Cash Flow
Net cash flow
WACKER’s long-term objective is to finance its capital expenditures primarily from its own cash flow. This target was achieved in 2025. Net cash flow totaled €-3.6 million in 2025 (2024: €-326.0 million). In particular, inventory-reduction measures and lower investment spending had a positive impact on net cash flow.
€ million |
|
2025 |
|
2024 |
|
Change |
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|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|||||
|
542.6 |
|
336.6 |
|
61.2 |
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Cash flow from long-term investing activities before securities1,2 |
|
-546.2 |
|
-662.6 |
|
-17.6 |
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Net cash flow |
|
-3.6 |
|
-326.0 |
|
-98.9 |
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|
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Net cash flow is defined as the sum of cash flow from operating activities and cash flow from long-term investing activities (excluding securities).
Net cash flow
Gross cash flow
Cash flow from operating activities (gross cash flow) came to €542.6 million in 2025, up considerably year over year (2024: €336.6 million). This increase is mainly due to the targeted reduction in working capital of €134.9 million (2024: €-386.6 million). The inventory-reduction measures had a particularly positive impact in this regard, whereas in the previous year, inventory buildup had had a negative effect on cash flow. The decrease in the clearly negative net result year over year is due primarily to non-cash transactions. The net result for the year came to €-804.9 million (2024: €260.7 million).
Cash flow from operating activities (gross cash flow)
Cash flow from long-term investing activities
The Group’s investment projects are the key factor influencing cash flow from long-term investing activities. In 2025, cash payments of €553.9 million for capital expenditures were on a par with the previous year (2024: €695.5 million). More than half of the capital expenditures were focused in Germany. Cash flow from long-term investing activities before securities amounted to €-546.2 million in the reporting period from January to December 2025 (2024: €-662.7 million).
Cash flow from long-term investing activities before securities
Cash flow from financing activities
Cash flow from financing activities totaled €271.9 million (2024: €145.9 million). This was the result of cash outflows from the repayment of financing liabilities of €168.5 million (2024 : €272.4 million) and cash inflows from new financing liabilities of €611.6 million (2024: €623.1 million). Wacker Chemie AG dividend payment of €124.2 million (2024: €149.0 million) led to a cash outflow in the second quarter. Repayments of lease liabilities were virtually constant year over year at €34.5 million (2024: €35.9 million).
Cash and cash equivalents
Cash and cash equivalents came to €1.10 billion (2024: €1.05 billion). Liquidity from cash and from noncurrent and current securities remained at a high level of €1.48 billion (2024: €1.26 billion).
WACKER reports higher net financial debt
WACKER defines net financial debt/net financial assets as the balance of gross financial debt (noncurrent and current financing liabilities) and existing noncurrent and current liquidity, consisting of securities, cash and cash equivalents. Net financial debt totaled €-885.7 million as of December 31, 2025 (Dec. 31, 2024: €-690.6 million).
Net financial assets/net financial debt
Aside from the financing liabilities disclosed in the report on net assets, WACKER has at its disposal an adequate amount (around €600 million) in unused lines of credit with maturities of over one year. The existing credit lines ensure adequate financial leeway to ensure the Group’s further growth. The Group does not engage in any off-balance-sheet financing.