Wacker Chemie AG Overview
Key facts
| Item | Detail |
|---|---|
| Legal name | Wacker Chemie AG |
| Former names | Dr. Alexander Wacker Gesellschaft für elektrochemische Industrie (founding entity, 1914); Wacker-Chemie GmbH (GmbH form used for most of the 20th century; converted to AG in 2005 ahead of the IPO) |
| Founded | 1914, by Dr. Alexander Wacker. The Burghausen plant began operating during World War I. |
| Incorporation jurisdiction | Federal Republic of Germany (Aktiengesellschaft; two-tier board under the German Stock Corporation Act) |
| Headquarters | WACKER House, Werksviertel district, Munich. Address on 2026 press releases: Gisela-Stein-Straße 1, 81671 Munich. The previous HQ address, Hanns-Seidel-Platz 4, 81737 Munich, still appears in some third-party directories. |
| Stock exchange / tickers | Frankfurt Stock Exchange (Xetra): WCH. Bloomberg: WCH GR. Reuters: WCHG.DE. US OTC (unsponsored): WKCMF |
| ISIN / WKN | DE000WCH8881 / WCH888 |
| CUSIP | None. There is no SEC registration and no sponsored ADR. |
| IPO | 10 April 2006 |
| Share capital | EUR 260,763,000, split into 52,152,600 bearer shares. Of these, 49,677,983 are outstanding (excluding treasury) and 2,474,617 are treasury shares (about 4.7%). |
| Fiscal year end | 31 December |
| Employees (31 Dec) | 2025: 16,467; 2024: 16,637; 2023: 16,378; 2022: 15,725 |
| German workforce (2025) | 10,749 employees in Germany; 5,718 abroad |
| Auditor | PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft. PwC gave an unqualified opinion on the FY2025 consolidated statements (AR2025, Executive Board declaration). The previous long-standing auditor was KPMG. |
| Market capitalisation | EUR 3,445.2M at 31 Dec 2025 (EUR 69.35 per share; AR2025). About EUR 4.34bn at EUR 87.45 on 13 Sep 2026 (derived: 49.68M outstanding shares × price). Some data vendors quote about EUR 4.5–4.7bn using the total share count including treasury shares. |
| Credit rating | None published. Wacker states it relies on bank credit lines and promissory notes (Schuldschein) and does not issue rated instruments (AR2025). |
| Website | www.wacker.com |
| Business divisions | Silicones, Polymers, Biosolutions, Polysilicon |
| FY2025 headline figures | Sales EUR 5,485.3M; reported EBITDA EUR 426.7M; EBITDA before special items about EUR 529M; net result EUR -804.9M; no dividend |
Wacker Chemie is a Munich-headquartered, family-controlled, integrated chemicals group. Its two root raw materials are metallurgical silicon and ethylene.
From these it builds four businesses:
Silicones: This is about half of group sales and is one of the world's broadest silicone portfolios.
Polymers: This division is a global leader in vinyl acetate-ethylene (VAE) dispersions and dispersible polymer powders, sold mainly into construction.
Polysilicon: This division supplies hyperpure semiconductor- and solar-grade silicon from Burghausen, Nünchritz and Charleston (USA).
Biosolutions: This is a smaller biotech and contract-manufacturing (CDMO) unit spanning fermentation products, cyclodextrins, proteins and mRNA.
The group's strengths are process integration in a closed chlorine-silicon loop, deep application know-how and a German-centred asset base.
That same German base is now its principal weakness. High energy costs, Chinese overcapacity in silicones and polysilicon, and weak construction demand drove a EUR -805M net loss in FY2025.
Management's response is the PACE programme, targeting more than EUR 300M of annual cost savings by 2027. It is paired with a pivot toward specialties, semiconductor-grade polysilicon and biotech.
What the company does
Wacker converts two feedstock chains into intermediate and specialty materials sold business-to-business.
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The silicon chain. Metallurgical silicon is converted into chlorosilanes, then into siloxanes and silicones, pyrogenic (fumed) silica, and hyperpure polysilicon.
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The ethylene chain. Ethylene and acetic acid are converted into vinyl acetate monomer (VAM), then into VAE dispersions, dispersible polymer powders, and solid resins.
The defining feature is integration. By-products of one step are feedstocks for another, especially in the silicon/chlorine and hydrogen-chloride loops at Burghausen and Nünchritz. This supports cost position and resource efficiency, but it also creates high fixed costs and utilisation sensitivity. Management repeatedly cites low plant utilisation as a FY2025 earnings drag (FY2025 press release).
The company's own description (paraphrased from AR2025 and releases)
Wacker describes itself as a globally active chemical company with four business divisions. It develops and manufactures products, intermediates and technologies for virtually all key industries.
It positions its chemical divisions on specialties, its polysilicon division on the semiconductor market, and Biosolutions on biotech solutions. This three-part strategic focus was articulated by CEO Christian Hartel at the FY2025 annual press conference (11 Mar 2026).
Independent characterisation
Wacker is best understood as a cyclical, energy-intensive, process-integrated materials company carrying a growing specialty overlay. Commodity exposure remains material in three places:
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standard silicones (siloxanes and fluids);
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solar-grade polysilicon;
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part of the VAE and powders business.
These are precisely where Chinese capacity additions have destroyed pricing.
The specialty overlay is real but not yet dominant. Examples include:
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liquid silicone rubber (LSR);
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medical-grade and electronics silicones;
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silane-terminated polymers;
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semiconductor-grade polysilicon;
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biologics CDMO.
The FY2022 peak (EBITDA EUR 2.08bn, 25.4% margin) and the FY2025 trough (reported EBITDA EUR 427M, 7.8% margin) show an earnings amplitude typical of commodity chemicals rather than specialty peers.
Revenue model
| Revenue type | Approximate share | Description |
|---|---|---|
| Product sales (chemicals and materials) | About 97% (derived: everything except Biosolutions' service component) | Spot and contract sales of silicones, polymers and polysilicon. Polysilicon historically relied on multi-year supply agreements with prepayments, especially for solar. |
| Contract manufacturing services (CDMO) | Part of Biosolutions (division sales EUR 360.4M in FY2025, 6.6% of group); service share not separately disclosed | Fee-for-service development and GMP manufacture of biologics, mRNA, plasmid DNA and live biotherapeutics via Wacker Biotech (Jena, Halle, Amsterdam, León, San Diego) |
| Licensing / subscription | Not material; not separately disclosed | Some process-technology know-how, not reported as a revenue line |
| "Other" segment | EUR 142.2M in FY2025 (2.6%) | Infrastructure and site services, corporate items |
Value-chain position
Upstream: Wacker produces part of its own silicon metal at Holla, Norway. It buys the remainder, plus ethylene, methanol, acetic acid and energy (electricity and gas), largely in Germany.
