Slide 1: Roadshow Presentation Post Q3 2025 results
Philippe KEHREN CEO Alexandre BLUM Roadshow Presentation CFO Post Q3 2025 results
Slide 2: Profile and Strategy
PROPILEe AND STRATEGY SOLVAY
Slide 3: Solvay at a glance
SOLVAY at a glance ~9,000 44 41 Employees Production sites Countries €4.7bn €1.05bn €361m Underlying Underlying Free Cash Flow Net sales EBITDA to Solvay shareholders from continuing operations Solvay figures for 2024 3
Slide 4: We are chemistry
WE ARE CHEMISTRY Essential to our DAILY life Essential TODAY, essential TOMORROW 4
Slide 5: Not Specialty, not Commodity… Essential
Not Specialty, not Commodity… ESSENTIAL Commodity Essential Specialty Chemicals Chemicals Chemicals Standard grade; Customer specific; Product Sold on spec Sold on performance Product/application Innovation Process focused focused Operations / Large capitalistic plants; Multi-purpose plants; Producti
Slide 6: Our strategy: a leader in essential chemistry
Our strategy: a leader in essential chemistry Our Purpose CORE VALUE STRATEGIC DRIVERS LEVERS Key enablers “We are essential Operational excellence Market Leadership chemistry, making Energy transition Our Operating Model Cost Leadership progress possible Process Innovation Our People & Culture Sust
Slide 7: Focused portfolio of leading businesses
Focused portfolio of Essential to diversified leading businesses end-markets 29% Soda Ash 9% 4% Electronics 24% Building & 13% Construction Chemical industry & Industrial Coatis 12% Applications Bicarbonate 12% % of % of & other derivatives Resources, Net Sales Net Sales Environment 2024 & Energy 19%
Slide 8: Global reach, local-to-local in all continents
Global reach, Local-to-local in all continents NORTH LATIN EUROPE ASIA AMERICA AMERICA PACIFIC* & Middle East - Africa 19% 22% 33% 26% of net sales of net sales of net sales of net sales 7 6 19 12 production sites production sites production sites production sites *of which Mainland China: 6% of net
Slide 9: Our strategic levers
Our strategic levers Operational Accelerate the Process Production excellence energy transition innovation Capacity Grow with High potential the market opportunities Continuous Shift from New technologies Capacity Capture progress and fossil-based or process expansion, opportunities in optimization
Slide 10: Operational excellence: accelerate our Transformation
Operational excellence : accelerate our Transformation Standardization and digitalization as key enablers Operational efficiency Plant Fixed Costs SG&A • Yields improvements in • Predictive maintenance Corporate functions energy and raw materials • Plant organization Target Operating Models • Transpor
Slide 11: Accelerating the energy transition
In the past 20 years, Solvay Accelerating the energy transition has already reduced its CO2 Our roadmap to carbon neutrality is robust and affordable emissions by half -⅓ (at current Solvay perimeter) Imple- mented validated -⅓ Competitiveness under design as an imperative 9 -⅓ 6 Additional third-pa
Slide 12: Process innovation
Process innovation e.Solvay - how we will revolutionize the soda ash industry New breakthrough electrochemical process powered by renewable energy Proprietary and patented technology -50% CO2 emissions -30% limestone consumption -20% energy, salt and water consumption Pilot in Dombasle, France Techn
Slide 13: Production capacity
Production capacity Sustained leadership and high potential opportunities fueling top-line growth GROW WITH THE MARKET HIGH POTENTIAL OPPORTUNITIES BY SUSTAINING LEADERSHIP Capacity expansion of H2O2 capacity addition in Asia to meet growing New Bicarbonate Circular highly Rare earths from 0.6Mt Sod
