International. Sales in the current year are expected to reach €18.5 billion.
Against the backdrop of a clearly weakened economy, Evonik showed a solid performance in the third quarter.
Although sales volumes sold decreased, revenue increased by 26% year-on-year to EUR 4.88 billion due to price increases. That way, the higher variable costs were successfully passed on.
Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) only decreased by 5% to €615 million.
"Despite the increasingly challenging environment, we remain confident of achieving our full-year outlook," said Executive Board Chairman Christian Kullmann.
"At the same time, we are preparing for a recession next year," he said.
Evonik confirms the adjusted EBITDA outlook in the range of €2.5 billion to €2.6 billion. Sales in the current year are expected to reach €18.5 billion.
Free cash flow improved significantly compared to the negative €106 million generated in the first half and stood at €288 million in the third quarter.
"We've accomplished a lot in improving that measure, and the fourth quarter should be even better," Chief Financial Officer Ute Wolf said.
"We are working hard to achieve our goal of a free cash flow conversion rate of around 30%," he added.