Underlying net profit was €460 million in Q1 2023, up +24.5% compared to Q1 2022.įree cash flow generation of €125 million in Q1 2023 reflects high profits, investments in working capital and capital expenditures, and the benefit of a settlement of litigation. Underlying EBITDA margin in Q1 2023 reached a new record level at 26.5%, +320 basis points higher than in Q1 2022. Sequentially, Q1 2023 EBITDA was up +14% versus Q4 2022. Growth in Materials (+35%) and Chemicals (+19%) more than offset the decrease in Solutions (-9%). Underlying EBITDA in Q1 2023 of €839 million was up +22.0% versus Q1 2022 on an organic basis. Pricing measures of €421 million more than offset the €127 million impact from variable cost inflation resulting in €294 million of net price benefit in Q1 2023. Net sales in the first quarter of 2023 grew +2.0% organically to €3.2 billion versus Q1 2022 driven by higher prices (+14%), overcoming lower volumes (-12%) due to softer demand across several end markets including batteries for auto, construction, and consumer-driven industries. Upgraded full year EBITDA and FCF outlook Strong pricing drives +22% organic EBITDA growth in the quarter
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