Slide 1: Roadshow Presentation Post Q1 2026 results
ROADSHOW PRESENTATION Post Q1 2026 results
Slide 2: Profile
01 PROFILE 2
Slide 3: Solvay at a glance
~8,400 43 Employees Production sites 41 €4.3bn Countries Underlying Net sales SOLVAY at a glance €881m €350m Free Cash Flow1 Underlying EBITDA 1 to Solvay shareholders from continuing operations 3 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; Product
Slide 6: Focused portfolio of leading businesses, essential to diversified end-markets
Focused portfolio of Essential to diversified leading businesses end-markets 26% Soda Ash 8% 6% Electronics 24% 11% Building & Construction Chemical industry & Coatis 14% Industrial Applications Bicarbonate & other derivatives 11% % of % of Net Sales Resources, Net Sales Environment & Energy 18% 15%
Slide 7: 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 21% 17% 36% 26% of net sales of net sales of net sales of net sales 8 5 18 12 production sites production sites production sites production sites *Mexico net sales and 1 producti
Slide 8: Strategy
STRATEGY SOLVAY
Slide 9: 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, Energy transition Our Operating Model Cost Leadership making progress Process Innovation Our People & Culture Sustainabilit
Slide 10: 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 fossil- New technologies Capacity Capture progress and based energy to or process expansion, opportunities in op
Slide 11: Operational excellence: accelerate our Transformation
Operational excellence : accelerate our Transformation Standardization and digitalization as key enablers Predictive maintenance Corporate functions • Yields improvements in • Target Operating Models energy and raw materials • Plant organization Standard procedures • Transportation costs • Footprint
Slide 12: Accelerating the energy transition
Accelerating the energy transition Our roadmap to carbon neutrality1 is robust and affordable -⅓ (at current Solvay perimeter) -⅓ -29% at end of 2025 Competitiveness as an imperative 9 -⅓ 6 Additional third-party financing 3 necessary for certain projects CO2 emissions in million tons1 0 2021 2030 2
Slide 13: Process innovation
Process innovation Reinventing our processes for more sustainable products Circular Silica – bio-circular silica from RHA as the first milestone of a global circular silica strategy Europe’s first bio-circular silica facility Worldwide circular silica from inaugurated in Jan 2026 in Livorno, Italy c
Slide 14: 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 15: Committed to our capital allocation policy
Committed to our Capital allocation policy PRIORITY Essential CAPEX 01 HSE and maintenance Energy transition €250-300 million per year Incl. €25-€35m energy transition ~€240m in 2025 PRIORITY Dividends 02 ‘Stable to increasing’ policy €254 million in 2025 PRIORITY Additional 03 Priority: investments
Slide 16: Executing our strategy
2024-2025 Executing our strategy ~80% People engagement - new culture and purpose engagement rate €211m delivered Transformation - digitalization - cost savings in 2 years Coal phase out Energy transition – on track in the US and Germany High growth opportunities Circular Silica, e-H202, rare earths
Slide 17: Financials
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Slide 18: Full year 2025 results
Full year 2025 results Strong free cash flow delivery in a challenging environment € 4.3bn € 881m € 350m € 1.6bn 14% uNET SALES uEBITDA FCF1 uNET DEBT ROCE -6% organic -13% organic 1.8x leverage 20.7% margin 1. To Solvay shareholders from continuing operations 18
Slide 19: Strong FCF generation of €350m
Strong FCF generation of €350m Capex €-239m Essential Capex Higher provision cash-outs offset by working capital (incl. €-26m energy transition) €-53m Growth Capex 881 -292 172 -260 Working Capital €+42m from TSA* exit -61 €+130m from lower activity & other actions Capex Working capital -90 Provisio
Slide 20: Q1 2026 results
Q1 2026 results Showcasing resilience in a difficult macro environment € 997m € 219m € 22m € 26m € 1.7bn Underlying Underlying Underlying NET SALES EBITDA COST SAVINGS FREE CASH FLOW1 NET DEBT -9% (organic basis) -10% (organic basis) €233m since 2024 normal seasonality 2.0x leverage 21.9% margin 1.
