Evonik German & Swiss Corporate Conference Feedback

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Evonik German & Swiss Corporate Conference Feedback

EUROPE | Chemicals EquityJuneResearch25, 2026

Evonik German & Swiss Corporate Conference

Feedback

We attended meetings with Evonik at our German & Swiss Conference in

Baden-Baden. We would like to thank the company and clients for attending.

In this note, we detail key takeaways.

Operationally, trading remains resilient in the short-term - performance continues to be

driven by Advanced Technologies, with reduced Asian competition supporting momentum,

while Custom Solutions less dynamic. Methionine is expected to remain supportive into Q3

under existing contract structures with relatively robust demand, helping to offset weaker

underlying end markets across the rest of the portfolio. Trading conditions overall appear

relatively balanced, with no clear evidence of a significant inventory overhang. Looking ahead,

while methionine strength provides some support, the outlook becomes less certain further

into the year. Demand visibility remains the primary risk for 2H, with concerns on forward

demand despite the current resilient backdrop.

Strategically, the company remains focused on portfolio optimisation and execution, with

the C4 divestment progress on track. The group’s globally integrated production footprint is

viewed as a competitive advantage in methionine, supporting regional supply flexibility and

positioning relative to peers. The company continues to commit to a no-M&A policy until at

least 2027 in favour of cost control and portfolio simplification, with recent actions including a

c.10% workforce reduction across the business underscoring a clear focus on efficiency and

streamlining the operating footprint. More broadly, a step-up in returns to c.11% ROCE (vs.