Slide 14: Delivering on our promises
2024 Delivering on our promises 80% People engagement - new culture and purpose engagement rate €110m delivered Transformation - digitalization - cost savings vs €80m target Energy transition projects Two more plants exited coal in 2024 Developing our relationships with customers Circular Silica, e-
Slide 15: For Generations
For Generations A sustainability roadmap with refreshed ambitions and new commitments 2021 2024 Progress Targets Scope 1 & 2 GHG emissions (Mt) 9.0 7.5 -17% -30% by 2030 ; carbon neutrality by 2050 Scope 3 GHG emissions (Mt)1 14.7 14.1 -4% -20% by 2030 Coal phase out (# of sites)2 5 3 -2 All sites b
Slide 16: Financial Updates
FINAN G VANES SOLVAY
Slide 17: Full year 2024 results
Full year 2024 results EBITDA and cash above expectations supported by cost savings acceleration € € € € 4.7bn 1.05bn 361m 1.5bn 18% uNET SALES uEBITDA FCF 1 uNET DEBT ROCE -4% organic -8% organic 1.5x leverage 22.5% margin EBITDA, FCF and cost savings above 2024 guidance Stronger capital structure
Slide 18: Q3 2025 results
Q3 2025 results Solid Free cash flow generation allowing for a reduction in Net debt vs previous quarter € € € € 1.04bn 232 m 117 m 1.7bn 15% uNET SALES uEBITDA FCF1 uNET DEBT ROCE -7% organic -7% organic 1.8x leverage 22.2% margin 18 1. To Solvay shareholders from continuing operations
Slide 19: Q3 underlying Net Sales bridge
Q3 underlying Net Sales bridge Volumes and prices slightly down Volumes down yoy (-4%) Scope Forex Mainly from Soda Ash and Coatis conversion Volume & mix Price Resilient pricing overall (-3%) besides continued unsustainable pressure on seaborne soda ash and on Coatis -7% Continued Forex headwinds -
Slide 20: Q3 underlying EBITDA bridge
Q3 underlying EBITDA bridge Stable sequentially in a challenging environment MARGIN MARGIN -0.1pp 22.4% 22.2% Volume & mix €+16m, but €-24m excluding CO2 emissions rights Scope Forex Volume Net Net pricing conversion & mix Fixed pricing costs Other Lower in Soda ash (seaborne pricing) & Coatis Stran
Slide 21: 9M underlying EBITDA bridge
9M underlying EBITDA bridge Resilient Solvay business model Volume & mix €+5m, but c. €-55m excluding one-offs MARGIN MARGIN -0.6pp 22.4% 21.8% Net pricing Lower in Soda ash (seaborne pricing) & Coatis Scope Forex Volume Very resilient in other businesses conversion & mix Net Fixed Other pricing cos
Slide 22: Operational excellence
Operational excellence € € € € 2024-to-date 97m + 62m + 32m = 191m DELIVERED cost savings Operational efficiency Plant Fixed Costs SG&A 2024-to-date Gross savings (before inflation) measured as year on year EBITDA impact Key Key enabler to Transformation Digitalization Scalability Well on track Support
Slide 23: Basic Chemicals results
Basic Chemicals results Q3 2025 (€m) % YoY % YoY organic Soda Ash & Deriv. 427 -9% -8% Peroxides 228 -3% +0% uNet Sales 655 -7% -5% uEBITDA 151 -17% -15% uEBITDA Margin 23.1% Q3 Highlights Soda Ash & Derivatives Seaborne market negatively impacted by persistent unsustainable price pressure linked to
Slide 24: Performance Chemicals results
Performance Chemicals results Q3 2025 (€m) % YoY % YoY organic Silica 121 -4% -1% Coatis 116 -29% -26% Special Chem 152 -3% +0% Net Sales 389 -13% -10% uEBITDA 59 -25% -21% uEBITDA Margin 15.2% Q3 Highlights Silica Slight volume slowdown in the tire market Coatis Volumes down in all end markets due
Slide 25: Corporate segment results
Corporate segment results CO2 emission rights gain offsetting the temporary stranded costs (€-17m YTD, FY expected at €35m) CO2 emission rights +40 0 ERP rollout - IT simplification -50 (EBITDA, €m) Start of TSA exit Full TSA from exit & Apr. new ERP -58 -40/-50 Normalized -100 (net) One-offs 2024 20
