Polysilicon

Polysilicon’s sales for 2025 fell by 7.0 percent and totaled €882.9 million (2024: €949.2 million), primarily prompted by lower solar-grade polysilicon volumes sold. Low plant-utilization rates (due to inventory checks) and, to a lesser extent, currency effects had a negative impact too. By contrast, the business with hyperpure semiconductor-grade polysilicon performed very well. In regional terms, sales increased in Europe and the Americas, but declined in Asia.

EBITDA contracted by 50.3 percent to €96.2 million (2024: €193.4 million). Earnings were hampered not only by low prices and lower volumes for solar-grade polysilicon, but also by the sustained higher energy prices in Germany compared to other regions. The EBITDA margin was 10.9 percent (2024: 20.4 percent). EBIT decreased from €70.0 million in 2024 to €-51.2 million in 2025. The decline of €121.2 million is due not only to the decrease in EBITDA of €97.2 million, but also to higher year-over-year impairments.

In 2025, Polysilicon’s capital spending amounted to €96.3 million (2024: €199.7 million), around 52 percent below the prior-year level. Investments centered on expanding capacity for semiconductor-grade polysilicon, particularly on the new cleaning line in Burghausen, which went into operation in May. This increased capacities for hyperpure semiconductor-grade polysilicon by more than 50 percent. The number of employees as of December 31, 2025, totaled 2,349 (December 31, 2024: 2,375 employees).