BASF Factbook 2024

BASF Factbook
Information for investors and analysts

Published May 2024
20 BASF Factbook 2
24 Information for investors and analysts
Cautionary note regarding forward-looking statements
This publication contains forward-looking statements. These statements are based on current estimates
and projections of the Board of Executive Directors and currently available information. Forward-looking
statements are not guarantees of the future developments and results outlined therein. These are
dependent on a number of factors; they involve various risks and uncertainties; and they are based on
assumptions that may not prove to be accurate. Such risk factors include in particular those discussed
in Opportunities and Risks on pages 173 to 183 of the BASF Report 2023. BASF does not assume any
obligation to update the forward-looking statements contained in this publication above and beyond the
legal requirements.
Data
Due to rounding, individual figures may not add up exactly to the totals shown and percentages may not
correspond exactly to the figures shown.
Drones and digitalization are increasingly used as part of

routine maintenance procedures. Courtney Buell, Engineer-
ing Associate, and Philip Reyes, Drone & Robotics Special-
ist, prepare to inspect a vessel in the carboxy plant at
BASF’s Verbund site in Geismar, Louisiana. In this way, the
need for personnel to enter a confined space is avoided.
BASF Factbook 2024 3
Contents
1 | BASF Group 4 2 | Segments 28 3 | Financials 69
At a Glance 5 Segments 29 BASF on the Capital Market 70
Management 7 Chemicals 32 Business Review by Segment 73

Petrochemicals 34
BASF Verbund 9 Intermediates 36 Regional Results 74
Strategy 10 Materials 38 Factors Influencing Sales and Currency Impact 75

Corporate Strategy 10 Performance Materials 40
Our Steering Concept 12 Monomers 42 Financing 76
Targets and Target Achievement 15
Innovation 16 Industrial Solutions 44 Ten-Year Summary 77
Sustainability 17 Dispersions & Resins 46
Portfolio 23 Performance Chemicals 48 Selected Key Figures Excluding Precious Metals 80
Employees 26
Surface Technologies 50
Catalysts 52
Coatings 54
Nutrition & Care 56

Care Chemicals 58
Nutrition & Health 60
Agricultural Solutions 62
Other 66
Non-Integral Shareholding in Wintershall Dea 67

1
4
BASF Group
At a Glance 5
Management 7
BASF Verbund 9
Strategy 10
Corporate Strategy 10
Our Steering Concept 12
Targets and Target Achievement 15
Innovation 16
Sustainability 17
Portfolio 23
Employees 26
BASF Factbook 2024 At a Glance 5
At a Glance Sales by segment and Other in 2023
Chemicals Surface Technologies

At BASF, we create chemistry for a sustainable future. €10.4 billion
(2022: €14.9 billion) €16.2 billion
(2022: €21.3 billion)
We combine economic success with environmental protection
Materials
and social responsibility. Around 112,000 employees contrib- €68.9 billion Nutrition & Care
€14.1 billion (2022: €87.3 billion)
(2022: €18.4 billion) €6.9 billion
ute to the BASF Group’s success worldwide. Our business (2022: €8.1 billion)
comprises the Chemicals, Materials, Industrial Solutions, Industrial Solutions

€8.0 billion
Surface Technologies, Nutrition & Care and Agricultural Solu- (2022: €10.0 billion) Agricultural Solutions
tions segments. Other
€10.1 billion
(2022: €10.3 billion)
€3.2 billion
(2022: €4.4 billion)
With companies in 93 countries
we contribute to our customers’ success
Key figures
Broad portfolio Million €
2019 2020 2021 2022 2023

6 segments, 11 operating divisions, 70 strategic
Sales 59,316 59,149 78,598 87,327 68,902
business units
Income from operations before depreciation, amortization and special items 8,324 7,435 11,348 10,762 7,671
Income from operations before depreciation and amortization (EBITDA) 8,185 6,494 11,355 10,748 7,180
Verbund concept Income from operations (EBIT) before special items 4,643 3,560 7,768 6,878 3,806
Income from operations (EBIT) 4,201 –191 7,677 6,548 2,240

for resource-efficient, carbon-optimized and Net income 8,421 –1,060 5,523 –627 225
reliable production
Earnings per share (EPS) € 9.17 –1.15 6.01 –0.70 0.25
Adjusted earnings per share (EPS) € 4.00 3.21 6.76 6.96 2.78
Cash flows from operating activities 7,474 5,413 7,245 7,709 8,111
BASF sales by industry 2023 Free cash flow 3,650 2,284 3,713 3,333 2,715
Direct customers
EBITDA margin before special items % 14.0 12.6 14.4 12.3 11.1
> 20% Chemicals and plastics | Transportation (respectively) Return on capital employed (ROCE) % 7.7 1.7 13.7 10.0 4.5
10–20% Agriculture | Consumer goods (respectively) Dividend per share € 3.30 3.30 3.40 3.40 3.40
Construction | Electronics | Energy and resources | Dividend yield 1% 4.90 5.10 5.50 7.33 6.97
< 10%
Health and nutrition (respectively)
1 Based on year-end share price
BASF Factbook 2024 At a Glance 6
Regional footprint 2023

EUROPE
27.6
Sales (billion €)
67,562
Employees
Nanjing
Geismar South Korea

NORTH AMERICA
Freeport
19.0
Sales (billion €)
Shanghai
Zhanjiang
16,060
Employees Kuantan
SOUTH AMERICA,
AFRICA, MIDDLE
EAST
5.1
Sales (billion €)
7,176
Employees
ASIA PACIFIC
Antwerp 17.1
Sales (billion €)
The map shows the BASF Group’s production sites according to the
scope of consolidation as used for the BASF Group Report 2023. Sites
not shown on the map include pure research and development sites, office
Ludwigshafen
21,193
Employees
and warehouse locations as well as sites of companies outside the scope
of consolidation.  
Verbund sites / Verbund site under construction

Production sites
Sales by location of company in 2023; employees as of December 31, 2023

BASF Factbook 2024 Management 7
Management
Board of Executive
Directors of BASF SE
Responsibilities as of May 1, 2024
Dr. Markus Kamieth Dr. Dirk Elvermann Michael Heinz

Chairman of the Board of Executive Directors Chief Financial Officer 60 years old, 40 years at BASF
53 years old, 25 years at BASF and Chief Digital Officer Responsibilities:
Responsibilities: 52 years old, 21 years at BASF Care Chemicals; Nutrition & Health; Agricultural Solutions;
Corporate Development; Corporate Legal, Compliance & North America; South America
Responsibilities:
Insurance; Senior Project Net Zero Accelerator; Corporate Corporate Finance; Corporate Audit; Corporate Taxes &
Human Resources; Corporate Communications & Govern- Duties; Global Business S
ervices; Global Digital Services;
ment Relations; Corporate Investor Relations Global Procurement; BASF Venture Capital
Anup Kothari Dr. Stephan Kothrade Dr. Katja Scharpwinkel

56 years old, 25 years at BASF Chief Technology Officer Industrial Relations Director
Responsibilities: 57 years old, 29 years at BASF 54 years old, 13 years at BASF
Dispersions & Resins; Performance Chemicals; Responsibilities: Responsibilities:
Catalysts; Coatings Petrochemicals; Intermediates; Performance Materials; Corporate Environmental Protection, Health, Safety &
Monomers; Group Research; Greater China; South & East Quality; Global Engineering Services; European Site &
Asia, ASEAN & ANZ; Mega Projects Asia Verbund Management; Europe, Middle East, Africa
BASF Factbook 2024 Management 8
Supervisory Board of BASF SE (as of May 1, 2024)
Shareholder representatives Employee representatives
Dr. Kurt Bock Prof. Dr. Stefan Prof. Dr. Sinischa Horvat Tatjana Diether André Matta
Chairman of the Super Asenkerschbaumer Thomas Carell Vice Chairman of the Super Deputy Chairwoman of Member of the Works
visory Board of BASF SE; Vice Chairman of the Professor of Organic visory Board of BASF SE; the Works Council of Council of BASF SE,
Former Chairman of the Supervisory Board of Chemistry at LMU Munich Chairman of the Works BASF SE, Ludwigshafen Ludwigshafen Site, and
Board of Executive BASF SE; Chairman of Council of BASF SE, Ludwigs- Site, and member of the member of the BASF Works
Tamara Weinert
Directors of BASF SE the Supervisory Board hafen Site; and Chairman of BASF Works Council Council Europe
President and Chief
of Robert Bosch GmbH BASF’s Joint Works Council Europe
Liming Chen Executive Officer of the Peter Zaman
and Managing P artner and of the BASF Works
World E
conomic Forum Business Area Americas Michael Vassiliadis Deputy Secretary of the
of Robert Bosch Council Europe
Greater China Chair and member of the Chairman of the Mining, Works Council of BASF
Industrietreuhand KG
Leadership Team of Natalie Mühlenfeld Chemical and Energy Antwerpen N.V.
Alessandra Genco Outokumpu Corporation District Manager of the Min Industries Union (IG BCE)
Chief Financial Officer ing, Chemical and Energy
of Leonardo SpA Industries Union (IG BCE)
for the Düsseldorf district
For further information, please refer to basf.com/share/supervisory-board
Two-tier management system of BASF SE The Supervisory Board works hand in hand with the Board of Exec-
utive Directors to ensure long-term succession planning for the
Board of Executive Directors Supervisory Board
composition of the Board of Executive Directors. BASF aims to fill
most Board positions with leaders from within the company. It is the
appoints the Board of Executive Directors task of the Board of Executive Directors to propose a sufficient
number of suitable individuals to the Supervisory Board.
monitors the Board of Executive Directors
The aim is to enable the Supervisory Board to ensure a reasonable
advises the Board of Executive Directors level of diversity with respect to education and professional experi-
ence, cultural background, international representation, gender and
reports to Supervisory Board age when appointing members of the Board of Executive Directors.
6 members 12 members Irrespective of these individual criteria, a holistic approach will deter-
appointed by the Supervisory Board 6 shareholder representatives elected by the mine a person’s suitability for appointment to the Board of Executive
Annual Shareholders’ Meeting and
Chair
6 employee representatives
Directors of BASF SE.
appointed by the Supervisory Board
For more information on the competence profiles, diversity concept and composition goals,
Chair
see BASF Report 2023, page 193 onward.
elected by the Supervisory Board
BASF Factbook 2024 BASF Verbund 9
BASF Verbund BASF Verbund sites worldwide

Our unique Verbund concept is one of BASF’s greatest
Ludwigshafen
strengths. Its driving principle is to add value through the
Antwerp Largest BASF Verbund site
Established: 1865
Second-largest
efficient use of resources. At our Verbund sites, production BASF Verbund site
plants, energy and material flows, logistics, and site infra- Established: 1964
structure are all integrated.
BASF currently operates six Verbund sites worldwide: two in

Europe, two in North America and two in Asia. Our Verbund site in
Ludwigshafen, Germany, is the world’s largest chemical complex
Nanjing
owned by a single company that was developed as an integrated BASF 50%
network. We are building a seventh Verbund site in Zhanjiang, in the Geismar Sinopec 50%
Established: 1958 Established: 2000
Chinese province of Guangdong (see page 24).
The Verbund system creates efficient value chains that extend from
basic chemicals all the way to industrial and final consumer prod- Zhanjiang
ucts. In this system, chemical processes make use of energy more BASF 100%
(construction in
efficiently, achieve higher product yields and conserve resources. progress)
By-products of one process are used as starting materials for other
processes. This saves raw materials and energy, avoids emissions,
lowers logistics costs and leverages synergies. BASF operates 228 Freeport Kuantan
additional production sites worldwide, but the six Verbund sites Established: 1958 BASF 60%
produce more than 50% of our volumes. This is a testament to the PETRONAS 40%
Established: 1997
importance and strength of the Verbund concept within BASF.
Strong sustainability performance The Verbund system is also key to the carbon-optimized supply Verbund flexibility and adaptability
Value chains in integrated Verbund structures can be steered effi- of energy at our sites. For example, waste heat from one plant’s Despite its complexity, the Production Verbund can respond flexibly
ciently to conserve resources and reduce CO2 emissions. In 2023, production process is used as energy in other plants. The Verbund to fluctuating demand and changing framework conditions. BASF
we covered 51% of BASF Group’s electricity demand with our own saved us around 17.3 million MWh in 2023, which translates to also has flexibility in adapting its Verbund structures, as demon
gas and steam turbines in highly efficient combined heat and power 3.5 million metric tons less CO2 released into the atmosphere.1 With strated by the measures to improve competitiveness of the Lud-
plants. Compared with separate generation of steam and electricity, combined power and steam generation as well as our continuously wigshafen site that were announced in February 2023. As part of
we saved 10.8 million MWh of fossil fuels and avoided 2.2 million optimized Energy Verbund, we were thus able to avoid a total of these measures, the following plants were shut down by the end
metric tons of carbon emissions in 2023.1 In 2023, internally gener- 5.7 million metric tons of CO2 emissions in 2023. of 2023: the TDI complex, one ammonia plant, the melamine plant
ated power in the BASF Group had a carbon footprint of around and the fertilizer facility. Further shutdowns will be implemented
0.26 metric tons of CO2 per MWh of electricity and was below the gradually until the end of 2026.
national grid factor at most BASF sites.
1 Calculation basis: electricity conversion efficiency of conventional power plants: 45%; steam generation efficiency 90%
BASF Factbook 2024 Strategy 10
Strategy At the same time, these challenges also open up numerous opportu-
nities for new business areas and innovative products. All of this
Our strategic action areas
requires a clear vision as well as a high degree of creativity and flexi- BASF’s strategic direction is based on a comprehensive analysis of
Corporate Strategy bility. our markets, competitors and the economic environment. We con-
tinuously monitor global trends and short-term developments and
Chemistry is our passion. We make use of this passion for our We want to grow profitably and sustainably. To this end, we have set anticipate the resulting opportunities and risks. In doing so, we keep
customers: We want to offer them the best possible solutions ourselves ambitious targets and defined concrete measures to a close eye on the demands of our customers and the transforma-
and help them achieve their sustainability goals. With our achieve them: To increase our profitability, we are strengthening our tion of our company. The following six strategic action areas enable
products and technologies, our innovative and entrepreneur- competitiveness with our cost savings program focusing on Europe us to strengthen our leading position in a competitive environment.
ial spirit and the power of our Verbund integration, we want and we are adapting our Verbund structures in Ludwigshafen, Ger-
to grow profitably while creating value for society and the many, to ensure the site remains future-proof. We are investing in Innovation
environment. This is our goal, which is embedded in our cor- growth markets, particularly in Asia, with China as the largest and Innovation is the bedrock and driver of our success. BASF is a
porate purpose: We create chemistry for a sustainable future. most important growth driver of global chemical production. Further- leader in the chemical industry, with around 10,000 employees in
more, we are undergoing a fundamental transformation in the way research and development and R&D spending of around €2.1 billion
Humankind is facing enormous challenges in order to preserve a we steer our company. As part of our Differentiated Steering con- in 2023. We want to further strengthen this position by driving
world worth living in for future generations. The climate is changing, cept, we are implementing new financial steering indicators tailored forward our research activities, especially in agriculture, battery
natural resources are becoming scarcer, pressure on ecosystems is to each business (see page 12). Our operating divisions are also materials, polymer technologies and catalytic and biotechnological
increasing and our growing world population needs to be fed. More continuing to adapt their specific business models and processes – methods. Our research units are organizationally aligned with the
and more urgently than ever, solutions are needed for a sustainable supported by customized process structures, IT systems and gover- needs of our customers. Customer-focused activities are directly
future. Chemistry plays a key role here. In almost all areas of life, it nance frameworks. integrated into the divisions. Research activities that are relevant to
can pave the way to greater sustainability and accelerate the trans- several operating divisions as well as Group-wide relevant topics are
formation needed to achieve this. Our innovative products, solutions To further embed sustainability in our business activities, we are driven by the global division Group Research. In addition, we are
and technologies help to improve quality of life and protect the envi- driving innovations for a sustainable future, focusing our portfolio on pursuing and expanding our cooperations with customers, universi-
ronment as well as the climate. We achieve this by using raw materi- growth areas, and developing products with a lower carbon footprint. ties and research institutions.
als more efficiently, reducing waste and enabling the production of We are pioneers in climate-neutral production. This means we are
healthy and affordable food as well as climate-smart mobility. gradually converting our energy supply from fossil fuels to renewable Sustainability
sources, developing new, pioneering emission-free and low-emission We believe that the economy, environment and society are inextrica-
At the same time, BASF is also undergoing profound changes. We production processes for our products as well as strengthening the bly linked and interdependent. In all three areas we want to create
are transforming our company and breaking new ground to increase circular economy through the use of alternative raw materials and value with our products, solutions and technologies. Already in
our profitability and achieve climate neutrality. We are facing up to the new recycling technologies. 1994, we pledged our commitment to sustainability and, since then,
challenge of making this change socially just. This involves managing have systematically aligned our actions with the principles of sus-
long-term policy decisions like the European Green Deal, overcoming The success of these measures depends primarily on the ideas and tainability. We want to further strengthen our position as a pioneer
the consequences of current geopolitical conflicts and driving for- commitment of our employees. This is why we want to create an for sustainable solutions. We see sustainability as an integral part of
ward digitalization. environment in which they can thrive and contribute to BASF’s long- our strategy as well as our targets, steering processes and business
term success. Moreover, the diverse potential of digitalization used in models.
our processes and business models further contributes to the suc-
cessful implementation of these measures.
In doing so, our aim is to be a responsible and attractive partner for Portfolio
our customers, develop new growth areas, and lay the foundation We are steering our portfolio toward innovation-driven growth areas.
for the long-term success of our company. Our approach covers the Following major acquisitions in recent years (battery materials, engi-
entire value chain – from the responsible procurement of our raw neering plastics, agricultural solutions), we plan to further develop our
materials, to safety and resource efficiency in production, to sustain- portfolio with smaller, bolt-on acquisitions in the future. Major divesti-
able solutions for our customers. tures (pigments, construction chemicals, paper and water chemicals,
kaolin minerals) in previous years were followed by the carve-out of
Production the emissions catalysts and precious metals services business into
The production and processing of chemicals is our core business. the new BASF Environmental Catalyst and Metal Solutions (ECMS)
Our comprehensive product portfolio ranges from basic chemicals entity and the divestiture of BASF’s nickel-based catalysts production
to custom system solutions. The strength of our company lies in the site in De Meern, Netherlands, to IQatalyst B.V. In addition, at the end
Verbund and its integrated value chains. The Verbund enables us to of 2023, BASF, LetterOne and Harbour Energy plc (Harbour) signed
achieve reliable, efficient and CO2-optimized production and lever- an agreement to combine the businesses of Wintershall Dea and
ages synergies in the development and application of new technol- Harbour (see page 24). At the same time, we are strengthening the
ogies and the use of digital solutions. At the same time, the Verbund basis for our organic growth with investments. The major growth
is the foundation for meeting the increasingly diverse needs of our projects for the coming years are our new Verbund site in Zhanjiang,
customers and markets with a differentiated offering. Our strategy is China, and the expansion of our battery materials business.
to produce locally for local markets, close to our customers.
We plan to invest €19.5 billion worldwide between 2024 and 2027 Employees
to expand our capacities based on market demand and to further Our employees are key to BASF’s success. That is why we believe in
increase the availability, efficiency and flexibility of our plants. the importance of an attractive total offer package and an inspiring
working environment that fosters and develops employees’ individual
Digitalization talents and enables them and their teams to perform at their best. We
We want to leverage the diverse growth potential of digitalization, are pursuing three action areas to make our high-performance orga-
seize the associated opportunities to the benefit of our customers and nization even more so: empowerment, differentiation and simplifica-
strengthen our competitiveness. To achieve this, we promote digital tion of structures and processes. At the same time, we encourage
skills among our employees, cooperate with partners and make digi- and promote a leadership culture that empowers our employees to
tal technologies and ways of working an integral part of our business. respond to customer needs quickly and efficiently with a solution ori-
Digitalizing our plants and systematically analyzing data enables us to entation. We value diversity in people, opinions and experience as
further automate processes. In this way, we steer the capacity, avail- being crucial to creativity and innovation. We embrace bold ideas,
ability and efficiency of our plants in line with market conditions. The help our employees to implement them and learn from setbacks. This
combination of products, services and digital offerings also creates is founded on an open feedback and leadership culture based on
new business models and advantages for our customers, such as in mutual trust, respect and dedication to top performance.
the automotive and personal care industries as well as agriculture. For more information on our strategic action areas, see BASF Report 2023, page 30 onward.
Our Steering Concept

We have firmly anchored our goal of growing profitably and creating value for society in our strategy. Both financial and nonfinancial key figures are an
integral part of our steering concept. Until the end of 2023, return on capital employed (ROCE) and CO2 emissions were our most important key
performance indicators. From 2024 onward, we will pursue a Differentiated Steering concept. Industry-specific key performance indicators tailored to
the respective business will enable us to increase the competitiveness of our business units and thus the profitability of the BASF Group. We use EBITDA
before special items and free cash flow as the new most important key performance indicators for short and medium-term steering. ROCE will continue
to play a central role as a medium-term strategic steering indicator.
The BASF Group’s steering concept in 2023 better integrate market conditions into our management and sustainability as a decisive factor for our long-term business
strengthen our business operations. We will also benchmark our success.
Until 2023, the return on capital employed (ROCE) was used as the performance even more closely against that of our competitors.
key target and steering indicator for the BASF Group. In line with our The differentiated approach to steering the operating business units
strategic targets, we aimed to achieve a ROCE considerably above This is why we have further developed our financial steering concept takes into account the different business models of the segments.
the cost of capital percentage every year. With ROCE, the same for the financial years from 2024 onward. Here, we will differentiate In the future, capital-intensive segments (Chemicals, Materials,
data was used for our value-based management, external commu- between short-term and medium-term steering more clearly than Surface Technologies and Agricultural Solutions) will be measured
nication with the capital markets and variable compensation. before. We have established two new most important financial key by their absolute contribution to EBITDA before special items, an
performance indicators for the BASF Group’s steering: earnings indicator that describes operational performance indepen-
We are also pursuing the target of reducing our greenhouse gas – Income from operations before depreciation, amortization and dent of age-related depreciation and amortization of assets and any
emissions. Therefore, CO2 emissions (Scope 1 and 2)¹ are defined special items (EBITDA before special items) impairment or reversal of impairment. The key figure is therefore
as a steering-relevant indicator, and we report on them as the most – Free cash flow particularly suitable for indicating the profitability of a business and
important nonfinancial key performance indicator. By 2030, we want for comparisons with businesses in similar sectors.
to reduce our absolute greenhouse gas emissions by 25% ROCE, our most important financial key performance indicator up
compared with the 2018 baseline (see page 19). to and including the 2023 business year, is significantly influenced The success of the Industrial Solutions and Nutrition & Care seg-
by strategic decisions such as acquisitions and divestitures as well ments primarily depends on the generation of new and profitable
as investments. Short-term influencing factors, such as the devel- business. Therefore, the most effective measure of their performance
Further development of the steering concept as of 2024 opment of earnings or current operating assets, can be better is a combination of sales growth and margin. Accordingly, the
controlled directly via earnings or cash flow figures. EBITDA margin before special items is the link to the BASF Group’s
To increase the value creation of the individual operating divisions, key performance indicator.
we are introducing a Differentiated Steering concept, which we will Return on capital employed remains a medium-term key financial
report on at segment level. Key criteria in the selection of specific target for the BASF Group. We use ROCE to emphasize the To manage cash flow at segment level, we use a specific key figure,
steering indicators are the respective strategic direction of the importance of managing our return on capital employed over time. segment cash flow, which includes the elements of free cash flow
business, the role of the business in BASF’s portfolio and the that can be managed by the operating divisions. This key perfor-
contribution of the business to achieve corporate targets. We are Scope 1 and 2 CO2 emissions remain the most important non- mance indicator is relevant in all segments.
focusing on industry-specific value drivers, which enables us to financial key performance indicator at Group level. We see
1 Scope 1 and Scope 2 (excluding the sale of energy to third parties). Greenhouse gases are converted into CO2 equivalents (CO2e) in accordance with the Greenhouse Gas Protocol.
Value-based management throughout the company Differentiated financial steering approach of the BASF Group as of 2024
The target agreement process is an important part of our value-

based management. It aligns individual employee targets with
BASF’s targets. The most important financial indicator in the
operating business has so far been ROCE. The other units’
contribution to value is also assessed according to effectiveness BASF Group ROCE Medium-term steering
and efficiency on the basis of quality and cost targets. To assess
this, we use metrics such as BASF’s internal service score in the
service units.
Medium to short-term steering
EBITDA before special items “Most important key performance
BASF Group
We are gradually adapting the target agreement process to the Free cash flow indicators”
Differentiated Steering concept. From 2024 onward, variable com-
pensation for senior executives in all business units and the Service,
Research and Corporate Center units will be based on targets EBITDA EBITDA
derived from the new key performance indicators for the steering of before margin before Segment
Sales growth special items special items cash flow
the respective business unit or the BASF Group.
BASF segments Chemicals,
• •
Differentiated Steering
Materials
Industrial Solutions,
• • •
Nutrition & Care
Key figures in reporting Surface Technologies,
• • •
Agricultural Solutions
For the BASF Group, we used EBIT before special items and capital
expenditures (capex) until 2023 as key performance indicators that
have a direct impact on ROCE: EBIT before special items to steer
profitability at Group and segment level; capex to manage capital In line with the new steering concept, in future financial reporting, we Calculation of ROCE and cost of capital
employed in the BASF Group. Capex comprises additions to prop- will comment on and forecast the most important key performance
erty, plant and equipment excluding additions from acquisitions, IT indicators EBITDA before special items and free cash flow for the ROCE is calculated as the EBIT of the segments as a percentage of
investments, restoration obligations and right-of-use assets arising BASF Group and EBITDA before special items and segment cash the average cost of capital basis.
from leases. Furthermore, we have been commenting on and fore- flow for the segments. We will continue to forecast capex for prop-
casting sales at Group and segment level so far in our financial erty, plant and equipment1 as a key factor for free cash flow. To calculate the EBIT of the segments, we take the BASF Group’s
reporting as a significant driver for EBIT before special items and our EBIT and deduct the EBIT of activities recognized under Other,
most important key performance indicator, ROCE. In addition, we will continue to analyze and comment on sales at which are not allocated to the divisions.
Group and segment level, but we will not forecast them.
The cost of capital basis is calculated using the month-end figures
and consists of the operating assets of the segments. Operating
assets comprise the current and noncurrent asset items of the
segments. They include property, plant and equipment as well as
1 Additions to property, plant and equipment excluding acquisitions, restoration obligations, IT investments and right-of-use assets arising from leases
intangible fixed assets, integral investments accounted for using the Calculation of EBITDA before special items Reconciliation of segment cash flow to free cash flow
equity method, inventories, trade accounts receivable, miscellaneous EBITDA
assets generated by core business activities and, if applicable, the EBITDA is the result from income from operations reported in the + Changes in inventories
assets of disposal groups. The cost of capital basis also includes Consolidated Financial Statements plus depreciation, amortization,
+ Changes in trade accounts receivable
customer and supplier financing. impairments and reversals of impairments on property, plant and
+ Other changes
equipment and intangible assets. This is adjusted for special items
We have integrated the cost of capital percentage into our ROCE that may arise from the integration of acquired businesses, from – Payments made for property, plant and equipment and intangible assets
target as a comparative figure. This is determined using the restructuring measures, gains or losses resulting from divestitures = Segment cash flow
weighted cost of capital from equity and borrowing costs (weighted and sales of shareholdings, and other expenses and income that + Net income from shareholdings
average cost of capital). To calculate a pretax figure similar to EBIT, arise outside of ordinary business activities. The EBITDA margin
+ Financial result
the cost of capital is adjusted using the projected tax rate for the before special items is calculated as the ratio of EBITDA before
+ Income taxes
BASF Group for the business year. In addition, the projected net special items to sales revenue. This relative indicator enables
+ Changes in other balance sheet items and adjustment of other noncash effects
expense of Other is already provided for by an adjustment to the operational performance to be compared independently of the size
cost of capital percentage. The cost of equity is ascertained using of the underlying business. = Free cash flow
the capital asset pricing model. Borrowing costs are determined

based on the financing costs of the BASF Group. The cost of capital
percentage for 2024 is 10% (2023: 9%). Calculation of free cash flow and segment cash flow
Segment cash flow measures the cash inflow and outflow of a

