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Slides BASF analyst conference Q2 2021

BASF
BASF

Presentation accompanying the Half-Year 2021 call for investors and analysts on July 28, 2021 Full BASF Half-Year 2021 report available at http://basf.com/halfyearfinancialreport

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July 28, 2021
1 | BASF Analyst Conference Call Q2 2021
Analyst Conference Call
Q2 2021 July 28, 2021
Photo: Vattenfall / Jorrit Lousberg
July 28, 2021
2 | BASF Analyst Conference Call Q2 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.
July 28, 2021
3 | BASF Analyst Conference Call Q2 2021
Q2 2021: BASF with very strong second quarter
supported by higher prices and volumes
 Strong growth momentum continued in Q2 2021
 In Q2 2021, volumes and prices grew across all regions and
all segments
 Earnings in upstream businesses considerably above Q2 2020,
despite a slight sequential decline in margins compared with
Q1 2021
 Downstream businesses with strong demand and increased
prices but continued pressure from raw materials prices
995
226
2,355
0
500
1,000
1,500
2,000
2,500
Q2 2019 Q2 2020 Q2 2021
EBIT before special items by quarter
million €
137%
942%
July 28, 2021
4 | BASF Analyst Conference Call Q2 2021
Recovery of global chemical production continued in Q2 2021
Chemical production compared with prior-year quarter1
%
-4.8
-2.9
1.7
5.2
10.7 9.6
Q1 Q2 Q3 Q4 Q1 Q2
Global
2020 2021
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 June, for all other countries/regions until May or April.
Historical data partly preliminary and subject to revision. China data based on BASF seasonal adjustment
July 28, 2021
5 | BASF Analyst Conference Call Q2 2021
BASF Group Q2 2021: Volume growth across all regions
1 Location of customer
4
-11 -2
7 9
28
5
-18
-4
9 3
34
5
-13 -10
4 4
27
0
16 17 12
43
10
-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
Sales volumes development by region1
quarters compared to prior-year quarters
%
Europe North America Greater China
BASF Group
Q1 Q2 Q3 Q4
2020
Q1
2021
Q2 Q1 Q2 Q3 Q4
2020
Q1
2021
Q2 Q1 Q2 Q3 Q4
2020
Q1
2021
Q2 Q1 Q2 Q3 Q4
2020
Q1
2021
Q2
July 28, 2021
6 | BASF Analyst Conference Call Q2 2021

BASF Group Q2 2021: Volume growth across all segments
Volume development by segment
Q2 2021 vs. Q2 2020
absolute (million €) terms
Overall
volume
3,516
relative (%) terms
20% 42% 26% 44% 5% 15% 17%

  28%
Chemicals
350
Materials
902
Industrial
Solutions
466
Surface
Technologies
1,367
Nutrition
& Care
79
Agricultural
Solutions
265
Other
87
 
 

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Slides BASF analyst conference Q2 2021

