films. With this acquisition, Covestro strategically expands its specialty films portfolio and further advances the implementation of its "Sustainable Future" corporate strategy. At the same time, the company continues to consistently expand its growth in sustainable and innovative business areas.

"The acquisition of Pontacol is strategically sound and financially attractive," says Christian Baier, Chief Financial Officer of Covestro. "We are gaining a profitable company with significant growth potential and relevant synergy effects. This allows us to strategically expand our production capacities for multilayer adhesive films in Europe, combine our innovative strength, and develop new markets. As a result, we can offer our customers even more powerful solutions, increase our competitiveness, and grow sustainably."

Strategic Expansion and Synergies

Through the acquisition, Covestro complements its film business with highly specialized flat and blown films – a complementary portfolio that enables further growth in attractive application areas. The film segment is growing continuously worldwide, primarily driven by increasing demand in key future markets such as medical technology, mobility, and the textile industry.

Additionally, Covestro is acquiring two specialized production sites in Switzerland and Germany, focusing on different film technologies. This not only strengthens the company's global manufacturing network but also improves the regional availability of adhesive films. The acquisition also opens up additional value creation potential through complementary technologies, an expanded customer and product portfolio, as well as synergies in central functions and procurement.

"This acquisition is an important milestone in our Specialty Films growth strategy," says Aukje Doornbos, Head of Business Entity Specialty Films at Covestro. “In recent years, we have already made large investments in expanding our global capacities. With Pontacol, we can strengthen our product development and expand our global offering for our customers. We are particularly looking forward to the approximately 100 experienced employees who will make a valuable contribution to our further growth with their expertise.”

Both parties have agreed not to disclose the purchase price. The financing will be through cash and is thus aligned with Covestro's goal of maintaining a solid investment-grade rating. The transaction is expected to close in the third quarter of 2025.

Covestro makes a moderate start to 2025

Tue, 06 May 2025 07:00:00 +0200

As expected, Covestro made a moderate start to the 2025 fiscal year. Sales in the first quarter remained at the previous year’s level and amounted to EUR 3.48 billion. This was only 0.9 percent below the previous year’s figure (previous year: EUR 3.51 billion). As expected, EBITDA fell by around 50 percent compared to the previous year. A key driver for this was a one-off effect from the planned closure of the PO11 plant in Maasvlakte, Netherlands. However, at EUR 137 million, the result was still at the upper end of the start-of-the-year guidance and slightly above the market expectation of EUR 125 million. The net income for the first three months of the year was EUR –160 million (previous year: EUR –35 million), while free operating cash flow (FOCF) amounted to EUR –253 million (previous year: EUR –129 million).

“The first quarter of the new fiscal year shows that we are remaining on course in a very challenging economic environment – with stable sales but continued pressure on earnings. This encourages us to consistently drive forward our transformation and resolutely continue to implement our ‘Sustainable Future’ strategy,” says Dr Markus Steilemann, Chief Executive Officer of Covestro. “Whoever hesitates in these turbulent times loses. But whoever acts prudently now can shape the future. That is precisely what we are doing – with full conviction, high speed and a clear vision.”

Full-year guidance for 2025 narrowed within given ranges

Due to increasing geopolitical uncertainties as a result of ongoing trouble spots and new trade tensions caused by the US government’s tariff policy, the forecast for global economic growth in 2025 has been revised downward from 2.8 percent to 2.6 percent. Against this backdrop of a persistently challenging market environment, Covestro has narrowed its expectations for EBITDA and ROCE over WACC for the 2025 financial year within the given range.

Covestro now expects EBITDA of between EUR 1.0 billion and EUR 1.4 billion (previously: EUR 1.0 billion to EUR 1.6 billion). The group anticipates FOCF unchanged between EUR 0 million to EUR 300 million. ROCE above WACC is now expected to be between –6 percentage points and –3 percentage points (previously –6 percentage points to –2 percentage points). The target range for greenhouse gas emissions at all environmentally relevant locations remains at 4.2 million metric tons to 4.8 metric million tons of CO2 equivalents. The Group anticipates EBITDA between EUR 200 million and EUR 300 million for the second quarter of 2025.