Slide 26: FCF: €214 million YTD
FCF: €214 million YTD On track to deliver full year Free Cash Flow outlook Optimization portfolio CO2 emission rights +€40 million in EBITDA +€10 million in delta WC Capex Working capital Capex €-81m in Q3, strong discipline remains Provisions Financing Taxes -62 & other +28 Provisions EBITDA FCF 9M
Slide 27: Capital structure
Capital structure Net debt down €-0.1Bn sequentially vs Q2 S&P RATING: BBB- Stable outlook M&A New Debt/Lease & Others Underlying net debt: FCF Dividends €1.7 Bn Employee benefits liabilities: €0.7 Bn Environmental liabilities: €0.6 Bn Leverage ratio: 1.8x Net Debt Net Debt down from 1.9x at end of Q
Slide 28: Evolution since 2014
A long track record of resilient growth, margin expansion and cash generation 23% Average EBITDA margin 21.5% Underlying EBITDA & margin Last 10-year Average Growth: ~5% 1,257 1,146 1,022 1,052 919 961 875 876 EBITDA (€mn) Evolution since 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 C
Slide 29: Capital allocation policy confirmed
Capital allocation policy confirmed HSE and maintenance €250-300 million Essential CAPEX Energy transition 1 per year ‘Stable to increasing’ policy €260 million Dividends in 2024 Priority: investments in growth Depending on merit Additional value creation Optionality: further shareholder return and a
Slide 30: Philippe Kehren
03 Philippe KEHREN 30
Slide 31: 2025 outlook
Underlying EBITDA 2025 Between €880 million and €930 million1 Free Cash Flow2 ~€300 million Capex limited to Maximum €300 million 1 Assuming current FX levels for the second half of the year 31 2 Free Cash Flow to Solvay shareholders from continuing operations
Slide 32: Committed to Free cash flow generation
Committed to Free cash flow generation Capex Strong discipline Essential capex at low end of €250-300m Very limited growth projects given soft demand 880-930 <=300 Working capital ~100 ~€25 million from the exit of the TSA ~250 Natural improvement from soft demand Capex Working capital ~80 ~80 Provis
Slide 33: 2028 targets
KPI November 2023 March 2025 Underlying EBITDA Mid-Single Digit 2028 growth (%) per year average = Underlying EBITDA margin (%) Mid to High 20s = Total gross savings €300 million ↑€350 million run-rate run-rate Aligned with capital FCF conversion exceeding mid 30s allocation policy ROCE (%) Increasi
Slide 34: Profitable growth drivers
Profitable growth drivers Top line and cost savings supporting EBITDA growth uEBITDA Margin 23.5% Mid to high 20s Mid-single digit uEBITDA growth TOP LINE GROWTH Supported by volume and price recovery in key markets, and by faster growth in high potential opportunities COST SAVINGS Increased by €50 m
Slide 35: Key takeaways
Key takeaways Clear strategy Transformation Launch of For Essential for ongoing, Generations Generations including safety sustainability roadmap 35
Slide 36: Appendix
APP elN SOLVAY
Slide 37: Global Leadership Team
Global Leadership Team Alexandre Blum Lisa Brown Lanny Duvall Mark van Bijsterveld Chief Finance & Strategy General Counsel & Chief Operations Officer Chief People Officer Officer Corporate Secretary Philippe Kehren Chief Executive Officer Jean Charles Etienne Galan Daniela Manique An Nuyttens Brad Rector C
Slide 38: Two essential business segments
Two essential business segments Basic Chemicals * Performance Chemicals * Soda Ash & Derivatives, Peroxides 61% Silica, Coatis, Special Chem 39% Chemical intermediate businesses focused A wider range of products that are subject to on mature and resilient markets in which Solvay is a customization b
Slide 39: Soda Ash & Derivatives: diverse end markets
