Half-year results: ALTANA with stable sales and earnings development

• Sales reach 1,624 million euros thanks to slight operational growth
• ELANTAS division and Asia region particularly strong
• EBITDA and margin above previous year’s level in the first six months
• Research and development expenses increased by another 3 percent

The globally active specialty chemicals group ALTANA achieved stable sales and earnings development in the first half of 2025 despite increasingly challenging market conditions. At 1,624 million euros, sales were 1 percent below the strong prior-year figure. On an operational basis – adjusted primarily for currency effects – ALTANA grew by 1 percent. Continued strong demand in Asia was an important driver of this growth.

Profitability also increased during the reporting period. ALTANA increased its earnings before interest, taxes, depreciation and amortization (EBITDA) by 1 percent to 290 million euros in the first six months of the year. Operating growth amounted to 2 percent. The EBITDA margin improved to 17.9 percent, up from 17.5 percent in the same period of the previous year.

"We, too, are feeling the effects of ongoing volatile market conditions. However, our business performance clearly shows that investing in the future pays off in any economic climate," says Martin Babilas, CEO of ALTANA AG. "Thanks to our innovative and financial strength, targeted acquisitions and investments, and the proven sustainability of our business model over many years, we are ideally positioned to continue our success with sustainable solutions."

Lower dependence on energy prices and lower supply chain risks due to balanced regional positioning
As a specialty chemicals company, ALTANA requires significantly less energy than the industry average and is therefore less affected by the current high prices for oil, gas, and electricity. Nevertheless, ALTANA has been working intensively for a long time to increase energy efficiency. Between 2014 and 2023 the company already reduced CO2 emissions in its direct sphere of influence (Scope 1 and 2) by 70 percent, despite rising sales. In July, the renowned rating agency EcoVadis awarded ALTANA its Platinum medal for its sustainability efforts, placing the company among the top 1 percent of all companies rated worldwide.

ALTANA CFO Stefan Genten explains further factors contributing to the company’s resilience: "We are well positioned around the world where our customers and the greatest growth opportunities are, and we are continuously investing in our decentralized site network. This makes ALTANA more geographically independent, increases the pace of innovation, and reduces risks associated with supply chains and customs duties."

Asia as a growth driver
In Asia, sales rose by 2 percent, and in China – the region’s largest market – by 8 percent. Operating sales there increased by 4 and 9 percent, respectively. This growth was supported by the continued robust expansion of the Chinese economy. Last year, the ELANTAS division significantly increased its production capacity for wire enamels in Zhuhai, southern China, to meet rising demand.

In the Americas, operating sales also increased by 1 percent, while nominal sales declined by 2 percent. In the U.S., ALTANA expanded the production of its UVcuring resins for industrial additive manufacturing in the first half of the year and began large-volume deliveries of its Cubic Ink® 3D printing materials to a medical technology company. The product is manufactured at the ACTEGA site in Cinnaminson, New Jersey.

In Europe, sales fell by 3 percent to 609 million euros, mainly due to the continuing weak economy in Germany, ALTANA’s third-largest market worldwide. In operational terms, the decline was slightly smaller at 2 percent. Sales in Germany reached 170 million, down 4 percent (operationally down 3 percent) from the previous year. ALTANA is also continuing its investment projects in Europe, including the construction of a state-of-the-art innovation, laboratory, and seminar complex at its headquarters in Wesel and a new production building in Deventer, the Netherlands.

Strong growth in the ELANTAS division
ELANTAS increased its sales by 4 percent to 460 million euros in the first six months of 2025, with an operating growth of 7 percent. BYK’s sales declined by 2 percent (operationally 1 percent) to 689 million euros. ECKART achieved sales of 217 million euros, down 3 percent (operationally 2 percent). ACTEGA’s sales of 257 million euros were 4 percent (3 percent in operational terms) below the previous year.

In the first six months of 2025, ALTANA increased its already high research and development (R&D) expenditure by another 3 percent to 109 million euros, corresponding to around 7 percent of sales – well above the industry average. Approximately one in seven ALTANA employees works in R&D. As of June 30, ALTANA employed a total of 8,351 people worldwide, unchanged from a year earlier.

Forecast for the full year
Macroeconomic uncertainties caused by trade and geopolitical conflicts are expected to continue in the second half of the year, further weighing on demand. Against this backdrop, operating sales are unlikely to grow in the mid-single-digit percentage range as previously forecast but are expected to remain at the strong level of the previous year. ALTANA also expects a slight improvement in earnings profitability compared with 2024.