Annual Report 2023

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Creating tomorrow’s solutions

Overall Statement by the Executive Board on Underlying Conditions

In 2023, global economic growth was burdened by the effects of the ongoing war in Ukraine, new geopolitical tensions in the Middle East, persistently high inflation and energy price levels, and central-bank interest-rate hikes. WACKER, like the chemical industry as a whole, was impacted in 2023 by extensive inventory adjustments in the supply chain and by the effects of the continued economic slowdown on customer order trends. Business was hampered not only by volume declines in consumer-related silicones, in the construction sector, in fine chemicals and in solar-grade polysilicon, but also by lower prices for numerous products.

Adverse underlying conditions dampened WACKER’s business. In 2023, the company’s sales and earnings were clearly below prior-year figures. WACKER SILICONES, WACKER POLYMERS and WACKER POLYSILICON posted sales declines, while WACKER BIOSOLUTIONS remained on par with the previous year. EBITDA fell in every business division year over year.

Sales decreased across all regions in 2023. In Europe, sales dropped by 19 percent to €2.3 billion and, in the Americas, by 19 percent to €1.04 billion. In Asia, the percentage drop was particularly strong. Sales there came in at €2.75 billion, a decline of 26 percent.