The PCC Group will continue to focus on its predominantly long-term corporate development in fiscal 2026, concentrating its efforts on sustainably strengthening the PCC Group’s core activities and competitiveness through further investments and acquisitions. Green-field and brown-field projects will also be given due consideration as opportunities arise. This applies in particular with regard to the geographic expansion of core business units into new markets. The future issues of sustainability and climate protection and the associated transformation of all production processes will continue to come to the fore. This will be associated with further investments in efficient and environmentally friendly production facilities, through which the future viability of the PCC Group should be decisively strengthened. Essentially, the strategy of active investment portfolio management combined with ongoing portfolio optimization will see its continuation in the coming years, with the primary objective remaining to achieve a continuous and sustainable increase in enterprise value.
The PCC Group’s business performance in 2026 will continue to depend heavily on global economic trends, primarily developments in Germany and Europe.
At the time of this report’s preparation, political leaders and various institutes and banks anticipate that economic output in Germany will grow only moderately in 2026. Estimates from the ifo Institute, the Bundesbank, the International Monetary Fund (IMF), and the OECD range from 0.5 % to 1.0 %. The federal German government has actually revised its own forecast downward to 0.5 %. Hence, German economic growth continues to be held back by weak investment, geopolitical tensions, and trade uncertainties, but is being supported by real wage growth and falling inflation. According to projections by the IMF, the OECD, and the European Central Bank (ECB), the average real GDP growth rate in the eurozone will range from 0.9 % to 1.2 % in 2026. The US economy is expected to achieve growth of 2.3 % in 2026, with investment in artificial intelligence serving as a key driver. The US economy had already performed robustly in 2025, in line with expectations, achieving growth of 1.9 %. For China, a growth rate similar to that of 2025 is expected, with forecasts ranging from 4.4 % to 5.0 %. While this is generally too low to stimulate domestic demand in China, the country remains the global engine of growth. Overcapacity, demographic change, and the ongoing property crisis continue to restrict growth in China. However, these forecasts are subject to a wide margin of uncertainty given the ongoing Russia-Ukraine war, further international conflicts and political uncertainties, as well as the US government’s recent tariff policy antics. Additional risks to the global economy as a whole could also arise from an escalation of China’s Taiwan policy. The war in Iran is likewise having a significant impact on economic development due to substantial price increases for oil, gas, and many other commodities. The war in Iran is likewise having a significant impact on economic development due to substantial price increases for oil, gas, and many other commodities.
The adjustment to the “debt brake” approved by the German Bundestag (parliament) in 2025 is expected to lead to substantial investments in the German economy, infrastructure, defense, and advanced technologies. Should significant decisions be made in promoting its implementation, it is entirely possible that the above-mentioned forecasts will be revised upward in the course of 2026. This situation should then also have a positive impact on the labor market and, consequently, on domestic demand in Germany.
The ECB’s deposit rate reached its most recent high at 4.00 % in early 2024. Since then, the ECB has gradually reduced the rate further to return to a neutral interest rate level of around 2.00 %, which it achieved by the end of 2025. It remains to be seen whether and how the ECB will respond in terms of monetary policy to the implementation of the investment packages announced in the EU and in Germany.
The current Group planning for the years 2026 to 2028, which was prepared between September and November 2025, anticipates a 2 % to 5 % increase in revenue for 2026 compared to the previous year, with the aim of returning to the revenue level of 2024. This assumption is based on slightly higher sales volumes due to a modest economic recovery in Europe. This is in line with the aforementioned macroeconomic expectations for the European Union. Selling prices are expected to remain stable versus the previous year in most segments. Further increases in capacity utilization at recently commissioned facilities should also contribute to new growth. In addition, the operating rates of our intermodal transport business are expected to grow in fiscal year 2026 due to rising demand and a further shift of transport to rail.