“The first quarter of this fiscal year has once again demonstrated the volatile and challenging nature of a market environment increasingly characterized by trade conflicts and growing protectionism,” says Christian Baier, CFO of Covestro. “With our strategic approach of producing in the regions for the regions, we are well positioned in this respect. Now it’s imperative that we continue pursuing the priorities we have set: increasing efficiencies, maintaining cash flow stability and consistently implementing our ‘Sustainable Future’ strategy.”

Focus on transformation and sustainable growth

In the first quarter of 2025, the focus was on the continued systematic implementation of the “Sustainable Future” strategy. Covestro further optimized its portfolio by deciding, together with LyondellBasell, to permanently shut down the joint operation propylene oxide/styrene monomer plant (PO11) in Maasvlakte, the Netherlands. Following a comprehensive assessment of market conditions, the decision comes against the backdrop of global overcapacity, high energy and production costs in Europe and growing import dynamism from Asia. Covestro’s fundamental commitment to the European market remains unaffected. This measure is part of the STRONG transformation program, by which Covestro is systematically strengthening its efficiency and competitiveness.

At the same time, Covestro is systematically driving the transformation towards a fully circular and climate-neutral production. A key lever here is increasing energy efficiency. This March, the group fleshed out the goal it set in the 2024 Annual Report: by 2030, Covestro aims to reduce energy consumption per metric ton manufactured by 20 percent compared to 2020 levels, saving the equivalent of 550,000 metric tons of CO₂emissions. The goal represents a major milestone on the journey to achieving operational climate neutrality by 2035. Similarly impactful is the comprehensive modernization of the TDI plant in Dormagen, the largest of its kind in Europe. A new reactor system that uses process heat to generate steam will save around 22,000 tons of CO₂emissions per year – clear evidence that climate protection, efficiency and industrial competitiveness are compatible.

Segment results at a glance

In the Performance Materials segment, sales in the first quarter of 2025 amounted to EUR 1.7 billion and therefore matched the previous year’s level (previous year: EUR 1.7 billion). EBITDA fell by 87.4 percent to EUR 13 million (previous year: EUR 103 million). On the one hand, expenses in connection with the closure of the PO11 joint operation plant in Maasvlakte, Netherlands, had a negative impact. On the other hand, a decline in margins due to significantly higher energy prices, which outweighed the positive effects of higher selling prices, also contributed to the decline. Without the one-off effect of the closure, EBITDA would have been roughly the same as in the prior-year quarter. The segment’s FOCF was EUR –124 million (previous year: EUR –73 million). The EBITDA guidance for Performance Materials for fiscal 2025 is between EUR 400 million and EUR 700 million.

The Solutions & Specialties segment recorded a decline in sales of 1.2 percent to EUR 1.7 billion in the first quarter of 2025 (previous year: EUR 1.8 billion). The decline in average selling prices was largely offset by increased sales volumes and positive exchange rate effects. EBITDA fell by 13 percent to EUR 181 million (previous year: EUR 208 million), mainly due to the lower selling price level and the resulting decline in margins. However, EBITDA increased sequentially compared to the previous quarter, mostly due to higher volumes in the Coatings & Adhesives business entity. This was reflected in an improved EBITDA margin of 10.4 percent. Free operating cash flow was EUR –11 million (previous year: EUR 22 million). Covestro maintains its expectation that annual EBITDA for the segment will narrowly beat last year’s level.

LyondellBasell and Covestro Announce Permanent Closure of PO11 Unit at Maasvlakte, Netherlands

Tue, 18 Mar 2025 14:30:00 +0100

LYB and Covestro have jointly decided to permanently close the Propylene Oxide Styrene and Monomer (POSM) production unit (PO11) at the Maasvlakte site in the Netherlands. This decision comes after thorough and careful consideration and is driven by the continued pressure on Maasvlakte's profitability due to global overcapacities, a strong increase of imports from Asia and high costs of European production. Unfortunately, this situation is expected to continue, so longer-term profitable production is not anticipated.

“While the decision to shut down the PO11 is difficult, we must ensure all assets within our portfolio are a long-term strategic fit,” said Aaron Ledet, executive vice-president I&D and Supply Chain at LYB. “We are prioritizing our core assets which play a key role in our technology differentiation and circularity strategy or provide attractive returns over the cost of capital. We take our obligations towards our employees, European employee reps, councils, and unions seriously. We have engaged with them in line with these obligations and will continue to do so. We would like to thank them for the constructive dialogue. We are also in communication with customers, suppliers and other parties across the value chain and will continue to do business as usual. There is no change to our working relationship, and we continue to focus on providing an exceptional customer and supplier experience.”

