Covestro increased its volumes sold, in particular in the APAC and EMLA regions, year on year in the second quarter of 2024. Group sales remained stable at EUR 3.7 billion (previous year: EUR 3.7 billion) due to the fact that selling price levels were lower for demand-related reasons. EBITDA at Group level fell by 16.9 percent to EUR 320 million (previous year: EUR 385 million), corresponding to the middle of the previously forecast range of between EUR 270 million and EUR 370 million. Lower raw material prices only partially offset the demand-related decline in average sales prices. Net loss in the second quarter of 2024 was EUR 72 million (previous year: net income of EUR 46 million), while the free operating cash flow (FOCF) was EUR –147 million (previous year: EUR –10 million). 

In view of a rapidly changing market environment, Covestro launched the global transformation program STRONG in June 2024. The Group is therefore making itself even more effective and efficient and is systematically driving its digitalization. As part of STRONG, Covestro is planning to realize global annual savings in material and personnel costs of EUR 400 million by 2028, of which EUR 190 million will be in Germany. 

Source: Covestro