Earnings Material EN (Solvay 2025Q4 Earnings Roadshow)

Roadshow Presentation

Post FY 2025 results

2

3 2025 figures

1 to Solvay shareholders from continuing operations

WE ARE CHEMISTRY

4

Not Specialty, not Commodity… ESSENTIAL

Product

Standard grade; Sold on spec

Commodity Chemicals

Essential Chemicals

Specialty Chemicals

focused

Customer specific; Sold on performance

Innovation

Process focused Product/application

Operations / Production

Large capitalistic plants; continuous production

Multi-purpose plants; batch production

Technology

Off-the-shelf design Proprietary;

producer specific

Industry Structure

Marketing and sales

Large, mature & fragmented

Index price Wholesale market Spot contracts

Niche; few players

Value pricing Customer intimacy Long term contracts

5

11%

Coatis

26%

% of Net Sales

Soda Ash

14%

Bicarbonate

& other derivatives

15%

Special Chem

Rare Earths &

Fluorine

12%

Silica

22%

Peroxides

6 2025 figures

Essential to diversified

8%

Building & Construction

6% Electronics

24%

Chemical industry & Industrial Applications

11%

% of

Resources, Net Sales

Environment

& Energy

16%

Food & Feed

18%

Automotive

17%

Consumer,

Home & Personal Care, Healthcare

NORTH AMERICA*

21%

of net sales

8

production sites

LATIN AMERICA*

17%

of net sales

5

production sites

EUROPE

36%

of net sales

18

production sites

ASIA PACIFIC**

& Middle East - Africa

26%

of net sales

12

production sites

*Mexico net sales and 1 production site considered in North America as of 2025 (vs Latin America previously)

**of which Mainland China: 6% of net sales, 5 prod. sites

7 2025 figures

8

Our strategy:

STRATEGIC

LEVERS

Operational excellence Energy transition Process Innovation

Production capacity

Key enablers

Our Operating Model

Our People & Culture

Our Purpose

CORE VALUE

DRIVERS

"We are essential chemistry, making progress possible for generations"

Market Leadership

Cost Leadership Sustainability

9

Our strategic levers

Operational excellence

Accelerate the energy transition

Process innovation

Grow with

Production

Capacity

High potential

the market opportunities

Continuous progress and optimization of operations and systems (digitalization)

Shift from fossil-based energy to more sustainable

/ renewable energy

New technologies or process improvements to sustain our competitiveness

Capacity expansion, greenfield and/or partnerships to maintain our leadership

Capture opportunities in fast growth segments and new applications

10

Operational excellence : accelerate our Transformation

Standardization and digitalization as key enablers

Yields improvements in energy and raw materials

Transportation costs Procurement savings

Predictive maintenance Plant organization Footprint optimization

Corporate functions Target Operating Models

Standard procedures

Digitalization and AI in support functions

11

25%

From

To

€350 million

11

(gross savings, annual run-rate)

COST SAVINGS BY

Accelerating the energy transition

Our roadmap to carbon neutrality is robust and affordable

-⅓

-29% at end of 2025

9

-⅓

6

3

0

-⅓

CO2emissions in million tons

Estimated CAPEX

2021

€25-35 million

2030

~€50 million

2040

2050

per year

12

Coal phase out

4 plants in EU and US

Other energy projects Process innovation

US gas mine & e.Solvay

Coal exit

Bulgaria

Other energy projects Process innovation

e.Solvay and others

Further innovation

incl. new technologies

10% offset Process innovation

e.Solvay and others

(at current Solvay perimeter)

Competitiveness

as an imperative

Additional third-party financing necessary for certain projects, e.g. energy transition in Devnya

Government support is needed

Acceleration possible with the support of customers

Process innovation

Reinventing our processes for more sustainable products

Europe's first bio-circular silica facility inaugurated in Jan 2026 in Livorno, Italy

• Derived from rice husk ash (RHA), a renewable agricultural by-product

• -35% CO2emissions per ton of silica

  Worldwide circular silica from certified waste sand from 2026

• ISCC® PLUS certified

• Worldwide roll out in Solvay production plants from Q1'26

Proprietary and patented technology

-50% CO2emissions

-30% limestone consumption

-20% energy, salt and water consumed

13

Pilot in Dombasle, France

Competitiveness improvement

e.

Production capacity

New Bicarbonate

applications:

• Solvair® Marine

• Alve One®

Circular highly Rare earths from

dispersible silica (rice recycled material for

husk ash) EVs and wind power markets

Sustained leadership and high potential opportunities fueling top-line growth

Capacity expansion of 0.6Mt Soda Ash in the US

H2O2 capacity addition in Asia to meet growing demand in photovoltaic and semiconductor sectors

14

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

15

Executing our strategy

People engagement - new culture and purpose

Transformation - digitalization - cost savings

Energy transition - on track

High growth opportunities

Capital structure - investment grade

Solid cash generation

16

~80%

engagement rate

€211m delivered in 2 years

Coal phase out

in the US and Germany

Circular Silica, e-H202, rare earths

€1.5bn bond issued, US pension lift-out

€711m FCF generated and €510m dividend paid in 2 years

17

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

20.7% margin

1.8x leverage

18 1. To Solvay shareholders from continuing operations

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

19

FY underlying EBITDA bridge

MARGIN 20.7%

Retaining healthy EBITDA margin

Volume & mix

€+40m CO2emissions rights optimization

€-20m from Peroxides license in 2024

Net pricing

Lower in Soda ash (seaborne pricing) & Coatis

Resilient in other businesses

Fixed costs control

Costs savings more than offsetting inflation

€-23m temporary stranded costs in Corporate

€-20 TSA revenue in 2024

1,052

-7

-28

-41

-62

Scope

-63

Forex

conversion

+29

881

Volume

& mix

Net

pricing

Fixed

costs

Other

-13.4%

FY 2024

-16.3%

FY 2025

Other

€+29m from Dombasle accrual in 2024

Structural cost savings

Rapid ramp up in first years

€350m by 2028

€211m in first 2 years

ERP POST TSA

25% SG&A

€110m

INDUSTRIAL FOCUS

€300m

€211m

Fit for purpose organization

New ERP

2024 2025 2026 2027 2028

35% Plant Fixed Costs

Operational excellence Footprint optimization

40% Operational efficiency

Logistics & procurement Process innovation

Basic Chemicals results

Q4 Highlights

Soda Ash & Derivatives

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

Peroxides

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

22

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

23

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

-40

-58

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 CO2emission rights optimization.

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

24 ➝ 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

172 -260

Capex Working capital

-61

-90

€+42m from TSA* exit

€+130m from lower activity & other actions

Underlying EBITDA

Provisions

Taxes

Financing

350

FCF to Solvay Shareholders

€-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

-100

-90

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 shareholders

-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

27

For Generations

Tracking good progress towards our sustainability ambitions

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

28 figures have been restated accordingly.

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

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

Philippe

KEHREN

2

03

9

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

30