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Creating tomorrow’s solutions
January 1 through June 30, 2025
Half-Yearly
Financial
Report
2025
Half-Yearly Financial Report — Key figures for the first half of 2025
Wacker Chemie AG — First Half of 2025 2
Key figures for the first half of 2025
€ million
6M 2025
6M 2024
Change in %
Results/return/cash flow
Sales
2,891.2
2,957.4
–2.2
EBITDA1
233.6
315.2
–25.9
EBITDA margin (%)1
8.1
10.7
–
EBIT1
–18.7
89.0
n.a.
EBIT margin (%)1
–0.6
3.0
–
Financial result1
–26.3
6.0
n.a.
Income before income taxes
–45.0
95.0
n.a.
Net income for the period
–22.6
83.2
n.a.
Earnings per share (basic/diluted) (€)
–0.65
1.47
n.a.
Capital expenditures excluding acquisitions
188.9
294.1
–35.8
Depreciation/amortization
252.3
226.2
11.5
Net cash flow
–301.6
–305.5
–1.3
1Investments in joint ventures and associates and other income from investments reclassified to other financial result (income of €7.1 million) (incl. prior-year adjustment of
€17.0 million in income); EBITDA and EBIT adjusted accordingly; see description in the condensed Notes to the consolidated financial statements.
€ million
June 30, 2025
Dec. 31, 2024
Change in %
Financial position
Total assets
8,798.4
9,409.9
–6.5
Equity
4,502.5
4,837.0
–6.9
Equity ratio (%)
51.2
51.4
–
Financing liabilities
1,935.5
1,946.7
–0.6
Net financial debt (–)/net financial assets (+)
–1,139.3
–690.6
65.0
Employees (number at end of period)
16,724
16,637
0.5
Half-Yearly Financial Report — Key figures for the first half of 2025
Wacker Chemie AG — First Half of 2025 3
Half-Yearly Financial Report –
January through June 30, 2025
⎯ Group sales for first half of 2025 total €2.89 billion, down 2 percent compared with a year earlier
⎯ EBITDA at €234 million, 26 percent lower year over year, also due to lower solar-grade polysilicon volumes and a lower
plant-utilization rate
⎯ EBIT falls to €–19 million, while net income for the first half of 2025 amounts to €–23 million
⎯ Capital expenditures decrease 36 percent versus the same period of the prior year to €189 million
⎯ Net cash flow in the reporting period negative at €–302 million due to lower net income
⎯ Full-year outlook revised
Half-Yearly Financial Report — For our shareholders
Wacker Chemie AG — First Half of 2025 4
Dear Shareholders,
2024 was a challenging year, and the first six months of this year brought strong headwind, too. Demand in many customer
sectors was weak, especially in the second quarter, and competition was intense. There were no economic tailwinds either.
Trade policy uncertainties are slowing economic development, and there are no signs of a recovery on the horizon.
In this environment, a large number of chemical companies have had to lower their expectations for the year as a whole – as
did WACKER. We adjusted our full-year outlook on July 18, prompted by the ongoing macroeconomic and geopolitical
uncertainty. This situation was compounded by the unfavorable development in the euro/US dollar exchange rate since the
beginning of the second quarter, and the expectation that the current exchange rate level will remain unchanged. As far as
polysilicon is concerned, we had also expected the trade policy uncertainties in the US market for solar-grade polysilicon to
be resolved over the course of the year, allowing demand to recover. This development has so far not materialized.
As a result, we now expect Group sales to come in between €5.5 billion and €5.9 billion in fiscal 2025 (previous guidance:
€6.1 billion to €6.4 billion). We expect EBITDA to fall within a range of between €500 million and €700 million (previous
guidance: €700 million to €900 million).
We are countering the challenging market environment by clearly focusing on growth, cash and costs. We are pulling all the
levers to grow faster. This will involve stepping up our sales activities and customer interactions, and driving innovation. We
are improving our cash flow by reducing and focusing our capital expenditures, as well as by optimizing our inventory levels
and accounts receivable. We are also concentrating increasingly on our costs, analyzing our plant-utilization rates and
working on our productivity.
In the long term, we will continue to align our entire organization with new underlying framework conditions. Three strategic
priorities will help us to ensure our success.
Firstly, we are forging ahead with our specialties strategy. This means that we will be focusing even more on those products
and solutions that set us clearly apart from our peers. These are often developed on a customer-specific basis, have a
greater depth of added value and achieve higher margins. Examples include our high-tech silicones for the energy and e-
mobility transition, polymers for modern and sustainable building, polysilicon for the semiconductor industry, and customized
biotech products.
Secondly, we are boosting our efficiency and speed. It is no longer enough to simply have the best solution. We also need to
be able to launch it quickly and at appealing prices. Speed has become the decisive factor for success. We have already
implemented effective programs to improve our performance in this area and will be exploiting further potential, also by
making systematic use of digitalization and automation opportunities. Our new production line in Burghausen for hyperpure
polysilicon, which we opened a few weeks ago, is setting new standards in this regard. It operates with maximum efficiency,
delivers a high-margin product and was commissioned in record time.
Thirdly, we will further strengthen the WACKER team’s abilities and skills. Today especially, with everything becoming faster
and more digital, this is essential. We are investing systematically in training and continuous professional development. This
strategy enables us to secure the clever minds of tomorrow.
Half-Yearly Financial Report — For our shareholders
Wacker Chemie AG — First Half of 2025 5
For more than 100 years, WACKER has proven its ability to successfully adapt to new circumstances time and again. This is
what has allowed the company to remain on the road to success over such a long period of time. Now, we have once again
arrived at a point where we are called on to adapt. In this way, we remain competitive, strengthen our position as an
attractive employer and continue to be successful in the long term.
I assure you that we at WACKER will use our potential. Especially in these uncertain and volatile times, a clear path is
needed – here at WACKER, we have it and we are following it. Together, we will continue to work on the solutions of
tomorrow. With expertise, customer proximity and innovative strength.
Munich, July 30, 2025
The Executive Board of Wacker Chemie AG
Half-Yearly Financial Report — WACKER stock
Wacker Chemie AG — First Half of 2025 6
WACKER stock
Stock market activity in the first half of 2025 was characterized by considerable uncertainty and volatility on the markets,
primarily due to the current US trade policy. Despite high levels of volatility, the global stock markets showed positive
performance on the whole. Overall, the European stock markets benefited from capital inflows from investments previously
held in US dollars.
Germany’s leading index, the DAX, gained ground in the first half of 2025, climbing some 20 percent compared with year-end
2024. German small caps also reaped the benefits of this positive trend. The MDAX, for example, gained around 19 percent
in the reporting period from January through June 2025.
At the start of 2025, WACKER stock stood at €70.04 (year-end closing price on December 30, 2024). After reaching a year-
high of €87.60 on March 18, 2025, WACKER stock then declined during the rest of the first half of the year. WACKER stock
ended trading on June 30, 2025 at €62.00, down around 11 percent on the start of the year and corresponding to a market
capitalization of around €3.08 billion.
WACKER’s share price reflected the persistently difficult market conditions facing the chemical industry. Economic weakness
continues to impact the ordering behavior of many customers. This is resulting in ongoing sluggish demand – as seen in the
construction industry. In the Polysilicon division, business with solar-grade polysilicon remains challenging.
» For more details about WACKER on the capital market, please refer to our 2024 Annual Report (pages 19 to 22) and our website (www.wacker.com/investor-
relations).
WACKER share performance in first half of 2025 (indexed to 100)
Half-Yearly Financial Report — Interim Group management report
Wacker Chemie AG — First Half of 2025 7
Interim Group management report
Overall economic situation, economic outlook and state of the industry
Global economy marred by major uncertainty
Major uncertainty is hanging over the global economy in 2025. Alongside geopolitical disputes, trade conflicts and increased
tariffs, which pose a threat to global supply chains, are the main factors behind the global uncertainty. The Organisation for
Economic Co-operation and Development (OECD) is witnessing restrained consumption and investment activity among
consumers and companies alike. In June, this prompted the OECD to make a downward revision to its previous growth
forecast for 2025, and it now expects to see global gross domestic product (GDP) grow by 2.9 percent in 2025. Growth is
likely to slow considerably, particularly in the US, Canada, Mexico and China. The OECD predicts that tax relief and
increased spending on defense and infrastructure, for example in Germany and China, will not have any noticeable impact
until 2026.
The International Monetary Fund (IMF), too, has revised its previous forecasts for 2025. In light of US trade policy and the
volatile economic environment, it predicts that global economic growth will slow to 3.0 percent in 2025. Growth in the world’s
developing countries and emerging markets is expected to be significantly stronger than in the industrialized nations.
Based on current economic forecasts, WACKER expects global economic output to increase only slightly in 2025. The
biggest growth impetus in relative terms is once again likely to come from Asia.
GDP trend
%
2024
Outlook for 2025
World
3.3
3.0
Advanced economies
1.8
1.5
Developing and emerging economies
4.3
4.1
Eurozone
0.9
1.0
Germany
–0.2
0.1
Asia
5.3
5.1
China
5.0
4.8
India
6.5
6.4
USA
2.8
1.9
Source: IMF, World Economic Outlook Update, July 29, 2025
Moderate growth in the chemical industry
Economic development within the chemical-pharmaceutical industry has been hampered by weak industrial growth in a large
number of countries in 2025. Growth dynamics remain dominated by major differences from region to region, with this trend
being driven primarily by the emerging markets, led by China. The German Chemical Industry Association (VCI) is
forecasting global growth of 4.4 percent for the chemical industry in 2025. The VCI expects to see slight growth in the US,
while the industry is likely to stagnate in the EU. Although the sector made what was, all in all, a better start to 2025 than
expected, the outlook for the year as a whole is a gloomy one: the US tariff policy, trade conflicts and political uncertainties
mean greater risks to any sustainable recovery or more stable growth. European chemical companies fear that recent
developments will see Chinese goods originally intended for the US market being redirected to European markets, reducing
the export opportunities open to companies based in Europe.