  • 1. July 28, 2021 1 | BASF Analyst Conference Call Q2 2021 Analyst Conference Call Q2 2021 July 28, 2021 Photo: Vattenfall / Jorrit Lousberg
  • 2. July 28, 2021 2 | BASF Analyst Conference Call Q2 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. July 28, 2021 3 | BASF Analyst Conference Call Q2 2021 Q2 2021: BASF with very strong second quarter supported by higher prices and volumes  Strong growth momentum continued in Q2 2021  In Q2 2021, volumes and prices grew across all regions and all segments  Earnings in upstream businesses considerably above Q2 2020, despite a slight sequential decline in margins compared with Q1 2021  Downstream businesses with strong demand and increased prices but continued pressure from raw materials prices 995 226 2,355 0 500 1,000 1,500 2,000 2,500 Q2 2019 Q2 2020 Q2 2021 EBIT before special items by quarter million € 137% 942%
  • 4. July 28, 2021 4 | BASF Analyst Conference Call Q2 2021 Recovery of global chemical production continued in Q2 2021 Chemical production compared with prior-year quarter1 % -4.8 -2.9 1.7 5.2 10.7 9.6 Q1 Q2 Q3 Q4 Q1 Q2 Global 2020 2021 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 June, for all other countries/regions until May or April. Historical data partly preliminary and subject to revision. China data based on BASF seasonal adjustment
  • 5. July 28, 2021 5 | BASF Analyst Conference Call Q2 2021 BASF Group Q2 2021: Volume growth across all regions 1 Location of customer 4 -11 -2 7 9 28 5 -18 -4 9 3 34 5 -13 -10 4 4 27 0 16 17 12 43 10 -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 Sales volumes development by region1 quarters compared to prior-year quarters % Europe North America Greater China BASF Group Q1 Q2 Q3 Q4 2020 Q1 2021 Q2 Q1 Q2 Q3 Q4 2020 Q1 2021 Q2 Q1 Q2 Q3 Q4 2020 Q1 2021 Q2 Q1 Q2 Q3 Q4 2020 Q1 2021 Q2
  • 6. July 28, 2021 6 | BASF Analyst Conference Call Q2 2021  BASF Group Q2 2021: Volume growth across all segments Volume development by segment Q2 2021 vs. Q2 2020 absolute (million €) terms Overall volume 3,516 relative (%) terms 20% 42% 26% 44% 5% 15% 17%    28% Chemicals 350 Materials 902 Industrial Solutions 466 Surface Technologies 1,367 Nutrition & Care 79 Agricultural Solutions 265 Other 87    
  • 7. July 28, 2021 7 | BASF Analyst Conference Call Q2 2021 12,680 19,753 3,516 4,468 -18 -893 0 5,000 10,000 15,000 20,000 25,000 Q2 2020 Volumes Prices Portfolio Currencies Q2 2021 BASF Group Q2 2021: Sales increased considerably due to higher prices and volumes Sales bridge Q2 2021 vs. Q2 2020 million € All segments increased volumes All segments increased prices Negative FX effects were mainly related to the U.S. dollar Sales development Q2 2021 vs. Q2 2020 28% 35% 0% -7%    63% organic sales growth 56% 
  • 8. July 28, 2021 8 | BASF Analyst Conference Call Q2 2021 BASF Group Q2 2021: Very strong earnings growth EBIT before special items growth by segment Q2 2021 vs. Q2 2020 million € Q2 2021, million € 990 792 307 289 138 75 -236 2,355 EBIT before special items by segment
  • 9. July 28, 2021 9 | BASF Analyst Conference Call Q2 2021 Nutrition & Care and Agricultural Solutions: Main drivers for EBIT before special items development in Q2 2021 220 256 138 0 100 200 300 Q2 2019 Q2 2020 Q2 2021 EBIT before special items by quarter million € Agricultural Solutions  Nutrition & Health  The segment’s earnings decline was mainly driven by Nutrition & Health. The division’s margins declined due to negative currency effects, lower prices and higher variable costs compared with the strong prior-year quarter.  The earnings decline was most pronounced in animal nutrition. Lower volumes in vitamin A, mainly due to the start-up of the vitamin A expansion, and higher costs from turnarounds were the main drivers.  Care Chemicals  Higher raw materials prices put pressure on margins compared with the strong prior-year quarter.  Significant volume increase and higher prices could not compensate for  Strong FX headwind  Higher fixed costs and freight cost increases due to higher sales volumes  Unfavorable margin development on account of product mix effects 121 120 75 0 50 100 150 Q2 2019 Q2 2020 Q2 2021 EBIT before special items by quarter million € Sales development Volumes Prices Portfolio Currencies Q2 2021 vs.Q2 2020 5% 2% -1% -4% Sales development Volumes Prices Portfolio Currencies Q2 2021 vs.Q2 2020 15% 3% 0% -7%        Nutrition & Care
