Evonik Experiences Significant Profit Decline in Second Quarter
Evonik posted adjusted EBITDA of €450 million in the second quarter of 2023, a slight improvement compared with the first quarter (€409 million). Earnings were buoyed by strict cost-cutting measures. Compared with the same period last year, adjusted EBITDA fell by 38 percent. Evonik already published preliminary figures for the second quarter on July 10.
"Germany is in a recession, Europe as well, and the economy in China is not picking up as we had hoped," says Christian Kullmann, Chairman of the Executive Board. "Unfortunately, the second quarter showed no meaningful turnaround for our business."