Duisburg, November 14, 2025. Duisburg-based investment holding company PCC SE achieved earnings improvements in the third quarter of 2025, with almost all segments increasing their EBITDA (earnings before interest, taxes, depreciation, and amortization). However, Group sales fell slightly. The quarter was characterized by continued strong price competition from non-European manufacturers. Compensations for CO2 certificates for our energy-efficient chlorine production had a positive effect, while rising fixed costs and interest expenses had a negative impact on earnings.
The PCC Group’s sales in the third quarter fell by 5.5% year-on-year to €224.6 million, mainly due to price declines in the Chlorine segment and lower volumes in the Silicon & Derivatives segment. In contrast, the Surfactants & Derivatives and Logistics segments continued their very good performance from the first half of 2025. For the first nine months, there was a decrease in sales of 1.9% to €708.8 million.
At €24.5 million, EBITDA in the third quarter was more than two and a half times higher than in the previous year and cumulated to €57.9 million in the first nine months, 24.9% above the previous year. At the operating level (EBIT, earnings before interest and taxes), PCC achieved a positive result of €3.9 million in the third quarter. This reduced the cumulative loss from the first nine months to -€4.8 million. EBIT improved by 70.6% compared to the previous year. Due to the effects mentioned, earnings before taxes (EBT) also increased in the third quarter, and the loss fell to -€9.3 million.
“Overall, business development in the third quarter was in line with expectations. As in previous quarters, some of our activities in basic chemicals were burdened by competition under sometimes unfair conditions from cheap imports from China,” said Riccardo Koppe, Member of the Board and Chief Financial Officer of PCC SE. “In addition, there was hardly any cost relief and the European economy has not recovered as expected in the second half of the year so far.”
Group segment performance
The Surfactants & Derivatives segment developed positively, as in the previous quarters. Sales rose significantly, by 14.6% compared to the same quarter of the previous year, and EBITDA continued to increase. The Polyols & Derivatives segment also increased sales and EBITDA in the third quarter of 2025. In contrast, the Chlorine & Derivatives segment had to accept a price-related decline in sales, although the earnings situation was stabilized by compensations for the development of the CO2 price.
The Silicon & Derivatives segment implemented the previously announced temporary shutdown of silicon metal production on July 20, 2025. The reason for this was that, due to the unclear customs policy of the USA towards China and the weak domestic demand there, more low-cost imports entered Europe, which further depressed the already persistently low price level. Currently, the plant’s costs are being reduced to a minimum, and we continue to pursue the goal of creating market conditions and a cost situation that will allow for a restart of the plant.
In the Trading & Services segment, sales fell in the third quarter, but earnings increased. Intermodal container logistics, the dominant business area of the Logistics segment, continued its positive business development in the third quarter and increased sales, but EBITDA remained at the previous year’s level in cumulative terms.
In the Holding & Projects segment, the focus remained on expanding our core chemicals business in the USA. In particular, we are examining the construction of a chlor-alkali plant at the site of the US chemical company Chemours in DeLisle, Mississippi. In the third quarter, the project was irrevocably granted the “Air Construction Permit” in the state of Mississippi. This means that no further significant permits are outstanding. Tenders for around 80% of the trades in the construction phase have been launched and the offers are now being evaluated and negotiated.
Issuance of the 100th bond PCC Bond
On October 1, 2025, PCC SE issued the 100th bond in the company’s history. Since the first issue in 1998, more than 20,000 investors have subscribed to PCC bonds worth a total of around €1.7 billion, of which PCC has repaid over €1.1 billion to date. The anniversary bond DE000A4DFWY7 has an interest rate of 5.50% p.a. and a term of around five years.
Repayment of maturing bonds
On July 1, 2025, PCC SE repaid the 4.00% bond ISIN DE000A2YPFY1 issued in 2019 at its final maturity (€23.8 million repayment volume). And on October 1, the 4.00% bond ISIN DE000A3H2VU4 issued in 2020 was repaid at its final maturity. The repayment volume was €29.7 million.
The stated group key figures are unaudited.