  • 10. July 28, 2021 10 | BASF Analyst Conference Call Q2 2021 Major portfolio measures: Acquisitions BASF and Shanshan to form a joint venture for battery materials production in China  BASF to hold 51%, Shanshan 49%  BASF investment in a mid-triple-digit million-euro range  Hunan Shanshan Energy 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 strengthens its position in Asia and is increasing its global annual capacity to 160 kt by 2022 with further expansions underway  Closing is targeted for later this summer1 1 Following the approval of the relevant authorities BASF to acquire 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 is expected in Q4 20211 Photo: Vattenfall / Jorrit Lousberg
  • 11. July 28, 2021 11 | BASF Analyst Conference Call Q2 2021 Major portfolio measures: Divestitures  Sales 2018: ~€1 billion  BASF and DIC reached an agreement on the acquisition of BASF’s pigments business in August 2019  Purchase price of €1.15 billion1  Closing took place on June 30, 2021 DIC acquired BASF’s pigments business Initial public offering of Wintershall Dea  Sales 2020: ~€3.6 billion  Merger took place on May 1, 2019  Realization of synergies on track, integration completed  Initial Public Offering planned beyond 2021, subject to market conditions BASF and Clayton, Dubilier & Rice to sell Solenis to Platinum Equity  Sales 20202: $2.8 billion  Enterprise value: $5.25 billion for Solenis, which includes net debt of around $2.5 billion  BASF holds 49% of the shares in Solenis; 51% of the shares are held by Clayton, Dubilier & Rice and the Solenis management  Closing of the transaction expected before the end of 20213 1 On a cash and debt-free basis 2 Fiscal year ending September 30, 2020; 3 Following the approval of the relevant authorities
  • 12. July 28, 2021 12 | BASF Analyst Conference Call Q2 2021 BASF Group Q2 2021 and H1 2021: Financial figures Financial figures Q2 2021 Change H1 2021 Change million € % million € % Sales 19,753 56 39,153 33 EBITDA before special items 3,217 162 6,398 68 EBITDA 3,199 199 6,375 82 EBIT before special items 2,355 . 4,676 151 EBIT 2,316 . 4,627 205 Net income from shareholdings -44 94 24 . Net income 1,654 . 3,372 . Reported EPS 1.80 . 3.67 . Adjusted EPS 2.03 . 4.03 167 Cash flows from operating activities 2,537 13 2,012 66
  • 13. July 28, 2021 13 | BASF Analyst Conference Call Q2 2021 Cash flow development in Q2 2021 and H1 2021 Q2 2021 Q2 2020 H1 2021 H1 2020 million € million € million € million € Cash flows from operating activities 2,537 2,242 2,012 1,212 Thereof Changes in net working capital 9 1,190 -2,764 -1,810 Miscellaneous items -9 880 -344 966 Cash flows from investing activities 323 -705 -112 -2,525 Thereof Payments made for property, plant and equipment and intangible assets -767 -726 -1,223 -1,295 Acquisitions / divestitures 1,125 – 1,118 -1,245 Cash flows from financing activities -4,144 373 -3,434 4,667 Thereof Changes in financial and similar liabilities -999 3,470 -282 7,799 Dividends -3,145 -3,100 -3,152 -3,136 Free cash flow 1,770 1,516 789 -83
  • 14. July 28, 2021 14 | BASF Analyst Conference Call Q2 2021 Strong balance sheet Balance sheet June 30, 2021 vs. December 31, 2020 billion €  Total assets increased by €2.6 billion to €82.9 billion  Noncurrent assets were almost stable at €49.8 billion  Current assets increased by €3.3 billion to €33.1 billion, primarily due to higher accounts receivable, increased other receivables/miscellaneous assets and higher inventories  Net debt increased by €1.6 billion to €16.2 billion  Equity ratio: 45.9% (June 30, 2021) Liquid funds Accounts receivable, trade Noncurrent assets Inventories Other assets Other liabilities Financial debt Equity 25.5 26.7 19.3 19.2 38.1 34.4 June 30, 2021 Dec. 31, 2020 3.1 4.5 6.2 5.9 12.6 9.5 11.2 10.0 49.8 50.4 June 30, 2021 Dec. 31, 2020 80.3 82.9 80.3 82.9
