BASF stock holds near yearly support after 2025 earnings

BASF stock (DE000BASF111) is anchored by a 2025 revenue base of EUR 65.3 billion and EBITDA before special items of EUR 7.9 billion, according to BASFs 2025 annual report. The same report shows sales down 5.1% year on year and EBITDA before special items down 4.8%, a combination that keeps margin discipline and cash generation at the center of the story.

EUR 65.3 billion sales

According to BASFs 2025 annual report, sales came in at EUR 65.3 billion in fiscal 2025, compared with EUR 68.9 billion in 2024. EBITDA before special items fell to EUR 7.9 billion from EUR 8.3 billion, which means the operating cushion narrowed even as the group kept its industrial footprint broad.

The report also shows EBITDA before special items margin at 12.1% for 2025, versus 12.1% in 2024, so the group defended profitability even as the top line contracted. That mix matters for BASF stock because the market usually reacts more to margin stability than to revenue alone when cyclicality is high.

Margin stays at 12.1%

Free cash flow reached EUR 0.7 billion in 2025, up from negative EUR 1.4 billion in 2024, according to the annual report. Net income was EUR 1.3 billion in 2025, after EUR 225 million in 2024, a clear year-on-year improvement that supports the balance sheet narrative.

Net debt stood at EUR 16.5 billion at year-end 2025, versus EUR 18.7 billion a year earlier. For investors, that 2.2 billion euro reduction is one of the more important figures in the report because leverage and cash conversion often set the valuation floor for a cyclical chemicals group.

Chemicals and cash

BASFs report points to a business that still depends heavily on chemicals, materials, and industrial customer demand, but the 2025 numbers show the company protecting earnings better than sales. The combination of EUR 7.9 billion EBITDA before special items, EUR 0.7 billion free cash flow, and EUR 16.5 billion net debt gives the market three concrete reference points when it weighs the stock.

Product exposure matters

In BASFs portfolio, performance chemicals and industrial solutions remain the most relevant end-markets for cyclical sentiment, even when the company does not break out every product line in headline form. That is why the market often trades BASF stock as a read-through on global manufacturing more than as a pure single-product story.

Xetra price context

The latest share-price context should be read alongside the 2025 report rather than in isolation. BASF stock traded on Xetra, and the companys year-end balance sheet and cash flow figures give the current valuation debate more substance than price action alone.