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October 27, 2021
1 | BASF Analyst Conference Call Q3 2021
Analyst Conference Call
Q3 2021
October 27, 2021
October 27, 2021
2 | BASF Analyst Conference Call Q3 2021
Cautionary note regarding
forward-looking statements
This presentation 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 those discussed in
Opportunities and Risks on pages 158 to 166 of the BASF Report 2020. BASF does not assume any
obligation to update the forward-looking statements contained in this presentation above and beyond
the legal requirements.
October 27, 2021
3 | BASF Analyst Conference Call Q3 2021
BASF with continued strong performance in Q3 2021
 In Q3 2021, prices increased by 36% and volumes grew by
6%; increases were especially realized in the Chemicals,
Materials and Industrial Solutions segments
 Earnings in the upstream businesses came in considerably
above Q3 2020; compared with Q2 2021, margins softened
slightly
 Margin pressure in downstream businesses from higher raw
material, energy and freight costs as well as increased fixed
costs
 Semiconductor shortage led to considerably lower automotive
production globally
1,056
581
1,865
0
500
1,000
1,500
2,000
2,500
Q3 2019 Q3 2020 Q3 2021
EBIT before special items by quarter
million €
77%
221%
October 27, 2021
4 | BASF Analyst Conference Call Q3 2021
Q3 2021: Global chemical production negatively impacted
by various shortages
Chemical production compared with prior-year quarter1
%
Global
2020 2021
-4.8
-2.8
1.8
5.1
10.9 10.0
4.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3
Source: BASF, data: IHS, Feri, NBS China, FED, Eurostat, Statistics Canada; Asia: India, Japan, South Korea, Taiwan,
Thailand, North America: USA and Canada
1 Estimates, data available for China and the U.S. until September, for other countries/regions until August
Historical data partly preliminary and subject to revision. China data based on BASF seasonal adjustment.
October 27, 2021
5 | BASF Analyst Conference Call Q3 2021
BASF Group Q3 2021: Volume growth in all major regions except for
China, where the recovery was already in full swing in Q3 2020
1 Location of customer
4
-11 -2
7 9
28
6 5
-18
-4
9
3
34
6 5
-13 -10
4 4
27
10 0 16 17 12
43
10
-3
-24.0
-20.0
-16.0
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
24.0
28.0
32.0
36.0
40.0
44.0
48.0
Sales volumes development by region1
quarters compared to prior-year quarters
%
Europe North America Greater China
BASF Group
2020 2021
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2021
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2021
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2021
Q1 Q2 Q3 Q4 Q1 Q2 Q3
October 27, 2021
6 | BASF Analyst Conference Call Q3 2021
12% 7% 11% -3% 7% 7% 39%

BASF Group Q3 2021: Volume growth across most segments;
Surface Technologies impacted by semiconductor shortage
Volume development by segment
Q3 2021 vs. Q3 2020
absolute (million €) terms Overall
volume
872
relative (%) terms
  6%
Chemicals
223
Materials
182
Industrial
Solutions
208
Surface
Technologies
-134
Nutrition
& Care
102
Agricultural
Solutions
101
Other
190
 
  
October 27, 2021
7 | BASF Analyst Conference Call Q3 2021
13,811
19,669
872
5,053
-144
77
0
5,000
10,000
15,000
20,000
25,000
Q3 2020 Volumes Prices Portfolio Currencies Q3 2021
BASF Group Q3 2021: Sales increased considerably, mainly due to
higher prices and volumes
Sales bridge Q3 2021 vs. Q3 2020
million €
All segments increased volumes,
except for Surface Technologies
All segments
increased prices
Slightly positive
FX effect, mainly
related to Asian
currencies
Sales development
Q3 2021 vs. Q3 2020 6% 36% -1% 1%