The PCC Group expects earnings before interest, taxes, depreciation, and amortization (EBITDA), excluding exceptional items, to remain at the 2025 level. Following the provisional shutdown of the silicon metal production facility in 2026, the Silicon & Derivatives segment anticipates a significant reduction in losses. Costs have now been reduced to a minimum. The utilization of new capacity in the Surfactants & Derivatives segment and a planned increase in container throughput in the intermodal transport business should exert a positive influence on results. For the Polyols & Derivatives and Chlorine & Derivatives segments, we anticipate another challenging fiscal year in 2026. Given that GDP growth in Europe is predicted to remain moderate to negligible, we expect prices in these segments to decline or, at best, remain flat. Private consumption is also expected to provide no more than minor impetus and so is unlikely to lead to a sustained upturn. Our planning is based on stable energy costs at a level comparable to that of the fourth quarter of 2025. Costs for personnel and external services, among other items, are projected to rise more slowly in 2026 than in previous years. We also anticipate the overall number of employees to decrease. However, due to the addition of further business operations to the scope of consolidation, the consolidated number will increase compared to 2025. Combined with further cost-cutting measures, the reduced overall headcount should result in an overall improvement in the cost-to-sales ratio compared to the previous year. With depreciation and amortization continuing to rise slightly and interest expenses remaining constant, the PCC Group anticipates a negative pre-tax result, which should, however, be approximately 40 % to 60 % lower than that of the previous year.
For the Polyols & Derivatives segment, a revenue decline of 2 % to 5 % is anticipated. Despite intense competition with Chinese suppliers in the polyether polyols sector and for associated feedstocks, we intend to defend and expand our position in the market segment for specialty polyether polyols and their downstream products. For this segment, we anticipate a decline in EBITDA of approximately 15 % to 20 % compared to the previous year.
In the Surfactants & Derivatives segment, PCC anticipates a 10 % to 15 % increase in revenue year on year. We intend to achieve this primarily by utilizing the new facility at our Polish production site in Płock. In particular, small batches with higher margins can be produced there in greater quantities. The consumer goods activities conducted in this segment will also further increase their capacity utilization in 2026 due to the persistently high demand for private-label products, particularly in Eastern Europe. Through additional cost-saving measures, this segment is expected to achieve an increase in EBITDA of 10 % to 20 %.
The Chlorine & Derivatives segment anticipates a 5 % to 10 % decline in revenue compared to the previous year. Given its dependence on economic developments, this planning assumption was made on a rather cautious basis. Growth prospects for 2026 are mixed in both the chlorine by-products business and the MCAA and phosphorus-based flame retardants businesses. For Europe, this is primarily due to the forecast of only moderate growth. We are therefore budgeting for an increased share of revenue generated outside the EU. The USA is a growing market, particularly for chlorine derivatives. Since further price declines are forecasted, especially in the Chlorine and Derivatives segment, our planning assumption is that EBITDA will be significantly lower than in the previous year, dropping by 50 % to 60 %.
In the Silicon & Derivatives segment, our planning is based on the expectation of a continuation in the provisional shutdown of silicon metal production. Price forecasts do not indicate a return to a level at which the plant could be operated profitably until early 2027. Our plan is to maintain the plant in technically sound condition to enable a potential resumption of production. All contracts are to be prepared for a restart. As a result, revenue in this segment is projected to decrease by a mid-double-digit million amount, with reliance primarily on the quartzite quarry business in Poland. EBITDA is still projected to be in negative territory in the low double-digit million-euro range. Should the economic and regulatory conditions for this business continue to deteriorate, a complete and sustained production shutdown of the silicon metal plant cannot be ruled out. This could then lead to additional losses due to expenses and increased write-down requirements.
Revenue growth of between 15 % and 25 % is expected for the Trading & Services segment, stemming in roughly equal parts from volume- and price-related planning assumptions. In particular, the commodity trading business, sales activities in local peripheral markets, and the utility business are expected to contribute to this growth. In EBITDA terms, this translates to a budgeted increase of between 10 % and 20 %.
Plans for the Logistics segment also foresee further business expansion in fiscal 2026. Operating rates, container throughput volumes, and route services are to be continuously increased and improved. In revenue terms, the budget expectation is for an increase of between 5 % and 10 %. Additional efficiency gains are anticipated through the gradual expansion of transport operations using the company’s own locomotives and platforms. Disregarding any positive effects from a potential peace plan in Ukraine and a related increase in the flow of goods through Poland into Ukraine, PCC is projecting an EBITDA increase of 20 % to 25 % for this segment.
Auf der Basis eines stabilen EBITDA und eines neutralen Ergebnisbeitrags aus Wechselkurseffekten wird das Vorsteuerergebnis des PCC-Konzerns ebenfalls wieder steigen. Den Planungsannahmen liegt derzeit eine Verbesserung des EBT um 40 % bis 60 % und damit ein negatives Ergebnis auf Jahresbasis zugrunde. Der Bedarf an Abschreibungen und die Zinslast bleiben weiterhin hoch und durch Investitionen und die Aufnahme von weiterem Fremdkapital zu deren Finanzierungen können die Werte noch ansteigen.
