Outlook for 2026

The main assumptions underlying WACKER’s plans relate to raw-material and energy costs, to personnel costs and to exchange rates. For 2026, we anticipate a euro exchange rate of US$1.20 (2025: US$1.05). We assume that energy costs will be higher than a year earlier, while average prices of our key raw materials are expected to be slightly below the prior-year level. On the whole, the majority of our raw-material and energy supplies are secured for 2026.

Performance indicators and value-based management

The main performance indicators for the WACKER Group will remain unchanged year over year.

Group sales to grow in 2026 in a low single-digit range

WACKER expects overall flat selling prices and rising volumes in 2026. Currency effects will have a negative impact on sales. We assume that sales in Asia and Europe will rise, whereas we do not expect any growth in the Americas. Altogether, we expect sales to grow in a low single-digit percentage range (2025: €5.49 billion).

Various uncertainties and risks may cause the actual performance of the WACKER Group and its divisions to diverge from our assumptions, either positively or negatively. Changes in the economic environment are among the factors than can cause such divergences. We expect selling prices to remain flat overall in 2026. At the same time, we anticipate volume growth. If the economy recovers over the course of the year, WACKER will have further potential to achieve higher volumes.

Outlook for key performance indicators at the Group level

From today’s standpoint, we forecast the key performance indicators at the Group level as follows.

EBITDA margin and EBITDA: The EBITDA margin is expected to be in a low double-digit range. EBITDA is likely to be in a range between €550 million to €700 million.

ROCE: ROCE will be positive, lying in a low single-digit percentage range.

Net cash flow: We expect net cash flow to be positive in 2026, significantly higher than a year earlier. The increase is particularly due to much lower capital expenditures than in the reporting year as well as to an improved operating result.

Outlook for supplementary performance indicators at the Group level

Capital expenditures: Capital expenditures in 2026 will be around €300 million. Capital expenditures will be driven by future customer demand. They are to be earmarked, for example, for expansion of hydrogen-purification capacity for semiconductor-grade silicon in Burghausen, as well as for capacity expansion at the Silicones division in Burghausen and Karlovy Vary.

Net financial debt: In 2026, we expect net financial debt to be a low double-digit percentage down on the prior-year level.

Divisional sales and EBITDA trends

We expect Silicones to post sales in every region in 2026 on a par with the prior year. Higher volumes and selling prices are likely to compensate for negative currency effects. We predict that the EBITDA margin will be up slightly as against 2025.

We expect Polymers to post higher sales in Europe, whereas we forecast lower sales in the Americas and Asia. Here, too, higher volumes and selling prices will be offset by negative currency effects. We expect the EBITDA margin to be slightly above the prior-year level.

We expect Biosolutions to grow in a high single-digit range. We continue to assume that the market environment will be challenging. EBITDA is likely to be around €30 million.

We expect the Polysilicon division to post sales in a low double-digit percentage range in 2026. We also expect volumes of semiconductor-grade polysilicon to increase considerably. The solar-grade polysilicon business will remain challenging. EBITDA is expected to be on a par with the prior year. The higher sales and efficiency measures are likely to be offset by higher energy costs. This forecast does not include any material effects from possible trade policy measures and is based on the status quo at the time of publication. Please refer to the “Polysilicon trade restrictions” section in the risk management report for further details.

Future dividends

The goal is to distribute half of the Group’s net income to shareholders, assuming the business situation allows this and the committees responsible agree.

Financing

The main features of our financing policy remain in place. We are confident that we have a strong financial profile with a sound capital structure and a balanced maturity profile for our debt. As of December 31, 2025, WACKER had €600 million in unused lines of credit with residual maturities of over one year.

Executive Board statement on overall business expectations

We have identified a number of economic risks for 2026. Global economic development will remain dominated by trade conflicts, the impact of Russia’s war of aggression against Ukraine, and geopolitical conflicts in the Middle East. What is more, companies based in Europe are affected by persistently high energy prices compared to elsewhere. According to business analysts’ forecasts, global GDP growth in 2026 will, at most, be at the level of 2025. In this challenging market environment, we expect our business to grow slightly in 2026. Sales growth is expected to be in a low single-digit percentage range. We expect sales at our chemical divisions to be at the prior-year level despite negative currency effects. We anticipate sales growth at Biosolutions and Polysilicon. EBITDA will range between €550 million and €700 million. The EBITDA margin is likely to be in the low double-digit range.

WACKER will continue to invest in 2026 to underpin the future growth of its divisions. Capital expenditures will be around €300 million, which is well below the prior-year level. Net cash flow will be positive and substantially higher than last year. Our net financial debt is likely to be down on the prior-year figure by a low double-digit percentage.

As of the preparation date of these financial statements, nothing had changed as regards our guidance.