"As part of our Sustainable Future corporate strategy, we’re continuously working to optimally position Covestro to be a reliable partner for our customers and to operate competitively in a challenging market environment," said Hermann-Josef Dörholt, Head of the Performance Materials Business Entity at Covestro. "Due to global overcapacities, persistently weak demand, and high costs in Europe, we have jointly decided with LYB to close the PO11 plant. We will support LYB in implementing this change as socially responsibly as possible. At the same time, we remain committed to the European market and will continue to supply customers with our renowned polyether polyols portfolio.”

The Maasvlakte site, a joint venture between LYB and Covestro, has been operational in the Rotterdam region since 2003. Between now and the end of 2026, LYB will carry out a process to safely shutdown and prepare the demolition of the asset.

In 2024, LYB announced a strategic review of European assets of its Olefins & Polyolefins (O&P) and Intermediates & Derivatives (I&D) business units. LYB has taken the next step in evaluating the option to seek alternative ownership for the O&P sites in the strategic assessment. At this time no decisions have been made and various outcomes remain possible.

Covestro increases volumes sold and forges ahead with its transformation

Wed, 26 Feb 2025 07:00:00 +0100

Despite a persistently difficult market environment, Covestro rigorously continued its transformation in fiscal 2024. The company sold greater volumes worldwide thanks to targeted measures to increase plant availability. Sales fell by 1.4% to EUR 14.2 billion (previous year: EUR 14.4 billion) mainly due to low selling prices. EBITDA remained stable, falling by 0.8% to EUR 1.1 billion (previous year: EUR 1.1 billion), and was thus within the expected range. Net income amounted to EUR –266 million (previous year: EUR –198 million), while the free operating cash flow (FOCF) reached EUR 89 million (previous year: EUR 232 million). ROCE above WACC was –7.4 percentage points (previous year: –6.1 percentage points). Greenhouse gas emissions fell to 4.7 million metric tons of CO₂ equivalents (previous year: 4.9 million metric tons). The main reasons for this were lower emission factors at the production sites in Leverkusen, Dormagen, Uerdingen and Brunsbüttel (Germany) and Baytown, Texas (United States).

“We steadfastly adhered to our strategy in 2024 and forged full speed ahead with our transformation – despite the challenges the entire chemical industry once again faced,” says Dr. Markus Steilemann, CEO of Covestro. “In particular, the improvement in our plant availability enabled us to significantly increase our volumes sold. We are continuing resolutely along this path creating the basis for long-term growth with targeted investments in our competitiveness and sustainable future technologies.”

Investments in production, the circular economy, and efficiency

A key component of Covestro’s transformation is to strengthen production capacities. In 2024, the company optimized existing plans in Baytown (United States), Shanghai (China) and Tarragona (Spain), among others. Further investments to increase energy efficiency and thus competitiveness in production were also made at the TDI plant in Dormagen (Germany). Covestro also recently announced to expand its site in Hebron, Ohio (USA) with a low triple-digit million euro investment. The company aims to increase the production capacities of differentiated polycarbonates in the Solutions & Specialties segment. Construction is scheduled to begin in 2025, with operations starting by the end of 2026.

Alongside that, Covestro is continuing to transition to a circular economy in a targeted manner. In 2024, the company secured access to renewable energy from a solar farm in Spain under a long-term power purchase agreement (PPA) with bp. This will increase the share of renewables in Covestro’s electricity consumption in Spain from 10% to 30% and reduce CO₂ emissions by around 16,000 metric tons per year. Moreover, Covestro is investing EUR 100 million worldwide in innovation centers for research and development. Besides these targeted growth initiatives, Covestro is also committed to systematically optimizing internal processes. As part of its “STRONG” transformation program, Covestro thus aims to save EUR 400 million worldwide each year by 2028 by means of digitalization and structural adjustments.

“We cannot influence external market conditions – but we can control how we respond to them,” says Christian Baier, CFO of Covestro. “That is why we used 2024 to make our processes more efficient and to enhance our resilience.” Digitalization and artificial intelligence play a key role in that. We will continue to optimize our structures in 2025 to make Covestro fit for the future.”

Due to the negative net income and in accordance with Covestro’s dividend policy, no dividend will be distributed for fiscal year 2024, as was also the case in the previous year.