Midstream (core): Chlorosilanes, siloxanes, VAM and polysilicon.
Downstream: Formulated specialty products sold to OEMs and formulators. Wacker does not generally sell to end consumers.
Customer types and end-markets
| End-market | Primary divisions | Key applications |
|---|---|---|
| Construction | Polymers, Silicones | Tile adhesives, self-levelling compounds, external insulation (ETICS), sealants, masonry protection, paints |
| Automotive and transportation | Silicones | Gaskets, cables, EV battery thermal management, LSR parts |
| Electrical and electronics | Silicones, Polysilicon | Encapsulants, potting compounds, high-voltage insulators, semiconductor wafers (via the Siltronic and other wafer customers) |
| Semiconductors | Polysilicon | Hyperpure polysilicon for Czochralski (CZ) and float-zone (FZ) crystal pulling |
| Solar / photovoltaics | Polysilicon | Solar-grade polysilicon |
| Personal care and consumer goods | Silicones, Biosolutions | Emollients, hair-care silicones, cyclodextrins |
| Textiles, paper, coatings | Silicones, Polymers | Release coatings, softeners, binders |
| Medical and healthcare | Silicones, Biosolutions | Medical-grade silicones, pharmaceutical proteins, mRNA, vaccines |
| Food and agriculture | Biosolutions, Polymers | Cysteine, gum-base resins (polyvinyl acetate), nutraceutical actives |
Strategy
Stated strategy themes (paraphrased from AR2025 and the FY2025 press conference)
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Return to competitiveness via PACE.
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Cut production and administrative costs by more than EUR 300M a year.
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Reduce more than 1,500 jobs globally, of which about 1,600 are now agreed in Germany alone.
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Complete all structural measures by end-2027.
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Elevate the business model and value proposition.
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Chemical divisions: focus on specialties.
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Polysilicon: focus on the semiconductor market.
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Biosolutions: focus on biotech solutions.
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Self-help over market recovery. Management says it sees no signs of a market turnaround and is therefore focusing on levers it controls.
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Medium- and long-term return to profitable growth.
Strategic initiatives (last 24 months)
| Initiative | Date | Description | Targets / status |
|---|---|---|---|
| PACE cost and efficiency programme | Launched Oct 2025 | Global cost reduction | More than EUR 300M of annual savings. About EUR 200M expected in 2026 (Q4 2025 call). About EUR 85M realised in H1 2026. |
| German PACE framework agreement | 8 May 2026 | About 1,600 job cuts (Burghausen 1,300; Nünchritz 200; Munich 60; others 50) | Voluntary measures (early retirement, severance); no forced layoffs. A 4% cut in working hours and pay for all German employees until 2028 ("solidarity contribution"). |
| Siltronic stake monetisation | May and Sep 2026 | Two accelerated bookbuilds (ABBs): 7% and 6.7% of Siltronic | About EUR 359M gross; stake cut from 30.83% to about 15% (company/press figure). 90-day lock-ups after each placement. |
| Balance-sheet protection | FY2025–FY2026 | Capex cut to EUR 466M (2025) and about EUR 300M (2026); inventory reduction; EUR 435M Schuldschein | Net financial debt target about EUR 500M at end-2026 |
| Semiconductor polysilicon expansion | 2023–2025 | Burghausen expansion; new cleaning line | Capacity up more than 50%; semiconductor volumes expected to rise substantially in 2026 |
| Specialty silicones capacity | 2025–2026 | Karlovy Vary (new); Zhangjiagang, Tsukuba, Jincheon (expansions) | — |
| Biotech platform | 2023–2025 | León integration; Halle mRNA; Munich Biotechnology Center | FY2026: high-single-digit sales growth; EBITDA about EUR 30M |
| Section 232 engagement (US) | Aug–Sep 2026 | Discussions with the US Administration on the polysilicon framework | Outcome pending; measures effective 4 Dec 2026 |
| Sustainability | Ongoing | Scope 1+2 emissions -50% by 2030 vs 2020; net zero 2045 (target year indicative) | -43% achieved by FY2025 (AR2025) |
Medium-term financial targets
| Target | Detail | Status |
|---|---|---|
| 2030 ambition (set in 2022) | Sales above EUR 10bn; EBITDA margin above 20% | Still referenced in investor materials per Quartr summaries (Q1 2026). Credibility is low: FY2025 sales were EUR 5.5bn at a 7.8% margin. No formal withdrawal was identified. |
| Dividend policy | Pay out about 50% of annual net income | Reconfirmed at the 2026 AGM; nil dividend for FY2025 |
| FY2026 guidance | See Section 22 | — |
Products & Services
Brand names are Wacker trademarks. Launch years and pricing are generally not disclosed; Wacker sells B2B on negotiated or contract terms. Where a field is not publicly disclosed, it is marked accordingly.