42% organic sales growth
42%

Negative portfolio
effect, mainly due
to the sale
of the pigments
business
 
October 27, 2021
8 | BASF Analyst Conference Call Q3 2021
BASF Group Q3 2021: Strong earnings in upstream business, while
price increases in downstream business were not yet sufficient
Q3 2021, million € 850 631 262 119 104 -90 -11
EBIT before special items by segment
EBIT before special items growth by segment Q3 2021 vs. Q3 2020
million €
October 27, 2021
9 | BASF Analyst Conference Call Q3 2021
Surface Technologies, Nutrition & Care and Agricultural Solutions:
Main drivers for earnings development in Q3 2021
 Special situation: Semiconductor shortage led to
decline in light vehicle production by 16% in Q3
2021 compared with the prior-year quarter
 Sales: Prices increased (+37%), mainly in the
precious metals trading business and in mobile
emissions catalysts; volumes declined by -3%
 EBIT before special items declined due to lower
earnings in the Coatings division; higher fixed
costs and increased raw material prices could only
partially be passed on in a deteriorating OEM
business environment. The Catalysts division was
able to slightly increase EBIT before special items
on account of higher margins
Surface Technologies Agricultural Solutions
Nutrition & Care
 Special situation: Vitamin A plant expansion in
Ludwigshafen on stream, while ramp-up of the
animal nutrition formulation plant is ongoing;
no commercial volumes from this formulation plant
available due to time needed to ensure stable
operations
 Sales: Higher volumes (+7%) and prices (+7%),
mainly driven by the Care Chemicals division;
Nutrition & Health at prior-year quarter level
 EBIT before special items declined due to
significantly increased raw material, energy and
freight costs, which could only be partially passed
on to customers, as well as higher fixed costs.
Persisting volume restrictions from the above-
mentioned formulation plant continue to burden
earnings development
 Special situation: The business was severely hit
by supply chain constraints in combination with
higher input factor costs due to various shortages
 Sales: Higher volumes (+7%), mainly in the seeds
& traits business and the fungicides business, and
slightly higher prices (+1%) supported sales
growth
 EBIT before special items decreased due to
considerably higher fixed costs, among other
things due to higher bonus provisions, as well as
higher raw material and logistics costs that could
only be passed on partially, and an unfavorable
product mix
October 27, 2021
10 | BASF Analyst Conference Call Q3 2021
Portfolio measures concluded in Q3 2021
BASF and Shanshan formed a joint venture
for battery materials production in China
 BASF holds 51% and Shanshan 49% in BASF Shanshan Battery
Materials Co., Ltd.
 BASF investment in a mid-triple-digit million-euro range
 BASF Shanshan Battery Materials operates four production sites for
CAM and PCAM in China, with an annual capacity of 90 kt by 2022
 By forming the JV, BASF further strengthened its position in Asia and
is increasing its global annual capacity to 160 kt by 2022 with further
expansions underway
 Closing took place on August 31, 2021
BASF acquired 49.5% of the offshore wind farm
Hollandse Kust Zuid (HKZ) from Vattenfall
 Once fully commissioned HKZ will be the largest offshore wind
farm in the world with a total installed capacity of 1.5 gigawatts
 BASF will use the zero-emission electricity for its sites in Europe,
mainly in Antwerp, Belgium
 Purchase price of €0.3 billion, BASF’s initial total commitment is
~€1.6 billion. BASF intends to reduce its investment by selling
shares to a financial co-investor
 Closing took place on September 1, 2021
Photo: Vattenfall / Jorrit Lousberg
October 27, 2021
11 | BASF Analyst Conference Call Q3 2021
BASF Group Q3 2021 and Q1–Q3 2021: Financial figures
Financial figures Q3 2021 Change +/- Q1–Q3 2021 Change +/-
