The start into 2024 was better than expected for Evonik. Based on preliminary and unaudited figures, Evonik achieved an adjusted EBITDA of €522 million in the first quarter of 2024 (Q1 2023: €409 million), well above market expectations (Vara Research analyst consensus as of March 26, 2024: €450 million). Adjusted EBITDA increased by 28% compared to the previous year's quarter. The Specialty Additives and Nutrition & Care divisions recorded the strongest growth. The upturn was driven by higher sales volumes: Following seven quarters of declines, volumes were above the previous year's level. In addition to a slight upturn in end customer demand, restocking in light of low inventory levels at customers also contributed to the higher volumes. However, there is no broad-based recovery in demand across the entire portfolio visible yet.
According to preliminary figures, Evonik's sales amounted to around €3.8 billion in the first quarter of 2024, around 5% below the previous year's figure (Q1 2023: €4.0 billion). This was mainly due to declining sales prices as a result of lower raw material costs.