Silicones
| Product line / brand | Description | Capabilities / specifications | Target customers | Notes |
|---|---|---|---|---|
| ELASTOSIL (HTV, LSR, RTV silicone rubber) | Solid and liquid silicone rubbers, room-temperature-vulcanising compounds | Temperature resistance roughly -50 to 200°C or more; electrical insulation; LSR suited to injection moulding | Automotive, electrical, consumer goods, construction | Core specialty franchise. New RTV high-performance silicone plant at Karlovy Vary, Czech Republic, starts in 2026 (FY2025 press release). |
| ELASTOSIL Film | Ultra-thin silicone elastomer films | Films with defined dielectric properties | Sensors, actuators, electronics | Launch year not disclosed |
| SILPURAN | Medical- and pharma-grade silicones | Biocompatibility certifications; clean-room production | Medical devices, pharma | Pricing not disclosed |
| POWERSIL | Silicones for power transmission and distribution | Hydrophobicity, tracking resistance | High-voltage insulator and cable-accessory makers | Grid-investment beneficiary |
| SEMICOSIL / thermal interface materials | Electronics silicones | Thermal conductivity, encapsulation | Electronics, EV battery and power-electronics OEMs | Growth area in EV thermal management |
| LUMISIL | Optical silicones | High transparency, light stability | LED and optical component makers | — |
| GENIOSIL | Silane-terminated polymers (STP) and organofunctional silanes | Isocyanate- and solvent-free sealants and adhesives | Construction-sealant and adhesive formulators | Specialty growth line. China silane capacity strengthened via SICO (indicative). |
| SILRES | Silicone resins, including masonry protection | Weathering resistance, water repellency | Coatings, construction | — |
| HDK (pyrogenic silica) | Fumed silica | Rheology control, reinforcement | Sealants, silicone rubber, coatings, toners | Produced in Burghausen, Nünchritz and Charleston (Bernreuter) |
| BELSIL | Personal-care silicones | Emollients, conditioning agents | Cosmetics and personal care | — |
| WACKER silicone fluids and emulsions | Fluids, antifoams, emulsions | Wide viscosity range | Textiles, paper, process industries | India emulsion capacity expanded in 2026 (trade-press headline) |
| Silicone additives for composites | Process and performance additives | Release and wetting functions | Composite manufacturers | Presented at JEC World 2026 (trade-press headline) |
Polymers
| Product line / brand | Description | Capabilities | Target customers | Notes |
|---|---|---|---|---|
| VINNAPAS dispersions (VAE) | Vinyl acetate-ethylene copolymer emulsions | Low-VOC binders | Paints, adhesives, carpet, paper, nonwovens | US capacity expansion at Calvert City, Kentucky (FY2025 press release) |
| VINNAPAS dispersible polymer powders | Redispersible powders for dry-mix mortars | Adhesion, flexibility, water resistance | Tile adhesives, ETICS, self-levelling and repair mortars | Most construction-cyclical product line; hit by weak China and Western Europe construction in FY2025 |
| VINNAPAS solid resins | Polyvinyl acetate solid resins | Gum-base and specialty adhesive use | Chewing-gum, adhesive and coatings makers | Gum-base portfolio sometimes reported with Biosolutions historically |
| VINNOL | Vinyl chloride copolymers / terpolymers | Binders for inks and coatings | Printing inks, coatings | — |
| Biomass-balanced VAE grades | Mass-balance renewable feedstock grades | Lower product carbon footprint | Sustainability-driven customers | — |
| VAM (vinyl acetate monomer) | Internal and merchant intermediate | — | Internal; some merchant sales | Volume share not disclosed |
Biosolutions
| Product line / service | Description | Target customers | Notes |
|---|---|---|---|
| Cyclodextrins (CAVAMAX, CAVASOL, CAVITRON) | Cyclic oligosaccharides for encapsulation and solubilisation | Pharma, food, cosmetics | Mature specialty line |
| Cysteine (fermentation-based) | Non-animal-derived amino acid | Food, pharma | Fermentation at Burghausen and other sites |
| Nutraceutical and food actives (e.g., hydroxytyrosol) | Fermentation- or plant-derived actives | Food and supplement makers | Product-level sales not disclosed |
| Pharma proteins (Wacker Biotech; E. coli secretion technology) | CDMO for microbial biologics | Biotech and pharma | Jena (Germany), Amsterdam (Netherlands), San Diego (USA) |
| mRNA / LNP and pDNA CDMO | GMP mRNA manufacture; pandemic-preparedness capacity | Vaccine and therapeutic developers; German government | Halle mRNA competence centre. A May 2026 headline cites an offering for RNA therapeutics. |
| Live biotherapeutic products (LBP) | Contract manufacture of microbial therapeutics | Microbiome-therapy developers | Amsterdam, San Diego |
| Fermentation CDMO (León, Spain) | Large-scale fermentation (former ADL BioPharma) | Pharma, nutrition | Goodwill impaired by EUR 89M in FY2025 because ramp-up lagged |
| WACKER Biotechnology Center (Munich) | Research centre for biotech solutions | Internal R&D, partners | Opened mid-2025 |
Polysilicon
| Product | Description | Customers | Notes |
|---|---|---|---|
| Semiconductor-grade (hyperpure) polysilicon | Ultra-high-purity silicon for CZ and FZ crystal growth | Wafer makers (Siltronic, and others not disclosed) | Burghausen cleaning line lifted capacity by more than 50% and improved purity (2025). Management describes the business as performing very well (FY2025). |
| Solar-grade polysilicon | High-purity silicon for PV wafers | Non-Chinese PV wafer and ingot makers | Severely affected by Chinese overcapacity. US Section 232 measures (effective 4 Dec 2026) do not, in Wacker's view, effectively support US-made polysilicon. |
| Chlorosilanes / by-products | Integrated loop with Silicones | Internal | Integration benefit |
| Fumed silica (Charleston) | Supplied to the Adrian, Michigan silicones plant | Internal | Bernreuter |
Pricing model: not publicly disclosed. Industry practice combines long-term agreements for semiconductor grade with contract and spot sales for solar grade.
Financial Narrative
All data are from the AR2025 Multiyear Overview unless stated.
Income statement
Notes on the income statement:
Gross profit: FY2022 and FY2023 are per AR2023. FY2021, FY2024 and FY2025 are rounded figures from an aggregator (boerse-express) and are indicative.
D&A: FY2023 is derived (EBITDA minus EBIT). FY2021 and FY2022 are per the FY2022 press release.
Attributable net income: derived as EPS × 49,677,983 shares.
Margin profile
Growth rates:
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Revenue CAGR FY2021–FY2025: -3.0% p.a. (derived).
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Reported EBITDA CAGR over the same period: -27.4% p.a. (derived).
Commentary. The five-year arc is a full commodity cycle.
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FY2021–FY2022 (boom). Post-COVID restocking, a solar-polysilicon price spike and silicone shortages lifted sales 32% in each year. Polysilicon EBITDA margins reached 36% in FY2022, and Silicones 25%.
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FY2023 (bust). Price normalisation drove sales down 22% and EBITDA down 60%. The cost-of-sales ratio rose from 74% to 83% (AR2023), with silicones standard-product prices and solar polysilicon the main culprits.
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FY2024–FY2025 (structural squeeze). Volumes stagnated while German energy costs stayed high and Chinese capacity expanded. In FY2025 several non-cash items turned a modest operating year into a large loss (detailed below).
