Slide 1: Roadshow Presentation Post FY 2025 results
Roadshow Presentation Post FY 2025 results
Slide 2: SOLVAY
SOLVAY
Slide 3: SOLVAY at a glance
SOLVAY at a glance ~8,400 43 41 Employees Production Countries sites €4.3bn €881m €350m Underlying Underlying Free Cash Net sales EBITDA Flow1 1 to Solvay shareholder s from con tinuing operations 3 202 5 fig ures
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** & M idd le 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 produc
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 neutrality is robust and affordable -⅓ (at current Solvay perimeter) -⅓ Competitiveness -29% at end of 2025 as an imperative 9 -⅓ 6 Additional third-party financing necessary for certain projects 3 CO2 emissions in mill ion to ns 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 1 HSE and maintenance €250-300 million per year Essential CAPEX Energy transition Incl. €25-€35m energy transition ~€240m in 2025 PRIORITY 2 ‘Stable to increasing’ policy €254 million Dividends in 2025 PRIORITY 3 Priority: investments in growth Dep
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 Circular Silica, e-H202, High growth opportunities rare earths
Slide 17: Financials
PAIN ANG VAIES SOLVAY
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 18 1. To Solvay shareholders from continuing operations
Slide 19: FY underlying Net Sales bridge
FY underlying Net Sales bridge Volumes and prices slightly down 4,686 -7 -122 -209 -86 4,262 Volumes down yoy (-4%) Scope Forex conversion Volume Mainly from Soda Ash and Coatis GBU & mix Price Lower pricing Mainly from Soda Ash and Coatis GBU -6.5% Forex headwinds Mainly from USD and BRL -9.0% FY 2
Slide 20: FY underlying EBITDA bridge
FY underlying EBITDA bridge Retaining healthy EBITDA margin Volume & mix €+40m CO2 emissions rights optimization €-20m from Peroxides license in 2024 MARGIN MARGIN -1.8pp 22.5% 20.7% Net pricing Lower in Soda ash (seaborne pricing) & Coatis 1,052 -7 -28 Resilient in other businesses -41 -62 Scope -6
Slide 21: Structural cost savings
€350m by 2028 Structural cost savings Rapid ramp up in first years €211m in first 2 years ERP POST TSA INDUSTRIAL FOCUS 25% SG&A Fit for purpose organization €300m New ERP €211m 25 35% Plant Fixed Costs Operational excellence €110m 75 Footprint optimization 20 30 111 40% Operational efficiency 60 Lo
Slide 22: Basic Chemicals results
Basic Chemicals results Q4 2025 (€m) % YoY % YoY organic FY 2025 (€m) % YoY % YoY organic Soda Ash & Deriv. 406 -15% -13% Soda Ash & Deriv. 1,713 -10% -9% Peroxides 229 -3% +1% Peroxides 917 -2% +0% uNet Sales 635 -11% -8% uNet Sales 2,630 -7% -6% uEBITDA 160 -24% -20% uEBITDA 614 -22% -20% uEBITDA
Slide 23: Performance Chemicals results
Performance Chemicals results Q4 2025 (€m) % YoY % YoY organic FY 2025 (€m) % YoY % YoY organic Silica 116 -11% -8% Silica 515 -5% -3% Coatis 97 -33% -32% Coatis 470 -26% -20% Special Chem 147 +2% +7% Special Chem 647 -2% +1% Net Sales 359 -14% -12% Net Sales 1,632 -11% -7% uEBITDA 50 -23% -18% uEBI
Slide 24: Corporate segment results
Corporate segment results Transformation costs weighting on 2025 - 2027 CO2 CO2 emission emission rig hts rig hts +40 0 ERP rollout - IT simplification -50 (EBITDA, €m) New ERP TSA exit Fu ll TSA exi t & -58 -40 new ERP Normalized -100 Transformation -70/-80 expenses 2024 2025 2026 est. 2027 est. 20
Slide 25: Strong FCF generation of €350m
Strong FCF generation of €350m Capex Higher provision cash-outs offset by working capital €-239m Essential Capex (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 Pro visi
Slide 26: Temporary cash impacts on FCF
Temporary cash impacts on FCF (in m€) Transformation expenses still weighing on cash generation in 2026 2025 2026 2027 0 Stranded costs Negative impact on EBITDA -25 -30 ERP (opex and capex) -27 Higher in 2025-2026 -40 -50 Restructuring cash-outs -50 - Fluorine and post-TSA 2025-2026 - Partly offset
Slide 27: Capital structure
Capital structure S&P RATING: BBB- Stable outlook Healthy balance sheet and leverage ratio Underlying net debt: €1.6 Bn -129 -1,597 -1,544 350 -21 Employee benefits liabilities: €0.6 Bn -254 Environmental liabilities: €0.5 Bn Leases In/outflow from M&A FCF to Dividen ds Solvay share- holders to Solv
Slide 28: 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 29: Philippe Kehren
03 Philippe KEHREN 29
Slide 30: 2026 guidance
