Development of selected Group indicators
download excel- EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)
- EBIT (Earnings Before Interest and Taxes) = Operating result = EBITDA – Depreciation and amortization
- EBT (Earnings Before Taxes) = EBIT – Interest
- Gross cash flow = Net result adjusted for non-cash income and expenses
- ROCE (Return On Capital Employed) = EBIT / (Average equity + Average interest-bearing debt)
- Net debt = Interest-bearing debt – Liquid funds – Other current securities
- Equity ratio = Equity capital / Total assets
- Return on equity = Net result / Average equity
- Change in percentage points
Earnings position
Overall, business performance in 2025 showed a similar level of weakness as in the previous year. Generally subdued economic growth, geopolitical instability, competitive disadvantages in the global context, high energy costs, and a still unclear outlook weighed on our results for the past fiscal year. As in the previous year, 2025 was again marked by weak demand in Europe, PCC’s main sales market. In particular, a sluggish construction sector and the crisis facing European automakers burdened sales. Segments such as Polyols & Derivatives and other business areas involved in the production of foundation chemicals, as well as the Silicon & Derivatives segment, were particularly affected by these developments. In contrast, business units with high resilience to the observed market disruptions, such as the Surfactants & Derivatives segment – once again the main revenue driver within the PCC Group – continued their upward trend in the past fiscal year. The Logistics and Trading & Services segments were also able to defend their positions against the headwinds of the market environment.
Despite isolated signs of a slight uptick in demand, the global economic environment remained challenging. In 2025, economic activity slowed only slightly compared to the previous year, with global economic growth estimated at around 3.2 %. The US economy also remained robust, with momentum slowing only slightly. The European economy, however, continued to falter, albeit with significant differences between individual countries. Thus, the economic situation in Germany remained tense despite the reform efforts of the federal government in office since May 2025, and economic growth – even after two years of recession – lagged behind many other industrialized nations with a minimal increase of just 0.2 %. In contrast, economic development in Poland, the location of PCC Group’s main production site, deserves special mention, as the Polish economy was among the fastest-growing in the EU in 2025, with expansion exceeding 3 %.
Inflationary risks generally subsided, allowing the European Central Bank (ECB) to continue the interest rate cuts it had initiated the previous year and to keep the deposit rate steady at 2.0 % in the second half of 2025. Nevertheless, private consumption continued to be subdued, particularly in Germany, and the investment climate remained weak. Furthermore, the comprehensive infrastructure investment package announced by Germany‘s federal government, which could provide a boost to the economy, had not yet been implemented in any meaningful way.
In addition to persistently high energy costs, rising labor costs – which also drove up the prices of all services – had a negative impact on the performance of European industry and, consequently, on the business of PCC SE’s portfolio companies. Other negative factors included ongoing regulatory pressure, cumbersome bureaucracy, and the ESG transformation. Added to this were new burdens resulting from the occasional contradictory tariff decisions made by the US administration in office since January 2025. As a result of the sometimes drastically increased import tariffs into the USA, flows of goods from Asia, and specifically from China, were further redirected to Europe. This intensified the trend – already driven by weak domestic demand in China and local overcapacity – of exporting large volumes of chemical products and silicon metal to Europe at dumping prices. The result was a further intensification of the price war in Europe. Overall, the competitive conditions for goods from Asia – and particularly from China – remained exceptionally difficult for production and pre-production in Europe during the past fiscal year, especially since European industry in a number of sectors is largely unprotected against these low-cost imports.
In the first quarter of the current fiscal year, the war in Iran emerged as an additional dominant factor influencing the global economy. Within a matter of days, oil, gas, and many other commodity prices rose significantly, and logistics in the Middle East partially collapsed.
The consequences for the PCC Group’s business performance will depend on the duration of the conflict, the stability of the European petrochemical industry, and how quickly global logistics flows recover. In the short term, positive effects on PCC’s chemical companies are expected due to good raw material availability, higher customer demand, and reduced import pressure from Asia. It is also likely to be possible initially to pass on price increases to customers. In the medium term, however, there is a risk that customers will no longer accept further price increases. Added to this are possible supply risks for key chemical feedstocks such as ethylene oxide, for example.