Calculation of CO2 emissions segment and thus the contribution to the BASF Group’s free cash
flow. It includes only those amounts that can be controlled by the
We calculate the BASF Group’s absolute CO2 emissions on the segment and is calculated from the EBITDA, changes in inventories
basis of greenhouse gas emissions, which are the sum of direct and trade accounts receivable, other extraordinary adjustments, for
emissions from production processes and the generation of steam example in connection with acquisitions and divestitures, less
and electricity (Scope 1), as well as indirect emissions from the payments made for property, plant and equipment and intangible
purchase of energy (Scope 2). Direct emissions from the generation assets. The BASF Group’s free cash flow additionally includes trans-
of energy for third parties are not considered here. Relevant actions that are not allocated to operations as well as adjustments
emissions include other greenhouse gases according to the of other noncash effects. Free cash flow is the cash flows from
Greenhouse Gas Protocol, which are converted into CO2 operating activities less payments made for property, plant and
equivalents. equipment and intangible assets.
For more information on our CO2 emissions and climate protection targets, see page 19
imited assurance Limited assurance
Targets and Target Achievement 2023 Effective climate

2018
Effective
protection
climate protection
2018 2023
ResponsibleResponsible
procurementprocurement
20252023 2025
2030 status target
status target
Profitable growth target 2023 2030 2023 2030
Profitable
rowth growth
Profitable growth 2023 2023 2023 2023
2023 2023 2023 21.9 2023 21.9
status status
target target 89% 90% 89% 90%
target target
2023 target target million million
0.3 100% target target target target 2023
023 2023 2023 2023 >1.7% >1.7%
status >1.7% >1.7% 2023 16.9 16.416.92023 16.42023
2023 2023 20232023 2023
2023 2023 2023 2023
3% – 5% 3% – 2023
5% 2023
3% – 5% metric3% – 5%metric
status status
target status
target target
status target
rget target target status status status status status status status status million million
million million
tons tons
9% 2030
>9% >9% -8.4%
70% €3.40
metric >€3.40
metric
metric €3.40 SDG
metric €3.40 SDG >€3.40
>€3.40 €3.40 >€3.40
SDG SDG
2023 target SDG -8.4% -8.4% -8.4% SDG 2022
-28.7% 2022
-28.7% 2022
-28.7% 2022
-28.7%
2023
status 2023 tons tonstons tons
status status status status
status
0.03 ≤0.05
status
SDG SDG SDG SDG SDG SDG SDG SDG SDG SDG SDG SDG SDG SDG SDG SDG
4.5% 4.5% Most important key performance
Most important
indicator
key performance indicator Limited assurance Limited assurance
imited assurance Limited assurance
Most
erformance
important
indicator
key performance indicator
Most important Reasonable
key performance assuranceReasonable assurance
indicator Reasonable assurance
Reasonable assurance Reasonable assuranceReasonable assurance
Reasonable assuranceReasonable assurance Reasonable assuranceReasonable assurance
Reasonable assuranceReasonable assurance
Achieve a return on capital employed Grow sales volumes faster Increase EBITDA before special items by Increase the dividend per share
ve
capital
a return
Achieve
on capital
a return on capital
Achieve a return on Grow sales volumes
capital Grow sales volumes
Grow sales volumessales volumes Increase EBITDA Increase EBITDA
Increase EBITDA Increase the dividend
Increase the dividend
Increase the dividend
(ROCE) considerably above the cost of than global chemical Grow
production 3% to 5% per year Increase EBITDA
every year based on a Increase the dividend
ROCE)
ably
employed
above
considerably
the
(ROCE) above
considerably
the above the
faster than
employed (ROCE) considerably above the global
faster
chemical
than global
faster
chemical
than global chemical before
faster than global chemical specialbefore
items special
before
items specialbefore specialper
items itemsshare everyper
yearshare
basedevery
peryear
share
based
everyper
year based
share every year based
capital percentage every year every year strong free cash flow
apital
e everycost
percentage
year
of capital
every
percentage
costyear every
of capital year production
percentage every yearevery
production
year every
production
year every year
production by 3%–5% per by
every year year
3%–5% perbyyear
3%–5% per byyear
3%–5% per onyeara strong freeon
cash
a strong
flow free
oncash
a strong
flow freeon
cash flow free cash flow
a strong
Reduction targets
81%
4
Resource efficiency
Resourceand
efficiency
safe production
and safe production
Effective
mate protection
climate
Effective
protection
Effective climate
climate protection
ResponsibleResponsible
protection procurementResponsible
procurementprocurement Responsible procurement 1 Scope 1 and Scope 2 (excluding the sale of
energy to third parties). The target includes
2018 Effective
2018 climate
Effective
protection
climate
Effective
2023 protection
climate
2023 protection
2025 Responsible
2025
2023 procurement
2025 ResponsibleResponsible
procurementprocurement greenhouse gases according to the
status target
status target
status target 2023 2023
2025 20252023 2025 0.3 0.3 Gas Protocol, which are
2023 2018
2023 2018 2018 2023 2025 2023 20252023
status 2025
status status
Greenhouse
023 20302023 2030 2023 2030 2022 2023 status
status target target target
target target
2023 target
2025 2023 20252023 2025 converted into CO2 equivalents (CO2e).
21.9
status
atus target
21.9 target
status
target status target 89% 90% 89% 90% 89% 90% status status
status status status The baseline year is 2018.
2023 2030 2023 20302023 2030 1.61 2030 target 82% 80%82% 80% 82% target
80%2030 target target
million
5 million
>80%21.9 status 21.9target 21.9
status 1.583 target
status
target 89% 90% 89% 90%89% 90% 2023 2023 2030 2 2030 2030
Scope 3.1, raw materials excluding battery
6.979% 16.9 16.9 82%status 82% 82%
SDG SDG 2023 2023services and SDG SDG
metric 16.4 million
metric 16.4 16.4 80%target 80% 80%
kg CO2/ materials, technical goods,
million million kg CO2/
1.34 status target target target
lion million
million million
16.9
million million
16.4 16.9 16.416.9
kg raw kg
16.4
raw status status
excluding greenhouse gas emissions from
tons tons SDG
metric SDG
metric SDG
metric materials SDG
materials kg CO2/ SDG SDG SDG 0.05 SDG 0.05
≤0.10 SDG
≤0.10 0.03 ≤0.05
BASF trading business.
0.03 ≤0.05
Future adjustment
tric metric
metric metric
million million million
tons metric metric
million million million kg raw of the baseline in line with the TfS guideline
tons
SDG tons
SDG SDG SDG
materials SDG SDG SDG SDG SDG SDG SDG
ns tonstons tonstons
metric tons
metric metric metric
metric metric possible depending on the availability of
further primary data. The baseline year is
tons tons tons tonstons tons Limited assurance Limited assurance Limited assurance 2022.
Limited assurance
3 The figure for 2022 was adjusted due to
Most
erformance
important
indicator
key performance
Most important
indicator
key performance indicator Limited assurance Limited assurance Limited assurance Limited assurance Limited assurance Limited assurance increased data availability.
imited assurance Most important key performance
Most important
indicator key performance
Most important
indicator
key performance indicatorLimited assurance Limited assurance Limited assurance Limited assurance Limited assurance Limited assurance 4 We updated the safety targets in 2023.
5 We regularly calculate the employee
Reduce our absolute CO2 emissions Reduce our specific CO2 emissions Cover 90% of our relevant spend with Have 80% of our suppliers improve their engagement level. The most recent survey
was conducted in 2023.
(Scope 1 and 2) by 25% by 2030 (scope 3.1) by 15% by 2030 sustainability evaluations by 2025 sustainability performance
(baseline: 2018)1 (baseline: 2022)2 upon reevaluation
4 4
81% 81%
Resource Resource-efficient
ficiency and
efficiency
Resource
safe production
and
efficiencyand
andsafe
safeproduction
safe production production Committed
Employee engagement employees
Employee engagement and diversity
and diversity
Resource efficiency
Resource
and safe
efficiency
Resource
production
and
efficiency
safe production
and safe production 2030 2030 2023 20302030 2023 2030 2023 20232023 2023
target target status target
2030target
status target
2030 2030 status target
status target
0.3 0.3 0.3 2023 100%2023 100%2023 target
100%30% target
30% target
28.4% 28.4% 79%
5
>80%79%
5
>80%
0.3 0.3 status
0.3 status status
2023 100% 2023 100%2023 100%
70% 70% status
70% status status
30
2023 20302023 2030 2030 2030 2030
SDG SDG 2023 SDG 2023 2023 2023 SDGtarget SDG
get
status target
status
2023 target
2030 20302023
status
target
2030
status
target
status 2030 2030 SDG 2030 SDG
70% SDG 70% SDG 70% SDG SDG SDG SDG
0.05 0.05
status target SDG
target SDG
target 2023
SDG target 2023 2023
target SDG target SDG SDG SDG SDG SDG
.10 ≤0.10 ≤0.10 status status
0.03 ≤0.050.03 ≤0.050.03
status ≤0.05 status status
0.05 ≤0.10 0.05 0.05
≤0.10 ≤0.10 ≤0.05 ≤0.05 ≤0.05
0.03 0.03 0.03
mited assurance Limited assurance Limited assurance Limited assurance Limited assurance Limited assurance Limited assurance LimitedLimited
assurance
assurance Limited assurance Limited assurance Limited assurance
Limited assuranceLimited assurance Limited assurance Limited assurance Limited assurance Limited assurance
Reduce our worldwide high-severity Reduce our worldwide high-severity work Introduce sustainableLimited
water assurance Limited assurance Limited assurance
Increase the proportion of women in More than 80% of our employees feel that
process safety incidents per 200,000 process-related injuries per 200,000 management at our production sites in leadership positions with disciplinary at BASF, they can thrive and perform at
working hours to ≤0.10 by 20304 working hours to ≤0.05 by 20304 water stress areas and at our Verbund sites responsibility to 30% by 2030 their best
by 2030
4 4 4
81% 81% 81%
4 4 4
81% 81% 81%
Innovation sustainability advantages. By helping them to reduce their carbon can be used to reduce the frictional resistance of surfaces or
footprint, use resources more efficiently, or manufacture products in improve UV protection and weather resistance.
Innovations based on chemistry play a pivotal role in overcom- a more environmentally friendly way and recycle them, we ensure
ing the greatest challenges of our time. Our activities are our long-term competitiveness and, at the same time, play a role in As part of our Carbon Management R&D Program, we are focusing
aimed at developing new products, reducing the carbon foot- decoupling growth from the consumption of limited resources. in particular on projects at the energy-intensive starting point of the
print of our existing products, entering new markets and value chain. This will enable us to offer our customers even more
further increasing our productivity. We are intensively working In 2023, we generated sales of around €10 billion with products products with a lower carbon footprint in the future.
together with our customers on innovative products and pro- launched on the market in the past five years that stemmed from For more information on low-carbon production processes, see page 20
cesses for a sustainable future. R&D activities. In the long term, we aim to further increase sales and
earnings with new and improved products – especially with products The largest and most important site in our research network is Lud-
Innovation has always been the key to BASF’s success. The knowl- that make a substantial sustainability contribution in the value chain wigshafen in Germany. We are currently building a new Catalyst
edge and skills of our highly qualified employees are our most valuable (see page 17). Development and Solids Processing Center there to bring process
resource and the source of our innovative strength. In 2023, approxi- innovations and new chemical catalysts to market faster. Startup is
mately 10,000 employees worldwide were working in research and Our R&D units explicitly address the industry-specific needs of our planned for 2024. We are also continuing to advance our R&D activ-
development (R&D). customers. Customer-focused activities are directly integrated into ities in Asia. For instance, in mid-2023, we completed the expansion
the operating divisions. Research activities that are relevant to several of the BASF Innovation Campus Shanghai in China, which was
Our R&D expenses amounted to €2,130 million in 2023 (2022: operating divisions are bundled in the cross-functional global division opened in 2012, with new laboratories for advanced materials and
€2,298 million). R&D activities in our operating divisions, which are Group Research. It supports the R&D activities of our divisions and systems as well as for chemical engineering.
mainly application and customer-related, accounted for 83% of this drives forward cross-divisional projects on topics relevant to the entire
figure. Cross-divisional and long-term topics were responsible for Group, such as avoiding CO2 emissions in chemical processes and The number and quality of our patents also attest to our power of
17% of these expenses. products, energy efficiency and recycling technologies. The unit is innovation and long-term competitiveness. In 2023, we filed 1,046
globally positioned with research centers in Europe, North America new patents worldwide, of which 42.2% were for innovations with a
Research and development expenses by segment 2023 and Asia Pacific. Together with the R&D units in our operating particular focus on sustainability. The Patent Asset Index, a method
divisions, Group Research forms the core of our global Know-How that compares patent portfolios, once again ranked us among the
17% 4% Verbund. leading companies in the chemical industry in 2023.
Corporate research, Other Chemicals
9% Additionally, we use corporate funding to finance research activities

€2,130 million Materials
that are of broad relevance to the BASF Group and go beyond the Global network
7%
42% industry-specific focus of the individual operating divisions, such as
Industrial Solutions
Agricultural Solutions digital tools, polymer technologies, catalyst processes or biotechno- Our global network of top universities, research institutes and
14%
logical methods. companies forms an important part of our Know-How Verbund. It
Surface Technologies
gives us direct access to external scientific expertise, talented minds
7%
Furthermore, we promote creative research approaches and drive from various disciplines as well as new technologies. Our academic
Nutrition & Care
forward the development of new business areas. For example, we research alliances bundle partnerships with several research groups
are developing innovative coating technologies and materials that in a region or with a specific research focus.
Our innovation focus is on developing new products, solutions and make innovative surfaces and functions possible. Functional films For more information on our academic research alliances, see BASF Report 2023, page 55
product improvements that offer our customers competitive and
Sustainability We have many years of experience in this area from evaluating our The new KPI sales of Sustainable-Future Solutions summarizes the
products and processes using methods such as the SEEbalance® total sales of Pioneer and Contributor products. Products allocated
We bring our corporate purpose – We create chemistry for Socio-Eco-Efficiency Analysis, Eco-Efficiency Analyses, our TripleS to these segments make a positive sustainability contribution in the
a sustainable future – to life by systematically integrating (Sustainable Solution Steering) portfolio analysis, BASF’s corporate value chain. In line with our corporate strategy, we have set our-
sustainability into our strategy, our business and our assess- carbon footprint or the calculation of product carbon footprints. selves the target of making sustainability an even greater part of our
ment, steering and compensation systems. We want to innovative power. By 2030, more than 50% of BASF’s sales relevant
secure our long-term success with products, solutions and A significant steering tool for the product portfolio, based on the to TripleS1 are to be attributable to Sustainable-Future Solutions
technologies that create value added for our customers, the sustainability performance of our products, is TripleS. Following an (2023: 41.4%). With TripleS, we are steering our product portfolio
environment and society. update to the method in 2022, we categorize our product portfolio and our research and development units toward sustainable solu-
into five segments, taking sustainability-related aspects into tions. According to our updated methodology, in 2023, around
account: Pioneer, Contributor, Standard, Monitored and Challenged €1 billion of our annual expenditure on research and development
Our strategic approach (see graphic). We began to reassess products in 2023, and the contributed to potential Sustainable-Future Solutions.
reassessment will be completed in 2024. We will take regulatory
Sustainability is integrated into our decision-making processes. Our changes into account if they have a material impact on our portfolio If, during the reassessment of our portfolio, we identify products with
opportunities and risk management systematically records effects, and therefore also on our segmentation. The allocations by segment sustainability concerns, we classify them either as “Monitored,” or in
opportunities and risks arising from our business activities for sus- and sales are therefore provisional. case of significant concerns, as “Challenged,” as we did in the past.
tainability topics and how these impact our businesses in a positive A description of possible measures is mandatory for both categories.
or negative way. Decisions regarding investments, acquisitions and
divestitures are made while taking comprehensive assessments of
sustainability impacts into account. The entire Board of Executive TripleS (Sustainable Solution Steering)1
Directors is responsible for sustainability topics, which should be TripleS Sales
driven forward by all employees. Therefore, BASF’s senior execu- segments Product performance (billion €)
tives’ long-term variable compensation is also based on the Pioneer Products with adequate profitability and a positive contribution to sustainability
9.77 3.58 13.35 (24.1%)
above the market standard
achievement of our targets for reducing CO2 emissions.
Contributor Products with adequate profitability and a positive contribution to sustainability on
market standard with regard to the topics of climate change and energy, resource 8.76 0.83 9.59 (17.3%)
efficiency and circular economy
Measuring sustainable value added Standard Products performing on market standard without a dedicated contribution to the
18.08 6.14 24.23 (43.6%)
topics of climate change and energy, resource efficiency and circular economy
We are aware that our business activities can have both positive Monitored Products with specific identified regulatory or customer concerns arising mid-term
3.55 0.87 4.42 (8.0%)
and negative impacts on the environment and society. We aim (2–5 years) or posing a regional reputational risk for BASF
to increase our positive contributions and minimize the negative Challenged Products with identified strong regulatory or customer concerns arising short-term
(≤2 years), with Substances of Very High Concern in applications
impacts of our business activities. To achieve this, we need to with an intended consumer use, violating BASF’s Code of Conduct or posing '17 0.42 0.81 1.23 (2.2%)
'16
measure how our actions and our products impact the environment a strong global reputational risk
and society. Sales share validated segmentation Sales share provisional segmentation
'15
'14
1 S
ales shares based on the analysis of the relevant portfolio carried out by the end of 2023. See the TripleS manual at basf.com/en/sustainable-solution-steering for the definition of the relevant portfolio and further information.
The provisional segmentation has not been audited by KPMG. The allocation to the segments is provisional, as the reassessment of our portfolios has not yet been completed.
1 The definition of the relevant portfolio and further information can be found in the TripleS manual at basf.com/en/sustainable-solution-steering
In the case of Challenged products, we develop our own action ensure that it meets the requirements of the European Sustainability We are involved in networks, lobbying groups and associations in
plans. These include research projects and reformulations to opti- Reporting Standards. order to jointly promote sustainability topics. In our own independent
mize products or replacing the product with an alternative. To sys- For more information on our materiality analysis, see basf.com/materiality exchange formats, we discuss our contribution to a socially just cli-
tematically align our portfolio with contributions to sustainability, we mate transformation (just transition) with representatives from busi-
are generally phasing out all Challenged products within five years of ness, science, politics and civil society. For example, we discussed
their initial classification. Our organizational and management structures solutions and challenges on the path to climate neutrality with our
stakeholders at the BASF Sustainability Lab in 2023. In-depth,
Of BASF’s €68.9 billion in sales in 2023, €55.5 billion is relevant for Together with decentrally organized specialists, the units Corporate context-related discussions take place in topic-specific committees
the TripleS evaluation. We have analyzed €52.8 billion of this latter Strategy & Sustainability and Corporate Finance are responsible for such as the Nature Advisory Council (see page 21) and the Human
amount as part of TripleS by the end of 2023.1 The relevant portfolio integrating sustainability into decision-making processes and for Rights Advisory Council (see page 22).
comprises BASF Group’s sales from sales products to third parties steering and reporting on sustainability topics. The Corporate Strat-
in the business year concerned. This excludes business that is not egy & Sustainability unit is also responsible for the global steering of We promote continuous exchange between residents and our site
product-related, such as licenses or services. climate-related matters. The Net Zero Accelerator unit plays a key management with community advisory panels. We also involve key
role in achieving our climate protection targets by accelerating and stakeholders in the decision-making process about future invest-
implementing projects related to low-emission production technolo- ments at an early stage in order to work together on viable solutions.
Our key sustainability topics gies, the circular economy and renewable energy. The Corporate Our political advocacy is conducted in accordance with transparent
Finance unit reports to the Chief Financial Officer, while the other two guidelines and our publicly stated positions.
As a cofounder of the U.N. Global Compact, we contribute to the units report to the Chairman of the Board of Executive Directors. For more information on our stakeholder activities, see basf.com/stakeholder-engagement
implementation of the United Nations’ (U.N.) Agenda 2030. Our For more information on the BASF Sustainability Lab, see basf.com/en/sustainability-lab
products, solutions and technologies help to achieve the U.N. Sustainability topics are discussed and managed by the Board of For more information on our guidelines for responsible lobbying, see basf.com/responsible-lobbying
For more information on the Industry Associations Review, see basf.com/corporategovernance
Sustainable Development Goals (SDGs) – especially SDG 2 (Zero Executive Directors. When making its decisions, the Board of Exec-
hunger), SDG 5 (Gender equality), SDG 6 (Clean water and sanita- utive Directors considers the results and recommendations from
tion), SDG 7 (Affordable and clean energy), SDG 8 (Decent work and sustainability evaluations of business processes. It makes decisions
economic growth), SDG 12 (Responsible consumption and produc- with strategic relevance for the Group and monitors the implemen- Energy and climate protection
tion) and SDG 13 (Climate action). tation of strategic plans and target achievement. The Supervisory
Board is regularly briefed on the development of individual sustain- As an energy-intensive company, we take responsibility for the effi-
In 2023, we updated our materiality analysis from 2022 that already ability topics by the Board of Executive Directors. cient use of energy and global climate protection and are committed
addressed the double materiality required by regulations from 2024 to the Paris Climate Agreement. Although the transformation toward
onward. The topics from 2022 were confirmed, with two adjust- climate neutrality is challenging for energy-intensive companies,
ments: “Occupational health and safety” was expanded to include Our stakeholder management BASF is determined to follow this path and become a pioneer in
“process safety.” “Plastic waste” was integrated into the overarching low-emission chemistry.
topic of “circularity and resource efficiency.” Based on this update, BASF’s business success depends on the societal acceptance of
11 topics were identified as material2 and confirmed by the BASF our business activities (license to operate). Parts of our business Our products and solutions contribute to reducing greenhouse gas
Sustainability Reporting and Controlling Committee. We are now activities, such as the use of certain new technologies or our envi- emissions in many areas. At the same time, we are working to sig-
reviewing the methodology of our materiality analysis again to ronmental impacts, are often viewed by stakeholders with a critical nificantly reduce our CO2 emissions along the value chain. This cre-
eye. We take questions from our stakeholders seriously, initiate dia- ates opportunities for our business activities.
logs and participate in discussions.
1 Sum of validated and provisional segmentation

