Solvay Sa · EURONEXT:SOLB
Solvay Sa — Solvay Sa Act — FY2025 Earnings Presentation
23 slides from Solvay Sa's earnings presentation, Feb 24, 2026
Slide 1: Full Year 2025 Results
Philippe KEHREN CEO FULL YEAR 2025 RESULTS Alexandre BLUM Earnings call CFO February 24, 2026
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
Agenda Introduction 01 Philippe Kehren 02 Financials Alexandre Blum 03 Outlook Philippe Kehren 04 Q&A 3
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 0.34 11 0.35 0.32 0.33 0.31 0.30 0.31 0.29 0.29 9 0.3 0.27 0.27 0.27 0.24 0.25 7 11 11 7 0.2 4 4 4 4 5 0.15 3 3 3 2 3 0.1 1 1 0.05 0 0 1 0 -1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 High
Slide 6: For Generations: progress towards sustainability ambitions
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) 13.2 12.1 11.5 -13% -20% by 2030 Coal phase-out (# of sites) 5 3 3
Slide 7: 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 7 1. To Solvay shareholders from continuing operations
Slide 8: Strengthening our competitiveness
Strengthening our competitiveness Energy transition in Europe Announced Footprint Optimizations (year of project completion) (year of implementation) ➢ Biomass boilers in Rheinberg, powered by locally sourced ➢ Torrelavega, Spain – Soda ash (900kt to 600kt, 2024-25) waste wood (2024) ➢ Povoa, Portug
Slide 9: Preparing the future
Preparing the future Investing in our sites’ transformation and in selective high-growth opportunities Digitalizing our plants Electronic grade H202 Inauguration of bio-circular Rare earths for permanent capacity expansion in silica facility in Livorno, Italy magnets in La Rochelle, Zhenjiang, China
Slide 10: Financials
Alexandre BLUM 02 FINANCIALS 10
Slide 11: 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 12: 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 13: Structural cost savings: €350 million by 2028
Structural cost savings: €350 million by 2028 2025 cost savings Cumulative cost savings €52m + €45m + € 4m = €101m €211m Delivered Cumulative Operational Plant Fixed efficiency Costs SG&A FY 25 2024-2025 Gross savings (before inflation) measured as year-on-year EBITDA impact 13
Slide 14: 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 15: 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 16: Corporate segment results
Corporate segment results Transformation costs weighting on 2025 - 2027 CO2 CO2 emission emission rights rights +40 0 ERP rollout - IT simplification -50 (EBITDA, €m) New ERP TSA exit Full TSA exit & -58 -40 new ERP Normalized -100 Transformation -70/-80 expenses 2024 2025 2026 est. 2027 est. 2028 e
Slide 17: 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 Provisio
Slide 18: Temporary cash impacts on FCF
Temporary cash impacts on FCF (in m€) Transformation expenses still weighing on cash generation in 2026 2025 2026 2027 Stranded costs 0 Negative impact on EBITDA ERP (opex and capex) -25 Higher in 2025-2026 Restructuring cash-outs ERP Restructuring cash-outs -50 - Fluorine and post-TSA 2025-2026 -50
Slide 19: 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 Dividends Solvay share- holders to Solva
Slide 20: 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 ~€240m in 2025 PRIORITY 2 ‘Stable to increasing’ policy €254 million Dividends in 2025 PRIORITY 3 Priority: investments in growth Depending on merit Optionality: furt
Slide 21: Outlook
Philippe KEHREN 03 OUTLOOK 21
Slide 22: 2026 Underlying EBITDA between €770 million and €850 million
2026 Underlying EBITDA Between €770 million and €850 million1 Free Cash Flow2 Minimum €200 million Capex limited to Maximum €300 million 1 Assuming a 1.20 EUR/USD exchange rate 22 2 Free Cash Flow to Solvay shareholders from continuing operations The guidance for 2026 is net of €90 million of transf
Slide 23: Q&A
04 Q&A 23