Ebitda before special items – a measure of underlying performance – came in at €1.5 billion (US$1.74 billion) for the third quarter (Q3) – down €78 million on last year but slightly ahead of analyst expectations in a poll by financial data firm FactSet.

“Customer buying behaviour in almost all industries and regions remained cautious,” BASF boss Markus Kamieth said.

“Even in this demanding market environment, BASF’s earnings came in slightly above market expectations,” he added.

Suppliers to an enormous variety of sectors including construction, automotive and agriculture, chemical companies such as BASF are often seen as a bellweather for the health of the global economy.

BASF cut its outlook for the year in mid-July, citing customer nervousness in the face of US President Donald Trump’s tariff onslaught and the resulting weaker-than-expected global economic growth.

German chemical-manufacturers have also struggled in recent years with increasing Asian competition as well as high energy costs.

Chemical plants in the country are working at their lowest capacity since 1991, according to figures from the VCI chemicals lobby.

Germany’s Chancellor Friedrich Merz said earlier this month that he would fight for deregulation at the European level to help the industry.