Belgium · Delayed Price · Currency is EUR Solvay Earnings Call Transcripts
Fiscal Year 2026
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Q2 saw mixed results with strong bicarbonate and electronic-grade peroxide sales, but soda ash export markets and the Middle East conflict weighed on EBITDA, which fell 20% year-over-year. Guidance for 2026 is confirmed, assuming the Saudi peroxides plant restarts in Q3.
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Q1 2026 saw resilient performance despite a 9% sales decline and 10% lower EBITDA, supported by strong cash flow, disciplined CapEx, and gains from CO2 rights. Guidance for 2026 is reaffirmed, with H2 expected to improve as cost pressures ease and energy transition advances.
Fiscal Year 2025
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2025 saw resilient margins and strong cash flow despite lower sales and ongoing transformation costs. 2026 guidance reflects continued market headwinds, with disciplined CapEx and focus on competitiveness, sustainability, and selective growth.
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Q3 2025 saw a 7% year-over-year decline in sales and EBITDA, but margins and free cash flow remained solid, aided by a €40 million gain from CO2 emission rights sales. The company maintains its full-year guidance, continues to execute on cost savings and digital transformation, and is investing in high-growth areas like rare earths and electronic grade H2O2.
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Q2 2025 results reflect ongoing market softness, with EBITDA down 12% year-over-year and continued pressure in Soda Ash and Coatis due to tariffs and competition. Guidance for 2025 was revised lower, with cost-saving initiatives and cash management prioritized to meet a EUR 300 million free cash flow target.
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2024 EBITDA reached €1.052bn and free cash flow was €361m. For 2025, underlying EBITDA guidance is €1bn–€1.1bn, with the lower half expected if conditions persist; sustainability and safety remain central priorities.
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Q1 2025 saw a 6% year-over-year decline in sales and EBITDA, mainly from lower soda ash volumes, while other segments remained resilient. Guidance for 2025 is reaffirmed at the lower end of the range, with cost savings and cash generation prioritized amid ongoing market uncertainty.
Fiscal Year 2024
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2024 results exceeded expectations with resilient EBITDA and strong cash flow despite a tough market. Cost savings, sustainability progress, and a focused capital allocation support a positive outlook, with 2025 guidance reaffirmed and midterm targets maintained.
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Q3 2024 saw a 4% organic sales increase and stable EBITDA, supported by strong cost savings and sustainability milestones. Guidance for full-year EBITDA is at the high end of -10% to -15%, with free cash flow and CapEx targets reaffirmed.
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Q2 2024 saw resilient results with stable demand, strong cost discipline, and €46 million in cost savings. EBITDA guidance for 2024 was tightened to -10% to -15%, with free cash flow guidance raised above €300 million. Transformation and digitalization initiatives are progressing well.