Takeover offer of the ADNOC Group successful

Following concrete negotiations, Covestro signed an Investment Agreement on October 1, 2024, with companies of the ADNOC Group, including ADNOC International Germany Holding AG (“Bidder”), a wholly-owned indirect subsidiary of XRG P.J.S.C. (formerly ADNOC International Limited, together with the Bidder and other companies of the ADNOC Group “XRG”). On October 25, 2024, the bidder made a voluntary public takeover offer (“takeover offer”) of EUR 62 per Covestro share to all shareholders of Covestro AG. Following the end of the additional acceptance period on December 16, 2024, XRG announced on December 19, 2024, that the takeover offer had been accepted for a total of 154,541,806 Covestro shares. Together with the shares previously acquired by XRG, this corresponds to a stake of 91.3% of Covestro’s existing capital stock as of the above-mentioned reporting date. As a result of further subsequent purchases of Covestro shares, XRG’s stake in Covestro’s capital stock at the end of 2024 is 91.58%.

XRG sees Covestro as a key component in its performance materials and special chemicals business and shares its strategic vision of becoming fully circular. The takeover is an important step in XRG’s strategy of becoming one of the world’s top five chemical companies.

The takeover offer is subject to the usual conditions of completion with regard to antitrust and foreign trade clearance and clearance under EU law on foreign subsidies. Completion of the transaction is not expected before the second half of 2025.

Outlook for 2025: EBITDA between EUR 1.0 billion and EUR 1.6 billion anticipated

Covestro expects economic conditions to remain challenging in 2025, too. Against this backdrop, the Group anticipates EBITDA of between EUR 1.0 billion and EUR 1.6 billion for the current fiscal year. Covestro expects FOCF of between EUR 0 and EUR 300 million and ROCE above WACC of between –6 percentage points and –2 percentage points. The Group anticipates that Scope 1 and Scope 2 greenhouse gas (GHG) emissions, measured in terms of CO₂ equivalents, at Covestro’s environmentally relevant sites^[1] will be between 4.2 million metric tons and 4.8 million metric tons. The Group expects EBITDA for the first quarter of 2025 of between EUR 50 million and EUR 150 million.

Increase in sales at Performance Materials; Solutions & Specialties impacted by declining prices

Sales in the Performance Materials segment rose to EUR 7.0 billion (previous year: EUR 6.9 billion). While a successful pickup in volumes of 12% drove up sales, a weak market situation with excess supply weighed on selling prices and margins. EBITDA fell by 1.2% to EUR 569 million (previous year: EUR 576 million), while FOCF decreased to EUR 78 million (previous year: EUR 162 million).

The Solutions & Specialties segment posted a 3.6% fall in sales to EUR 7.0 billion (previous year: EUR 7.3 billion) due to lower average selling prices coupled with lower raw material prices. EBITDA fell by 9.4% to EUR 740 million (previous year: EUR 817 million). In addition to a drop in margins, the reason for this was that, unlike in the previous year, there was no non-recurring positive effect resulting from the sale of the additive manufacturing business in 2023. In addition, expenses due to implementation of the STRONG transformation program reduced earnings. The segment’s FOCF decreased by 24.3% to EUR 417 million (previous year: EUR 551 million).

Fourth quarter of 2024 with positive EBITDA and cash flow

Covestro’s sales rose in the fourth quarter of 2024 by 0.9% year over year to around EUR 3.4 billion (previous year: EUR 3.3 billion). EBITDA increased by 44.7% compared to the prior-year quarter to EUR 191 million (previous year: EUR 132 million). FOCF amounted to EUR 253 million and was therefore 246.6% higher than in the prior-year period (previous year: EUR 73 million).

^[1]^{This figure relates to GHG emissions of all production sites and relevant administrative sites of Covestro. Until the year 2024, the greenhouse gas (GHG) emissions for the main production sites (responsible for more than 95% of Covestro’s energy usage) were reported.}

Covestro Expands Production in Ohio

Wed, 08 Jan 2025 10:00:00 +0100

Covestro invests a low triple-digit million Euro amount to expand its site in Hebron, Ohio, USA. It will construct multiple new production lines and infrastructure to manufacture customized polycarbonate compounds and blends and significantly expand its capacity in the Solutions & Specialties business for the American market.

