Q2 2026 Evonik Industries AG Earnings Call

August 4, 2026

Operator: Ladies and gentlemen, welcome to the Q2 2026 earnings conference call. I am Shari, the conference call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Christian Kullmann, CEO. Please go ahead.

Speaker #1: Ladies and gentlemen, welcome to the Q2 2026 earnings conference call. I'm Shari D'Carusco, your operator. I would like to remind you that all participants will be listening remotely and that the conference is being recorded.

Speaker #1: The presentation will be followed by a Q&A session. You can register to ask questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0.

Speaker #1: The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Christian Kullmann, CEO. Please go ahead.

Speaker #2: Thanks a lot, and a very warm welcome to our Q2 earnings conference call. Thanks to everybody for joining us this morning. A special welcome also goes to our new CFO, Michael Rauch, who is sitting here next to me.

Christian Kullmann: Thanks a lot, a very warm welcome to our Q2 earnings conference call. Thanks to everybody for joining us this morning. Especially warm welcome goes again to our new CFO, Michael Rauch, who's sitting here next to me. Michael, I'm really glad that you did a good start with us in the last month and that you are taking an active role for the first time on this call today. As usual, I will start with selected strategic highlights. Michael then will comment on our strong Q2 results before I will take over again to discuss our upgraded outlook. As you know, from our pre-release, we recorded the second quarter above expectations. Actually, this was the best quarter result in four years. We are not resting on this short-term success. We know that structural challenges remain for the sector and for Evonik.

Speaker #2: Michael, I'm really glad that you had a good start with us in the last month, and that you are taking an active role for the first time on this call today.

Speaker #2: As usual, I will start with select strategic highlights. Michael then will comment on our strong Q2 results, before I take over again to discuss our upgraded outlook.

Speaker #2: As you know, from our pre-release, we recorded a second quarter above expectations. Actually, this was the best quarterly result in four years. But we are not resting on this short-term success.

Speaker #2: We know that structural challenges remain, for the sector and for Evonik. What is in our hands we will actively address with determination. And we can show really good progress in the first six months of this year.

Christian Kullmann: What is in our hands, we are actively addressing with determination, and we can show really good progress in the first six months of this year. To demonstrate that we deliver on our promises, let me show you a slide that we already presented in February. I can only reiterate, we have more potential, even more potential than others, and we are going to realize this potential. On cost reduction, we have extended and expanded our Evonik Tailor Made program. More on that in a second. On portfolio optimization, we have fully carved out Oxeno and SYNEQT and are highly focused on executing these divestments. On growth, we have reorganized our innovation organization and added new investments to enable new business long term. On cash, we've changed our dividend policy and stay highly disciplined when it comes to CapEx.

Speaker #2: To demonstrate that we deliver on our promises, let me show you a slide that we already presented in February. I can only reiterate: we have more potential— even more potential than others.

Speaker #2: And we are going to realize this potential on cost reduction. We have extended and expanded our Evonik tailor-made program—more on that in a second.

Speaker #2: On portfolio optimization, we have fully carved out Oxeno and Zenect and are highly focused on executing these divestments. On growth, we have reorganized our innovation organization and added new investments to enable new business long term.

Speaker #2: And on cash, we have changed our dividend policy and remain highly disciplined when it comes to CAPEX. Many of these are difficult decisions, especially regarding employee reduction targets.

Christian Kullmann: Many of these are difficult decisions, especially when it comes to employee reduction targets. We're executing these in a socially responsible manner, but everybody has to contribute. I'm convinced that these efforts will pay off in the end. They will significantly strengthen our financial KPIs in the years to come. Maybe a few more words on the extension of Evonik Tailor Made. Until the end of 2026, Evonik Tailor Made and our business optimization programs will have led to an employee reduction of around 2,800. You can see it in our numbers. Last year, we reported a reduction of more than 850 employees. Since the beginning of this year, we already count another 700 employees less. For the first time in Evonik history, our workforce is effectively shrinking. Ladies and gentlemen, we'll continue on this path.

Speaker #2: We are executing these in a socially responsible manner, but everybody has to contribute. I'm convinced that these efforts will pay off in the end.

Speaker #2: They will significantly strengthen our financial KPIs in the years to come. Maybe a few more words on the extension of Evonik Tailor-Made. Until the end of 2026, Evonik Tailor-Made and our business optimization programs will have led to an employee reduction of around 2,800.

Speaker #2: You can see it in our numbers. Last year, we reported a reduction of more than 850 employees. Since the beginning of this year, we already count another 700 employees less.

Speaker #2: For the first time in Evonik history, our workforce is effectively shrinking. And, ladies and gentlemen, we'll continue on this path. We'll rightsize our organization by another 3,200 people between 2027 and 2029.

Christian Kullmann: We'll rightsize our organization by another 3,200 people between 2027 and 2029. The extended Evonik Tailor Made takes a holistic view, capturing now both administrative functions on the one side and operating businesses on the other. These reduction targets have already been negotiated with workers' representatives. We are right now working on the details of the program and aim to have finalized our plans in the course of the H2 of this year. Let me stress again, with more potential, coming from an already solid starting position, now it is all about execution. That is, I guess, the perfect transition to you, Michael.

Speaker #2: The extended Evonik Tailor-Made takes a holistic view, capturing now both administrative functions on the one side and operating businesses on the other. These reduction targets have already been negotiated with workers' representatives.

Speaker #2: We are currently working on the details of the program and aim to have finalized our plans during the second half of this year.

Speaker #2: Let me stress again: we have more potential coming from an already solid starting position. Now it is all about execution. And that is, I guess, the perfect transition to you, Michael.

Speaker #3: Thank you, Christian. Welcome to all of you. It's great to be here. I'm looking forward to a fruitful dialogue over the years to come.

Michael Rauch: Thank you, Christian. Welcome to all of you. It's great to be here. I'm looking forward to a fruitful dialogue over the years to come. As Christian rightfully said, it's all about execution. That is an important part of my CFO agenda: get our homework done, especially when it comes to portfolio and strict cost management. I will have a strong focus on cash generation and return on capital improvement, while aiming to realize the significant potential of artificial intelligence across Evonik. Moving on to the numbers. Our adjusted EBITDA rose 24% year over year to EUR 630 million in the Q2. This was clearly above the expectations communicated during the Q1 call in early May. This increase was driven by both higher volumes and higher prices, contributing 7% each. Especially Advanced Technologies recorded a strong quarter.