The planning assumptions were prepared based on information available from the third and early fourth quarters of fiscal 2025. Any escalation of conflicts or wars, new conflicts or political unrest, and trade wars could have a negative impact. Recent developments, such as the new Iran war of March 2026, are not reflected in the aforementioned figures. Depending on the intensity, duration, or scope of this crisis, the impact on the PCC Group’s financial figures could vary significantly, and in addition to risks, opportunities could also arise. Potential peace agreements and the associated stability in German and European energy policy, clear tariff-setting and trade strategies, and protective measures for European industries would likely have a positive impact on the aforementioned planning assumptions.
For the coming years 2027 and 2028, we anticipate a degree of economic recovery in Europe. New public investments, rising private demand, and new growth – for example, in the construction sector – should lead to increased sales volumes and price upticks. PCC revenue is projected to rise by an additional 30 % to 40 % within the next few years and once again exceed the billion-euro mark. With the rate of cost increases continuing to decline, budget planning will anticipate a distinct improvement in earnings. Both EBITDA and pre-tax profits are projected to grow at rates in the high double-digit million-euro range per year for the forthcoming period. Depreciation and amortization will continue to rise as a result of further investments, with the latter offering additional revenue and earnings potential in subsequent years. PCC always strives for the optimal financing mix of equity and debt for its investments. Consequently, financial liabilities are also projected to rise further in the budget plans for the years 2026 through 2028. Nevertheless, with EBITDA expected to grow at a faster rate, the debt-to-equity ratio should approach our target of 5.0 again. The prospect of a decrease in this leverage ratio is factored into the planning for fiscal 2027. Changes in the investment portfolio may also impact the projected figures. Consequently, financial liabilities are also projected to rise further in the budget plans for the years 2026 through 2028. Nevertheless, with EBITDA expected to grow at a faster rate, the debt-to-equity ratio should approach our target of 5.0 again. The prospect of a decrease in this leverage ratio is factored into the planning for fiscal 2027. Changes in the investment portfolio may also impact the projected figures.
The utilization of existing and newly added capacities at chemical production facilities in Europe and Asia, the turnaround in silicon metal production, and the geographic diversification of business activities into territories outside Europe constitute the strategic cornerstones of our planning, with ongoing efficiency improvements and cost savings across all business segments providing a solid foundation.
Duisburg, May 5, 2026
PCC SE
The Executive Board
The PCC Group’s business performance in 2026 will continue to depend heavily on global economic trends, primarily developments in Germany and Europe.
At the time of this report’s preparation, political leaders and various institutes and banks anticipate that economic output in Germany will grow only moderately in 2026. Estimates from the ifo Institute, the Bundesbank, the International Monetary Fund (IMF), and the OECD range from 0.5 % to 1.0 %. The federal German government has actually revised its own forecast downward to 0.5 %. Hence, German economic growth continues to be held back by weak investment, geopolitical tensions, and trade uncertainties, but is being supported by real wage growth and falling inflation. According to projections by the IMF, the OECD, and the European Central Bank (ECB), the average real GDP growth rate in the eurozone will range from 0.9 % to 1.2 % in 2026. The US economy is expected to achieve growth of 2.3 % in 2026, with investment in artificial intelligence serving as a key driver. The US economy had already performed robustly in 2025, in line with expectations, achieving growth of 1.9 %. For China, a growth rate similar to that of 2025 is expected, with forecasts ranging from 4.4 % to 5.0 %. While this is generally too low to stimulate domestic demand in China, the country remains the global engine of growth. Overcapacity, demographic change, and the ongoing property crisis continue to restrict growth in China. However, these forecasts are subject to a wide margin of uncertainty given the ongoing Russia-Ukraine war, further international conflicts and political uncertainties, as well as the US government’s recent tariff policy antics. Additional risks to the global economy as a whole could also arise from an escalation of China’s Taiwan policy. The war in Iran is likewise having a significant impact on economic development due to substantial price increases for oil, gas, and many other commodities. The war in Iran is likewise having a significant impact on economic development due to substantial price increases for oil, gas, and many other commodities.
