LUDWIGSHAFEN (dpa-AFX) - German chemical major BASF Group (BFA.L, BASFY.PK) reported Thursday higher profit in its first quarter despite weak sales due to strong adverse currency effects and slightly lower prices.
Looking ahead for fiscal 2026, the company continues to expect adjusted EBITDA between 6.2 billion euros and 7.0 billion euros.
In the quarter, net income amounted to 927 million euros, 14.8 percent higher than 808 million euros in the prior year. Earnings per share were 1.06 euros, up 16.6 percent from 0.91 euros a year ago.
Earnings per share from continuing operations grew 11.5 percent to 0.99 euro from 0.89 euro a year ago.
Adjusted earnings per share were 1.32 euros, compared to 1.57 euros last year.
EBITDA amounted to 2.19 billion euros, up 5.6 percent year-over-year, while adjusted EBITDA dropped 5.6 percent to 2.36 billion euros. Adjusted EBITDA margin fell to 14.7 percent from 15.1 percent last year.
Disregarding the currency headwinds of more than 100 million euros, adjusted EBITDA would have reached the prior year level, the company noted.
Sales in the first quarter amounted to 16.02 billion euros, down 3 percent from 16.51 billion euros last year.
Competitive pressure led to falling prices in the Chemicals, Materials, Industrial Solutions, Nutrition & Care and Agricultural Solutions segments. In the Surface Technologies segment, prices were significantly higher, mainly on account of higher precious metal prices.
BASF Group said its business recorded solid volume growth in the quarter, driven by China and, since March, significantly shaped by the conflict in the Middle East.
Nearly all segments recorded increased sales volumes, except for Surface Technologies.
Further, the company said it intends to pay out an annual dividend of at least 2.25 euros per share, same as last year, or around 2 billion euros per year. This is in line with its aim for 2025 to 2028 to distribute at least 12 billion euros to shareholders through a combination of dividends and share buybacks.
All shareholders who own BASF shares as of April 30, the date of the Annual Shareholders' Meeting, are entitled to receive the dividend, and it will be paid out on May 6.
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