Slide 21: Q1 underlying Net Sales bridge
Q1 underlying Net Sales bridge Volumes and prices slightly down year-on-year Volumes down yoy (-3.3%) 1,122 - -31 -37 -56 Soda ash volumes flat 997 Scope Limited volumes erosion in other businesses Forex Volume conversion Price & mix Lower pricing (-5.0%) Main impacts from Soda Ash seaborne and Coat
Slide 22: Q1 underlying EBITDA bridge
Q1 underlying EBITDA bridge Healthy EBITDA margin maintained in challenging environment MARGIN -0.3pp MARGIN Volume & mix 22.3% 21.9% €+38m CO2 emissions rights optimization +21 -13 250 - -7 -23 -10 Net pricing 219 Coatis : Negative net pricing y-o-y Scope Net Forex Volume pricing conversion & mix F
Slide 23: €233m structural cost savings
€ 233m Structural cost savings 2024-to-date Rapid ramp up in first years € 22m in Q1 2026 ERP POST TSA 25% SG&A INDUSTRIAL FOCUS €350m Fit for purpose organization New ERP €300m €211m 35% Plant Fixed Costs 25 Operational excellence Footprint optimization €110m 75 20 30 111 40% Operational efficiency
Slide 24: Basic Chemicals results Q1
Basic Chemicals results Q1 2026 (€m) % YoY % YoY organic Soda Ash & Deriv. 397 -9% -7% Peroxides 213 -9% -6% uNet Sales 610 -9% -7% uEBITDA 129 -20% -17% uEBITDA Margin 21.2% Q1 Soda Ash & Soda ash volumes flat, pricing down especially in the seaborne market Derivatives Bicarbonate very resilient Hi
Slide 25: Performance Chemicals results Q1
Performance Chemicals results Q1 2026 (€m) % YoY % YoY organic Silica 129 -10% -7% Coatis 115 -16% -16% Special Chem 142 -15% -11% Net Sales 387 -14% -11% uEBITDA 84 -11% -8% uEBITDA Margin 21.6% Q1 Silica Lower tire volumes vs a strong base in Q1 2025 Highlights Coatis Steady volumes but pricing do
Slide 26: Corporate segment results
Corporate segment results Transformation costs weighting on 2025 - 2027 CO2 CO2 emission emission rights rights +40 +38 0 ERP rollout - IT simplification (EBITDA, €m) -50 New ERP TSA exit Full TSA exit & -58 -40 new ERP Normalized -100 Transformation -70/-80 expenses 2024 2025 2026 est. 2027 est. 20
Slide 27: FCF generation of €26m
FCF generation of €26m Capex Positive Q1 cash generation, in line with usual seasonality €-69m, strict discipline in Capex spending 219 -69 Working Capital €-45m consistent with usual seasonality -45 despite a record low year-end WC position Capex -59 Working capital Provisions -16 €-59m still above
Slide 28: Temporary cash impacts on FCF
Temporary cash impacts on FCF (in m€) Transformation expenses still weighing on cash generation in 2026 Stranded costs 2025 2026 2027 Negative impact on EBITDA 0 ERP (opex and capex) -25 -27 -30 Higher in 2025-2026 -40 -50 -50 Restructuring cash-outs -71 • Fluorine and post-TSA 2025-2026 Restructuri
Slide 29: Capital structure
Capital structure Healthy balance sheet and leverage ratio S&P RATING: BBB- Stable outlook -101 -9 7 -1,674 -1,597 26 In/outflow Other from M&A Underlying net debt: FCF to Dividends Solvay to Solvay share- share- holders holders €1.7 Bn Employee benefits liabilities: €0.6 Bn Environmental liabilitie
Slide 30: For Generations
For Generations Tracking good progress towards our sustainability ambitions Progress 2021 2024 2025 Targets vs 2021 Scope 1 & 2 GHG emissions (Mt) 1 9.1 7.6 6.4 -29% -30% by 2030 ; carbon neutrality by 2050 Scope 3 GHG emissions (Mt)2 13.2 12.1 11.5 -13% -20% by 2030 for focus 5 categories Coal phas
Slide 31: Outlook
Philippe KEHREN 04 OUTLOOK
Slide 32: 2026 outlook
2026 Underlying EBITDA Free Cash Flow2 Capex limited to Between Minimum Maximum €770 million and €200 million €300 million €850 million1 net of €90 million of transformation expenses 1 Assuming a 1.20 EUR/USD exchange rate 2 Free Cash Flow to Solvay shareholders from continuing operations 32
Slide 33: Appendix
APPENDIX SOLWAY
Slide 34: Two essential business segments
