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Solvay nine months 2020 results

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Record free cash flow and cost delivery


  • Net Sales were €6,751 million in 9 months 2020, down 11.9% organically due to lower volumes primarily in aero, auto, oil & gas and construction markets. Third quarter sales of €2,103 million were down 14.3% organically versus 3Q 2019, with some demand improvement in September.
  • Cost savings reached €260 million year to date, of which €130 million is structural, with €90 million of savings achieved in Q3.
  • Underlying EBITDA for nine months was €1,481 million, down 16% organically versus 9M 2019. EBITDA in the third quarter 2020 of €473 million was up sequentially by 7.7% versus Q2 and the decline was contained to 17% organically versus Q3 2019 as cost reductions and sustained pricing significantly offset volume declines. EBITDA margin improved to 22.5%, illustrating the quality of earnings.
  • Underlying Net Profit was €522 million in 9M 2020, with €176 million in the third quarter.
  • Strong Free Cash Flow of €801 million year to date was more than double the prior year period, with €366 million delivered in the third quarter. The strong performance was predominantly driven by disciplined working capital management and value creation initiatives and contributed favorably to debt deleveraging.
  • An interim dividend of €1.50 gross per share, flat versus last year, will be payable on January 18, 2021, reflecting the high level of free cash flow generated in 2020.

Our relentless focus on cash and cost in this challenging environment resulted in record cash generation of €801 million through the nine month period. Actions taken across the organization to reduce costs strengthened delivery with higher Q3 EBITDA relative to the second quarter despite the continued headwinds in some key end markets. I would like to thank our employees for their mobilization that delivered the strong performance. We have selectively resumed investments and are working closely with our customers to commercialize new innovations.

Ilham Kadri, Solvay CEO

Outlook1 for 2020

Full Year underlying EBITDA is estimated to be between €1,890 million and €1,970 million, and FCF is estimated to be around €900 million, a 50% improvement relative to last year.

1Barring further deterioration related to a second wave of Covid-19


Conference call details

The conference call to analysts and investors will start at 2:30pm CET.

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9M 2020 results are out

Access Solvay's nine month 2020 financial performance.

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.

About Solvay Investor Relations

About Solvay

Solvay is a science company whose technologies bring benefits to many aspects of daily life. With more than 24,100 employees in 64 countries, Solvay bonds people, ideas and elements to reinvent progress. The Group seeks to create sustainable shared value for all, notably through its Solvay One Planet plan crafted around three pillars: protecting the climate, preserving resources and fostering better life. The Group’s innovative solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods , planes, cars, batteries, smart devices, health care applications, water and air purification systems. Founded in 1863, Solvay today ranks among the world’s top three companies for the vast majority of its activities and delivered net sales of €10.2 billion in 2019. Solvay is listed on Euronext Brussels (SOLB) and Paris and in the United States, where its shares (SOLVY) are traded through a Level I ADR program. Learn more at

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