Q1 2023 Covestro AG Earnings Call Transcript
Welcome to Covestro's earnings call on Q1 2023 results. The company is represented by Markus Steilemann, CEO; and Thomas Toepfer, CFO. (Operator Instructions) You will find the quarterly statement and earnings call presentation on our IR website. I assume you have read the safe harbor statement. With that, I would now like to turn the conference over to Markus.
Thanks, Ronald, and hello and warm welcome also from my side to the results of our first quarter. Today, we published our Q1 details after we had pre-released the headline figures 2 weeks ago. Sales were down by 20% compared to last year to EUR 3.7 billion, clearly indicating the global demand crisis we are currently facing.
Against this trend, we achieved the first quarter EBITDA of EUR 286 million, clearly beating the guidance of EUR 100 million to EUR 150 million given in early March. Free operating cash flow was also better than expected by us despite the usual seasonal working
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