Despite a challenging market environment, the Duisburg-based investment holding company PCC SE achieved earnings improvements in the fourth quarter of 2025 compared to the previous quarters. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 10.9% to € 27.2 million compared to the previous quarter. EBITDA therefore increased from quarter to quarter over the course of 2025. For 2025 as a whole, preliminary figures show a slight year-on-year decline in EBITDA of 3.3% to € 85.1 million.
“Like the entire 2025 financial year, the fourth quarter was characterized by persistently strong price competition from non-European manufacturers and weak demand in Europe,” explains Riccardo Koppe, CFO of PCC SE. “Nevertheless, some business units recorded volume increases with stable or slightly declining prices overall. The focus on higher-margin specialty products had a positive effect. Compensation payments for CO₂ certificates in favor of chlorine production also supported earnings in the fourth quarter. This was offset by rising fixed costs, higher interest expenses and cumulative exchange rate losses.”
According to preliminary figures, Group sales in fiscal 2025 decreased by 3.6 % to € 925.0 million, with a year-on-year decline of 8.9 % to € 216.2 million in the fourth quarter. The gross profit of the PCC Group remained stable at an expected € 292.0 million for the year as a whole, while the gross profit ratio rose slightly to 31.6 % (previous year: 30.4 %). At € 76.9 million, gross profit in the fourth quarter was 6.6 % higher than in the prior-year quarter, the third consecutive quarter with an increase. Cash flow from operating activities increased due to improvements in working capital and is expected to reach € 91.4 million for the year as a whole, an increase of 11.3%.
“Overall, business development in the fourth quarter largely continued the trends from the third quarter,” explains Koppe. “Despite isolated indications of a slight upturn in demand, the global economic environment remained challenging. The chemical segments developed stably in line with market conditions. Before one-off effects, business development was in line with expectations.”
Group segment performance
As in previous quarters, the Surfactants & Derivatives segment, the main revenue generator of PCC, performed well. Segment sales rose by 4.0 % in the fourth quarter and, according to preliminary figures, by 14.2 % to € 255.4 million for the year as a whole. The segment also achieved earnings growth despite the challenging market environment. EBITDA increased from € 23.9 million in the previous year to an expected € 25.0 million. A newly constructed ethoxylation plant with a capacity increase of around 35,000 to 40,000 tons per year contributed to this.
In the Polyols & Derivatives segment, sales and EBITDA fell in the fourth quarter compared to the same quarter of the previous year, mainly due to competition. Sales in the Chlorine & Derivatives segment also fell in the fourth quarter, while compensation for the CO₂ price trend mitigated the decline in earnings. In the Trading & Services segment, quarterly sales rose by 7.8% to € 28.8 million and earnings increased significantly, both in the quarter and in the financial year. In the Logistics segment, Intermodal Container Logistics defended its market leadership in Poland. However, cost increases had a negative impact on earnings.
In the Silicon & Derivatives segment, silicon metal production in Iceland remained shut down. The first effects of the cost reductions were noticeable. Cooperation with all stakeholders continued in the new year in order to enable an economic resumption of production in the future.
In the Holding & Projects segment, we continued work on the project for a chlor-alkali plant in the USA. However, a final investment decision has yet to be made. We were able to further increase capacity utilization in the fourth quarter at our alkoxylates production facility in Malaysia, which will be commissioned in 2024. The product portfolio adjustment implemented in the previous quarter supported this development.
The Group key figures mentioned are preliminary. The 2025 Annual Report with the final audited Group figures for the past financial year will be published as planned on May 19, 2026.
Redemption of maturing bullet bond
On October 1, 2025, PCC SE redeemed the 4.00% bond ISIN DE000A3H2VU4 issued in 2020 at final maturity. The repayment volume amounted to € 29.7 million.