Overall, the PCC Group ended the 2025 fiscal year with earnings before interest, taxes, depreciation, and amortization (EBITDA) of € 81.4 million, down € 6.6 million or 7.5 % from the previous year. Group revenue amounted to € 923.6 million in 2025, a decrease of € 36.4 million or 3.8 %. This revenue trend runs parallel with the generally subdued economic growth and weak demand encountered in the European Union. Both the chemical industry and downstream industries were affected by price declines and continued low capacity utilization. Price decreases on the raw materials procurement side resulted in rising gross margins. However, since costs increased at the same time, particularly in the areas of personnel and external service providers, this resulted in a slight overall decline in earnings at the EBITDA level.
With sales of € 256.1 million, the Surfactants & Derivatives segment was the PCC Group’s main revenue driver and also achieved the highest revenue growth of € 32.4 million, or 14.5 %, compared to the previous year. The Logistics and Holding & Projects segments also increased their revenue. By contrast, the Polyols & Derivatives, Chlorine & Derivatives, Silicon & Derivatives, and Trading & Services segments generated lower sales than in the previous year, with the largest revenue decline – of € 44.8 million, or 52.7 % – recorded in the Silicon & Derivatives segment. There were no significant impacts on revenue due to changes in the scope of consolidation in 2025. For most PCC Group companies, the euro is not the functional currency. Therefore, exchange rate effects from the translation of revenue and earnings figures have an impact on the consolidated statement of income. Based on exchange rates unchanged from the previous year, the PCC Group’s revenue would have been € 917.6 million, which is € 6.0 million or 0.7 % lower than the actual figure. This mitigation is due to exchange rate movements in the currencies relevant to the PCC Group, particularly the Polish złoty.
The PCC Group’s gross profit declined slightly in 2025, falling to € 290.5 million (previous year: € 292.4 million). Gross margin rose to 31.5 % (previous year: 30.5 %). In addition to selling prices, purchase prices for key raw materials also fell. However, procurement costs for energy and logistics remained virtually unchanged from the previous year.
Personnel expenses increased year on year from € 150.7 million to € 152.7 million, thus continuing the trend of previous years in fiscal 2025. Wages and salaries continued to rise disproportionately due to high inflationary pressure, while the number of employees in the Group decreased by 180, or 5.5 %, to 3,115 as of December 31, 2025 (previous year-end: 3,295). The majority of these job losses were attributable to the Silicon & Derivatives segment; as silicon metal production in Iceland has been provisionally suspended since July 2025 due to the difficult market situation, the number of employees there decreased by 132, or 58.4 %. Headcount also declined in the Chlorine & Derivatives, Polyols & Derivatives, and Trading & Services segments. From a regional perspective, 135 of the job losses were in the Other Europe region and 50 in Poland. In all other regions, a total of five positions were added.
Other operating income decreased only slightly, from € 45.0 million in the prior year to € 43.3 million in the reporting period (a decline of € 1.8 million). The line item “Income from compensation payments in connection with CO₂ certificates” again represents the largest single component at € 19.7 million (previous year: € 19.4 million). These payments are made by the Polish government as compensation for increases in CO₂ allowance prices.
The PCC Group’s business activities involve the ongoing research and development of new products, processes, and procedures, as well as the further development of existing customer solutions. Cross-company project teams are also formed for this purpose. In the past fiscal year, the PCC Group recorded research and development (R&D) expenses of € 9.7 million, underscoring its strong commitment to this area (previous year: € 8.8 million). In addition, expenditures for internally developed intangible assets and property, plant and equipment totaling € 3.3 million were capitalized (previous year: € 1.1 million).
