At Covestro’s 2025 Annual General Meeting, CEO Dr. Markus Steilemann reviewed fiscal year 2024, which was marked by ongoing market weakness, competition, and geopolitical uncertainty. He emphasized the company’s continued strategic transformation toward a circular economy, focused on four action areas: sustainable growth, digitalization and innovation, structural efficiency, and sustainability targets.

Covestro aims to reduce costs by 400 million euros annually by 2028 through performance enhancements and streamlined operations. The company is investing in sustainable materials, expanding key sites, increasing its use of renewable energy, and advancing recycling technologies.

Steilemann also highlighted Covestro’s partnership with XRG, which is expected to close in the second half of 2025, as a critical step in supporting long-term transformation.

Five members of the Supervisory Board, Dr. Christine Maria Bortenlänger, Lise Kingo, Dr. Richard Pott, Regine Stachelhaus and Patrick W. Thomas, were reelected for an additional two-year term. Dr. Pott was confirmed as chair.

CFO Christian Baier reported a 1.4% decline in 2024 sales to 14.2 billion euros, citing lower selling prices. While EBITDA remained stable, higher impairments reduced net income. Based on the company’s dividend policy, no dividend will be distributed for fiscal year 2024.

Steilemann concluded by reaffirming Covestro’s strategic focus on efficiency, cost leadership, and innovation to help lead the chemical industry’s shift toward sustainability.