million € million € million € million €
Sales 19,669 5,858 58,822 15,578
EBITDA before special items 2,771 1,229 9,169 3,819
EBITDA 2,729 1,685 9,104 4,562
EBIT before special items 1,865 1,284 6,541 4,094
EBIT 1,822 4,460 6,449 7,572
Net income from shareholdings 86 133 110 1,113
Net income 1,253 3,375 4,625 6,740
Reported EPS (€) 1.36 3.67 5.03 7.33
Adjusted EPS (€) 1.56 0.96 5.59 3.48
Cash flows from operating activities 1,896 -204 3,908 596
October 27, 2021
12 | BASF Analyst Conference Call Q3 2021
Cash flow development in Q3 2021 and Q1–Q3 2021
Q3 2021 Q3 2020 Q1–Q3 2021 Q1–Q3 2020
million € million € million € million €
Cash flows from operating activities 1,896 2,100 3,908 3,312
Thereof Changes in net working capital -44 767 -2,808 -1,043
Miscellaneous items -220 -227 -564 739
Cash flows from investing activities -1,818 1,851 -1,930 -674
Thereof
Payments made for property, plant and equipment
and intangible assets
-819 -736 -2,042 -2,031
Acquisitions / divestitures -627 2,697 491 1,452
Cash flows from financing activities -56 -3,889 -3,490 778
Thereof Changes in financial and similar liabilities 53 -3,886 -229 3,913
Dividends -109 -3 -3,261 -3,139
Free cash flow 1,077 1,364 1,866 1,281
October 27, 2021
13 | BASF Analyst Conference Call Q3 2021
BASF’s natural gas supply and demand balance in Europe
 Natural gas demand:
− In Europe ~47 TWh, thereof Ludwigshafen ~37 TWh
− ~60% is used for electricity/steam and ~40% as feedstock
 Natural gas supply:
− Supply secured through long-term supply contracts
− Pricing predominantly based on spot market prices
 Natural gas price hedging:
− BASF’s natural gas price exposure in Europe is partly compensated
by shareholding in Wintershall Dea
− Remaining exposure is partly hedged through financial instruments
 Natural gas price burden for European sites:
− Additional costs of ~€600 million for our European sites in the first
nine months of 2021
− At BASF Group level, this amount is partly mitigated by the above-
mentioned measures
October 27, 2021
14 | BASF Analyst Conference Call Q3 2021
Low carbon Neopor® BMB: Up to 90% CO2 avoidance in the
production process
Key properties Neopor® BMB
 Insulation material derived from
renewable feedstock (3rd party certified)
 Saving fossil resources, lower carbon
footprint and reduced greenhouse gas
emissions
 Same performance as fossil-based
Neopor® (e.g., excellent thermal
insulation, trusted quality, easy to install,
lifetime durability, recyclable)
 Positive contribution to the
sustainability targets of our customers
Feedstock BASF’s products
Biomass Balance Approach
BASF plant
x% x%
Allocation methodology externally certificated
Standard
EPS
Low Carbon
EPS
BASF Production Verbund
Renewable
feedstock
(bio-naphtha & bio-gas)
Fossil
feedstock
(naphtha & natural gas)
Neopor® production
October 27, 2021
15 | BASF Analyst Conference Call Q3 2021
Outlook 2021 for BASF Group
Outlook 2021 revised forecast previous forecast
Sales €76 billion – €78 billion €74 billion – €77 billion
EBIT before special items €7.5 billion – €8.0 billion €7.0 billion – €7.5 billion
ROCE 13.2% – 14.1% 12.1% – 12.9%
Accelerator sales €21.5 billion – €22.5 billion €21 billion – €22 billion
CO2 emissions 20.5 – 21.5 million metric tons 20.5 – 21.5 million metric tons
Underlying assumptions for 2021 (previous assumptions in parentheses)
 Growth in gross domestic product: 5.3% (5.5%)
 Growth in industrial production: 6.0% (6.5%)
 Growth in chemical production: 6.0% (6.5%)
 Average euro/dollar exchange rate: $1.20 per euro (unchanged)
 Average annual oil price (Brent): $70 per barrel ($65 per barrel)
October 27, 2021
17 | BASF Analyst Conference Call Q3 2021
Intermediates
1,045
70%
Chemicals
Sales Q3 2021 vs. Q3 2020
million €
Sales development Volumes Prices Portfolio Currencies
Q3 2021 vs. Q3 2020 12% 95% 0% 0%
Petrochemicals
2,648
127%
€3,693
107%
EBIT before special items
million €
2020
 
