Slide 1: Second Quarter 2025 Results
Philippe KEHREN CEO Alexandre BLUM SECOND QUARTER 2025 RESULTS CFO Earnings call July 30, 2025
Slide 2: Agenda
Agenda Introduction 01 Philippe Kehren 02 Financials Alexandre Blum 03 Outlook Philippe Kehren 04 Q&A 2
Slide 3: Forenote
Forenote This presentation may contain forward-looking information. Forward-looking statements describe expectations, plans, strategies, goals, future events or intentions. The achievement of forward-looking statements contained in this presentation is subject to risks and uncertainties relating to
Slide 4: Introduction
Philippe KEHREN INTRODUCTION 4 01 01
Slide 5: Safety at the heart of our operations
Safety at the heart of our operations * High severity reportable injury ** Reportable Injury Rate 5
Slide 6: Q2 2025 results
Q2 2025 results Continued solid EBITDA margin and free cash flow delivery € € € € 1.1bn 230 m 54 m 1.9bn 16% uNET SALES uEBITDA FCF1 uNET DEBT ROCE -4% organic -12% organic 1.9x leverage 20.9% margin 6 1. To Solvay shareholders from continuing operations
Slide 7: Financials
Alexandre BLUM FINANCIALS 7 02 02
Slide 8: Q2 underlying Net Sales bridge
€1,102m €1,194m in Q2 2025 VS in Q2 2024 Q2 underlying Net Sales bridge FX and volumes negative impacts, resilient pricing Scope Forex conversion Volume Volumes down yoy (-2%, -4% & mix Price excl one-time gain) Mainly from Coatis and soda ash Resilient pricing overall (-2%) Some competitive pressur
Slide 9: Q2 underlying EBITDA bridge
Q2 underlying EBITDA bridge €230m VS €272m in Q2 2025 in Q2 2024 EBITDA margin remains sound at 21% MARGIN MARGIN -1.9pp 22.8% 20.9% Volume & mix impact €+4m, but c. €-15m excluding one-off Scope Forex Volume conversion & mix Net pricing Fixed Other Lower net pricing yoy costs Soda ash (seaborne pri
Slide 10: Structural cost savings: €350 million by 2028
Structural cost savings: €350 million by 2028 2025 cost savings Target: > €200m by 2025 * *with €110m delivered in 2024 € € € € € 31m + 19m + 5m = 55m 165m DELIVERED Cumulative Operational Plant Fixed SG&A H1’25 Since 2024 efficiency Costs Gross savings (before inflation) measured as year on year EBITD
Slide 11: Basic Chemicals results
Basic Chemicals results Q2 2025 (€m) % YoY % YoY organic Soda Ash & Deriv. 441 -6% -4% Peroxides 226 -6% -2% uNet Sales 667 -6% -3% uEBITDA 141 -27% -25% uEBITDA Margin 21.2% Q2 Highlights Soda Ash & Derivatives Lower volumes year on year in soda ash though sequentially improving vs lower levels see
Slide 12: Performance Chemicals results
Performance Chemicals results Q2 2025 (€m) % YoY % YoY organic Silica 134 -5% -1% Coatis 119 -29% -19% Special Chem 181 +3% +6% Net Sales 434 -10% -4% uEBITDA 104 +2% +9% uEBITDA Margin 23.9% Q2 Highlights Silica Slight volume decrease in the tire market Coatis Sales negatively impacted by strong co
Slide 13: Corporate segment results
Corporate segment results Normalized One-offs H2 2025 impacted by higher stranded costs 0 ERP rollout - IT simplification -50 (EBITDA, €m) Start of TSA exit Full TSA from Apr. exit & new ERP -58 -80/-90 -100 2024 2025 est. 2026 est. 2027 est. 2028 est. Corporate EBITDA Highlights ➝ 2024: Transition S
Slide 14: FCF: €97 million YTD
FCF: €97 million YTD In line with normal seasonality Capex Strong discipline Working capital At €-56 million in H1 from Q2 seasonality (variable remuneration) Capex Working capital Provisions Incl €-25m for Dombasle Energy H1 Provisions Financing Taxes -51 & other +15 Financing EBITDA FCF H1 2025 H1
Slide 15: Capital structure
Capital structure S&P RATING: BBB- Stable outlook M&A New Debt/Lease & Others Underlying net debt: Dividends FCF €1.9 Bn Employee benefits liabilities: €0.7 Bn Environmental liabilities: €0.6 Bn Leverage ratio: 1.9x Net Debt Net Debt 31 Dec 24 30 Jun 25 15
Slide 16: Outlook
Philippe KEHREN OUTLOOK 16 03 03
Slide 17: Revised 2025 Underlying EBITDA
2025 Underlying EBITDA Between €880 million and €930 million1 revised Free Cash Flow2 ~€300 million Capex limited to Maximum €300 million 1 Assuming current FX levels for the second half of the year 17 2 Free Cash Flow to Solvay shareholders from continuing operations
Slide 18: 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 19: Solvay Q&A
yA SOLVAY Q&A