2 Biodiversity; business ethics; circularity and resource efficiency; climate change adaptation; climate change mitigation; diversity, inclusion and equal work; human rights and labor rights; process safety, occupational health and safety; product stewardship; waste; water and wastewater
To reduce our greenhouse gas emissions and demand for fossil raw in Southern China. This corresponds to a decrease of around 60% amounted to 1.61 kilograms of CO2 per kilogram of raw material
materials, we are focusing on the following measures: compared with 1990. Our long-term goal is net zero greenhouse purchased (2022: 1.58).3 In the long term, we strive to
▪ Renewable energy: We are increasingly meeting our electricity gas emissions by 2050.1 Between 2024 and 2027, we are planning reduce Scope 3.1 emissions to an unavoidable minimum by 2050,
needs from renewable sources. investments totaling around €900 million in our transformation thereby expanding our long-term net-zero target to include these
▪ CO2 abatement: We are taking targeted measures to avoid CO2 toward net zero. greenhouse gas emissions.
emissions.
▪ Circularity: We are increasingly using renewable and recycled raw In 2023, the BASF Group’s Scope 1 and 2 emissions amounted to Make & buy approach for renewable electricity
materials as well as raw materials based on the use of CO2. 16.9 million metric tons of CO2 equivalents (2022: 18.4 million metric A core component in reducing our greenhouse gas emissions is the
tons). The decline in demand compared with the previous year as a gradual conversion of our energy supply from fossil to renewable
We only consider external offsetting for our Scope 1 and Scope 2 result of a weak economy led to persistently low production volumes sources. This mainly affects our electricity supply. In 2023, electricity
emissions as a temporary solution in the medium term if our activi- and therefore lower emissions in 2023. The share of electricity from from renewable sources as a share of total electricity consumption
ties do not make the desired contribution to reducing emissions. renewable sources was increased compared with the previous year, rose compared with the previous year to 20% (2022: 17%). 4 Our
For more information on climate protection, see basf.com/climate_protection to 20%, and, together with measures to increase energy and pro- electricity requirements will increase significantly in the coming years
cess efficiency, made a relevant contribution to reducing emissions. due to the planned gradual electrification of our steam generation
Global targets and the switch from natural gas-based to electricity-based, low-
Compared with the 2018 baseline, we want to reduce greenhouse We also set ourselves an ambitious Scope 3.1 target2 in 2023 for emission production processes, for example in our steam cracker.
gas emissions from our production processes (Scope 1) and our our specific raw materials-related emissions. By 2030, we want to Nevertheless, we aim to source more than 60% of our power needs
sites and our energy purchases (Scope 2) by 25% by 20301 – reduce these in relation to the purchasing volume specifically by from renewable sources by 2030.
despite our growth plans and the construction of a new Verbund site 15% from the 2022 baseline. In 2023, specific Scope 3.1 emissions2
In the transformation of our power supply, we are pursuing a make
Schematic overview: Development of the BASF Group’s greenhouse gas emissions (Scope 1 and 2)1 & buy approach. Firstly, BASF is investing in its own renewable
Million metric tons of CO2 equivalents power assets. Secondly, we are purchasing green power on the
40.1 market through long-term supply agreements. Profitability and addi-
tionality are key purchasing criteria: This means that the electricity
purchased is primarily sourced from new renewable energy facilities.
2050 target 2018 baseline
Net-zero greenhouse
gas emissions
21.9 In 2023, we successfully advanced our plan for a power supply from
-22.8%
renewable sources. The Hollandse Kust Zuid offshore wind farm, a
21.9
20.1 20.8 20.2 2030 target
joint project with Vattenfall and Allianz, was officially inaugurated in
18.4
16.4 16.9 16.4
fall 2023 and should be fully operational in 2024. With 139 turbines
2030 target and a capacity of 1.5 gigawatts, it is one of the largest offshore wind
-25% greenhouse gas emissions compared with 2018
despite targeted growth farms in the world. In April 2024, BASF signed an agreement to
Measures to reduce our purchase 49% of Vattenfall’s wind farms Nordlicht 1 and 2.
greenhouse gas emissions:
- Renewable energies
- CO2 abatement
0 - Circularity In order to be able to fully supply our Verbund site in Zhanjiang in
Southern China, which is currently under construction, with electric-
1990 2018 2030 2050 2018 2019 2020 2021 2022 2023 2030
ity from renewable sources in the future, we have entered into a joint
1 Scope 1 and Scope 2 (excluding the sale of energy to third parties). The target includes greenhouse gases according to the Greenhouse Gas Protocol, which are converted into CO2 equivalents (CO2e).
2 Scope 3.1, raw materials excluding battery materials, excluding services and technical goods, excluding greenhouse gas emissions from BASF trading business. Future adjustment of the baseline in line with the TfS guideline possible depending on the availability of further primary data.
3 The value for 2022 was adjusted due to increased data availability.
4 The comparative figure for 2022 has been adjusted to reflect updated data.
venture with Mingyang for an offshore wind farm in Southern China, Emissions along the BASF value chain in 20233
Million metric tons of CO2 equivalents
which includes development, construction and operation. We have
BASF Customers Disposal
also extended our long-term supply contract with the State Power Production, including generation of Emissions from the use of Incineration with energy
Investment Corporation (SPIC) and secured a supply of 1,000 giga- steam and electricity (Scope 1 and 2) end products (Scope 3.11) recovery, landfilling (Scope 3.12)
watt hours of green electricity per year from 2025. In 2023, we also
concluded further long-term supply agreements for green power at 50 18 3 3 24 5
other sites in Asia, such as the Verbund site in Nanjing, China, and
Suppliers Transport Other
our sites in South Korea. In North America, for example, we were Purchased raw materials (Scope 3.1: 47), Transport of products, (Scope 3.3b, 3.3c,
able to secure around 250 megawatts of solar generation capacity services and capital goods (Scope 3.1, 3.2, 3.3a) employees’ commuting and 3.5, 3.8, 3.13, 3.15)
business travel (Scope 3.4, 3.6, 3.7, 3.9)
through virtual power purchase agreements in 2022.
Climate-smart technologies Another focus area of our technological development is carbon expanded our portfolio of products with a certified reduced carbon
To further reduce CO2 emissions, we are also developing completely capture and storage (CCS). For example, we are currently part of an footprint, including engineering plastics.
new technologies for emission-free and low-emission production. industrial CCS project at the Antwerp site in Belgium (Kairos@C) as
They will need large volumes of electricity from renewable sources in the first phase of the Antwerp@C project, which could enable BASF We make our automated PCF calculation approach available to
order to realize their full potential. The main focus here is on basic to avoid the emission of up to 1 million metric tons of CO2 into the interested industry players through partnerships. At the same time,
chemicals, which are often still emission-intensive to produce. This atmosphere every year from production. Together with Yara, we are we are involved in various initiatives to drive transparency, harmoni-
applies, for example, to steam crackers, which use high levels also evaluating the development and construction of a world-scale zation and standardization across the industry. This also took place
of energy to break down naphtha into olefins and aromatics. We production plant for low-emission blue ammonia using CCS in the as part of Together for Sustainability (TfS), where we were involved
started up a demonstration plant1 for electrically heated steam United States. Around 95% of the CO2 generated from the produc- in the creation of a uniform guideline for calculating the carbon
cracker furnaces at our site in Ludwigshafen, Germany, together tion process is to be captured and permanently stored in the ground. footprint of products in the chemical industry. This will enable the
with our partners SABIC and Linde, in April 2024. climate impact of products to be directly compared and evaluated
Corporate carbon footprint based on a standardized approach. A digital solution for sharing
A further important basic material in the chemical industry is hydro- BASF has published a comprehensive corporate carbon footprint PCF data between companies is currently in the pilot phase and
gen, which we have so far mainly used as a raw material. We started every year since 2008. This reports on all emissions along the value should be implemented in 2024.
construction of a PEM (proton exchange membrane) water electro- chain – from raw materials to production and disposal (see graphic). For more information on product carbon footprints, see basf.com/en/pcf
lyzer2 with a capacity of 54 megawatts at the Ludwigshafen site in For more information on our emissions reporting, see basf.com/corporate_carbon_footprint
Germany with Siemens Energy in 2023. Powered by electricity from We launched our Supplier CO2 Management Program in 2021 to
renewable energy, the plant, which will go into operation in 2025, is Product carbon footprints achieve transparency regarding Scope 3.1 emissions. The goal is to
expected to produce up to 8,000 metric tons of emission-free In 2020, we developed a digital solution to make our product- obtain a more accurate data basis and better manage and reduce
hydrogen and thus reduce greenhouse gas emissions at the site by specific greenhouse gas emissions more transparent and thereby emissions in the supply chain. In a first step, we have requested the
up to 72,000 metric tons per year. BASF will primarily use the hydro- determined the carbon footprints of around 45,000 sales products. PCFs of our raw materials since 2021 and support our suppliers in
gen produced as a raw material for the manufacture of products These product carbon footprints (PCFs) include all greenhouse gas determining these, for example, by sharing our knowledge of evalu-
with a reduced carbon footprint. emissions – from raw materials extraction to the finished product ation and calculation methods with them. Since the start of the
leaving the factory gates (“cradle-to-gate”). In 2023, we further program, we have approached more than 1,600 suppliers, covering
around 70% of our raw materials-related greenhouse gas emissions.
1 The project has been granted €14.8 million from Germany’s Federal Ministry for Economic Affairs and Climate Action (BMWK) under the Decarbonization in Industry funding program. The project is also being financed by the European Union via the NextGenerationEU fund.
2 The project is funded by the BMWK and the Federal State of Rhineland-Palatinate.
3 According to the Greenhouse Gas Protocol; Scope 1, 2 and 3; reported categories within Scope 3 are shown in parentheses. Scope 3 emissions in category 10 (“Processing of sold products”) are not reported according to the standard for the chemical sector. Only direct use phase emissions are reported in the customer category (Scope 3.11).
Excluding greenhouse gas emissions from BASF trading activities.
After around two years, we have more than 1,000 validated PCFs related Financial Disclosures (TNFD), to expand our knowledge, to dards in the supply chain as well as our commitment to preserving
for our raw materials. In a second step, we will now work with our raise awareness about biodiversity and to drive necessary actions biodiversity in the Supplier Code of Conduct.
suppliers on solutions to reduce product-related emissions. forward. In 2023, BASF founded a new advisory council for topics
For more information on the Supplier CO2 Management Program, see basf.com/suppliers related to the protection of biodiversity and ecosystems, the Nature BASF again participated in the “Forests” assessment conducted by
Advisory Council (NAC), to obtain an independent societal perspec- the international organization CDP in 2023 and achieved a score of
tive on our activities related to nature and biodiversity issues. A-, once more giving us Leadership status.
Water The aim is to receive constructive feedback and specific advice on For more information on the CDP forests questionnaire, see basf.com/en/cdp
nature-related topics and our strategic approach as well as our
Introducing and implementing sustainable water management has contributions to a sustainable future.
been a cornerstone of our strategy for many years now. Our goal is For more information on our Nature Advisory Council, see basf.com/en/nature-advisory-council Raw materials
to introduce sustainable water management at our Verbund sites
and at all production sites in water stress areas by 2030, covering We align our biodiversity measures with the impact of our business In 2023, BASF purchased around 30,000 different raw materials
around 90% of BASF’s total water abstraction. We achieved 70% of activities along the value chain. Our focus here is on three areas: from more than 6,000 suppliers. Our focus is on a secure supply
our target in 2023 (2022: 62%). Sustainable water management supply chains, sites and production, and product impacts. For this and stable supply chains, in which our suppliers source and
was introduced at seven further sites in 2023 (2022: seven sites). purpose, we are guided by the risk mitigation hierarchy: We try to produce raw materials in line with environmental and social require-
In 2023, BASF again achieved Leadership status with a rating of avoid having an impact on nature. If this is not feasible, we want to ments. Our expectations of our suppliers are laid down in our
A- in CDP’s water assessment. reduce these impacts, support the restoration of nature or contrib- Supplier Code of Conduct.
For more information on our position paper on water protection, see basf.com/water ute to the transformation of value chains toward better environmen- For more information on supplier management, see basf.com/suppliers
tal sustainability. Currently, there is no standardized, globally
accepted indicator for the loss of biodiversity (in contrast to green- Fossil and petrochemical resources
Biodiversity house gas emissions as a key indicator of climate change). In addi- BASF’s most important raw materials (based on volume) include
tion, impacts must be considered primarily in a local context. We natural gas and crude oil-based petrochemical products such as
As a chemical company, we use many valuable resources provided therefore use indicators such as nitrogen emissions to water naphtha and benzene. We are continuously evaluating whether
by nature such as water, air and soil. At the same time, our business to measure drivers of biodiversity loss and species occurrence to fossil and petrochemical resources can be replaced with nonfossil or
activities have an impact on nature, through emissions into the envi- assess the status of ecosystems. recycled alternatives.
ronment or the purchase of renewable raw materials. Protecting
biodiversity is therefore a key element of our commitment to climate We evaluate our products and solutions in crop protection and Renewable resources
protection and sustainability. We want to contribute to achieving the seeds, for example, throughout the entire research, development In addition to fossil resources, we employ renewable raw materials,
global goal to halt and reverse biodiversity loss by 2030. and registration process. After they have been approved for the mainly based on vegetable oils, fats, grains, sugar and wood. In
market, we continue assessing them regularly for potential risks and 2023, we purchased around 1 million metric tons of renewable raw
To better understand BASF’s impact on nature, we are guided by impacts on the ecosystems in which they are used. We have ini materials. The mass balance approach allows us to allocate the
the five drivers of biodiversity loss defined by the Intergovernmental tiated various projects and offer training to prevent misuse of our amount of renewable raw materials used to a wide variety of end
Science Policy Platform on Biodiversity and Ecosystem Services products. products. Palm oil, palm kernel oil and their derivatives are some of
(IPBES): land-use change, pollution, climate change, overexploita- For more information on product stewardship for crop protection products and seeds, see our most important renewable raw materials. We aim to ensure that
BASF Report 2023, page 149
tion and invasive species. We do not consider the latter to be mate- palm-based raw materials come from certified sustainable sources.
rial for BASF. Some of the business activities of our raw materials suppliers involve We have been a member of the Roundtable on Sustainable Palm Oil
land uses that can influence biodiversity. We have laid down our (RSPO) since 2004. For the first time in 2023, our Care Chemicals
We actively seek out partnerships with relevant interest groups and expectations with regard to environmental, labor and social stan- division published a comprehensive Responsible Sourcing Report
organizations worldwide, for example, in the Taskforce on Nature- on the palm value chain as well as further renewable raw materials
value chains. In 2023, we purchased 159,798 metric tons of certi- Mineral raw materials rights topics helps us to better understand different perspectives
fied palm oil and palm kernel oil (2022: 191,714). We again met our Responsible sourcing of mineral raw materials is important to BASF and to deal more openly with critical situations.
own voluntary commitment to source only RSPO-certified palm oil as we are aware of the challenges in the supply chain and our For more information, see basf.com/humanrights
and palm kernel oil. due diligence. We have implemented the E.U. Conflict Minerals For more information on the Human Rights Advisory Council, see basf.com/human-rights-council
For more information on our voluntary commitment to palm oil products and the Responsible Sourcing Regulation. This defines supply chain due diligence for tin, tantalum,
Report, see basf.com/en/palm-dialog
tungsten, their ores and gold (3TG) imported into the E.U. from
conflict-affected and high-risk areas (CAHRAs). In addition, BASF is Safe and efficient production
Recycled feedstocks committed to responsible and sustainable global supply chains for
Recycling is playing an increasingly important role due to limited other mineral raw materials. These include cobalt, a key component Our comprehensive safety concepts are designed to provide the
resources, growing sustainability requirements in the markets, and in the production of battery materials. Together with BMW Group, best possible protection for employees, contractors and our sites’
regulatory developments. In a challenging environment with limited Samsung SDI Co. Ltd., Samsung Electronics Co. Ltd., Volkswagen neighbors, and to prevent damage to property and the environment.
availability of alternative raw materials, we still aim to process around AG, Stihl AG & Co. KG and GIZ, we have been involved in the cross- Our sites and Group companies are responsible for implementing
250,000 metric tons of recycled and waste-based raw materials industry Cobalt for Development initiative since 2018. Together with and complying with Group-wide requirements and local standards.
in our production plants annually from 2025, replacing fossil raw BMW Group, Mercedes-Benz AG, Fairphone B.V., Daimler Truck AG The Environmental Protection, Health, Safety and Quality (EHSQ)
materials. and Volkswagen Group, we have also been a member of the unit in the Corporate Center performs regular audits to check com-
Responsible Lithium Partnership since 2021. pliance with these requirements.
Chemical recycling of plastic waste complements mechanical For more information on the Cobalt for Development project, see basf.com/cobalt-initiative
recycling and can help to reduce the amount of plastic waste that is We use the number of High Severity Process Safety Incidents
disposed of in landfills or thermally recovered. In our ChemCycling® (hsPSI) per 200,000 working hours as a reporting indicator. We have set
project, our technology partners use the pyrolysis process to pro- Responsibility for human rights ourselves the target of reducing High Severity Process Safety Incidents
duce pyrolysis oil from mixed plastic waste or end-of-life tires, which to a rate of no more than 0.10 per 200,000 working hours by 2030.
are not currently mechanically recycled. We feed the pyrolysis oil into BASF acknowledges its responsibility to respect internationally rec- For more information on process safety, see basf.com/process_safety
the BASF Verbund as a substitute for fossil raw materials and man- ognized human rights. Through our business, we are connected to
ufacture new products from it using the mass balance principle. a large number of people worldwide who are directly or indirectly For occupational safety, we use the number of High Severity Work
Our customers can process these mass balanced products in the influenced by our activities. We accept the resulting obligations and Process Related Injuries (HSI) per 200,000 working hours as a tar-
same way as conventional products. Our portfolio of Ccycled® opportunities along the supply chain in accordance with our scope get. We have set ourselves the goal of reducing high-severity work
products now comprises around 240 products. of influence. For many years, we have engaged in constructive dia- process-related injuries to a rate of no more than 0.05 HSI per
log on human rights with other companies, nongovernmental orga- 200,000 working hours by 2030.1
With the rapidly growing market for electric vehicles, there is also an nizations, international organizations and multistakeholder initiatives For more information on occupational safety, see basf.com/occupational_safety
increasing need for recycling lithium-ion batteries. As a leading pro- to better understand different perspectives and address conflicting
ducer of battery materials with local production capacities in the goals. We have embedded our responsibility for human rights into
three main markets – Asia, Europe and North America – BASF has our Code of Conduct and set this out in our Policy Statement on Product safety
in-depth expertise in battery chemistry and process technology. We Human Rights. The head of our legal and compliance organization
are utilizing these competencies to address battery recycling as also acts as Chief Human Rights Officer and oversees the overarch- We see product safety as an integral part of all business processes,
an additional growth market in cooperation with partners along ing risk management. as an element of our risk management and as an important pillar of
the value chain. In this way, we want to ensure that valuable metals our commitment to Responsible Care®. We continuously work to
remain in the production cycle for as long as possible. We established a Human Rights Advisory Council (HRAC) in 2020 to ensure that our products pose no risk to people or the environment
For more information on circular economy, see BASF Report 2023, page 46 integrate external expertise. Its members include independent inter- when they are used responsibly and in the manner intended.
national human rights experts. The trust-based dialog on human For more information, see basf.com/product-safety
1 Hours worked by BASF employees, temporary workers and contractors
Portfolio
Investments are a key driver of profitable growth. To achieve Investments Capex by region 2024–2027
our climate protection goals, we are also making targeted 40%
investments in modern and more sustainable technologies Investments in property, plant and equipment amounted to Asia Pacific
and processes. Our growth projects play a central role, par- €5,864 million in 2023 (2022: €4,842 million). Capital expenditures 22%
ticularly the new Verbund site in Zhanjiang, China, which we (capex)1 accounted for €5,198 million of this amount (2022: North America
€19.5 billion
are planning from the outset as a pioneer for sustainability. €4,148 million). Our investments in 2023 focused on the Chemicals, 1%
We are continuously optimizing our portfolio through tar Materials, Surface Technologies and Nutrition & Care segments. South America, Africa,
geted acquisitions and divestitures. 35% Middle East
Capex: selected projects

Europe 2%
Alternative sites currently being investigated
We continued to drive forward our growth projects in 2023 and further
expand our position in our three key regions: Asia Pacific, North Amer- Location Project
ica and Europe. The Asia Pacific region and China in particular, which Chalampé, France Construction of a world-scale production plant for
already has a significant influence on the growth of the global chemicals hexamethylenediamine We are planning capex of around €6.2 billion for the BASF Group in
market with a share of around 50%, will continue to play a key role here. Geismar, Louisiana Capacity expansion at MDI plants 2024, including €3.3 billion for our growth projects, in particular the
To serve the increasing needs of various growth industries in this region, Ludwigshafen, Germany Modernization of chloroformates and acid chlorides plant
construction of the new Verbund site in China. For the period from
we are continuously expanding our market position in China. One 2024 to 2027, we are planning capex totaling €19.5 billion, including
Zhanjiang, China Construction of an integrated Verbund site
example of this is the construction of our new integrated Verbund site €6.8 billion for our growth projects – the new Verbund site in China,
in Zhanjiang. In North America, among other things, we have been fur- and the expansion of the battery materials business. The investment
ther expanding our production capacities in the isocyanates value chain Capex by segment 2024–2027 volume in the next four years will thus be considerably below that of the
in 2023. In Europe, the opening of the first co-located battery materials planning period 2023 to 2026 (€24.5 billion).
and recycling center at the Schwarzheide site in Germany was a mile- 10%
31%
stone on our way to further expanding our position in this area. Chemicals
Nutrition & Care
For more information on the planned Verbund site in Zhanjiang, see page 24 Acquisitions
€19.5 billion 4%
In addition, we want to refine our portfolio through smaller, bolt-on 14%
Agricultural Solutions We did not make any major acquisitions in the 2023 business year.
acquisitions that promise above-average profitable growth and help Materials
to expand our market position in a targeted manner. A key consid- 30%
eration is that these acquisitions are innovative, offer a technological 4% Other (infrastructure, R&D) Divestitures
differentiation, or make new, sustainable business models possible. Industrial Solutions
The divestiture of BASF’s nickel-based catalysts production site
7% in De Meern, Netherlands, to IQatalyst B.V., a subsidiary of ASC
Surface Technologies Investment Sàrl, Luxembourg, which had been announced in July
2022, was closed on August 31, 2023. BASF had decided to divest
the site and the related Fischer-Tropsch and FOCAT2 portfolio
to increase the efficiency of its global chemical catalysts production
network. The site was part of BASF’s Catalysts division until
the completion of the divestiture process. The transaction mainly
1 Additions to property, plant and equipment excluding acquisitions, restoration obligations, IT investments and right-of-use assets arising from leases
2 Fat and Oil CATalysts
overed production plants, including the associated infrastructure

c
and inventories, as well as the transfer of the employees working
at the site.
Agreed transactions
On December 21, 2023, BASF, LetterOne and Harbour Energy plc

(Harbour) signed an agreement to combine the businesses of
Wintershall Dea and Harbour. The E&P business of Wintershall Dea
is to be transferred to Harbour: It comprises production and devel-
opment assets as well as exploration rights in Norway, Argentina,
Germany, Mexico, Algeria, Libya (excluding Wintershall AG), Egypt
and Denmark (excluding Ravn), and Wintershall Dea’s carbon stor-
age (CCS) licences. In exchange, at closing, the shareholders of
Wintershall Dea will receive total cash consideration of $2.15 billion
(BASF share: $1.56 billion) and new shares to be issued by Harbour
equating to a total shareholding in the enlarged Harbour of 54.5%
(BASF share: 39.6%).
Construction in progress at BASF’s Zhanjiang Verbund site (status April 2024)
Until the completion of the transaction, which is, among other

things, subject to antitrust approvals and further official approvals for
foreign investments in various countries, Wintershall Dea and New Verbund site in Zhanjiang At the end of December 2023, BASF had 12,115 employees in
Harbour will continue to operate as independent companies. Sub- Greater China, 27 wholly owned subsidiaries and 30 production sites.
ject to these regulatory approvals, closing is targeted for the fourth In recent years, market growth in China has been driven by increased In 2023, BASF posted sales of approximately €9.4 billion to custom-
quarter of 2024. domestic consumption, higher standards of living as well as more ers in Greater China.
local value creation. With a global market share of around 50%, China
Wintershall Dea is accounted for as a non-integral shareholding is the largest chemical market and drives the growth of global chemi- To accelerate our growth in Asia, BASF commenced its Verbund
using the equity method. After completion of the transaction, both cal production. BASF is very well prepared to capture future growth in project in Zhanjiang in the southern Chinese province of Guangdong
the shareholding in Wintershall Dea, which will then only include the China. We have built an extensive network throughout the country. in 2019. The fully owned BASF Verbund site will involve a total invest-
businesses not transferred to Harbour and the head offices, The following sites are the backbone of our activities in China: ment of around €10 billion. When completed, the site will be BASF’s
and the shareholding in Harbour will be accounted for using the third-largest Verbund site globally. In 2022, BASF made the final
equity method in the Consolidated Financial Statements of the ▪ Shanghai is home to our Greater China headquarters, one of our investment decision for the main construction phase of the Zhanjiang
BASF Group. two Innovation Campuses in the Asia Pacific region as well as our Verbund site, including a steam cracker and downstream plants to
For more information on this divestiture, see page 67 onward Caojing production site. support our customers’ growth in the dynamic Chinese market.
▪ Nanjing is the location of our joint venture Verbund site with Sino-
pec as well as a wholly owned site. Construction of the first plants started in 2020. A plant started up in
▪ In Chongqing, we operate a wholly owned MDI production complex. July 2022 provides engineering plastics compounds to meet growing
demand from the Chinese automotive and electronics industries. In Guangdong is home to key customers from fast-growing industries
addition, a production plant for thermoplastic polyurethane (TPU) Market characteristics5
CAGR 2015–2023
came on stream in September 2023. The startup of the core of the % p.a.  Nearly 127 million residents in Guangdong
Verbund – a steam cracker and plants for ethylene oxide, syngas, province (2022)
~5.9% ~5.2%
monoethylene glycol, polyethylene, oxo-C4 alcohols, acrylic mono-  GDP Guangdong (2023):
mers and neopentyl glycol – is expected to take place as of 2025. > $1.92 trillion (exceeding Brazil)
Strongly growing 775 Large chemical
Further value chain expansion is expected to be operational as of 181  GDP CAGR 2023–2038:
industrial base1 production2
2028. Billion $ Billion $ ~4.7% p.a.
2023 2023  Key customer industries: transportation,
consumer goods, home and personal
With around 127 million residents, Guangdong is the most populous care, electronics
province in China. The province is the economic powerhouse of  Chemical products are generally
China and accounted for more than 10% of the country’s GDP in undersupplied from local production
Guangdong
2023. Guangdong province is home to many BASF customers in ~10.2% ~4.2%
Largest automotive
fast-growing industries such as transportation, consumer goods, 3 1 Industry real output, 2015-based, Guangdong Bureau of Statistics
production in China 2 Real chemical gross output, 2015-based, inferred by gross
home and personal care, and electronics. Zhanjiang has a deep- # of motor vehicles 4,789 Steady increase of output/value added ratio for China, Guangdong Bureau of Statistics
590 3 Guangdong Bureau of Statistics
water seaport with easy access to shipments of raw materials and built in Guangdong private consumption4
4 Real private consumption, 2015-based. National Bureau of
finished goods to and from other ports in China, Asia and other (1,000) Billion $ Statistics with S&P Global forecast, subject to retrospective revision
2023 2023 5 Guangdong Bureau of Statistics, S&P Global
regions. It also offers the shortest sea routes between mainland China
and Southeast Asia. The government of Guangdong province is
committed to providing this area with world-class infrastructure.
BASF is committed to building the Zhanjiang Verbund site as a model