46
227
558
990
850
0
200
400
600
800
1,000
Q3 Q4 Q1 Q2 Q3
2021
October 27, 2021
18 | BASF Analyst Conference Call Q3 2021
Materials
Sales development Volumes Prices Portfolio Currencies
Q3 2021 vs. Q3 2020 7% 41% 0% 2%
Sales Q3 2021 vs. Q3 2020
million €
Performance
Materials
1,873
33%
Monomers
2,100
68%
 
EBIT before special items
million €
€3,973
50%
2020
217
489
672
792
631
0
200
400
600
800
1,000
Q3 Q4 Q1 Q2 Q3
2021

October 27, 2021
19 | BASF Analyst Conference Call Q3 2021
Industrial Solutions
Sales development Volumes Prices Portfolio Currencies
Q3 2021 vs. Q3 2020 11% 18% -10% 1%
Sales Q3 2021 vs. Q3 2020
million €
186
200
266
307
262
0
100
200
300
400
Q3 Q4 Q1 Q2 Q3
Performance
Chemicals
806
25%
Dispersions
& Resins
1,399
17%
€2,205
20%

EBIT before special items
million €

2020 2021
 
October 27, 2021
20 | BASF Analyst Conference Call Q3 2021
Surface Technologies
Sales development Volumes Prices Portfolio Currencies
Q3 2021 vs. Q3 2020 -3% 37% 1% 1%
Sales Q3 2021 vs. Q3 2020
million €

Catalysts
4,793
45%
€5,631
36%
EBIT before special items
million €
Coatings
838
1%
200
215
360
289
119
0
100
200
300
400
Q3 Q4 Q1 Q2 Q3
2020 2021
  
October 27, 2021
21 | BASF Analyst Conference Call Q3 2021
Nutrition & Care
Sales development Volumes Prices Portfolio Currencies
Q3 2021 vs. Q3 2020 7% 7% -2% 0%
Sales Q3 2021 vs. Q3 2020
million €
143
120
218
138
104
0
100
200
300
Q3 Q4 Q1 Q2 Q3
Care Chemicals
1,108
18%
Nutrition & Health
490
0%

EBIT before special items
million €
€1,598
12%
 
2020 2021
October 27, 2021
22 | BASF Analyst Conference Call Q3 2021
Agricultural Solutions
EBIT before special items
million €
Sales development Volumes Prices Portfolio Currencies
Q3 2021 vs. Q3 2020 7% 1% 0% 0%
Sales Q3 2021 vs. Q3 2020
million €
1,474 1,593
0
1,000
2,000
3,000
Q3 2020 Q3 2021
26
-90
-100
-50
0
50
100
Q3 2020 -€116
million
 
Q3 2021
8%
October 27, 2021
23 | BASF Analyst Conference Call Q3 2021
Review of “Other”
Financial figures Q3 2021 Q3 2020
million € million €
Sales 976 484
EBIT before special items -11 -237
Thereof Costs of corporate research -76 -95
Costs of corporate headquarters -65 -53
Foreign currency results, hedging and other
measurement effects -41 -15
Other businesses 40 21
Special items -31 -408
EBIT -42 -645
October 27, 2021
24 | BASF Analyst Conference Call Q3 2021
Strong balance sheet
Balance sheet September 30, 2021 vs. December 31, 2020
billion €  Total assets increased by €5.8 billion
to €86.1 billion
 Noncurrent assets slightly increased to
€51.6 billion
 Current assets increased by €4.7 billion
to €34.5 billion, primarily due to higher
accounts receivable, higher inventories,
and increased other receivables and
miscellaneous assets
 Net debt increased by €2.0 billion to
€16.7 billion
 Equity ratio: 47.2% (September 30, 2021)
Liquid funds
Accounts
receivable, trade
Noncurrent
assets
Inventories
Other assets
Other
liabilities
Financial
debt
Equity
25.7 26.7
19.8 19.2
40.6
34.4
Sept. 30, 2021 Dec. 31, 2020
3.1 4.5
6.6 5.9
12.3 9.5
12.5
10.0
51.6
50.4
Sept. 30, 2021 Dec. 31, 2020
80.3
86.1
80.3
86.1