Speaker #3: As Christian rightfully said, it's all about execution. That is an important part of my CFO agenda: get our homework done, especially when it comes to portfolio and strict cost management.

Speaker #3: I will have a strong focus on cash generation and return on capital improvement, while aiming to realize the significant potential of artificial intelligence across Evonik.

Speaker #3: Moving on to the numbers. Our adjusted EBITDA rose 24% year over year to €630 million in the second quarter. This was clearly above the expectations communicated during the Q1 call in early May.

Speaker #3: This increase was driven by both higher volumes and higher prices, contributing 7% each. Especially Advanced Technologies recorded a strong quarter. You are, of course, all well aware of the favorable market situation in Miscellany, but this was not the sole driver of earnings growth.

Michael Rauch: You are, of course, all well aware of the favorable market situation in methionine. This was not the sole driver of earnings growth. Also, Crosslinkers and our polymers did really well. Last but not least, C4 delivered improved results as expected, and cost savings also made a good contribution. As usual in such an environment, inventory revaluation effects support earnings. Higher bonus provisions had an adverse effect. We are well advised to utilize this better than expected development to continue with our structural improvements on group level and also in the segments. For example, in Advanced Technologies, we've completed the backwards integration of our methionine production in the US. With that, we improve our cost leadership in the US and strengthen our position as the only player with integrated production facilities in all three major regions.

Speaker #3: Also, cross-linkers and our polymers did really well. Last but not least, C4 delivered improved results as expected, and cost savings also made a good contribution.

Speaker #3: As usual in such an environment, inventory revaluation effects support earnings. Higher bonus provisions had an adverse effect. We are well advised to utilize this better-than-expected development to continue with our structural improvements.

Speaker #3: On group level and also in the segments. For example, in Advanced Technologies, we've completed the backwards integration of our Miscellany production in the US.

Speaker #3: With that, we improve our cost leadership in the US and strengthen our position as the only player with integrated production facilities in all three major regions.

Speaker #3: We also continue to optimize our production footprint in silicas, and our cost position in EH12. Our cash generation improved significantly year over year in the second quarter.

Michael Rauch: We also continue to optimize our production footprint in Silicas and our cost position in T&I. Our cash generation improved significantly year over year in Q2. Our strong operating results converted nicely into cash. We have our net working capital under control and saw less outflow compared to last year, despite inflation. Lower bonus payments, advanced customer payments, and higher non-cash provisions additionally support our free cash flow. All in all, our good H1 cash flow performance underpins our full year guidance to again achieve around 40% cash conversion. Thanks to this cash generation and the lower dividend payment, the seasonal increase in our net financial debt is less pronounced than in the last years. With that, back to Christian for the outlook.

Speaker #3: Our strong operating results converted nicely into cash. We have our net working capital under control, and saw less outflow compared to last year despite inflation.

Speaker #3: Lower bonus payments, advanced customer payments, and higher non-cash provisions additionally supported our free cash flow. All in all, our good first-half-year cash flow performance underpins our full-year guidance to again achieve around 40% cash conversion.

Speaker #3: Thanks to this cash generation and the lower dividend payment, the seasonal increase in our net financial debt is less pronounced than in recent years.

Speaker #3: And with that, back to Christian for the outlook.

Speaker #2: Thanks a lot, Michael. We already communicated our upgraded outlook to you a few weeks ago. We've raised the midpoint of our range by €250 million.

Christian Kullmann: Thanks a lot, Michael. We already communicated our upgraded outlook to you a few weeks ago. We've raised the midpoint of our range by EUR 250 million. These are, let me say, good prospects for this year. While this is supported by tailwinds from global supply chain disruptions, we could not have monetized on this opportunity without our strong business setup in all three regions of the world. These earnings show our potential. Our potential when we have a more level playing field with China. Ladies and gentlemen, how do we see the H2 of this year? With EUR 1.1 billion of adjusted EBITDA in the books in the H1 of this year, we need another EUR 1 billion in the H2 to reach the midpoint of the upgraded outlook. In the Q3 overall, we do not see a slowdown from our current performance.

Speaker #2: These are, let me say, good prospects for this year. And while this is supported by tailwinds from global supply chain disruptions, we could not have monetized on this opportunity without our strong business setup in all three regions of the world.

Speaker #2: These earnings show our potential—our potential when we have a more level playing field with China. So, ladies and gentlemen, how do we see the second half of this year?

Speaker #2: With €1.1 billion of adjusted EBITDA in the books for the first half of this year, we need another €1 billion in the second half to reach the midpoint of the upgraded outlook.

Speaker #2: In the third quarter overall, we do not see a slowdown from our current performance. Let's keep it like this. My gut feeling tells me Q3 earnings could be similar to Q2 earnings, with maybe even a slightly more upside than downside.

Christian Kullmann: Let's keep it like this. My gut feeling tells me Q3 earnings could be similar to Q2 earnings, with maybe even a slightly more upside than downside. This obviously implies a fairly steep normalization in the Q4, which you could interpret as caution given the high uncertainty of our current environment. Visibility in many businesses is still subdued. Across most parts of the portfolio, we expect to see regular slight summer dip in August, which makes predictions even harder. Overall, it is fair to assume some normalization in selected business which had a strong run recently, such as, for example, Oxeno or Crosslinkers. Demand for sure is not falling off a cliff. Advanced Technologies will stay the earnings driver for now, especially since methionine momentum continues into the Q3. Custom Solutions will continue to show its more defensive earnings profile.

Speaker #2: This obviously implies a fairly steep normalization in the fourth quarter, which you could interpret as caution, given the high uncertainty of our current environment.

Speaker #2: Visibility in many businesses is still subdued. Across most parts of the portfolio, we expect to see the regular slight summer dip in August, which makes predictions even harder.

Speaker #2: Overall, it is fair to assume some normalization in selected businesses which had a strong run recently, such as, for example, Oxeno or Crosslinkers. But demand, for sure, is not falling off a cliff.

Speaker #2: Advanced technologies will stay — sorry — advanced technologies will stay the earnings driver for now, especially since Miscellany momentum continues into the third quarter. Custom solutions will continue to show its more defensive earnings profile.

Speaker #2: With a higher EBITDA outlook, we reiterate our cash flow guidance. This implies higher absolute cash generation, and, you know, we do deliver cash in all weathers.

