Moody’s upgrades Evonik to Baa1 in Essen, Germany; Issuer rating aligned with S&P BBB+.
Moody’s upgrades Evonik to Baa1
Moody’s upgrades Evonik to Baa1
Long-term issuer rating raised to Baa1 with stable outlook
Upgrade confirms Evonik’s consistent financial policy of conservative capital allocation and cost discipline
Evonik now rated at the same level by both agencies: Baa1 (Moody’s Ratings) and BBB+ (S&P Global Ratings)
Essen, Germany – Moody’s Ratings has upgraded Evonik Industries AG’s long-term issuer rating to Baa1 (previously: Baa2 with positive outlook). The outlook is stable. At the same time, Moody’s raised the ratings of Evonik’s outstanding senior unsecured notes to Baa1 and the instrument rating of the company’s outstanding hybrid bond 2025
In its rating action, Moody’s highlights Moody’s-adjusted gross leverage of Evonik moving sustainably below 2.5x and retained cash flow in relation to net debt in the mid-twenties percent range through the cycle. The agency points to the company’s continued cost optimization, a more flexible dividend policy and the ongoing focus of its portfolio on more resilient businesses.
“Our focus on strong cash generation and a conservative capital allocation, including balance sheet strength, is paying off,” says Michael Rauch, Chief Financial Officer of Evonik. “This is the result of our disciplined financial policy we have followed consistently. We will stay on this course.”
Higher earnings and lower gross debt led to an improvement in Evonik’s credit metrics. Strong cash generation and disciplined capital allocation with an increased financial flexibility were the key drivers behind this development. The company continues to target a cash conversion rate of around 40 percent. On the cost side, the efficiency program “Evonik Tailor Made”, extended in June 2026, is designed to sustainably improve the company’s cost structure and long-term competitiveness.
The upgrade brings Moody’s issuer rating in line with the BBB+ issuer rating assigned by S&P Global Ratings.
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Evonik goes beyond the boundaries of chemistry with its combination of innovative strength and leading technological expertise. The global chemical company, headquartered in Essen, Germany, is active in more than 100 countries and generated sales of €14.1 billion and earnings (adjusted EBITDA) of €1.9 billion in 2025. The common motivation of the approximately 31,000 employees: to provide customers with a decisive competitive advantage with tailor-made products and solutions as a superforce for industry, thereby improving people’s lives. In all markets. Every day.
In so far as forecasts or expectations are expressed in this release or where our statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties. Actual results or developments may vary, depending on changes in the operating environment. Neither Evonik Industries AG nor its group companies assume an obligation to update the forecasts, expectations or statements contained in this release.
Evonik Industries AG Opernplatz 1 45128 Essen Germany
Phone +49 201 177-01 www.evonik.com
Supervisory Board Bernd Tönjes, Chairman Executive Board Christian Kullmann, Lauren Kjeldsen, Dr. Claudine Mollenkopf, Michael Rauch, Thomas Wessel
Registered Office is Essen Register Court Essen Local Court Commercial Registry B 19474
Senior Vice President Investor Relations