The following is a summary of the BASF SE (BASFY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• BASF Group reported Q1 revenue of EUR 17.6 billion, a decrease of 12% mainly due to lower sales prices across almost all segments.

• EBITDA before special items was EUR 2.7 billion, slightly below the figure for the corresponding previous year quarter.

• Net income decreased 12% to EUR 1.4 billion.

• Cash flows from operating activities improved by 49% amounting to minus EUR 513 million and free cash flow stood at minus EUR 1.5 billion.

• EBIT before special items suffered a 9% decline, amounting to EUR 1.8 billion.

Business Progress:

• The global chemical production grew by 5.4% in Q1 2024 with strong growth in China boosting BASF's volume of chemicals, materials, nutrition, and care.

• Continued improvement in the upstream businesses led to better utilization rates at the company's main plants positively impacting profitability.

• The company foresees its efficiency and cost management measures starting to gain traction, which is a part of its path to become more efficient and customer-oriented.

• Significant future contributions expected from the China Verbund project by 2026.

• To enhance competitiveness, the company is projected to invest in cost-saving measures expecting annual savings of EUR 700 million by the end of 2026.

More details: BASF SE IR

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