Half-Yearly Financial Report — Interim Group management report
Wacker Chemie AG — First Half of 2025 8
Production in the German chemical-pharmaceutical industry in the first six months of the year was down slightly on the
figures from previous years. Demand remains subdued and in many places, capacity utilization is below the profitability
threshold. Sales, too, lagged behind the previous year despite a slight increase in prices. Companies are openly voicing their
struggles with red tape and persistently high energy prices, taxes and levies. The VCI’s half-yearly report noted a 1-percent
drop in production and 0.5-percent decrease in sales year over year. Leaving the pharmaceutical business out of the
equation, chemical production was down by 3 percent. The association does not expect to see any improvement in the
medium term and is predicting further production shutdowns and the shifting of investments abroad in the second half of the
year. The VCI is forecasting stagnating chemical and pharmaceutical production for the year as a whole (+/- 0 percent).
Taking chemical production in isolation (excluding pharmaceuticals), it is predicting a 2-percent decrease.
Selected key indicators by industry
%
Growth in 2024
Growth outlook for 2025
Chemical industry
Production, worldwide1
4.9
4.4
Production, EU1
2.5
–
Production, Germany1,2
3.3
–2.0
Semiconductor industry
Sales trend3
19.7
11.0
Photovoltaics
Newly installed photovoltaic capacity, worldwide4
33
10
Sources:
1VCI (German Chemical Industry Association), Business Worldwide, The business situation of the global chemical industry in the 1st quarter 2025, June 2025
2VCI (German Chemical Industry Association), Half-yearly report of the German chemical-pharmaceutical industry 2025, July 17, 2025
3WSTS Forecast Summary, June 3, 2025
4SolarPower Europe, Global Market Outlook for Solar Power 2025-2029, June 2025
According to World Semiconductor Trade Statistics (WSTS), the semiconductor industry will remain a growth market in
2025 and expand by a total of 11 percent year over year. The global market volume is tipped to reach around US$700 billion.
The picture varies, however, from market segment to market segment. Growth is being driven primarily by demand for the
memory and logic chips required for AI applications, for example. Other, traditional semiconductor segments are expected to
report a moderate decline. WSTS believes that this can be traced back to the generally weak economic situation and to trade
conflicts, which are disrupting supply chains and putting a damper on demand for some goods.
Photovoltaics are becoming more competitive compared with other energy sources due to declining levelized costs for solar
power and higher levels of efficiency. Solar power, moreover, has a key role to play in the achievement of global climate
change mitigation targets. The market environment in 2025 will remain characterized by intense competition due to excess
capacity. The industry association SolarPower Europe nevertheless expects the global photovoltaic market to continue to
grow in 2025, albeit at a slower rate. China remains by far the world’s largest and most important market. Other markets
adding large amounts of capacity include, by way of example, the USA, Europe, Japan and India. Highly promising growth
regions include Central and South America, Southeast Asia, the Middle East and Africa.
In their global market outlook for 2025, experts from SolarPower Europe assume that — in a medium forecast scenario —
around 655 gigawatts of photovoltaic capacity will be added to the existing grid. This would equate to growth of 10 percent as
against 2024.
» See 2024 Annual Report, pages 116 and 117
Half-Yearly Financial Report — Group performance and earnings
Wacker Chemie AG — First Half of 2025 9
Group performance and earnings
January 1 to June 30, 2025
Sales
€ million
6M 2025
6M 2024
Change in %
Silicones
1,458.2
1,429.1
2.0
Polymers
723.1
761.5
–5.0
Biosolutions
178.5
169.6
5.2
Polysilicon
463.5
531.6
–12.8
Corporate functions/other
73.9
73.3
0.8
Consolidation
–6.0
–7.7
–22.1
Group sales
2,891.2
2,957.4
–2.2
EBITDA
€ million
6M 2025
6M 2024
Change in %
Silicones
207.6
165.7
25.3
Polymers
76.9
114.2
–32.7
Biosolutions
10.1
5.7
77.2
Polysilicon
58.0
98.5
–41.1
Corporate functions/other
–119.5
–68.6
74.2
Consolidation
0.5
–0.3
n.a.
Group EBITDA1
233.6
315.2
–25.9
1Investments in joint ventures and associates and other income from investments reclassified to other financial result (income of €7.1 million) (incl. prior-year adjustment of
€17.0 million in income); EBITDA and EBIT adjusted accordingly; see description in the condensed Notes to the consolidated financial statements.
EBIT
€ million
6M 2025
6M 2024
Change in %
Silicones
133.9
95.2
40.7
Polymers
46.7
85.5
–45.4
Biosolutions
–15.9
–14.2
12.0
Polysilicon
–16.2
39.1
n.a.
Corporate functions/other
–167.7
–116.3
44.2
Consolidation
0.5
–0.3
n.a.
Group EBIT1
–18.7
89.0
n.a.
1Investments in joint ventures and associates and other income from investments reclassified to other financial result (income of €7.1 million) (incl. prior-year adjustment of
€17.0 million in income); EBITDA and EBIT adjusted accordingly; see description in the condensed Notes to the consolidated financial statements.
Half-Yearly Financial Report — Group performance and earnings
Wacker Chemie AG — First Half of 2025 10
The WACKER Group's sales declined year over year in the reporting period. From January through June 2025, sales
amounted to €2,891.2 million (previous year: €2,957.4 million), a drop of 2 percent.
This decline was primarily due to lower volumes, particularly in the Polysilicon division. Changes in exchange rates also put
pressure on the sales trend. Polysilicon business declined compared with the previous year primarily due to substantially
lower solar-grade polysilicon volumes, and was down by 13 percent year over year in the first six months of 2025. Sales in
the chemical divisions showed varied development: while it fell by 5 percent in the Polymers division compared to the first
half of 2024, it rose by 2 percent in the Silicones division. Biosolutions reported positive development with sales up 5 percent
year over year.
Year-over-year sales comparison
Sales growth in Europe, decline in Asia
In the reporting period from January through June 2025, Group sales increased in Europe and the Americas, while they
declined in Asia. Asia recorded a decline in sales of 11 percent. In the Americas, sales remained roughly on a par with the
previous year’s level with an increase of 1 percent, while growth in Europe came to 3 percent.
Group sales by region
€ million
6M 2025
6M 2024
Change in %
% of Group sales
Europe
1,181.1
1,143.2
3.3
41
The Americas
540.4
533.8
1.2
19
Asia
993.0
1,112.7
–10.8
34
Other regions
176.7
167.7
5.4
6
Total sales
2,891.2
2,957.4
–2.2
100
Half-Yearly Financial Report — Group performance and earnings
Wacker Chemie AG — First Half of 2025 11
Group EBITDA at €234 million, with EBITDA margin at 8 percent
WACKER generated EBITDA of €233.6 million in the reporting period, down 26 percent year over year (€315.2 million).
Reasons for this included lower solar-grade polysilicon volumes and a lower plant-utilization rate. The Group’s EBITDA
margin for the six months from January to June 2025 was 8.1 percent, after 10.7 percent a year earlier.
The definition of EBITDA was adjusted for both the current and previous period and no longer includes investment income.
Details are set out under “Accounting and valuation methods” in the condensed Notes to the Consolidated Financial
Statements.
Reconciliation of EBITDA to EBIT
€ million
6M 2025
6M 2024
Change in %
EBITDA1
233.6
315.2
–25.9
Depreciation, amortization and (reversals of) impairments of fixed assets
–252.3
–226.2
11.5
EBIT1
–18.7
89.0
n.a.
1Investments in joint ventures and associates and other income from investments reclassified to other financial result (income of €7.1 million) (incl. prior-year adjustment of
€17.0 million in income); EBITDA and EBIT adjusted accordingly; see description in the condensed Notes to the consolidated financial statements.
EBIT down year over year
Group EBIT (earnings before interest and taxes) decreased substantially in the reporting period, amounting to €–18.7 million
(6M 2024: €89.0 million). The EBIT margin for January through June 2025 was –0.6 percent (6M 2024: 3.0 percent). The
decrease was primarily due to factors already known.
Depreciation and amortization amounted to €252.3 million in the reporting period, after €226.2 million a year earlier, up by
12 percent year over year. and can be explained by higher capital expenditures in previous years.
The cost-of-sales ratio in the reporting period was 88 percent, up by 2 percentage points year over year. The increase is due
primarily to the lower selling prices and the lower plant-utilization rate. Raw-material and energy costs were lower overall and
helped to compensate for the decrease in selling prices.
Reconciliation of EBIT to net income for the period
€ million
6M 2025
6M 2024
Change in %
EBIT1
–18.7
89.0
n.a.
Financial result1
–26.3
6.0
n.a.
Income before income taxes
–45.0
95.0
n.a.
Income taxes
22.4
–11.8
n.a.
Net income for the period
–22.6
83.2
n.a.
Of which
Attributable to Wacker Chemie AG shareholders
–32.1
73.2
n.a.
Attributable to non-controlling interests
9.5
10.0
–5.0
Earings per share in € (basic/diluted)
-0.65
1.47
n.a.
Average number of shares outstanding (weighted)
49,677,983
49,677,983
–
1Investments in joint ventures and associates and other income from investments reclassified to other financial result (income of €7.1 million) (incl. prior-year adjustment of
€17.0 million in income); EBITDA and EBIT adjusted accordingly; see description in the condensed Notes to the consolidated financial statements.
