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Evonik: Weak Economy Characterizes Difficult 1Q 2023

Adjusted EBITDA down 44% to €409 million on sales of €4 billion.

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By: DAVID SAVASTANO

Editor, Ink World Magazine

Despite a difficult first quarter, Evonik confirms its earnings forecast for 2023. The first quarter was characterized by muted economic activity and weak demand, with customers still destocking, especially in the first weeks of the new year. Overall, sales fell 11% to €4 billion. Volumes declined by 14%. Higher prices offset some of the volumes lost and compensated for inflation effects. Earnings before interest and taxes, depreciation and amortization (adjusted EBITDA) declined by 44% to €4...

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