"This investment in our U.S. compounding plant is an important component of our 'Sustainable Growth' strategy. With this expansion, we can meet our customers' growing demand for specialized polycarbonate materials, grow together with our customers, and strengthen our position as a leading provider of polycarbonate materials in North America," says CTO Thorsten Dreier. "The move also aligns with our strategy to produce in the region for the region, to manufacture close to our customers and ensure reliable supply."

The capacity expansion is an important step to meet the growing demand for high-quality materials for the automotive, electronics and healthcare industries in North America. "To be successful in these markets, you need the right portfolio, consistent quality, and supply reliability, as well as solution-oriented technical expertise,” says Lily Wang, head of the Engineering Plastics Business Entity. "The expanded production capacity for differentiated polycarbonates enables us to better serve our customers' complex needs for high-quality, high-tech materials with individualized properties.”
Covestro already has an established R&D center in Pittsburgh, and is now doubling down on its U.S.-based compounding capability. In future, both facilities will work even more closely together to drive the technology transfer from lab to industrial production to support major transformation processes, such as the electrification and automation of mobility, sustainable developments and digitalization.

“This investment, which follows our recent announcement of a 40 Million Dollar investment in our R&D capabilities in Pittsburgh, underscores how critical our U.S. sites and the U.S. market are to Covestro’s global strategy,” says Samir Hifri, chairman and president of Covestro LLC. “The expanded capacity of our polycarbonate compounding capabilities in Ohio will both help us better supply our customers as well as represents a commitment to our employees, the Hebron, Ohio community, and the U.S. market as a whole.”

Construction of the new production lines is scheduled to begin in 2025, with operations starting by the end of 2026.

ADNOC takeover offer for Covestro successful

Thu, 19 Dec 2024 08:45:15 +0100

Following the end of the additional acceptance period on December 16, 2024, ADNOC International Germany Holding AG (“Bidder”), a wholly-owned indirect subsidiary of XRG P.J.S.C. (formerly ADNOC International Limited, together with the Bidder and other companies of the ADNOC Group “XRG”), announced today that a total of 172 591 806 shares in Covestro have been included in its voluntary public takeover offer (“ takeover offer”) to all shareholders of Covestro AG (“Covestro”). Together with the shares previously acquired, this corresponds to 91.3 percent of all outstanding shares of Covestro.

At around 70 percent, the takeover offer, together with the shares previously acquired, had already significantly exceeded the minimum acceptance threshold of 50 percent plus one share by the end of the initial acceptance period on November 27, 2024.

“We are very pleased that so many of our shareholders have followed our recommendation and accepted the offer. This is very good news for Covestro, our employees and all other stakeholders. The strategic partnership with ADNOC is exactly the right step for Covestro at the right time,” says Dr. Markus Steilemann, CEO of Covestro. "With ADNOC respectively XRG as strong and long-term-oriented partner, we will be able to execute on our ‘Sustainable Future’ strategy even more consistently. As part of the XRG Group and following the closing of the transaction, we will be in a position to further accelerate our ongoing transformation.”

XRG sees Covestro as the foundational platform of its Performance Materials and Specialty Chemicals business and is convinced of Covestro's strategic perspective and its vision to become fully circular. The takeover of Covestro marks a significant milestone in XRG’s strategy to become a top five global chemicals player.

The offer will be subject to customary closing conditions in relation to merger control, foreign investment control, EU foreign subsidies clearances. Closing is not expected before the second half of 2025.

Monique Buch appointed as new Chief Commercial Officer of Covestro

Mon, 16 Dec 2024 10:00:00 +0100

Covestro, a world-leading supplier of high-tech polymer materials, is announcing Monique Buch (50) as the company’s new Chief Commercial Officer (CCO). The Supervisory Board of Covestro has unanimously appointed Monique Buch who is taking over from Sucheta Govil by 1st June 2025. Sucheta Govil has been Covestro’s CCO since 2019. Her two consecutive terms with Covestro come to an end by 31st July 2025.

As the Chief Commercial Officer, Buch will be responsible for the segment of Solutions & Specialties. With this, she will be leading six business entities including the supply chain centers in the three major regions.