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Presentation analyst conference Q3 2021

  • 1. October 27, 2021 1 | BASF Analyst Conference Call Q3 2021 Analyst Conference Call Q3 2021 October 27, 2021
  • 2. October 27, 2021 2 | BASF Analyst Conference Call Q3 2021 Cautionary note regarding forward-looking statements This presentation 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 those discussed in Opportunities and Risks on pages 158 to 166 of the BASF Report 2020. BASF does not assume any obligation to update the forward-looking statements contained in this presentation above and beyond the legal requirements.
  • 3. October 27, 2021 3 | BASF Analyst Conference Call Q3 2021 BASF with continued strong performance in Q3 2021  In Q3 2021, prices increased by 36% and volumes grew by 6%; increases were especially realized in the Chemicals, Materials and Industrial Solutions segments  Earnings in the upstream businesses came in considerably above Q3 2020; compared with Q2 2021, margins softened slightly  Margin pressure in downstream businesses from higher raw material, energy and freight costs as well as increased fixed costs  Semiconductor shortage led to considerably lower automotive production globally 1,056 581 1,865 0 500 1,000 1,500 2,000 2,500 Q3 2019 Q3 2020 Q3 2021 EBIT before special items by quarter million € 77% 221%
  • 4. October 27, 2021 4 | BASF Analyst Conference Call Q3 2021 Q3 2021: Global chemical production negatively impacted by various shortages Chemical production compared with prior-year quarter1 % Global 2020 2021 -4.8 -2.8 1.8 5.1 10.9 10.0 4.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Source: BASF, data: IHS, Feri, NBS China, FED, Eurostat, Statistics Canada; Asia: India, Japan, South Korea, Taiwan, Thailand, North America: USA and Canada 1 Estimates, data available for China and the U.S. until September, for other countries/regions until August Historical data partly preliminary and subject to revision. China data based on BASF seasonal adjustment.
  • 5. October 27, 2021 5 | BASF Analyst Conference Call Q3 2021 BASF Group Q3 2021: Volume growth in all major regions except for China, where the recovery was already in full swing in Q3 2020 1 Location of customer 4 -11 -2 7 9 28 6 5 -18 -4 9 3 34 6 5 -13 -10 4 4 27 10 0 16 17 12 43 10 -3 -24.0 -20.0 -16.0 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 36.0 40.0 44.0 48.0 Sales volumes development by region1 quarters compared to prior-year quarters % Europe North America Greater China BASF Group 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3
  • 6. October 27, 2021 6 | BASF Analyst Conference Call Q3 2021 12% 7% 11% -3% 7% 7% 39%  BASF Group Q3 2021: Volume growth across most segments; Surface Technologies impacted by semiconductor shortage Volume development by segment Q3 2021 vs. Q3 2020 absolute (million €) terms Overall volume 872 relative (%) terms   6% Chemicals 223 Materials 182 Industrial Solutions 208 Surface Technologies -134 Nutrition & Care 102 Agricultural Solutions 101 Other 190     
  • 7. October 27, 2021 7 | BASF Analyst Conference Call Q3 2021 13,811 19,669 872 5,053 -144 77 0 5,000 10,000 15,000 20,000 25,000 Q3 2020 Volumes Prices Portfolio Currencies Q3 2021 BASF Group Q3 2021: Sales increased considerably, mainly due to higher prices and volumes Sales bridge Q3 2021 vs. Q3 2020 million € All segments increased volumes, except for Surface Technologies All segments increased prices Slightly positive FX effect, mainly related to Asian currencies Sales development Q3 2021 vs. Q3 2020 6% 36% -1% 1%   42% organic sales growth 42%  Negative portfolio effect, mainly due to the sale of the pigments business  