Christian Kullmann: With a higher EBITDA outlook, we reiterate our cash flow guidance. This implies higher absolute cash generation. You know, we do deliver cash in all weathers. The drivers of our cash conversion target remain relatively stable. We now factor in a certain temporary headwind in net working capital from cost and price inflation. Given our year-on-year much better cash performance in the H1 of this year, we have more flexibility with regards to net working capital in the H2 compared to previous years. Having said this, thanks so far for your attention, now we are happy to take your questions.

Speaker #2: The drivers of our cash conversion target remain relatively stable, but we now factor in a certain temporary headwind in net working capital from cost and price inflation.

Speaker #2: Given our year-on-year, much better cash performance in the first half of this year, we have more flexibility with regard to net working capital in the second half compared to previous years.

Speaker #2: Having said this, thank you for your attention so far. We are now happy to take your questions.

Speaker #1: We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone.

Operator: We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. You will hear a tune to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only hands as well asking a question. Anyone who has a question may press star and one at this time. The first question is from Anil Shenoy from Barclays. Please go ahead.

Speaker #1: You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two.

Speaker #1: Participants are requested to use only the handset while asking a question. Anyone who has a question may press star and one at this time. The first question is from Anil Shenoy.

Speaker #1: From Barclays, please go ahead.

Speaker #3: Yeah, hi. Good morning, everyone, and thank you so much for taking my questions. Just two, please. The first one is on Miscellany. In Q2, apparently the volume was stable, but you've seen gains from pricing.

Anil Shenoy: Yeah. Hi. Good morning, everyone, and thank you so much for taking my questions. Just the two, please. The first one is on methionine. In Q2, apparently the volume was stable, but you've seen gains from pricing. I was just wondering, what is the outlook for methionine in Q3? Because the pricing is apparently has stayed up and you are expecting more volumes as your plans come out of the maintenance. After Q3, how should we think about the unwinding of this strong performances driven by price increases? Do you expect the prices to normalize by the end of the year or possibly in 2027? Any color on that will be very helpful. The second question is on your guidance for Custom Solutions. Previously, you were expecting slightly above, now you're expecting EBITDA to be stable in 2026.

Speaker #3: So I was just wondering, what is the outlook for Miscellany in Q3? Because apparently the pricing has stayed up, and you are expecting more volumes as your plants come out of maintenance.

Speaker #3: So, after Q3, how should we think about the unwinding of this strong performance driven by price increases? Do you expect prices to normalize by the end of the year, or possibly in 2027?

Speaker #3: So any color on that will be very helpful. And the second question is on your guidance for Custom Solutions. Previously, you were expecting slightly above, but now you're expecting EBITDA to be stable in FY26.

Speaker #3: And you've spoken about normalization and additives demand towards the end of Q2. So maybe you could elaborate on that and help us understand why you're seeing a drop in additives but not in Advanced Technologies, please.

Anil Shenoy: You've spoken about normalization and additives demand towards the end of Q2. Maybe you could sort of elaborate on that and help us understand why you're seeing a drop in additives but not in Advanced Technologies, please. Thank you.

Speaker #3: Thank you.

Speaker #2: Thank you, Anil, for the two questions. The first one on miscellany goes to Christian, and the second one on the custom solutions outlook to Michael, please.

[Company Representative] (Evonik): Thank you, Anil, for the two questions. The first one on methionine, that goes to Christian, and the second one on the Custom Solutions outlook to Michael, please.

Speaker #4: Anil, good to get you. A first question, because it can't be a solid quarterly call without questions about Miscellany. So, I'm really glad about that.

Christian Kullmann: Anil, good to get your first question because it can't be somewhat like a solid quarterly call without questions about methionine, I'm really glad about. Let's keep it like this. We do definitely believe that the strengths of our methionine business will extend, will continue into Q3. Why is it? First, Q3 will be the first quarter where our positive price effects will now come through. That is definitely helpful. In respect to volumes, let's keep it like this. A good amount of the volumes are already booked, my message that the continuation of the strength and the good development of our methionine business into Q3 is well underpinned.

Speaker #4: Let's keep it like this. We definitely believe that the strengths of our Miscellany business will extend. So we'll continue into the third quarter. Why is it?

Speaker #4: First, the third quarter will be the first quarter where our positive price effects will now come through. That is definitely helpful. With respect to volumes, let's keep it like this.

Speaker #4: A good amount of the volumes are already booked. So, my message is that the continuation of the strengths and the good development of our Miscellany business into the third quarter is well underpinned.

Christian Kullmann: You know I'm a conservative, here I have to tell you that our expectation is that all in all, we do expect Q3 to be the best quarter for methionine in this year. Maybe. Now you have talked about the outlook. Yeah, let's keep it like this. This year, that is what you can bank on. Methionine will do much better than most of you have expected. Why is it? First, we are the only player in the market, having a well-balanced geo-strategical portfolio architecture in respect of methionine. Having a world-scale capacity in the United States, having a world-scale capacity in Europe, and an additional one in Asia. That is definitely paying off. Because as you know, here, the import taxes from methionine into the United States of America are really helpful.

Speaker #4: Maybe, yeah. You know, I'm a conservative, but here I have to tell you that our expectation is that, all in all, we do expect the third quarter to be the best quarter for Miscellany this year, maybe.

Speaker #4: And now you have talked about the outlook. Yeah, let's keep it like this. This year, that is what you can bank on. Miscellany will do much better than most of you have expected.

Speaker #4: Why is that? Why is it? First, we are the only player in the market with a well-balanced, geostrategic portfolio architecture with respect to Miscellany.

Speaker #4: Having a world scale capacity in the United States. Having a world scale capacity in Europe and an additional one in Asia. That is definitely paying off because as you know, here the import taxes for Miscellany into the United States of America are really helpful and reading the signs on the wall, I guess in Europe something similar is ongoing.

Christian Kullmann: Reading the signs on the wall, I guess in Europe, something similar is ongoing. In respect of the current market situation or maybe the outlook for the market situation I do believe that we will see in 2027, somewhat like a shakeout. Shakeout means that tinier and maybe weaker competitors will at least mothball, maybe even shut down their capacities. That is my guess about 2027 in summer 2026. Having said this, I dare to hand over to Michael.

Speaker #4: With respect to the current market situation, or perhaps the outlook for the market, I do believe that we will see something like a shakeout in 2027.

Speaker #4: Shakeout means that China and maybe weaker competitors will, at least in Moscow, even shut down their capacities. And that is my guess about summer 2026 or 2027.

Speaker #4: Having said this, I dare to hand over to Michael.