Dr. Richard Pott, Chairman of the Supervisory Board of Covestro said: “Monique Buch is an experienced B2B commercial executive with a strong international footprint. With her background in building sustainable, market-leading businesses she will be an ideal successor to Sucheta Govil in the Board of Management and will continue to shape the future of Covestro. Already now, we want to express our deep gratitude to Sucheta Govil who has laid the solid foundation for a successful development in commercial excellence and innovation. With her strong background in commercial operations, sales, marketing, and innovation, she has been and will be steering the transformation journey of Covestro.”

“I am very much looking forward to join the transformation journey by driving profitable growth, along with the whole Covestro team and my new colleagues on the Managing Board,” said Monique Buch.

Dedicated to sustainable growth
Monique Buch was born in the Netherlands and studied industrial engineering and management. In her last position, Buch was Executive Vice President Nonwoven at Lenzing AG. Before, she held various executive positions in international B2B companies, among them Freudenberg Performance Materials and Owens Corning.

Covestro to invest in Pilot Plant for Recycling of Elastomers

Thu, 12 Dec 2024 10:00:00 +0100

Covestro, a world-leading supplier of high-tech polymer materials, is announcing plans to build a pilot plant for recycling of elastomers. The investment in the double-digit million euro range is used to fund the development and construction project of the state-of-the-art pilot plant at Covestro's site in Leverkusen, Germany. The construction is estimated to take about one year until technical completion.

This technological development to recycle Vulkollan® marks an important step towards more sustainability in the elastomers industry. The technology enables to not only recycle a mass fraction of more than 90% of the end-of-life material like forklift tires, but also to reduce the carbon footprint by up to two thirds compared to virgin material.

“The pilot plant and with it our commitment to proving the feasibility of recycling for elastomers demonstrates our clear commitment for circular solutions and marks an important milestone for our elastomer products”, states Dr. Thomas Braig, Head of the Elastomers business entity. “With the successful scale-up of this new recycling process we address the demand of our customers for end-of-life solutions and carbon footprint reduction while assuring the high quality of our elastomer products. At the same time, this pilot plant is an invitation for players along the value chain to cooperate on developing a circular setup and the reverse value chain for end-of-life materials.”

Pioneering Chemical Recycling for Elastomers
Covestro customers use Vulkollan® systems to mold parts for many applications with a high demand for durability and performance. Typical applications for parts made of Vulkollan® are wheels for forklifts, bumper elements in railways and vibration control elements and jounce bumpers in cars. The excellent quality of Vulkollan® allows more sustainable and cost-efficient operation of the target application through longer lifetime, longer maintenance intervals and less unplanned shutdowns. Due to the high yield of the recycling process, end-of-life Vulkollan® materials can be re-introduced into new automotive jounce bumpers and forklift tires via a mass balancing approach.

The new chemical recycling process is a game-changer for the elastomers industry. Unlike mechanical recycling methods, this approach breaks down elastomeric end-of-life material into its chemical building blocks, to obtain purified monomers that can be re-used for these materials with known and proven quality.

Driving Sustainability and Industry Collaboration
"The new chemical recycling process addresses the unique challenges of elastomer materials, which are trusted to be very resistant and long lasting. Downcycling is not an option for this high-performance application,” explains Markus Dugal, Head of Process Technology at Covestro. “This technology allows us to recycle a high mass fraction of the end-of-life material and, in this way, to reduce the environmental impact of our elastomer production. It is a testament to Covestro's innovative spirit."

The pilot plant will play a crucial role in refining the recycling process beyond lab scale, testing the process with various waste streams and with various end-of-life materials. It will also serve as a platform for Covestro to engage with potential project partners and customers, paving the way for the development of a larger commercial recycling plant in the future.

Covestro's investment in elastomers recycling aligns with its broader strategic goals of reducing environmental impact, promoting circular economy principles, and maintaining its position as an innovation leader in the polymer industry. The company invites potential partners and customers interested in circular elastomer solutions to engage in discussions about future collaborations and applications and prove the environmental benefit of the solution along the value chain.

Covestro and Deloitte jointly develop Monetization Framework for Circular Economy

Fri, 22 Nov 2024 10:00:00 +0100

Covestro is focusing on the entire value chain to create value for customers for accelerating the circular economy and also a monetization framework that enables investments in the circular economy. Innovation Projects and Circular Solutions that receive investment must be economically viable. This can only be achieved through the interplay of consumers, producers, regulation, and technical solutions. To achieve this, new approaches to the market launch of products and solutions are needed, as well as the development of employee skills and expertise.
To this end, Covestro and Monitor Deloitte 2023 launched a joint project entitled “Monetize Circular Economy”. This collaboration enabled Covestro to incorporate relevant methods and external perspectives into the entire development process.