Half-Yearly Financial Report — Group performance and earnings
Wacker Chemie AG — First Half of 2025 12
Financial result
The WACKER Group’s financial result amounted to €–26.3 million in the reporting period compared with €6.0 million in the
same period last year. The decline is mainly due to a lower result from investments in joint ventures and associates and a
lower interest result.
The result from investments in joint ventures and associates amounted to €2.7 million in the reporting period, after
€16.9 million a year earlier. It was driven by the earnings posted by Siltronic AG, in which WACKER holds a 30.8-percent
stake. The Group posted dividend income of €4.4 million (6M 2024: €0.1 million) under other income from investments.
WACKER posted interest income of €13.4 million, versus €22.5 million a year earlier. Interest expenses were €30.1 million,
versus €20.6 million year over year.
The other financial result amounted to €–16.7 million in the reporting period, after €–12.9 million a year earlier. In addition to
interest rate effects from pension and other provisions, this item includes costs from derivative financial instruments used to
hedge Group financing and currency effects from financial assets and liabilities in foreign currencies.
Income taxes
In the first six months of 2025, there was tax income in the amount of €22.4 million, as against tax expense in the amount of
€11.8 million a year earlier, and income before taxes in the amount of €–45.0 million. The tax income recognized results
primarily from the recognition of deferred tax assets on loss carryforwards. The effective tax rate in the reporting period was
49.8 percent as against 12.4 percent last year. The higher effective tax rate was mainly due to effects resulting from deferred
taxes on temporary differences not being recognized.
Net income for the period
Due to the effects mentioned above, net income for the reporting period amounted to €–22.6 million, compared with
€83.2 million in the same period last year.
Earnings per share
In the reporting period from January through June 2025, earnings per share came in at €-0.65 , after €1.47 a year earlier.
Half-Yearly Financial Report — Divisional performance
Wacker Chemie AG — First Half of 2025 13
Divisional performance
Silicones
€ million
6M 2025
6M 2024
Change in %
External sales
1,458.1
1,429.0
2.0
Internal sales
0.1
0.1
–
Total sales
1,458.2
1,429.1
2.0
EBIT1
133.9
95.2
40.7
EBIT margin (%)1
9.2
6.7
–
Depreciation/amortization
73.7
70.5
4.5
EBITDA1
207.6
165.7
25.3
EBITDA margin (%)1
14.2
11.6
–
Capital expenditures
78.3
108.1
–27.6
R&D expenses
41.7
39.0
6.9
1Investments in joint ventures and associates and other income from investments reclassified to other financial result (income of €1.9 million) (incl. prior-year adjustment of
€5.7 million in income); EBITDA and EBIT adjusted accordingly; see description in the condensed Notes to the consolidated financial statements.
As of
June 30, 2025
Dec. 31, 2024
Change in %
Employees (number)
6,297
6,242
0.9
Sales at Silicones totaled €1,458.2 million in the first half of 2025, up 2 percent from a year earlier (€1,429.1 million). An
improved product mix had a positive impact, particularly in the first quarter, with EUR/USD exchange-rate effects having a
negative impact as of the second quarter. There was an increase in demand for products for the health sector, for example,
where WACKER supplies silicone adhesives for wound care. By contrast, demand from the automotive and construction
sectors was weak in the first six months. Demand was also weaker in consumer-related customer sectors such as textiles.
At €207.6 million, Silicones’ EBITDA in the reporting period from January through June 2025 rose 25 percent from
€165.7 million a year earlier. Earnings performance benefited from positive product mix effects and slightly lower raw-
material and energy costs. Insurance compensation running into the low double-digit millions also had a positive impact. The
EBITDA margin was 14.2 percent in the first half of the year, after 11.6 percent a year earlier.
Capital expenditures at Silicones fell year over year, amounting to €78.3 million in the reporting period, after €108.1 million a
year earlier. Funds were invested in projects such as the capacity extension measures at the Zhangjiagang site in China,
where WACKER manufactures silicone fluids, silicone emulsions and silicone elastomer gels. The extension work was
completed in May. Two new production facilities for specialty silicones were also commissioned in Tsukuba, Japan, and
Jincheon, South Korea, in the first half of 2025. Funds were also invested in the construction of a new production site in
Karlovy Vary in the Czech Republic, which will go into operation at the end of 2025. A new facility for the production of hybrid
polymers, which are used as binders in high-quality adhesives and sealants, went into operation in Nünchritz, Germany.
Half-Yearly Financial Report — Divisional performance
Wacker Chemie AG — First Half of 2025 14
Polymers
€ million
6M 2025
6M 2024
Change in %
External sales
717.2
753.9
–4.9
Internal sales
5.9
7.6
–22.4
Total sales
723.1
761.5
–5.0
EBIT
46.7
85.5
–45.4
EBIT margin (%)
6.5
11.2
–
Depreciation/amortization
30.2
28.7
5.2
EBITDA
76.9
114.2
–32.7
EBITDA margin (%)
10.6
15.0
–
Capital expenditures
21.9
27.6
–20.7
R&D expenses
18.5
17.8
3.9
As of
June 30, 2025
Dec. 31, 2024
Change in %
Employees (number)
1,632
1,613
1.2
Total sales at Polymers amounted to €723.1 million in the reporting period, 5 percent lower than a year earlier
(€761.5 million). This decrease was prompted by lower prices and reduced volumes. In particular, the ongoing construction
industry slump – especially in China and western Europe – had a negative impact on business.
EBITDA at Polymers in the reporting period amounted to 76.9 million, down by 33 percent on the figure of €114.2 million
reported a year earlier. Once again, this can be attributed to lower prices and reduced volumes. Lower raw-material and
energy costs in a year-over-year comparison in some cases had a positive impact. On the other hand, exchange rate effects
and a planned technical plant shutdown had a negative impact. The EBITDA margin in the reporting period was 10.6 percent,
as against 15.0 percent a year earlier.
From January through June 2025, Polymers invested a total of €21.9 million, versus €27.6 million a year earlier. Among other
things, the funds were used for additional VAE dispersion production capacity at the US site in Calvert City and infrastructure
at the Burghausen site.
Half-Yearly Financial Report — Divisional performance
Wacker Chemie AG — First Half of 2025 15
Biosolutions
€ million
6M 2025
6M 2024
Change in %
External sales
178.5
169.6
5.2
Internal sales
–
–
–
Total sales
178.5
169.6
5.2
EBIT
–15.9
–14.2
12.0
EBIT margin (%)
–8.9
–8.4
–
Depreciation/amortization
26.0
19.9
30.7
EBITDA
10.1
5.7
77.2
EBITDA margin (%)
5.7
3.4
–
Capital expenditures
8.5
24.8
–65.7
R&D expenses
3.7
3.1
19.4
As of
June 30, 2025
Dec. 31, 2024
Change in %
Employees (number)
1,174
1,189
–1.3
In the reporting period, Biosolutions generated total sales of €178.5 million, up year over year (Q2 2024: €169.6 million). In
particular, our CDMO business in León, Spain, which manufactures dietary ingredients, together with biopharmaceuticals
business, performed positively. By contrast, weak demand for individual product groups had a negative impact on sales.
EBITDA at Biosolutions in the first six months of 2025 amounted to €10.1 million, up by €4.4 million year over year
(€5.7 million) mainly driven by higher sales. The EBITDA margin was 5.7 percent in the first half of the year, after 3.4 percent
a year earlier.
In the reporting period, Biosolutions invested €8.5 million (Q2 2024: €24.8 million) in technical equipment, including an
automated packaging system and laboratory equipment.
Half-Yearly Financial Report — Divisional performance
Wacker Chemie AG — First Half of 2025 16
Polysilicon
€ million
6M 2025
6M 2024
Change in %
External sales
463.5
531.6
–12.8
Internal sales
–
–
–
Total sales
463.5
531.6
–12.8
EBIT1
–16.2
39.1
n.a.
EBIT margin (%)1
–3.5
7.4
–
Depreciation/amortization
74.2
59.4
24.9
EBITDA1
58.0
98.5
–41.1
EBITDA margin (%)1
12.5
18.5
–
Capital expenditures
52.3
103.4
–49.4
R&D expenses
24.1
20.1
19.9
1Investments in joint ventures and associates and other income from investments reclassified to other financial result (income of €4.4 million) (incl. prior-year adjustment of
€0.0 million in income); EBITDA and EBIT adjusted accordingly; see description in the condensed Notes to the consolidated financial statements.
As of
June 30, 2025
Dec. 31, 2024
Change in %
Employees (number)
2,394
2,375
0.8
Polysilicon generated total sales of €463.5 million in the first half of 2025, down 13 percent year over year (€531.6 million).
This decrease was predominantly due to substantially lower solar-grade polysilicon volumes. The business with
semiconductor-grade polysilicon, on the other hand, performed very well and recorded significant growth in excess of
30 percent year over year.
The Polysilicon division’s EBITDA in the reporting period amounted to €58.0 million, down by 41 percent on the figure of
€98.5 million reported a year earlier. Again, the decline can be traced back to lower solar-grade polysilicon volumes and, as a
result, a substantially lower plant-utilization rate. The EBITDA margin from January through June 2025 was 12.5 percent,
compared with 18.5 percent a year earlier.
Polysilicon invested €52.3 million in the reporting period, compared with €103.4 million a year earlier. Investments centered
on the capacity expansion for semiconductor-grade polysilicon in Burghausen, which went into operation in May 2025. The
new cleaning line has increased capacities for hyperpure semiconductor-grade polysilicon by more than 50 percent, and
further enhanced purity levels.