The adjustment to the “debt brake” approved by the German Bundestag (parliament) in 2025 is expected to lead to substantial investments in the German economy, infrastructure, defense, and advanced technologies. Should significant decisions be made in promoting its implementation, it is entirely possible that the above-mentioned forecasts will be revised upward in the course of 2026. This situation should then also have a positive impact on the labor market and, consequently, on domestic demand in Germany.
The ECB’s deposit rate reached its most recent high at 4.00 % in early 2024. Since then, the ECB has gradually reduced the rate further to return to a neutral interest rate level of around 2.00 %, which it achieved by the end of 2025. It remains to be seen whether and how the ECB will respond in terms of monetary policy to the implementation of the investment packages announced in the EU and in Germany.
The current Group planning for the years 2026 to 2028, which was prepared between September and November 2025, anticipates a 2 % to 5 % increase in revenue for 2026 compared to the previous year, with the aim of returning to the revenue level of 2024. This assumption is based on slightly higher sales volumes due to a modest economic recovery in Europe. This is in line with the aforementioned macroeconomic expectations for the European Union. Selling prices are expected to remain stable versus the previous year in most segments. Further increases in capacity utilization at recently commissioned facilities should also contribute to new growth. In addition, the operating rates of our intermodal transport business are expected to grow in fiscal year 2026 due to rising demand and a further shift of transport to rail.
The PCC Group expects earnings before interest, taxes, depreciation, and amortization (EBITDA), excluding exceptional items, to remain at the 2025 level. Following the provisional shutdown of the silicon metal production facility in 2026, the Silicon & Derivatives segment anticipates a significant reduction in losses. Costs have now been reduced to a minimum. The utilization of new capacity in the Surfactants & Derivatives segment and a planned increase in container throughput in the intermodal transport business should exert a positive influence on results. For the Polyols & Derivatives and Chlorine & Derivatives segments, we anticipate another challenging fiscal year in 2026. Given that GDP growth in Europe is predicted to remain moderate to negligible, we expect prices in these segments to decline or, at best, remain flat. Private consumption is also expected to provide no more than minor impetus and so is unlikely to lead to a sustained upturn. Our planning is based on stable energy costs at a level comparable to that of the fourth quarter of 2025. Costs for personnel and external services, among other items, are projected to rise more slowly in 2026 than in previous years. We also anticipate the overall number of employees to decrease. However, due to the addition of further business operations to the scope of consolidation, the consolidated number will increase compared to 2025. Combined with further cost-cutting measures, the reduced overall headcount should result in an overall improvement in the cost-to-sales ratio compared to the previous year. With depreciation and amortization continuing to rise slightly and interest expenses remaining constant, the PCC Group anticipates a negative pre-tax result, which should, however, be approximately 40 % to 60 % lower than that of the previous year.
For the Polyols & Derivatives segment, a revenue decline of 2 % to 5 % is anticipated. Despite intense competition with Chinese suppliers in the polyether polyols sector and for associated feedstocks, we intend to defend and expand our position in the market segment for specialty polyether polyols and their downstream products. For this segment, we anticipate a decline in EBITDA of approximately 15 % to 20 % compared to the previous year.
In the Surfactants & Derivatives segment, PCC anticipates a 10 % to 15 % increase in revenue year on year. We intend to achieve this primarily by utilizing the new facility at our Polish production site in Płock. In particular, small batches with higher margins can be produced there in greater quantities. The consumer goods activities conducted in this segment will also further increase their capacity utilization in 2026 due to the persistently high demand for private-label products, particularly in Eastern Europe. Through additional cost-saving measures, this segment is expected to achieve an increase in EBITDA of 10 % to 20 %.
The Chlorine & Derivatives segment anticipates a 5 % to 10 % decline in revenue compared to the previous year. Given its dependence on economic developments, this planning assumption was made on a rather cautious basis. Growth prospects for 2026 are mixed in both the chlorine by-products business and the MCAA and phosphorus-based flame retardants businesses. For Europe, this is primarily due to the forecast of only moderate growth. We are therefore budgeting for an increased share of revenue generated outside the EU. The USA is a growing market, particularly for chlorine derivatives. Since further price declines are forecasted, especially in the Chlorine and Derivatives segment, our planning assumption is that EBITDA will be significantly lower than in the previous year, dropping by 50 % to 60 %.