The project pursued two main objectives. Firstly, to develop a scalable framework for market entry and commercialization of more sustainable, circular products and solutions. Secondly, to create added value in partnership. This includes, for example, developing solutions with customers so that they in turn can create added value for their customers with more sustainable solutions. These are, for example, working out end customer-relevant purchasing arguments or jointly implementing increasing sustainability standards. Covestro's projects from various business entities formed the basis for developing a model.

A joint project team consisting of employees from various Covestro business entities and a mixed team from Deloitte led by chemicals expert Kai Göbel and
Dr. Amadeus Petzke, Head of Pricing & Monetization, initially collected concrete projects on circular solutions across the Group. Three selected pilot projects formed the basis for the development of a marketing and business development approach that serves both as a blueprint for monetizing Covestro's circular products and for new business development at Deloitte.

“Circular solutions must be profitable to be implemented. Economic incentives that motivate or demotivate stakeholders must be clearly identified and addressed. For this, we need circular thinking, deep market understanding, and the creativity of our employees. We need a robust framework that our colleagues can use as a guide to drive business development in the circular economy. We are continuously developing this framework,” says Sucheta Govil, Chief Commercial Officer at Covestro.

WirtschaftsWoche 2024 has now honored this approach with the Best of Consulting Award in the Chemicals, Pharma & Healthcare sector.

Value creation cycle as the key

A decisive factor in monetization is the integration of the entire value chain, away from individual value creation steps and towards thinking in terms of a circular economy. “It's not just about selling circular products, but about creating sustainable added value along the value chain together with partners and customers. Designing a framework based on specific Covestro industrial projects from start to finish was an exciting project. Winning the award is a great accolade and shows that we have succeeded,” says Bozidar Radner, Deloitte's global key account manager for Covestro and Sector Head Chemicals. The management consultancy Deloitte was able to draw on extensive customer experience and requests from previous projects and learnings.

Development of the framework

Over one hundred Covestro employees identified key requirements for the monetization of circular solutions. In a structured approach consisting of four lab phases with coaching and review meetings in between, the teams successfully drove the pilot projects forward; at the same time, the insights gained led to the further development of the framework. Methodologies, case studies and their importance, as well as the correct sequencing of a project's progression, were explored and refined over the course of the project, with real circular economy pilots forming the basis. An overarching project team from Covestro and Deloitte developed an internal platform for Covestro that provides resources, best practices, and tools such as ideas for customer outreach and legal guidelines for all Covestro business entities.

The result: a structured approach to accelerate the commercialization of circular solutions. This also includes raising awareness among the workforces. An accompanying webinar series, for example, promotes global exchange with internal circular economy (CE) experts and drives the further development of the market entry and commercialization strategy. In concrete terms, implementing the monetization approach in the operational business also means incorporating the circular economy mindset into the initial customer exchange and jointly identifying added value and developing solutions in partnership-based customer discussions. For example, there are “Monetize CE Pioneers”, a group of employees at Covestro who are available to colleagues around the world and who exchange information on their specialist areas and contribute their knowledge of various industries.

The vision of the circular economy and successful monetization are thus continuously developed.

Board of Management and Supervisory Board of Covestro AG support ADNOC International’s public takeover offer

Thu, 07 Nov 2024 13:20:00 +0100

Today, the Board of Management and the Supervisory Board of Covestro AG (“Covestro”), have published their joint reasoned statement pursuant to Section 27 WpÜG on the voluntary public takeover offer, which was issued on October 25, 2024 by ADNOC International Germany Holding AG, a subsidiary of ADNOC International Limited (together “ADNOC International”).

After thorough consideration, the Supervisory Board as well as the Board of Management of Covestro welcome and support the takeover offer by ADNOC International. Both bodies regard ADNOC International as a strong and long-term oriented partner, with whom Covestro will be able to further drive its successful ‘Sustainable Future’ strategy. It is the view of the Board of Management and the Supervisory Board that Covestro, with the strategic support of ADNOC International, will be able to build on an even stronger foundation for sustainable growth in highly attractive sectors and can therefore make an even greater contribution to the green transformation.