Half-Yearly Financial Report — Net assets and financial position
Wacker Chemie AG — First Half of 2025 17
Net assets and financial position
June 30, 2025
Asset and capital structure
WACKER’s total assets amounted to €8.80 billion as of June 30, 2025, after €9.41 billion as of December 31, 2024. This is
mainly due to a decline in liquid assets. On the liabilities side, noncurrent liabilities remained virtually constant. Current
liabilities, on the other hand, decreased, mainly due to lower trade payables. Equity declined due to exchange-rate effects
associated with the US dollar and Wacker Chemie AG’s dividend payout.
Decline in fixed assets
Relative to the end of the previous year, fixed assets (including equity-accounted investments) decreased by €219.3 million,
mainly due to substantial exchange-rate effects associated with the US dollar. All in all, fixed assets came to €4.67 billion as
against €4.89 billion on December 31, 2024. Capital expenditures on property, plant and equipment amounted to
€188.9 million compared with €294.10 €million a year earlier. Depreciation and amortization of €252.3 million – versus
€226.2 million a year earlier – reduced fixed assets.
Half-Yearly Financial Report — Net assets and financial position
Wacker Chemie AG — First Half of 2025 18
Increase in working capital
Working capital rose by 8 percent to €1.84 billion (Dec. 31, 2024: €1.71 billion). Trade receivables increased by 9 percent.
while inventories were down by 4 percent. Trade payables decreased by 16 percent. These changes are mainly due to
record-date-related effects.
Change in working capital
€ million
June 30, 2025
Dec. 31, 2024
Change in %
Trade receivables
836.4
764.6
9.4
Inventories
1,723.3
1,795.5
–4.0
Trade payables
–715.7
–851.5
–15.9
Working capital
1,844.0
1,708.6
7.9
Liquidity decreases due to capital expenditures and dividend payments
As of June 30, 2025, WACKER recognized liquid assets (current and noncurrent securities, cash and cash equivalents) of
€796.2 million (Dec. 31, 2024: €1.26 billion), corresponding to a decline of 37 percent. This trend is primarily caused by
capital expenditures and slightly negative cash flow from operating activities. Liquidity also decreased due to the dividend
payment of €124.2 million from Wacker Chemie AG.
Decrease in pension provisions
Pension provisions were down as of the balance sheet date due to the increase in discount rates, amounting to
€692.1 million compared with €752.4 million as of December 31, 2024. The discount rates applied were 3.97 percent in
Germany (Dec. 31, 2024: 3.45 percent) and 5.41 percent in the USA (Dec. 31, 2024: 5.54 percent).
Equity ratio stable at 51 percent
Group equity was down compared with year-end 2024 and amounted to €4.50 billion as of June 30, 2025 compared with
€4.84 billion as of December 31, 2024. The equity ratio is stable at 51.2 percent (December 31, 2024: 51.4 percent). This
was due to the net income for the period in the amount of €–22.6 million and payment of the Wacker Chemie AG dividend in
the amount of €124.2 million. Moreover, effects from currency translation reduced equity by €255.1 million. Effects from the
remeasurement of defined benefit pension plans, on the other hand, increased other equity by €46.4 million.
Gross cash flow
Cash flow from operating activities (gross cash flow) totaled €–5.3 million from January through June 2025 (compared with
€–12.8 million a year earlier). This was mainly the result of net income before depreciation and amortization of €229.7 million,
versus €309.4 million a year earlier. In addition to the negative net income for the period, the exchange-rate adjusted
increase in working capital in the amount of €144.1 million (compared with €250.4 million a year earlier) was the main factor
reducing gross cash flow.
Cash flow from long-term investing activities
From January through June 2025, cash flow from long-term investing activities amounted to €–296.3 million, on a par with
the year-earlier figure of €–292.7 million. Investment spending related mainly to capacity expansions in the chemical divisions
and the construction of a new cleaning line for polysilicon with the highest purity grades.
Half-Yearly Financial Report — Net assets and financial position
Wacker Chemie AG — First Half of 2025 19
Net cash flow
Due to the effects mentioned above, net cash flow in the first six months of 2025 amounted to €–301.6 million as against €–
305.5 million a year earlier.
Net cash flow
€ million
6M 2025
6M 2024
Change in %
Cash flow from operating activities (gross cash flow)1
–5.3
–12.8
–58.6
Cash flow from long-term investing activities before securities1
–296.3
–292.7
1.2
Net cash flow
–301.6
–305.5
–1.3
1Dividends received were reclassified from gross cash flow to cash flow from long-term investing activities (€7.8 million) (incl. prior-year adjustment €17.1 million); see description
in the condensed Notes to the consolidated financial statements.
Cash flow from financing activities
Cash flow from financing activities totaled €–121.4 million in the 2025 reporting period versus €14.3 million a year earlier and
mainly includes the dividend of €124.2 million paid by Wacker Chemie AG, as well as refinancing measures in the first half of
2025.
Financing liabilities unchanged
Noncurrent and current financing liabilities were unchanged as of June 30, 2025, and amounted to €1.94 billion (Dec. 31,
2024: €1.95 billion). In the second quarter of 2025, WACKER took out a new long-term loan in the amount of €150 million. A
promissory note in the amount of €150 million was repaid in the first quarter of 2025.
Net financial debt of €1.14 billion
Net financial debt – the balance of noncurrent and current financing liabilities and liquid assets – rose markedly in the first six
months of 2025. As of June 30, 2025, WACKER recognized net financial debt of €1.14 billion (Dec. 31, 2024: net financial
debt of €690.6 million). In addition to the slightly negative cash flow from operating activities, this was mainly due to the
dividend paid out by Wacker Chemie AG as well as capital expenditures.
Net financial debt
Half-Yearly Financial Report — Opportunities and risks — Outlook update
Wacker Chemie AG — First Half of 2025 20
Opportunities and risks
Assessments of opportunities and risks remain largely unchanged
The key risk areas that might adversely affect our business situation, net assets, financial position and earnings in 2025 were
explained in detail in our 2024 Annual Report, as were the main opportunities for our business and the nature of our
integrated approach to risk and compliance management.
» See 2024 Annual Report, pages 93 to 113
The assessments made there remain essentially unchanged. The risks associated with geopolitical crises, sober economic
forecasts and relatively high energy prices in Europe created ongoing uncertainty on the markets. We are still witnessing low
selling prices and weak demand among our customers in a large number of industrial sectors. As things stand at present,
there is still no sign of a sustained turnaround on the horizon.
We also included sales-market risks that could arise from customs investigations in the Annual Report. The far-reaching
announcement of import tariffs by the US government starting at the beginning of the second quarter, however, exacerbated
the risk situation in the reporting period. The import tariffs that the US has announced represent an acute risk that we have
now included in our risk management as a newly defined risk. We classify the immediate risk to WACKER of being directly
affected by US import tariffs as low, as the tariffs announced would likely, based on the information currently available, have
only a limited impact on our business. Many of the products sold in the US are produced locally by WACKER. In this respect,
WACKER pursues a strategy of “in the region for the region.” For example, dispersions for the construction industry and
polysilicon for the solar and semiconductor industry are produced in the US for the local market. In addition, many of
WACKER’s biggest import categories in the US would not be affected by the import tariffs that have been announced due to
exemptions. These include numerous chemicals, such as siloxane and silanes. In 2024, WACKER imported products worth
around US$300 million into the USA, more than half of which would probably be exempt from the announced US import
tariffs. Looking at the remaining products, the additional import tariffs of around 20 percent that have been a possibility since
April 2, 2025 would produce effects of around US$20 million, which WACKER would, to the extent possible, pass on to its
customers if they were to materialize.
Irrespective of the direct effects on WACKER’s business, the current tariff conflicts represent a considerable uncertainty
factor for macroeconomic development. The repercussions of these conflicts on the global economy and on WACKER’s
business in its four business divisions cannot be reliably determined at present. If the market environment were to show a
long-term deterioration in the future, this could result in values having to be adjusted in the balance sheet, for example for the
investment in Siltronic AG or for assets in the Polysilicon division.
In the 2024 Annual Report, we described the risk of a potential obligation to repay energy subsidies received in the
“Regulatory risks” risk category. Now that our internal verification and control system has been successfully certified, we now
assess the probability of occurrence of this risk for the 2025 reporting period as being less than 10 percent, meaning that we
have downgraded it to a “latent” risk.
We have not identified any further significant risks or opportunities that go beyond what we described in our 2024 Annual
Report and also in this report. We currently do not expect risks to occur which, either in isolation or in combination with other
risks, might endanger the continued existence of WACKER as a going concern.
Half-Yearly Financial Report — Opportunities and risks — Outlook update
Wacker Chemie AG — First Half of 2025 21
Outlook update
Full-year outlook revised
We detailed our projections for the Group’s performance this year in the Outlook section of our 2024 Annual Report.
» See 2024 Annual Report, pages 114 to 121
WACKER adjusted its forecast for 2025 as a whole on July 18, 2025. This was prompted by to the ongoing macroeconomic
and geopolitical uncertainty, which is resulting in weak demand among customers in numerous segments. This situation is
compounded by the unfavorable development in EUR/USD exchange rates since the beginning of the second quarter and
the expectation that the current exchange rate level will remain unchanged. As far as polysilicon is concerned, the company
had also expected the trade policy related uncertainties in the US market for solar-grade polysilicon to be resolved over the
course of the year, allowing demand to recover. This development has so far not materialized.
In detail, WACKER’s expectations are now as follows:
Group sales outlook for 2025 is now in the range of €5.5 billion to €5.9 billion (previous guidance: €6.1 billion to €6.4 billion).
