Evonik Beats Low Bar as First-Quarter Earnings Slide, but Methionine Sparks a Brighter Second Quarter
08.05.2026 - 14:12:06 | boerse-global.de
The specialty chemicals group delivered a first-quarter performance that, on the surface, looks like a step backwards — yet the market greeted it with a shrug of relief. Evonik’s adjusted EBITDA fell to €475 million from €560 million a year earlier, a 15% decline. But against a consensus estimate of just €448 million, the result landed six percent ahead of expectations, and the stock responded accordingly.
Revenue slipped nine percent to €3.43 billion, though currency swings accounted for five percentage points of that decline. Volumes dropped only two percent. Net profit attributable to shareholders, however, took a harder hit, slumping nearly half to €125 million. The adjusted EBITDA margin came in at 13.9%, comfortably above the 12.8% analysts had penciled in.
The real story lies in what comes next. Evonik guided for second-quarter adjusted EBITDA of at least €550 million — a figure that would top the €509 million posted in the same period last year. The catalyst is methionine, the animal-feed additive that has been fetching better prices than anticipated. That tailwind could prove decisive in a sector still grappling with weak industrial demand and the economic fallout from the Iran conflict.
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For the full year, management held its forecast steady, targeting adjusted EBITDA between €1.7 billion and €2.0 billion. The German chemical industry association VCI expects domestic production to stagnate in 2026, underscoring the headwinds Evonik faces. Cost-cutting remains a priority: around 1,000 jobs are slated for elimination this year through efficiency programs, and headcount has already fallen to roughly 30,600 from over 31,000 a year ago.
Analysts see room for upside. Jefferies’ Helena Xu described the numbers as strong and noted improving business momentum. Goldman Sachs’ Georgina Fraser characterized the conservative full-year guidance as appropriate — and flagged the potential for a more optimistic outlook later if conditions stabilize.
The shares climbed as much as 2.8% on XETRA to €17.44 on Friday, extending their year-to-date gain to roughly 31%. That leaves the stock well above its 200-day moving average of €14.82. The recent rally, however, followed a five-percent pullback in the prior seven days, suggesting some of the good news had already been priced in.
Investors will have more to digest at the annual general meeting in Essen on June 3. The agenda includes a vote on a new dividend policy that would link payouts to 40% to 60% of adjusted group net income. For the 2025 financial year, the board has proposed a transitional dividend of €1.00 per share, subject to shareholder approval.
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