This was due to drop in volumes sold and a lower selling price level, the company said.
The group’s EBITDA were €286 million, 64.5% lower than Q1 2022 figures of €806 million, but result exceeded the company’s own expectations of €100-150 million, Covestro said.
“This positive momentum shows that Covestro is on the right track,” said Dr Markus Steilemann, CEO. “We continue to focus relentlessly on sustainable growth, successful cooperation with our customers and efficiency. In this way, we are pushing ahead with our vision of becoming fully circular.”
Q1 2023 group sales in the company’s Performance Materials segment fell by 25% to €1.8 billion compared to €2.4 billion in Q1 2022.