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FULL YEAR 2025 RESULTS Earnings call February 24, 2026 CEO Philippe KEHREN CFO Alexandre BLUM
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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 a number of factors, including general economic factors, interest rate and foreign currency exchange rate fluctuations, changing market conditions, product competition, the nature of product development, impact of acquisitions and divestitures, restructurings, products withdrawals, regulatory approval processes, all-in scenario of R&D projects and other unusual items. Consequently, actual results or future events may differ materially from those expressed or implied by such forward-looking statements. Should known or unknown risks or uncertainties materialize, or should our assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly update or revise any forward-looking statements. This document does not constitute an offer to sell, or the solicitation of an offer to subscribe for or buy, any securities. Forenote 2
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3 Agenda 01 Introduction Philippe Kehren 02 Financials Alexandre Blum 03 Outlook Philippe Kehren 04 Q&A 3
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INTRODUCTION 4 01 Philippe KEHREN
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5 Safety at the heart of our operations 2 4 4 1 3 0 4 4 0 3 3 1 0.27 0.32 0.31 0.27 0.27 0.24 0.30 0.29 0.31 0.33 0.29 0.34 -1 1 3 5 7 9 11 13 15 0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45 0.5 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 High severity reportable injuries Reportable Injury Rate 11 711
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2021 2024 2025 Progress vs 2021 Targets 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 -2 All sites by 2030, except Devnya Biodiversity2 N/A N/A 16% N/A 30% of land under conservation by 2030 20233 2024 2025 Progress vs 2023 Targets Safety (RI) 45 41 44 -1 Aim for zero accident Diversity (% of women mid/ senior management) 26.3% 27.3% 28.8% +2.5pts 30% by 2030; aim for gender parity Living wage N/A N/A 100% N/A 100% by 2026 Tracking good progress towards our sustainability ambitions For Generations 6 1 En hanced methodology in 2025 to estimate SF6 emissions with improved accuracy. Baseline and 2024 figures have been restated accordingly. 2 16% of perm eable land is under conservation or restoration. Natu re -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
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Full year 2025 results Strong free cash flow delivery in a challenging environment €4.3bn €881m €350m €1.6bn 14% -6% organic -13% organic 20.7% margin 1.8x leverage 1. To Solvay shareholders from continuing operations uNET SALES uEBITDA FCF1 uNET DEBT ROCE 7
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Strengthening our competitiveness Energy transition in Europe (year of project completion) ➢ Torrelavega, Spain – Soda ash (900kt to 600kt , 2024-25) ➢ Povoa, Portugal – Peroxides (2024) ➢ Warrington, UK – Peroxides (2024) ➢ Salindres, France – Fluorine (2025) ➢ Bad Wimpfen, Germany – Fluorine (HF & derivatives, 2026) ➢ Garbsen, Germany - Fluorine (2028) ➢ Torrelavega, Spain – Soda ash (600kt to 420kt, 2026) 8 ➢ 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) Announced Footprint Optimizations (year of implementation) Rheinberg, Germany Torrelavega, Spain
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Preparing the future Electronic grade H202 capacity expansion in Zhenjiang, China Digitalizing our plants Inauguration of bio-circular silica facility in Livorno, Italy 9 Rare earths for permanent magnets in La Rochelle, France Investing in our sites’ transformation and in selective high-growth opportunities
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FINANCIALS 10 02 Alexandre BLUM
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11 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 FY underlying Net Sales bridge Volumes and prices slightly down FY 2024 Scope Forex conversion Volume & mix Price FY 2025 4,686 -7 -122 -209 -86 4,262 -6.5% -9.0%
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Notice : Charts are used from “insert” option and colors are updated manually. FY 2024 Scope Forex conversion Volume & mix Net pricing Fixed costs Other FY 2025 1,052 -7 -28 -41 -62 -63 +29 881 -13.4% -16.3% FY underlying EBITDA bridge Retaining healthy EBITDA margin MARGIN 22.5% MARGIN 20.7%-1.8pp Volume & mix €-41m, but €-81m excluding CO2 emissions rights €-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 Other €+29m from Dombasle accrual in 2024