Interpretation of the FY2025 loss. Stripping out these items, underlying EBITDA of EUR 529M implies a margin of about 9.6%. This is the lowest in well over a decade, but it is not loss-making at the operating cash level.
Balance sheet
Notes on the balance sheet:
Financing liabilities: FY2024 and FY2025 are disclosed. FY2021–FY2023 are derived as liquidity minus net financial position.
Intangible assets: FY2024 and FY2025 include emission certificates of EUR 88.1M and EUR 66.5M respectively, following an accounting change.
Working capital: a full working-capital computation is not possible because current liabilities were not available. Inventories fell substantially in FY2025 under a targeted reduction programme (FY2025 press release).
Debt instruments: the FY2025 debt increase reflects the EUR 435M Schuldschein.
Commentary.
FY2021–FY2022 equity jump: The rise from EUR 3.1bn to EUR 5.0bn reflects a record profit and a halving of provisions, from EUR 2.08bn to EUR 1.02bn. The provisions fall is consistent with lower pension obligations as discount rates rose in 2022.
Swing to net debt: Since FY2022 the group has moved from EUR 409M net cash to EUR 886M net debt. Drivers were heavy capex (about EUR 710M in each of FY2023 and FY2024), large dividends (EUR 596M paid in 2023) and weak FY2024 operating cash flow.
FY2025 balance-sheet contraction: The equity ratio fell to 44.9% because of the loss and impairments, which is still comfortable.
Pensions: Net financial debt excludes pension provisions, which remain a material quasi-debt item (amount not separately verified).
Cash flow
Notes on the cash flow table:
Restatements: FY2024 and FY2025 operating cash flow reflect reclassifications (dividends from associates and carbon credits).
Dividends paid: derived as the prior-year dividend per share × 49.68M shares.
Buybacks: treasury shares have been unchanged at EUR -45.1M throughout.
Commentary.
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The group funded a capex super-cycle (FY2022–FY2024) while paying record dividends. That combination tipped net cash flow negative in FY2024.
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FY2025 shows a deliberate defensive pivot: capex fell 34% and inventories were cut, so net cash flow was roughly balanced.
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FY2026 guidance targets capex of about EUR 300M and net cash flow well above FY2025.
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Q2 2026 net cash flow of EUR 243M was flattered by EUR 185.4M of Siltronic sale proceeds.
Return and leverage ratios
Definitions:
ROE: company definition, net income divided by year-end equity.
ROA: net income divided by total assets.
ROCE: company definition, EBIT divided by capital employed. Wacker does not publish ROIC; ROCE is used as the proxy.
Debt / equity: financing liabilities divided by equity.
Asset turnover: sales divided by total assets.
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current ratio;
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interest coverage (net interest result not available for all years);
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cash conversion cycle (DSO, DIO and DPO not available).
Leverage outlook. Leverage peaked at about 2.1x reported EBITDA at the end of FY2025. With two Siltronic placements bringing in about EUR 359M gross, and FY2026 guidance of about EUR 500M net financial debt, leverage should fall to roughly 0.7–0.8x the FY2026 EBITDA guidance range (derived).
Interim 2026 snapshot
Notes on the interim data:
Q2 2026 net income: includes about EUR 243M of Siltronic-related effects (Quartr summary). Q2 EPS was EUR 6.86.
PACE savings: about EUR 45M in Q2 and about EUR 85M in H1 (MarketBeat call summary).
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Segment Overview
| Segment | Contents | Key products |
|---|---|---|
Silicones | Siloxanes, silicone fluids, emulsions, elastomers (HTV, LSR, RTV), resins, silanes, pyrogenic silica | ELASTOSIL, SILPURAN, POWERSIL, SEMICOSIL, LUMISIL, GENIOSIL, SILRES, HDK, BELSIL |
Polymers | VAE and VAc dispersions, dispersible polymer powders, solid resins, VAM | VINNAPAS (dispersions, powders), VINNOL |
Biosolutions | Fermentation products, cyclodextrins, pharma proteins, mRNA/pDNA CDMO, live biotherapeutics, food ingredients | CAVAMAX/CAVASOL/CAVITRON cyclodextrins, cysteine, Wacker Biotech CDMO |
Polysilicon | Hyperpure polysilicon (semiconductor and solar grade); Charleston also supplies fumed silica to the Adrian, Michigan silicones plant (Bernreuter) | Polysilicon chunks for CZ and FZ crystal pulling |
Other | Site infrastructure, corporate, Siltronic stake, restructuring | — |
Revenue by Segment
| Segment | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Silicones sales (EUR Mn) | 3,450 | 2,741 | 2,805.3 | 2,733.2 |
Polymers sales (EUR Mn) | 2,000 | 1,580 | 1,463.3 | 1,378.5 |
Biosolutions sales (EUR Mn) | 331.1 | 337.2 | 374.9 | 360.4 |
Polysilicon sales (EUR Mn) | 2,290 | 1,599 | 949.2 | 882.9 |
Other sales (EUR Mn) | 138 | 145 | 144.0 | 142.2 |
Group sales (EUR Mn) | 8,209.3 | 6,402.2 | 5,721.8 | 5,485.3 |
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View Subscription PlansResults by Segment
| Segment | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Silicones EBITDA (EUR Mn) | 876 | 236 | 340.9 | 335.7 |
Polymers EBITDA (EUR Mn) | 289 | 253 | 194.4 | 158.3 |