Full-year EBITDA is expected to reach between €500 million and €700 million (previous guidance: €700 million to
€900 million). The EBITDA margin is expected to be substantially lower than last year’s level (previous guidance: on par with
the previous year). ROCE is also expected to be substantially below the prior-year level (previous guidance: at the previous
year's level). The company expects to report a more or less balanced net cash flow (previous guidance: positive,
substantially higher than in the previous year). Capital expenditures are likely to be substantially lower than in the previous
year and, at the same time, on par with depreciation/amortization (previous guidance: substantially below the previous year,
slightly higher than depreciation/amortization). The company also expects net financial debt to be substantially higher than in
the previous year (previous guidance: on par with the previous year).
As far as the Silicones division is concerned, WACKER expects full-year sales and EBITDA to be on par with the prior-year
level (previous guidance: 10 percent increase in sales, EBITDA margin up slightly year over year). In the Polymers division,
sales are expected to decline by a low single-digit percentage (previous guidance: increase in sales in the low single-digit
percentage range). The EBITDA margin is still expected to remain at the previous year’s level. In the Biosolutions division,
sales and EBITDA are expected to remain at the previous year's level (previous guidance: sales of €400 million, EBITDA
margin slightly above the previous year). In the Polysilicon division, WACKER anticipates sales at the prior-year level
(previous guidance: €1.0 billion to €1.3 billion). EBITDA is predicted to be around €100 million (previous guidance:
€100 million to €250 million).
The change in accounting policies effective June 30, 2025, such that investment income is no longer included in the
calculation of EBITDA, was reflected in the adjusted forecast. There was only a minor impact on the key performance
indicators EBITDA, EBITDA margin and ROCE. Details are set out under “Accounting and valuation methods” in the
condensed Notes to the consolidated financial statements.
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 22
Consolidated statement of income
January 1 to June 30, 2025
€ million
6M 2025
6M 2024
Change in %
Sales
2,891.2
2,957.4
–2.2
Cost of goods sold
–2,534.1
–2,522.3
0.5
Gross profit from sales
357.1
435.1
–17.9
Selling expenses
–184.0
–171.6
7.2
Research and development expenses
–109.9
–100.7
9.1
General administrative expenses
–94.0
–96.7
–2.8
Other operating income
66.0
55.2
19.6
Other operating expenses
–53.9
–32.3
66.9
Operating result (EBIT: earnings before interest and taxes)1
–18.7
89.0
n.a.
Result from investments in joint ventures and associates
2.7
16.9
–84.0
Other investment income
4.4
0.1
>100
Interest income
13.4
22.5
–40.4
Interest expenses
–30.1
–20.6
46.1
Other financial income
64.8
28.7
>100
Other financial expenses
–81.5
–41.6
95.9
Financial result1
–26.3
6.0
n.a.
Income before income taxes
–45.0
95.0
n.a.
Income taxes
22.4
–11.8
n.a.
Net income for the period
–22.6
83.2
n.a.
Of which
Attributable to Wacker Chemie AG shareholders
–32.1
73.2
n.a.
Attributable to non-controlling interests
9.5
10.0
–5.0
Earnings per common share (basic/diluted) (€)
–0.65
1.47
n.a.
Average number of shares outstanding (weighted)
49,677,983
49,677,983
–
1Investments in joint ventures and associates and other income from investments reclassified to other financial result (income of €7.1 million) (incl. prior-year adjustment of
€17.0 million in income); EBITDA and EBIT adjusted accordingly; see description in the condensed Notes to the consolidated financial statements.
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 23
Consolidated statement of comprehensive income
January 1 to June 30, 2025
€ million
6M 2025
6M 2024
Net income for the period
–22.6
83.2
Items not subsequently reclassified to the statement of income
Remeasurement of defined benefit plans
46.4
92.6
Of which income tax effects
–17.3
–33.3
Sum of items not reclassified to the statement of income
46.4
92.6
Of which result from investments accounted for using the equity method
3.6
9.6
Items subsequently reclassified to the statement of income
Difference from foreign currency translation adjustment
–255.1
29.0
Of which recognized in profit or loss
–
–
Changes in fair value of securities (FVOCI)
0.6
2.1
Of which income tax effects
–0.3
–0.9
Of which recognized in profit or loss
–
–
Changes in fair value of derivative financial instruments (cash flow hedge)
18.1
3.2
Of which income tax effects
–6.6
–1.4
Of which recognized in profit or loss
–1.2
–1.4
Sum of items reclassified to the statement of income
–236.4
34.3
Of which result from investments accounted for using the equity method
–37.7
2.5
Income and expenses recognized in equity, net of tax
–190.0
126.9
Of which
Attributable to Wacker Chemie AG shareholders
–172.5
124.6
Attributable to non-controlling interests
–17.5
2.3
Total income and expenses reported
–212.6
210.1
Of which
Attributable to Wacker Chemie AG shareholders
–204.6
197.8
Attributable to non-controlling interests
–8.0
12.3
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 24
Consolidated statement of financial position
As of June 30, 2025
€ million
June 30, 2025
Dec. 31, 2024
Change in %
ASSETS
Intangible assets
264.2
288.6
–8.5
Property, plant and equipment
3,175.9
3,323.3
–4.4
Right-of-use assets
269.7
273.2
–1.3
Investment property
26.5
31.3
–15.3
Investments in joint ventures and associates
accounted for using the equity method
937.0
976.2
–4.0
Securities
2.1
41.8
–95.0
Other financial assets
68.4
79.2
–13.6
Other receivables and assets
72.2
70.5
2.4
Deferred tax assets
286.0
270.5
5.7
Noncurrent assets
5,102.0
5,354.6
–4.7
Inventories
1,723.3
1,795.5
–4.0
Trade receivables
836.4
764.6
9.4
Other financial assets
75.5
43.8
72.4
Other receivables and assets
220.0
193.8
13.5
Income tax receivables
47.1
43.3
8.8
Securities and fixed-term deposits
65.6
167.6
–60.9
Cash and cash equivalents
728.5
1,046.7
–30.4
Current assets
3,696.4
4,055.3
–8.9
Total assets
8,798.4
9,409.9
–6.5
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 25
€ million
June 30, 2025
Dec. 31, 2024
Change in %
EQUITY AND LIABILITIES
Subscribed capital of Wacker Chemie AG
260.8
260.8
–
Capital reserves of Wacker Chemie AG
157.8
158.5
–0.4
Treasury shares
–45.1
–45.1
–
Retained earnings
3,940.3
4,096.6
–3.8
Other equity items
25.9
198.4
–86.9
Equity attributable to Wacker Chemie AG shareholders
4,339.7
4,669.2
–7.1
Non-controlling interests
162.8
167.8
–3.0
Equity
4,502.5
4,837.0
–6.9
Provisions for pensions
692.1
752.4
–8.0
Other provisions
206.6
212.6
–2.8
Financing liabilities
1,782.1
1,725.5
3.3
Other financial liabilities
8.2
12.3
–33.3
Income tax liabilities
104.9
104.0
0.9
Contract liabilities
201.0
217.8
–7.7
Other liabilities
1.2
1.3
–7.7
Deferred tax liabilities
21.9
24.2
–9.5
Noncurrent liabilities
3,018.0
3,050.1
–1.1
Other provisions
72.5
59.8
21.2
Financing liabilities
153.4
221.2
–30.7
Trade payables
715.7
851.5
–15.9
Other financial liabilities
44.7
51.6
–13.4
Income tax liabilities
15.1
39.2
–61.5
Contract liabilities
70.8
82.5
–14.2
Other liabilities
205.7
217.0
–5.2
Current liabilities
1,277.9
1,522.8
–16.1
Liabilities
4,295.9
4,572.9
–6.1
Total equity and liabilities
8,798.4
9,409.9
–6.5
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 26
Consolidated statement of cash flows
January 1 to June 30, 2025
€ million
6M 2025
6M 2024
Change in %
Net income for the period
–22.6
83.2
n.a.
Depreciation/amortization of fixed assets
252.3
226.2
11.5
Result from disposal of fixed assets
3.1
2.0
55.0
Other non-cash expenses and income
60.6
–14.7
n.a.
Result from equity accounting
–2.7
–16.9
–84.0
Net interest income
16.7
–1.9
n.a.
Interest paid
–36.6
–21.0
74.5
Interest received
12.9
26.1
–50.6
Income tax expense
–22.4
11.8
n.a.
Taxes paid
–47.1
–49.7
–5.2
Change in inventories
–23.4
–137.9
–83.0
Change in trade receivables
–103.6
–103.4
0.2
Change in trade payables
–17.1
–9.1
87.1
Change in non-financial assets
–37.5
–29.4
27.6
Change in financial assets
–21.7
42.1
n.a.
Change in provisions
23.7
–16.2
n.a.
Change in non-financial liabilities
–5.8
7.5
n.a.
Change in financial liabilities
–6.1
8.2
n.a.
Change in contract liabilities
–28.0
–19.7
42.1
Cash flow from operating activities (gross cash flow)1
–5.3
–12.8
–58.6
Investments in intangible assets, property, plant and equipment, and
investment property
–300.5
–313.1
–4.0
Investments in financial assets
–0.3
–0.3
–
Proceeds from the disposal of fixed assets/financial assets
1.0
0.5
100.0
Dividends received1
7.8
17.1
–54.4
Proceeds from the disposal of equity-accounted investments
–
8.7
–100.0
Proceeds from loans to equity companies
1.5
6.0
–75.0
Cash payments for acquisitions
–5.8
–11.6
–50.0
Cash flow from long-term investing activities before securities1
–296.3
–292.7
1.2
Cash receipts from the disposal of securities and fixed-term deposits
161.8
159.0
1.8
Cash payments for the acquisition of securities and fixed-term deposits
–21.0
–26.7
–21.3
Cash flow from investing activities
–155.5
–160.4
–3.1
Dividends paid
–124.2
–149.0
–16.6
Dividends paid to non-controlling interests
–
–19.9
–100.0
Additions to financing liabilities
173.6
470.0
–63.1
Repayment of financing liabilities
–154.7
–269.4
–42.6
Lease liabilities repaid
–16.1
–17.4
–7.5
Cash flow from financing activities
–121.4
14.3
n.a.