Total capital expenditures in 2025 amounted to € 173.8 million, representing a 37.4 % increase over the previous year’s figure of € 126.5 million. These expenditures were primarily allocated to the Chlorine & Derivatives, Logistics, and Trading & Services segments, plus project developments within the Holding & Projects segment. The PCC Group focused primarily on long-term investments associated with modernization projects. In addition to the completion of two new electrolyzers for chlorine production, further investments were made in fiscal 2025 in the oxyalkylate plant under construction at the Brzeg Dolny site. This was accompanied by infrastructure investments, such as in the local power grid (Trading & Services segment). In addition, investments were made in locomotives, rail tank cars, and railcars in the Logistics segment. Further funds were allocated for the development of state-of-the-art material components for lithium-ion batteries. Of the capital expenditures made per region in fiscal 2025, Poland accounted for the largest share with € 135.4 million (previous year: € 102.2 million). All such investments are expected to contribute to future increases in revenue and earnings for the PCC Group. At the same time, these investments result in an increase in depreciation and in interest expense on the consolidated statement of income, the latter being capitalized for investments not yet completed. In the balance sheet as of December 31, 2025, these effects are reflected in an addition to non-current assets and in increased long-term financial liabilities on the liabilities side. Scheduled depreciation and amortization of intangible assets, property, plant and equipment, and right-of-use assets decreased slightly year on year to € 83.5 million (previous year: € 83.9 million). Impairment losses, on the other hand, rose from € 2.2 million in the previous year to € 116.2 million in the year under review.
Interest and similar expenses resulted primarily from bond liabilities, liabilities to banks, and lease liabilities. The interest and similar expenses line showed an increase of 0.6 % for the past fiscal year, rising from € 50.3 million to € 50.6 million, due primarily to higher financial liabilities related to the debt component of investments. Key interest rates in the European Union, Poland, and the USA have been lowered since the summer of 2024 and reached their most recent low in the fall of 2025. Inflation in recent years has been contained, allowing the previously sharply increased base interest rates to be reduced again as a measure of fiscal policy. Both the parent company, PCC SE, and other Group companies regularly require follow-on financing or refinancing. Some non-current financial liabilities also bear variable interest rates. The prevailing level of key interest rates therefore had a rapid impact, resulting in a reduction in the interest burden in fiscal 2025. To counteract interest rate increases in particular, the PCC Group uses hedging transactions in the form of interest rate swaps. The weighted average interest rate on all interest-bearing liabilities decreased from 5.1 % in the prior year to 4.9 % in fiscal 2025. Current and non-current financial liabilities increased by € 77.0 million, or 8.0 %, compared to the previous reporting date, reaching € 1,035.2 million as of December 31, 2025. Interest attributable to the creation of a qualifying asset is capitalized during the construction period.
Gains and losses from exchange rate differences are reported in financial result under the item “Currency translation result.” In fiscal 2025, this resulted in an impact on earnings of € – 22.1 million (previous year: € 15.5 million).
The PCC Group’s effective tax rate for the reporting year was – 6.2 % (previous year: –62.8 %). Compared to the previous year, earnings before taxes (EBT) decreased by € 157.7 million to € – 187.1 million. The PCC Group’s consolidated comprehensive income decreased from € – 37.1 million in the previous year to € – 205.1 million in the reporting year, primarily attributable to the one-time effect of the impairment of the silicon metal facility and to the loss allocation relating to the silicon metal business in Iceland.
Despite isolated signs of a slight uptick in demand, the global economic environment remained challenging. In 2025, economic activity slowed only slightly compared to the previous year, with global economic growth estimated at around 3.2 %. The US economy also remained robust, with momentum slowing only slightly. The European economy, however, continued to falter, albeit with significant differences between individual countries. Thus, the economic situation in Germany remained tense despite the reform efforts of the federal government in office since May 2025, and economic growth – even after two years of recession – lagged behind many other industrialized nations with a minimal increase of just 0.2 %. In contrast, economic development in Poland, the location of PCC Group’s main production site, deserves special mention, as the Polish economy was among the fastest-growing in the EU in 2025, with expansion exceeding 3 %.
Inflationary risks generally subsided, allowing the European Central Bank (ECB) to continue the interest rate cuts it had initiated the previous year and to keep the deposit rate steady at 2.0 % in the second half of 2025. Nevertheless, private consumption continued to be subdued, particularly in Germany, and the investment climate remained weak. Furthermore, the comprehensive infrastructure investment package announced by Germany‘s federal government, which could provide a boost to the economy, had not yet been implemented in any meaningful way.
