Essen, Germany, July 10, 2023 – Evonik Industries AG is already today publishing the following preliminary figures for the second quarter of 2023 and adjusting its outlook for the financial year 2023.

Based on preliminary, non-audited figures, Evonik expects an adjusted EBITDA* of € 430 million to € 450 million in the second quarter of 2023 (2022: € 728 million). The current market expectation is € 448 million (Vara Research analyst consensus as of July 10, 2023).

The main reason for this development is the lack of economic recovery to date. In addition, very weak demand across all end markets and sustained reduction in inventories by customers continued in the second quarter. Overall, volumes sold remained at the very low level of the previous quarter. In the specialty chemicals businesses in particular, Evonik nevertheless managed to keep sales prices stable for the most part. In the second quarter, however, all chemical divisions achieved noticeably lower earnings than in the strong prior-year period.

The economic development was also reflected in Group sales. According to preliminary figures, Evonik's sales in the second quarter of 2023 were just under € 4 billion. According to consensus, sales of € 4,081 million are expected.

For the full year 2023, Evonik had previously expected an adjusted EBITDA* in the range of € 2.1 billion to € 2.4 billion, although the company had recently only targeted the lower end. Evonik now expects demand to remain weak without any economic recovery throughout the second half of the year.

Against this backdrop, Evonik is adjusting its outlook for the full year 2023 as follows:

Evonik now expects an adjusted EBITDA* of between € 1.6 billion and € 1.8 billion (previously: € 2.1 - € 2.4 billion). The cost-cutting measures already introduced in the second half of 2022, which already had a supporting effect on earnings in the first half of 2023, will continue to ramp up in the second half of 2023 and contribute around € 250 million for the full year 2023.

The sales outlook is adjusted to a range between € 14 billion and € 16 billion (previously: € 17 billion - € 19 billion).

Accordingly, Evonik expects the cash conversion rate to continue to develop towards a target value of 40 % (2022: 32 %), but - contrary to previously expected - an absolutely higher free cash flow than in the previous year (2022: € 785 million) will not be achievable with the lower operating result.

Evonik Industries AG intends to publish the final figures for the second quarter of 2023 as planned on August 10, 2023.

Further information will be published today by Evonik Industries AG in a press release.

*Explanations of the key performance indicators used can be found in the Financial Report 2022 of Evonik Industries AG starting on page 226.

The Financial Report 2022 is available at:

https://files.evonik.com/shared-files/financial-report-2022-8613.pdf

Contact/Person making the notification:

Tim Lange

Leiter Investor Relations

+49 201 177-3150

[email protected]