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Solvay third quarter and nine months 2022 results

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Record Q3 Sales and EBITDA driven by higher prices and sustained demand


  • Record Net Sales in the third quarter of 2022 were up +29.5% organically versus Q3 2021, driven by higher prices, while overall volumes were essentially flat versus the prior year. All regions delivered double-digit organic growth in the quarter. Nine month 2022 sales were also up +29.5% organically thanks to pricing and volume growth versus the nine-month period 2021. 
  • Record Underlying EBITDA at €917 million in Q3 2022 was up +39.8% organically versus Q3 2021, driven by higher pricing which overcame the significant inflationary costs in the quarter. Nine months 2022 EBITDA was +31.9% organically above the prior-year nine months.
  • Record EBITDA margin at 25.4% is +2.1 percentage points higher than Q3 2021 thanks to the sustained progress on pricing which offset the impact from rising raw materials, energy and logistics costs.
  • Underlying Net Profit at €509 million in Q3 2022, 86.1% higher than Q3 2021. 
  • Free Cash Flow increased to €452 million in Q3 2022 (bringing the nine-month 2022 total to €924 million), and was positive for the 14th consecutive quarter. The FCF conversion ratio (LTM) was 36.8%.
  • ROCE reached an all-time high at 15.4% versus 11.4% at the end of 2021.
  • Further strengthening of the balance sheet with underlying net debt slightly down to €3.8 billion, reaching a historic low leverage of 1.2x. 
  • Interim dividend of €1.54 gross per share validated by the Board of Directors, to be paid on January 18, 2023.

“I am so incredibly proud of our people for delivering another quarter of outstanding performance. We again set new records in Sales, EBITDA, and ROCE, which is a clear demonstration of the hard work by our teams and real transformation that has occurred in the past three and a half years. We remain focused on bringing new innovations to the market that deliver measurable value to our customers, and we are prioritizing investments in strategic growth areas. Today’s announcement is another example of our commitment to serve the growing electrification trend by expanding manufacturing of high performance polymers for batteries in North America. I could not be more pleased with these accomplishments and excited about our bright future as we progress with our plan to separate into two independent, strong companies.”

Ilham Kadri, Solvay CEO

2022 Outlook 

On October 24, the company upgraded its full year 2022 EBITDA estimate to grow organically by around 28%.  Today the company increased its Free Cash Flow estimate from around €750 million to around €1 billion for the year, including capital investments which may reach €1 billion.

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Solvay third quarter and nine months 2022 results


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.

Solvay is a science company whose technologies bring benefits to many aspects of daily life. With more than 21,000 employees in 63 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 roadmap crafted around three pillars: protecting the climate, preserving resources and fostering a 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 €10.1 billion in 2021. Solvay is listed on Euronext Brussels and Paris (SOLB). Learn more at