In addition to persistently high energy costs, rising labor costs – which also drove up the prices of all services – had a negative impact on the performance of European industry and, consequently, on the business of PCC SE’s portfolio companies. Other negative factors included ongoing regulatory pressure, cumbersome bureaucracy, and the ESG transformation. Added to this were new burdens resulting from the occasional contradictory tariff decisions made by the US administration in office since January 2025. As a result of the sometimes drastically increased import tariffs into the USA, flows of goods from Asia, and specifically from China, were further redirected to Europe. This intensified the trend – already driven by weak domestic demand in China and local overcapacity – of exporting large volumes of chemical products and silicon metal to Europe at dumping prices. The result was a further intensification of the price war in Europe. Overall, the competitive conditions for goods from Asia – and particularly from China – remained exceptionally difficult for production and pre-production in Europe during the past fiscal year, especially since European industry in a number of sectors is largely unprotected against these low-cost imports.
In the first quarter of the current fiscal year, the war in Iran emerged as an additional dominant factor influencing the global economy. Within a matter of days, oil, gas, and many other commodity prices rose significantly, and logistics in the Middle East partially collapsed.
The consequences for the PCC Group’s business performance will depend on the duration of the conflict, the stability of the European petrochemical industry, and how quickly global logistics flows recover. In the short term, positive effects on PCC’s chemical companies are expected due to good raw material availability, higher customer demand, and reduced import pressure from Asia. It is also likely to be possible initially to pass on price increases to customers. In the medium term, however, there is a risk that customers will no longer accept further price increases. Added to this are possible supply risks for key chemical feedstocks such as ethylene oxide, for example.
Overall, the PCC Group ended the 2025 fiscal year with earnings before interest, taxes, depreciation, and amortization (EBITDA) of € 81.4 million, down € 6.6 million or 7.5 % from the previous year. Group revenue amounted to € 923.6 million in 2025, a decrease of € 36.4 million or 3.8 %. This revenue trend runs parallel with the generally subdued economic growth and weak demand encountered in the European Union. Both the chemical industry and downstream industries were affected by price declines and continued low capacity utilization. Price decreases on the raw materials procurement side resulted in rising gross margins. However, since costs increased at the same time, particularly in the areas of personnel and external service providers, this resulted in a slight overall decline in earnings at the EBITDA level.
With sales of € 256.1 million, the Surfactants & Derivatives segment was the PCC Group’s main revenue driver and also achieved the highest revenue growth of € 32.4 million, or 14.5 %, compared to the previous year. The Logistics and Holding & Projects segments also increased their revenue. By contrast, the Polyols & Derivatives, Chlorine & Derivatives, Silicon & Derivatives, and Trading & Services segments generated lower sales than in the previous year, with the largest revenue decline – of € 44.8 million, or 52.7 % – recorded in the Silicon & Derivatives segment. There were no significant impacts on revenue due to changes in the scope of consolidation in 2025. For most PCC Group companies, the euro is not the functional currency. Therefore, exchange rate effects from the translation of revenue and earnings figures have an impact on the consolidated statement of income. Based on exchange rates unchanged from the previous year, the PCC Group’s revenue would have been € 917.6 million, which is € 6.0 million or 0.7 % lower than the actual figure. This mitigation is due to exchange rate movements in the currencies relevant to the PCC Group, particularly the Polish złoty.
The PCC Group’s gross profit declined slightly in 2025, falling to € 290.5 million (previous year: € 292.4 million). Gross margin rose to 31.5 % (previous year: 30.5 %). In addition to selling prices, purchase prices for key raw materials also fell. However, procurement costs for energy and logistics remained virtually unchanged from the previous year.
Personnel expenses increased year on year from € 150.7 million to € 152.7 million, thus continuing the trend of previous years in fiscal 2025. Wages and salaries continued to rise disproportionately due to high inflationary pressure, while the number of employees in the Group decreased by 180, or 5.5 %, to 3,115 as of December 31, 2025 (previous year-end: 3,295). The majority of these job losses were attributable to the Silicon & Derivatives segment; as silicon metal production in Iceland has been provisionally suspended since July 2025 due to the difficult market situation, the number of employees there decreased by 132, or 58.4 %. Headcount also declined in the Chlorine & Derivatives, Polyols & Derivatives, and Trading & Services segments. From a regional perspective, 135 of the job losses were in the Other Europe region and 50 in Poland. In all other regions, a total of five positions were added.
