Covestro announced its fiscal 2024 results, reporting increased volumes sold despite persistent market challenges. Group sales declined by 1.4% to EUR 14.2 billion, mainly due to lower selling prices. EBITDA remained stable at EUR 1.1 billion, down 0.8% from the previous year, while free operating cash flow fell to EUR 89 million. Net income stood at EUR –266 million, and greenhouse gas emissions decreased to 4.7 million metric tons of CO₂ equivalents, largely due to lower emission factors at key production sites.

“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,” said Markus Steilemann, CEO of Covestro. “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 and Sustainability

Covestro strengthened production capacities in 2024, optimizing sites in the U.S., China, and Spain while making energy efficiency improvements at its Dormagen facility in Germany. The company also announced a low triple-digit million-euro investment to expand its Hebron, Ohio, site, aiming to increase polycarbonate production capacity.

In sustainability efforts, Covestro secured renewable energy from a solar farm in Spain under a long-term power purchase agreement, increasing the share of renewables in its electricity consumption in the country from 10% to 30%. The company is also investing EUR 100 million in innovation centers for research and development.

As part of its transformation program, Covestro targets EUR 400 million in annual savings by 2028 through digitalization and structural adjustments. “We cannot influence external market conditions, but we can control how we respond to them,” said Christian Baier, CFO of Covestro. “We used 2024 to make our processes more efficient and enhance our resilience.”

ADNOC Takeover Offer

Covestro signed an investment agreement on October 1, 2024, with ADNOC Group subsidiaries. ADNOC launched a public takeover offer at EUR 62 per share, reaching a 91.3% stake in Covestro by the end of the acceptance period. The transaction remains subject to regulatory approvals, with completion expected in the second half of 2025.

2025 Outlook

Covestro expects ongoing economic challenges in 2025, forecasting EBITDA between EUR 1.0 billion and EUR 1.6 billion. The company projects free operating cash flow between EUR 0 and EUR 300 million and anticipates greenhouse gas emissions of 4.2 million to 4.8 million metric tons.

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