Biosolutions EBITDA (EUR Mn) | 17 | 7 | 35.1 | 20.7 |
Polysilicon EBITDA (EUR Mn) | 826 | 321 | 193.4 | 96.2 |
Other and consolidation EBITDA (EUR Mn) | 73 | 7 | -20.2 | -184.2 |
Group EBITDA reported (EUR Mn) | 2,080.9 | 823.6 | 743.6 | 426.7 |
Segment Margins & Growth (%)
| Segment | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Silicones EBITDA margin (%) | 25.4 | 8.6 | 12.2 | 12.3 |
Polymers EBITDA margin (%) | 14.5 | 16.0 | 13.3 | 11.5 |
Biosolutions EBITDA margin (%) | 5.1 | 2.1 | 9.4 | 5.7 |
Polysilicon EBITDA margin (%) | 36.1 | 20.1 | 20.4 | 10.9 |
Group EBITDA margin (%) | 25.4 | 12.9 | 13.0 | 7.8 |
Results by Segment (FY2024–FY2025)
| Segment | FY2024 | FY2025 |
|---|---|---|
Silicones EBIT (EUR Mn) | 197.0 | 180.2 |
Polymers EBIT (EUR Mn) | 136.0 | 94.1 |
Biosolutions EBIT (EUR Mn) | -17.1 | -122.6 |
Polysilicon EBIT (EUR Mn) | 70.0 | -51.2 |
Other EBIT (EUR Mn) | -114.3 | -280.8 |
Group EBIT (EUR Mn) | 270.9 | -179.7 |
Segment Revenue
| Segment | FY2023 YoY (%) | FY2024 YoY (%) | FY2025 YoY (%) | Share of FY2025 group sales (%) |
|---|---|---|---|---|
Silicones | -21 | 2.3 | -2.6 | 49.8 |
Polymers | -21 | -7.4 | -5.8 | 25.1 |
Biosolutions | 2 | 11.2 | -3.9 | 6.6 |
Polysilicon | -30 | -40.6 | -7.0 | 16.1 |
Other | — | — | -1.3 | 2.6 |
Segment Revenue — Capex
| Metric | Silicones | Polymers | Biosolutions | Polysilicon | Other | Group |
|---|---|---|---|---|---|---|
Capex (EUR Mn) | 201.9 | 55.2 | 26.3 | 96.3 | 86.2 | 465.9 |
R&D (EUR Mn) | 79.6 | 37.0 | 7.5 | 49.6 | 40.9 | 214.6 |
Segment assets (EUR Mn) | 2,479.1 | 883.0 | 612.1 | 1,123.5 | 3,273.9 | 8,371.0 |
Net assets (EUR Mn) | 1,285.4 | 440.0 | 371.4 | 397.3 | 1,261.8 | 3,755.6 |
Employees (year-end) | 6,235 | 1,612 | 1,127 | 2,349 | 5,144 | 16,467 |
Segment Revenue (Quarterly)
| Segment | Q2 2025 sales (EUR Mn, derived) | Q2 2026 sales (EUR Mn) | Q2 2025 EBITDA (EUR Mn) | Q2 2026 EBITDA (EUR Mn) |
|---|---|---|---|---|
Silicones | 714 | 757 | 104 | 123 |
Polymers | 363 | 406 | 40 | 69 |
Biosolutions | 88 | 99 | 5 | 7 |
Polysilicon | 219 | 226 | 34 | 11 |
Group | 1,412.9 | 1,517.6 | 114.3 | 211.3 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (EUR Mn) | 6,207.5 | 8,209.3 | 6,402.2 | 5,721.8 | 5,485.3 |
Revenue growth YoY (%) | 32.3 | 32.2 | -22.0 | -10.6 | -4.1 |
Gross profit (EUR Mn, rounded) | 1,670 | 2,160 | 1,080 | 990 | 660 |
EBITDA reported (EUR Mn) | 1,538.5 | 2,080.9 | 823.6 | 743.6 | 426.7 |
EBITDA before special items (EUR Mn) | 1,538.5 | 2,080.9 | 823.6 | 743.6 | 529 |
Depreciation and amortisation (EUR Mn) | 404 | 402 | 418.7 | 472.7 | 606.4 |
EBIT / operating income (EUR Mn) | 1,134.3 | 1,678.8 | 404.9 | 270.9 | -179.7 |
Income before taxes (EUR Mn) | 1,093.6 | 1,616.2 | 387.0 | 258.4 | -578.3 |
Net income incl. minorities (EUR Mn) | 827.8 | 1,281.6 | 327.3 | 260.7 | -804.9 |
Net income attributable to shareholders (EUR Mn, derived) | 806.8 | 1,250.9 | 313.5 | 240.9 | -821.2 |
EPS basic = diluted (EUR) | 16.24 | 25.18 | 6.31 | 4.85 | -16.53 |
Dividend per share (EUR) | 8.00 | 12.00 | 3.00 | 2.50 | 0 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 26.9 | 26.3 | 16.9 | 17.3 | 12.0 |
EBITDA margin reported (%) | 24.8 | 25.4 | 12.9 | 13.0 | 7.8 |
EBIT margin (%) | 18.3 | 20.5 | 6.3 | 4.7 | -3.3 |
Net margin (%) | 13.3 | 15.6 | 5.1 | 4.6 | -14.7 |
Financial Analysis
| Item | Amount (EUR Mn) |
|---|---|
Siltronic investment impairment | 308 |
Write-off of German deferred tax assets | 194 |
Spanish goodwill impairment | 89 |
Fixed-asset impairments, mainly Biosolutions | 102 |
PACE restructuring provision | 103 |
Balance Sheet and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (EUR Mn) | 8,134.3 | 9,401.4 | 8,854.4 | 9,409.9 | 8,371.0 |
Liquidity: cash, securities, deposits (EUR Mn) | 1,983.3 | 1,956.2 | 1,421.9 | 1,256.1 | 1,482.9 |
Financing liabilities, total debt (EUR Mn) | 1,436.8 | 1,547.0 | 1,505.6 | 1,946.7 | 2,368.6 |
Net financial debt (EUR Mn; negative = net cash) | -546.5 | -409.2 | 83.7 | 690.6 | 885.7 |
Equity incl. minorities (EUR Mn) | 3,100.4 | 5,030.7 | 4,579.9 | 4,837.0 | 3,755.6 |
Non-controlling interests (EUR Mn) | 81.9 | 166.9 | 163.1 | 167.8 | 156.2 |
Intangible assets incl. goodwill (EUR Mn) | 45.9 | 213.0 | 293.5 | 376.7 | 237.7 |
Property, plant and equipment (EUR Mn) | 2,466.9 | 2,717.9 | 3,038.4 | 3,323.3 | 3,199.3 |
Financial assets incl. equity investments (EUR Mn) | 721.1 | 1,012.2 | 997.1 | 1,018.2 | 626.4 |
Current assets incl. deferred taxes (EUR Mn) | 4,761.6 | 5,215.1 | 4,302.9 | 4,418.5 | 4,036.8 |
Provisions incl. pensions (EUR Mn) | 2,082.9 | 1,021.0 | 1,142.0 | 1,024.8 | 974.0 |
Equity ratio (%) | 38.1 | 53.5 | 51.7 | 51.4 | 44.9 |
Capital employed (EUR Mn) | 3,782.2 | 4,526.6 | 5,192.3 | 5,421.6 | 5,743.0 |
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View Subscription PlansCash Flow and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (EUR Mn) | 1,064.4 | 1,125.5 | 936.3 | 336.6 | 542.6 |
Long-term investing cash flow before securities (EUR Mn) | -303.6 | -686.7 | -770.7 | -662.7 | -546.2 |
Capital expenditures (EUR Mn) | 343.8 | 546.8 | 709.6 | 709.4 | 465.9 |
Free cash flow = OCF minus capex (EUR Mn, derived) | 720.6 | 578.7 | 226.7 | -372.8 | 76.7 |
Net cash flow, company definition (EUR Mn) | 760.8 | 438.8 | 165.6 | -326.0 | -3.6 |
Financing cash flow (EUR Mn) | -153.9 | -458.5 | -688.1 | 145.9 | 271.9 |
