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S Press Release Inside / regulated information SOLVAY Solvay first quarter 2021 results May 5 , 2021 at 7 a.m. CEST Highlights Strong start to the year with double - digit growth in Cash and EBITDA and record EBITDA margins • Net Sales in the first quarter of 2021 were up 1.9 % organically driven by strong demand in automotive , with organic sales in Specialty Polymers up 10 % year - on - year , exceptional performance in Coatis up 55 % , and recovery in the mining industry driving Technology Solutions sales up 15 % , whereas sales in Composites were 37 % lower . • • • Net Sales grew 8.6 % organically year on year excluding Composites and Oil & Gas , which still face challenges yet have shown sequential improvement versus the fourth quarter . Structural cost savings of € 80 million achieved in Q1 , up 78 % versus Q4 2020 . Underlying EBITDA in Q1 2020 was up 10.3 % organically yoy , and 7 % higher than Q1 2019 on comparable FX & scope basis despite 3 % lower sales , reflecting the impacts of significant cost reduction measures taken in the last 2 years . The underlying EBITDA margin increased yoy to a new record at 24.6 % driven mainly by strong volume recovery in most markets and cost reductions measures , despite the adverse impacts such as increasing raw material and logistic prices as well as supply chain disruptions due to US storms and the Suez Canal blockage . This is 1.6 and 2.4 percentage points higher than Q1 2020 and Q1 2019 , respectively . Underlying Net Profit was € 240 million in Q1 2021 , up 1.8 % compared to Q1 2020 . Free Cash Flow in Q1 2021 amounted to € 282 million , up 40 % of Q1 2020 , reflecting continued working capital discipline even as activity levels increased , as well as the benefit of deleveraging debt and pensions . Total voluntary pension contributions of € 0.8 billion since Q4 2019 generate an improvement of more than € 100 million per annum . Progress on portfolio simplification , with the closure of 5 business line divestments in the first quarter and the last one occurring in Q2 2021 . Reinvesting in Solvay One Planet , including a decision to invest further in energy transition at our Rheinberg Soda Ash plant with a complete phase out of coal . This action not only enables the site to be the lowest Soda Ash CO₂ emitter globally ( irrespective of the production process being natural or synthetic ) , but also creates significant economic value . Underlying , ( in € million ) Net sales Q1 2021 Q1 2020 % yoy % organic 2,373 2,474 -4.1 % + 1.9 % EBITDA 583 569 + 2.5 % + 10.3 % EBITDA margin 24.6 % 23.0 % + 1.6pp FCF to shareholders from continuing operations 282 202 + 39.8 % FCF conversion ratio ( LTM ) 54.8 % 40.4 % + 14.4pp CEO Quote " First quarter results reflect the continued economic recovery visible across many of our markets . I am pleased to see that our disciplined structural actions taken last year to lower the company's cost base have enabled strong quality of earnings . We have also maintained our sharp focus on cash management , delivering eight consecutive quarters of positive free cash flow generation . Looking ahead , we are investing in our growth platforms , our front line , and in innovation that will support sustainable top line growth across the mid - term . " 2021¹ Outlook Full year underlying EBITDA is estimated between € 2.0 and € 2.2 billion , and Free Cash Flow is estimated around € 650 million , up from the prior estimate between € 600 and € 650 million . Register to the webcast scheduled at 15:00 CEST here Link to financial report Link to financial calendar 1 Barring additional deterioration related to a third wave of Covid - 19 in the second half . Solvay first quarter 2021 results - May 5 , 2021 1