  • 8. October 27, 2021 8 | BASF Analyst Conference Call Q3 2021 BASF Group Q3 2021: Strong earnings in upstream business, while price increases in downstream business were not yet sufficient Q3 2021, million € 850 631 262 119 104 -90 -11 EBIT before special items by segment EBIT before special items growth by segment Q3 2021 vs. Q3 2020 million €
  • 9. October 27, 2021 9 | BASF Analyst Conference Call Q3 2021 Surface Technologies, Nutrition & Care and Agricultural Solutions: Main drivers for earnings development in Q3 2021  Special situation: Semiconductor shortage led to decline in light vehicle production by 16% in Q3 2021 compared with the prior-year quarter  Sales: Prices increased (+37%), mainly in the precious metals trading business and in mobile emissions catalysts; volumes declined by -3%  EBIT before special items declined due to lower earnings in the Coatings division; higher fixed costs and increased raw material prices could only partially be passed on in a deteriorating OEM business environment. The Catalysts division was able to slightly increase EBIT before special items on account of higher margins Surface Technologies Agricultural Solutions Nutrition & Care  Special situation: Vitamin A plant expansion in Ludwigshafen on stream, while ramp-up of the animal nutrition formulation plant is ongoing; no commercial volumes from this formulation plant available due to time needed to ensure stable operations  Sales: Higher volumes (+7%) and prices (+7%), mainly driven by the Care Chemicals division; Nutrition & Health at prior-year quarter level  EBIT before special items declined due to significantly increased raw material, energy and freight costs, which could only be partially passed on to customers, as well as higher fixed costs. Persisting volume restrictions from the above- mentioned formulation plant continue to burden earnings development  Special situation: The business was severely hit by supply chain constraints in combination with higher input factor costs due to various shortages  Sales: Higher volumes (+7%), mainly in the seeds & traits business and the fungicides business, and slightly higher prices (+1%) supported sales growth  EBIT before special items decreased due to considerably higher fixed costs, among other things due to higher bonus provisions, as well as higher raw material and logistics costs that could only be passed on partially, and an unfavorable product mix
  • 10. October 27, 2021 10 | BASF Analyst Conference Call Q3 2021 Portfolio measures concluded in Q3 2021 BASF and Shanshan formed a joint venture for battery materials production in China  BASF holds 51% and Shanshan 49% in BASF Shanshan Battery Materials Co., Ltd.  BASF investment in a mid-triple-digit million-euro range  BASF Shanshan Battery Materials operates four production sites for CAM and PCAM in China, with an annual capacity of 90 kt by 2022  By forming the JV, BASF further strengthened its position in Asia and is increasing its global annual capacity to 160 kt by 2022 with further expansions underway  Closing took place on August 31, 2021 BASF acquired 49.5% of the offshore wind farm Hollandse Kust Zuid (HKZ) from Vattenfall  Once fully commissioned HKZ will be the largest offshore wind farm in the world with a total installed capacity of 1.5 gigawatts  BASF will use the zero-emission electricity for its sites in Europe, mainly in Antwerp, Belgium  Purchase price of €0.3 billion, BASF’s initial total commitment is ~€1.6 billion. BASF intends to reduce its investment by selling shares to a financial co-investor  Closing took place on September 1, 2021 Photo: Vattenfall / Jorrit Lousberg
