Statement of the results for the nine months of 2025

• In the first nine months of 2025 (9M25), Ercros achieved a contribution margin of EUR 159 million, an adjusted ebitda of EUR 3.8 million, and recorded losses of EUR 41 million.
• Like other companies in the European chemical sector, Ercros continues to be affected by persistently weak demand, high energy costs, and strong competition from non-EU countries. In addition, the tariff war initiated by the United States is not contributing to the recovery of economic activity in Europe.
• As long as the current situation of oversupply persists, volumes, prices, and margins will remain under strong pressure.
• The objectives of Ercros’ Cost reduction and Revenue increase Plan (CRP) are being met as scheduled.
• The benefits of the action plan for the European chemical industry designed by the European Commission have not yet been felt.
• Ercros maintains a solid financial position, with EUR 101 million in liquidity.
• On 30 October, the National Commission on Markets and Competition (CNMC, acronym in Spanish) approved Bondalti’s takeover bid, subject to the fulfilment of certain commitments. This decision will become final once the file has been reviewed by the Minister for the Economy, Trade and Enterprise and, if deemed appropriate, by the Council of Ministers.
• According to industry analysts, the recovery in demand for the European chemical sector is expected to materialise during the second half of 2026, provided that the current tariff crisis is reasonably resolved and the European Commission’s support plan for the chemical industry is implemented.
• In any case, Ercros will continue to implement its 3D Plan to advance the digitalisation of its operations, the decarbonisation of its activities, and the diversification and expansion of its product portfolio. At the same time, Ercros will maintain its presence in its markets, seize opportunities to protect its margins, and continue taking actions to reduce costs and improve competitiveness. 

Income statements for the 2025 and 2024 nine months