2026 Underlying EBITDA Between €770 million and €850 million 1 Free Cash Flow 2 Minimum €200 million Capex limited to Maximum €300 million 1 Assuming a 1.20 EUR/USD exchange rate 30 2 Free Cash Flow to Solvay shareholders from continuing operations The guidance for 2026 is net of €90 million of tran
Slide 31: Appendix
APP EIN SOLVAY
Slide 32: 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 33: 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 Container glass Water softener for Other applications Flue gas treatment, (construction, solar (food & beverages) detergents incl. sodium silicates, pharma, feed, food panels, automo
Slide 34: 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 35: 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 and capacity will grow 65% 2023 - 2030 Main trona resources Wyoming Inner Mongolia Soda Ash Soda Ash nameplate nameplate capacity: capacity: Turkey 74 MMT 97 MMT Reserves for 20-25 years
Slide 36: 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 37: Electrified Soda Ash process
Yield improvement leading e.Solvay : reinventing the Solvay process to to grow in regions with no capacity -20% brine Brine required Soda ash plant Current Solvay process Brine NH 4Cl Soda ash -30% CO 2 NH 3 limestone required Limestone Limestone Lime kilns Ammonia recovery Compl ete Limestone remov
Slide 38: 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 39: 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 Aquac ulture disinfectants, chemicals, semico nducto r industry 3 HPPO (Hydrogen Peroxide for mining and o
Slide 40: 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 support growth (GDP growth) LATAM ~15% (GDP growth) Capacity Capacity APAC ~30% South America APAC ex. China ~13% EMEA
Slide 41: Silica: Innovative leader in Highly Dispersible Silica
Silica: Innovative leader in Highly Dispersible Silica Tire Consumer Industrial Goods ~80% ~20% Oral Care Feed, Food, Agro Battery & MRG CAR OEM CONSUMERS Net Sales 2025 Production sites KEY FIGURES ~€0.5bn 7 Source: Solvay in ternal data Note: % of net sales of Solvay's Silica busin ess 41
Slide 42: 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 AP global reach & security
Slide 43: Coatis: diversified market applications
Coatis: diversified market applications ~35% ~20% ~15% ~15% ~15% Consumer Goods Food Industry Automotive Building Others (Packaging) Net Sales 2025 Production sites KEY FIGURES ~€0.5bn 2 SILIC Source: Solvay in ternal data Note: % of net sales of Solvay's Coatis business 43
Slide 44: 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 45: Special Chem: two business lines serving high end applications
Special Chem: two business lines serving high end applications Pharma, Nuclear, Refinery,... Automotive Industrial Applications Fluorine ~45% ~30% ~25% SPECIAL CHEM Automotive Emission Control Electronics High-end Applications Rare Earths ~55% ~25% ~20% Net Sales 2025 Production sites KEY FIGURES ~€
Slide 46: Fluorine: strong regional presence
Fluorine: strong regional presence enabling safe & high quality service to our customers Leader in EMEA selected EMEA applications 3 production North America sites 3 HF production sites AP ➝ Metal Treatment 2 ➝ Refinery production sites ➝ Quartz (Electronics) AP Nocolok HF Nocolok ➝ Automotive NORTH
Slide 47: 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 48: 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 si
Slide 49: 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 rare earths separation, purification and La Rochelle: new developments formulation in Europe April 2025 Nd-Pr f
Slide 50: 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 51: 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 52: 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 4-5% reduction on addressable spend ➢ Povoa, Portugal –
Slide 53: 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 54: 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 2.89 2.75 2.75 2.75 2.63 9.3%
Slide 55: 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 56: Remuneration Solvay CEO & Executive Leadership - 2025 STI & LTI
Remuneration Solvay CEO & Executive Leadership - 2025 STI & LTI Long-Term Incentive Short-Term Incentive Equity settled Performance Share Units (70%) Restricted Share Units (30%) At target: 95% (CEO) and 65% (other At target: 115% (CEO) and 95% (other ELT) ELT) % of fixed Minimum grant: 30% (RSU) re
Slide 57: Visit solvay.com
Visit solvay.com Visit solvay.com Contact media relations Contact investor relations 57