Slide 1: Second Quarter 2026 Results
Second Quarter 2026 Results July 29, 2026 Philippe KEHREN Alexandre BLUM CEO CFO
Slide 2: 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 3: Table of Contents
TABLE OF CONTENTS 01 Introduction Philippe Kehren 02 Financials Alexandre Blum 03 Rare Earths Philippe Kehren 04 Outlook Philippe Kehren 05 Q&A
Slide 4: Introduction
Philippe KEHREN 01 INTRODUCTION 4
Slide 5: Safety at the heart of our operations
Safety at the heart of our operations 0.5 15 0.45 13 0.4 0.33 0.33 11 0.35 0.30 0.31 0.30 0.29 0.29 9 0.3 0.27 0.26 0.24 0.25 7 0.2 4 4 5 0.15 3 3 3 3 0.1 1 1 0.05 0 0 0 1 0 -1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 High severity reportable injuries Reportabl
Slide 6: Key messages
For Information Key messages Bicarbonate and Peroxides performing well PERFORMANCE Pricing pressure on seaborne soda ash Coatis recovery HEADWINDS FROM THE MIDDLE EAST HPPO temporary shutdown in Saudi Arabia EU ETS REFORM Going in the right direction, confirming carbon neutrality by 2050 6
Slide 7: Financials
Alexandre BLUM 02 FINANCIALS
Slide 8: Q2/H1 2026 results
Q2/H1 2026 results Impacted by soda ash headwinds and Middle East conflict €1.0bn €187m €48m €15m €1.8bn Underlying Underlying Underlying NET SALES EBITDA COST SAVINGS FREE CASH FLOW1 NET DEBT YTD YTD June 2026 Q2 2026 Q2 2026 -7.4% (organic basis) -19.5% (organic basis) €26m in Q2 €-11m in Q2 2.3x
Slide 9: Q2 underlying Net Sales bridge
Q2 underlying Net Sales bridge Volumes down yoy, though sequentially up vs Q1 Volumes down yoy (-5.3%) 1,102 - +12 -58 -24 1,031 Peroxides plant shutdown in Jubail Scope Forex c. €-20m 2025 Special Chem contract termination conversion Volume Price & mix Lower pricing (-2.2%) Pricing pressure in soda
Slide 10: Q2 underlying EBITDA bridge
Q2 underlying EBITDA bridge Majority of volume decline yoy due to non-recurring elements MARGIN -2.8pp MARGIN Volume & mix 20.9% 18.1% c. €-20m 2025 Special Chem contract termination negative mix driven by lower HPPO Peroxides sales 230 - +2 -62 Scope Forex conversion -1 +10 +8 187 Net pricing Impro
Slide 11: Basic Chemicals results
Basic Chemicals results Continued headwinds for seaborne soda ash and effect from Middle East Q2 2026 (€m) % YoY % YoY organic Soda Ash & Deriv. 404 -9% -8% Peroxides 218 -4% -5% uNet Sales 622 -7% -7% uEBITDA 134 -6% -6% uEBITDA Margin 21.5% Q2 Soda Ash & Soda ash volumes down due to delayed shipme
Slide 12: Performance Chemicals results
Performance Chemicals results Clear recovery of Coatis, overall sequential improvement Q2 2026 (€m) % YoY % YoY organic Silica 130 -3% -3% Coatis 131 +10% +1% Special Chem 148 -18% -18% Net Sales 409 -6% -8% uEBITDA 78 -24% -26% uEBITDA Margin 19.2% Q2 Silica Resilient but unfavorable regional mix H
Slide 13: FCF generation of €15m in H1
FCF generation of €15m in H1 Usual seasonality and transformation expenses impacting H1 Capex €-141m, strict discipline in Capex spending 406 -141 Working Capital €-79m consistent with usual seasonality -79 Capex -106 Working Provisions capital -30 €-106m still above normalized level from -34 Pro vi
Slide 14: 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 -30 ERP (opex and capex) -25 -27 Higher in 2025-2026 -40 -50 -50 Restructuring cash-outs -71 • Fluorine and post-TSA 2025-2026 Restructuri
Slide 15: Capital structure
Capital structure Net debt temporarily increased following dividend payments S&P RATING: BBB- Stable outlook -254 -10 17 -1,829 -1,597 15 In/outflow from M&A Oth er Underlying net debt: FCF to Solvay share- Dividen ds to Solvay share- €1.8 Bn holders holders Employee benefits liabilities: €0.6 Bn En
Slide 16: Rare Earths
Philippe KEHREN 03 Rare Earths
Slide 17: 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 18: Rare Earths - Developments
Rare Earths - Developments La Rochelle separation capacities Accelerating opportunities at La Rochelle With more than 75 years of experience, Solvay is the only company outside of China with the technical know-how to separate all 17 rare earth elements. Magnets light rare earths (NdPr) in production
Slide 19: Outlook
Philippe KEHREN OUTLOOK SOLVAY
Slide 20: 2026 Outlook Confirmed
2026 OUTLOOK CONFIRMED Anticipating the restart of Peroxides plant in Saudi Arabia in Q3 Underlying EBITDA Free Cash Flow 2 Capex Between Minimum Around €770 & €850 million1 €200 million €300 million (net of €40 million of (net of €90 million of transformation expenses) transformation expenses) 1 As
Slide 21: Q&A
Q&A SOLVAY
Slide 22: Thank You
THANK YOU Visit solvay.com Visit solvay.com Contact media relations Contact investor relations 22