for sustainable production. We aim to power the enitre site with 100%
renewable electricity by 2025. As BASF’s first implementation of a
fully digital smart Verbund concept in a large-scale project globally,
the site will be built on the basis of cutting-edge technologies that
maximize resource and energy efficiency and reduce environmental
impact. Circular economy concepts will be incorporated into the new
Verbund site to support customers in the region with low-carbon
solutions.
Employees BASF can rely on the engagement of its employees. Employee in 2023. This turnover rate was 0.8% in Europe, 3.0% in North
surveys and pulse checks are used as feedback tools to actively America, 1.9% in Asia Pacific and 2.3% in South America, Africa,
Our employees make a significant contribution to BASF’s involve employees in shaping their working environment. We have Middle East.
success. We want to attract and retain talents for our com performed regular global employee surveys since 2008, and since
pany and support them in their development. To do so, we 2019, we have also recorded the employee engagement level as an The voluntary turnover rate, or the proportion of employees who left
strive to cultivate a working environment that inspires and index score based on the answers to five key questions. Overall, the company voluntarily, amounted to 3.5% globally. This rate was
connects people. It is founded on a culture of open leader- more than 84,400 employees worldwide participated in the 2023 2.2% in Europe, 7.1% in North America, 4.7% in Asia Pacific and
ship based on mutual trust, respect and dedication to top survey (participation rate: 74%).1 The survey revealed an engage- 5.2% in South America, Africa, Middle East.
performance. ment index of 79%, which constitutes a drop of two percentage
points compared with the previous year (2022: 81%). Our aim is to As of December 31, 2023, the BASF Group was training
get this score back above 80%, the target defined in the BASF 3,045 people in various occupations (2022: 3,049). We spent a
Strategy strategy. total of around €130 million on vocational training in 2023.
For more information on careers at BASF, see basf.com/careers
By offering various learning and development opportunities as well
as attractive compensation and benefits, and with our commitment Number of employees
to supporting a balance between personal and professional life, we Compensation and benefits
want to maintain our reputation as an attractive employer. In order to As of December 31, 2023, the number of employees increased to
continue to attract and retain talents for our company in the future, 111,991 employees compared with 111,481 employees as of We want to attract and retain engaged and qualified employees and
we work continuously on BASF’s attractiveness as an employer. We December 31, 2022. The rise was primarily due to staff increases in motivate them to achieve top performance with a comprehensive
systematically record short and long-term opportunities and risks as Asia Pacific, especially for the new Verbund site in Zhanjiang, China. package that includes market-oriented compensation, individual
part of our general opportunity and risk management. This was partially offset by retirements and departures due to dor- development opportunities and a good working environment. Our
mant employment as well as measures in connection with the cost employees’ compensation is based on global compensation princi-
Promoting and valuing diversity across all hierarchical levels is an savings program focused on Europe. ples according to position, market and performance. As a rule,
integral part of our strategy and is also embedded in our corporate compensation comprises fixed and variable components as well as
values. As a global company, we serve many different customer BASF Group employees by region benefits that often exceed legal requirements. In many countries,
needs. We want to reflect, value and promote this diversity among these benefits include company pension benefits, supplementary
December 31, 2023 %
our employees in order to increase their creativity, motivation and health insurance and share programs. We regularly review our com-
Europe 67,562 60.3
sense of belonging to BASF. pensation systems at the global and local levels.
of which Germany 51,406 45.9
Asia Pacific 21,193 18.9
We also promote diversity in the selection and development of our We want our employees to contribute to the company’s success.
North America 16,060 14.3
leaders. We have set a global target to promote female leadership This is why the compensation granted to the vast majority of our
and aim to increase the proportion of women in leadership positions South America, Africa, Middle East 7,176 6.4 employees includes variable compensation components, with which
to 30% by 2030. We have made important progress toward this Total 111,991 100.0 they participate in the success of the BASF Group as a whole and
target. In the BASF Group, the global proportion of female leaders are recognized for their individual performance. The same principles
with disciplinary responsibility was 28.4% at the end of 2023 The BASF Group hired 9,168 new employees in 2023. The percent- essentially apply for all employees worldwide. The amount of the
(2022: 27.2%). age of employees who resigned during their first three years of variable component is determined by economic success as well as
employment – the early turnover rate – was 1.4% worldwide the employee’s individual performance. We use the BASF Group’s
1 The scope of employees surveyed goes beyond the scope of consolidation. However, there are exceptions for companies that represent joint ventures as well as companies held for sale.
return on capital employed (ROCE) to measure economic success The structure of BASF’s Code of Conduct
for the purposes of variable compensation. This links variable com-
pensation to our ROCE target.1 Individual performance is assessed
as part of a globally consistent performance management process.
We Care We Earn Trust We Play Fair We Respect We Protect
– Our Code of Conduct – Anti-Corruption – Antitrust Laws – Human Rights, Labor – Sensitive Company
BASF Group personnel expenses – How We Make – Trade Control – Gifts and and Social Standards Information
Million € Decisions – Anti-Money Entertainment – Environmental – Personal Data
2023 2022 +/– – We Always Speak Up Laundering – Conflicts of Interest Protection, Health – Digital Responsibility
and Safety
Wages and salaries 8,773 9,102 –3.5% – We Lead With – Company Property
Integrity – Accurate Books and
Social security contributions and
1,612 1,598 +0.9% Records
assistance expenses
Pension expenses 565 701 –19.4%
Total personnel expenses 10,950 11,400 –3.9%
Abiding by compliance standards is the foundation of responsible refresh their knowledge in a new interactive online training course.
leadership. This has also been embedded in our corporate values. More than 88,700 employees completed this roughly 40-
Compliance Program and Code of Conduct We are convinced that compliance with these standards will play a minute-long refresher course. Additionally, more than 33,600 partic-
key role in securing our company’s long-term success. Our efforts ipants worldwide received over 37,000 hours of compliance training
BASF’s Compliance Program is based on our corporate values and are principally aimed at preventing violations from the outset. in 2023.
our voluntary commitments, as well as international standards. For more information on the BASF Code of Conduct, see basf.com/code-of-conduct
It describes our commitment to responsible conduct and expecta- We perform a systematic risk assessment to identify and assess
tions around how all BASF employees interact with business part- material risks of compliance violations, including corruption. These
ners, officials, coworkers and the community. are conducted at divisional and Group company level. The regular
compliance audits performed by the Corporate Audit department Code of Conduct
At the core of our Compliance Program is the global, standardized are another source of information for the systematic identification of is the core of our Compliance Program
Code of Conduct. All employees and leaders are obligated to risks, which are documented in the relevant risk or audit report. The
adhere to its guidelines, which cover topics ranging from corruption same applies to specific risk minimization measures as well as the More than 122,000
and antitrust laws to human rights, labor and social standards, time frame for their implementation. participants in compliance training
conflicts of interest and trade control, and protection of data privacy.
One key element in violation prevention is compulsory training and 64 internal audits
The online version of our Code of Conduct is aimed at our employ- workshops held as classroom or online courses. Within a prescribed on adherence to our compliance standards
ees and also offers user-friendly features such as case studies, time frame, all employees are required to take part in basic compli-
FAQs and additional references. We provide our employees world- ance training, refresher courses and special tutorials dealing with,
wide with up-to-date content such as videos and links to specialist for example, antitrust legislation, taxes or trade control regulations.
units and guidelines as well as direct contact to subject specialists
on the internal online platform and the corresponding app. Course materials and formats are constantly updated, taking into
account the specific risks of individual target groups and business
areas. In 2023, employees around the world were asked to test and
1 In calculating compensation-relevant ROCE, adjustments are made for negative and positive special items resulting from acquisitions and divestitures (for example, integration costs in connection with acquisitions and gains or losses from the divestiture of businesses) when these exceed a corridor of +/–1% of the average cost of capital basis.
An adjustment of the compensation-relevant ROCE (in the first 12 months after closing) therefore only occurs in cases of exceptionally high special items resulting from acquisitions and divestitures.
2
28
Segments
Segments 29 Nutrition & Care 56

Care Chemicals 58
Chemicals 32 Nutrition & Health 60
Petrochemicals 34
Intermediates 36 Agricultural Solutions 62
Materials 38
Performance Materials 40 Other 66
Monomers 42
Non-Integral Shareholding in Wintershall Dea 67
Industrial Solutions 44
Dispersions & Resins 46
Performance Chemicals 48
Surface Technologies 50
Catalysts 52
Coatings 54
BASF Factbook 2024 Segments 29
Segments The BASF Group’s segments in 2023
The BASF Group consists of 11 operating divisions, which

are grouped into six segments: Chemicals, Materials, Indus-
trial Solutions, Surface Technologies, Nutrition & Care and
Agricultural Solutions. This segment structure enables us to
steer our businesses according to market-specific require-
ments and the competitive environment. Chemicals Materials Industrial Solutions
The Chemicals segment supplies BASF’s other In the Materials segment, we produce The Industrial Solutions segment develops and
segments and customers with basic chemicals advanced materials and their precursors for the markets ingredients and additives for industrial
Chemicals and intermediates. plastics and plastics processing industries. applications.
▪ Share of sales: 15.0% ▪ Share of sales: 20.5% ▪ Share of sales: 11.6%
The Chemicals segment comprises the operating divisions ▪ R&D expenses: €83 million ▪ R&D expenses: €185 million ▪ R&D expenses: €150 million
Petrochemicals and Intermediates and is at the heart of the ▪ Investments incl. acquisitions1: ▪ Investments incl. acquisitions1: ▪ Investments incl. acquisitions1:
€2,706 million €1,083 million €285 million
Verbund. Its production facilities reliably supply BASF’s other
segments with chemicals to produce higher value-added products
and in this way, ensure the competitiveness of the BASF Group. It
also markets high-quality basic chemicals and intermediates to
customers in downstream industries.
The segment creates value through process and product innovation

and invests in research and development to implement new, © Shutterstock
sustainable technologies and make existing technologies even more
Surface Technologies Nutrition & Care Agricultural Solutions
efficient. Thanks to our integrated manufacturing processes, the The Surface Technologies segment provides The Nutrition & Care segment produces The Agricultural Solutions segment is an
carbon footprint of several of our products is significantly lower than chemical solutions for surfaces and automotive ingredients and solutions for consumer integrated solutions provider of seeds, crop pro-
that of our competitors. Technological leadership, operational OEM coatings, as well as battery materials and applications such as human and animal tection products and digital solutions for the agri-
catalysts. nutrition, cleaning agents and personal care. cultural sector.
excellence and a clear focus on individual value chains are among
▪ Share of sales: 23.5% ▪ Share of sales: 10.0% ▪ Share of sales: 14.6%
our most important competitive advantages. We concentrate on the ▪ R&D expenses: €304 million ▪ R&D expenses: €150 million ▪ R&D expenses: €900 million
essential success factors of the traditional chemicals business: ▪ Investments incl. acquisitions1: €621 million ▪ Investments incl. acquisitions1: €765 million ▪ Investments incl. acquisitions1: €353 million
leveraging economies of scale and the advantages of our Verbund,
high asset reliability, continuous optimization of access to raw
materials, lean and energy-efficient processes, and reliable, cost- We are continuing the construction of the new Verbund site Furthermore, we are constantly improving our global production
effective logistics. We are continuously developing our value chains in Zhanjiang in the southern Chinese province of Guangdong. structures and aligning these with regional market requirements. In
and are expanding our market position – especially in Asia – with The core of the Verbund, including a steam cracker and several 2023, for example, we expanded capacities for ethylene oxide and
investments and collaborations in growth markets. plants for petrochemicals, intermediates and other products, is ethylene oxide derivatives at the Verbund site in Antwerp, Belgium,
currently being built. These plants should be operational from late to support the continuous growth of our customers and to enhance
2025 onward. our market position in Europe. We also started up our state-of-the-
art Superabsorbents Excellence Center there. With this investment,
1 Additions to property, plant and equipment and intangible assets
we aim to increase the innovation capabilities for our superabsorbents our customers are. At the same time, we are constantly reviewing Surface Technologies
business. Moreover, we are modernizing our chloroformates and the efficiency of our production network and streamlining it where
acid chlorides plant in Ludwigshafen, Germany, so that we can necessary, for example as part of our adaptation of the Verbund In the Surface Technologies segment and its operating divisions
continue to reliably support our customers’ growth with these structures in Ludwigshafen, Germany. Catalysts and Coatings, the focus is on the protection,
products. modification and development of surfaces. Together with our
Industrial Solutions customers, we develop novel products and technologies for
Materials catalysts, coatings and battery materials. We also offer precious and
The Industrial Solutions segment, which consists of the base metal as well as surface treatment services. Our aim is to drive
In BASF’s Materials segment, the two divisions Monomers and Dispersions & Resins and the Performance Chemicals divisions, growth by leveraging our portfolio of technologies to find the best
Performance Materials supply high-quality plastics precursors and markets and develops ingredients and additives for industrial solution for our customers in terms of functionality and cost. This in
develop new plastics applications, high-performance materials, applications. These include fuel and lubricant solutions, dispersions, turn helps our customers to drive forward innovation in their
systems and digital solutions along their isocyanate and polyamide resins, additives, electronic materials and plastic additives. We industries and contribute to sustainable development.
value chains. Our product portfolio is unique in the industry. This concentrate on research and development with the aim of enabling
allows us to drive the sustainable transformation of BASF and our more efficient resource use and developing high-performance and Key growth drivers for us are the positive medium-term development
various customer industries forward. We are active along the value more sustainable products and processes, for example, in polymer of the automotive market, especially in Asia, the trend toward
chains for important durable plastics, from monomers to polymers dispersions, resins and plastic additives. At the same time, this also sustainable, low-emission mobility, and the associated rise in
and their formulated specialties. enables our customers to contribute to sustainability through their demand for battery materials for electromobility. We are developing
applications and processes. Other focus areas are efficient customized, more sustainable solutions in these growth areas for
With our specific technology knowledge, we are working on forming production setups, backward integration in our Production battery materials, emission control, recycling and innovative coatings
and closing loops and converting plastics back into primary raw Verbund’s value chains, capacity management, and technology in close cooperation with our customers. Our specialties and system
materials for the chemical industry. This is how we help to minimize and cost leadership. solutions in these areas enable our customers to stand out from
plastic waste, save fossil resources and reduce CO2 emissions in their competitors.
plastics production. Examples of this are our biomass-balance Our global presence enables us to operate close to our customers
products, such as our Ultramid® Ccycled®, based on end-of-life and their industries. As a reliable partner, we offer high-quality The automotive industry is undergoing a fundamental transforma-
tires, products with a significantly reduced carbon footprint and products with high value added for our customers. Together with tion. As one of the largest chemicals suppliers to this industry,
certified compostable bioplastics. In this way, we meet the growing them, we work on new solutions and strive for long-term we will further strengthen our focus on battery materials and recy-
needs in our key markets and help our customers to achieve their partnerships that create profitable growth opportunities for both cling and pursue our ambitious growth plan. BASF is developing
sustainability goals. sides. To achieve this, we draw on our innovative strength and our tailor-made high-performance cathode active materials (CAM) in
many years of experience and in-depth industry expertise. Through close collaboration with its customers to enable the industry trans-
We want to grow primarily organically by differentiating ourselves our in-depth application knowledge and technological innovations, formation towards e-mobility. We complement our portfolio with
through our application expertise and industry knowledge while we strengthen customer relationships in key industries such as the various battery recycling solutions in order to offer our customers
creating the greatest possible value in our isocyanate and polyamide automotive, electronics, plastics and coatings industries. recycled metals, which have a lower carbon footprint compared with
value chains. Comprehensive knowledge in the field of material virgin metals and help meet regulatory requirements. BASF’s
simulation is our unique selling point in the industry and enables us unmatched access to OEMs and their suppliers enables an early
to meet customer requirements individually. understanding of market needs, leading to product development
from a well-established position in key CAM technologies
We are continuously expanding the range of applications in our like NCA (nickel cobalt aluminum) and NCM (nickel cobalt
portfolio with tailor-made services and product offerings. Our global manganese).
production network enables us to provide our solutions wherever
Our portfolio addresses various customer requirements, We are also pursuing a targeted, accelerated marketing strategy
including closed-loop offerings, and ranges from cost-efficient and expanding our portfolio for natural and biotechnological
manganese-rich solutions to high-performance high- and ultra-high products.
nickel products, as well as high-performance LMO (lithium manga-
nese oxide) and high-voltage LCO (lithium cobalt oxide) products. In pharma solutions, BASF supplies excipients for human therapeu-
tic drug formulation. Our biopharma ingredients serve a variety of
For mobile emissions catalysts, automotive catalysts recycling and areas, from bioprocessing and formulation of proteins to vaccines
associated precious metal services, we have established a new and antibodies.
entity (BASF Environmental Catalyst and Metal Solutions) within the
Catalysts division for mobile emissions catalysts, automotive cata- Agricultural Solutions
lysts recycling and associated precious metal services. The carve-
out was completed in July 2023 as planned. The new organizational In the Agricultural Solutions segment, we are working to achieve the
structure prepares the business for the upcoming changes in the balance between economic, environmental and social value creation
internal combustion engine market and creates strategic options. for a sustainable and efficient agricultural sector. While natural
resources are limited, the demand for food, feed, fiber and energy is
Nutrition & Care increasing, given the constant growth of the world’s population.1
Accordingly, even more efficient farming is essential. Balanced
In the Nutrition & Care segment, which comprises the operating agriculture is a key enabler in producing enough healthy, affordable
divisions Care Chemicals and Nutrition & Health, we strive to expand food and responding to changing consumer behavior while reducing
our position as a leading provider of nutrition and care ingredients the impact on the environment.
for consumer applications. Future growth in our markets will be
driven by trends such as growing consumer awareness and the As one of the world’s leading agricultural solutions companies, we
resulting demand for sustainable product solutions, natural and are making a positive impact on sustainably transforming agriculture
organic ingredients and their traceability. Moreover, digitalization, a and food systems. Our innovation-driven strategy for agriculture
focused technology and product portfolio, and close cooperation focuses on selected crops and their appropriate cultivation systems:
with our customers are crucial to meeting these dynamic market soy, corn (maize) and cotton in the Americas; wheat, canola (oilseed
requirements both now and in the future. rape) and sunflower in North America and Europe; rice in Asia; and
fruit and vegetables globally. We integrate sustainability criteria into
We will therefore continue to develop our capabilities in areas such all business and portfolio decisions. In doing so, we help farmers
as biotechnology and broaden our portfolio with bio-based and achieve better yields, protect the planet and produce economically.
biodegradable products. We support our customers globally with
innovative and sustainable products, solutions and concepts, We leverage our expertise in research and development and our
especially for the cosmetic industry as well as for cleaning and deep understanding of the way individual growers manage their
washing. In the Nutrition & Health division, we have sharpened our farms to provide crop-specific offers across technologies. These
focus to be a supplier of nutrition and aroma ingredients, so we can include novel solutions for seeds, traits, fungicides, herbicides,
best serve our customers with reliable and high-quality products. insecticides, biological solutions and digital products tailored to the
farming needs of their region and crop systems.
1 Compared with 2022, the world’s population is expected to grow by around 2 billion people by 2050; source: U.N. World Population Prospects 2022
BASF Factbook 2024 Chemicals 32
Chemicals
The Chemicals segment consists of the Petrochemicals and
Intermediates divisions. It supplies the other segments with
basic chemicals and intermediates, contributing to the
organic growth of our key value chains as well as to our
direct customer business. Alongside internal transfers,
our customers mainly come from the chemical and plastics
industries. We aim to further expand our competitiveness
through technological leadership and operational excellence.
Divisions CO2 reduction in the

cement industry
Petrochemicals With over 50 years of expertise in gas treatment,
BASF is opening up new markets and making important
Broad portfolio of high-quality basic chemicals and specialties, contributions to reducing CO2 emissions. For example,
tailored to the needs of internal and external customers, which serve a cement production facility at Heidelberg Materials will
as starting materials for products such as dispersions, paints, coat- be the first to use a large-scale CO2 capture plant in
ings, plastics, insulating materials and hygiene products which a process based on OASE® blue, jointly developed
page 34
by BASF, Linde and Heidelberg Materials, will be
used. From 2025, around 70,000 metric tons of CO2 per
year will be captured, purified and liquefied in this first
plant of its kind for capturing and recycling CO2 in
Intermediates
cement production at the Lengfurt site in Bavaria. As
cement production is associated with considerable CO2
Comprehensive portfolio of commodities and specialties, which are emissions, we and our partners are making an important
used as precursors for products such as coatings, plastics, textile contribution to reducing emissions. The use of the
fibers, pharmaceuticals and crop protection products special OASE®-based process is open to all companies
page 36 in the cement industry.
For more information on OASE® blue, see basf.com/oase-blue
© iStock
Chemicals
Sales
€7,418 million €2,951 million

Petrochemicals Intermediates
2023:
Change: –29.7% Change: –32.2%
Share of sales: 71.5% €10,369 million Share of sales: 28.5%
Change:
–30.4%
2022:
€14,895 million
Segment data Factors influencing sales

Million €
2023 versus 2022
2023 2022 2021 2020 2019
Volumes –11.9%
Sales to third parties 10,369 14,895 13,579 8,071 9,532
Prices –17.1%
Share of total BASF sales % 15.0 17.1 17.3 13.6 16.1
Currencies –1.4%
of which Petrochemicals 7,418 10,546 9,674 5,426 6,670
Portfolio –
Intermediates 2,951 4,349 3,904 2,645 2,862
Sales –30.4%
EBITDA margin before special items

% 11.3 18.6 28.3 16.2 16.5
EBITDA before special items
Million €
EBITDA margin % 11.3 18.6 28.6 15.3 16.2
2023 1,167
Income from operations (EBIT) before special items 361 1,956 3,092 445 791
2022 '20 2,774
Income from operations (EBIT) 364 1,758 3,115 –192 622
Change: –€1,607 million
Segment cash flow –936 1,878 – – –
Return on capital employed (ROCE)

% 3.3 15.6 33.9 –2.2 6.8
Petrochemicals
Sales by region 2023 (location of customer) Sales by direct customer industry 2023
The Petrochemicals division is the starting point of BASF’s 7%
5.0%
petrochemical-based value chains throughout the regions. 7%
South America, Africa, Others
Middle East Construction
The division manufactures and markets a broad portfolio
10.5% 54.6% 14%
of high-quality basic chemicals and tailored specialties for 72%
Asia Pacific €7,418 million Europe Consumer goods €7,418 million
internal and external customers. To contribute to BASF’s net Chemicals and plastics
zero goal, we offer certain products based on circular or bio- 30.0%

based feedstock. For this purpose, either renewable or North America
chemically recycled feedstock is used instead of virgin fossil

resources at the beginning of the value chain. Furthermore,
we develop processes to reduce greenhouse gas emissions Alkylene oxides and glycols
in our existing plants. Ethylene oxide derived from ethylene is used mainly to produce Innovation example
surfactants, ethanolamines, glycols, glycol ethers and polyols. Eth-
ylene glycol is used in antifreeze applications and the production of
Portfolio fibers, films and PET (polyethylene terephthalate) plastic bottles.
Acrylic monomers and superabsorbent polymers Cracker products

BASF is the world’s largest and most widespread producer of BASF produces the entire range of cracker products from ethylene
acrylic monomers, which are sold to internal and external customers and propylene to butadiene, butenes, benzene and others.
in the form of acrylic acid, acrylic esters and specialty acrylates.
Acrylic monomers are used as precursors to manufacture acrylic Plasticizers
polymers and polymer dispersions for various applications such as BASF offers a broad product portfolio of general purpose and spe-
adhesives, coatings, flocculants, superabsorbent polymers and cial purpose plasticizers. Plasticizers give flexibility to PVC products
surfactants. such as cables or films. At the same time, they offer protection
against the effects of weathering and temperature, thereby helping
Superabsorbent polymers (SAP) are used in various hygiene appli- to maintain the product’s functionality. Plasticizers are used in a
© illuzia
cations, such as baby diapers, adult incontinence products and large number of industries such as construction, automotive, toys
feminine hygiene articles. With our world-scale production plants in and medical devices.
every region, we are close to our customers. Through our market New bio-based monomer: 2-octyl acrylate
knowledge and R&D expertise, we aim to foster trusted relationships Styrenics
BASF developed and implemented a large-scale production
with customers and partners in the global hygiene industry. The styrenics value chain of BASF comprises styrene monomer,
process for a new acrylic monomer with castor oil as bio-based
polystyrene, extruded polystyrene (XPS, with the brand Styrodur®)
feedstock. This new 2-octyl acrylate is used in coatings applica-
Alcohols and solvents and expandable polystyrene (EPS, with the brands Styropor® and
tions or adhesives formulations. With its Verbund structure,
BASF is the world’s largest producer of oxo alcohols and is also a Neopor®). The most important industries for BASF’s styrenics busi-
BASF provides this bio-based monomer in an inexpensive and
major producer of oxygenated solvents in Europe, including ace- ness are construction and packaging, where the unique properties
sustainable way and supports its customers in achieving their
tates, glycol ethers, glycol ether acetates and specialty solvents. of styrenic polymers allow customers to realize various eco-efficient
sustainability goals.
Major customer industries are paints and coatings, pharmaceuticals solutions, for example, as insulation material.
and cosmetics.
BASF’s market position and main competitors the circular economy. In terms of product innovation, we Acquisitions/JVs/investments/divestitures/shutdowns
advance research in the field of superabsorbent polymers, styrenics From 2021 onward
The Petrochemicals division holds one of the top three market and bio-based oxo-alcohols.
Product group Description Year
positions in almost half of the strategic business areas in which it is
tert-Butyl acrylate New plant in Nanjing, China 2023
active.
Key capabilities of BASF Cracker products Establishment of an integrated Verbund site
until 2030
and downstream in Zhanjiang, China
The main competitors (alphabetical order) include Dow, Evonik,
▪ Ethylene oxide Expansion of integrated complex in
ExxonMobil, INEOS, LG Chem, LyondellBasell, Nippon Shokubai, Competitive Verbund sites with world-scale production facilities Antwerp, Belgium
2023
SABIC, Shell, Sinopec and Wanhua. ▪ Leading process technology and operational excellence
Superabsorbent Closure of production in Mannheim,
▪ Enabling reduction of greenhouse gas emissions polymers Germany
2022
▪ Strong global market position with regional production Investment in Excellence Center in Antwerp,
▪ 2023
Focus of research and development Outstanding market knowledge, technical capabilities and Belgium
innovation competence
We aim to set the benchmark for cost competitiveness and environ-
mental footprint. The focus is on developing new processes
and optimizing our existing ones. We want to be a thought and action
leader in sustainability with a special focus on CO2 reduction and
Major nameplate capacities of BASF