Other operating income decreased only slightly, from € 45.0 million in the prior year to € 43.3 million in the reporting period (a decline of € 1.8 million). The line item “Income from compensation payments in connection with CO₂ certificates” again represents the largest single component at € 19.7 million (previous year: € 19.4 million). These payments are made by the Polish government as compensation for increases in CO₂ allowance prices.
The PCC Group’s business activities involve the ongoing research and development of new products, processes, and procedures, as well as the further development of existing customer solutions. Cross-company project teams are also formed for this purpose. In the past fiscal year, the PCC Group recorded research and development (R&D) expenses of € 9.7 million, underscoring its strong commitment to this area (previous year: € 8.8 million). In addition, expenditures for internally developed intangible assets and property, plant and equipment totaling € 3.3 million were capitalized (previous year: € 1.1 million).
Total capital expenditures in 2025 amounted to € 173.8 million, representing a 37.4 % increase over the previous year’s figure of € 126.5 million. These expenditures were primarily allocated to the Chlorine & Derivatives, Logistics, and Trading & Services segments, plus project developments within the Holding & Projects segment. The PCC Group focused primarily on long-term investments associated with modernization projects. In addition to the completion of two new electrolyzers for chlorine production, further investments were made in fiscal 2025 in the oxyalkylate plant under construction at the Brzeg Dolny site. This was accompanied by infrastructure investments, such as in the local power grid (Trading & Services segment). In addition, investments were made in locomotives, rail tank cars, and railcars in the Logistics segment. Further funds were allocated for the development of state-of-the-art material components for lithium-ion batteries. Of the capital expenditures made per region in fiscal 2025, Poland accounted for the largest share with € 135.4 million (previous year: € 102.2 million). All such investments are expected to contribute to future increases in revenue and earnings for the PCC Group. At the same time, these investments result in an increase in depreciation and in interest expense on the consolidated statement of income, the latter being capitalized for investments not yet completed. In the balance sheet as of December 31, 2025, these effects are reflected in an addition to non-current assets and in increased long-term financial liabilities on the liabilities side. Scheduled depreciation and amortization of intangible assets, property, plant and equipment, and right-of-use assets decreased slightly year on year to € 83.5 million (previous year: € 83.9 million). Impairment losses, on the other hand, rose from € 2.2 million in the previous year to € 116.2 million in the year under review.
Interest and similar expenses resulted primarily from bond liabilities, liabilities to banks, and lease liabilities. The interest and similar expenses line showed an increase of 0.6 % for the past fiscal year, rising from € 50.3 million to € 50.6 million, due primarily to higher financial liabilities related to the debt component of investments. Key interest rates in the European Union, Poland, and the USA have been lowered since the summer of 2024 and reached their most recent low in the fall of 2025. Inflation in recent years has been contained, allowing the previously sharply increased base interest rates to be reduced again as a measure of fiscal policy. Both the parent company, PCC SE, and other Group companies regularly require follow-on financing or refinancing. Some non-current financial liabilities also bear variable interest rates. The prevailing level of key interest rates therefore had a rapid impact, resulting in a reduction in the interest burden in fiscal 2025. To counteract interest rate increases in particular, the PCC Group uses hedging transactions in the form of interest rate swaps. The weighted average interest rate on all interest-bearing liabilities decreased from 5.1 % in the prior year to 4.9 % in fiscal 2025. Current and non-current financial liabilities increased by € 77.0 million, or 8.0 %, compared to the previous reporting date, reaching € 1,035.2 million as of December 31, 2025. Interest attributable to the creation of a qualifying asset is capitalized during the construction period.
Gains and losses from exchange rate differences are reported in financial result under the item “Currency translation result.” In fiscal 2025, this resulted in an impact on earnings of € – 22.1 million (previous year: € 15.5 million).
The PCC Group’s effective tax rate for the reporting year was – 6.2 % (previous year: –62.8 %). Compared to the previous year, earnings before taxes (EBT) decreased by € 157.7 million to € – 187.1 million. The PCC Group’s consolidated comprehensive income decreased from € – 37.1 million in the previous year to € – 205.1 million in the reporting year, primarily attributable to the one-time effect of the impairment of the silicon metal facility and to the loss allocation relating to the silicon metal business in Iceland.