  • 15. July 28, 2021 15 | BASF Analyst Conference Call Q2 2021 BASF’s plastic additives VALERASTM enable customers to achieve their sustainability goals  To enable customers to achieve their sustainability goals, BASF has focused its sustainable solutions for plastic additives under the new global brand VALERAS™: - Use of bio feedstocks and renewable feedstocks - Increased product carbon footprint transparency  VALERAS™ includes additive solutions that make a substantial sustainability contribution to plastic applications. Examples: - Irgastab® PUR 70 reduces VOC emissions in foams - Tinuvin® NOR® 356 enhances biodiversity in plastic greenhouses - Irgatec® CR 76 reduces energy consumption for production of PP nonwoven fibers  To help customers to reach global recycling targets (ranging from 25%-100% in packaging), the portfolio will expand to include BASF’s additive packages for mechanically recycled plastics and applications. Examples: - Process stabilizers for rigid and flexible PP packaging - UV light protection of recycled polyethylene and polypropylene - Contaminant neutralizers for polyolefins
  • 16. July 28, 2021 16 | BASF Analyst Conference Call Q2 2021 Outlook 2021 for BASF Group Outlook 2021 revised forecast previous forecast Sales €74 billion – €77 billion €68 billion – €71 billion EBIT before special items €7.0 billion – €7.5 billion €5.0 billion – €5.8 billion ROCE 12.1% – 12.9% 9.2% – 11.0% Accelerator sales €21 billion – €22 billion €19 billion – €20 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: 5.5% (5.0%)  Growth in industrial production: 6.5% (5.0%)  Growth in chemical production: 6.5% (5.0%)  Average euro/dollar exchange rate: $1.20 per euro ($1.18 per euro)  Average annual oil price (Brent): $65 per barrel ($60 per barrel)
  • 18. July 28, 2021 18 | BASF Analyst Conference Call Q2 2021 Intermediates 952 54% Chemicals Sales Q2 2021 vs. Q2 2020 million € Sales development Volumes Prices Portfolio Currencies Q2 2021 vs. Q2 2020 20% 78% 0% -7% Petrochemicals 2,467 110% €3,419 91%  EBIT before special items million € 2020   -2 46 227 558 990 -100 100 300 500 700 900 1,100 Q2 Q3 Q4 Q1 Q2 2021
  • 19. July 28, 2021 19 | BASF Analyst Conference Call Q2 2021 Materials Sales development Volumes Prices Portfolio Currencies Q2 2021 vs. Q2 2020 42% 38% 0% -5% Sales Q2 2021 vs. Q2 2020 million € Performance Materials 1,812 69% Monomers 1,931 80%   EBIT before special items million € €3,743 75%  -80 217 489 672 792 -100 100 300 500 700 900 2020 2021 Q2 Q3 Q4 Q1 Q2
  • 20. July 28, 2021 20 | BASF Analyst Conference Call Q2 2021 Industrial Solutions Sales development Volumes Prices Portfolio Currencies Q2 2021 vs. Q2 2020 26% 9% 0% -5% Sales Q2 2021 vs. Q2 2020 million € 163 186 200 266 307 0 100 200 300 400 Q2 Q3 Q4 Q1 Q2 Performance Chemicals 785 22% Dispersions & Pigments1 1,574 34% €2,359 30%  EBIT before special items million €  2020 2021  1 Since July 1, 2021, the division is named “Dispersions & Resins”
  • 21. July 28, 2021 21 | BASF Analyst Conference Call Q2 2021 Surface Technologies Sales development Volumes Prices Portfolio Currencies Q2 2021 vs. Q2 2020 44% 57% 0% -11% Sales Q2 2021 vs. Q2 2020 million € -151 200 215 360 289 -200 0 200 400  Catalysts 5,049 98% €5,892 90%  EBIT before special items million € Coatings 843 53%  2020 2021 Q2 Q3 Q4 Q1 Q2
  • 22. July 28, 2021 22 | BASF Analyst Conference Call Q2 2021 Nutrition & Care Sales development Volumes Prices Portfolio Currencies Q2 2021 vs. Q2 2020 5% 2% -1% -4% Sales Q2 2021 vs. Q2 2020 million € 256 143 120 218 138 0 100 200 300 Q2 Q3 Q4 Q1 Q2 Care Chemicals 1,083 8% Nutrition & Health 501 -9%  EBIT before special items million € €1,584 2%  2020 2021  
  • 23. July 28, 2021 23 | BASF Analyst Conference Call Q2 2021 Agricultural Solutions Sales development Volumes Prices Portfolio Currencies Q2 2021 vs. Q2 2020 15% 3% 0% -7% H1 2021 vs. H1 2020 10% 2% 0% -7% Sales H1 2021 vs. H1 2020 million €  Seed Treatment 266 7% Fungicides 1,414 11% Insecticides 455 11% €4,809 5% Seeds & Traits 1,011 -1% Herbicides 1,663 2%  EBIT before special items million € 120 26 15 807 75 0 200 400 600 800 2020 2021 Q2 Q3 Q4 Q1 Q2    
  • 24. July 28, 2021 24 | BASF Analyst Conference Call Q2 2021 Review of “Other” Financial figures Q2 2021 Q2 2020 million € million € Sales 793 507 EBIT before special items -236 -80 Thereof Costs of corporate research -78 -81 Costs of corporate headquarters -61 -57 Foreign currency results, hedging and other measurement effects 22 -43 Other businesses 75 24 Special items -49 -48 EBIT -285 -128