Thousand metric tons per year
Product group Location

Antwerp, Camaçari, Cornwall, Freeport, Geismar, Rayong, Kuantan, Ludwigshafen, Nanjing, Pasadena, Port Arthur, Tarragona, Ulsan,
Belgium Brazil Canada Texas Louisiana Thailand Malaysia1 Germany China 2 Texas Texas3 Spain4 South Korea Total 5
Acrylic acid 1,510
Benzene 910
Butadiene 680
Ethylene 3,480
Ethylene oxide 1,655
Oxo C4 alcohols 1,625
Plasticizers (incl. Hexamoll® DINCH) 595
Propylene 2,680
Styropor®/Neopor® 545
Superabsorbents 585
1 BASF 60%; PETRONAS 40% 2 BASF 50%; Sinopec 50% 3 BASF 60%; Total 40% 4 BASF 51%; Sonatrach 49% 5 All capacities are included at 100%, including plants belonging to joint operations and joint ventures.
Intermediates
With more than 600 products in its portfolio, in particular
amines, diols, polyalcohols, acids and specialties, the Inter- 7%
3.7% 1%
mediates division offers innovative solutions for a wide range South America, Africa, Agriculture Others
of industries – from coatings and plastics to pharmaceuticals Middle East
5%
and crop protection. The division focuses primarily on the C1 41.2%
36.6% Energy and resources
79%
€2,951 million Europe €2,951 million
and C2 value chains. Its products are typically used by Asia Pacific 3% Chemicals and plastics
customers as precursors for their downstream chemicals, Consumer goods
and the products are also widely used for BASF’s own down- 18.4%
5%
North America
stream production. The Intermediates division is a global Nutrition and health
leader in sustainable chemical intermediates, which can

support our customers in achieving their sustainability goals,
for instance with our OASE® gas treatment solutions as well
as LowPCF and ZeroPCF products.
lubricants, paint dryer and PVC plasticizer applications. Polyalcohols Innovation
are mainly offered for the production of a wide range of coatings.
Portfolio We consistently align our innovation activities with the needs of our
Amines customers. As sustainability is the most important driver of innova-
Acetylenics and carbonyl derivatives With about 300 different amines, we have the world’s most tion in many of our customer segments, we strive to make our
These specialty intermediates are based on raw materials from diverse portfolio of this type of chemical intermediate. Along with product portfolio more sustainable and thus enable our customers
BASF’s Verbund, such as acetylene and chlorine. Among the ace alkyl-, alkanol-, alkoxyalkylamines and ethyleneamines, we offer to better achieve their sustainability goals.
tylene derivatives are vinyl monomers, acetylenic alcohols and heterocyclic and aromatic as well as specialty amines. The range is
higher alkylpyrrolidones. Chlorine-based intermediates include acid completed by a portfolio of chiral amines of high optical and chemi- We have launched a number of our chemical intermediates as
chlorides and chloroformates. Further specialty intermediates are cal purity. The versatile products are used mainly to manufacture “LowPCF” products globally. This suffix denotes the low carbon
glyoxal and imidazoles, cyclododecanone, 2-mercaptoethanol and process chemicals, pharmaceuticals and crop protection agents, as footprint (PCF) of these products relative to that of comparable
triphenylphosphine. The products serve as building blocks for crop well as cosmetic products and detergents. They also serve to pro- products available on the markets. Our range of LowPCF products
protection agents and pharmaceuticals or as monomers and perfor- duce coatings, specialty plastics, composites and specialty fibers. currently consists of tert-butylamine, formic acid, pro
pionic acid
mance additives for polymers, coatings and printing inks. (PA), 1,6-hexanediol (HDO®) and NPG.
Butanediol and its derivatives
Acids and polyalcohols BASF is among the world’s largest manufacturers of 1,4-butanediol, In addition, we have been globally offering NPG and PA produced
BASF is the world’s leading manufacturer of polyalcohols, such as which is a chemical building block for products such as polyesters at our Ludwigshafen Verbund site with the suffix “ZeroPCF.”
neopentyl glycol (NPG) and 1,6 hexanediol (HDO), and carboxylic and polyurethanes. Its derivatives are used to manufacture products We achieve this by using renewable raw materials in our Production
acids, such as formic and propionic acid. Carboxylic acids are used ranging from fibers to paints, pharmaceuticals and lithium-ion Verbund via our biomass balance (BMB)1 approach. We additionally
as preservatives for the feed and food industries, as auxiliaries for batteries, and include N-methylpyrrolidone, tetrahydrofuran (THF) use renewable energy in the production of NPG.
textile and leather applications and as deicing agents. The portfolio and PolyTHF®.
also includes higher carboxylic acids such as 2-ethylhexanoic acid
and isononanoic acid (iNA), which are primarily utilized in synthetic
1 The biomass balance approach allows fossil fuels to be replaced by renewable raw materials in BASF’s Production Verbund. The amount of renewable feedstock is allocated to specific products using a third party-verified certification method. For more information on the mass balance approach, see basf.com/massbalance
Innovation example BASF’s market position and main competitors Acquisitions/JVs/investments

From 2021 onward

The Intermediates division holds one of the top three market posi-
tions in all strategic business areas in which it is active. Alkylethanolamines Capacity expansion in Antwerp, Belgium 2024
tert-Butylamine Capacity expansion in Nanjing, China 2021

The main competitors (alphabetical order) include Dairen, Dow, Chlorofomates/
Modernization in Ludwigshafen, Germany 2025
Eastman, Huntsman, Luxi, LyondellBasell and Wanhua. acid chlorides
2-Ethylhexanoic acid Capacity expansion in Kuantan, Malaysia1 2024
2-Mercaptoethanol Capacity expansion in Ludwigshafen, Germany 2021

Focus of research and development
Neopentyl glycol New plant in Zhanjiang, China 2025
Propionic acid/ethanol-
The main aim of process innovation is to optimize existing produc- amines/ethyleneamines
Capacity expansion in Nanjing, China2 2023
tion technologies and develop new, highly efficient processes that
1 Operated in a fully consolidated joint venture with PETRONAS Chemicals Group Berhad
offer significant sustainability contributions and cost benefits. 2 Operated in a joint venture with Sinopec; the startup of the plant expansions for ethanolamines and ethylene-
amines took place in early 2024.
© Asahi Kasei
BASF supplies Asahi Kasei with biomass- Key capabilities of BASF Divestitures/shutdowns
From 2021 onward
balanced THF
▪ World-scale plants based on leading process technology Product group Description Year
BASF supplies biomass-balanced tetrahydrofuran (THF BMB) to ▪ Competitive raw material sourcing and/or backward integration 1,4-Butanediol Closure of production line in Kuantan, Malaysia 2021
the ROICA Division of Asahi Kasei Corporation, a multinational ▪ Operational, logistical as well as commercial excellence
Japanese company. Asahi Kasei uses BASF’s THF BMB to pro- ▪ Strong market position with regional setup
duce its sustainable stretch fiber under the ROICA™ brand. The Major nameplate capacities of BASF1
BMB product variant has a carbon footprint significantly lower
Product group Capacity
than BASF’s standard THF products. According to Asahi Kasei,
utilizing the BMB variant can lead to a reduction in CO2 emissions Alkylamines 250
of about 25% compared to its existing products. Butanediol equivalents 550
Ethanolamines and derivatives 530
Formic acid 305
Neopentyl glycol (Neol®) 255

As drop-in solutions, our LowPCF and ZeroPCF products have the
identical quality and properties as standard products. As a result, PolyTHF® 350
our customers can use them without having to adapt their existing Propionic acid 220
processes. Customers can easily and efficiently reduce their Specialty amines ~100
Scope 3 emissions from purchased goods and increase the share of
1 All capacities are included at 100%, including plants belonging to joint operations and joint ventures.
renewable raw materials in the value chain, thus contributing to the
transition to a circular economy.
BASF Factbook 2024 Materials 38
Materials
The Materials segment comprises the Performance Materials
and Monomers divisions. The segment’s portfolio includes
advanced materials and their precursors for new applications
and systems such as isocyanates, polyamides and inorganic
basic products as well as specialties for the plastics and plas-
tics processing industries. We differentiate ourselves through
specific technology expertise, industry knowledge and cus-
tomer proximity, and create maximum value in the isocyanate
and polyamide value chains.
Crash absorber made

Divisions from alternative raw
Performance Materials
materials
Together with Mercedes-Benz AG, we have
developed the crash absorber for the
Polyurethanes, thermoplastic polyurethanes, engineering plastics Mercedes-Benz S-Class, a safety-relevant part,
and foam specialties for sectors such as the transportation, con- which combines alternative raw materials using
struction and consumer goods industries, as well as for industrial the mass balance approach. Pyrolysis oil from
applications used tires and biomethane from agricultural
waste replace fossil raw materials without
page 40
compromising on quality. We want to continue
to drive forward circular solutions in the automo-
Monomers tive industry and support our customers
in achieving their sustainability goals. The
Isocyanates and polyamides as well as inorganic basic products Performance Materials division is aiming to

and specialties for various industries, including plastics, automotive increase the proportion of plastics based on
alternative raw materials in its global sales to 20%
and construction by 2030.
page 42
For more information on BASF’s sustainable plastics solutions for the
automotive industry, see basf.com/en/plastics
Ultramid® B3WG6 BC64 is used for the crash absorber for the Mercedes-Benz S-Class
Materials
Sales

Performance Materials Monomers
2023:
Change:
–23.3%
2022:
€18,443 million

Million €
2023 versus 2022
2023 2022 2021 2020 2019
Volumes –6.6%
Prices –14.3%
Currencies –2.4%
of which Performance Materials 7,244 8,567 7,292 5,635 6,064
Portfolio –
Monomers 6,905 9,877 7,922 5,101 5,402
Sales –23.3%
Million €
EBITDA margin % 10.8 14.4 20.8 14.5 14.7
2023 '21 1,650
Income from operations (EBIT) before special items 826 1,840 2,418 835 1,003
2022 '20 2,686
Income from operations (EBIT) 378 1,776 2,345 –109 973
Change: –€1,036 million
Segment cash flow 1,369 2,363 – – –
Return on capital employed (ROCE) % 3.6 14.9 22.8 –1.1 10.7

Performance Materials
The Performance Materials division is at the forefront of the
much-needed sustainability transformation in plastics.
5.0%
Our experts co-create products with customers to bring South America, Africa, 25%
innovations to major industry sectors such as transportation, Middle East Others1 15%
consumer goods, industrial applications and construction. 35.7% Construction
34.2%
These solutions contribute to a sustainable future by pushing Asia Pacific
16%
the boundaries in thermal resistance, robustness and light- 44% Consumer goods
25.1%
weight applications. Today, a substantial share of our portfo- Transportation and automotive
North America
lio is already available with significantly lower or even net-
zero carbon footprints, and we aim to increase the proportion
1 Others includes customer industries such as electronics and electric, new energy as well as the distribution business.
of plastics based on alternative raw materials in our global
sales to 20% by 2030.
Polyurethanes BASF’s market position and main competitors

Portfolio Polyurethane solutions make life more comfortable, safer and more
pleasant, while helping to save energy. They contribute toward The Performance Materials division holds one of the top three
Engineering plastics improved insulation of buildings and household appliances, light- market positions in almost all strategic business areas in which it is
Engineering plastics are used in numerous applications, such as weight design of cars and other consumer products. Several indus- active.
automotive engineering, the electrical and electronics sectors, try fields use the unique advantages of polyurethanes provided with
household appliances and precision technology as well as in medi- the knowledge and experience of BASF’s polyurethane experts The main competitors (alphabetical order) include Celanese, Coves-
cal technology. This product group includes Ultraform® based on worldwide. This product group includes PU (polyurethane) systems, tro, Dow, Envalior, Huntsman, Kingfa, Polyplastics, Solvay and
polyoxymethylene (POM), Ultradur® based on polybutylene tere- TPU (thermoplastic polyurethanes) and MPU (microcellular polyure- Wanhua.
phthalate (PBT) and Ultramid® based on polyamide (PA) and thane or Cellasto®) technologies.
polyphthalamide (PPA).
Specialty plastics
Functional foams Specialty plastics include certified compostable and soil-biodegrad-
Basotect® is a flexible open-cell functional foam made from melamine able biopolymers, mainly used in various packaging applications
resin that is used for sound and thermal insulation in the construc- and sold under the ecoflex® and ecovio® brands, as well as Ultra-
tion and transportation industries and as a cleaning sponge in the son®, a high-temperature plastic based on polyarylethersulfone
consumer industry. (PPSU, PSU, PESU) mainly used for water filtration and household
applications.
Focus of research and development Acquisitions/JVs/investments Innovation example

From 2021 onward

Our focus is on all stages of the plastics journey: make, use and
recycle. The make phase is about improving how plastics are made, Engineering plastics New Ultramid (PA) and Ultradur (PBT) plants
® ®
2022
in Zhanjiang, China
from smarter product design to the choice of raw materials and the
Expansion of Ultramid (PA) capacity in
®
manufacturing process itself. In the use phase, we improve plastics’ 2022

Gujarat, India
strengths such as light weight, robustness and thermal resistance. Expansion of Ultramid (PA) and Ultradur
® ®
2023
At the end of the product lifecycle, the recycle phase looks at how (PBT) in Pasir Gudang, Malaysia
we can close the loop to achieve a circular economy. We are Polyurethanes New TPU plant in Zhanjiang, China 2023
involved in the early stage of the product development and design in

order to help our customers transform toward CO2 neutrality.
Divestitures/shutdowns
From 2021 onward
Key capabilities of BASF
▪ Close collaboration with key customers in target Engineering plastics Closure of Ultramid® compounding site in 2022
industries worldwide
Leuna, Germany Ultrasim® celebrates 25 years as a pioneer
▪ Innovation in products, applications, processes and Functional foams ®
Sale of Neopolen business to Knauf 2023 in material simulation
Industries
business models
▪ Technical, engineering and application competence Powered by unique and ultra-fast simulation methods, extensive
▪ Operational excellence ensuring reliability and consistent material data, and easy-to-access web services, BASF’s
quality computer-aided engineering (CAE) competence Ultrasim®
Major nameplate capacities of BASF1 creates an unparalleled offering. As a pioneer in the field, BASF
Thousand metric tons per year introduced its first integrative simulation capability in 1999, laying
Product group Capacity
the foundation for what is today a strong global network. In 2024,
Engineering plastics 905 Ultrasim® celebrates 25 years of helping customers use BASF
1 All capacities are included at 100%, including plants belonging to joint operations and joint ventures. plastics and foams to develop sustainable innovations in indus-
tries ranging from automotive to appliances, footwear, furniture
and more.
Discover more at www.ultrasim.basf.com
Monomers
The Monomers division supplies a broad portfolio of
large-volume monomers, basic polymers and inorganic 4.8% 21%
chemicals. Major products include MDI (methylene diphenyl South America, Africa, Construction
Middle East
9%
diisocyanate), TDI (toluene diisocyanate), propylene oxide, 2%
42.8% Others
31.1% Energy and resources
caprolactam, adipic acid, hexamethylenediamine, ammonia, Europe
polyamide 6 and 6.6, nitric acid, sulfur and chlorine products, Asia Pacific 16%
Consumer goods
inorganic salts, urea, glues and impregnating resins. 21.3% 46%
6%
The products are used in a broad spectrum of industries, North America Chemicals and plastics
Transportation and automotive
such as automotive, furniture, construction, woodworking,
food, pharmaceuticals, feed, solar, packaging and textiles.
The division is in a key position to drive the sustainable trans-
formation of these industries. It is therefore expanding
its portfolio of products with a lower CO2 footprint and is Inorganic chemicals Propylene oxide is the main raw material for polyether polyols. Poly-
committed to providing a circular or a low product carbon Inorganic chemicals are mainly used as precursors for plastics, ols are – together with isocyanates – the second key component for
footprint (PCF) option in every major product line by 2025. amines and other high-value chemicals. The product portfolio polyurethane foams. Other applications for propylene oxide are
ranges from basic chemicals to inorganic salts and includes ammo- propylene glycols, surfactants and amines.
nia, ammonium salts, caustic soda, chlorine, nitric acid, standard
Portfolio alcoholates and sulfuric acid. Polyamides and precursors
BASF is the world’s leading supplier of high-quality polyamides, with
Glues and impregnating resins More than half of these products are for captive use within BASF’s the trade name Ultramid®, and polyamide precursors such as
BASF, the inventor of Kaurit® and Kauramin® glues, is the number Verbund. The remaining products are sold primarily to other chemi- caprolactam, hexamethylenediamine (HMD) or adipic acid. BASF
one producer and seller of glues and impregnating resins for differ- cal companies. We are also one of the leading suppliers of sodium started manufacturing Ultramid® polyamides over 50 years ago.
ent types of panel boards and laminated flooring. The portfolio nitrate (used as a component for storage media in solar thermal Today, BASF offers a wide product range of polyamides for injection
encompasses liquid and powder glues specifically developed to power plants), sodium methylate (a catalyst used for the production molding and extrusion. The product range includes PA 6 grades
produce a broad range of wood-based materials that meet of biodiesel) and a variety of inorganic salts for different industries (Ultramid® B), PA 6.6 grades (Ultramid® A), special grades based on
low-emission standards. Powder glues are also used in other indus- such as food, feed, textiles and paper. copolyamides (Ultramid® C) as well as Ultramid® Ccycled®, which is
tries, for example, to produce clutch linings in vehicles. BASF’s produced using recycled plastic waste or end-of-life tires and bio-
impregnating resins have been designed for the treatment of various Isocyanates and propylene oxide mass-balanced Ultramid® derived from renewable raw materials.
papers, including overlay, counterbalance and decor papers for the The portfolio of isocyanates consists of MDI and TDI. BASF is a
flooring or furniture industry. Additionally, BASF produces world leader in isocyanates, which are key components to produce Polyamides from BASF are the materials of choice for many
AdBlue®, a high-purity urea solution that is used in trucks and soft or rigid foams. MDI is a versatile isocyanate that can be used to applications:
passenger cars to reduce NOx emissions from diesel engines. make flexible foams as well as semi-rigid and rigid polyurethane ▪ Engineering plastics: Ultramid® is used to produce molding com-
plastics. Its primary applications are construction, consumer appli- pounds. Due to their outstanding properties, these materials have
ances, automotive components and shoe soles. TDI is an isocya- become indispensable in almost all fields of engineering for the
nate used primarily in the manufacturing of flexible foams. Its main most varied components and machine parts for the automotive
applications include mattresses and cushions for furniture and auto- industry, as high-quality electrical insulating materials and for
motive seating. many special applications.
▪ Films for food packaging: Ultramid® is especially well-suited Acquisitions/JVs/investments

for the packaging sector due to its high strength, outstanding From 2021 onward Innovation example
thermoformability, high thermal stability and very good barrier
properties toward gases, especially oxygen, flavors and aromas. HMD New world-scale plant in Chalampé, France 2024
▪ Textiles: With loopamid®, BASF offers the first polyamide 6 that is MDI Expansion of production in Geismar, L
ouisiana
2020–2025
(staggered investment approach)
entirely made from textile waste, thus closing the loop for nylon
garments. The variety of Ultramid® grades for textiles enables the
manufacturing of superior quality textiles for hosiery, swimwear
and high-tech outdoor garments as well as high-end polyamide Divestitures/shutdowns
From 2021 onward
carpets and technical fiber applications.
Adipic acid value chain Partial closure of the adipic acid plant; closure
of the plant for the precursors cyclohexanol and
BASF’s market position and main competitors cyclohexanone, and the soda ash plant in
2023-2026
Ludwigshafen, Germany
The Monomers division holds one of the top three market positions Ammonia value chain Closure of one of two ammonia plants, the
melamine plant and the ammonium sulfate 2023
in around three-quarters of the strategic business areas in which it is nitrate fertilizer plant in Ludwigshafen, Germany
active.
Closure of the caprolactam plant in
2023-2026
The main competitors (alphabetical order) include AdvanSix, TDI Closure of the TDI complex in Ludwigshafen,
2023
Ascend, Covestro, Dow, Envalior, Huntsman, Ube and Wanhua. Germany
© Inditex

loopamid® – the first circular nylon 6 entirely
Major nameplate capacities of BASF1 based on textile waste
R&D efforts are focused on process innovation to optimize our large
Product group Capacity With loopamid®, BASF has developed an innovative solution to
asset base as well as the development of new products and appli-
improve circularity in the fashion industry by recycling poly
cations to support the division’s sustainability goals. Adipic acid 620
amide 6 textile waste. Because it tolerates all fabric mixtures like
Ammonia 1,370
PA6 and elastane, the cutting-edge technology behind
Caprolactam 600
loopamid® allows textile-to-textile recycling of post-industrial and
Chlorine 595 post-consumer textile waste, thereby closing the loop for nylon
▪ Isocyanates 2,400 apparel. The fibers and materials can be recycled over multiple
World-scale plants based on leading process technology
▪ Polyamides 6 and 6.6 885 cycles. At the same time, the material characteristics are identi-
Competitive raw material sourcing and/or backward integration
▪ cal to those of conventional virgin polyamide.
Operational, logistical as well as commercial excellence Propylene oxide 675
▪ Strong market position with regional setup Sulfuric acid 920
Discover more at www.loopamid.com
Urea 545
1 All capacities are included at 100%, including plants belonging to joint operations and joint ventures.
BASF Factbook 2024 Industrial Solutions 44
The Industrial Solutions segment consists of the Disper
sions & Resins and the Performance Chemicals divisions. It
develops and markets ingredients and additives for industrial
applications, such as polymer dispersions, resins, electronic
materials and antioxidants. We aim to grow organically in key
industries such as automotive, plastics, paints and coatings,
electronics, and energy and resources. We want to expand
our position by leveraging our comprehensive industry
expertise and application know-how.
Divisions
A new material for
Dispersions & Resins electric mobility
With its new Licity® anode binder product
Raw materials used to formulate products in the coatings, construc- range for lithium-ion battery manufacture,
tion, paper, printing and packaging, adhesives and electronics BASF is paving the way for electric mobility.
industries Licity® anode binders are materials that
improve battery performance, enabling a
page 46
higher capacity, an increased number of
charge and discharge cycles and reduced
Performance Chemicals
charging times. This is a new binder
technology that pushes the capabilities of
Customized products for various customer industries such as lithium-ion batteries, thus supporting the
chemicals, plastics, consumer goods, energy and resources, as well wider adoption of electric vehicles. BASF aims
as automotive and transportation to achieve net sales of more than €30 million in
page 48 2027 with this product.
For more information on Licity®, see basf.com/licity
Sales

Dispersions & Resins Performance Chemicals
2023:
Change:
–19.8%
2022:
€9,992 million

Million €
2023 versus 2022
2023 2022 2021 2020 2019
Volumes –10.4%
Prices –5.3%
Currencies –2.3%
of which Dispersions & Resins 4,921 6,019 5,681 4,869 5,178
Portfolio –1.8%
Performance Chemicals 3,088 3,973 3,195 2,775 3,211
Sales –19.8%
Income from operations before depreciation, amortization and special items 965 1,437 1,343 1,189 1,249
Million €
EBITDA margin % 12.6 14.4 15.1 14.4 15.8
2023 '21 965
Income from operations (EBIT) before special items 625 1,091 1,006 822 820
2022 '20 1,437
Income from operations (EBIT) 660 1,097 965 630 889
Change: –€472 million
Segment cash flow 1,292 852 – – –
ROCE% 11.0 16.0 15.2 9.3 12.5

Dispersions & Resins

The Dispersions & Resins division is the leading global
supplier of raw materials used in formulations for a number 11%
7.2% 9%
of industries, including coatings, construction, paper, print- South America, Africa, Adhesives Others
ing and packaging, adhesives and electronics. Our portfolio Middle East
5%
37.5% 28%
encompasses dispersions, resins and a broad range of addi- 29.9% Printing and packaging
Europe Paints and coatings
tives, such as performance and formulation additives as Asia Pacific 11%
well as electronic materials. We put a strong emphasis on Paper coatings
25.4% 20%
environmentally friendly systems, such as low-VOC (volatile 16%
North America Construction
organic compound) water-based coatings. Electronic materials
Portfolio
Electronic materials BASF’s market position and main competitors
Additives BASF delivers fully customized solutions for next-generation semi-
BASF offers a broad range of performance and formulation additives conductor and display manufacturing processes and metal systems. The Dispersions & Resins division holds one of the top three market
that significantly improve the quality and performance of paints and Our portfolio includes ultra-pure process chemicals, advanced positions in more than 80% of the strategic business areas in which
coatings. We are a market leader for performance additives, partic- materials for semiconductor manufacturing, high-end formulations it is active.
ularly in light stabilizers. Light stabilizers protect paint films against for displays as well as products for injection molding and metal
degradation and several undesirable effects, including changes in systems. We provide reliable services and innovative solutions to The main competitors (alphabetical order) include Allnex, Altana,
appearance from long-term exposure to UV radiation. Our formula- customers in the fast-paced electronics industry. Covestro, Dow, DuPont, Entegris, Evonik, Merck, Synthomer and
tion additives offer solutions in the range of defoamers, dispersing Trinseo.
agents, film-forming agents, rheology modifiers as well as wetting Resins
agents and surface modifiers to improve the properties of coatings. Resins are film-forming components used in industrial, automotive
Our unique portfolio is based on a broad technology platform and and wood coatings as well as in printing and packaging for ink Focus of research and development
helps performance-driven products meet the latest and most strin- formulations and barrier coatings. The product portfolio includes
gent environmental regulations. water-based resins, acrylic oligomers, polyisocyanates, amino We invest in research and development to create innovative, differ-
resins, aldehyde resins and high-solid polyols. Our portfolio offers entiating and more sustainable products and solutions. Our innova-
Dispersions customers a wide range of water-based technologies that fulfill tions allow our customers to offer environmentally friendly solutions
Polymer dispersions are water-based systems used in formulations regulatory requirements regarding volatile organic compounds. with dispersions for applications in the coatings, printing, adhesives
for adhesives, sealants, architectural coatings, paper coatings, and construction industries. In addition, customers benefit from new
construction and fiber bonding materials. Our strength lies in our and improved resins and formulation additives, which enable them
backward integration into acrylics, strong technical expertise and to upgrade the performance of their product portfolio. In electronic
application know-how. In addition, our worldwide presence is a key materials, the focus is on developing innovative solutions for the
advantage in serving our global customer base. electronics industries, for example, for semiconductors. We advance
digital and automation solutions in our laboratory environment to
optimize our efficiency.
Innovation example Key capabilities of BASF Major production sites
▪ Leading technology and cost position enable consistent product BASF’s dispersions, resins, additives and electronic m
aterials are
quality, reliability and competitiveness produced at more than 60 sites worldwide. Our most important
▪ Comprehensive portfolio of raw materials for coatings, printing sites for each product group are listed below.
and packaging inks, adhesives and construction materials
▪ Strong technical and application know-how, professional service, Product group Site
close to our customers Additives Appleton, Wisconsin; Heerenveen, Netherlands;
▪ Key chemical materials enabler for the semiconductor industry Nanjing, China; Schweizerhalle, Switzerland
▪ Global production footprint close to relevant markets Dispersions Cengkareng, Indonesia; Chattanooga, Tennessee;
Dagang, Huizhou and Shanghai, China; Dahej, India;
© Getty Images Freeport, Texas; Guaratinguetá, Brazil; Hamina, Finland;
Ludwigshafen, Germany; M angalore, India; Monaca,
Pennsylvania; P
asir Gudang, Malaysia; Tarragona, Spain
Acquisitions/JVs/investments
High-performance colorants for decorative From 2021 onward Electronic materials Jiaxing, China; Kuan Yin and Taichung, Taiwan;
paints Product group Description Year Ludwigshafen, Germany; Schweizerhalle, Switzerland;
Singapore; Yeosu, South Korea
Additives Capacity expansion in Dilovası, Turkey 2023
BASF is offering a newly reformulated range of 16 high-perfor- Resins Heerenveen, Netherlands; Ludwigshafen and
Dispersions Capacity expansion in Pasir Gudang, Malaysia 2021 Schwarzheide, Germany; Shanghai, China;
mance colorants – aqueous pigment dispersions used for tinting Wyandotte, Michigan
DIY architectural paints at the point of sale. The new colorants Capacity expansion in Dahej, India 2022
considerably reduce surfactant leaching and surface tackiness of Capacity expansion in Merak, Indonesia 2023
tinted paints, without reducing paint viscosity. Moreover, they Production line optimization in Huizhou and
2023
have significantly lower VOC emissions and a reduced carbon Zhenjian, China
footprint, making them a great addition to BASF’s portfolio of Capacity expansion in Huizhou, China 2024
Sustainable-Future Solutions (see page 17). Electronic materials Capacity expansion in Jiaxing, China 2023
Resins New plant in Mangalore, India 2023
Divestitures/shutdowns
From 2021 onward
Additives Divestiture of plant in Quincy, Florida 2022
Pigments Divestiture of the pigments business 2021
Resins and additives Closure of plant in West Memphis, Arkansas 2021

