Solvay fourth quarter and full year 2025 results

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

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.

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 rate¹) 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. 

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.

In 2025, Solvay has made significant progress across all initiatives as set out below: 

^{(B) Enhanced methodology in 2025 to estimate SF6 emissions with improved accuracy. Baseline and 2024 figures have been restated accordingly.
(C) The scope 3 emissions focus 5 categories are “Purchased goods and services”, “Fuel and energy related activities”, “processing of sold products”, “Use of sold products” and “End-of-life treatment of sold products”. 
(D) 2024 and 2021 Scope 3 emissions focus 5 categories restated with 2025 enhancements in data accuracy. 
(E) Includes coal and coal products used in energy production.
(F) 16% of permeable land under conservation or restoration. Nature-positive impact yet to be quantified.
(G) Scope: Solvay employees and contractors. 
(H) Management categories are defined on the basis of the Hay Job Evaluation Methodology. Middle and senior management levels refer to the entire active internal workforce having Hay points above 530.
(I) Revised baseline from 2021 to 2023 for social KPIS as it is more relevant due to the demerger of Syensqo.
(J) KPI introduced after 2021}

Planet Progress 

At the end of 2025, the cumulative Scope 1 and 2 emission reduction since 2021 amounts to -29% or -2.6 Mt CO2eq at constant perimeter, getting close to Solvay’s -30% emission reduction target by 2030. The reduction vs 2024 was driven equally by decarbonization projects and lower activity levels. 

Since October 2024, the new regenerative thermal oxidation technology (RTO), a first in the trona mining industry, has been up and running in Green River, Wyoming. Together with the phase-out of coal in both Green River (US) and Rheinberg (Germany), completed in 2024 as well, these initiatives have played a key role in reducing the group’s GHG emissions in 2025. Further progress will be achieved through previously announced coal phase-out projects in France (refuse derived fuel) and Spain (biomass). 

In 2025, €26 million of capital expenditures were allocated to Solvay’s energy transition plan. Between 2026 and 2030, capex to be spent on energy transition projects are expected to be between €25 and €35 million annually. 

At the end of 2025, the cumulative Scope 3 – focus 5 categories - emission reduction since 2021 amounts to -13% or -1.7 Mt CO2eq at constant perimeter. Compared to 2024, the reduction of -0.6 Mt CO2eq is primarily driven by lower activity levels.

On Biodiversity, Solvay is piloting a science-based approach developed by the International Union for Conservation of Nature (IUCN) to deliver rapid high-integrity nature-positive outcomes (RHINO) at Dombasle. This pilot will create a replicable blueprint, supporting Solvay's goal of dedicating 30% of its land near biodiversity-sensitive areas to nature conservation and restoration with tangible positive impacts by 2030.     

Better Life 

Solvay launched a major safety culture transformation program in 2025, aiming to elevate safety performance across all sites. Despite a year-on-year rise in reportable injuries, Solvay observed an improvement in terms of severity in 2025. Moving forward, Solvay remains committed to decreasing the injury rate toward its zero-accident ambition. 

The percentage of women in mid and senior management positions increased to 28.8% in 2025, +1.5pp compared to 2024, approaching the 30% target by 2030. This progress confirms Solvay’s belief that diversity is the driving force behind an innovative mindset and competitive edge in the industry.

One year ahead of schedule, in March 2025, Solvay achieved its commitment of 100% of its own global workforce receiving a living wage, as foreseen by the United Nations Forward Faster initiative. Continuous monitoring mechanisms have been established to ensure this standard is sustained in the future.

More information, including the condensed consolidated financial statements, notes, reconciliation of the APM and definitions, can be found in the financial report (prepared in accordance with article 11 of the Royal Decree of 14 November 2007), which is available on our Earnings toolkit.

More information on Sustainability will be available in the Solvay Annual Integrated Report to be published in March 2026.