BASF s sales in the first quarter of 2023 fell by 13% due to reduced sales

● EBIT before special items, EBIT and net income in the first quarter of 2023 were well above analysts' consensus estimates

● Sales in the first quarter of 2023 were significantly below analysts' expectations

On April 12, 2023, BASF released preliminary data for the first quarter of 2023. Sales in the first quarter of 2023 decreased by 13.4% to EUR 19,991 million (Q1 2022: EUR 23,083 million). This was mainly due to a significant drop in sales volume. Sales in the first quarter of 2023 were significantly below analysts' average expectations (Vara: 21.819 billion euros).

In the first quarter of 2023, the BASF Group's EBIT before special items is expected to be 1.931 billion euros, down 31.5% from the same period of the previous year (Q1 2022: 2.818 billion euros), but much higher than analysts' first forecast. Quarterly expectations for the 2023 quarter (Vara: EUR 1,599 million). In particular, EBIT before special items in the Agricultural Solutions segment significantly exceeded analysts' average estimate. Chemicals, Materials & Surface Technology's EBIT before special items in the first quarter of 2023 was also well above analysts' average estimate. In the Industrial Solutions and Nutrition & Care segments, EBIT before special items fell slightly and significantly below analysts' average expectations. Elsewhere, earnings before interest and taxes before special items missed analysts' average forecast.

The BASF Group's EBIT for the first quarter of 2023 is expected to be EUR 1.867 billion, well below the figure for the same period of the previous year (Q1 2022: EUR 2.785 billion), but well above analysts' expectations (Vara: 15.33 billion euros).

Net income reached 1.562 billion euros, much higher than the figure for the same period of the previous year (Q1 2022: 1.221 billion euros) and well above analysts' average expectations for the first quarter of 2023 (Vara: 1.081 billion euros). In the same period last year, the net income of the BASF Group was negatively affected by the impairment of the stake in WintershallDea.