Performance Chemicals
As an innovative partner, the Performance Chemicals division 12.3% 16%
offers chemicals for various customer industries such as South America, Africa, Others
21%
Middle East
plastics, automotive, refineries, lubricants, oilfield and 35.3% 8% Plastic and rubber
mining. Our highly qualified and experienced team has out- 26.0% Mining
Asia Pacific
standing market knowledge. Together with our innovation 16% 24%
Automotive
platform and application know-how, this ensures BASF’s 26.5% Chemicals
15%
technological competence and allows us to provide our cus- North America
Utilities and energy
tomers with excellent solutions.
Oilfield chemicals Plastic additives

Portfolio Based on industry-leading technical expertise, we offer a wide range BASF is the globally leading supplier for stabilizers and additive
of sustainable solutions and high-quality products that help our blends to the plastics and rubber industries. The product
Fuel and lubricant solutions customers develop efficient formulations for the oil and gas industry. range includes high-performance light and thermal stabilizers,
BASF is one of the leading suppliers of formulations and compo- Our product portfolio includes: antioxidants, process stabilizers, UV absorbers and other specialty
nents for the global automotive and mineral oil industries. ▪ Chemicals for drilling, cementing and stimulation for the additives for those industries. We continuously analyze, assess and
Our portfolio includes: completion of production wells actively improve our portfolio toward solutions which make a larger
▪ Brake fluids and engine coolants ▪ Additives for continuous and cost-efficient production of contribution to sustainability. The main fields of application are:
▪ Fuel additives, lubricant additives and additive packages, base oil and gas ▪ Automotive
stocks, lubricants ▪ Next-generation surfactants and polymers designed to ▪ Agricultural films
▪ Low, medium and high molecular weight polyisobutene (PIB) support enhanced oil recovery (EOR) operations ▪ Construction materials
▪ Electrical and electronics
Mining solutions ▪ Fibers and tapes
BASF’s mining solutions business offers a diverse range of mineral ▪ Mechanical recycling
processing and hydrometallurgical chemistries and technologies ▪ Packaging and consumer goods
to improve process efficiencies and the economic extraction of
valuable resources. Our offer includes reagents and process tech-
nologies focusing on applications such as solid/liquid separation,
leaching, solvent extraction, tailings management, flotation, materi-
als handling and grinding.
BASF’s market position and main competitors Major production sites Innovation example
Product group Site
The Performance Chemicals division holds one of the top three
market positions in around three-quarters of the strategic business Fuel and lubricant Antwerp, Belgium; Cincinnati, Ohio; Dahej, India; Geismar,
solutions Louisiana; Guaratinguetá, Brazil; Kaisten, Switzerland;
areas in which it is active. Kuantan, Malaysia; Lampertheim and Ludwigshafen,
Germany; McIntosh, Alabama; Meaux, France; Nanjing
and Shanghai, China; Puebla, Mexico; S ingapore
The main competitors (alphabetical order) include Adeka, Afton,
Mining solutions Cork, Ireland; Jacarei, Brazil; Ludwigshafen, Germany;
ChampionX, Clariant, ExxonMobil, Lanxess, Lubrizol, Sabo, Solvay Nanjing, China
and Songwon.
Oilfield chemicals Lerma, Mexico; Tarragona, Spain; Trostberg, Germany
Plastic additives Kaisten, Switzerland; Lampertheim, Germany; Manama,

Bahrain; McIntosh, Alabama; Pontecchio Marconi, Italy;
Focus of research and development Puebla, Mexico; Shanghai, China; Singapore
Developing solutions together with our customers and ensuring

technology leadership to improve our cost position are crucial to the Acquisitions/JVs/investments
From 2021 onward
success of Performance Chemicals. By leveraging the breadth of
our competencies, we develop products that help improve the per-
formance of our customers’ products and processes. We utilize Fuel and lubricant Capacity expansion for synthetic ester base
2022
solutions stocks in Jinshan, China
advances in data analytics, modelling and automation to accelerate
New fuel performance additives plant in
development and enable faster implementation of innovations. With Shanghai, China
2022
sustainability as a key growth driver for our businesses, we focus
Plastic additives Capacity expansion for antioxidants in © Clisol
our innovation pipeline on solutions that will enable the transforma- Pontecchio Marconi, Italy
2021
tions in the end markets. Important fields are resource efficiency,

Capacity expansion for Irganox® 1010 in
2022
emissions reduction and the circular economy. Singapore
Additive provides extended greenhouse film
Capacity expansion for hindered amine light
stabilizers (HALS) in Pontecchio Marconi, Italy, 2024 durability
and Lampertheim, Germany
BASF’s additive Tinuvin® NOR® 356 protects agricultural plastics
▪ Industry-leading innovation platform and application know-how from light and thermal damage. It can extend greenhouse
▪ Customer proximity and market focus film durability by up to 60%, resulting in significant material and
▪ Technological competence to provide excellent solutions Divestitures/shutdowns
cost savings for farmers. Because of the finished product’s high
From 2021 onward resistance to crop treatments specific to organic farming in com-
to our customers
▪ Continuous improvements in cost competitiveness in production Product group Description Year bination with excellent optical properties, farmers can increase
Kaolin minerals Sale of kaolin minerals business to
their crop yield by over 7%, depending on the conditions.
2022
business KaMin LLC. / CADAM S.A. (KaMin)
BASF Factbook 2024 Surface Technologies 50
The Surface Technologies segment comprises the Catalysts
and Coatings divisions, which offer chemical solutions
for surfaces. Its portfolio serves industries such as the
automotive, aerospace and chemical sectors and includes
automotive OEM and refinish coatings, surface treatment,
catalysts, battery materials, and precious and base metal
services. We improve our customers’ applications and pro-
cesses with tailored products, technologies and solutions,
and support them through geographical proximity across all
regions. The aim is to drive BASF’s growth by leveraging our
portfolio of technologies and expanding our position as a
leading and innovative provider of battery materials and sur-
face coatings solutions.
Divisions
Catalysts
Mobile emissions catalysts, chemical catalysts and adsorbents,

refining catalysts, battery materials, precious and base metal
products and services, precious metal trading, metals recycling,
clean air technologies
page 52
Coatings
An innovative surface film for aviation
Automotive OEM coatings, automotive refinish coatings and
With NovaFlex Sharkskin, BASF has developed a surface film that mimics the fine structure of a shark’s
services, decorative paints, surface-applied treatments for metal, skin. The film optimizes the aerodynamics on flow-related parts of the aircraft, meaning that less fuel is
plastic and glass substrates for a wide range of industries needed and CO2 emissions are reduced. Applying NovaFlex SharkSkin film to a Boeing 777-300
page 54 reduces the aerodynamic drag by more than 1%, avoiding 1,250 metric tons of CO2 per aircraft per year.
Using the technology at its highest expansion level could reduce CO2 emissions by as much as 3%.
For more information on NovaFlex SharkSkin, see basf.com/sharkskin
Sales
€11,818 million
Catalysts
€4,387 million
Change: –30.7% Coatings
2023:
Share of sales: 72.9% Change: 3.9%
€16,204 million Share of sales: 27.1%
Change:
–23.9%
2022:
€21,283 million

Million €
2023 versus 2022
2023 2022 2021 2020 2019
Volumes2 –9.6%
Adjusted sales to third parties1 8.626 8,947 6,933 – – Prices –11.1%
Share of total BASF sales % 23.5 24.4 28.8 28.2 22.2 Currencies –3.1%
of which Catalysts 11,818 17,062 19,219 13,570 9,396 Portfolio –0.1%

Coatings 4,387 4,220 3,440 3,089 3,746 Sales –23.9%
Income from operations before depreciation, amortization and special items 1,520 1,464 1,277 966 1,173 2 Adjusted figure excluding sales in precious metal trading and precious metal sales in the
automotive catalysts business: –1.4%
EBITDA margin before special items % 9.4 6.9 5.6 5.8 –
Adjusted EBITDA margin before special items1 % 17.6 16.4 18.4 – –
Income from operations before depreciation and amortization (EBITDA) 1,351 1,264 1,243 900 1,120 EBITDA before special items
EBITDA margin % 8.3 5.9 5.5 5.4 8.5
Million €
Income from operations (EBIT) before special items 938 902 800 484 722
2023 '20 1,520
Income from operations (EBIT) 366 612 761 –587 663
2022 '19 1,464
Change: €56 million
Return on capital employed (ROCE) % 2.7 3.9 5.6 –4.8 5.7
1 Adjusted figures excluding sales in precious metal trading und precious metal sales in the automotive catalysts business have been reported since 2021.
Catalysts
BASF’s Catalysts division is the global market leader in
catalyst technologies. The division develops and produces
5.5% 13% 1%
process catalysts and battery materials, and offers base South America, Africa, 28.5% Chemicals and plastics Others
metals sourcing, recycling and management services. Middle East Europe
It is also the home of BASF’s Environmental Catalyst and 13%

€11,818 million Energy and resources €4,240 million
Metal Solutions (ECMS) standalone entity, comprising
35.0% 59%
mobile emissions catalysts and precious metals trading, 30.9% 14% Transportation
Asia Pacific
recycling, and related products and services. BASF expands North America
Consumer goods
its leading role in both catalysts and battery materials through

continuous process and product innovation. 1 Excluding sales of €7,578 million in precious metal trading and precious metal sales in the automotive
catalyst business
Portfolio
Cathode active materials (CAM) The precious metal services and recycling unit has in-depth
Battery base metals and precursor cathode active materials BASF is a leading global supplier of advanced CAM for the knowledge and vast experience in the field of metals management,
(PCAM) lithium-ion batteries market, providing high-performance CAM to offering industrial customers a full loop of services from precious
This global business unit supports the battery materials business the world’s largest cell producers and for leading platforms of OEMs. metal supply and recycling to financial risk management. The
and its customers with services related to base metals sourcing and BASF has a global presence with R&D and production capacity in unit also produces precious metal chemicals, temperature-sensing
management. BASF also provides a variety of pricing and delivery all regions, in some cases leveraging partnerships. BASF is a front- thermocouple and optical technologies, and is expanding its
arrangements to meet logistical, financial and price-risk manage- runner in developing innovative solutions and conducting next- capabilities and footprint in PEM (proton exchange membrane)
ment requirements. Moreover, BASF ensures a sustainable and reli- generation battery materials research. electrolyzer and fuel cell technologies to support customers.
able supply chain for metals used in PCAM, starting with the refining
of metal ores. Our customized PCAM development ensures maxi- Environmental Catalyst and Metal Solutions (ECMS) Process catalysts
mum CAM performance, for example, in terms of driving range, BASF Environmental Catalyst and Metal Solutions is a standalone BASF is a leading global manufacturer of catalysts for the chem‑
charging time and safety of the battery. entity within BASF Group. It comprises two business units – mobile ical industry, with solutions across the chemical value chain. The
emissions catalysts and precious metal services and recycling. business comprises chemical catalysts and adsorbents, refinery
Battery recycling catalysts and custom catalysts.
In addition, BASF offers battery recycling solutions and services for The mobile emissions catalysts unit enables cost-effective regula
its customers in the e-mobility value chain. Battery producers and tory compliance, providing technologies that control emissions from
electric vehicle manufacturers can choose from a range of individual gasoline and diesel-powered passenger cars, trucks, buses, off-
services along the battery value chain. Moreover, BASF also offers road vehicles and motorcycles. The unit also offers technologies to
end-to-end support for OEMs, ensuring a one-stop-shop experi- improve indoor air quality and cabin air in airplanes.
ence to meet our customers’ battery recycling needs.
BASF’s market position and main competitors Acquisitions/JVs/investments

Innovation example From 2021 onward

The Catalysts division holds one of the top three market positions in
all strategic business areas in which it is active. Battery materials BASF and Shanshan formed joint venture
(BASF 51%) for CAM and PCAM production 2021
in China
The main competitors (alphabetical order) include Albemarle,
CAM capacity expansion for the joint venture
2023
Clariant, Easpring, Ecopro, Johnson Matthey, Umicore and BASF Shanshan in Chansha, China
W.R. Grace. PCAM manufacturing plant in Harjavalta,
–1
Finland
CAM manufacturing plant in Schwarzheide,

2023
Germany
Battery recycling prototype plant in Schwarz-
2024
heide, Germany
For battery materials, the focus is on offering a comprehensive
CAM capacity expansion for the joint venture
product portfolio meeting customers’ requirements for e-mobility BASF TODA in Onoda, Japan
2024
applications in all segments, including improving energy density to
X3D™ technology improves performance and extend driving range as well as stability, safety and cost. For mobile
Black mass recycling plant in Schwarzheide,
2024
Germany
sustainability emissions catalysts, the focus is on improved products to meet Mobile emissions Capacity expansion in Chennai, India
2022
future vehicle emission standards. Precious metal services and recy- catalysts
The novel X3D™ technology enables the production of catalysts
cling is developing next-generation electrocatalysts and catalyst Precious metal Acquisition of Zodiac Enterprises LLC assets
with optimal shape to achieve best performance and efficiency services in Caldwell, Texas, for catalyst recycling
2021
coated membranes to improve performance and reduce cost for
while reducing energy consumption. Catalysts produced with
PEM electrolyzers and fuel cells. In the process catalysts business, Refinery capacity expansion in Seneca,
2022
this technology feature an open structure, resulting in a reduction South Carolina
priority is given to developing new and improved products that
of the pressure drop across the reactor and a high surface area, BASF HERAEUS (China) Metal Resource Co.,
enable the chemical industry’s transformation to net-zero emissions.
significantly improving the catalysts’ performance. The technolo- Ltd. formed in Pinghu, China, for automotive 2022
catalyst recycling
gy offers a greater freedom of catalyst design compared to con-
Acquisition of Arc Metal AB in Hofors, Sweden 2024
ventional production technologies. It brings catalysts’ perfor-
mance to the next level and helps to customize catalysts to Process catalysts Construction of global Catalyst Development
and Solids Processing Center in Ludwigshafen, 2024
customers’ specific conditions and needs by designing infill pat- ▪ Global R&D footprint covering catalysts and battery materials Germany
terns, fiber diameter and orientation. Customers can benefit from ▪ Technology leadership in mobile emissions catalysts, process 1 Startup date of the plant depends on the outcome of the ongoing permitting process.
an increased reactor output, higher product quality and lower
catalysts and battery materials
energy consumption, enabling significantly higher sustainability. ▪ Recognized precious metals expertise
The technology can be applied to a wide variety of existing cata- ▪ Strong and growing position in Asia through fully owned Divestitures/shutdowns
lytic materials, including base or precious metal catalysts as well From 2021 onward
entities and joint ventures
as carrier materials. The novel catalysts are mechanically robust ▪ Operational excellence in catalyst and battery materials Product group Description Year
and proven in several commercial plant operations.
production and use Process catalysts Closure of the Erie, Pennsylvania,
2021
production site
Divestiture of De Meern, Netherlands,

2023
production site to IQatalyst B.V., Luxembourg
8
Coatings
BASF’s Coatings division offers innovative and ecologically
viable solutions for the automotive industry, including both
17.7%
the original equipment manufacturer (OEM) and refinish South America, Africa, 30.9% 5%
markets, as well as surface treatment solutions for a variety Middle East Europe Others
80%
of markets. BASF also develops and markets decorative 15% €4,387 million Transportation
€4,387 million
paints in Brazil for interior and exterior use in residential and 26.0% Construction
commercial buildings. The portfolio is supplemented by Asia Pacific

25.4%
“Beyond Paint” solutions, which enable new applications North America
with innovative surfaces. We combine protection and

aesthetics with eco-efficiency in tailor-made products and
processes.
Decorative paints Passenger car and light commercial

Portfolio For interior and exterior use in buildings, BASF offers decorative vehicle production
paints, marketed, for example, under the premium brand Suvinil®, Million units produced
Automotive OEM coatings solutions which is one of Brazil’s best-known brands. With constant innova- 2029 97
BASF provides complete automotive coatings solutions, including a tion launches, such as super-concentrated premium interior and 2028 96
product portfolio of: exterior paint, Suvinil® continues to strengthen its role as a pioneer 2027 95
▪ E-coats in the area of innovative paints.
2026 94
▪ Primers
2025 92
▪ Basecoats Surface treatment solutions
▪ Clearcoats BASF is a globally leading solution provider for applied surface 2024 90
treatment. Under our Chemetall brand, we offer customized tech- 2023 90

In addition to offering extensive technical support, BASF is a valued nology and system solutions to protect metals from corrosion, facil- 0 20 40 60 80 100
innovation and design partner for nearly all leading automotive man- itate forming and machining, allow parts to be optimally prepared for
Asia Pacific Europe North South Africa,
ufacturers worldwide. the painting process and ensure proper coating adhesion. These America America Middle East
products are used in a wide range of industries and markets, such Source: Global automotive production forecast May 2024 (S&P Global)
Automotive refinish coatings solutions as automotive, aerospace, aluminum finishing and metal forming.
For the refinishing of passenger cars and trucks, BASF offers top-
coat and undercoat materials sold under the global premium brands Automotive is the most important customer industry for BASF’s
Glasurit® and R-M® as well as the value-for-money brands baslac®, coatings business. The number of cars and light commercial vehi-
LIMCO®, Norbin® and Yinfan®, which are sold to paint distributors cles produced globally is expected to grow moderately. The main
and automotive repair shops. BASF is a leader in the fields of water- growth driver is Asia – in particular China – where BASF is well-
borne coatings and high-solid systems, enhanced by value-added positioned to participate in the growth opportunities.
services and tools for end users.
BASF’s market position and main competitors Acquisitions/JVs/investments Innovation example

from 2021 onward

The Coatings division holds one of the top three market positions in
all strategic business areas in which it is active. Automotive OEM
Expansion of e-coat production in Greenville,
2022
Ohio
Upgrade of e-coat application center in

The main competitors (alphabetical order) include AkzoNobel, 2023
Münster, Germany
Axalta, Henkel, Kansai Paint, Nippon Paint, PPG and Sherwin-
Application center upgrade in Guadalajara,
Williams. Spain
2023
Site expansion in Minhang, China 2023
Further resin capacity expansion in Caojing,

Focus of research and development China
2024
Capacity expansion for OEM coatings in

2025
Our innovation efforts for the automotive industry are focused Würzburg, Germany
on close partnerships with our customers in order to formulate, for Construction of a production plant for more
instance, new coatings solutions for integrated processes and sustainable OEM coatings in Münster, 2025
Germany
unique eco-efficient coatings. Additional research topics include
Refinish New laboratory facility in Münster, Germany 2022 A smarter approach to corrosion protection
improved products for new technology markets, such as functional
films and environmentally friendly applications. Capacity expansion in Jiangmen, China 2022
VIANT is a new coating technology that combines conversion
New filling and packaging lines in Münster,
2023 coating and a primer paint in one single layer. It is easy to operate
Germany
and enables reliable corrosion protection on edges and inner
Key capabilities of BASF Surface treatment New surface treatment site in Pinghu, China 2021
surfaces. Compared to conventional coatings, VIANT results in a
Global aluminum competence center in
2024 shorter process chain, resource savings and reduced running
▪ Innovative long-term cooperation with leading OEM customers Giussano, Italy
costs. It reduces the carbon footprint and comes with lower
▪ Technical on-site support at customer locations, creating electricity, water and chemical consumption.
additional value and long-term relationships Major production sites
▪ Services and tools within the automotive industry to deal
with color complexity BASF Coatings manufactures its products at more than 70 sites
▪ Leveraging strong market position and application know-how worldwide. The most important sites are listed below.
from mature markets into growing markets
▪ Global production and market presence Product group Site
Automotive OEM Greenville, Ohio; Guadalajara, Spain; Münster, Germany;

Shanghai, China; Tultitlán, Mexico
Decorative paints Demarchi and Jaboatão, Brazil
Refinish Clermont de l’Oise, France; Jiangmen, China; Münster,

Germany; Windsor, Canada
Surface treatment Blackman Township, Michigan; C anovelles, Spain;

Çayırova-Kocaeli, Turkey; Guissano, Italy; Langelsheim,
Germany; Sens, France; Pune, India; Shanghai, China
BASF Factbook 2024 Nutrition & Care 56
Nutrition & Care

The Nutrition & Care segment, consisting of the Care Chemi-
cals and Nutrition & Health divisions, serves the growing
needs of food and feed producers as well as the pharmaceu-
tical, cosmetics, detergents and cleaning industries. We offer
solutions for the increasingly sophisticated demands
of fast-moving consumer goods as well as for technical
applications, crop protection and nutrition. We strive to
expand our position as a leading provider of ingredients for
consumer goods in the areas of nutrition, home and personal
care. Our goal is to drive organic growth. We focus on growth
markets, sustainability trends and digital business models in
consumer markets.
Divisions
Care Chemicals
Ingredients for the cosmetics, detergents and cleaning industries,

agrochemical and technical applications
page 58
Two new active ingredients
from one process
Nutrition & Health
Probiolift™ and Postbiolift™ are two new biotic ingredients from BASF’s
personal care business area that support healthy skin aging. Unlike other
Products for the food and feed industries, the flavor and fragrance
biotics existing on the cosmetic market, the newly developed ingredients are the
industry and the pharmaceutical industry first to use a bacterium that is found naturally in the skin: Lactobacillus crispatus.
page 60 One gram of Probiolift™ contains over 1 million useful bacteria. The result
is a product that improves skin elasticity and reduces the appearance of
wrinkles around the eyes. BASF uses an energy-efficient and more sustainable
fermentation process and produces both active ingredients using an innovative
process without waste.
For more information on ProbioliftTM and PostbioliftTM, see basf.com/probiolift
© Getty Images
Nutrition & Care
Sales

Care Chemicals Nutrition & Health
2023:
Change:
–15.0%
2022:
€8,066 million

Million €
2023 versus 2022
2023 2022 2021 2020 2019
Volumes –7.1%
Prices –5.8%
Currencies –2.1%
of which Care Chemicals 4,721 5,619 4,439 3,989 4,118
Portfolio –
Nutrition & Health 2,137 2,447 2,003 2,030 1,957
Sales –15.0%
Income from operations before depreciation, amortization and special items 565 1,067 909 1,190 1,214
Income from operations before depreciation and amortization (EBITDA) 578 1,055 967 1,152 1,189
Million €
EBITDA margin % 8.4 13.1 15.0 19.1 19.6
2023 565
Income from operations (EBIT) before special items 107 618 497 773 793
2022 1,067
Income from operations (EBIT) 119 605 554 688 644
Change: –€502 million
Segment cash flow 503 –99 – – –
Return on capital employed (ROCE) % 1.5 7.5 8.2 10.6 10.0

Care Chemicals
BASF’s Care Chemicals division is a globally leading supplier
to the cosmetics, detergents and cleaning industries. We
9.4%
also offer solutions for technical applications and crop pro-
South America, Africa,
tection. Together with our customers, we create innovative Middle East 21%
53.1% 52%
solutions to meet the current and future needs of society 18.8% Industrial formulators €4,721 million
€4,721 million Europe Personal care
more sustainably. We contribute to the long-term success of Asia Pacific
our customers’ brands with a broad range of products and 27%

18.6%
Home care and I&I
concepts via our global network of production and develop- North America
ment sites.
Portfolio
Our product portfolio includes dispersants, emulsifiers, surface BASF’s market position and main competitors
Home care and industrial & institutional cleaning modifiers, solvents, chelating agents, biocides, micronutrients and
We develop, produce and market a wide range of ingredients for methanesulfonic acid. The Care Chemicals division holds one of the top three market
detergents and cleaning solutions worldwide. As the innovation positions in all strategic business areas in which it is active.
leader in this market, we offer choices to our customers and provide Personal care
the best-possible solutions to successfully cater to today’s and We offer high-quality, value-adding and sustainable ingredients for The main competitors (alphabetical order) include Clariant, Croda,
tomorrow’s market needs and changing regulatory requirements. the personal care industry. Our focus on consumer trends and Dow, Evonik, Sasol, Stepan, Syensqo and Zanyu.
Our strong R&D base and in-depth market and application expertise our ability to innovate and bring new products rapidly to market
set us apart from the competition while making us the partner contribute strongly to the success of our customers. We take into
of choice for formulators of efficient, convenient, sustainable and consideration the entire value chain to develop sustainable solutions.
safe-to-use detergents and other cleaning products. Our portfolio, The personal care product range includes surfactants and emulsifi-
which is constantly being further developed, includes surfactants, ers, polymers, emollients, cosmetic active ingredients and UV filters.
enzymes, water-soluble polymers, chelating agents, biocides, opti-
cal effect products, stabilizers and methanesulfonic acid. Our business approach draws its inspiration for products and
concepts from consumers and society. We strive to make BASF’s
Industrial formulators personal care business a valued partner for the industry in terms of
We develop and commercialize a broad portfolio of processing aids, scientific excellence, market knowledge and agility.
differentiating additives and surface-active building blocks for a wide
range of industrial applications and further downstream processing.
With our formulation know-how and understanding of the physico-
chemical properties of our products, we enable customer-specific
solutions. In addition, we market an extensive portfolio of perfor-
mance enhancers to crop protection and plant nutrition companies.
Focus of research and development Acquisitions/JVs/investments Innovation example

From 2021 onward

We are committed to delivering innovative and sustainable products
and solutions in close collaboration with customers in our core Alkoxylates Capacity expansion in Antwerp,
2023
Belgium
markets, with a strong focus on bio-based and biodegradable ingre-
Alkylpolyglucosides Expansion of global capacities in Bangpakong,
dients. With process innovation in our core technologies, we target 2025
(APG) Thailand, and Cincinnati, Ohio
continuous capacity and yield improvement to ensure competitive-
Enzymes Investment in production setup for bacterial
ness and reduce carbon footprints. We systematically identify and enzymes and biotechnology products, Kundl/ 2024
establish new technologies to best support our customers in driving Schaftenau, Austria
innovation for end consumers. Methanesulfonic acid Capacity expansion in Ludwigshafen, Germany 2022
Optical brighteners Capacity expansion in Monthey, Switzerland 2022
UV filters New plant in Jinshan, China 2023

© Getty Images
▪ Strong global production footprint close to our customers, Divestitures/shutdowns
From 2021 onward
also in emerging markets
▪ Innovative and sustainable solutions through BASF’s global Product group Description Year Sustainable anti-redeposition performance
R&D network Surfactants Divestiture of anionic surfactants business in
2021
Kankakee, Illinois BASF’s latest anti-redeposition polymer, BVERDE® GP 790 L,
▪ State-of-the-art formulation technologies
addresses the increasing demand from customers for cleaning
products that prioritize sustainability without sacrificing perfor-
Major nameplate capacities of BASF1
Thousand metric tons per year mance. It is a grafted polysaccharide polymer that is 79% bio-
Product group Location Capacity based and readily biodegradable. This new polymer is highly
compatible with standard laundry liquid detergent formulations,
Anionic surfactants Europe, North America, South America,
550 resulting in a clear and uniform product. In contrast to the current
Asia Pacific
Chelating agents Europe, North America, South America 170

market incumbent ingredient, polyacrylic acid (PAA), which is not
biodegradable, BVERDE® offers performance parity while main-
Methanesulfonic acid Europe 50
taining sustainability credentials.
Nonionic surfactants Europe, North America, Asia Pacific 650
1 All capacities are included 100%, including plants belonging to joint operations and joint ventures.
Nutrition & Health