Two essential business segments Basic Chemicals Performance Chemicals Soda Ash & Derivatives, Peroxides 62% * Silica, Coatis, Special Chem 38% * 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 35: Soda Ash & Derivatives: diverse end markets
Soda Ash & Derivatives: diverse end markets SODA ASH BICAR® and other derivatives ~15% ~15% ~10% ~25% ~35% Flat glass Water softener for Other applications Flue gas treatment, Container glass (construction, solar incl. sodium silicates, (food & beverages) detergents pharma, feed, food panels, automo
Slide 36: 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 (2025) Bicar global capacity (excl. China) in kt (2025) APAC (7%) Other (40%) “Natural” Other (38%) NAM (23%) NAM (40%) Trona (
Slide 37: Soda ash is produced globally from different processes
Soda ash is produced globally from different processes The finite Trona resources are all located outside Europe Trona based Soda Ash is constrained 20%% 24 Main trona either by limited reserves or distance Soda Ash 42% resources to harbour/customer nameplate 49 There is no trona deposit in Europe c
Slide 38: Soda ash production capacities mostly in Northern Hemisphere
Soda ash production capacities mostly in Northern Hemisphere US and Turkey are major exporters; Europe, despite a balanced S/D market, imports and exports; China is mostly autarkic but does export to neighboring SE Asia EUROPE MIDDLE EAST NORTH incl. Turkey AMERICA CHINA from NAM to SEA INDIAN SUBCO
Slide 39: Electrified Soda Ash process
Yield improvement e.Solvay : reinventing the Solvay process LEADING TO to grow in regions with no capacity -20% brine Brine required Soda ash plant Current Solvay process Brine NH4Cl Soda ash -30% CO2 NH3 limestone required Limestone Limestone Lime kilns Ammonia recovery Complete Limestone removal o
Slide 40: Coal Exit of Solvay Soda Ash Plants
Coal Exit of Solvay Soda Ash Plants Delivering our commitments Completed in 2024 To be completed in 2026 Coal > Biomass (Rheinberg, DE) Coal > Waste-To-Energy (Dombasle, FR) Completed in 2009 Coal > Waste-To-Energy & Gas (Bernburg, DE) Coal > Gas (Green River, WY, USA) Completed in 2024 Coal > Bioma
Slide 41: Peroxides: meeting various industry and customer needs
Peroxides: meeting various industry and customer needs ~25% ~20% ~40% ~15% Integrated Chemical Other applications Complexes (ICC) Pulp & Paper incl. Textile bleaching, Food, Water & Electronics 3 HPPO (Hydrogen Peroxide for Propylene Aquaculture disinfectants, chemicals, mining semiconductor industr
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 ~10% Semicon investments support growth LATAM ~15% support growth (GDP growth) (GDP growth) Capacity Capacity APAC ~30% South America APAC ex. China ~13% EMEA
Slide 43: Silica: Innovative leader in Highly Dispersible Silica
Silica: Innovative leader in Highly Dispersible Silica ~80% ~20% Feed, Food, Agro Battery & MRG Tire Consumer Industrial Goods CAR OEM CONSUMERS Net Sales 2025 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 #1 position 3 production ~ €1.4bn Capacity sites position 1 ~ production 20% Capacity site ~ 35% ➝ Strong position at AP Tier 1 brands through ~ global reach & security
Slide 45: Coatis: diversified market applications
Coatis: diversified market applications ~35% ~20% ~15% ~15% ~15% Food Industry Consumer Goods Automotive Building Others (Packaging) Net Sales 2025 Production sites KEY FIGURES ~€ 0.5bn 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 leadership Sales 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 ~45% ~30% ~25% Fluorine Pharma, Nuclear, Refinery,... Automotive Industrial Applications SPECIAL CHEM ~55% ~25% ~20% Rare Earths Automotive Emission Control Electronics High-end Applications Net Sales 2025 Production sites KEY FIGURES ~€
Slide 48: Fluorine: strong regional presence
