Slide 1: Third Quarter 2025 Results
Philippe KEHREN CEO Alexandre BLUM CFO THIRD QUARTER 2025 RESULTS Lanny DUVALL Earnings call COO November 6, 2025
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: Agenda
Introduction Agenda 01 Philippe Kehren Cost savings 02 Philippe Kehren Lanny Duvall Financials 03 Alexandre Blum 04 Outlook Philippe Kehren Recent developments 05 Philippe Kehren 3 06 Q&A
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: 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 6 1. To Solvay shareholders from continuing operations
Slide 7: Operational Excellence
02 Philippe KEHREN Lanny DUVALL 02 OPERATIONAL EXCELLENCE 7
Slide 8: Our strategic levers
Our strategic levers Focus on Operational excellence - our fist core strategic lever Operational Accelerate the Process excellence ‘energy transition innovation Operational excellence : accelerate our Transformation Standardization and digitalization as key enablers Operational efficiency Plant Fixe
Slide 9: 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 10: 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 11: 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 4-5% reduction on addressable spend ➢ Povoa, Portugal (closing) ➢ Warrington, UK (closing) Cross-functional col
Slide 12: 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 13: Financials
Alexandre BLUM FINANCIALS 13 03 03
Slide 14: 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 15: 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 16: 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 17: 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 18: 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 19: FCF: €214 million YTD
FCF: €214 million YTD On track to deliver full year Free Cash Flow outlook Optimization coverage 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 -51 & other +15 Provisions EBITDA FCF 9M
Slide 20: 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 21: Recent Developments
Philippe KEHREN RECENT DEVELOPMENTS 21 04 04
Slide 22: Recent developments at Solvay
Recent developments at Solvay H202 Capacity expansion Advancing our Footprint optimization in in Zhengjiang, China worldwide circular Germany silica strategy 22
Slide 23: 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 24: 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 La Rochelle: new developments rare earths separation, purification and formulation in Europe April 2025 Nd-Pr fo
Slide 25: Outlook
Philippe KEHREN OUTLOOK 25 05 05
Slide 26: Underlying EBITDA and Free Cash Flow outlook 2025
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 26 2 Free Cash Flow to Solvay shareholders from continuing operations
Slide 27: Q&A
Q&A 27 06 06
Slide 28: Appendix
Appendix 28 07 07
Slide 29: 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 30: 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 ,