Duisburg, August 21, 2025. The Duisburg-based holding company PCC SE increased revenue and gross profit in a challenging market environment in the first half of 2025. However, higher fixed costs, interest expenses, and exchange rate losses resulted in further declines in earnings.
Group revenue decreased by 2.7% to €236.5 million in the second quarter compared to the same quarter last year. In the first half-year, it rose by 0.6% to €487.7 million, primarily due to volume growth in the Surfactants & Derivatives and Logistics segments. In the other segments, ongoing price competition negatively impacted revenue development, particularly in the Silicon & Derivatives segment.
Gross profit increased by 10.2% to €77.5 million in the second quarter, with the gross profit margin rising to 32.7%. Cumulatively for the first half-year, gross profit amounted to €156.1 million, an increase of 7.1%, with the gross profit margin increasing to 32.0%.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) in the second quarter were €14.0 million, 42.4% below the previous year, but 4.4% above the previous quarter. For the first half-year, cumulative EBITDA amounted to €27.3 million, significantly below the €39.5 million from the previous year. This was partly due to significantly increased costs for personnel and services. Segment-wise, Surfactants & Derivatives, Trading & Services, and Logistics each increased EBITDA, while the other segments recorded declines in earnings, particularly Chlorine & Derivatives.
“Overall, the Group’s performance was therefore not satisfactory. Some of our activities, as in previous quarters, were burdened by competition under sometimes unfair conditions due to imports, for example, from China. In addition, the ongoing economic weakness in Germany and the EU, our main sales markets, continued.”, said Riccardo Koppe, Member of the Management Board and Chief Financial Officer of PCC SE. “A weak investment environment and restrained consumption further depressed the European economy, while ongoing geopolitical uncertainties and the unclear customs policy of the USA led to additional caution.”
Group segment performance
The Surfactants & Derivatives segment continued its positive development in the second quarter. The segment’s largest business unit, the Polish production of ionic and non-ionic surfactants, succeeded in increasing sales volumes through capacity expansions. As a result, segment revenue rose by 16.9% in the second quarter and by 19.7% in the first half-year. Segment EBITDA increased to €12.7 million in the first half-year from €11.6 million in the previous year. The Logistics segment also showed positive development. Intermodal container logistics, the segment’s dominant business area, increased both revenue and EBITDA in the first half-year, thereby solidifying its market leadership in its home market, Poland.
Revenue in the Polyols & Derivatives segment decreased in the second quarter; although EBITDA doubled compared to the previous quarter, it declined year-on-year due to the challenging competitive situation. Revenue also decreased in the Chlorine & Derivatives segment, with higher raw material and energy costs impacting results. In contrast, the Trading & Services segment increased both revenue and earnings.
In the second quarter, the Silicon & Derivatives segment operated only one of two furnaces, and revenue consequently decreased by 34.9% compared to the previous year. Since July 20, 2025, the plant has been temporarily shut down due to the difficult market environment, particularly due to ongoing dumping imports, especially from China. Our goal remains a restart. To this end, we support efforts to introduce EU safeguard measures for silicon metal to avert damage to the domestic industry from a potential end to silicon production in Europe.
In the Holding & Projects segment, the focus remained on expanding the core chemical business in the USA. We are currently examining the construction of a chlor-alkali plant at the site of the US chemical company Chemours in DeLisle, Mississippi, and have concluded a long-term off-take agreement with Chemours for chlorine supplies. In the second quarter, we made progress in engineering and financing; in June, the US authorities issued a preliminary building permit.
Repayment of maturing bonds
As of April 1, 2025, PCC SE fully repaid the 3.00% bond ISIN DE000A3MQEM0 issued in 2021 (repayment volume: €7.8 million). And as of July 1, the 4.00% bond ISIN DE000A2YPFY1 issued in 2019 was fully repaid. The repayment volume amounted to €23.8 million.
Consolidated figures unaudited. This quarterly report is available online at https://www.pcc-financialdata.eu/.