Speaker #5: Yeah, thank you, Christian. And Anil, I want to address your second question regarding the custom solution. You had a question regarding the outlook change here.

Michael Rauch: Yeah. Thank you, Christian. Anil, I want to address your second question regarding Custom Solutions. You had a question regarding the outlook change here. Maybe as a CFO, let me first argue a bit on the numbers. You might remember that in Q1, the EBITDA for Custom Solutions was about EUR 30 million down year-over-year. Now Q2, EUR 20 million up year-over-year. If you basically take a stronger Q3 versus the Q4, you are about on even par level. Now, when we talk about the businesses and you address the additives, we do see here a normalization on the additives to pre-war levels in H2, which means staying rather stable for the full year. Well, if the business stays stronger for longer, then we have a little bit of an upside, this is how we see on additives.

Speaker #5: So maybe as a CFO, let me first argue a bit on the numbers. You might remember that in the first quarter, the EBITDA for Custom Solutions was about €30 million down year over year.

Speaker #5: Now, second quarter: €20 million up year over year. So, if you basically take a stronger third quarter versus a fourth quarter, you are about on an even par level.

Speaker #5: Now, when we talk about the businesses and you address the additives, we do see here a normalization of the additives to pre-war levels in the second half of the year.

Speaker #5: So, which means staying rather stable for the full year. Well, if the business stays stronger for longer, then we have a little bit of an upside. But this is how we see it on additives.

Speaker #5: On catalysts, the alkoxides recovery in the US is materializing. However, fewer catalysts for refineries are being changed due to the war. So that's pretty much an overall stable picture.

Michael Rauch: On catalysts, the alkoxides recovery in the US is materializing. However, less catalysts for refineries are changed due to the war. That's pretty much overall a stable picture. Also Care Solutions should be stable for the year. Care Solutions are suffering from deterioration of market environment and Base Ingredients, we're not expecting any macro impulses anymore, although urgently needed. On the Active Ingredients, they're doing well, biosurfactant plant is ramping up, new applications are being identified. In Health Care, we see positive effects from optimization program becoming increasingly more visible. This gives you a bit more color on the Custom Solutions segment.

Speaker #5: And also, Care should be stable for the year. So, Care Solutions are suffering from deterioration of the market environment in basic ingredients, and we're not expecting any macro impulses anymore.

Speaker #5: So, although urgently needed, on the active ingredients, they're doing well, and the biosurfactants plant is ramping up. New applications are being identified, and in healthcare, we see positive effects from the optimization program becoming increasingly more visible.

Speaker #5: So this gives you a bit more color on the Custom Solutions segment.

Speaker #3: Great, thanks a lot for the questions. Very helpful.

[Company Representative] (Evonik): Great. Thanks a lot for the questions. Very helpful.

Speaker #1: The next question is from Martin. Please go ahead.

Operator: The next question is from Martin Roediger, Capital on View. Please go ahead.

Operator: The next question is from Martin Roediger, Kepler Cheuvreux. Please go ahead.

Martin Roediger: Yes, thanks for taking my questions. I have, in fact, three, if I may. The first question is for Christian Kullmann. You have been rather vocal in various media regarding the intended changes by the EU Commission for the Emission Trading Scheme within the European Union. What is your view regarding the upcoming changes which are planned? Secondly, this is certainly for Michael Rauch. Regarding new cost-cutting program with another 3,200 FTEs being reduced between 2027 and 2029, what is your best guess regarding the split between admin people and operating workforce? As a follow-up, are the EUR 207 million one-time costs in Q2 related to that program? I guess, for example, the closure of your polyester business is related to that, which amount of restructuring costs should we expect in H2 and also in the year 2027?

Speaker #3: Yes, thanks for taking my questions. I have, in fact, three, if I may. The first question is for Christian Kullmann. You have been rather vocal in various media regarding the intended changes by the EU Commission for the emission trading scheme within the European Union.

Speaker #3: What is your view regarding the upcoming changes that are planned? Secondly, this question is certainly for Michael Rauch. Regarding the new cost-cutting program, with another 3,200 FTEs being reduced between 2027 and 2029, what is your best guess regarding the split between admin people and the operating workforce?

Speaker #3: And as a follow-up, are the €207 million one-time costs in Q2 related to that program? I guess, for example, the closure of the polyester business is related to that.

Speaker #3: And what amount of restructuring costs should we expect in the second half, and also in the year 2027? And for the final question, it doesn't matter who answers that.

Martin Roediger: The final question, doesn't matter who's answering that, it's about the current drought situation in Germany. The water level of the Rhine River is rather low. Does this affect Evonik's logistic costs and logistic handling in any case? Thank you.

Speaker #3: It's about the current drought situation in Germany. The water level of the Rhine River is rather low. Does this affect Evonik's logistic costs and logistic handling in any case?

Speaker #3: Thank you.

Speaker #4: Well, thank you, Martin, for making my job easier by just saying I should answer here. So, questions will, of course, start with ETS, Michael, then go on to the tailor-made savings, and so on.

[Company Representative] (Evonik): Well, thank you, Martin, for making my job easier by just saying you should answer here. Christian will, of course, start with ETS, Michael then going on the Evonik Tailor Made savings and so on, and then back to Christian for the Rhine water levels.

Speaker #4: And then back to Christian for the Rhine water levels.

Christian Kullmann: Hi, Martin. Good to have you. Let's start with the Emission Trading System. Some bits and pieces about first. I do think that the European Commission has got that change is needed to better the competitive position of European industry overall. Having said this, the proposals they have now brought to the table are for sure a step into the right direction. They will ease, they will definitely ease and mitigate the pressure we do suffer as of today from. It is a chance to enhance the competitive positions of European chemicals industry. I guess it will start after summer vacation, that the European Commission will have some negotiations with the European Parliament and on the other side, with the representatives of the 27 member states of the European Union to discuss it more in detail.

Speaker #2: Hi Martin, good to have you. Let's start with the emission trading system—just some bits and pieces about it first. I do think that the European Commission has got that change is needed to better the competitive position of European industry overall.

Speaker #2: Having said this, the proposals they have now brought to the table are for sure a step in the right direction, because they will definitely ease and mitigate the pressure we do suffer from as of today.

Speaker #2: So it is a chance to enhance the competitive positions of the European chemicals industry. And now, I guess that after the summer vacation, the European Commission will start some negotiations with the European Parliament and, on the other side, with the representatives of the 27 member states of the European Union to discuss it more in detail.