Net assets
As of December 31, 2025, total assets decreased by € 148.9 million, or 9.3 %, compared to the prior-year reporting date, to € 1,456.1 million. This change is primarily the result of a decrease in non-current assets due to exceptional impairment charges and a decline in cash and cash equivalents and inventories. Intangible assets decreased by € 1.9 million to € 51.1 million. The net carrying value of property, plant and equipment decreased by € 68.5 million, or 6.6 %, to € 976.1 million. Right-of-use assets increased by € 4.9 million, or 5.5 %, to € 94.0 million. Investments accounted for using the equity method decreased by € 2.4 million to € 2.5 million, thereby reflecting exclusively the carrying amount of the Malaysian joint venture PCG PCC Oxyalkylates Sdn. Bhd. In addition, the balance sheet item includes the proportionate share of earnings from the Thai joint venture IRPC Polyol Company Ltd. and the Russian joint venture OOO DME Aerosol. If accumulated losses exceed the equity carrying amount, the equity carrying amount is carried forward at zero. As of the reporting date of the past fiscal year, this was the case for both OOO DME Aerosol and IRPC Polyol Company Ltd.
Current assets amounted to € 295.3 million as of the reporting date, € 73.9 million less than in the previous year. Inventories decreased by € 21.5 million to € 100.3 million. The decline is primarily due to the provisional shutdown of silicon metal production in Iceland, accompanied by a reduction in inventories. Trade accounts receivable remained flat versus the prior year at € 105.3 million. Despite the decline in revenue for the full year, we are seeing slight extensions in payment terms, which is driving this development. Other receivables and other assets decreased from € 38.4 million as of the reporting date of the previous year to € 29.4 million as of December 31, 2025. Cash and cash equivalents decreased by € 42.4 million, or 42.6 %, to € 57.1 million due to the decline in cash flow from operating activities and the financing of losses. As of December 31, 2025, the balance sheet item “Cash and cash equivalents” included € 2.5 million (previous year: € 3.5 million) in funds not freely available. These were almost entirely attributable to funds already allocated for investment projects.
Current assets amounted to € 295.3 million as of the reporting date, € 73.9 million less than in the previous year. Inventories decreased by € 21.5 million to € 100.3 million. The decline is primarily due to the provisional shutdown of silicon metal production in Iceland, accompanied by a reduction in inventories. Trade accounts receivable remained flat versus the prior year at € 105.3 million. Despite the decline in revenue for the full year, we are seeing slight extensions in payment terms, which is driving this development. Other receivables and other assets decreased from € 38.4 million as of the reporting date of the previous year to € 29.4 million as of December 31, 2025. Cash and cash equivalents decreased by € 42.4 million, or 42.6 %, to € 57.1 million due to the decline in cash flow from operating activities and the financing of losses. As of December 31, 2025, the balance sheet item “Cash and cash equivalents” included € 2.5 million (previous year: € 3.5 million) in funds not freely available. These were almost entirely attributable to funds already allocated for investment projects.
Financial position
The PCC Group’s equity decreased by € 214.2 million, from € 343.1 million in the previous year to € 128.9 million in the past fiscal year. This development is primarily attributable to the consolidated net loss for the period and the decline in the “Minority interests” line item. Hybrid capital is an equity instrument of the subsidiary PCC BakkiSilicon hf., Húsavík (Iceland). In accordance with IAS 32, this is classified as equity because there is neither a contractual obligation to repay the principal amount nor to pay interest. Rather, repayment is subject to conditions that depend on the company’s management’s decision regarding distributions to shareholders. As soon as resolutions regarding distributions to shareholders are passed, a pro-rata servicing of the hybrid capital will also take place.
The item “Revenue reserves / Other reserves” recorded a decrease of € 138.2 million to € 67.7 million, mainly attributable to the consolidated net loss. Minority interests decreased by € 66.6 million to € – 8.1 million, primarily due to the portion of the loss attributable to those non-controlling shareholders. Other equity items decreased by € 9.4 million to € – 14.4 million, mainly attributable to currency translation differences recognized in equity. In contrast, the revaluation of defined-benefit pension obligations as of the reporting date did not result in any significant absolute change compared to the previous year. The fair value measurement of the unconsolidated entity PCC Organic Oils Ghana Ltd., Accra (Ghana), resulted in a positive change in value of € 0.3 million, which is also reported in other equity items. Due to the aforementioned effects, the equity ratio decreased from 21.4 % in the prior year to 8.9 % in the year under review.
