| KPI | [EUR m] | FY 2024 | H1 2025 E | H2 2025 E | FY 2025 E | FY 2026 E | FY 2027 E | FY 2028 E |
|---|---|---|---|---|---|---|---|---|
| Battery Materials, Revenues (excluding precious metals) | Number of Estimates | 8 | 8 | 8 | 8 | 8 | 6 | |
| Battery Materials, Revenues (excluding precious metals) | Highest | 230.9 | 258.6 | 489.5 | 597.2 | 862.6 | 1,060.0 | |
| Battery Materials, Revenues (excluding precious metals) | Consensus | 385.7 | 207.9 | 208.8 | 416.7 | 516.2 | 656.6 | 804.5 |
| Battery Materials, Revenues (excluding precious metals) | Median | 214.2 | 209.0 | 407.2 | 539.8 | 721.2 | 852.3 | |
| Battery Materials, Revenues (excluding precious metals) | Lowest | 157.6 | 167.6 | 383.8 | 383.8 | 383.8 | 383.8 | |
| Battery Materials, Adjusted EBITDA (including associates) | Number of Estimates | 8 | 8 | 9 | 9 | 8 | 6 | |
| Battery Materials, Adjusted EBITDA (including associates) | Highest | 0.8 | 3.5 | 2.0 | 74.3 | 139.2 | 266.6 | |
| Battery Materials, Adjusted EBITDA (including associates) | Consensus | -5.3 | -8.8 | -1.2 | -11.8 | 34.5 | 86.2 | 165.3 |
| Battery Materials, Adjusted EBITDA (including associates) | Median | -9.6 | -0.1 | -11.5 | 36.0 | 90.9 | 173.0 | |
| Battery Materials, Adjusted EBITDA (including associates) | Lowest | -18.0 | -8.0 | -25.0 | 5.3 | 23.4 | 46.7 | |
| Battery Materials, Adjusted EBIT (including associates) | Number of Estimates | 7 | 7 | 8 | 8 | 8 | 6 | |
| Battery Materials, Adjusted EBIT (including associates) | Highest | -32.2 | -22.7 | -67.6 | -1.9 | 60.0 | 133.0 | |
| Battery Materials, Adjusted EBIT (including associates) | Consensus | -90.0 | -50.2 | -38.4 | -91.9 | -61.1 | -19.8 | 55.5 |
| Battery Materials, Adjusted EBIT (including associates) | Median | -48.3 | -37.9 | -92.6 | -72.0 | -28.9 | 81.2 | |
| Battery Materials, Adjusted EBIT (including associates) | Lowest | -70.0 | -48.2 | -118.2 | -109.0 | -92.1 | -81.1 | |
| Catalysis, Revenues (excluding precious metals) | Number of Estimates | 8 | 8 | 9 | 9 | 9 | 6 | |
| Catalysis, Revenues (excluding precious metals) | Highest | 895.7 | 853.7 | 1,728.5 | 1,763.3 | 1,781.9 | 1,817.6 | |
| Catalysis, Revenues (excluding precious metals) | Consensus | 1,666.1 | 845.5 | 810.4 | 1,648.0 | 1,656.5 | 1,652.9 | 1,672.6 |
| Catalysis, Revenues (excluding precious metals) | Median | 846.5 | 811.1 | 1,661.6 | 1,629.4 | 1,631.7 | 1,653.0 | |
| Catalysis, Revenues (excluding precious metals) | Lowest | 786.0 | 767.4 | 1,584.3 | 1,533.0 | 1,485.0 | 1,576.5 | |
| Catalysis, Adjusted EBITDA (including associates) | Number of Estimates | 8 | 8 | 9 | 9 | 8 | 6 | |
| Catalysis, Adjusted EBITDA (including associates) | Highest | 240.0 | 221.2 | 447.7 | 451.5 | 447.6 | 454.4 | |
| Catalysis, Adjusted EBITDA (including associates) | Consensus | 430.9 | 218.1 | 210.7 | 428.9 | 424.4 | 420.6 | 411.2 |
| Catalysis, Adjusted EBITDA (including associates) | Median | 215.3 | 213.3 | 430.0 | 420.3 | 427.2 | 417.3 | |
| Catalysis, Adjusted EBITDA (including associates) | Lowest | 204.3 | 199.0 | 404.3 | 395.1 | 370.8 | 350.4 | |
| Catalysis, Adjusted EBIT (including associates) | Number of Estimates | 7 | 7 | 9 | 9 | 9 | 6 | |
| Catalysis, Adjusted EBIT (including associates) | Highest | 202.8 | 181.6 | 379.8 | 387.4 | 387.4 | 379.5 | |
| Catalysis, Adjusted EBIT (including associates) | Consensus | 361.7 | 181.6 | 174.8 | 357.4 | 351.3 | 345.0 | 338.8 |
| Catalysis, Adjusted EBIT (including associates) | Median | 179.2 | 177.5 | 357.4 | 351.6 | 355.8 | 342.4 | |
| Catalysis, Adjusted EBIT (including associates) | Lowest | 169.7 | 163.5 | 334.3 | 314.0 | 300.0 | 279.2 | |
| Recycling, Revenues (excluding precious metals) | Number of Estimates | 8 | 8 | 9 | 9 | 9 | 6 | |
| Recycling, Revenues (excluding precious metals) | Highest | 490.6 | 468.2 | 949.5 | 1,021.0 | 1,051.6 | 981.5 | |
| Recycling, Revenues (excluding precious metals) | Consensus | 907.5 | 451.6 | 443.6 | 888.9 | 893.8 | 906.5 | 900.6 |
| Recycling, Revenues (excluding precious metals) | Median | 447.0 | 444.1 | 884.8 | 885.9 | 898.2 | 914.5 | |
