Home News COVESTRO SALES PLUNGE EBITDA DOWN 29.6%

COVESTRO SALES PLUNGE EBITDA DOWN 29.6%

August 4, 2023
economic downturn

Covestro sales plunge, EBITDA down. In Q2 2023, Covestro’s financial performance reflected the challenging economic conditions, with group sales decreasing by 20.9% to €3.7 billion.

EBITDA also fell by 29.6% to €385 million.

Furthermore, the net income took a significant hit, plummeting 76.9% to €46 million.

Covestro reaffirms its fiscal 2023 guidance initially announced in April, which estimated an EBITDA ranging between EUR 1.1 billion and EUR 1.6 billion.

The company currently foresees its results to lean towards the lower end of these specified ranges for all primary indicators.

Covestro is one of the world’s leading producers of polycarbonate (PC), a versatile and high-performance plastic.

Polycarbonate is used in many sectors, from automotive, electrical and electronics, construction, medical devices to the IT industry.