Change due to exchange-rate fluctuations
–36.0
6.8
n.a.
Change in cash and cash equivalents
–318.2
–152.1
>100
At the beginning of the period
1,046.7
1,013.7
3.3
At the end of the period
728.5
861.6
–15.4
1Dividends received were reclassified from cash flow from operating activities to cash flow from long-term investing activities (€7.8 million) (incl. prior-year adjustment
€17.1 million); see description in the condensed Notes to the consolidated financial statements.
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 27
Consolidated statement of changes in equity
January 1 to June 30, 2025
€ million
Subscribed
capital
Capital
reserves1
Treasury
shares
Retained
earnings
Other equity
items
Total
Non-
controlling
interests1
Total
Jan. 1, 2024
260.8
158.6
–45.1
4,004.6
37.9
4,416.8
163.1
4,579.9
Net income for the period
–
–
–
73.2
–
73.2
10.0
83.2
Income and expenses
recognized in equity
–
–
–
–
124.6
124.6
2.3
126.9
Total comprehensive
income
–
–
–
73.2
124.6
197.8
12.3
210.1
Dividends paid
–
–
–
–149.0
–
–149.0
–19.9
–168.9
Other1
–
–0.6
–
–
–
–0.6
–
–0.6
June 30, 2024
260.8
158.0
–45.1
3,928.8
162.5
4,465.0
155.5
4,620.5
Jan. 1, 2025
260.8
158.5
–45.1
4,096.6
198.4
4,669.2
167.8
4,837.0
Net income for the period
–
–
–
–32.1
–
–32.1
9.5
–22.6
Income and expenses
recognized in equity
–
–
–
–
–172.5
–172.5
–17.5
–190.0
Total comprehensive
income
–
–
–
–32.1
–172.5
–204.6
–8.0
–212.6
Dividends paid
–
–
–
–124.2
–
–124.2
–
–124.2
Other1,2
–
–0.7
–
–
–
–0.7
3.0
2.3
June 30, 2025
260.8
157.8
–45.1
3,940.3
25.9
4,339.7
162.8
4,502.5
1Share-based compensation of €0.7 million
2Capital increase in non-controlling interests in Wacker Chemicals Fumed Silica Holding Co. Private Ltd., Singapore: €3.0 million
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 28
Reconciliation of other Group equity items
January 1 to June 30, 2025
€ million
Changes in
fair value of
securities
– FVOCI
Impairments
of securities
– FVOCI
Difference
from foreign
currency
translation
adjustment
Changes in
fair value
of derivative
financial
instruments
(cash flow
hedge)
Remeasure-
ment of
defined
benefit plans
Effects of
net invest-
ments in
foreign
operations
Total
Attributable to Wacker Chemie AG
shareholders
Jan. 1, 2024
–4.6
0.1
142.7
29.8
–126.4
–3.7
37.9
Changes recognized in equity
2.1
–
–
4.6
92.6
–
99.3
Reclassification to the statement of income
–
–
–
–1.4
–
–
–1.4
Changes in exchange rates
–
–
26.7
–
–
–
26.7
June 30, 2024
–2.5
0.1
169.4
33.0
–33.8
–3.7
162.5
Jan. 1, 2025
–1.2
–
209.1
22.1
–27.9
–3.7
198.4
Changes recognized in equity
0.6
–
–
19.3
46.4
–
66.3
Reclassification to the statement of income
–
–
–
–1.2
–
–
–1.2
Changes in exchange rates
–
–
–237.6
–
–
–
–237.6
June 30, 2025
–0.6
–
–28.5
40.2
18.5
–3.7
25.9
Attributable to non-controlling
interests
Jan. 1, 2024
–
–
–23.7
–
–
–
–23.7
Changes in exchange rates
–
–
2.3
–
–
–
2.3
June 30, 2024
–
–
–21.4
–
–
–
–21.4
Jan. 1, 2025
–
–
–18.8
–
–
–
–18.8
Changes in exchange rates
–
–
–17.5
–
–
–
–17.5
June 30, 2025
–
–
–36.3
–
–
–
–36.3
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 29
Notes to the condensed consolidated financial statements
January 1 to June 30, 2025
Accounting and valuation methods
The consolidated interim financial statements of Wacker Chemie AG as of June 30, 2025, have been prepared in accordance
with the provisions of International Accounting Standard (IAS) 34 and presented in condensed form on the basis of the
International Financial Reporting Standards (IFRS) – as issued by the International Accounting Standards Board, London,
endorsed by the European Union and applicable on the closing date – and on the basis of the interpretations of the IFRS
Interpretations Committee. There were no new accounting provisions applicable for 2025.
As of June 30, 2025, WACKER decided to present its result from investments in joint ventures and associates and other
investment income in the statement of income in accordance with IAS 8 (Accounting Policy Changes). The result from
investments in joint ventures and associates and other investment income will now be reported as part of the financial result
going forward and will therefore no longer be part of the EBITDA (earnings before interest, taxes and depreciation and
amortization) and EBIT (earnings before interest and taxes) performance indicators. EBIT now corresponds to the operating
result. In the current reporting period, this reclassification leads to a decrease of €7.1 million in EBIT (previous year:
€17.0 million). The change in reporting is due to the diminishing operating significance of investment income in the 2025
consolidated financial statements. The investment income mainly includes the prorated earnings of the equity-accounted
investment in Siltronic AG, as well as measurement gains/losses. The investment in Siltronic is reported under the “Other”
segment in segment reporting. Impairment losses on equity-accounted investments and their reversal are reported in the
same way as the result from investments in joint ventures and associates is presented and, accordingly, will now also be
reported as part of the financial result. The new presentation method reflects the Group’s operating performance capability
even more accurately. It also serves to improve comparability with other chemical-sector companies for investors. IFRS 18,
which will apply going forward, no longer includes the result from investments in joint ventures and associates in the
operating category either. In addition to this, the covenants (the net debt to EBITDA ratio) for the relevant liabilities to banks
totaling €640 million will now be calculated according to the new EBITDA definition.
In the cash flow statement, dividends received from joint ventures will now be classified as cash flow from investing activities
going forward instead of cash flow from operating activities, as has been the case to date. This is consistent with the change
in presentation in the statement of income and, in the current reporting period, leads to a decrease in cash flow from
operating activities of €7.8 million (previous year: €17.1 million) and, at the same time, to an increase in cash flow from
investing activities.
The prior-year figures have been adjusted accordingly. Apart from this change, the accounting policies applied at the end of
the prior fiscal year continue to apply. A detailed description of these policies can be found in the Notes to the Consolidated
Financial Statements as of December 31, 2024.
The preparation of the interim financial statements necessitates assumptions and estimates affecting the amounts and the
disclosure of the recognized assets and liabilities, income and expenses, and of contingent liabilities. All assumptions and
estimates are based on projections that were valid on the reporting date. The actual values may differ from the assumptions
and estimates made if the economic conditions referred to do not develop in line with the expectations as per the reporting
date. Taxes are calculated using the currently anticipated country-specific income tax rates that are applied to pre-tax
earnings in the reporting period.
The net pension obligation must be re-estimated as of every reporting date and the discount factor must be recalculated as
of every reporting date. The discount factors applied as of June 30, 2025, were 3.97 percent in Germany and 5.41 percent in
the USA (December 31, 2024: 3.45 percent in Germany and 5.54 percent in the USA).
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 30
Because the share price for the equity-accounted investment in Siltronic AG remains low, a valuation was carried out as of
June 30, 2025. This resulted in a value significantly below the share price. The main assumptions used to project future cash
flows have not changed substantially compared with the end of 2024. Please refer to the Notes to the Consolidated Financial
Statements as of December 31, 2024, for further details. The carrying amount of the investment in Siltronic AG amounted to
€857.5 million as of June 30, 2025 (December 31, 2024: €883.0 million).
An impairment test was carried out for the Polysilicon segment due to the forecast revision on July 18, 2025. Estimates and
assumptions that underly the mid-term and long-term cash flows in the impairment test for the Polysilicon division have not
changed significantly compared with the end of 2024. Please refer to the Notes to the Consolidated Financial Statements as
of December 31, 2024, for further details.
As an information tool, the interim financial report builds on the Consolidated Financial Statements at the end of the prior
fiscal year. The accounting, valuation and consolidation methods used together with the assumptions and estimates and the
exercising of options contained in the IFRS accounting standards are explained in detail in the Notes to the Consolidated
Financial Statements and also apply to this interim report.
The Group’s parent company, Wacker Chemie AG, is a listed company under the laws of the Federal Republic of Germany
and has its headquarters in Munich, Germany (entered in Munich’s commercial register under HRB159705). Its registered
office is at Gisela-Stein-Straße 1, 81671 Munich, Germany.
Revenues from contracts with customers
At WACKER, sales per segment corresponds to the Group’s different product categories. The differences between chemical
products, and also between market and customer groups, are evident in the segments. The particular region to which
WACKER supplies its products also has a major impact on sales. WACKER recognizes most of its sales on a specific
delivery date. In the case of customer-specific orders at Biosolutions, sales are recognized over time. The following table
shows the disaggregation of sales in accordance with IFRS 15.
