巴斯夫(ADR) 2025年度报告

Published on February 27, 2026 Statement of the Chairman of the Board of Executive Directors Dear Shareholders, We have the rightplaybook to tackle short-term challenges, and, in thelong term, we have the rightstrategy to shape a future-proof BASF. Looking back, 2025 was a year of mixed emotionsfor me. We made great progress in implementingour “Winning Ways” strategy. Our efforts havecontributed to creating a more focused and fasterBASF. We achieved considerable milestones instreamlining our core businesses while swiftlyadvancing Coatings and Agricultural Solutions ontheir value-creation journey. At our new site in Zhanjiang, China, the successfulstartup of the core of the Verbund – on time andbelow budget – stands as a testament to BASF’soperational excellence. Similarly, we continue toprogress with our one-billion-US-dollar MDI expansion project in Geismar, Louisiana. In Ludwigshafen, our teams have exceeded my expectations inworking to restore competitiveness and lay the groundwork for a profitable future for BASF in Europe. At the same time, however, I must acknowledge that our strategic and operational measures have not yetfully translated into a tangible improvement in earnings. After a strong start in 2025, we faced increasingmarket volatility, with initial market tailwinds turning into geopolitical headwinds. In this difficultenvironment, our standalone businesses Agricultural Solutions as well as Environmental Catalyst andMetal Solutions stood out by delivering superior earnings contributions, leveraging their full strength. Overall, BASF Group’s EBITDA before special items came in slightly below our most recent outlookrange and analyst consensus. This was due to lower margins, particularly in the upstream businesses, aswell as negative currency effects, mainly from a weak U.S. dollar. At the same time, free cash flowconsiderably exceeded analysts’ expectations and our own forecast. This provides a foundation for ourdividend proposal of €2.25 per share for 2025. From today’s perspective, we do not expect a meaningfulmarket upswing or a significant easing of geopolitical tensions in the near term. Our outlook for 2026reflects this. This means that we are putting self-help at the heart of our actions and will be keeping aclose eye on costs and our cash flow. I nevertheless remain confident. We have the right playbook to tackle short-term challenges, and, in thelong term, we have the right strategy to shape a future-proof BASF. What matters now is moving forwardwith courage, guided by our Winning Behaviors. BASF is a strong team and we have the capabilities tosucceed – even under challenging conditions. That’s my source of confidence. Dr. Markus Kamieth Chairman of the Board of Executive Directors of BASF SE Letter from the Chairman of the Supervisory Board Dear Shareholders, BASF performed well in difficult geopolitical, regulatory and economic conditions in the 2025 businessyear. The chemical industry is facing major challenges worldwide, particularly in Europe. BASF is focusedon further improving its competitiveness in the various markets and on implementing its “Winning Ways”strategy. In these times, extra responsibilities are also placed upon the Supervisory Board. We have made ongoing and thorough use of detailed reports to monitor the Board of ExecutiveDirectors. We advised the Board of Executive Directors on important issues of corporate governance andstrategic development. The Board of Executive Directors also informed the Supervisory Board of mattersof particular importance outside of the six meetings. In addition, I was in regular personal contact withthe Chairman of the Board of Executive Directors. The four committees of the Supervisory Boardprepared the meetings and enabled in-depth examination of important topics within the body as a whole.The Audit Committee, whose chairwoman was also in close contact with the Chief Financial Officer andthe auditor, bore special responsibility in this regard. Cooperation within the committees and with theBoard of Executive Directors has remained transparent, trusting and constructive, characterized by thecommon pursuit of the best solutions to ensure the success of BASF. The Supervisory Board discussed the business development and the measures taken by the Board ofExecutive Directors in detail. At each meeting, we discussed the progress of the major investmentprojects and the ongoing portfolio measures, including important investments at the Ludwigshafen site,the progress of construction and the highly successful startup of the new Verbund site in Zhanjiang insouthern China, as well as the sale of the global coatings business. In relation to the standalonebusinesses, we discussed the respective progress in strategy implementation, in particular the plannedpartial IPO of the Agricultural Solutions division. In addition, the continued focus of BASF’s portfolio wasintensively discussed. For the core businesses, this means above all growth