  • 11. October 27, 2021 11 | BASF Analyst Conference Call Q3 2021 BASF Group Q3 2021 and Q1–Q3 2021: Financial figures Financial figures Q3 2021 Change +/- Q1–Q3 2021 Change +/- million € million € million € million € Sales 19,669 5,858 58,822 15,578 EBITDA before special items 2,771 1,229 9,169 3,819 EBITDA 2,729 1,685 9,104 4,562 EBIT before special items 1,865 1,284 6,541 4,094 EBIT 1,822 4,460 6,449 7,572 Net income from shareholdings 86 133 110 1,113 Net income 1,253 3,375 4,625 6,740 Reported EPS (€) 1.36 3.67 5.03 7.33 Adjusted EPS (€) 1.56 0.96 5.59 3.48 Cash flows from operating activities 1,896 -204 3,908 596
  • 12. October 27, 2021 12 | BASF Analyst Conference Call Q3 2021 Cash flow development in Q3 2021 and Q1–Q3 2021 Q3 2021 Q3 2020 Q1–Q3 2021 Q1–Q3 2020 million € million € million € million € Cash flows from operating activities 1,896 2,100 3,908 3,312 Thereof Changes in net working capital -44 767 -2,808 -1,043 Miscellaneous items -220 -227 -564 739 Cash flows from investing activities -1,818 1,851 -1,930 -674 Thereof Payments made for property, plant and equipment and intangible assets -819 -736 -2,042 -2,031 Acquisitions / divestitures -627 2,697 491 1,452 Cash flows from financing activities -56 -3,889 -3,490 778 Thereof Changes in financial and similar liabilities 53 -3,886 -229 3,913 Dividends -109 -3 -3,261 -3,139 Free cash flow 1,077 1,364 1,866 1,281
  • 13. October 27, 2021 13 | BASF Analyst Conference Call Q3 2021 BASF’s natural gas supply and demand balance in Europe  Natural gas demand: − In Europe ~47 TWh, thereof Ludwigshafen ~37 TWh − ~60% is used for electricity/steam and ~40% as feedstock  Natural gas supply: − Supply secured through long-term supply contracts − Pricing predominantly based on spot market prices  Natural gas price hedging: − BASF’s natural gas price exposure in Europe is partly compensated by shareholding in Wintershall Dea − Remaining exposure is partly hedged through financial instruments  Natural gas price burden for European sites: − Additional costs of ~€600 million for our European sites in the first nine months of 2021 − At BASF Group level, this amount is partly mitigated by the above- mentioned measures
  • 14. October 27, 2021 14 | BASF Analyst Conference Call Q3 2021 Low carbon Neopor® BMB: Up to 90% CO2 avoidance in the production process Key properties Neopor® BMB  Insulation material derived from renewable feedstock (3rd party certified)  Saving fossil resources, lower carbon footprint and reduced greenhouse gas emissions  Same performance as fossil-based Neopor® (e.g., excellent thermal insulation, trusted quality, easy to install, lifetime durability, recyclable)  Positive contribution to the sustainability targets of our customers Feedstock BASF’s products Biomass Balance Approach BASF plant x% x% Allocation methodology externally certificated Standard EPS Low Carbon EPS BASF Production Verbund Renewable feedstock (bio-naphtha & bio-gas) Fossil feedstock (naphtha & natural gas) Neopor® production
  • 15. October 27, 2021 15 | BASF Analyst Conference Call Q3 2021 Outlook 2021 for BASF Group Outlook 2021 revised forecast previous forecast Sales €76 billion – €78 billion €74 billion – €77 billion EBIT before special items €7.5 billion – €8.0 billion €7.0 billion – €7.5 billion ROCE 13.2% – 14.1% 12.1% – 12.9% Accelerator sales €21.5 billion – €22.5 billion €21 billion – €22 billion CO2 emissions 20.5 – 21.5 million metric tons 20.5 – 21.5 million metric tons Underlying assumptions for 2021 (previous assumptions in parentheses)  Growth in gross domestic product: 5.3% (5.5%)  Growth in industrial production: 6.0% (6.5%)  Growth in chemical production: 6.0% (6.5%)  Average euro/dollar exchange rate: $1.20 per euro (unchanged)  Average annual oil price (Brent): $70 per barrel ($65 per barrel)