Soda Ash & Derivatives: diverse end markets SODA ASH BICAR® and other derivatives ~20% ~10% ~10% ~30% ~30% Flat glass Container glass Water softener for Other applications Flue gas treatment, (construction, solar (food & beverages) detergents incl. sodium silicates, pharma, feed, food panels, automo
Slide 40: Soda Ash & Deriv: a global leader in Soda Ash and Bicarbonate
Soda Ash & Deriv: a global leader in Soda Ash and Bicarbonate Global #2 position in Soda Ash* Global #1 position in Bicarbonate Soda Ash global capacity (excl. China) in kt (2024) Bicar global capacity (excl. China) in kt (2024) APAC (7%) Other (40%) Other (38%) NAM (23%) NAM (35%) Trona (43%) 11% 7
Slide 41: Peroxides: meeting various industry and customer needs
Peroxides: meeting various industry and customer needs ~35% ~20% ~30% ~15% Chemical Industry Other applications Electronics Hydrogen Peroxide for Propylene Oxide Pulp & Paper incl. Textile bleaching, Food, Water & (HPPO) and other chemicals Aquaculture disinfectants and others semiconductor industry
Slide 42: Peroxides: a leader in all regions
Peroxides: a leader in all regions North America EMEA #2 Global #1 position #1 In a Mature Market In a Mature market Semicon investments NAM ~15% Semicon investments support growth support growth (GDP growth) LATAM ~15% (GDP growth) Capacity Capacity APAC ~25% South America EMEA ~45% APAC ex. China
Slide 43: Silica: Innovative leader in Highly Dispersible Silica
Silica: Innovative leader in Highly Dispersible Silica Tire Consumer Industrial Goods ~80% ~20% Oral Care Feed, Food, Agro Battery & MRG CAR OEM CONSUMERS Net Sales 2024 Production sites KEY FIGURES ~€0.5bn 7 Source: Solvay internal data Note: % of net sales of Solvay's Silica business 43
Slide 44: Silica: strong regional positions in HDS
Silica: strong regional positions in HDS Leader at EMEA EMEA key tire brands #1 position Americas Global HDS global market size 3 #3 #1 position Capacity production sites position 1 ~ €1.4bn ~ production 20% Capacity site ~ 35% ➝ Strong position at AP Tier 1 brands through AP global reach & security
Slide 45: Coatis: resilient cash generation and sustainable growth
Coatis: resilient cash generation and sustainable growth ~25% ~20% ~15% ~15% ~25% Consumer Goods Automotive Food Industry Building Others (Packaging) Net Sales 2024 Production sites KEY FIGURES ~€0.6bn 2 SILIC Source: Solvay internal data Note: % of net sales of Solvay's Coatis business 45
Slide 46: Coatis: Major regional producer of essential chemicals in Latam
Coatis: Major regional producer of essential chemicals in Latam with two integrated businesses Solvents (~50%) % Market Net Regional leader in oxygenated solvents and polyamide chain Sales leadership Broad solvents Comprehensive solvent portfolio serving diverse, high-growth portfolio end-markets Ph
Slide 47: Special Chem: two business lines serving high end applications
Special Chem: two business lines serving high end applications Pharma, Nuclear, Refinery,... Automotive Industrial Applications Fluorine ~45% ~30% ~25% SPECIAL CHEM Automotive Emission Control Electronics High-end Applications Rare Earths ~55% ~25% ~20% Net Sales 2024 Production sites KEY FIGURES ~€0
Slide 48: Fluorine: strong regional presence
Fluorine: strong regional presence enabling safe & high quality service to our customers Leader in EMEA selected EMEA applications 3 production North America sites 3 HF production sites AP ➝ Metal Treatment 2 ➝ Refinery production sites ➝ Quartz (Electronics) AP Nocolok HF Nocolok ➝ Automotive NORTH
Slide 49: Rare Earth: strong positions enabled by global industrial footprint
