Slide 1: First Quarter 2025 Results
Philippe KEHREN CEO Alexandre BLUM FIRST QUARTER 2025 RESULTS CFO Earnings call May 8, 2025
Slide 2: Agenda
Agenda Introduction 01 Philippe Kerhen 02 Financials Alexandre Blum 03 Outlook Philippe Kerhen 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 Dedicated Safety team led by a Group Safety director Safety transformation to strengthen safety culture Engagement of all leaders and operational discipline in the plants Supported by external safety culture consultant * High severity reportable injury ** Report
Slide 6: Q1 2025 results
Q1 2025 results Resilient EBITDA thanks to diversified portfolio and cost savings € € € € 1.1bn 250 m 42 m 1.7bn 17% uNET SALES uEBITDA FCF1 uNET DEBT ROCE -6% organic -6% organic 1.7x leverage 22.3% margin 6 1. To Solvay shareholders from continuing operations
Slide 7: Financials
Alexandre BLUM FINANCIALS 7 02 02
Slide 8: Q1 underlying Net Sales bridge
€1,122m €1,201m in Q1 2025 VS in Q1 2024 Q1 underlying Net Sales bridge Negative volume partially offset by pricing Scope Forex conversion Volume €-75m (-6%) & mix Price Volumes down Mainly from soda ash -6% Resilient pricing -7% Q1 2024 Q1 2024 Q1 2025 Sales Sales Sales (constant scope and currency
Slide 9: Q1 underlying EBITDA bridge
Q1 underlying EBITDA bridge €250m €265m in Q1 2025 VS in Q1 2024 Margin at 22.3% MARGIN MARGIN +0.2pp 22.1% 22.3% Slightly lower volumes yoy Scope Forex Slightly lower net pricing yoy conversion Volume & mix Net Fixed Other pricing costs Fixed costs Savings offsetting inflation -6% Other -6% Accrual
Slide 10: Basic Chemicals results
Basic Chemicals results Q1 2025 (€m) % YoY % YoY organic Soda Ash & Deriv. 438 -11% -11% Peroxides 233 +5% +3% uNet Sales 672 -6% -7% uEBITDA 162 -20% -20% uEBITDA Margin 24.1% Q1 Highlights Soda Ash & Derivatives Lower sales compared to a high base in Q1 2024. Lower volumes and prices for soda ash.
Slide 11: Performance Chemicals results
Performance Chemicals results Q1 2025 (€m) % YoY % YoY organic Silica 144 -1% -0% Coatis 138 -11% -0% Special Chem 168 -8% -9% Net Sales 450 -7% -4% uEBITDA 94 +18% +20% uEBITDA Margin 21.0% Q1 Highlights Silica Sales down from lower volumes in tire markets, mostly compensated by higher prices. Coat
Slide 12: FCF: €42 million in Q1 2025
FCF: €42 million in Q1 2025 In line with normal seasonality Working capital At €-46 million Capex Projects started in 2024, Capex continued in 2025 Working capital Provisions Financing Taxes -27 & other -0 EBITDA FCF Q1 2025 Q1 2025 12
Slide 13: FCF seasonality
FCF seasonality 2024 Normalized free cash flow ➝ Only half a coupon in Q4 ➝ Working capital: seasonal decrease in Q4 Y-1, ➝ Cautious capex in H1 mirrored in Q1 Y ➝ Unusual working capital developments ➝ Variable remuneration: Q2 cash outflow ➝ Payments of bonds coupons: Q2 and Q4 Free cash flow phasing
Slide 14: Capital structure
S&P RATING: BBB- Capital structure Stable outlook Underlying net debt: €1.7 Bn Employee benefits liabilities: €0.7 Bn M&A Environmental liabilities: €0.5 Bn New Debt/Lease FCF Dividends & Others Leverage ratio: 1.7x Others Net Debt Net Debt Launch of biomass boilers in Rheinberg: 31 Dec 24 31 Mar 25
Slide 15: Outlook
Philippe KEHREN OUTLOOK 15 03 03
Slide 16: 2025 outlook confirmed
2025 Underlying EBITDA Currently in the lower half of the “€1.0 billion and €1.1 billion” range1 confirmed Free Cash Flow2 ~€300 million Capex limited to ~€300 million 1 should current market conditions and currency exchange rates continue to prevail 16 2 Free Cash Flow to Solvay shareholders from co
Slide 17: Q&A
yA SOLVAY Q&A