Speaker #2: And please, you can believe my word—you can bank on my word—that we, as Evonik, will also intervene, maybe to put forward these kinds of proposals which are now on the table, and they are.

Christian Kullmann: Please, you can believe in my word, you can bank on my word that we, as Evonik, will also intervene, to maybe put these kind of proposals which are now on the table, and they are a good step into the right direction to bring it a little bit more onto our battered side. That is what I can give you as of today. Helpful, ja. First step, right. Now it is about negotiations with European Parliament on the one side and representatives of the 27 member states of the European Union. We, as one of the stakeholders, will participate, let's see what will come out of it. Having said this, I do hand over to Michael.

Speaker #2: A good step in the right direction to bring it a little bit more onto our better side—that is what I can give you as of today.

Speaker #2: So helpful, yeah, first step, right? Now it is about negotiations with the European Parliament on the one side and representatives of the 27 member states of the European Union on the other.

Speaker #2: We, as one of the stakeholders, will participate, and then let's see what comes out of it. Having said this, I hand over to Michael.

Speaker #5: Thank you, Christian. And Martin, I'm happy to take your second question, which was on the extended restructuring program that we have announced. So let me just reiterate what we have been saying also earlier.

Michael Rauch: Thank you, Christian. Martin, I'm happy to take your second question, which was on the extended restructuring program, which we have announced. Let me just reiterate what we've been saying also earlier. We released the information that we're going to release about 3,200 positions until end of 2029 from our company, which is something which we announced. We also said that we are in the negotiation now on the details. Please bear with me that I can comment not on all of the effects of that program yet. This is going to come in Q3. However, you asked broadly what is the split between admin and business functions. Let me go back to the first program Evonik Tailor Made. Here it was about 80% admin function and about 20% more business-related functions.

Speaker #5: So, we released the information that we're going to reduce about 3,200 positions until the end of 2029 from our company, which is something we announced. And we also said that we are in negotiation now on the details.

Speaker #5: So, please bear with me that I cannot comment on all of the effects of that program yet. This is going to come in the third quarter.

Speaker #5: However, you asked broadly what is the split between admin and business functions. So let me go back to the first program, Evonik Tailor-Made. Here, it was about 80% admin function and about 20% more business-related functions.

Speaker #5: This time, this is a more holistic approach, also affecting our businesses. So, we would go more into the direction of about 60 admin and about 40 business details, to come out, as I said, in the third quarter.

Michael Rauch: This time, this is a more holistic approach, also affecting our businesses. We would go more into the direction of about 60 admin and about 40 business. Details to come out, as I said, in Q3. You also asked a question regarding, part of your second question, regarding the restructuring, which we booked in Q2 into our books. That was an adjustment for the site closure for Witten. That is within EUR 50 million within our books, and this is independent from the program which we announced and which we are going to talk more about when we come to the Q3 call. With that, I would hand back to Christian, please.

Speaker #5: You also asked a question regarding part of your second question about the restructuring, which we booked in the second quarter into our books. That was an adjustment for the site closure for Witten.

Speaker #5: That is within €50 million within our books. And this is independent from the program which we announced and which we're going to talk more about when we come to the Q3 call.

Speaker #5: With that, I would hand back to Christian, please.

Speaker #2: Yeah, and I'll try to give you some more color about the impact of the lower Rhine water. It goes without saying that, as of today, the level is at a very—let me say—historical low.

Christian Kullmann: Yeah. I try to give you some more color about the impact of the lower Rhine water. It goes without saying that as of today, the level is on a very, let me say, historical low. On the other side, we are well-prepared because that is what is coming around the corner since donkey's years. In other words, since 10 years. You would be really surprised if we would give you that we are not here pretty well prepared for this, because that is what we have to deal with since, as mentioned, 10 years' time. What does it mean? Yeah, okay. There will be a tiny impact because as a result of the lower Rhine water, we would have maybe some increase in respect of the freight costs. On the other side, overall, it is manageable.

Speaker #2: But on the other side, we are well prepared, because that is what has been coming around the corner since donkey's years. So, in other words, for 10 years.

Speaker #2: And you would be really surprised if we were to tell you that we are not here pretty well prepared for this, because that is what we have had to deal with over the past, as mentioned, ten years.

Speaker #2: And what does it mean? Yeah, okay. There will be a tiny impact because, as a result of the lower Rhine water, we would maybe see some increase with respect to the freight costs.

Speaker #2: But on the other side, overall it is manageable. So, manageable, and if so, only a tiny impact. And we are prepared to manage it because we are familiar with the situation since decades.

Christian Kullmann: Manageable, and if so, a tiny impact, and we are prepared to manage it because we are familiar with the situation since a decade. So far from my side.

Speaker #2: So far from my side.

Speaker #3: Thank you.

David Symonds: Thank you.

Martin Roediger: Thank you.

Speaker #1: The next question is from David Simons, BNP Paribas. Please go ahead.

Operator: The next question is from David Symonds, BNP Paribas. Please go ahead.

Speaker #6: Thanks very much. Three for me, please. The first one is a quick follow-up on methionine. There was an outage announced yesterday in France related to the Rhône River levels.

David Symonds: Thanks very much. Three from me, please. The first one is a quick follow-up on methionine. There was an outage announced yesterday in France related to the Rhone River levels, different river. Would you also expect that to be a minimal impact, or do you think that river is more affected and that could actually impact methionine prices? I'm going to count this as the same question, but a small follow-up on methionine again. You mentioned the shakeout in 2027. Does that imply that you think prices fall a lot next year, or is it just that you have smaller players currently not operating, so not making a windfall to support them into next year? Secondly, you mentioned there's a tire anti-dumping duty being imposed on Chinese tires now, 45% from the start of July.

Speaker #6: Different river. Would you also expect that to be a minimal impact, or do you think that river is more effective and could actually impact methionine prices?

Speaker #6: I'm going to count this as the same question, but a small follow-up on methionine again. So you mentioned the shakeout in 2027. Does that imply that you think prices fall a lot next year, or is it just that you have smaller players currently not operating, so they're not making a windfall to support them into next year?

Speaker #6: Secondly, you mentioned—well, actually, I'll start with the—there's a tire anti-dumping duty thing imposed on Chinese tires now, 45% from the start of July.

Speaker #6: Could you comment on whether you expect that to impact your silica business at all? And then, finally, you previously said there would be no buyback before 2027.

