Leadership Vacuum Adds Complexity to Evonik's Restructuring

Evonik operates without a permanent CFO during its ETM efficiency drive and critical wage negotiations, impacting its new dividend policy and 2026 outlook.

A critical leadership position at German specialty chemicals group Evonik remains unfilled during a period of significant operational and financial transition. The company has been operating without a permanent Chief Financial Officer since September 2025, leaving CEO Christian Kullmann to manage the finance department on an interim basis. A permanent successor is slated to be appointed at the Annual General Meeting on June 3, 2026.

This vacancy comes at a challenging time, with multiple strategic initiatives converging. The company's efficiency drive, known as Evonik Tailor Made (ETM), continues its implementation. The program aims to eliminate up to 2,000 positions, with personnel-related savings expected to contribute roughly 80% of the targeted €400 million in annual cost reductions.

Concurrent Challenges: Wages, Profits, and Payouts

Simultaneously, the broader chemical industry is engaged in critical wage negotiations. The third round of talks between the IGBCE union and the BAVC employers' association took place on March 24 and 25, following two initial rounds that yielded no agreement. Union demands for wage increases above the current inflation rate are being met with employer calls for restraint.

The outcome of these negotiations carries direct financial implications. Higher agreed wage costs would pressure Evonik's adjusted net income—a key metric that will form the foundation of a new dividend policy starting in 2026. The company plans to distribute 40% to 60% of this profit to shareholders. For the 2025 financial year, the board has proposed a transitional dividend of €1.00 per share, down from €1.17 previously. At a share price of approximately €15.28, this translates to a dividend yield near 7%.

Operational Performance and Forthcoming Catalysts

Evonik's current operational footing is stable yet not without pressure. The group's 2025 adjusted EBITDA reached €1.87 billion, narrowly meeting its own forecast. Guidance for 2026 projects this figure to land between €1.7 billion and €2.0 billion—a wide range underscoring prevailing market uncertainties. Return on Capital Employed (ROCE) stood at 6.1% for 2025, against a medium-term corporate target of 11%.

Despite advancing around 8% over the past week, the share price remains well below its 52-week high. Investor focus is now on three near-term events likely to influence the stock's trajectory: the Q1 earnings release on May 8, the final result of the industry-wide wage negotiations, and the appointment of the new CFO at the June 3 shareholder meeting.