Disaggregation of sales in accordance with IFRS 15:
January 1 to June 30, 2025
€ million
Silicones
Polymers
Biosolutions
Polysilicon
Other/
consolidation
Total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Sales
by region
Europe
645.9
627.9
298.6
319.1
100.8
71.0
67.9
59.6
67.9
65.6
1,181.1
1,143.2
The Americas
261.7
246.4
222.8
225.8
45.6
48.5
10.3
13.1
–
–
540.4
533.8
Asia
451.5
451.2
136.0
158.3
27.5
44.3
378.0
458.9
–
–
993.0
1,112.7
Other regions
99.1
103.6
65.7
58.3
4.6
5.8
7.3
–
–
–
176.7
167.7
Total
1,458.2
1,429.1
723.1
761.5
178.5
169.6
463.5
531.6
67.9
65.6
2,891.2
2,957.4
Of which
outside the
scope of
IFRS 15
0.4
0.3
–
–
–
–
–
–
3.8
2.8
4.2
3.1
Time of
sales
recognition
Point in time
1,458.2
1,429.1
723.1
761.5
122.8
139.6
463.5
531.6
67.9
65.6
2,835.5
2,927.4
Over time
–
–
–
–
55.7
30.0
–
–
–
–
55.7
30.0
Total
1,458.2
1,429.1
723.1
761.5
178.5
169.6
463.5
531.6
67.9
65.6
2,891.2
2,957.4
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 31
Other financial obligations
Please refer to the Consolidated Financial Statements in the 2024 Annual Report for more information on disclosures
regarding other financial obligations. There were no major changes to the disclosures in the 2024 Annual Report in the
period under review.
Changes in the scope of consolidation
As of June 30, 2025, the scope of consolidation comprised 51 companies (including Wacker Chemie AG) and a special fund,
which is included in the consolidated financial statements as a structured entity and to which Wacker Chemie AG has
contributed assets (contractual trust arrangement). The interim financial statements comprised 48 fully consolidated
companies. The scope of consolidation has not changed compared with December 31, 2024.
Reconciliation of segment results
€ million
6M 2025
6M 2024
Change in %
EBIT of reporting segments
148.5
205.6
–27.8
Corporate functions/other
–167.7
–116.3
44.2
Consolidation
0.5
–0.3
n.a.
Group EBIT1
–18.7
89.0
n.a.
Financial result1
–26.3
6.0
n.a.
Income before income taxes
–45.0
95.0
n.a.
Income taxes
22.4
–11.8
n.a.
Net income for the period
–22.6
83.2
n.a.
1Investments in joint ventures and associates and other income from investments reclassified to other financial result (income of €7.1 million) (incl. prior-year adjustment of
€17.0 million in income); EBITDA and EBIT adjusted accordingly; see description in the condensed Notes to the consolidated financial statements.
Segment reporting
Please refer to the Division Performance section in the WACKER Group’s Interim Management Report for the required
segment disclosures per division.
The reclassification of the result from investments in joint ventures and associates and of other investment income to the
financial result impacted the EBITDA and EBIT of the Silicones, Polysilicon and Other segments. This led to income of
€1.9 million (previous year: income of €5.7 million) being reclassified from the Silicones segment, income of €4.4 million
(previous year: €0.0 million) being reclassified from the Polysilicon segment, and income of €0.8 million (previous year:
€11.3 million) being reclassified from the Other segment.
Information on fair value
The fair value of a financial instrument is the price that would be achieved in the sale of an asset, or paid to transfer a liability,
in an orderly transaction between market participants at the measurement date. The following table shows the carrying
amounts and fair values of the Group’s financial assets and liabilities.
WACKER measured equity instruments not held for trading in the amount of €26.8 million (versus €26.5 million a year earlier)
at fair value pursuant to IFRS 9 and allocated these to Level 3 of the fair value hierarchy. The equity instruments concerned
are not only small, regional investments in non-profit companies that operate infrastructure facilities, but also companies that
develop new technologies.
Derivatives that do not qualify for hedge accounting and that were allocated to Level 3 of the fair value hierarchy include a
physical power purchase agreement concluded in Germany. As of June 30, 2025, the negative fair value of the derivative
was €3.7 million (previous year: €4.4 million).
For further details, see the information on financial instruments in the consolidated financial statements for the end of 2024.
The assessments made in this regard have not changed.
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 32
The special fund that is consolidated as a structured entity primarily contains exchange-traded fixed-interest securities that
were allocated to the “held-to-collect and for sale” category. Fair value adjustments are recognized in other comprehensive
income. Securities that do not meet the SPPI criteria are measured at fair value and changes in the market value recognized
through profit or loss.
Carrying amounts and fair values of financial instruments (IFRS 7)
€ million
June 30, 2025
Dec. 31, 2024
Fair value
Carrying amount
Fair value
Carrying amount
Trade receivables
836.4
836.4
764.6
764.6
Other financial assets
143.9
143.9
123.0
123.0
Loans and sundry other financial assets
(measured at amortized cost)
58.6
58.6
52.9
52.9
Investments in equity instruments (FVPL)
26.8
26.8
26.5
26.5
Derivatives that do not qualify for hedge accounting (FVPL)
8.9
8.9
6.7
6.7
Derivatives that qualify for hedge accounting1
49.6
49.6
36.9
36.9
Securities and fixed-term deposits
67.7
67.7
209.4
209.4
Securities and fixed-term deposits
(measured at amortized cost)
11.9
11.9
75.2
75.2
Securities (FVPL)
1.0
1.0
73.8
73.8
Securities (FVOCI)
54.8
54.8
60.4
60.4
Cash and cash equivalents
(measured at amortized cost)
728.5
728.5
1,046.7
1,046.7
Total financial assets
1,776.5
1,776.5
2,143.7
2,143.7
Financing liabilities
1,948.1
1,935.5
1,957.7
1,946.7
Financing liabilities (measured at amortized cost)
1,621.6
1,609.0
1,622.3
1,611.3
Financing liabilities (measured at fair value)
4.3
4.3
4.7
4.7
Liabilities from lease obligations
322.2
322.2
330.7
330.7
Trade payables (measured at amortized cost)
715.7
715.7
851.5
851.5
Other financial liabilities
52.9
52.9
63.9
63.9
Financial liabilities (measured at amortized cost)
44.1
44.1
45.4
45.4
Derivatives that do not qualify for hedge accounting (FVPL)2
8.6
8.6
14.3
14.3
Derivatives that qualify for hedge accounting1
0.2
0.2
4.2
4.2
Total financial liabilities
2,716.7
2,704.1
2,873.1
2,862.1
1 Derivatives that qualify for hedge accounting are not covered by IFRS 9, but are reported as such to reconcile the figures to the total shown in the statement of financial
position.
2 Derivatives not designated as hedging instruments include the difference from the initial measurement of the physical PPA in the amount of €4.3 million.
The financial assets and liabilities measured at fair value in the financial statements were allocated to one of three categories
in accordance with the fair value hierarchy described in IFRS 13. Allocation to these categories reveals which of the fair
values reported were settled through market transactions and the extent to which the measurement was based on models in
the absence of observable market transactions. Please refer to the “Financial Instruments” section of the Notes to the
Consolidated Financial Statements in the 2024 Annual Report for a definition of the fair value hierarchy and the allocation of
financial assets and liabilities to the categories in this hierarchy.
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 33
The following table shows the fair-value-hierarchy classification of financial assets and liabilities:
Fair-value hierarchy
€ million
June 30, 2025
Dec. 31, 2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets measured at fair value
Fair value through profit or loss
Derivatives that do not qualify for hedge accounting (FVPL)
–
8.9
–
8.9
–
6.7
–
6.7
Securities – trading (FVPL)
1.0
–
–
1.0
73.8
–
–
73.8
Investments in equity instruments – trading (FVPL)
–
–
26.8
26.8
–
–
26.5
26.5
Fair value through other comprehensive income
Derivatives that qualify for hedge accounting
–
49.6
–
49.6
–
36.9
–
36.9
Securities (FVOCI)
54.8
–
–
54.8
60.4
–
–
60.4
Total
55.8
58.5
26.8
141.1
134.2
43.6
26.5
204.3
Financial assets (measured at amortized cost)
Loans – held-to-collect
–
–
–
–
–
15.5
–
15.5
Securities and fixed-term deposits – held-to-collect
11.9
–
–
11.9
75.2
–
–
75.2
Total
11.9
–
–
11.9
75.2
15.5
–
90.7
Financial liabilities (measured at fair value)
Fair value through profit or loss
Derivatives that do not qualify for hedge accounting (FVPL)
–
0.2
8.4
8.6
–
4.8
9.5
14.3
Financing liabilities (FVPL)
–
–
4.3
4.3
–
–
4.7
4.7
Fair value through other comprehensive income
Derivatives that qualify for hedge accounting
–
0.2
–
0.2
–
4.2
–
4.2
Total
–
0.4
12.7
13.1
–
9.0
14.2
23.2
Financial liabilities (measured at amortized cost)
Financing liabilities
–
1,621.6
–
1,621.6
–
1,611.3
–
1,611.3
Total
–
1,621.6
–
1,621.6
–
1,611.3
–
1,611.3
The market value determined in Level 1 is based on quoted, unadjusted prices in active markets for these assets and
liabilities or identical ones. The financial instruments allocated to Level 2 are measured using methods based on parameters
that are either directly or indirectly derived from observable market parameters. These include hedging and non-hedging
derivative financial instruments, loans, and financial liabilities.