David Symonds: Could you comment on whether you expect that to impact your silica business at all? Finally, you previously said there'd be no buyback before 2027, but cash in H1 has been very good, particularly considering seasonality. Is there any chance that you bring a buyback forward or that a buyback moves up your order of capital allocation priorities before 2027? Thanks.

Speaker #6: But cash in the first half has been very good, particularly considering seasonality. Is there any chance that you bring a buyback forward, or that a buyback moves up your order of capital allocation priorities before 2027?

Speaker #6: Thanks.

Speaker #2: Thank you, David. The first question on methionine will be addressed by Christian, and then we will go to Michael for the anti-dumping on tires and the share buyback.

[Company Representative] (Evonik): Thank you, David. The first one on methionine will be addressed by Christian, then we go to Michael for the anti-dumping on tires and the share buyback. By the way, Christoph, I'm really keen on checking and tackling each and any question about methionine. Here's my answer. Yes. Yesterday, we have read in the news, that Adisseo has issued force majeure because of logistical constraints in France and in Spain. That is nothing, which is touching us. There's no impact for Evonik in respect of this. Because here, as you know, our exclusively only European methionine plant is located in Antwerp, and therefore we are not touched by this lower Rhine water issue now Adisseo has to face. That is what I could give you about methionine, and having said so, I hand over to Michael.

[Company Representative] (Evonik): Thank you, David. The first one on methionine will be addressed by Christian, then we go to Michael for the anti-dumping on tires and the share buyback.

Speaker #4: And by the way, Christophe, I'm really keen on taking and tackling each and any question about Methionine. So here's my answer: Yes, yesterday we have read in the news that Odysseo has issued the force majeure because of logistical constraints in France and in Spain.

Christian Kullmann: By the way, Christoph, I'm really keen on checking and tackling each and any question about methionine. Here's my answer. Yes. Yesterday, we have read in the news, that Adisseo has issued force majeure because of logistical constraints in France and in Spain. That is nothing, which is touching us. There's no impact for Evonik in respect of this. Because here, as you know, our exclusively only European methionine plant is located in Antwerp, and therefore we are not touched by this lower Rhine water issue now Adisseo has to face. That is what I could give you about methionine, and having said so, I hand over to Michael.

Speaker #4: But that is nothing which is touching us. There is no impact for Evonik in respect of this. Because here, as you know, our main—our exclusively only European methionine plant—is located in Antwerp.

Speaker #4: And therefore, we are not touched by this Lower Rhine water issue. Now Odysseo has to face that. That is what I could give you about methionine, and having said so, I hand over to Michael.

Speaker #5: Yes, so David, thank you. Your question was on the anti-dumping in Chinese tires. So far, we haven't seen any impact on the precipitated silica, and we are not aware of any.

Michael Rauch: Yes. David, thank you. Your question was on the anti-dumping Chinese tires. Far, we don't have any impact seen on the precipitated silica, and we are not aware of. We'll update, of course, as soon as we become aware. Your third question was on what do we do with the cash. Let's be very clear, we still have quite a sizable amount of net debt on our books sitting. We will ensure that we utilize the cash, as we always do, in order first to fuel our organic business, second, to make sure that we also pay reasonable dividends. You saw the change in the dividend policy for 2026, so it goes into effect first time in May 2027 with the new policy, as we had an interim one with the EUR 1 for 2026.

Speaker #5: We'll update, of course, as soon as we become aware. Your third question was on what we do with the cash. So let's be very clear.

Speaker #5: We still have quite a sizable amount of net debt on our books. So, we will make sure that we utilize the cash, as we always do, in order first to fuel our organic business.

Speaker #5: Second, to make sure that we also pay reasonable dividends. You saw the change in the dividend policy for 2026, so it goes into effect for the first time in May 2027 with the new policy.

Speaker #5: As we had an interim one with the €1 for 2026. And that means, basically, the share buyback is currently not on the agenda.

Michael Rauch: That means basically, the share buyback is currently not on the agenda.

Speaker #6: Understood. And sorry, Christian. It’s my fault for trying to squeeze two questions under one heading for Methionine. But on the second part of the Methionine question—the shakeout in 2027 you mentioned.

David Symonds: Understood. Sorry, Christian, it's my fault for trying to squeeze two questions under one heading of methionine. The second part of the methionine question, the shakeout in 2027 you mentioned, does that imply an expectation that prices fall into next year?

Speaker #6: Does that imply an expectation that prices will fall into next year?

Speaker #2: We are now in summer 2026, and I hope that I will be able to enjoy my summer vacation in a couple of days. In the meantime, I will start to think about what could be prudent regarding how to manage our attractively located Methionine capacities in 2027.

Christian Kullmann: We are now summer 2026, and I hope that I will be able to enjoy my summer vacation in a couple of days. In the meanwhile, I will start to think about what could be prudent, how to manage our attractively located methionine capacities in 2027. As I've already mentioned, we do expect the start of a shakeout, and that would mean that it for sure could have, once again and to underpin, could have an impact on the markets in the next year. Let's see. I'm confident that if we would meet next time in person, we will have a deep dive about this. That is what I could give you as of today.

Speaker #2: But as I've already mentioned, we do expect the start of a shakeout, and that would mean that it for sure could once again underpin, could have an impact on the markets in the next year.

Speaker #2: So let's see. And I'm confident that if we meet next time in person, we will have a deep dive about this. But that is what I could give you as of today.

Speaker #6: Great. Thank you very much.

David Symonds: Great. Thank you very much.

Speaker #1: The next question is from Chetan Udeshi, JP Morgan. Please go ahead.

Operator: The next question is from Chetan Udeshi, JPMorgan. Please go ahead.

Speaker #3: Hello. Can you hear me?

Chetan Udeshi: Hello, can you hear me?

Speaker #2: Yeah.

Michael Rauch: Yeah.

Speaker #3: I had two questions. The first one was just on tailor-made and the impact it had on the earnings. I was just calculating your SG&A delta in H1 versus last year, and it seems it's about €40 million lower year on year.

Chetan Udeshi: I had two questions. First one was just on Tailor Made and the impacts had on the earnings. I was just calculating your SG&A delta in H1 versus last year, and it seems it's about EUR 40 million lower year-on-year. I think most of that can be attributable to the effects, just a stronger Euro. I remember from Capital Markets Day a couple of years back, you guys were guiding to as much as EUR 150 million of net savings by this year on an annual basis. I'm afraid to say that we don't see any evidence of that in numbers. I think that was the same issue last year as well. With these additional job cuts that you've announced, can you maybe help us understand how much net savings should we have in mind that Evonik can really achieve?