Dividends paid to Wacker shareholders (EUR Mn, derived) | 99.4 | 397.4 | 596.1 | 149.0 | 124.2 |
Share buybacks (EUR Mn) | 0 | 0 | 0 | 0 | 0 |
Capex / D&A (x) | 0.85 | 1.36 | 1.69 | 1.50 | 0.77 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%) | 26.7 | 25.5 | 7.1 | 5.4 | -21.4 |
ROA (%, derived) | 10.2 | 13.6 | 3.7 | 2.8 | -9.6 |
ROCE (%) | 28.3 | 34.7 | 6.9 | 5.0 | -3.1 |
Debt / equity (x, derived) | 0.46 | 0.31 | 0.33 | 0.40 | 0.63 |
Net debt / reported EBITDA (x; negative = net cash) | -0.36 | -0.20 | 0.10 | 0.93 | 2.08 |
Net debt / EBITDA before special items (x) | -0.36 | -0.20 | 0.10 | 0.93 | 1.67 |
Asset turnover (x, derived) | 0.76 | 0.87 | 0.72 | 0.61 | 0.66 |
Equity / borrowed capital (%) | 61.6 | 115.1 | 107.1 | 105.8 | 81.4 |
Income Statement and Margin Analysis (%) (Quarterly)
| Metric | Q1 2026 | Q2 2026 | H1 2026 (derived) |
|---|---|---|---|
Sales (EUR Mn) | 1,410 | 1,517.6 | 2,928 |
EBITDA reported (EUR Mn) | 173 | 211.3 | 384 |
EBITDA margin (%) | 12.3 | 13.9 | 13.1 |
Net income (EUR Mn) | 15.3 | 350 | 365 |
Capex (EUR Mn) | — | 59 | — |
Net cash flow (EUR Mn) | — | 243 | — |
Revenue by Region
| Region | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Europe incl. Germany (EUR Mn) | 2,305 | 2,210 | 2,220 |
Asia (EUR Mn) | 2,753 | 2,110 | 1,920 |
Americas (EUR Mn) | 1,024 | 1,070 | 1,020 |
Other regions (EUR Mn) | 320 | 332 | 325 |
Group (EUR Mn) | 6,402.2 | 5,721.8 | 5,485.3 |
Geographic Revenue
| Region | FY2024 YoY (%) | FY2025 YoY (%) |
|---|---|---|
Europe | -4.1 | 0.5 |
Asia | -23.4 | -9.0 |
Americas | 4.5 | -4.7 |
Revenue by Region (%) and Revenue by Region
| Country | FY2023 | FY2025 |
|---|---|---|
Germany share of sales (%) | 15 | 17 |
Germany sales (EUR Mn, derived) | 960 | 933 |
Segment Overview — Silicones
| Segment | Dominant regions (qualitative) |
|---|---|
Silicones | Europe and Asia, especially China (Zhangjiagang), Japan, Korea and India; Americas via Adrian, Michigan |
Polymers | Europe (Burghausen, Cologne), China (Nanjing), USA (Calvert City); construction exposure |
Biosolutions | Europe (Germany, Netherlands, Spain) and USA (San Diego) |
Polysilicon | Sales skewed to Asian wafer and ingot producers and to Siltronic. Production is in Germany and the USA. |
Share Price and Market Valuation
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Share price at 31 Dec (EUR) | 131.60 | 119.40 | 114.30 | 70.04 | 69.35 |
Market cap at 31 Dec (EUR Mn) | 6,537.6 | 5,931.6 | 5,678.2 | 3,479.4 | 3,445.2 |
Dividend yield (%) | 6.0 | 8.6 | 2.3 | 2.6 | 0 |
Share Price & Returns
| Period | Return (%) |
|---|---|
Year to date 2026 (from EUR 69.35) | 26 |
About 3 years (from end-2023, EUR 114.30) | -23 |
About 4.7 years (from end-2021, EUR 131.60) | -34 |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market cap | About EUR 4.34bn | 49.68M outstanding shares |
Enterprise value | About EUR 5.38bn | Market cap + end-2025 net financial debt EUR 886M + minorities EUR 156M; excludes pensions and the Siltronic stake. Pro forma for 2026 Siltronic proceeds: about EUR 5.0bn. |
EV / EBITDA, FY2026 guidance midpoint (EUR 687.5M) | About 7.8x (about 7.3x pro forma) | Derived |
EV / Sales, FY2026e (about EUR 5.7bn consensus) | About 0.9x | Derived |
P/B (equity attributable EUR 3,599M at end-2025) | About 1.2x | Derived |
P/E trailing | Negative (FY2025 loss) | — |
Analyst Ratings & Targets
| Date | Broker | Rating | Target (EUR) |
|---|---|---|---|
Mar 2026 | Barclays | Equal Weight | 74 (raised from 69) |
5 Jun 2026 | Citigroup | Sell (downgrade) | — |
16 Jun 2026 | Jefferies | Hold | 93 (from 96) |
23 Jun / 30 Jul / 4 Aug 2026 | JPMorgan | Underweight | — |
30 Jul 2026 | DZ Bank | Hold | — |
3 Aug 2026 | Berenberg | Buy | — |
Consensus | 19 analysts | Majority Hold | Average 94.66 (aktien.guide) |
Per-Share Data and Returns & Leverage Ratios (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per share (EUR) | 8.00 | 12.00 | 3.00 | 2.50 | 0 |
Payout ratio vs attributable EPS (%) | 49 | 48 | 48 | 52 | 0 |
Capital Markets
| Item | Status |
|---|---|
Share buybacks | None; no active authorisation identified |
Credit ratings | None (Moody's, S&P and Fitch do not rate Wacker; the company states it has not published a rating) |
Financing liabilities, end-2025 | EUR 2,368.6M |
Known maturities | Schuldschein EUR 435M in tranches due 2028, 2030 and 2032. |
Analyst Conclusions
Management guidance FY2026 (as of 30 Jul 2026)
| Metric | Guidance (30 Jul 2026) | Prior guidance |
|---|---|---|
| Group sales | Mid-single-digit % growth (about EUR 5.70–5.80bn implied) | High-single-digit (Apr 2026); low-single-digit (Mar 2026) |
| Group EBITDA | EUR 625–750M, including about EUR 37M non-operating pension effect | EUR 550–700M |
| EBITDA margin | About 11–13% (derived) | "Low double digits" (Mar 2026) |
| Capex | About EUR 300M | Unchanged |
| Net financial debt | About EUR 500M | Low-double-digit % decline vs EUR 886M (Mar 2026) |
| Net cash flow | Positive, well above 2025 | Unchanged |
| Biosolutions | High-single-digit sales growth; EBITDA about EUR 30M | Unchanged |
| Polysilicon (March guidance) | Low-double-digit sales growth; EBITDA flat on 2025 (EUR 96M) | At risk given Q2 EBITDA of EUR 11M |
| Chemical divisions | Improved margins; at least one division raised to mid-single-digit sales growth with margin above prior year (call summary) | — |
Bull case (grounded in data above)
-
Cost reset is real and front-loaded.
