Solvay S.A.: Solvay fourth quarter and full year 2025 results

Press release Regulated information published on February 24, 2026, at 7:00 a.m. CET

Strong free cash flow delivery in 2025 in a challenging environment

Highlights

• Underlying net sales for the full year 2025 were €4.3 billion, -6.5% organically versus 2024. Soda ash seaborne and Coatis markets were weaker in 2025 while Peroxides and bicarbonate grew year-on-year. Underlying EBITDA was €881 million (-13.4% organically versus 2024), maintaining a strong underlying EBITDA margin of 20.7% despite challenges.
• Strategic transformation efforts continued to deliver tangible results, with structural cost savings initiatives contributing €101 million in 2025 (€211 million cumulatively). Transformation expenses reduced 2025 EBITDA by €-27 million and Free Cash Flow¹ by €-71 million.
• Underlying net profit from continuing operations was €306 million in 2025 vs. €445 million in 2024.
• Strong Free Cash Flow¹ delivery of €350 million in 2025, with higher provision cash outs offset by high working capital contribution and full-year Capex contained to €292 million.
• Underlying Net Debt stable at €1.6 billion, implying a leverage ratio of 1.8x.
• Total proposed gross dividend of €2.43 per share, subject to shareholders' approval.
• Sustainability roadmap on track. Scope 1&2 CO₂eq emissions reduced by -29% compared to 2021, already nearing the 2030 target.
• 2026 outlook: Solvay expects its underlying EBITDA to be between €770 million and €850 million and its Free Cash Flow¹ to be at least €200 million (net of transformation expenses).
• Confirmation of the dividend policy (stable-to-increasing) and the commitment to an investment-grade rating
  
  

Underlying key figures
in € million)	Q4 2025	Q4 2024	% yoy	% organic	FY 2025	FY 2024	% yoy	% organic
Net sales	995	1,134	-12.3%	-9.6%	4,262	4,686	-9.0%	-6.5%
EBITDA	169	256	-33.9%	-29.8%	881	1,052	-16.3%	-13.4%
EBITDA margin	17.0%	22.6%	-5.6pp		20.7%	22.5%	-1.8pp
FCF1	137	41	n.m.		350	361	-3.0%
ROCE					13.6%	17.6%	-4.0pp

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

Philippe Kehren, Solvay CEO

"In 2025, we delivered a strong performance in terms of free cash flow and retained our attractive EBITDA margin, at the same time as advancing the strategic and sustainability commitments that are reshaping Solvay for the long term, despite persistent market softness and continued geopolitical uncertainty. Our progress on cost savings, our disciplined capital allocation, and the development of our energy transition projects all reflect the determination of our teams. In the short term, transformation expenses are impacting our performance, but they are necessary in our journey to build the Solvay of the future."

Focus on capital allocation, cost and cash

Solvay stays committed to its "Essential chemistry" strategy and its clear capital allocation framework.

In the current challenging environment, cost savings are a key lever used by management to sustain performance. The savings program already generated more than €200 million in the first two years, leveraging the digitalization and simplification of the group.

In particular, over the past two years, the company optimized its industrial footprint to keep the most competitive asset base and adapts it, when necessary, to the changes in the regional supply/demand realities. In the Soda Ash business unit, Solvay announced yesterday the launch of a consultation process to right size the production capacity in Torrelavega (Spain) to 420kt. In the Peroxides business unit, the sites of Warrington (UK) and Povoa (Portugal) have been closed. The Special Chem business unit has closed its site in Salindres (France) and announced the restructuring of its two German sites.

Solvay prioritizes investments based on its capital allocation framework with essential capex and dividends as the first priorities. Discretionary investments are sized based on merit and affordability, and will remain focused in the short term on targeted growth opportunities, such as bicarbonate and electronic grade peroxides. Lastly, the company will continue to review its portfolio to ensure alignment with its long-term strategy and capital allocation priorities.

2026 Outlook

In 2026, Solvay expects geopolitical and macroeconomic headwinds to persist and weigh on end-market demand, and competitive pricing pressure in certain business lines to stay. Transformation expenses (Transition Services Agreement phase-out, new ERP deployment, restructuring of the Fluorine activities) will continue to negatively impact EBITDA and Free Cash Flow, before gradually fading out as from 2027. Finally, the company is further optimizing its portfolio of CO₂ emission rights in 2026, with a similar impact as in 2025.

Solvay guidance for full year 2026 is as follows:

• Underlying EBITDA between €770 million and €850 million. This includes a year-on-year negative impact of €20 million from currencies in 2026 (assuming a 1.20 EUR/USD exchange rate²) and another €40 million of transformation expenses.
• Free Cash Flow from continuing operations to Solvay shareholders to be at least €200 million, net of c. €90 million of transformation expenses, and with Capex capped at €300 million.
• Cumulated structural cost savings to be around €300 million at the end of 2026.
  
  

Solvay remains committed to the pillars of its financial policy: a stable-to-increasing dividend and an investment-grade rating.

² Solvay is exposed to different currencies. The average annual currency translation impact on underlying EBITDA is estimated at around €10 million per 5 USD cents movement and €5 million per 25 BRL cents movement.

Dividend

In line with the dividend policy, the Board of Directors has decided to propose a total gross dividend of €2.43 per share, subject to Shareholders' approval during the Ordinary General Meeting scheduled for May 12, 2026. If approved and considering the interim gross dividend of €0.97 per share paid on January 21, 2026, a final gross dividend of €1.46 per share will be paid on May 20, 2026.

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 8,400 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 €4.3 billion in underlying net sales in 2025, Solvay is listed on Euronext Brussels and Paris (SOLB). For more information about Solvay, please visit solvay.com or follow Solvay on 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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