BASF’s Nutrition & Health division develops, produces and
11.7%
markets ingredients for the nutrition and health industries. South America, Africa, 36.9%
Our products fulfill the highest safety, regulatory and Middle East Europe 21%
49%
sustainability standards. Together with our customers, we 33.6% Others €2,137 million Nutrition
€2,137 million
play an active part in enhancing the nutrition and health of Asia Pacific
consumers all over the world. 17.8% 30%

North America Health
Portfolio
1 Aroma ingredients business is included in the customer industries nutrition and others.
Aroma ingredients
BASF is a leading supplier of high-quality and innovative aroma
ingredients for the flavor and fragrance industry. We offer a wide and E, carotenoids, enzymes and organic acids. We offer our Pharma solutions
variety of aroma ingredients, such as L-menthol, geraniol, citronellol customers ingredients that reduce greenhouse gas emissions and In pharma solutions, we produce innovative excipients and active
and linalool, which are part of our citral value chain. In 2019, we improve resource efficiency as well as animal wellbeing. ingredients of outstanding quality and performance. Our portfolio
broadened our portfolio with renewable-based natural ingredients comprises not only functional excipients, but also active pharma-
by acquiring Isobionics®. We are committed to a sustainable future Our ingredients for human nutrition comprise high-quality vitamins, ceutical ingredients and nutritional ingredients. We offer a diverse
by providing aroma products with a significant sustainability contri- such as vitamin A, E, B2 and carotenoids as well as food and health range of ibuprofen and omega-3 grades, in addition to other actives
bution. Our offers focus on a reduced product carbon footprint and performance ingredients, such as plant sterols or conjugated linoleic including L-menthol, PVP-iodine, azelaic acid and dexpanthenol.
include upcycled and renewable alternatives via BASF’s biomass acids. They show performance excellence in a variety of applications
balance approach. Our aroma ingredients are sold to the flavor and in strategic market segments such as functional nutrition, dietary With digital solutions such as the Virtual Pharma Assistants and
fragrance industry for use mainly in home and personal care prod- supplements, colorants for food and beverages as well as pharma- a global team of industry experts, BASF supports its customers
ucts, in fine fragrances and in the food industry. Our global produc- ceutical applications. For specific vitamin A and E products, we offer in developing efficient, cost-effective and reliable formulations.
tion network – comprising world-scale plants in Ludwigshafen, product carbon footprints (PCFs) that are at least 20% better than Equipped with an in-depth understanding of multiple technologies
Germany; Kuantan, Malaysia; as well as one currently under con- the global market average.2 I n our food fortification initiative, our and applications, we have the knowledge and resources to make
struction in Zhanjiang, China – puts us in a unique position to ensure health ingredients help fortify staple foods to combat micronutrient biologics and drug manufacturing as well as delivery safer and more
the highest level of supply security. deficiencies across the world. sustainable.
Nutrition ingredients
BASF is one of the leading suppliers of feed additives for livestock
and companion animals. With decades of experience in the feed
sector, in development, production and application, we place partic-
ular importance on delivering the highest quality for the benefit
of humans and animals alike. Our focus is on supplying the feed
industry with highly effective products like vitamins such as vitamin A
2 Data source BASF’s product carbon footprints: BASF’s Strategic CO2 Transparency Tool (SCOTT), July 2023; Data sources for producers: BASF own estimations on bill of materials and energies (in-house technology and business intelligence experts);
market average weighted – based on nameplate capacities without BASF; stating >20% reflects safety buffer to account for degrees of freedom in ISO methods.
BASF’s market position and main competitors Acquisitions/JVs/investments Innovation example

From 2021 onward

The Nutrition & Health division holds one of the top three market
positions in almost all strategic business areas in which it is active. Animal nutrition Capacity expansion of enzyme plant in
2021
Expansion of vitamin A acetate plant in

The main competitors (alphabetical order) include Ashland, Croda, 2021
DSM-Firmenich, IFF, NHU and ZMC.
Startup of new world-scale vitamin A formula-
2023
tion plant in Ludwigshafen, Germany
Aroma ingredients New world-scale citral plant in Zhanjiang,

2026
Focus of research and development China
New menthol and linalool plants in

2026
Together with our customers and partners, we continuously work Ludwigshafen, Germany
on translating ideas into innovations. Ongoing process innovation

ensures technological and cost leadership in our major product
© Shutterstock
lines. Divestitures/shutdowns
From 2021 onward
Product group Description Year Excipient Kollitab™ DC 87 L maximizes

Key capabilities of BASF Human nutrition Divestiture of site in Kankakee, Illinois, and flowability and tablet strength
associated businesses of vegetable-oil-based
2021
pharmaceutical raw material sterols, natural
▪ vitamin E, anionic surfactants and esters Our BASF Pharma Solutions team has introduced Kollitab™
Cost leadership through integration into the Verbund
▪ DC 87 L, a co-processed excipient optimized for direct compres-
Value-driven innovation to support customer needs
▪ sion processes. The excipient is designed to maximize flowability
Deep understanding of the nutrition and health market
▪ and tablet strength, with a formulation that has high stability and
High expertise in a complex regulatory environment
▪ low sensitivity to overblending. Its round particle shape ensures
Sustainability and quality management Major production sites
excellent flowability from feeder hoppers and during tableting,
Product group Site for high process robustness and low tablet weight variability.
Major nameplate capacities of BASF 1 Animal nutrition Gunsan, South Korea; Ludwigshafen, Germany; Kollitab™ DC 87 L can produce strong tablets across a broad
Shenyang, China
Thousand metric tons per year range of compression forces, reducing both stress and punch
Product group Location Capacity Aroma ingredients Geleen, Netherlands; Kuantan, Malaysia; Ludwigshafen, damage on the tablet press, for better machine durability and
Germany
Citral Europe, Asia Pacific 78 less tablet defects. This product ensures fast tablet disintegration
Human nutrition Ballerup, Denmark; Boussens, France; Cheltenham, Hutt
Lagoon and Whyalla, Australia; Gunsan, South Korea;
to quickly deliver the intended benefits of active pharmaceutical
1 All capacities are included 100%, including plants belonging to joint operations and joint ventures
Illertissen and Ludwigshafen, Germany ingredients. This is especially valuable for high-strength tablets
Pharma solutions Bishop, Texas; Callanish, United Kingdom; Sandefjord, that tend to take longer to disintegrate.
Norway
BASF Factbook 2024 Agricultural Solutions 62
In the Agricultural Solutions segment, we aim to further
strengthen our market position as an integrated solutions
provider. Our offer comprises seeds, traits, seed treatment
products, biological and chemical crop protection solutions,
complemented by digital farming products to help farmers
grow more and sustainably better quality crops. Our strategy
is based on innovation-driven organic growth and targeted
portfolio expansion through acquisitions and collaborations.
Customer needs, societal expectations and reducing
environmental impacts are what motivate us to innovate.
Virus-resistant tomato seed varieties

for less food loss
Tomato brown rugose fruit virus (ToBRFV) is an aggressive and persistent plant virus that causes
severe crop losses in tomatoes worldwide. After the virus was discovered, BASF quickly identified
genetic sources of resistance and applied state-of-the-art breeding methods to be able to offer
resistant and competitive varieties. The first resistant tomato varieties were made available under the
Nunhems® brand in 2020 and BASF has since expanded the range to more than 20 varieties for
different markets and consumer preferences. Using these resistant varieties in combination with
appropriate hygiene protocols offers a solution that benefits both growers and the food supply chain.
For more information on ToBRFV-resistant seed varieties, see basf.com/en/rugose-virus
Sales
€1,962 million
Seeds & Traits
Change: 4.8%
€3,047 million
Share of sales: 19.4% Fungicides
2023:
Change: 2.3%
€662 million €10,092 million Share of sales: 30.2%
Seed Treatment
Change:
Change: –17.9%
Share of sales: 6.6% –1.8%
2022:
€1,041 million
€10,280 million
Insecticides
Change: –1.5% €3,380 million
Share of sales: 10.3%
Herbicides
Change: –5.3%
Share of sales: 33.5%

Million €
2023 versus 2022
2023 2022 2021 2020 2019
Volumes –6.5%
Prices 8.2%
Currencies –3.5%
Portfolio –
Sales –1.8%
EBITDA margin % 21.6 18.7 16.6 20.7 21.1
Income from operations (EBIT) before special items 1,563 1,220 715 970 1,095
Million €
Income from operations (EBIT) 1,131 1,221 696 582 928
2023 '21 2,270
2022 '20 1,928
Return on capital employed (ROCE) % 6.4 7.1 4.5 3.6 5.3
Change: €342 million
Farming is fundamental to provide enough healthy and
affordable food for a rapidly growing population while reduc-
25.8%
ing environmental impacts. BASF’s Agricultural Solutions 7%
24.0% Europe
division connects innovation, customers, partners and agri- Non-Agriculture1
South America, Africa,
cultural experts and integrates sustainability criteria Middle East €10,092 million
93%
€10,092 million
Agriculture
into all business decisions. We help farmers deliver the best
10.6%
possible outcomes, working to achieve the balance between Asia Pacific
39.7%
economic, environmental and social value creation for sus- North America
tainable and efficient agriculture.

1 Aquaculture, forestry, home and garden, industrial weed control, ornamentals, public health, turf, urban pest control
Portfolio
GlyTol®, TwinLink®, TwinLink® Plus, Clearfield® Production System ▪ Tirexor® is a PPO-inhibiting herbicide (protoporphyrinogen IX oxi-
Digital farming and Provisia® Rice System. The newest trait is Axant™ Flex, the dase) for controlling weeds currently resistant to other PPO inhib-
With products from xarvio® Digital Farming Solutions, we enable first quadruple-stacked herbicide trait package for cotton. itors, effective burndown of broadleaf weeds and suppression of
precision farming and help farmers globally optimize crop yield using annual ryegrass. Voraxor® harnesses the combined strength of
fewer natural resources and crop inputs. Fungicides Tirexor® and Kixor®, allowing the two potent PPO active ingredi-
▪ We developed ONE SMART SPRAY jointly with Bosch. This tech- Conducting pioneering research to find new active ingredients and ents to provide growers with a powerful, new weed control tool.
nology detects weeds in row crops, delivers precise herbicide provide our customers new options to control fungal diseases: ▪ Kixor CS® utilizes a patented and breakthrough solid encapsula-
application and maximizes crop production while reducing envi- ▪ Revysol® meets the highest level of regulatory standards and tion technology to control tough broadleaf weeds beyond
ronmental impacts. In 2023, it was launched commercially in offers outstanding biological performance against difficult-to- pre-emergence to early post. Surtain™, powered by Kixor CS®,
Germany and Hungary. control pathogens in specialty and row crops. The active ingredi- offers growers a wide application window with control or suppres-
ent has received registrations in all regions. Revysol®-based sion of 79 key broadleaf and grass weeds.
Field crop seeds & traits products have been introduced globally in all major crops.
Bringing high yield potential germplasm, advanced trait technologies ▪ Xemium® is a key component of BASF’s fungicides portfolio due Insecticides
and continuous innovation addressing the current and future needs to its broad-spectrum disease control. It has excellent mobility in Combating insect pests in agriculture and beyond:
of farmers: the plant and long-lasting residual action. Xemium® is available in ▪ Axalion® Active is a new class of chemistry with a novel mode of
▪ A strong seed brand portfolio that delivers high-quality seed more than 80 countries for roughly 150 different crops. action. Axalion® provides long-lasting control of a broad spectrum
germplasms via high-performing hybrids and varieties that adapt of piercing and sucking pests, while working harmoniously with
to the growing conditions of local farmers. The portfolio includes Herbicides beneficials and the environment when applied according to the
InVigor® canola (oil seed rape), FiberMax® cotton, Stoneville® Reducing competition from weeds secures yield and harvest quality, label. Australian farmers had first access to Axalion® with the
cotton and Credenz® soybean seed. enabling no-till farming practices: launch of Efficon® in April 2023; additional launches are planned
▪ From herbicide-tolerance to insect resistance and agronomic trait ▪ Luximo®, with no known cross-resistance, provides soil residual in Asia, Europe and South America in the coming years.
technologies, our traits help crops realize their full potential. The control against a broad range of grasses in cereal crops.
portfolio includes pod shatter reduction technology, LibertyLink®,
Seed treatment Research and development

Innovation example Biological and chemical products, functional coatings and colorants
to improve seed performance: Our innovation pipeline has a peak sales potential of more than
▪ Poncho® Votivo® is a systemic insecticide and biological seed €7.5 billion for products and solutions launched by 2033. These are
treatment to control insect pests and protect against soil plant seeds, traits, fungicides, herbicides, insecticides, biological and
pathogenic nematodes. digital solutions tailored to the farming needs of their region and crop
▪ ILEVO® seed treatment for soybeans provides broad-spectrum systems. The industry’s first commercial biotechnology trait to con-
nematode protection against soybean sudden death syndrome trol nematodes is in development as well as multiple novel weed
and cyst nematode, two of the top yield robbers. control solutions, including a new PPO herbicide with a correspond-
▪ Teraxxa® is the only seed treatment for cereals that eliminates ing herbicide tolerance gene.
wireworms by interfering with nerve signal communication.
▪ Sepiret® delivers performance and industry-leading sustainability
with microplastic-free seed coatings. Key capabilities of BASF
Vegetable seeds ▪ Strong customer orientation with a comprehensive offer for s trategic
New plant for biotechnology-based crop We develop solutions for growers to produce high-quality vegeta- crop systems: soy, corn (maize) and cotton in the Americas; wheat,
protection products bles more efficiently and sustainably through breeding and partner- canola (oilseed rape) and sunflower in North America and Europe;
ships across the value chain. Under the Nunhems® brand, BASF rice in Asia; and fruit and vegetables globally
BASF is investing in a new fermentation plant for biological offers a diverse range of over 1,200 vegetable varieties sourced from ▪ Strengthened R&D pipeline for sustainable agriculture
and biotechnology-based crop protection products at its 20 different crops. helping farmers balance environmental and economic challenges
Ludwigshafen site. The plant will use microorganisms to convert ▪ The development of the first iceberg lettuce variety that is as well as meeting consumer demand for more sustainably
renewable raw materials such as glucose into the desired prod- well-suited for mechanical harvesting is an example of BASF’s produced food
ucts – a process known as fermentation. This development focus on varietal breeding to tackle grower challenges like ▪ Stringent patent management
is another step in the transition to innovative manufacturing availability and cost of labor. Additionally, the Flexiton leek variety ▪ Innovative digital farming solutions
processes with lower energy intensity based on renewable raw reduces cleaning costs for growers by up to 20 percent. ▪ Strong integration into the Production and Know-How Verbund
materials.
Selected acquisitions/JVs/investments/divestitures
▪ Inscalis®1 offers an alternative mode of action for the control of BASF’s market position and main competitors From 2021 onward

piercing and sucking insects in row and specialty crops as well as
ornamentals. The Agricultural Solutions division holds one of the top four market Crop protection/active Divestiture of active ingredient for control of
2021
ingredients plant-parasitic nematodes to Mitsui Chemicals Agro
▪ Broflanilide,2 with a novel mode of action, is highly efficacious positions in almost all strategic business areas in which it is active.
New fermentation plant for biological and biotechnol-
against chewing pests in specialty and row crops. It also combats 2025
ogy-based crop protection products (Germany)
ants, cockroaches and flies in the professional pest management The main competitors (alphabetical order) include Bayer, Corteva,
Digital farming Founding of BOSCH BASF Smart Farming GmbH 2021
market. FMC and Syngenta.
Acquisition of Horta S.r.l. (Italy) 2022
Formulation capacities New formulation facility (Singapore) 2022
Seeds Expansion of tomato breeding facilities (Netherlands) 2021
1 Co-developed with Meiji Seika Pharma Co. Ltd.

Acquisition of melon breeding company ASL (France) 2023
2 Co-developed with Mitsui Chemicals Agro, Inc.
BASF Factbook 2024 Other 66
Other Financial data – Other1

Million €
2023 2022 +/–
Sales 3,220 4,368 –26.3%

Activities that are not allocated to any of the divisions are
recorded under Other. These include commodity trading, Income from operations before depreciation, amortization and special items –466 –594 21.5%
engineering and other services, as well as rental income and Income from operations before depreciation and amortization (EBITDA) –626 –368 –70.1%
leases. Discontinued operations and certain activities Depreciation and amortization2 153 155 –1.4%
remaining after divestitures are also reported here.
Income from operations (EBIT) –778 –523 –48.9%
Special items –164 226 .

The following activities are also presented under Other:
– The steering of the BASF Group by corporate headquarters. EBIT before special items –614 –749 18.0%
– Cross-divisional corporate research, which includes plant bio- of which costs for cross-divisional corporate research –242 –325 25.5%
technology research, works on long-term topics of strategic costs of corporate headquarters –222 –258 14.0%
importance to the BASF Group. Furthermore, it focuses on the other businesses 83 –43 .
development of specific key technologies, which are of overrid-
foreign currency results, hedging and other measurement effects –29 33 .
ing importance for the divisions.
miscellaneous income and expenses –204 –156 –30.8%
– Trade with renewable energies as well as the activities of the Net
Zero Accelerator unit, which bundles cross-company projects to Investments including acquisitions3 195 268 –27.1%
achieve climate protection targets. Assets4 14,393 16,803 –14.3%

– Foreign currency results not allocated to the segments and Research and development expenses 356 381 –6.4%
measurement effects from the hedging of raw materials price
1 Information on the composition of Other can be found in the BASF Report 2023 from page 242 onward.
and foreign currency exchange risks; as well as gains and losses 2 Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)
3 Additions to property, plant and equipment and intangible assets
from the long-term incentive programs (LTI programs). 4 Includes assets of businesses recognized under Other and reconciliation to assets of the BASF Group
– Remanent fixed costs resulting from organizational changes or

restructuring that are not allocated to a division; idle capacity
costs from internal human resource platforms; and consolidation In 2023, sales in Other amounted to €3,220 million, €1,148 million EBIT decreased by €256 million compared with 2022 to
effects that cannot be allocated to a division. below the prior-year figure. The decline in sales was mainly due to –€778 million. This was primarily due to special income in 2022
lower sales in both commodity and energy trading. attributable to the partial divestiture of the interest in the Hollandse
Kust Zuid wind farm.
EBIT before special items improved by €135 million year on year
to –€614 million. This was mainly driven by higher contributions
from other businesses compared with the previous year as well as
lower expenses in connection with corporate research and the
corporate headquarters.
BASF Factbook 2024 Non-Integral Shareholding in Wintershall Dea 67
Non-Integral Wintershall Dea stands for over 120 years of experience as an

operator and project partner along the entire E&P value chain. The
Withdrawal from Russia
Shareholding in company employs around 2,500 people worldwide from almost

60 nations. The company with German roots and headquarters in
On January 17, 2023, Wintershall Dea announced its full exit from
Russia in compliance with all legal requirements. In this context,
Wintershall Dea Kassel and Hamburg explores for and produces gas and oil in
11 countries worldwide in an efficient and responsible manner.
Wintershall Dea is implementing a legal separation of its Russia-
related business. This comprises the interest in the joint ventures in
Russia, the shareholdings in Wintershall AG (51% interest) in Libya
In May 2019, Wintershall Holding GmbH and DEA Deutsche With activities in Northern Europe, Latin America and the MENA and Wintershall Noordzee BV (50% interest) in the Netherlands as
Erdoel AG merged to form Europe’s leading independent region (Middle East and North Africa), Wintershall Dea has a global well as the interest in Nord Stream AG (15.5% interest).
natural gas and oil company: Wintershall Dea AG. BASF holds upstream portfolio.
72.7% of the ordinary shares in Wintershall Dea AG; 27.3%
are held by LetterOne. Agreement with Harbour Energy on the merger of businesses
On December 21, 2023, BASF, LetterOne and Harbour Energy plc

(Harbour) signed an agreement to combine the businesses of
Wintershall Dea and Harbour. Accordingly, the E&P business of
Wintershall Dea is to be transferred to Harbour; it comprises pro-
duction and development assets as well as exploration rights in
Activities by country
Norway, Argentina, Germany, Mexico, Algeria, Libya (excluding
Germany
Wintershall AG), Egypt and Denmark (excluding Ravn), and Winters
Norway hall Dea’s carbon storage (CCS) licences. In exchange, the share-
Denmark holders of Wintershall Dea will receive a total cash consideration of
$2.15 billion (BASF interest: $1.56 billion) on completion of the
transaction as well as new shares to be issued by Harbour, equating
United Kingdom
to a total 54.5% shareholding in the enlarged Harbour (BASF inter-
Netherlands Egypt
est: 39.6%). The agreed enterprise value for Wintershall Dea’s assets
Algeria amounts to $11.2 billion. On completion of the transaction, Winter-
Libya
shall Dea’s outstanding bonds with a nominal value of around
United Arab
$4.9 billion will be transferred to Harbour.
Emirates
Mexico
In 2022, the combined business had pro forma sales of $13.5 billion
and EBITDAX1 of $10.3 billion. Overall, production volumes of
Harbour and Wintershall Dea amounted to 526 thousand barrels of
oil equivalent per day in 2022. At the end of 2022, combined 2P
Argentina reserves stood at 1.5 billion barrels of oil equivalent.
1 EBITDAX is defined as sales revenue and other income less production and operating expenses, less production-related taxes and less general administrative expenses, adjusted for special effects.
BASF Factbook 2024 Non-Integral Shareholding in Wintershall Dea 68
Production 2023 by region (excluding Russia)

Until the completion of the transaction, Wintershall Dea and Harbour Operating and financial performance of Wintershall Dea
will continue to operate separately as independent companies. The
transaction is subject to antitrust approvals and official approvals for In 2023, Wintershall Dea had revenues and other income of 14%
foreign investments, among other things, in various countries. Sub- €9.1 billion (€16.9 billion in 2022), income from operations before North Africa and Middle East
323,000 64%
ject to these regulatory approvals, closing is targeted for the fourth depreciation, amortization and exploration (EBITDAX) of €4.2 billion BOEPD
Northern Europe
quarter of 2024. (€5.9 billion in 2022) and adjusted net income of €0.5 billion
22%
(€0.9 billion in 2022). Total production of Wintershall Dea (excluding Latin America
Wintershall Dea’s headquarters and its employees are not part of Libya onshore) was 323,000 barrels of oil equivalent per day
the transaction with Harbour. This means that, in addition to the (BOEPD) (321,000 BOEPD in 2022). As of December 31, 2023,
restructuring initiated in September 2023, further restructuring and proven and probable reserves stood at 1.3 billion BOE, correspond- Proven and probable reserves (2P) 2023 by region (excluding Russia)
ultimately the closure of the headquarters in Kassel and Hamburg, ing to a reserve to production ratio of 11 years.
which currently employ around 850 people, will be necessary. Har-
25%
bour intends to take on some employees from the current head-
North Africa and Middle East
quarters into the combined company. Further details are currently Key financials of Wintershall Dea (excluding segment Russia) 51%
Million € 1.3 billion BOE
being elaborated as part of a more detailed review between signing Northern Europe
2023 2022^ 1
and closing. In 2023, Wintershall Dea already reduced its Manage- 24%
Revenues and other income 9,064 16,936
ment Board from five to three members. In 2023, Wintershall Dea Latin America
recognized the necessary provisions for the implementation of the EBITDAX2 4,190 5,924
upcoming restructuring measures. Adjusted net income3 513 928
1 Unaudited figures
2 EBITDAX is defined as sales revenue and other income less production and operating expenses, less
With this agreement, BASF is taking a major step toward achieving production-related taxes and less general administrative expenses, adjusted for special effects.
3 Adjusted net income is derived from EBITDAX less depreciation and amortization, less exploration expenses,
its announced strategic goal of exiting the oil and gas business. plus financial income, less financial expenses and less income taxes, adjusted for special items and tax
effects on adjusted special items and disregarded items (e.g., impairments on assets).
Completion of the transaction will create opportunities for BASF to
monetize its shares in the combined company, as Harbour is listed
on the London Stock Exchange.
In March 2024, Wintershall Dea signed an agreement with SEFE

Securing Energy for Europe GmbH (SEFE) to sell its 50.02% share
in WIGA Transport Beteiligungs-GmbH & Co. KG and WIGA
Verwaltungs-GmbH (together WIGA) to SEFE. Subject to regulatory
approvals, the transaction is expected to close in summer 2024.
3
69
Financials
BASF on the Capital Market 70
Business Review by Segment 73
Regional Results 74
Factors Influencing Sales and Currency Impact 75
Financing 76
Ten-Year Summary 77
Selected Key Figures Excluding Precious Metals 80

BASF Factbook 2024 BASF on the Capital Market 70
BASF on the Capital Employees becoming shareholders and its clearly defined strategy to reduce CO2 emissions and water
consumption.
Market In many countries, we offer share purchase programs that turn our
employees into BASF shareholders. In 2023, around 26,700 BASF again achieved Prime status (B-) in the ISS ESG rating
employees (2022: around 27,100) purchased BASF shares worth developed by Institutional Shareholder Services, placing it in the
€68.1 million (2022: €92.8 million). top 10% of the companies assessed.
Broad base of international shareholders
In Morningstar Sustainalytics’1 ESG Risk Ratings, BASF belongs to
With over 900,000 shareholders, BASF is one of the largest pub- BASF – a sustainable investment the best category for “diversified chemicals” with a medium ESG risk
licly owned companies with a high free float. An analysis of the and was recognized for its risk management, for example, in the
shareholder structure carried out at the end of 2023 showed that, BASF has participated in the program established by the interna- areas of CO2 emissions, wastewater and waste, and occupational
at around 18% of share capital, the United States and Canada tional organization CDP for reporting on data relevant to climate health and safety.
made up the largest regional group of institutional investors. Insti- protection since 2004. CDP represents more than 740 investors
tutional investors from Germany accounted for around 4%. Institu- with over $136 trillion in assets and more than 330 major organiza- BASF is a founding member of the United Nations Global Compact.
tional investors from the United Kingdom and Ireland hold 8% of tions with $6.4 trillion in purchasing power. In February 2024, CDP This means that we consistently support the U.N. Global Compact
BASF shares, while investors from the rest of Europe hold a further once again awarded BASF Leadership status in the categories of and its 10 principles of responsible business conduct and the Sus-
10% of capital. Approximately 47% of the company’s share capital climate protection, water management and forest protection for tainable Development Goals.
is held by private investors, nearly all of whom reside in Germany. the 2023 business year. BASF achieved a rating of A- in each
BASF is therefore one of the DAX companies with the largest per- category. In the climate protection category, CDP assesses,
centage of private shareholders. among other things, the transparency of emissions reporting, the BASF share performance
handling of opportunities and risks arising from climate change,
Shareholder structure the climate protection strategy and measures to reduce CO2 emis- After BASF’s share price reached an annual high of €54.04
By region, rounded
sions. on February 3, 2023, it initially declined over the year. During the
8% last two months of 2023, the stock market was supported by
United Kingdom/Ireland
51% The CDP assessment for sustainable water management takes expectations of future interest rate cuts. BASF shares recovered in
Germany 10% into account how transparently companies report on their water line with the overall market and closed the year at €48.78. Share
Rest of Europe management activities and how they reduce risks such as water performance in the course of the year was mainly attributable to
3% scarcity. BASF continues to implement its sustainable water man- the weakening of the economy, continued high inflation, higher
Rest of world agement target at all relevant production sites. CDP also evaluates interest rates and increasing geopolitical tensions; these led to
10% the extent to which product developments can contribute to sus- significant uncertainty on the global markets and dampened
Not identified
tainable water management for customers. BASF participated in demand in many sectors.
18% the CDP’s “Forests” assessment for the fourth time in 2023. The
United States/Canada
assessment is based on detailed insights into the palm value chain Assuming that dividends were reinvested, BASF’s share perfor-
and on activities that impact ecosystems and natural habitats. mance increased by 12.9% in 2023. The benchmark indexes of
the German and European stock markets – the DAX 40 and
MSCI ESG Research awarded BASF an A rating in 2023. The the EURO STOXX 50 – rose by 20.3% and 22.2% over the same
analysts highlighted BASF’s presence in clean technology markets period, respectively. The global industry index MSCI World Chem-
icals gained 14.3%.
1 Morningstar Sustainalytics provides institutional investors and companies with ESG and corporate governance research, ratings and analytics.
Long-term performance of BASF shares compared with indexes Change in value of an investment in BASF shares in 2023
Average annual increase with dividends reinvested With dividends reinvested; indexed
2018 – 2023 1.8% 130 130