In the Silicon & Derivatives segment, our planning is based on the expectation of a continuation in the provisional shutdown of silicon metal production. Price forecasts do not indicate a return to a level at which the plant could be operated profitably until early 2027. Our plan is to maintain the plant in technically sound condition to enable a potential resumption of production. All contracts are to be prepared for a restart. As a result, revenue in this segment is projected to decrease by a mid-double-digit million amount, with reliance primarily on the quartzite quarry business in Poland. EBITDA is still projected to be in negative territory in the low double-digit million-euro range. Should the economic and regulatory conditions for this business continue to deteriorate, a complete and sustained production shutdown of the silicon metal plant cannot be ruled out. This could then lead to additional losses due to expenses and increased write-down requirements.
Revenue growth of between 15 % and 25 % is expected for the Trading & Services segment, stemming in roughly equal parts from volume- and price-related planning assumptions. In particular, the commodity trading business, sales activities in local peripheral markets, and the utility business are expected to contribute to this growth. In EBITDA terms, this translates to a budgeted increase of between 10 % and 20 %.
Plans for the Logistics segment also foresee further business expansion in fiscal 2026. Operating rates, container throughput volumes, and route services are to be continuously increased and improved. In revenue terms, the budget expectation is for an increase of between 5 % and 10 %. Additional efficiency gains are anticipated through the gradual expansion of transport operations using the company’s own locomotives and platforms. Disregarding any positive effects from a potential peace plan in Ukraine and a related increase in the flow of goods through Poland into Ukraine, PCC is projecting an EBITDA increase of 20 % to 25 % for this segment.
Auf der Basis eines stabilen EBITDA und eines neutralen Ergebnisbeitrags aus Wechselkurseffekten wird das Vorsteuerergebnis des PCC-Konzerns ebenfalls wieder steigen. Den Planungsannahmen liegt derzeit eine Verbesserung des EBT um 40 % bis 60 % und damit ein negatives Ergebnis auf Jahresbasis zugrunde. Der Bedarf an Abschreibungen und die Zinslast bleiben weiterhin hoch und durch Investitionen und die Aufnahme von weiterem Fremdkapital zu deren Finanzierungen können die Werte noch ansteigen.
The planning assumptions were prepared based on information available from the third and early fourth quarters of fiscal 2025. Any escalation of conflicts or wars, new conflicts or political unrest, and trade wars could have a negative impact. Recent developments, such as the new Iran war of March 2026, are not reflected in the aforementioned figures. Depending on the intensity, duration, or scope of this crisis, the impact on the PCC Group’s financial figures could vary significantly, and in addition to risks, opportunities could also arise. Potential peace agreements and the associated stability in German and European energy policy, clear tariff-setting and trade strategies, and protective measures for European industries would likely have a positive impact on the aforementioned planning assumptions.
For the coming years 2027 and 2028, we anticipate a degree of economic recovery in Europe. New public investments, rising private demand, and new growth – for example, in the construction sector – should lead to increased sales volumes and price upticks. PCC revenue is projected to rise by an additional 30 % to 40 % within the next few years and once again exceed the billion-euro mark. With the rate of cost increases continuing to decline, budget planning will anticipate a distinct improvement in earnings. Both EBITDA and pre-tax profits are projected to grow at rates in the high double-digit million-euro range per year for the forthcoming period. Depreciation and amortization will continue to rise as a result of further investments, with the latter offering additional revenue and earnings potential in subsequent years. PCC always strives for the optimal financing mix of equity and debt for its investments. Consequently, financial liabilities are also projected to rise further in the budget plans for the years 2026 through 2028. Nevertheless, with EBITDA expected to grow at a faster rate, the debt-to-equity ratio should approach our target of 5.0 again. The prospect of a decrease in this leverage ratio is factored into the planning for fiscal 2027. Changes in the investment portfolio may also impact the projected figures. Consequently, financial liabilities are also projected to rise further in the budget plans for the years 2026 through 2028. Nevertheless, with EBITDA expected to grow at a faster rate, the debt-to-equity ratio should approach our target of 5.0 again. The prospect of a decrease in this leverage ratio is factored into the planning for fiscal 2027. Changes in the investment portfolio may also impact the projected figures.
The utilization of existing and newly added capacities at chemical production facilities in Europe and Asia, the turnaround in silicon metal production, and the geographic diversification of business activities into territories outside Europe constitute the strategic cornerstones of our planning, with ongoing efficiency improvements and cost savings across all business segments providing a solid foundation.
Duisburg, May 5, 2026
PCC SE
The Executive Board
Dr. Peter Wenzel
Riccardo Koppe
Dr. rer. oec. (BY) Alfred Pelzer