Speaker #3: I think most of that can be attributable to the FX, just a stronger euro. I remember from Capital Markets Day a couple of years back, you guys were guiding to as much as €150 million of net savings by this year.

Speaker #3: On an annual basis—and I'm afraid to say that—we don't see any evidence of that in the numbers. I think that was the same issue last year as well.

Speaker #3: So, with these additional job cuts that you've announced, can you maybe help us understand how much net savings we should have in mind that you want and can really achieve?

Speaker #3: Because for now, it seems it's very hard to see much net savings come through in your P&L. The second question is—and not surprisingly, there are a number of questions on Methionine, because there is an impression that everybody has that Evonik’s numbers this year have basically just benefited from the Methionine price.

Chetan Udeshi: For now it seems it's very hard to see much of net savings come through in your P&L. The second question is, not surprising, number of questions on methionine, because there's the impression that everybody has that Evonik numbers this year have basically just benefited from methionine price. It's like a one-trick pony, and hence, there's so much focus on methionine, that the moment it sort of turns, this party for Evonik is over. How would you respond to that comment that Evonik's earnings are basically a one-trick pony this year on methionine prices?

Speaker #3: So it's like a one-trick pony. And hence, there's so much focus on Methionine that the moment it sort of turns, this party for Evonik is over.

Speaker #3: How would you respond to the comment that Evonik's earnings are basically a one-trick pony this year due to Methionine prices?

Speaker #2: Thank you, Chetan. Michael will start on the net savings, and then we can go to Christian for the balance of the earnings this year.

Michael Rauch: Thank you, Chetan. Michael will start on the net savings, and then we can go to Christian for the balance of the earnings this year. Thank you, Chetan, for your question. You were asking regarding the Evonik Tailor Made program. That, just to remind everybody, was in the baking during the year 2023 and then announced for 2024 to 2026. Now we all know the world has changed dramatically over those years. Just when you think about inflation, how inflation has surged, right, through that period. Many of the assumptions that were done no longer held true, which means the net impact basically on the savings is not as pronounced as it was anticipated.

[Company Representative] (Evonik): Thank you, Chetan. Michael will start on the net savings, and then we can go to Christian for the balance of the earnings this year.

Speaker #5: Yeah, thank you, Chetan, for your question. You were asking regarding the Evonik Tailor-Made Program. That, just to remind everybody, was in the making during the year 2023 and then announced for '24 to '26.

Michael Rauch: Thank you, Chetan, for your question. You were asking regarding the Evonik Tailor Made program. That, just to remind everybody, was in the baking during the year 2023 and then announced for 2024 to 2026. Now we all know the world has changed dramatically over those years. Just when you think about inflation, how inflation has surged, right, through that period. Many of the assumptions that were done no longer held true, which means the net impact basically on the savings is not as pronounced as it was anticipated.

Speaker #5: Now, we all know the world has changed dramatically over those years. So, just when you think about inflation—how inflation has surged, right?—through that period.

Speaker #5: So many of the assumptions that were made no longer hold true. Which means the net impact, basically, on the savings is not as pronounced as was anticipated.

Speaker #5: So, when you ask me how shall we think about going forward, also about cost-cutting programs, it is a hygiene factor, which any CFO is banging his drum very strongly on to make sure that we get it in.

Michael Rauch: When you ask me, how shall we think about going forward also about cost-cutting programs, it is a hygiene factor, which any CFO is banging his drum very strongly on to make sure that we get it in. The additional savings, however, must also come from structural improvements in the business and in the way we operate. Christian.

Speaker #5: The additional savings, however, must also come from structural improvements in the business and in the way we operate. Christian.

Speaker #2: Yeah, thanks a lot, Michael. Maybe one more, Chetan, about Evonik Tailor-Made. Last year, we demonstrated that Evonik Tailor-Made has a positive impact on paying off, because we have been able, as one of the very few in the chemicals industry, to compensate for the fixed cost increase.

Christian Kullmann: Thanks for that, Michael. Maybe one more, Chetan, about Evonik Tailor Made. Last year, we have demonstrated that Evonik Tailor Made has a positive impact and is paying off because we have been able, as one of the very few in chemicals industry, to compensate the fixed cost increase of 7% close to the completion. That was fair to say last year, a good contribution of Evonik Tailor Made to bettering our cost positions. Now, happy to have you talking about methionine. Maybe as a tiny starter, you have called Evonik a one-trick pony, and nothing against one-trick ponies, because that would make me, if it is methionine They've given me the chance and bringing me into the position to give you a good amount of explanations why that is much more than a one-trick pony.

Speaker #2: Of 7% close to the completion. That was fair to say last year, a good contribution of Evonik tailor-made to our bettering our cost positions.

Speaker #2: And now happy to have you talking about Methionine. Maybe as a tiny starter you have called Evonik a one track pony. And nothing against one track ponies because that would make me if it is Methionine giving me the chance and bringing me into the position to give you a good amount of explanations why that is much more than a one track pony.

Speaker #2: But please, in this respect, don't underestimate and don't forget the positive impact we do see in our Advanced Technology segment coming from PA12, coming from Frostlink.

Christian Kullmann: Please, in this respect, don't underestimate and don't forget the positive impact we do see in our Advanced Technologies segment coming from PA work, coming from Crosslinkers, coming from additional savings. Of course, it is on the list of our disposal candidates, but nevertheless, it is worthwhile to mention that also Oxeno has contributed to the good numbers and figures we are able to present for Q2 as of today. Now it is about methanol. If we would have exclusively one methanol capacity maybe in Asia, you would be right. We do have not only one methanol capacity in Asia. We are the only one being globally located and having here, because of this, a chance to cover each and every region directly, the customers directly in the respective regions.

Speaker #2: Coming from additional savings. And of course, it is on the list of our disposal candidates, but nevertheless, it is worthwhile to mention that also Xeno.

Speaker #2: This has contributed to the good numbers and figures we are able to present for the second quarter as of today. And now, it is about Methionine.

Speaker #2: If we had exclusively one methionine capacity, maybe in Asia, you would be right. But we do not have only one methionine capacity in Asia.

Speaker #2: We are the only one being globally located and having—here because of this, the chance to cover each and every region directly. The customers directly in the respective regions, and by the way, these regions are here, all the more United States of America, well protected by import taxes.