9.7%
11.1% 120 120
10.3%
110 110
2013 – 2023 0.1%
5.8%
100 100
6.4%
7.6% 90 90
▪ BASF share ▪ DAX 40 ▪ EURO STOXX 50 ▪ MSCI World Chemicals
80 80
70 70
American depositary receipts Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
BASF share 12.9% DAX 40 20.3% EURO STOXX 50 22.2% MSCI World Chemicals 14.3%
American depositary receipts (ADRs) allow U.S. institutional and
retail investors to trade and own non-U.S. companies directly

through the U.S. equity markets. BASF has a sponsored
level 1 program, which is traded on OTC-QX, the platform for inter-
national quality companies on OTC markets. BASF’s ADRs (Symbol: Shareholder return
BASFY) are now included in International PremierQX, the highest
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
OTC market tier.
Dividends million € 2,572 2,664 2,755 2,847 2,939 3,031 3,031 3,072 3,035 3,035
For further information, see basf.com/share
Dividend per share € 2.80 2.90 3.00 3.10 3.20 3.30 3.30 3.40 3.40 3.40
Share price at year-end €/share 69.88 70.72 88.31 91.74 60.40 67.35 64.72 61.78 46.39 48.78
Analysts’ recommendations Dividend yield1 % 4.0 4.1 3.4 3.4 5.3 4.9 5.1 5.5 7.3 7.0
Payout ratio % 50 67 68 47 63 36 . 57 . .
Around 25 financial analysts regularly publish studies on BASF. The
Price-earnings ratio (P/E ratio) 1
12.5 16.3 20.0 13.9 11.8 7.3 . 10.3 . 195.1
latest analyst recommendations for our shares as well as the aver
Free cash flow yield2 % 2.6 5.6 4.4 5.7 7.3 5.9 3.8 6.5 8.0 6.2
age target share price ascribed to BASF by analysts can be found
online at basf.com/analystestimates. 1 Based on year-end share price
2 Free cash flow per share at year-end divided by share price at year-end
Dividend Share buyback program we increasingly offered physical formats again in addition to virtual
formats such as video and conference calls.
For 2023, BASF paid a dividend of €3.40 per share and paid out BASF ended its share buyback program on February 24, 2023,
€3.0 billion to its shareholders. Based on the year-end share price for earlier than planned. This was done in line with the company’s pri- As part of an Investor Update in the presence of analysts and inves-
2023, BASF shares offer a high dividend yield of 7.0%. BASF is part orities for the use of cash and in view of the profound changes in tors in Ludwigshafen, Germany, in December 2023, Dr. Martin
of the DivDAX share index, which contains the 15 companies with the global economy over the course of 2022. From January 11, Brudermüller and Dr. Dirk Elvermann announced a more strongly
the highest dividend yield in the DAX 40. 2022, until February 23, 2023, BASF repurchased 25,956,530 own differentiated approach to steering BASF operations and the new
shares; this corresponds to 2.8% of the share capital at the time the financial key performance indicators in the reporting and steering
program was announced. The purchase price for these own shares for the BASF Group, which will be used from 2024 onward. Further-
Dividend per share Dividend yield was around €1.4 billion. Originally, the share buyback program had more, the progress made toward the corporate targets for Scope 1
been planned to reach a volume of up to €3 billion and to be com- and 2 emissions was presented and the targets for Scope 3.1
€3.40 7.0% pleted by the end of December 2023 at the latest. emissions were announced for the first time.1
Analysts and investors have again confirmed the quality of our

Our practice is to increase the dividend per
Close dialog with the capital market financial market communications. At the Investors’ Darling awards
share each year or keep it stable.
ceremony, Manager Magazin presented BASF with special prizes
Regular and transparent communication with the capital market for sustainability communications and digital communications. In
is key to increasing long-term value. We engage with institutional addition, NetFed, a consultancy specializing in digital communica-
investors and rating agencies in numerous one-on-one meetings, tions, awarded the BASF Investor Relations website second place
as well as at roadshows and conferences worldwide, and give pri- in the IR Benchmark 2023.
vate investors insights into BASF at informational events. In 2023,
Further information on the BASF share

Dividend per share
€ per share
Securities code numbers
3.30 3.30 3.40 3.40 3.40
3.10 3.20 Germany BASF11
2.90 3.00
2.80
United States (CUSIP number) 055262505
ISIN International Securities Identification Number DE000BASF111
International ticker symbols
Deutsche Börse BAS
Pink Sheets / OTCQX BASFY (ADR)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Bloomberg (Xetra trading) BAS GY
Reuters (Xetra trading) BASFn.DE
1 Other greenhouse gases are converted into CO2 equivalents in accordance with the Greenhouse Gas Protocol.
.
BASF Factbook 2024 Business Review by Segment 73
Business Review by Segment

Segment overview
Million €
Sales EBITDA before special items EBITDA EBIT before special items
2023 2022 2023 2022 2023 2022 2023 2022
Chemicals 10,369 14,895 1,167 2,774 1,167 2,771 361 1,956
Materials 14,149 18,443 1,650 2,686 1,523 2,660 826 1,840
Industrial Solutions 8,010 9,992 965 1,437 1,010 1,443 625 1,091
Surface Technologies 16,204 21,283 1,520 1,464 1,351 1,264 938 902
Nutrition & Care 6,858 8,066 565 1,067 578 1,055 107 618
Agricultural Solutions 10,092 10,280 2,270 1,928 2,177 1,922 1,563 1,220
Other 3,220 4,368 −466 −594 −626 −368 −614 −749
BASF Group 68,902 87,327 7,671 10,762 7,180 10,748 3,806 6,878
Segment overview
Million €
EBIT Assets Investments including acquisitions 1 Research and development expenses
2023 2022 2023 2022 2023 2022 2023 2022
Chemicals 364 1,758 11,468 10,481 2,706 1,701 83 93
Materials 378 1,776 9,716 10,864 1,083 880 185 201
Industrial Solutions 660 1,097 5,576 6,318 285 322 150 172
Surface Technologies 366 612 12,657 14,899 621 740 304 335
Nutrition & Care 119 605 7,496 8,038 765 642 150 172
Agricultural Solutions 1,131 1,221 16,089 17,071 353 414 900 944
Other −778 −523 14,3932

16,803 2
195 268 356 381
BASF Group 2,240 6,548 77,395 84,472 6,006 4,967 2,130 2,298
1 Additions to property, plant and equipment

2 Includes assets of businesses recognized under Other and reconciliation to assets of the BASF Group
BASF Factbook 2024 Regional Results 74
Regional Results
Sales by location of company Sales by location of company 2023
Million €
2014 2015 2016 20171 20182 2019 2020 2021 2022 2023 7%
South America, Africa, Middle East
Europe 42,854 38,675 27,221 28,045 27,526 25,706 24,223 31,594 35,821 27,631
North America 15,467 15,665 14,682 15,937 15,900 16,420 16,440 21,935 24,343 19,003 40%
25%
€68,902 million Europe
Asia Pacific 11,643 11,712 11,512 13,658 13,454 13,384 14,895 20,632 21,309 17,142 Asia Pacific
South America, Africa, Middle East 4,362 4,397 4,135 3,583 3,340 3,806 3,591 4,437 5,854 5,126
BASF Group 74,326 70,449 57,550 61,223 60,220 59,316 59,149 78,598 87,327 68,902 28%
North America
Sales by location of customer Sales by location of customer 2023

Million €
2014 2015 2016 20171 20182 2019 2020 2021 2022 2023 10%
South America, Africa, Middle East
Europe 40,911 36,897 26,039 26,507 25,589 23,827 23,129 30,531 33,922 26,022
North America 15,213 15,390 14,042 15,357 15,388 15,948 15,709 20,867 23,869 18,833 38%
25%
€68,902 million Europe
Asia Pacific 12,341 12,334 12,165 14,343 14,210 14,203 15,406 21,234 21,823 17,520 Asia Pacific
South America, Africa, Middle East 5,861 5,828 5,304 5,016 5,033 5,338 4,905 5,965 7,713 6,527
BASF Group 74,326 70,449 57,550 61,223 60,220 59,316 59,149 78,598 87,327 68,902 27%
North America
1 Figures for 2017 were restated with the presentation of the oil and gas activities as discontinued operations.
2 Figures for 2018 were restated with the presentation of the construction chemicals activities as discontinued operations.
BASF Factbook 2024 Factors Influencing Sales and Currency Impact 75
Factors Influencing Sales and Currency Impact

Factors influencing sales of the BASF Group
Change in %
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Volumes 4 3 2 4 1 –3 –1 10.6 –7.0 –8.4
Prices –3 –9 –4 8 4 –3 3 24.8 11.9 –10.0
Currencies –1 6 –1 –1 –4 2 –3 –2.4 6.1 –2.5
Acquisitions/divestitures 0 –5 –15 1 1 2 1 –0.1 0.1 –0.2
Total 0 –5 –18 12 2 –2 0 32.9 11.1 –21.1
Factors influencing sales Currency impact Financial currency risks result from the translation of receivables,
liabilities and other monetary items in accordance with IAS 21 at the
Sales amounted to €68,902 million in the 2023 business year – a Our competitiveness on global markets is influenced by fluctuations closing rate into the functional currency of the respective Group
decrease of €18,424 million compared with the previous year. This in exchange rates. For BASF’s sales, opportunities and risks arise in company. In addition, we incorporate planned purchase and sales
sales development was mainly driven by considerably lower prices particular when the U.S. dollar exchange rate fluctuates. A full-year transactions in foreign currencies into our financial foreign currency
and volumes. Lower raw materials prices in particular led to lower appreciation of the U.S. dollar against the euro by $0.01 would risk management. If necessary, we hedge these risks using deriva-
prices in almost all segments. Considerable price increases in the increase the BASF Group’s EBITDA by around €40 million, assum- tive instruments.
Agricultural Solutions segment were unable to compensate for this. ing other conditions remain the same. On the production side,
Sales volumes fell significantly in all segments as a result of weak we counter exchange rate risks by producing in the respective cur-
demand from many of our customer industries. Currency effects, rency zones.
mainly relating to the Chinese renminbi, also weighed down sales
performance. Portfolio effects, mainly in the Industrial Solutions
segment and especially due to the sale of the kaolin minerals busi- Annual impact of US$/€ exchange rate change
ness as of September 30, 2022, also had a negative impact on on BASF Group
sales. (exchange rate: – $0.01 per €)
Sales EBITDA
€230 million €40 million

BASF Factbook 2024 Financing 76
Financing BASF Group’s most important financial contracts contain no

side agreements with regard to specific financial ratios (financial
Cash flow
Billion €
covenants) or compliance with a specific rating (rating trigger). 10

Our financing policy aims to ensure our solvency at all times, To minimize risks and leverage internal optimization potential within 8
limiting the risks associated with financing and optimizing the Group, we bundle the financing, financial investments and for- 6
our cost of capital. We preferably meet our external financing eign currency hedging of BASF SE’s subsidiaries within the BASF 4
needs on the international capital markets. BASF continues Group where possible. Foreign currency risks are primarily hedged 2
to strive for a solid A rating, which ensures unrestricted centrally using derivative financial instruments in the market. 0
access to financial and capital markets. Our financing mea- 2019 2020 2021 2022 2023
sures are aligned with our operational business planning as Cash flows from operating activities
well as the company’s strategic direction and also ensure the Cash flows from operating activities and free cash flow Payments made for property, plant and equipment and intangible assets
financial flexibility to take advantage of strategic options. Free cash flow
Cash flows from operating activities amounted to €8,111 million,

compared with €7,709 million in the previous year. The improve- Good credit ratings and solid financing
Financing policy ment was primarily due to cash inflow from net working capital.
Net income increased by €852 million year on year to €225 million. BASF enjoys good credit ratings, especially compared with compet
We have solid financing, both for ongoing business and for invest- Depreciation and amortization of property, plant and equipment itors in the chemical industry. On April 17, 2024, Moody’s most
ment projects initiated or planned. Corporate bonds form the basis and intangible assets were €740 million above the prior-year recently confirmed its rating for BASF of A3/P-2/outlook stable.
of our medium to long-term debt financing. These are issued in figure, in particular due to impairments. The non-cash-effective Fitch confirmed its rating of A/F1/outlook stable on November 8,
euros and other currencies with different maturities as part of our equity results improved by €4,577 million. In the previous year, 2023. Standard & Poor’s adjusted its rating of A/A-1/outlook nega-
€20 billion debt issuance program. The goal is to create a balanced these included the negative earnings contribution of -€4,853 mil- tive to A-/A-2/outlook stable on August 2, 2023.
maturity profile, diversify our financing and optimize our debt capital lion from Wintershall Dea AG, Kassel/Hamburg, Germany. The
financing conditions. adjusted earnings for the aforementioned noncash items therefore Ratings as of May 1, 2024
decreased by €2,985 million compared with the previous year.
Noncurrent Current
For short-term financing, we use BASF SE’s global commercial paper financial financial
program, which has an issuing volume of up to $12.5 billion. As of Free cash flow, which remains after deducting payments made for indebtedness indebtedness Outlook
December 31, 2023, no commercial paper was outstanding under property, plant and equipment and intangible assets from cash Fitch A F1 stable
this program. A firmly committed, syndicated credit line of €6 billion flows from operating activities, represents the financial resources Moody’s A3 P-2 stable
with a term until 2026 covers the repayment of outstanding com- remaining after investments. It amounted to €2,715 million in 2023 Standard & Poor’s A- A-2 stable
mercial paper. It can also be used for general company purposes. following €3,333 million in the previous year.
The credit line was not used at any point in 2023. In 2023, BASF
Integrated Site (Guangdong) Co. Ltd., China, signed a syndicated
bank term loan facility totaling 40 billion Chinese renminbi with a
maturity of 15 years for the construction of the Verbund site in Zhan-
jiang. Of this amount, 1 billion Chinese renminbi (€127 million) was
utilized as of December 31, 2023. Our external financing is therefore
largely independent of short-term fluctuations in the credit markets.
BASF Factbook 2024 Ten-Year Summary 77
Ten-Year Summary
Million €
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Statement of income
Sales 74,326 70,449 57,550 61,2231 60,2202 59,316 59,149 78,598 87,327 68,902
Income from operations (EBIT) 7,626 6,248 6,275 7,5871 5,9742 4,201 −191 7,677 6,548 2,240
Income before income taxes 7,203 5,548 5,395 6,882 1

5,233 2
3,302 −1,562 7,448 1,190 1,420
Income after taxes from continuing operations – – – 5,592 1

4,116 2
2,546 −1,471 6,018 −391 379
Income after taxes from discontinued operations – – – 7601 8632 5,945 396 −36 − −
Income after taxes 5,492 4,301 4,255 6,352 4,979 8,491 −1,075 5,982 −391 379
Net income 5,155 3,987 4,056 6,078 4,707 8,421 −1,060 5,523 −627 225
Income from operations before depreciation, amortization and special items (EBITDA
10,454 10,508 10,327 10,7381 9,2712 8,324 7,435 11,348 10,762 7,671
before special items)
EBIT before special items 7,357 6,739 6,309 7,6451 6,2812 4,643 3,560 7,768 6,878 3,806
Capital expenditures, depreciation and amortization
Additions to property, plant and equipment and intangible assets 7,285 6,013 7,258 4,364 10,735 4,097 4,869 4,881 4,967 6,006
of which property, plant and equipment 6,369 5,742 4,377 4,028 5,040 3,842 4,075 4,410 4,842 5,864
Depreciation and amortization of property, plant and equipment and intangible assets 3,417 4,401 4,251 4,202 3,750 4,146 6,685 3,678 4,200 4,941
Number of employees at year-end 113,292 112,435 113,830 115,490 122,404 117,628 110,302 111,047 111,481 111,991
Personnel expenses 9,224 9,982 10,165 10,610 10,659 10,924 10,576 11,097 11,400 10,950
Research and development expenses 1,884 1,953 1,863 1,8431 1,9942 2,158 2,086 2,216 2,298 2,130
Million €
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Balance sheet (IFRS)
Total assets 71,359 70,836 76,496 78,768 86,556 86,950 80,292 87,383 84,472 77,395
Noncurrent assets 43,939 46,270 50,550 47,623 43,335 55,960 50,424 52,332 47,050 45,923
of which intangible assets 12,967 12,537 15,162 13,594 16,554 14,525 13,145 13,499 13,273 12,216
Current assets 27,420 24,566 25,946 31,145 43,221 30,990 29,868 35,051 37,422 31,472
of which inventories 11,266 9,693 10,005 10,303 12,166 11,223 10,010 13,868 16,028 13,876
of which accounts receivable, trade 10,385 9,516 10,952 10,801 10,665 9,093 9,466 11,942 12,055 10,414
of which cash and cash equivalents 1,718 2,241 1,375 6,495 2,300 2,427 4,330 2,624 2,516 2,624
Equity 28,195 31,545 32,568 34,756 36,109 42,350 34,398 42,081 40,923 36,646
Total liabilities 43,164 39,291 43,928 44,012 50,447 44,600 45,894 45,301 43,550 40,750
of which financial indebtedness 15,384 15,197 16,312 18,032 20,841 18,377 19,214 17,184 19,016 19,268
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Key data
Earnings per share € 5.61 4.34 4.42 6.62 1 5.12 9.17 −1.15 6.01 –0.70 0.25
Adjusted earnings per share € 5.44 5.00 4.83 6.441 5.87 4.00 3.21 6.76 6.96 2.78
Cash flows from operating activities million € 6,958 9,446 7,717 8,785 7,939 7,474 5,413 7,245 7,709 8,111
EBITDA margin before special items % 14.1 14.9 17.9 17.5 2

15.4 2
14.0 12.6 14.4 12.3 11.1
Return on assets % 11.7 8.7 8.2 9.5 2 7.1 4.5 −1.2 9.5 2.1 2.8
Return on equity after tax % 19.7 14.4 13.3 18.9 14.1 21.6 −2.8 15.6 –0.9 1.0
Return on capital employed (ROCE) % – – – 15.4 12.02 7.7 1.7 13.7 10.0 4.5
Appropriation of profits
Net income of BASF SE3 million € 5,853 2,158 2,808 3,130 2,982 3,899 3,946 3,928 3,849 7,434
Dividend million € 2,572 2,664 2,755 2,847 2,939 3,031 3,031 3,072 3,035 3,035
Dividend per share € 2.80 2.90 3.00 3.10 3.20 3.30 3.30 3.40 3.40 3.40
Number of shares as of December 31 million 918.5 918.5 918.5 918.5 918.5 918.5 918.5 918.5 893.9 892.5
3 Calculated in accordance with German GAAP
BASF Factbook 2024 Selected Key Figures Excluding Precious Metals 80
Selected Key Figures Excluding Precious Metals

The IFRS figures correspond to the amounts presented in the Consolidated Financial Statements. The adjusted figures
exclude sales in precious metal trading and precious metal sales in the automotive catalysts business.
BASF Group
2023 2022
IFRS figure Adjusted figure IFRS figure Adjusted figure
Sales million € 68,902 61,324 87.327 74,990
Volume growth % –8.4 –7.3 –7.0 −3.6
EBITDA before special items million € 7,671 7,671 10,762 10,762
EBITDA margin before special items % 11.1 12.5 12.3 14.4
2023 2022
IFRS figure Adjusted figure IFRS figure Adjusted figure
Sales million € 16,204 8,626 21,283 8,947
Volume growth % –9.6 –1.4 –13.0 3.9
EBITDA before special items million € 1,520 1,520 1,464 1,464
EBITDA margin before special items % 9.4 17.6 6.9 16.4

BASF Factbook 2024 81
Investor Relations Team

General contact
BASF SE
Investor Relations
COI – Z029
Wöhlerstraße 19
Dr. Stefanie Wettberg Dr. Lars Budde 67063 Ludwigshafen
Senior Vice President IR Deputy Head of IR Germany
+49 621 60-48002 Institutional Investors in Europe,
Phone: +49 621 60-48230
[email protected] Creditor Relations worldwide
Fax: +49 621 60-22500
+49 621 60-91386
[email protected]^ Email: [email protected]
Internet: basf.com/share
Alexander Köhler Daniela Müller-Roser Gareth Rees

Institutional Investors in North America Institutional Investors in Europe ESG Investors worldwide; Institutional
+1 973 362 2733 +49 621 60-43267 Investors in Asia Pacific and Middle East
[email protected] [email protected] +49 621 60-47016
[email protected]
Jennifer Rieß Evelyn Ungen Andrea Wentscher Thomas Wolf

Retail Investors Annual Shareholders’ Meeting, Share Register Retail Investors Retail Investors
+49 621 60-40911 ESG Investors worldwide +49 621 60-42296 +49 621 60-43263
[email protected] +49 621 60-95664 [email protected] [email protected]
[email protected]
Half-Year Financial Report 2024 Contact
July 26, 2024

BASF Investor Relations
Phone: +49 621 60-48230
Fax: +49 621 60-22500
Email: [email protected]
Quarterly Statement Q3 2024 Internet: basf.com/share
October 30, 2024 Further Information
Reporting on 2024 Financial Year More publications

– BASF Report 2023
February 28, 2025

– Quarterly Statements
– Capital Market Story
– ESG Investment Story
– Roadshow Presentations
Quarterly Statement Q1 2025 / Annual Shareholders’ Meeting 2025 – Capital Markets Day Presentations
– Investor Update Presentations
May 2, 2025
These publications are available at basf.com/share
Publisher
BASF SE, Investor Relations, 67056 Ludwigshafen, Germany
Half-Year Financial Report 2025
Photography
July 30, 2025

All photos copyright BASF unless otherwise indicated
BASF supports the chemical industry’s global Responsible Care initiative. COMS 2405 E

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Information for investors and analysts

24 Information for investors and analysts

Cautionary note regarding forward-looking statements

Drones and digitalization are increasingly used as part of

1 | BASF Group  4 2 | Segments  28 3 | Financials  69

At a Glance  5 Segments  29 BASF on the Capital Market  70

Management  7 Chemicals  32 Business Review by Segment  73

Strategy  10 Materials  38 Factors Influencing Sales and Currency Impact  75

Nutrition & Care  56

Non-Integral Shareholding in Wintershall Dea  67

At a Glance Sales by segment and Other in 2023

Chemicals Surface Technologies

comprises the Chemicals, Materials, Industrial Solutions, Industrial Solutions

With companies in 93 countries

we contribute to our customers’ success

2019 2020 2021 2022 2023

Income from operations (EBIT) 4,201 –191 7,677 6,548 2,240

Regional footprint 2023

Geismar South Korea

Verbund sites / Verbund site under construction

Sales by location of company in 2023; employees as of December 31, 2023

Dr. Markus Kamieth Dr. Dirk Elvermann Michael Heinz

Anup Kothari Dr. Stephan Kothrade Dr. Katja Scharpwinkel

Supervisory Board of BASF SE (as of May 1, 2024)

Shareholder representatives Employee representatives

For further information, please refer to basf.com/share/supervisory-board

BASF Verbund BASF Verbund sites worldwide

structure are all integrated.

BASF currently operates six Verbund sites worldwide: two in

Our Steering Concept

The target agreement process is an important part of our value-

the capital asset pricing model. Borrowing costs are determined

Segment cash flow measures the cash inflow and outflow of a

BASF Factbook 2024 Strategy 15

Targets and Target Achievement 2023 Effective climate

9% Additionally, we use corporate funding to finance research activities

1 Sum of validated and provisional segmentation

Capex: selected projects

­ overed production plants, including the associated infrastructure

On December 21, 2023, BASF, LetterOne and Harbour Energy plc

Until the completion of the transaction, which is, among other

BASF is committed to building the Zhanjiang Verbund site as a model

Pension expenses 565 701 –19.4%

Total personnel expenses 10,950 11,400 –3.9%

Segments  29 Nutrition & Care  56

Segments The BASF Group’s segments in 2023

The BASF Group consists of 11 operating divisions, which

The segment creates value through process and product innovation

Divisions CO2 reduction in the

€7,418 million €2,951 million

Segment data Factors influencing sales

EBITDA margin before special items 

Return on capital employed (ROCE) 

zero goal, we offer certain products based on circular or bio- 30.0%

chemically recycled feedstock is used instead of virgin fossil

Acrylic monomers and superabsorbent polymers Cracker products

Major nameplate capacities of BASF

Product group Location

Acrylic acid 1,510

1 | BASF Group 4 2 | Segments 28 3 | Financials 69

At a Glance 5 Segments 29 BASF on the Capital Market 70

Management 7 Chemicals 32 Business Review by Segment 73

Strategy 10 Materials 38 Factors Influencing Sales and Currency Impact 75

Nutrition & Care 56

Non-Integral Shareholding in Wintershall Dea 67

overed production plants, including the associated infrastructure

Segments 29 Nutrition & Care 56

EBITDA margin before special items

Return on capital employed (ROCE)

Return on capital employed (ROCE) % 3.6 14.9 22.8 –1.1 10.7

ROCE% 11.0 16.0 15.2 9.3 12.5

Adjusted EBITDA margin before special items1 % 17.6 16.4 18.4 – –

Surface treatment Blackman Township, Michigan; C anovelles, Spain;

Return on capital employed (ROCE) % 1.5 7.5 8.2 10.6 10.0