In Level 3, the market value is determined on the basis of parameters for which no observable prices are available. This level
includes WACKER investments not held for trading as well as earn-out liabilities from corporate acquisitions and over-the-
counter derivatives from contracts involving the procurement of energy that are not covered by the own-use provision. The
earn-out liabilities are measured at fair value and recognized under financial liabilities. At the respective reporting date of
each quarter, WACKER reviews whether its financial instruments are still allocated to the appropriate levels of the fair value
hierarchy. As was the case in the consolidated financial statements for 2024, no reclassifications were carried out between
the levels of the fair value hierarchy level in the first six months of 2025.
In the period under review, no non-recurring fair value measurements were carried out.
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 34
Related party disclosures
IAS 24 stipulates that a person or entity which controls, or is controlled by, Wacker Chemie AG must be disclosed unless the
party in question is already included in Wacker Chemie AG’s consolidated financial statements as a consolidated company. If
a shareholder has more than half of the voting rights in Wacker Chemie AG or, by virtue of provisions in the Articles of
Association or contractual arrangements, has the possibility of controlling the financial and business policy of the WACKER
Group’s Executive Board, that shareholder is deemed to have control.
In the current reporting year, the WACKER Group is affected by the disclosure obligations under IAS 24 with respect to the
business relations with Wacker Chemie AG’s major shareholders and its Executive Board and Supervisory Board members.
The principles of IAS 24 also apply to all transactions with non-consolidated subsidiaries, associates and joint ventures, since
Wacker Chemie AG exercises significant influence over them.
The WACKER Group is controlled by its majority shareholder, Dr. Alexander Wacker Familiengesellschaft mbH, which holds
over 50 percent of the voting shares in Wacker Chemie AG.
The provision of services between Wacker Chemie AG and its majority shareholder, Dr. Alexander Wacker
Familiengesellschaft mbH, as well as with the shareholders of Dr. Alexander Wacker Familiengesellschaft mbH and their
close family members, is of subordinate importance. It concerns the renting of office space and exchange of services, and is
of a limited extent. These transactions are conducted at arm’s length.
Wacker Chemie AG’s pension fund, Pensionskasse der Wacker Chemie VVaG, is also considered a related party pursuant
to IAS 24. Provision of services takes place between the two entities in connection with the company pension plan. WACKER
makes payments to the pension fund’s plan assets to cover pension obligations.
Wacker Chemie AG further guarantees coverage of the target value for the pension fund’s guarantee assets, as well as
coverage of the pension fund’s solvency capital requirement, up to an amount of €115.0 million. These guarantees are not
expected to be utilized at this time. On June 30, 2025, there were liabilities totaling €0.4 million compared with €1.7 million on
December 31, 2024. As of June 30, 2025, Wacker Chemie AG also made advance payments of €11.7 million for future
contributions to the pension fund (December 31, 2024: €22.0 million).
Further, WACKER Group companies have not conducted any material transactions with members of Wacker Chemie AG’s
Executive or Supervisory Boards or with any other key management personnel or with companies of whose executive or
supervisory bodies these persons are members. The same applies to close family members of the aforementioned persons.
Business with joint ventures and associates, the pension fund, and non-consolidated subsidiaries is conducted under
conditions that are customary between outside third parties (arm’s length transactions). Contractually agreed transfer-price
formulas have been defined for joint-venture and associated-company product shipments.
Transactions with joint ventures and associates relate to such supplies and services that arise in the normal course of
business (for example in connection with sales revenue, license revenue and administrative expense allocations). Joint
ventures and associates submitted invoices for material purchases and commissions. Any guarantees or other securities are
reported under other financial obligations.
In addition, there is a short-term financial receivable (including accrued interest) from an associate, totaling €14.2 million
(December 31, 2024: €16.0 million).
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 35
The table below shows the volume of supply and service activities with the above-mentioned related parties.
Related party disclosures
€ million
6M 2025
June 30, 2025
6M 2024
Dec. 31, 2024
Income
Expenses
Receivables
Liabilities
Income
Expenses
Receivables
Liabilities
Associates
127.9
65.1
34.2
21.9
86.0
39.1
34.1
24.5
Joint ventures
–
–
–
–
0.4
–
–
–
Exchange rates
Exchange rate as of
Average exchange rate
June 30, 2025
Dec. 31, 2024
6M 2025
6M 2024
USD
1.17
1.04
1.09
1.08
CNY
8.40
7.60
7.93
7.80
Major events during the period
Events during the reporting period that are considered significant in terms of impact, nature and frequency are described in
the Group’s interim management report. There were no significant events or transactions within the meaning of IAS 34.15
during the interim reporting period.
Events after the reporting date
No major events subject to reporting requirements occurred between the closing date (June 30, 2025) and the date of
authorization of the condensed interim consolidated financial statements (July 30, 2025).
On July 11, 2025, the German Bundesrat decided to adopt a law for an immediate tax investment program to strengthen
Germany as a business location (known as the Gesetz für ein steuerliches Investitionssofortprogramm zur Stärkung des
Wirtschaftsstandorts Deutschland). The law includes a gradual reduction in corporation tax from the current rate of
15 percent to 10 percent, among other measures. The reduction will be carried out in five stages by one percentage point
each year starting from the 2028 tax period through 2032.
The remeasurement of deferred taxes using the lower tax rates is likely to lead to a deferred tax expense in the low-to-
medium double-digit million-euro-range at WACKER in 2025.
Geopolitical developments and their repercussions on the WACKER Group are being closely monitored.
WACKER’s legal and organizational structure remained unchanged in the reporting period.
Half-Yearly Financial Report — Condensed consolidated financial statements
Wacker Chemie AG — First Half of 2025 36
Munich, July 30, 2025
Wacker Chemie AG
Dr. Christian Hartel Dr. Christian Kirsten
Dr. Tobias Ohler Angela Wörl
Half-Yearly Financial Report — Responsibility statement
Wacker Chemie AG — First Half of 2025 37
Responsibility statement
To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the
interim consolidated financial statements give a true and fair view of the Group’s assets, liabilities, financial position and profit
or loss, and the Group’s interim management report includes a fair review of the development and performance of the
Group’s business and position, together with a description of the principal opportunities and risks associated with the Group’s
expected development for the remaining months of the fiscal year.
Munich, July 30, 2025
The Executive Board of Wacker Chemie AG
Dr. Christian Hartel Dr. Christian Kirsten
Dr. Tobias Ohler Angela Wörl
Half-Yearly Financial Report — Review report
Wacker Chemie AG — First Half of 2025 38
Review Report
To Wacker Chemie AG, Munich
We have reviewed the condensed consolidated interim financial statements – comprising the consolidated statement of
income, the consolidated statement of comprehensive income, consolidated statement of financial position, the consolidated
statement of cash flows, the consolidated statement of changes in equity and selected explanatory notes – and the interim
group management report of Wacker Chemie AG, Munich, for the period from January 1, 2025 to June 30, 2025 which are
part of the half-year financial report pursuant to § [Article] 115 WpHG ("Wertpapierhandelsgesetz": German Securities
Trading Act). The preparation of the condensed consolidated interim financial statements in accordance with the IFRS
applicable to interim financial reporting as adopted by the EU and of the interim group management report in accordance
with the provisions of the German Securities Trading Act applicable to interim group management reports is the responsibility
of the parent Company's executive directors. Our responsibility is to issue a review report on the condensed consolidated
interim financial statements and on the interim group management report based on our review.
We conducted our review of the condensed consolidated interim financial statements and the interim group management
report in accordance with German generally accepted standards for the review of financial statements promulgated by the
Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany) (IDW). Those standards require that we plan and
perform the review so that we can preclude through critical evaluation, with moderate assurance, that the condensed
consolidated interim financial statements have not been prepared, in all material respects, in accordance with the IFRS
applicable to interim financial reporting as adopted by the EU and that the interim group management report has not been
prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to
interim group management reports. A review is limited primarily to inquiries of company personnel and analytical procedures
and therefore does not provide the assurance attainable in a financial statement audit. Since, in accordance with our
engagement, we have not performed a financial statement audit, we cannot express an audit opinion.
Based on our review, no matters have come to our attention that cause us to presume that the condensed consolidated
interim financial statements have not been prepared, in all material respects, in accordance with the IFRS applicable to
interim financial reporting as adopted by the EU nor that the interim group management report has not been prepared, in all
material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group
management reports.
Munich, July 30, 2025
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
Dietmar Eglauer Anita Botzenhardt
Wirtschaftsprüfer Wirtschaftsprüfer
(German Public Auditor) (German Public Auditor)
Financial calendar
2025
The Half-Yearly Financial Report was published on July 31, 2025.
It is available in English and German and you can access both
versions online.
This Half-Yearly Financial Report contains forward-looking
statements based on assumptions and estimates of WACKER’s
Executive Board. Although we assume the expectations in these
forward-looking statements are realistic, we cannot guaran-
tee they will prove to be correct. The assumptions may harbor
risks and uncertainties that may cause the actual figures to dier
considerably from the forward-looking statements. Factors that
may cause such discrepancies include, among other things,
changes in the economic and business environment, variations
in exchange and interest rates, the introduction of competing
products, lack of acceptance for new products or services, and
changes in corporate strategy. WACKER does not plan to update
its forward-looking statements, nor does it assume the obligation
to do so.
Interim Statement on
the 3rd Quarter of 2025
Publisher
Wacker Chemie AG
Corporate Communications
Gisela-Stein-Straße 1
81671 Munich, Germany
Phone +49 89 6279-0
www.wacker.com
Munich District Court
HRB 159705
VAT ID no.: DE129275094
Investor Relations contact
investor.relations@wacker.com
Media Relations contact
mediaservices@wacker.com
Contacts
Publishing details
October 30
Wacker Chemie AG — First Half of 2025
