Earnings Material EN (2025Q4 Earnings webcast presentation)

Philippe

KEHREN

CEO

FULL YEAR 2025 RESULTS

Earnings call

February 24, 2026

Alexandre

BLUM

CFO

Agenda

3

3

Introduction

01

Philippe Kehren

02

Financials

Alexandre Blum

03

Outlook

Philippe Kehren

04 Q&A

01

Philippe

KEHREN

INTR0DUCTI0N

4

o.5 f our operations

0.27

0.32 0.31

0.27 0.27

0.24

0.30 0.29

0.33

0.31

0.28

0.31

11 11 7

4 4 4 4

3 3 3

2

1 1

0 0

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

5

High severity reportable injuries Reportable Injury Rate

For Generations

Tracking good progress towards our sustainability ambitions

1 Enhanced methodology in 2025 to estimate SF6 emissions with improved accuracy. Baseline and 2024

6 figures have been restated accordingly.

2 16% of permeable land is under conservation or restoration. Nature-positive im pact yet to be quantified.

3 Revised baseli ne from 2021 to 2023 for social KPIS as it is more relevant due to the demerger of Syensqo

Strong free cash flow delivery in a challenging environment

€4.3bn €881m €350m €1.6bn 14%

uNET SALES uEBITDA FCF1 uNET DEBT R0CE

-6% organic -13% organic

20.7% margin

1.8x leverage

7 1. To Solvay shareholders from continuing operations

Energy transition in Europe

(year of project completion)

• Biomass boilers in Rheinberg, powered by locally sourced waste wood (2024)

• Local refuse-derived fuel (RDF) in Dombasle, France (2026)

• Electrical furnace in Collonges, France (2026)

• Renewable hydrogen in Rosignano, Italy (2026)

• Biomass cogeneration plant in Torrelavega, Spain (2027)

Rheinberg, Germany Torrelavega, Spain

8

Digitalizing our plants

9

Electronic grade H202 capacity expansion in Zhenjiang, China

Inauguration of bio-circular silica facility in Livorno, Italy

Rare earths for permanent magnets in La Rochelle, France

Investing in our sites' transformation and in selective high-growth opportunities

02

Alexandre

BLUM

FINANCIALS

10

Volumes and prices slightly down

-86

4,262

Scope

Forex conversion

Volume

& mix

Price

-6.5%

4,686 -7 -122 -209

FY 2024

-9.0%

FY 2025

Volumes down yoy (-4%)

Mainly from Soda Ash and Coatis GBU

Lower pricing

Mainly from Soda Ash and Coatis GBU

Forex headwinds

Mainly from USD and BRL

11

FY underlying EBITDA bridge

Retaining healthy EBITDA margin

-62

Scope

-63

For ex

conversion

+29

881

Volume

& mix

Net pricing

Fixed costs

Other

-13.4%

1,052 -7 -28 -41

€+40m CO2 emissions rights optimization

€-20m from Peroxides license in 2024

Lower in Soda ash (seaborne pricing) & Coatis

Resilient in other businesses

Costs savings more than offsetting inflation

€-23m temporary stranded costs in Corporate

€-20 TSA revenue in 2024

FY 2024

-16.3%

FY 2025

€+29m from Dombasle accrual in 2024

Structural cost savings: €350 million by 2028

€52m

0perational efficiency

+

€45m

Plant Fixed

Costs

+

€4m

SG&A

=

€101m

Delivered

FY 25

€211m

Cumulative

2024-2025

13 Gross savings (before inflation) measured as year-on-year EBITDA impact

Basic Chemicals results

Q4 Highlights

Soda Ash & Derivatives

Peroxides

14

Steady volumes and pricing in domestic soda ash markets, while seaborne continued to experience yoy price pressure Bicarbonate very resilient and slightly up year on year

Broadly stable volumes in merchant markets. Double-digit growth in electronic grades for semiconductor industry

Performance Chemicals results

Q4 Highlights

Silica Lower tire volumes while consumer industrial goods market remained resilient

Coatis Volumes and prices down in all end markets due to continued difficult environment with US tariffs and strong price competition from Asia

15

Special Chem Higher rare earth volumes in electronics and medical applications, offsetting slightly lower autocatalysis

and fluorine derivatives demand

Corporate segment results

Transformation costs weighting on 2025 - 2027

ERP rollout - IT simplification

New ERP

Full TSA exit & new ERP

0

(EBITDA, €m)

-50

-100

2024 2025 2026 est. 2027 est. 2028 est.

Corporate EBITDA Highlights

➝ 2024: Transition Service Agreement revenues and low discretionary expenses offsetting provision on Dombasle energy transition project

➝ 2025-2026: Temporary negative impact from the TSA exit and associated stranded costs, and from the new ERP implementation opex. For

2025 and 2026, being offset by CO2 emission rights optimization.

➝ 2027: Temporary negative impact from the new ERP implementation opex.

16 ➝ 2028: Target Operating Model fully in place, generating new wave of savings

Strong FCF generation of €350m

Higher provision cash-outs offset by working capital

881 -292

€-239m Essential Capex

(incl. €-26m energy transition)

€-53m Growth Capex

Underl ying

EBITDA

172 -260

Capex Working

capital

Pro visions

-61

Taxes

-90

Financing

350

FCF to So lvay

Sha rehold ers

€+42m from TSA* exit

€+130m from lower activity & other actions

€-130m normalized

(pensions, environmental, restructuring)

€-60m Dombasle Energy

€-70m transformation and other

*Transition Services Agreement

Temporary cash impacts on FCF (in m€)

Transformation expenses still weighing on cash generation in 2026

2025 2026 2027

-50

-71

0

Restructuring cash-outs

ERP

-25

-50

-75

-90

-100

Stranded costs

Negative impact on EBITDA

ERP (opex and capex)

Higher in 2025-2026

Restructuring cash-outs

• Fluorine and post-TSA 2025-2026

• Partly offset by Post-TSA restructuring

contribution from Syensqo in 2025-2026

Capital structure

Healthy balance sheet and leverage ratio

-254

-21

Leases

In/outflow

from M&A

FCF to Solvay shareholders

Dividends to Solvay share-

holders

-1,544 350

December 31, 2024

-129 -1,597

December 31, 2025

Stable outlook

Employee benefits liabilities: €0.6 Bn Environmental liabilities: €0.5 Bn

Interim dividend (January 2026): €0.97 Final dividend (May 2026):€1.46

19

PRIORITY 1

Essential CAPEX

€250-300 million per year

~€240m in 2025

PRIORITY 2

Dividends

€254 million

in 2025

PRIORITY 3

Additional value creation

Depending on merit and affordability

~€50m in 2025

20

03

Philippe

KEHREN

0UTL00K

21

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

   
   
   

2. Free Cash Flow to Solvay shareholders from continuing operations

The guidance for 2026 is net of €90 million of transformation expenses

2026

22

04

Q&A

23