Ladies and Gentlemen,
The PCC Group navigated the significant headwinds that characterized 2025 – while at the same time taking important strategic steps to both safeguard our future and enable sustainable growth. The ongoing economic slowdown and weak demand in Germany and Europe, the primary markets for our Group, continued throughout the past fiscal year. Competitive pressure from the aggressive export policies of non-European countries – most notably China – also persisted. Entire industries in Europe are increasingly exposed to the resulting dumping prices with little protection, and these market distortions intensified further as a result of, in some cases, the sharp increase in US tariffs over the course of the year. The diversion of trade flows toward Europe further fueled price competition. In addition, continuing geopolitical crises, such as Russia’s war of aggression against Ukraine and the conflict in the Middle East, weighed on the European economy and global economic activity.
While inflation and interest rate trends stabilized in 2025, European industry remained exposed to significantly higher raw material, energy, and labor costs compared to the USA and Asia. Taken together, these pressures resulted in historically low capacity utilization across the European chemical industry.
Despite this challenging market environment, the PCC Group’s three chemical-producing segments, together with the Trading & Services and Logistics segments, performed positively overall. By completing investment projects and advancing additional initiatives, we also laid the groundwork for new growth in these segments in 2025. For example, new ethoxylation plants in Poland supported volume growth in the Surfactants & Derivatives segment. In the Logistics segment, we are planning an additional container terminal in Poland, an undertaking supported by the EU as a climate protection project.
The PCC Group navigated the significant headwinds that characterized 2025 – while at the same time taking important strategic steps to both safeguard our future and enable sustainable growth. The ongoing economic slowdown and weak demand in Germany and Europe, the primary markets for our Group, continued throughout the past fiscal year. Competitive pressure from the aggressive export policies of non-European countries – most notably China – also persisted. Entire industries in Europe are increasingly exposed to the resulting dumping prices with little protection, and these market distortions intensified further as a result of, in some cases, the sharp increase in US tariffs over the course of the year. The diversion of trade flows toward Europe further fueled price competition. In addition, continuing geopolitical crises, such as Russia’s war of aggression against Ukraine and the conflict in the Middle East, weighed on the European economy and global economic activity.
While inflation and interest rate trends stabilized in 2025, European industry remained exposed to significantly higher raw material, energy, and labor costs compared to the USA and Asia. Taken together, these pressures resulted in historically low capacity utilization across the European chemical industry.
Despite this challenging market environment, the PCC Group’s three chemical-producing segments, together with the Trading & Services and Logistics segments, performed positively overall. By completing investment projects and advancing additional initiatives, we also laid the groundwork for new growth in these segments in 2025. For example, new ethoxylation plants in Poland supported volume growth in the Surfactants & Derivatives segment. In the Logistics segment, we are planning an additional container terminal in Poland, an undertaking supported by the EU as a climate protection project.
The new ethoxylation plant at our Polish site in Płock significantly increases our capacity and enables further diversification of our surfactants portfolio.
“The PCC Group navigated the significant headwinds that characterized 2025 – while at the same time taking important strategic steps to both safeguard our future and enable sustain-able growth.”
Waldemar Preussner
Chairman of the Supervisory Board of PCC SE
Chairman of the Supervisory Board of PCC SE
By contrast, the Silicon & Derivatives segment continued to make a loss throughout 2025 due to the continued decline in silicon metal prices. In view of the fact that current conditions do not allow for economically viable operations in this sector, PCC – like other European manufacturers – has therefore decided to provisionally suspend silicon metal production in Iceland. However, the facility is being maintained in a technical condition that allows for a restart. PCC is currently pursuing negotiations with all key stakeholders regarding contractual and regulatory frameworks that would enable sustainable, economically viable operations in the future. In particular, given that our facility produces silicon metal – a critical raw material for numerous future-aligned applications – in an exceptionally climate-compatible manner, we continue to believe in the long-term viability of this business segment.
The management of PCC SE, the boards and managements of all our affiliates, and, not least, all employees once again demonstrated tireless commitment to our Group during the challenging 2025 fiscal year. As Chairman of the Supervisory Board, I would like – also on behalf of my Supervisory Board colleagues – to express my sincere appreciation and gratitude to all of you. My thanks also extend to all our business partners and, of course, to our investors, many of whom have placed their trust in PCC for decades.
Many of the challenges of 2025 have persisted beyond the turn of the year. This includes, among other things, the war in Ukraine and the conflict in the Middle East, which has actually developed into an additional theater of war this spring, with global economic consequences that are currently difficult to predict. There are, in particular, also ongoing concerns about a potential global trade war resulting from the current tariff policies of the US government.
The Supervisory Board of PCC SE nevertheless considers the company to be well positioned for the future, particularly in light of its forward-looking investment program and the increasing geographic expansion of its core business. The Supervisory Board supports these growth plans and will continue to closely accompany PCC on its future path.
The management of PCC SE, the boards and managements of all our affiliates, and, not least, all employees once again demonstrated tireless commitment to our Group during the challenging 2025 fiscal year. As Chairman of the Supervisory Board, I would like – also on behalf of my Supervisory Board colleagues – to express my sincere appreciation and gratitude to all of you. My thanks also extend to all our business partners and, of course, to our investors, many of whom have placed their trust in PCC for decades.
Many of the challenges of 2025 have persisted beyond the turn of the year. This includes, among other things, the war in Ukraine and the conflict in the Middle East, which has actually developed into an additional theater of war this spring, with global economic consequences that are currently difficult to predict. There are, in particular, also ongoing concerns about a potential global trade war resulting from the current tariff policies of the US government.
The Supervisory Board of PCC SE nevertheless considers the company to be well positioned for the future, particularly in light of its forward-looking investment program and the increasing geographic expansion of its core business. The Supervisory Board supports these growth plans and will continue to closely accompany PCC on its future path.
Duisburg, May 2026
Yours sincerely,
Waldemar Preussner
Chairman of the Supervisory Board of PCC SE
