This article first appeared on GuruFocus .
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Revenue:EUR1.41 billion, down 5% year-over-year due to FX headwinds.
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EBITDA:EUR173 million, up 45% year-over-year.
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Net Income:EUR15 million, with earnings per share of EUR0.21.
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Silicones Sales:EUR708 million, down 5% year-over-year, but up 17% quarter-over-quarter.
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Silicones EBITDA:EUR117 million, up 13% year-over-year.
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Polymers Sales:EUR333 million, down 8% year-over-year, up 7% quarter-over-quarter.
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Polymers EBITDA:Increased by 33% year-over-year.
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Biosolutions Sales:EUR100 million, up 9% year-over-year.
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Biosolutions EBITDA:EUR13 million.
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Polysilicon Sales:EUR226 million, down 8% year-over-year.
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Polysilicon EBITDA:EUR23 million.
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Gross Cash Flow:EUR77 million.
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CapEx:Expected to be around EUR300 million in 2026.
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Net Debt:EUR964 million at the end of the quarter.
Release Date: April 29, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Wacker Chemie AG ( WKCMF ) reported a 45% year-over-year increase in EBITDA to EUR173 million, driven by cost savings from the PACE program.
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The company has successfully implemented cost-saving measures, aiming for annual savings of over EUR300 million by 2028.
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A new production line for thermally conductive silicones in Japan positions the company well to meet growing demand in the e-mobility sector.
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The company has adjusted its full-year 2026 sales expectations upwards, anticipating a high single-digit percentage increase.
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Polysilicon segment continues strong growth in the semiconductor market, supported by a new etching line that strengthens its market position.
Negative Points
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Group sales were down 5% year-over-year, primarily due to negative FX effects.
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The ongoing conflict in the Middle East has led to supply disruptions, driving up raw material and energy prices.
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Demand in many customer industries remains weak, contributing to macroeconomic uncertainty.
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The company's full-year outlook is subject to high uncertainty due to geopolitical risks, supply chain issues, and trade policies.
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The solar segment faces challenges with lower prices and demand, impacting overall performance.
Q & A Highlights
Q: Can you provide details on the pre-buying in silicones and polymers, and the impact of price increases and raw material inflation in Q2? A: The pre-buying was broad-based, mainly in Asia, affecting both specialty and standard silicones. Price increases were announced in Q1 but will impact Q2, as raw material inflation has not yet affected costs significantly. We expect more significant impacts in the latter half of the year. (Tobias Ohler, CFO)
Q: How do you justify the forecasted sales increase in polymers despite a Q1 decline? A: The cost increases and price adjustments will start impacting from Q2. We expect a significant sales increase due to price adjustments, with a playbook in place for different regions. (Tobias Ohler, CFO)
Q: What is the outlook for the Biosolutions segment given the project timing effects in Q1? A: Biosolutions benefited from project timing in Q1, but we expect a step down in Q2. The full-year EBITDA target of around EUR30 million remains appropriate, considering the challenging CMO market and prior cost measures. (Christian Hartel, CEO)
Q: Can you elaborate on the polysilicon market, particularly in Asia and the U.S.? A: Global recalibration towards renewables may increase PV demand, with Southeast Asia likely supplied by China. In the U.S., the 232 decision is pending, affecting customer behavior. Inventory levels are stable, with polysilicon inventories slightly reduced. (Christian Hartel, CEO)
Q: How is the PACE cost-saving program progressing, and what are the expected savings for 2026? A: We target EUR200 million in savings for 2026, with EUR40 million realized in Q1. The savings profile is not linear, with personnel measures expected to impact more in 2027. We are confident in reaching the target. (Tobias Ohler, CFO)
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
