Evonik revised its 2025 outlook and now expects adjusted EBITDA of about €1.9 billion, reflecting persistently weak demand and cautious customer behavior across segments and end markets. The company said a recovery anticipated for the second half did not materialize during the summer months.

For the third quarter, Evonik expects adjusted EBITDA between €420 million and €460 million, below the second quarter, and revenue of about €3.4 billion. The company cited consensus expectations that had assumed higher third-quarter earnings and noted the prior-year comparison was €577 million.

Evonik reduced its cash conversion rate expectation to 30–40 percent because weaker demand is limiting planned working capital reductions. The company said absolute free cash flow remains at an attractive level and reiterated that it will publish full third-quarter results on Nov. 4, 2025.

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