-
PACE savings: about EUR 85M in H1 2026, about EUR 200M targeted for full-year 2026, more than EUR 300M run-rate by 2027.
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On FY2025 underlying EBITDA of EUR 529M, full savings alone imply above EUR 800M before any volume recovery.
-
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Semiconductor polysilicon optionality.
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Capacity is up more than 50% with management describing very strong demand.
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A revised US Section 232 regime that rewards domestic content could turn Charleston from a liability into a strategic asset.
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Balance-sheet repair without dilution.
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About EUR 359M of Siltronic proceeds plus capex halved to about EUR 300M give net debt of about EUR 500M, or about 0.7x guided EBITDA.
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A residual stake of about 15% provides further dry powder.
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Bear case
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Structural, not cyclical, problem.
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German sites are loss-making, and Chinese overcapacity is permanent in standard siloxanes and solar polysilicon.
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The 2030 targets (above EUR 10bn sales, above 20% margin) look unattainable, implying the long-term earnings base is lower than mid-cycle history suggests.
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Quality of 2026 earnings.
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The Q2 beat relied on a EUR 36.7M pension gain.
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Q1 benefited from conflict-driven pull-forward orders.
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Sales guidance was cut from high- to mid-single-digit growth.
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Underlying volume momentum is weak.
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Polysilicon and Biosolutions drag.
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Q2 2026 Polysilicon EBITDA was EUR 11M.
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Section 232 as drafted does not support US demand, raising the risk of plant closure and new impairments.
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Biosolutions has already destroyed value: EUR 89M goodwill plus EUR 91M of fixed-asset impairments in FY2025.
-
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| Late Oct 2026 | Q3 2026 results: European seasonality, Polysilicon EBITDA, PACE run-rate |
| By 4 Dec 2026 | Section 232 implementing rules, and any Charleston decision or new customer contracts |
| Dec 2026 | Expiry of the 90-day Siltronic lock-up after the September placement; possible further sell-down |
| Mar 2027 | FY2026 results; FY2026 dividend decision (about 50% payout of net income); FY2027 guidance |
| Throughout 2027 | Completion of PACE structural measures; German energy-price developments; Chinese pricing in siloxanes and polysilicon; FX (EUR/USD, EUR/CNY) |
Analyst verdict
Wacker Chemie enters late 2026 as a company whose operating trajectory has turned but whose strategic problem has not been solved.
What has improved. The evidence of self-help is convincing.
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PACE is landing faster than many expected, with about EUR 85M in H1 2026.
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Pricing actions in Silicones and Polymers lifted Q2 operational EBITDA 53% year on year.
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Management has protected the balance sheet: capex was cut by more than half from its peak, inventories reduced, and roughly EUR 359M raised from Siltronic placements without touching equity.
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Net financial debt should fall toward EUR 500M by year-end.
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The family shareholder base gives management unusual latitude to restructure German operations, as the 1,600-job framework agreement shows.
What has not. Self-help resets the cost base; it does not change Wacker's competitive geography.
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The group remains a German-centred, energy-intensive producer competing against Chinese capacity in its most commoditised lines.
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Polysilicon, once the profit engine, delivered EUR 11M of EBITDA in Q2 2026. Its US outpost now depends on how Washington writes implementing rules for a tariff regime that, in Wacker's own words, does not yet effectively support domestic polysilicon.
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Biosolutions remains subscale and has absorbed large impairments.
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The 2030 ambition is not a credible anchor.
Valuation and stance.
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At about EUR 87, the shares trade near 7–8x guided 2026 EBITDA. That is not demanding on normalised earnings, but it already discounts PACE delivery.
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Sell-side consensus (majority Hold; average target about EUR 95) reflects this balance.
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The stock is an execution-and-policy call: upside requires both full PACE delivery and a favourable US polysilicon outcome. Downside is cushioned by asset backing (P/B about 1.2x) and the remaining Siltronic stake.