Rare Earth: strong positions enabled by global industrial footprint and tailored products Leader in EMEA Key Markets EMEAJP EMEA Automotive 1 1 Catalysis production production site site ➝ The go-to partner of Tier 1 automotive washcoat players ➝ Very strong presence at China CN players ➝ Deep IP por
Slide 50: Rare Earths - an overview
Rare Earths - an overview 17 rare earths elements Wide range of applications Heavy reliance on China Key characteristics: - Not so rare - Scarce in concentrated, pure form - Separation requires strong expertise Categorized into: - Light rare earths (Ce, NdPr, …) - Heavy rare earths (Dy, Gd, Tb, Sm ,
Slide 51: Rare Earths - Solvay's expertise
Rare Earths - Solvay’s expertise Solvay is present in the separation, purification & formulation steps of the value chain SOURCING SEPARATION & FORMULATION MAIN APPLICATIONS END MARKETS Mixed Rare Catalysis Automotive Earth Oxides formulation Footprint: 3 production CMP slurries, MLCC Electronics sit
Slide 52: Essential Rare Earths
Essential Rare Earths Solvay la Rochelle plant High potential opportunities ready to accelerate With more than 75 years of experience, Solvay holds unique industrial know-how and asset for rare earths separation, purification and La Rochelle: new developments formulation in Europe April 2025 Nd-Pr fo
Slide 53: Resilience through the cycles
Resilience through the cycles Margin & Cash Conversion track record over 2017-2024 Cash Conversion 70% 71% 71% 69% 70% 70% 61% 66% Proven resilient margin through crises uEBITDA Margin 23% 21% 24% 24% 23% 23% 23% 22% Flexibilization of capex to sustain 1,257 high cash conversion 1,146 1,052 1,022 96
Slide 54: Structural cost savings
€350m by 2028 Structural cost savings Rapid ramp up in first years €200m in first 2 years ERP POST TSA 25% SG&A Fit for purpose organization New ERP INDUSTRIAL FOCUS 35% Plant Fixed Costs Operational excellence Footprint optimization €110m 40% Operational efficiency Logistics & procurement Process innov
Slide 55: Our Operations North STAR guides us
Our Operations North STAR guides us Transform Solvay to better Safety serve our customers, health, safety and security as enhance competitiveness part of our DNA and deliver our shareholders commitments Improve on our people and Customer Satisfaction Sustainability process safety and deliver innovat
Slide 56: Digital transformation in shop floor activities
Digital transformation in shop floor activities Condition Based Monitoring Raw Material & Energy Performance Mgt from reactive and preventive to condition-based maintenance 9,000+ IoT sensors by 2027 €37 million potential plant variable cost savings by 2027 Group wide deployment, scaling from 4,500+
Slide 57: Transformation at Solvay through optimization
Transformation at Solvay through optimization Footprint optimization Procurement gains Spend Review Challenge Aligning supply-demand €15-20 million potential annual savings ➢ GBU Peroxides (2024-25) 4-5% reduction on addressable spend ➢ Povoa, Portugal (closing) ➢ Warrington, UK (closing) Cross-func
Slide 58: Dividend history
Dividend history For over 40 years, the dividend has been stable or has gradually increased, and has never been reduced. 58
Slide 59: Remuneration Solvay CEO & Executive Leadership - 2025 STI & LTI
Remuneration Solvay CEO & Executive Leadership - 2025 STI & LTI Long-Term Incentive Short-Term Incentive Equity settled Performance Share Units (70%) Restricted Share Units (30%) At target: 95% (CEO) and 65% (other At target: 115% (CEO) and 95% (other ELT) ELT) % of fixed Minimum grant: 30% (RSU) rem
Slide 60: Visit solvay.com
Visit solvay.com Contact media relations Contact investor relations 60