Fluorine: strong regional presence enabling safe & high quality service to our customers Leader in EMEA selected EMEA applications North America 3 production sites 3 HF production sites AP ➝ Metal Treatment 2 ➝ Refinery production sites ➝ Quartz (Electronics) AP Nocolok HF Nocolok ➝ Automotive NORTH
Slide 49: 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 50: 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 Automotive Earth Oxides Catalysis formulation Footprint: Electronics 3 production CMP slurries, MLCC si
Slide 51: Essential Rare Earths
Solvay la Rochelle plant Essential Rare Earths High potential opportunities ready to accelerate With more than 75 years of experience, Solvay holds unique industrial know-how La Rochelle: new developments and asset for rare earths separation, purification and formulation in Europe April 2025 Nd-Pr f
Slide 52: Our Operations North STAR guides us
Our Operations Transform Solvay to better serve our customers, Safety North STAR health, safety and security as part of our enhance competitiveness and deliver our shareholders guides us commitments DNA Improve on our people and process safety and Sustainability responsibilities for the Customer pro
Slide 53: 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 54: Transformation at Solvay through optimization
Transformation at Solvay through optimization Announced Footprint Optimizations Procurement gains (year of implementation) Spend Review Challenge • Torrelavega, Spain – Soda ash (900kt to 600kt, 2024-25) €15-20 million potential annual savings • Povoa, Portugal – Peroxides (2024) 4-5% reduction on a
Slide 55: Energy exposure
Energy exposure Energy consumption (GWh) Reducing reliance on fossil fuel Reduced energy consumption 20,000 18,000 4% 7% € 540m -4% 16,000 26% 14,000 30% 12,000 Solvay total energy spend1 Energy consumption vs 2023 10,000 34% (down -29% in 2 years) Reflecting volume impact but 8,000 38% also continu
Slide 56: Energy spend by region
Energy spend by region Europe coal phase-out Concentration in Europe reflecting the Group’s industrial footprint leading the energy transition roadmap EUROPE NORTH Europe’s energy spend by type AMERICA 67% (-3pp vs 2023) 14% ASIA-PAC • Europe accounts for the & MEA Group’s remaining coal exposure an
Slide 57: Energy and raw materials risk management
For Information Energy and raw materials risk management Proven expertise to mitigate price risk in a volatile environment • Energy transition projects to reduce structural dependence on imported fossil fuel ENERGY • Customer contracts for energy-intensive activities mostly include energy cost pass-
Slide 58: Evolution over the last 10 years
Track record of healthy margins (>20%) Adjusting Capex to secure cash generation 30% Underlying EBITDA & margin 1,400 26% 1,200 23% 24% 24% 23% 23% 23% 22% 25% 1,000 21% 21% Evolution over the last 10 years 800 20% EBITDA 600 EBITDA % 400 15% 200 0 10% 2016 2017 2018 2019 2020 2021 2022 2023 2024 20
Slide 59: Dividend history
Dividend history For over 40 years, the dividend has been stable or has gradually increased, and has never been reduced. Gross Dividend (in EUR) Dividend yield (year-end share price) 4.05 4.00 3.75 3.75 3.75 3.85 15.0% 3.60 3.45 3.30 3.20 12.5% 10.8% 2.96 3.01 3.01 3.00 2.75 2.75 2.75 2.89 2.63 9.3%
Slide 60: 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
Slide 61: Remuneration Solvay CEO & Executive Leadership
Remuneration Solvay CEO & Executive Leadership 2025 STI & LTI Long-Term Incentive - Equity settled Short-Term Incentive Restricted Share Units Performance Share Units (70%) (30%) At target: 95% (CEO) and 65% At target: 115% (CEO) and 95% (other ELT) (other ELT) % of fixed remuneration Minimum payout
Slide 62: Thank you
THANK YOU Visit solvay.com Contact media relations Contact investor relations 62