“We have thoroughly reviewed the offer document published by ADNOC International in accordance with our obligations under stock corporation law”, says Dr Markus Steilemann, CEO of Covestro. “Together with the Supervisory Board we have concluded that based on the broad commitments made by ADNOC International, a strategic partnership is the right step. We are also convinced that the partnership is in the best interest of Covestro, our shareholders, our employees and all other stakeholders of Covestro. We are pursuing a long-term growth strategy and will be able to execute on it even more consistently with the support of ADNOC International. We therefore support the offer and recommend our shareholders to accept it.”

Key aspects of the offer document

Covestro and ADNOC International have agreed on a long-term strategic partnership. The basis for this partnership is the Investment Agreement signed on October 1, 2024, which runs until the end of 2028. In the Investment Agreement, both companies have agreed on the main cornerstones of the partnership. In particular, the agreement contains several commitments on the part of ADNOC International to maintain Covestro's existing business activities, corporate governance and organizational business structure.

The Investment Agreement expresses ADNOC International's utmost trust and confidence in Covestro's management team. On this basis, Covestro's Board of Management in its current composition will continue to be responsible for the operational management and strategic direction of the Company.

Additionally, ADNOC International has assured Covestro in the offer document of its full support for the further execution of its “Sustainable Future” strategy. To this end, ADNOC International shall subscribe to new Covestro shares issued in connection with an increase of the Company’s share capital by 10 percent under simplified exclusion of subscription rights upon the completion of the transaction at the offer price, resulting in an amount of €1.17 billion proceeds at an offer price of €62.00. This will enable Covestro to consistently foster the further implementation of its growth strategy.

In the Investment Agreement, ADNOC International also commits to recognizing the German governance regulations and to retaining the co-determined Supervisory Board. An important component is also the commitment that two members of the Supervisory Board on the shareholder representatives' side will remain independent of ADNOC Group after the takeover offer has been completed. The Investment Agreement also contains ADNOC International's explicit recognition of the existing general works agreements, collective bargaining agreements and the rights of the works councils in Germany. The same applies to speaker committee agreements and the rights of speaker committees.

As part of the transaction, there are no plans to sell, close or significantly reduce Covestro's business activities and ADNOC International has undertaken in the Investment Agreement not to initiate any such actions. The Investment Agreement also contains a commitment to protect Covestro's technology and intellectual property.

Furthermore, ADNOC International has also undertaken in the Investment Agreement that Covestro will continue to be managed as a stock corporation and that no domination and/or profit and loss transfer agreement will be concluded with Covestro.

Evaluation of adequacy of the offer price

The Board of Management and the Supervisory Board of Covestro, together with their respective advisors, have also thoroughly reviewed ADNOC International’s offer with regard to the adequacy of the offer price of €62.00 per share.

The offer price offered by ADNOC International implies an equity value for Covestro of approximately €11.7 billion and represents a premium of approximately 54 percent to the unaffected closing price on June 19, 2023 (the day prior to any media coverage of a potential transaction), as well as a premium of 61 percent on the unaffected, volume-weighted three-month average share price on Jun 19, 2023.

In their assessment, the Board of Management and Supervisory Board, as further explained in the joint reasoned statement, have considered the results of a range of valuation approaches.

In addition, the Board of Management and the Supervisory Board have given consideration to the results of the fairness opinions of the respective investment banks engaged by them. In these opinions, the respective banks have confirmed their assessment that the offer price is fair from a financial perspective.

The offer made by ADNOC International therefore provides shareholders with an attractive opportunity to realize significant value already upon completion of the transaction.

Against this background, the Board of Management and the Supervisory Board of Covestro consider the offer price to be adequate and jointly recommend to Covestro’s shareholders to accept the offer.

Acceptance period runs until November 27, 2024

Following the approval by BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht), ADNOC International published the offer document on the website https://www.covestro-offer.com on October 25, 2024. The offer period will run from October 25, 2024, until 24:00 hrs (Frankfurt am Main local time) or 18:00 hrs (New York local time) on November 27, 2024. The potential additional offer period of two weeks is expected to commence on December 3, 2024, and will run until 24:00 hrs (Frankfurt am Main local time) or 18:00 hrs (New York local time) on December 16, 2024.

The offer will be subject to a minimum acceptance level of 50 percent plus one share and customary closing conditions, including merger control, foreign investment control, EU foreign subsidies clearances. Currently, closing is not expected before the second half of 2025.