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Structural cost savings: €350 million by 2028 Cumulative cost savings €4m €52m €45m SG&A Operational efficiency Plant Fixed Costs + €101m+ = FY 25 Delivered Gross savings (before inflation) measured as year-on-year EBITDA impact13 €211m 2024-2025 Cumulative 2025 cost savings
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14 Basic Chemicals results Q4 2025 (€m) % YoY % YoY organic Soda Ash & Deriv. 406 -15% -13% Peroxides 229 -3% +1% uNet Sales 635 -11% -8% uEBITDA 160 -24% -20% uEBITDA Margin 25.1% Q4 Highlights 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 Soda Ash & Derivatives Peroxides FY 2025 (€m) % YoY % YoY organic Soda Ash & Deriv. 1,713 -10% -9% Peroxides 917 -2% +0% uNet Sales 2,630 -7% -6% uEBITDA 614 -22% -20% uEBITDA Margin 23.4%
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15 Performance Chemicals results Q4 2025 (€m) % YoY % YoY organic Silica 116 -11% -8% Coatis 97 -33% -32% Special Chem 147 +2% +7% Net Sales 359 -14% -12% uEBITDA 50 -23% -18% uEBITDA Margin 13.9% Lower tire volumes while consumer industrial goods market remained resilient Volumes and prices down in all end markets due to continued difficult environment with US tariffs and strong price competition from Asia Higher rare earth volumes in electronics and medical applications, offsetting slightly lower autocatalysis and fluorine derivatives demand Q4 Highlights Silica Coatis Special Chem FY 2025 (€m) % YoY % YoY organic Silica 515 -5% -3% Coatis 470 -26% -20% Special Chem 647 -2% +1% Net Sales 1,632 -11% -7% uEBITDA 307 -5% -1% uEBITDA Margin 18.8%
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Corporate segment results 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. ➝ 2028: Target Operating Model fully in place, generating new wave of savings Normalized Transformation expenses (EBITDA, €m) 2024 2025 2026 est. 2027 est. 2028 est. -100 -50 0 -40 Fu ll TSA exit & new ERP -58 ERP rollout - IT simplification 16 Transformation costs weighting on 2025 - 2027 CO2 emission rights +40 -70/-80 CO2 emission rights TSA exit New ERP
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Notice : Charts are used from “insert” option and colors are updated manually. Higher provision cash-outs offset by working capital Strong FCF generation of €350m Underlying EBITDA Capex Working capital Provisions Taxes Financing FCF to Solvay Shareholders 881 -292 172 -260 -61 -90 350 Capex €-239m Essential Capex (incl. €-26m energy transition) €-53m Growth Capex Working Capital €+42m from TSA* exit €+130m from lower activity & other actions Provisions €-130m normalized (pensions, environmental, restructuring) €-60m Dombasle Energy €-70m Transformation expenses *Transition Services Agreement
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Temporary cash impacts on FCF (in m€) 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 Transformation expenses still weighing on cash generation in 2026 -71 -90 -50 -100 -75 -50 -25 0 2025 2026 2027 Restructuring cash-outs ERP Stranded costs
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Notice : Charts are used from “insert” option and colors are updated manually. S&P RATING: BBB- Stable outlook Underlying net debt: €1.6 Bn Employee benefits liabilities: €0.6 Bn Environmental liabilities: €0.5 Bn Leverage ratio: 1.8x 2025 dividend: €2.43 Interim dividend (January 2026): €0.97 Final dividend (May 2026):€1.46 Capital structure 19 Healthy balance sheet and leverage ratio December 31, 2024 FCF to Solvay share- holders Dividends to Solvay share- holders In/outflow from M&A Leases December 31, 2025 -1,544 350 -254 -21 -129 -1,597
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Priority: investments in growth Optionality: further shareholder return HSE and maintenance Energy transition ‘Stable to increasing’ policy Committed to our Capital allocation policy €250-300 million per year ~€240m in 2025 €254 million in 2025 Depending on merit and affordability ~€50m in 2025 Essential CAPEX Dividends Additional value creation 20 PRIORITY 1 PRIORITY 2 PRIORITY 3
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OUTLOOK 21 03 Philippe KEHREN
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Underlying EBITDA Between €770 million and €850 million 1 Free Cash Flow 2 Minimum €200 million Capex limited to Maximum €300 million 2026 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 22
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Q&A 23 04