Christian Kullmann: By the way, these regions are here all the more US, well protected by import taxes. Second, we do extend and expand our positions by, for example, think about the backward integration of the methyl mercaptan capacity in the US, in our methanol capacity in Mobile, which will definitely better our position in 2027, which means here we could harvest even more than it is already as of today. Third, we are not only the market leader but also in respect of costs. I've mentioned it several times during this pretty attractive call that we do see, and hence to this foresee, a shakeout starting in 2027, which will help us, let me say, to benefit in a similar way from our methanol businesses. That is what do I have in mind about the one-trick pony criticism of yours.

Speaker #2: Second, we do extend and expand our positions by, for example, thinking about the backward integration of the mature Captan capacity in the United States of America and our Methionine capacity in Mobile, which will definitely, definitely better our position in 2027. This means here we could harvest even more than it is already as of today.

Speaker #2: Third, we are not only the market leader but also in respect of costs. And I've mentioned it several times during this pretty attractive call that we do see—and hence, foresee—a shakeout starting in 2027, which will help us, let me say, to benefit in a similar way from our Methionine businesses.

Speaker #2: So, that is what I have in mind about the 'one-trick pony' criticism of yours. And, by the way, I've liked your questions very much because you have given me a chance to comment on it in a more, let me say, decent and disciplined way.

Christian Kullmann: By the way, I've liked your questions very much because they've given me a chance to comment on it in a more, let me say, decent and disciplined way.

Speaker #3: Just to clarify, this is not what I meant to say. I'm just saying this is the impression. But I appreciate the comment.

Chetan Udeshi: Just to clarify, this is not what I meant to say. I'm just saying this is the impression, but appreciate the comment.

Speaker #2: My side.

Christian Kullmann: My fault.

Speaker #4: Next question is from Sebastian Bray, Barenberg. Please go ahead.

Operator: Next question is from Sebastian Bray, Berenberg. Please go ahead.

Speaker #6: Hello, good morning, and thank you for taking my questions. I have two, please. They are both on the Other segment. The first is on the performance of the oxo acids and the related impairment.

Sebastian Bray: Hello, good morning, and thank you for taking my questions. I would have two, please. They are both on the other segment. The first is on the performance of the Oxeno assets and the related impairment. From what I can tell, the business environment was very favorable in Q2. The C4 and butanediol prices were quite high. European energy costs, which I imagine were hedged, were not that bad. What has happened internally to these assets that has warranted the impairment? The reason that I ask this is that historically, a decent year seemed to be EUR 200 million-plus of EBITDA for the C4 assets. Now that seems to be the absolute best possible run rate that they can achieve. Has anything happened to global C4 or MTBE markets that would mean that relative to, let's say, four or five years ago, these assets are simply less profitable?

Speaker #6: From what I can tell, the business environment was very favorable in Q2. The C4 and beta dyne prices were quite high. European energy costs, which I imagine were hedged, were not that bad.

Speaker #6: What has happened internally to these assets that has warranted the impairment? And the reason that I ask this is that, historically, a decent year seemed to be €200 million-plus of EBITDA for C4 assets.

Speaker #6: And now, that seems to be the absolute best possible run rate that they can achieve. Has anything happened to global C4 or NTBE markets that would mean that, relative to, let's say, four or five years ago, these assets are simply less profitable?

Speaker #6: And my second question is on infrastructure. I appreciate the general idea that these are stable assets. They typically generate, let's say, close to €200 million of EBITDA—maybe a little less.

Sebastian Bray: My second question is on infrastructure. I appreciate the general idea that these are stable assets that typically generate, let's say, close to EUR 200 million of EBITDA, maybe a little less. Has there been any significant movement year on year in the underlying profitability of the infrastructure? Thank you.

Speaker #6: But has there been any significant movement year-on-year in the underlying profitability of the infrastructure? Thank you.

Speaker #5: Thank you, Sebastian. Both go to Michael at this stage. So first on the other, even though you probably mentioned—I mean, you mentioned Oxano, which is also an infrastructure, not another.

[Company Representative] (Evonik): Thank you, Sebastian. Both go to Michael at this stage. First on the other, even though you mentioned Oxeno, which is also infrastructure, not in other, on the SYNEQT assets.

Speaker #5: And then on the Senect assets—yeah, let me—thank you Christopher. Let me start with the Senect one because that's an easy one. That is year-over-year stable.

Michael Rauch: Thank you, Christoph. Let me start with the SYNEQT one, because that's an easy one. That is a year-over-year stable, the answer is no. We are basically sailing through a similar level as before. On the Oxeno one, well, it's important that we all recognize that the long-term challenges remain. Yes, we have temporarily better results in 2026. We enjoy those. However, as you know, when you need to take a goodwill impairment, that is looking into the long-term perspective, and here nothing has changed. We are right now executing our path on making sure that we go ahead with our divestitures as planned. That is the situation on Oxeno and SYNEQT.

Speaker #5: So the answer is no. So we are basically sailing through at a similar level as before. On the Oxano one, well, it's important that we recognize that the long-term challenges remain.

Speaker #5: So yes, we have temporarily better results in 2026. We enjoy those. However, as you know, when you need to take a goodwill impairment, that is looking into the long-term perspective, and here nothing has changed.

Speaker #5: So, we are right now executing our plan to make sure that we go ahead with our divestitures as planned. That is the situation on Oxano and Senect.

Sebastian Bray: Just to check, is there any book value left?

Speaker #6: And just to check, is there any book value left?

Sebastian Bray: Just to check, is there any book value left?

Speaker #5: Yes, indeed. There is about €50 million left as book value for Oxano.

Michael Rauch: Yes, indeed. There is about EUR 50 million left as book value for Oxeno.

Speaker #6: That's helpful. Thank you.

Sebastian Bray: That's helpful. Thank you.

Speaker #4: As a reminder, for questions, please press star and one.

Operator: As a reminder, for questions, please press star and one.

[Company Representative] (Evonik): All right. I think we're good. Thank you very much.

Speaker #2: No worries. I think we're good. Thank you very much.

Christian Kullmann: Okay. Ladies and gentlemen, that ends our call today. We have been really appreciated having had you and providing you with the numbers and figures and some

Speaker #5: Okay.

Speaker #2: Ladies and gentlemen, that ends our call today. We have really appreciated having had you and providing you with the numbers and figures and some.

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Q2 2026 Evonik Industries AG Earnings Call

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