Solvay S.A.: Solvay third quarter 2025 results

Press release Regulated information

On track to deliver underlying EBITDA and free cash flow guidance

Brussels, November 6, 2025, 7:00 a.m. CET

Highlights

• Underlying net sales in Q3 2025 of €1,044 million were down -6.8% organically compared to Q3 2024 in a continued challenging market environment, mainly in the Southeast Asian soda ash market and in Coatis.
• Underlying EBITDA in Q3 2025 decreased year-on-year to €232 million, -6.9% organically compared to Q3 2024 and sequentially stable vs Q2 2025, resulting in an underlying EBITDA margin of 22.2%. Thanks to the progress made on the energy transition projects and given the current low production levels in Europe, Solvay decided to optimize its portfolio of CO₂ emissions rights in Q3, by selling part of its existing inventory and without changing its risk profile. This generated approximately €40 million of EBITDA in the quarter.
• Structural cost savings initiatives delivered €26 million in Q3 2025, bringing the cumulative savings to €81 million in 2025 and €191 million since the start of 2024.
• Underlying net profit from continuing operations was €90 million in Q3 2025 vs. €108 million in Q3 2024.
• Free Cash Flow¹ amounted to €117 million in Q3 2025, bringing the 9M FCF to €214 million. This includes approximately €50 million of proceeds from the optimization of the portfolio of CO₂ emissions rights.
• The Board of Directors approved the payment of an interim dividend of €0.97 gross per share, stable compared to last year, payable on Jan. 21, 2026.
• Underlying Net Debt at €1.7 billion, implying a leverage ratio of 1.8x.
• Confirmation of the 2025 outlook: Solvay confirms expected full year 2025 numbers, with underlying EBITDA to be between €880 million and €930 million and Free Cash Flow¹ to be around €300 million, with a maximum of €300 million of Capex.

	Third quarter				Nine months
Underlying (in € million)	2025	2024	% yoy	% organic	2025	2024	% yoy	% organic
Net sales	1,044	1,156	-9.7%	-6.8%	3,267	3,552	-8.0%	-5.5%
EBITDA	232	259	-10.3%	-6.9%	712	796	-10.6%	-8.4%
EBITDA margin	22.2%	22.4%	-0.1pp		21.8%	22.4%	-0.6pp
FCF1	117	74	+57.9%		214	320	-33.2%
ROCE					15.4%	17.3%	-1.8pp

¹ Free Cash Flow (FCF) here is the free cash to Solvay shareholders from continuing operations.

Philippe Kehren, Solvay CEO

"In Q3, our Basic Chemicals business had a stable level of activity compared to the previous quarter, except in soda ash in Southeast Asia. Our Performance Chemicals business was down sequentially, mainly due to the usual seasonality in Silica and the non-repeat gains of Special Chem in Q2, while Coatis remained stable at a low level. Looking at what we achieved in the first nine months, and how the organization is focusing on our priorities, I'm confident we will deliver our 2025 objectives.
Looking at the longer term, we are taking tailored actions across our portfolio of businesses: we prepare the future by making disciplined investments in areas where demand is strong, including electronic grade peroxide, circular silica and rare earths, and by adjusting our footprint as necessary; and we continue to work on the transformation of the company, and making sure we deliver on our structural cost savings commitment."

2025 outlook

Given Solvay financial performance in the first nine months of the year, despite the challenging market environment and continued forex headwinds, Solvay confirms its 2025 guidance, as follows:

• Underlying EBITDA to be between €880 million and €930 million.
• Free Cash Flow from continuing operations to Solvay shareholders to be around €300 million, with a maximum of €300 million of Capex, reflecting management's focus on cash generation and dividend cover.
• Cumulated cost savings to exceed €200 million at the end of 2025.
  
  

Financial calendar

• Link to Solvay's financial calendar (https://www.solvay.com/en/financial-calendar-events-presentations)
  
  

Details of analysts and investors conference call

• Time: November 6, 2025 - 2pm CET
• Registration: register to the webcast here (https://www.solvay.com/en/investors/financial-calendar-events-presentations/webcasts-podcasts-presentations).

Contacts

Investor relations
Geoffroy d'Oultremont: [phone]
Vincent Toussaint: [phone]
Charlotte Vandevenne: [phone]
[e-mail]

Media relations
Peter Boelaert: [phone]
Laetitia Van Minnenbruggen: [phone]
[e-mail]

About Solvay

Solvay, a pioneering chemical company with a legacy rooted in founder Ernest Solvay's pivotal innovations in the soda ash process, is dedicated to delivering essential solutions globally through its workforce of around 9,000 employees. Since 1863, Solvay has harnessed the power of chemistry to create innovative, sustainable solutions that answer the world's most essential needs such as purifying the air we breathe and the water we use, preserving our food supplies, protecting our health and well-being, creating eco-friendly clothing, making the tires of our cars more sustainable and cleaning and protecting our homes. Solvay's unwavering commitment drives the transition to a carbon-neutral future by 2050, underscoring its dedication to sustainability and a fair and just transition. As a world-leading company with €4.7 billion in underlying net sales in 2024, Solvay is listed on Euronext Brussels and Parisor follow Solvayon Linkedin.

Safe harbor

This press release 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 press release 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&I 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.

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Attachments

• Financial report (https://ml-eu.globenewswire.com/Resource/Download/9ec3458f-16f9-4785-9567-632157d7f974)
• Press release (https://ml-eu.globenewswire.com/Resource/Download/d8ac3167-4a5c-4a79-bf18-9fe7b46e9f98)