Recommendation. Neutral, with an upward bias if the Q3 2026 results confirm underlying EBITDA of at least EUR 150M per quarter excluding one-offs, and if the Section 232 rules are amended to favour domestic polysilicon.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | On board since | Born / age | Education | Prior roles | Responsibilities (per AR2023 allocation; current allocation may differ) |
|---|---|---|---|---|---|---|
Dr. Christian Hartel | President & CEO | Board since Nov 2015; CEO since 12 May 2021 | 1971 (about 55) | Chemistry, University of Konstanz; doctorate from the Universities of Geneva and Frankfurt (2000) | Bain & Company consultant; joined Wacker in 2003 (Corporate Development); management roles in Silicones and Biosolutions (2005–2009); Head of Raw Materials Procurement (2010); President of WACKER SILICONES (2012) | Polysilicon, Biosolutions, Corporate Development, Communications, Auditing, Legal & Compliance, R&D |
Dr. Tobias Ohler | CFO | January 2013 | 1971 (about 55) | Law (the board comprises "two chemists, one engineering manager and one lawyer"; attribution to Ohler is inferred) | Joined Wacker in 2004; Corporate Controlling (2005); Raw Materials Procurement (2008); CFO of Siltronic AG (2010) | Accounting & Tax, Controlling, Finance, IR, Procurement & Logistics, IT; Region Americas; Chair of the Siltronic Supervisory Board (AR2023) |
Angela Wörl | Personnel Director (Labour Director) | 12 May 2021 | 1967 (about 59) | — | Returned to Wacker in 2014 as Head of Executive Personnel; Head of HR from 2015 | Polymers, HR, IP, Engineering, Retirement Benefits; Region Asia-Pacific/India |
Dr. Christian Kirsten | Executive Board member | 1 May 2023 | — | Doctorate in chemistry, Düsseldorf (1997) | — | Silicones, Sales & Distribution, Site Management (Burghausen, Nünchritz), Security, SHE, Product Stewardship; Region Europe/Middle East |
“—” = not publicly disclosed.
Directors' Remuneration
| Component | FY2024 | FY2025 |
|---|---|---|
Fixed compensation (EUR) | 3,262,386 | 3,347,948 |
Short-term incentive, STI (EUR) | 1,342,666 | 753,300 |
Long-term incentive, LTI (EUR) | 2,170,234 | 1,660,900 |
Pension service cost (EUR) | 819,593 | 842,931 |
Total Executive Board compensation (EUR) | 7,594,879 | 6,605,079 |
Supervisory Board compensation (EUR) | 2,537,703 | 2,550,000 |
Board of Directors
| Name | Role | Member since | Background |
|---|---|---|---|
Dr. Peter-Alexander Wacker | Chair | Chair since 2008 | Former President & CEO of Wacker Chemie AG; businessman; Chair of the Administrative Council of Blue Elephant Energy GmbH. Linked to Blue Elephant Holding (more than 10% shareholder). |
Manfred Köppl* | Deputy Chair | 2003 | Chair of the Employee Council, Burghausen |
Prof. Andreas Biagosch | Member | 2015 (indicative) | Managing Director, Impacting/Impact GmbH; Chair of the Advisory Council of ATHOS Service GmbH (Strüngmann family office) |
Dr. Gregor Biebl | Member | — | Director General, Bavarian State Chancellery |
Matthias Biebl | Member | — | Attorney |
Prof. Patrick Cramer | Member | 2023 (indicative) | President of the Max Planck Society |
Ann-Sophie Wacker | Member | 2023 (indicative) | Attorney; in-house lawyer / investment manager at Athos KG |
Stefan Entholzner* | Member | — | Deputy Chair of the Employee Council, Burghausen |
Ingrid Heindl* | Member | 2018 | Group and General Employee Councils |
Barbara Kraller* | Member | 2017 | Chair of the Group and General Employee Councils |
Reinhard Spateneder* | Member (AR2024) | — | Employee Council, Burghausen |
IG BCE / DGB regional representative* | Member | 2024 | Altötting district chair of the IG BCE union |
Board & Management Changes
| Date | Change |
|---|---|
12 May 2021 | Hartel succeeds Staudigl as CEO; Wörl joins as Personnel Director |
1 May 2023 | Kirsten replaces Auguste Willems |
| 2020 | Ohler's contract renewed to 2025 |
Major Shareholders
| Holder | Stake | Source |
|---|---|---|
Dr. Alexander Wacker Familiengesellschaft mbH, Munich | More than 50% of voting shares | Wacker IR |
Blue Elephant Holding GmbH, Bad Wiessee | More than 10% | Wacker IR |
Treasury shares | 2,474,617 shares (about 4.7%) | Derived from IR share counts |
Free float (Deutsche Börse definition) | 33.09% | Wacker IR |
Competitive Landscape
Competitors by Segment
| Segment | Competitors | Positioning vs Wacker |
|---|---|---|
Silicones | Dow (Dow Silicones); Shin-Etsu Chemical; Momentive Performance Materials (KCC-owned); Elkem (China National Bluestar-controlled); Hoshine Silicon; Dongyue Group; Hubei Xingfa; KCC Corporation | Shin-Etsu is the margin benchmark, with superior specialty mix and Japanese cost discipline. Chinese integrated producers (Hoshine, Dongyue, Xingfa) set marginal prices in standard siloxanes. Dow is the scale leader. |
Polymers (VAE / powders) | Celanese (VAE emulsions); Dairen Chemical (Taiwan); Nouryon (Elotex powders); Synthomer; BASF (dispersions); Organik Kimya; Chinese powder producers | Wacker is widely regarded as a global leader in VAE dispersions and dispersible powders. Competition intensifies through regional powder makers. |
Polysilicon | Tongwei; GCL Tech; Daqo New Energy; Xinte Energy; East Hope; Hemlock Semiconductor (Corning / Shin-Etsu Handotai JV); OCI (Malaysia); Tokuyama | Chinese producers dominate solar grade at much lower cost. In semiconductor grade, Wacker, Hemlock and Tokuyama form the established triad; Chinese entrants are making inroads (Reuters). |
Biosolutions (CDMO) | Lonza; Fujifilm Diosynth; Samsung Biologics; AGC Biologics; Richter-Helm; Boehringer Ingelheim BioXcellence; numerous mRNA CDMOs | Wacker is a subscale niche player (EUR 360M sales) with microbial and mRNA focus |
Peer Comparison FY2025
| Metric | Wacker (FY2025) | Shin-Etsu Chemical (FY3/2025) | Dow Inc. (FY2024) | Elkem (FY2024) |
|---|---|---|---|---|
Revenue (local currency) | EUR 5,485M | About JPY 2,560bn | About USD 43.0bn | About NOK 30–31bn |
Revenue growth (%) | -4.1 | Positive low single digit | About -4 | Negative |
Margin | EBITDA margin 7.8% reported / about 9.6% underlying | Operating margin about 29% | Operating EBIT margin mid-single digit | EBITDA margin about 10% |
R&D intensity (%) | 3.9 | About 3–4 | About 2 | About 1–2 |
