BASF's preliminary 2025 results show group sales of €59.7 billion, roughly 3% lower than 2024 but matching market forecasts. Volumes inched up, but lower prices and currency headwinds cut into revenue. The German chemical giant reported adjusted EBITDA of €6.6 billion, missing its own guidance range.

The standout metric was free cash flow, which surged to €1.3 billion from €700 million a year earlier. This jump came as capital spending fell to €4.3 billion from €6.2 billion, largely due to the completion of major investments in China. Operating cash flow dipped, however, due to higher working capital needs.

Kepler Cheuvreux analyst Christian Faitz called the figures "clearly in line if not above expectations," citing the strong cash generation. He noted that while demand remains fragile, an improvement in global conditions could spark a meaningful earnings rebound. The results offer a mixed but stable picture for the sector.