| Recycling, Revenues (excluding precious metals) | Lowest | 430.0 | 411.7 | 839.0 | 814.2 | 806.1 | 814.1 | |
| Recycling, Adjusted EBITDA (including associates) | Number of Estimates | 8 | 8 | 9 | 9 | 8 | 6 | |
| Recycling, Adjusted EBITDA (including associates) | Highest | 171.7 | 161.7 | 350.0 | 341.4 | 358.5 | 335.7 | |
| Recycling, Adjusted EBITDA (including associates) | Consensus | 325.7 | 156.9 | 151.1 | 312.7 | 309.3 | 310.2 | 304.6 |
| Recycling, Adjusted EBITDA (including associates) | Median | 155.9 | 151.7 | 309.2 | 305.7 | 308.9 | 302.7 | |
| Recycling, Adjusted EBITDA (including associates) | Lowest | 151.5 | 137.9 | 289.9 | 268.7 | 268.4 | 276.8 | |
| Recycling, Adjusted EBIT (including associates) | Number of Estimates | 7 | 7 | 9 | 9 | 9 | 6 | |
| Recycling, Adjusted EBIT (including associates) | Highest | 129.6 | 129.2 | 247.0 | 265.5 | 283.9 | 268.7 | |
| Recycling, Adjusted EBIT (including associates) | Consensus | 248.1 | 118.1 | 112.4 | 232.6 | 232.7 | 233.4 | 221.5 |
| Recycling, Adjusted EBIT (including associates) | Median | 117.7 | 111.9 | 233.1 | 222.5 | 227.9 | 214.5 | |
| Recycling, Adjusted EBIT (including associates) | Lowest | 112.2 | 96.9 | 210.9 | 190.7 | 181.4 | 183.8 | |
| Specialty Materials, Revenues (excluding precious metals) | Number of Estimates | 8 | 8 | 8 | 8 | 8 | 6 | |
| Specialty Materials, Revenues (excluding precious metals) | Highest | 285.2 | 288.6 | 565.6 | 579.7 | 602.9 | 604.8 | |
| Specialty Materials, Revenues (excluding precious metals) | Consensus | 536.3 | 274.1 | 268.4 | 542.5 | 559.9 | 577.8 | 589.7 |
| Specialty Materials, Revenues (excluding precious metals) | Median | 272.7 | 270.7 | 547.4 | 557.7 | 575.0 | 592.2 | |
| Specialty Materials, Revenues (excluding precious metals) | Lowest | 261.1 | 241.5 | 512.0 | 535.1 | 557.8 | 565.4 | |
| Specialty Materials, Adjusted EBITDA (including associates) | Number of Estimates | 8 | 8 | 9 | 9 | 8 | 6 | |
| Specialty Materials, Adjusted EBITDA (including associates) | Highest | 55.6 | 63.6 | 114.2 | 116.3 | 123.8 | 121.5 | |
| Specialty Materials, Adjusted EBITDA (including associates) | Consensus | 97.3 | 50.5 | 53.3 | 103.1 | 108.2 | 113.2 | 115.6 |
| Specialty Materials, Adjusted EBITDA (including associates) | Median | 51.3 | 51.5 | 102.5 | 105.5 | 112.1 | 118.2 | |
| Specialty Materials, Adjusted EBITDA (including associates) | Lowest | 40.4 | 48.6 | 95.9 | 103.1 | 103.8 | 105.2 | |
| Specialty Materials, Adjusted EBIT (including associates | Number of Estimates | 7 | 7 | 8 | 8 | 8 | 6 | |
| Specialty Materials, Adjusted EBIT (including associates | Highest | 38.5 | 48.8 | 84.8 | 83.5 | 89.2 | 89.7 | |
| Specialty Materials, Adjusted EBIT (including associates | Consensus | 65.7 | 34.0 | 38.2 | 72.3 | 76.5 | 80.2 | 82.3 |
| Specialty Materials, Adjusted EBIT (including associates | Median | 36.0 | 37.7 | 74.1 | 75.8 | 80.7 | 82.3 | |
| Specialty Materials, Adjusted EBIT (including associates | Lowest | 25.3 | 31.7 | 61.4 | 68.0 | 73.0 | 75.0 | |
| Corporate & Group items, Adjusted EBITDA | Number of Estimates | 7 | 7 | 8 | 8 | 7 | 5 | |
| Corporate & Group items, Adjusted EBITDA | Highest | -35.0 | -35.0 | -70.0 | -74.0 | -69.0 | -64.0 | |
| Corporate & Group items, Adjusted EBITDA | Consensus | -85.8 | -38.0 | -40.7 | -79.6 | -81.9 | -82.2 | -83.1 |
| Corporate & Group items, Adjusted EBITDA | Median | -38.0 | -40.2 | -78.3 | -82.0 | -81.0 | -85.0 | |
| Corporate & Group items, Adjusted EBITDA | Lowest | -40.8 | -46.3 | -86.3 | -91.4 | -96.6 | -99.8 | |
| Corporate & Group items, Adjusted EBIT | Number of Estimates | 6 | 6 | 8 | 8 | 8 | 5 | |
| Corporate & Group items, Adjusted EBIT | Highest | -44.4 | -47.0 | -90.0 | -95.0 | -92.5 | -87.9 | |
| Corporate & Group items, Adjusted EBIT | Consensus | -107.9 | -48.7 | -52.5 | -99.0 | -101.6 | -102.8 | -104.7 |
| Corporate & Group items, Adjusted EBIT | Median | -49.5 | -52.1 | -98.5 | -99.9 | -101.4 | -103.0 | |
| Corporate & Group items, Adjusted EBIT | Lowest | -51.3 | -58.4 | -107.9 | -113.4 | -119.4 | -123.0 |
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.