  • 16.
  • 17. October 27, 2021 17 | BASF Analyst Conference Call Q3 2021 Intermediates 1,045 70% Chemicals Sales Q3 2021 vs. Q3 2020 million € Sales development Volumes Prices Portfolio Currencies Q3 2021 vs. Q3 2020 12% 95% 0% 0% Petrochemicals 2,648 127% €3,693 107% EBIT before special items million € 2020   46 227 558 990 850 0 200 400 600 800 1,000 Q3 Q4 Q1 Q2 Q3 2021
  • 18. October 27, 2021 18 | BASF Analyst Conference Call Q3 2021 Materials Sales development Volumes Prices Portfolio Currencies Q3 2021 vs. Q3 2020 7% 41% 0% 2% Sales Q3 2021 vs. Q3 2020 million € Performance Materials 1,873 33% Monomers 2,100 68%   EBIT before special items million € €3,973 50% 2020 217 489 672 792 631 0 200 400 600 800 1,000 Q3 Q4 Q1 Q2 Q3 2021 
  • 19. October 27, 2021 19 | BASF Analyst Conference Call Q3 2021 Industrial Solutions Sales development Volumes Prices Portfolio Currencies Q3 2021 vs. Q3 2020 11% 18% -10% 1% Sales Q3 2021 vs. Q3 2020 million € 186 200 266 307 262 0 100 200 300 400 Q3 Q4 Q1 Q2 Q3 Performance Chemicals 806 25% Dispersions & Resins 1,399 17% €2,205 20%  EBIT before special items million €  2020 2021  
  • 20. October 27, 2021 20 | BASF Analyst Conference Call Q3 2021 Surface Technologies Sales development Volumes Prices Portfolio Currencies Q3 2021 vs. Q3 2020 -3% 37% 1% 1% Sales Q3 2021 vs. Q3 2020 million €  Catalysts 4,793 45% €5,631 36% EBIT before special items million € Coatings 838 1% 200 215 360 289 119 0 100 200 300 400 Q3 Q4 Q1 Q2 Q3 2020 2021   
  • 21. October 27, 2021 21 | BASF Analyst Conference Call Q3 2021 Nutrition & Care Sales development Volumes Prices Portfolio Currencies Q3 2021 vs. Q3 2020 7% 7% -2% 0% Sales Q3 2021 vs. Q3 2020 million € 143 120 218 138 104 0 100 200 300 Q3 Q4 Q1 Q2 Q3 Care Chemicals 1,108 18% Nutrition & Health 490 0%  EBIT before special items million € €1,598 12%   2020 2021
  • 22. October 27, 2021 22 | BASF Analyst Conference Call Q3 2021 Agricultural Solutions EBIT before special items million € Sales development Volumes Prices Portfolio Currencies Q3 2021 vs. Q3 2020 7% 1% 0% 0% Sales Q3 2021 vs. Q3 2020 million € 1,474 1,593 0 1,000 2,000 3,000 Q3 2020 Q3 2021 26 -90 -100 -50 0 50 100 Q3 2020 -€116 million   Q3 2021 8%
  • 23. October 27, 2021 23 | BASF Analyst Conference Call Q3 2021 Review of “Other” Financial figures Q3 2021 Q3 2020 million € million € Sales 976 484 EBIT before special items -11 -237 Thereof Costs of corporate research -76 -95 Costs of corporate headquarters -65 -53 Foreign currency results, hedging and other measurement effects -41 -15 Other businesses 40 21 Special items -31 -408 EBIT -42 -645
  • 24. October 27, 2021 24 | BASF Analyst Conference Call Q3 2021 Strong balance sheet Balance sheet September 30, 2021 vs. December 31, 2020 billion €  Total assets increased by €5.8 billion to €86.1 billion  Noncurrent assets slightly increased to €51.6 billion  Current assets increased by €4.7 billion to €34.5 billion, primarily due to higher accounts receivable, higher inventories, and increased other receivables and miscellaneous assets  Net debt increased by €2.0 billion to €16.7 billion  Equity ratio: 47.2% (September 30, 2021) Liquid funds Accounts receivable, trade Noncurrent assets Inventories Other assets Other liabilities Financial debt Equity 25.7 26.7 19.8 19.2 40.6 34.4 Sept. 30, 2021 Dec. 31, 2020 3.1 4.5 6.6 5.9 12.3 9.5 12.5 10.0 51.6 50.4 Sept. 30, 2021 Dec. 31, 2020 80.3 86.1 80.3 86.1