Solvay S.A.: Solvay first quarter 2026 results

Press release Regulated information published on May 7, 2026, at 7:00 a.m. CEST

Solvay strategy continues to demonstrate resilience

Highlights

• Underlying net sales in Q1 2026 were €997 million, -8.5% organically versus Q1 2025, reflecting soft volumes across most businesses and pricing pressures, especially in soda ash and Coatis.
• Underlying EBITDA was €219 million (-10.1% organically versus Q1 2025), with an EBITDA margin of 21.9%. It was supported by a one-off gain of €+7 million on the favorable outcome of a litigation in Performance Chemicals and by further optimization of Solvay's CO₂ portfolio (c. €+38 million), which more than offset the transformation expenses in Q1 2026.
• Structural cost savings initiatives delivered €22 million in Q1 2026, bringing the cumulative savings since 2024 to €233 million, on plan with our target.
• Underlying net profit from continuing operations was €78 million in Q1 2026 vs. €102 million in Q1 2025.
• Free cash flow¹ amounted to €26 million in Q1 2026, in line with normal seasonality. Capex was €69 million.
• Underlying Net Debt increased slightly to €1.7 billion at the end of March 2026, following the interim dividend payment in January, resulting in a leverage ratio of 2.0x.
• 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).
  
  

Underlying key figures
in € million)	Q1 2026	Q1 2025	% yoy	% organic
Net sales	997	1,122	-11.1%	-8.5%
EBITDA	219	250	-12.4%	-10.1%
EBITDA margin	21.9%	22.3%	-0.3pp
FCF1	26	42	-37.4%
ROCE	13.2%	17.2%	-4.0pp

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

Philippe Kehren, Solvay CEO

"During Q1 2026, we continued to execute our strategy with discipline, delivering progress on our transformation, advancing our energy transition initiatives, and further optimizing our industrial footprint. These actions have strengthened our operational resilience and cost structure, while enhancing our ability to manage a more volatile external environment.

While our performance remained solid across most of our businesses during Q1 2026, we do not expect the operating environment to improve in the short term. In response, we are taking targeted actions to address these challenges where needed, and remain firmly focused on cash generation, allowing us to support both our strategic priorities and our financial resilience."

2026 Outlook

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.

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.

Financial calendar

• May 12, 2026: Ordinary General Shareholder's Meeting
• May 18, 2026: final dividend: ex-date (subject to the approval of the Shareholders meeting)
• May 20, 2026: final dividend: payment date (subject to the approval of the Shareholders meeting)
• July 29, 2026: Second quarter and first half year 2026 earnings
• November 4, 2026: Third quarter and first nine months 2026 earnings
• Link to Solvay's financial calendar

Details of analysts and investors conference call

• Time: May 7, 2026 - 2.30pm CEST
• Registration: register to the webcast here.

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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Attachments

• Financial report
• Press release