Overview

• BASF confirmed its mid‑term plan to reach €10–12 billion in adjusted EBITDA by 2028 at its capital markets day in Antwerp.
• The company maintained a dividend floor of €2.25 per share and a planned share repurchase of at least €4 billion in 2027–2028, with the CFO indicating the buyback could begin sooner depending on portfolio moves.
• BASF said it will retain its Catalysts business, citing roughly €4 billion in cumulative cash flows expected from 2024 to 2030 after previously exploring a sale.
• The Zhanjiang complex in southern China remains central to the strategy, with most units slated to be online by end‑2025 and total investment lowered by €1.3 billion to about €8.7 billion.
• Portfolio work continues as BASF weighs options for its Coatings business with a fourth‑quarter decision targeted, prepares the Agricultural Solutions unit for a partial listing by 2027, advances battery‑materials contracts such as with CATL, and presses on with cost cuts.