Non-current investments are financed with long-term debt. Non-current provisions and liabilities increased by 6.9 % to € 948.0 million as of December 31, 2025 (previous year: € 887.0 million). This is primarily due to the increase in non-current financial liabilities, which rose by € 60.9 million, or 7.7 %, compared to the previous year. Deferred tax liabilities decreased to € 15.6 million (previous year: € 18.5 million). Other liabilities increased by € 1.4 million, or 1.9 %, to € 73.5 million.
With regard to bond liabilities, the holding company PCC SE fully repaid on maturity four bonds with a total volume of € 90.4 million in 2025 (previous year: € 126.0 million). Five new bonds were issued during the reporting year. The total placement volume amounted to € 118.9 million (previous year: € 157.4 million). These funds were used in the period under review for investments in existing equity interests and ongoing projects, as well as for the partial refinancing of liabilities due in fiscal 2025.
In addition to PCC SE, whose bonds are denominated in euros, other Group companies also issue bonds. The bonds issued by PCC Rokita SA and PCC Exol SA in Polish złoty had a value equivalent to € 23.5 million as of the reporting date of the 2025 fiscal year (previous year: € 45.2 million). The unused committed credit lines within the PCC Group amounted to € 156.4 million as of year-end (previous year: € 144.9 million).
Current provisions and liabilities increased by € 4.3 million, or 1.1 %, to € 379.2 million. Tax liabilities increased by € 0.3 million to € 4.7 million. Trade accounts payable decreased by € 3.5 million, or 3.2 %, to € 105.6 million. Financial liabilities due within the next twelve months increased by € 16.1 million to € 184.4 million. Other liabilities decreased by € 2.4 million to € 53.1 million.
Long-term and short-term provisions for pensions and similar obligations, together with other provisions, decreased by € 4.6 million to € 39.5 million.
The PCC Group’s net debt increased by € 119.3 million, or 13.9 %, to € 979.4 million in the past fiscal year. In addition to the raising of debt financing for investments, the decline in cash and cash equivalents also contributed to this increase. Due to the fall in earnings before interest, taxes, depreciation, and amortization (EBITDA), the leverage ratio of net debt to EBITDA worsened from 9.8 to 12.0. Our goal of bringing this ratio below 5.0 was therefore not achieved.
The item “Revenue reserves / Other reserves” recorded a decrease of € 138.2 million to € 67.7 million, mainly attributable to the consolidated net loss. Minority interests decreased by € 66.6 million to € – 8.1 million, primarily due to the portion of the loss attributable to those non-controlling shareholders. Other equity items decreased by € 9.4 million to € – 14.4 million, mainly attributable to currency translation differences recognized in equity. In contrast, the revaluation of defined-benefit pension obligations as of the reporting date did not result in any significant absolute change compared to the previous year. The fair value measurement of the unconsolidated entity PCC Organic Oils Ghana Ltd., Accra (Ghana), resulted in a positive change in value of € 0.3 million, which is also reported in other equity items. Due to the aforementioned effects, the equity ratio decreased from 21.4 % in the prior year to 8.9 % in the year under review.
Non-current investments are financed with long-term debt. Non-current provisions and liabilities increased by 6.9 % to € 948.0 million as of December 31, 2025 (previous year: € 887.0 million). This is primarily due to the increase in non-current financial liabilities, which rose by € 60.9 million, or 7.7 %, compared to the previous year. Deferred tax liabilities decreased to € 15.6 million (previous year: € 18.5 million). Other liabilities increased by € 1.4 million, or 1.9 %, to € 73.5 million.
With regard to bond liabilities, the holding company PCC SE fully repaid on maturity four bonds with a total volume of € 90.4 million in 2025 (previous year: € 126.0 million). Five new bonds were issued during the reporting year. The total placement volume amounted to € 118.9 million (previous year: € 157.4 million). These funds were used in the period under review for investments in existing equity interests and ongoing projects, as well as for the partial refinancing of liabilities due in fiscal 2025.
