Solvay Sa · EURONEXT:SOLB
Solvay Sa — Q1 2024 Earnings Presentation
17 slides from Solvay Sa's earnings presentation, May 7, 2024
Slide 1: First quarter 2024 results
Philippe Kehren CEO Alexandre Blum CFO First quarter 2024 results Earnings call May 7th, 2024
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: Introduction
Introduction Philippe Kehren 3
Slide 4: Safety at the heart of our operations
Safety at the heart of our operations RIIR (Reportable Injuries and Illness per 200,000 work hours) 0.27 0.27 0.27 (47) (45) 4 4 4 3 3 2 3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 H-RIIR RIIR 4
Slide 5: Q1 2024 results
Q1 2024 results Strong FCF supported by resilient EBITDA, cost and capex discipline € € € € 1.2bn 265m 123m 1.6bn 19.8% NET SALES Underlying EBITDA FCF1 Underlying Net Debt ROCE2 -12% organic -14% organic 1.4x leverage2 last 12 months 22.1% EBITDA margin 1. To Solvay shareholders from continuing ope
Slide 6: Key Q1 accomplishments
Key Q1 accomplishments to drive us forward ■ Capacity expansion in France, Italy linked to SOLVAir® Microscopic view of bicarbonate and in China for photovoltaic grade H2O2 Alve-One® Enabling safer and ■ New bio-based carbon neutral Augeo® for the Americas more sustainable foamed end-products ■ New
Slide 7: Financials
Financials Alexandre Blum 7
Slide 8: €1,201m in Q1 2024 sales bridge
€1 201m in Q1 2024 Q1 Sales bridge VS €1 355m in Q1 2023 1,355 1,363 34 -196 Scope Forex Volume 1,201 conversion & mix Price €34m from volumes positive for the first time in 7 quarters -12% -11% Negative pricing Q1 2023 Q1 2023 Q1 2024 mostly reflecting the lower energy Sales Sales Sales (constant sco
Slide 9: €265m in Q1 2024 EBITDA bridge
€265m in Q1 2024 Q1 EBITDA bridge VS MARGIN 26.9% -4.8pp MARGIN 22.1% €365m in Q1 2023 365 -56 307 9 -79 Volumes growth for the first time in 7 quarters Scope Forex Volume 20 8 265 conversion & mix Other Net Fixed pricing costs Negative net pricing mostly from soda ash other businesses very resilient
Slide 10: Basic Chemicals results
Basic Chemicals results Q1 2024 (€m) % YoY % YoY organic Soda Ash & Deriv. 493 -18% -18% Peroxides 222 +13% -6% Net Sales 715 -10% -15% EBITDA 202 -19% -22% EBITDA Margin 28.2% Q1 Highlights • Soda Ash & Derivatives : lower sales driven by prices. Flat soda ash volumes with seaborne market volume of
Slide 11: Performance Chemicals results
Performance Chemicals results Q1 2024 (€m) % YoY % YoY organic Silica 145 -11% -12% Coatis 155 -9% -12% Special Chem 183 -18% -1% Net Sales 484 -13% -8% EBITDA 80 -31% -16% EBITDA Margin 16.5% Q1 Highlights • Silica : Sales down from prices formula indexations. Higher volumes in tire and consumer &
Slide 12: €123m free cash flow in Q1 2024
€123m in Q1 2024 Strong FCF generation Supported by resilient EBITDA and disciplined Capex VS and Working capital €-130m in Q1 2023 265 Resilient EBITDA Performance Capex Working capital 123 Provisions Financing Taxes and other Capex discipline Mostly essential Capex EBITDA FCF Q1 2024 Q1 2024 Limit
Slide 13: Strong balance sheet stabilized with inaugural €1.5bn refinancing
Strong balance sheet stabilized with inaugural €1.5bn refinancing Dual tranches bond In €bn, as of Q1 2024 end BBB- S&P Rating confirmed stable 4 year €750m Gross debt 2.3 7.5 year €750m Net debt 1.6 3.875% coupon on 4y bond 4.250% coupon on 7.5y bond Net pension liabilities 0.7 Environmental liabilit
Slide 14: Outlook
Outlook Philippe Kehren 14
Slide 15: Outlook unchanged
Outlook unchanged Expectations for 2024 Underlying EBITDA organic growth 01 ranging between -10% to -20% compared to 2023 restated 02 Free Cash Flow1 greater than €260 million 15 1 Free cash flow to Solvay shareholders from continuing operations
Slide 16: Q&A
16 &A Q&A
Slide 17: Visit solvay.com
Visit solvay.com Contact media relations Contact investor relations