In addition to PCC SE, whose bonds are denominated in euros, other Group companies also issue bonds. The bonds issued by PCC Rokita SA and PCC Exol SA in Polish złoty had a value equivalent to € 23.5 million as of the reporting date of the 2025 fiscal year (previous year: € 45.2 million). The unused committed credit lines within the PCC Group amounted to € 156.4 million as of year-end (previous year: € 144.9 million).
Current provisions and liabilities increased by € 4.3 million, or 1.1 %, to € 379.2 million. Tax liabilities increased by € 0.3 million to € 4.7 million. Trade accounts payable decreased by € 3.5 million, or 3.2 %, to € 105.6 million. Financial liabilities due within the next twelve months increased by € 16.1 million to € 184.4 million. Other liabilities decreased by € 2.4 million to € 53.1 million.
Long-term and short-term provisions for pensions and similar obligations, together with other provisions, decreased by € 4.6 million to € 39.5 million.
The PCC Group’s net debt increased by € 119.3 million, or 13.9 %, to € 979.4 million in the past fiscal year. In addition to the raising of debt financing for investments, the decline in cash and cash equivalents also contributed to this increase. Due to the fall in earnings before interest, taxes, depreciation, and amortization (EBITDA), the leverage ratio of net debt to EBITDA worsened from 9.8 to 12.0. Our goal of bringing this ratio below 5.0 was therefore not achieved.
Overall, management considers the development of the Group’s net assets, financial position, and results of operations, albeit against the headwinds of continuing geopolitical tensions and macroeconomic challenges in fiscal 2025, to be unsatisfactory. The PCC Group’s business performance was exceptionally successful in some segments, such as Surfactants & Derivatives. Thanks to recent investments in new production capacity, which we commissioned in 2025, we were able to increase volume sales in this resilient business area. This segment is also expected to benefit disproportionately from a recovering economic situation. The Intermodal Transport business unit also maintained its market leadership in Poland in 2025 as measured by transport output (ton-kilometers). The Silicon Metal business unit was unable to sustain its operations due to a significant decline in
market prices, with production provisionally suspended in the summer of 2025. Achieving the goal of restarting the plant depends largely on the recovery of market prices, and also political support geared to securing European silicon production. Should this not materialize, a complete cessation of business operations cannot be ruled out. Group-wide, high fixed costs – for example, for personnel or external service providers – weighed on our EBITDA balance. Our expectation of increasing revenue by 5 % to 10 % in fiscal 2025 could not be met for the reasons described. The forecasted increase in EBITDA of approximately 40 % to 50 % before exceptional items was also not attained. Both outcomes were primarily due to continued weak economic growth and the provisional shutdown of silicon metal production in Iceland. Exceptional impairment charges in this regard were not included in the budget planning. As a result, the plan to produce at near full capacity and thereby reduce the losses from the previous year could not be realized. Further price declines in the Chlorine & Derivatives segment for chlorine by-products led to a fall in earnings. Adjusted for the significant losses in the Silicon & Derivatives segment, the extraordinary write-downs on idled facilities and the silicon metal plant, and the negative valuation-relevant currency effects, positive results would nevertheless have been achievable at all earnings levels. Ultimately, however, the loss posted was in the triple-digit million-euro range.
market prices, with production provisionally suspended in the summer of 2025. Achieving the goal of restarting the plant depends largely on the recovery of market prices, and also political support geared to securing European silicon production. Should this not materialize, a complete cessation of business operations cannot be ruled out. Group-wide, high fixed costs – for example, for personnel or external service providers – weighed on our EBITDA balance. Our expectation of increasing revenue by 5 % to 10 % in fiscal 2025 could not be met for the reasons described. The forecasted increase in EBITDA of approximately 40 % to 50 % before exceptional items was also not attained. Both outcomes were primarily due to continued weak economic growth and the provisional shutdown of silicon metal production in Iceland. Exceptional impairment charges in this regard were not included in the budget planning. As a result, the plan to produce at near full capacity and thereby reduce the losses from the previous year could not be realized. Further price declines in the Chlorine & Derivatives segment for chlorine by-products led to a fall in earnings. Adjusted for the significant losses in the Silicon & Derivatives segment, the extraordinary write-downs on idled facilities and the silicon metal plant, and the negative valuation-relevant currency effects, positive results would nevertheless have been achievable at all earnings levels. Ultimately, however, the loss posted was in the triple-digit million-euro range.
