Solvay first quarter 2025 results
Solvay S.A.
Press release
Regulated information
Resilient performance supported by a diversified portfolio and cost savings
Brussels, May 8, 2025, 7.00am CEST
Highlights
Underlying net sales in Q1 2025 of €1,122 million were down -5.8% organically compared to Q1 2024. Uncertainties on the macro-environment led customers to be more cautious in the second part of the quarter, creating some softness in Soda Ash, particularly in March. Most of the other businesses showed resilient performance.
Underlying EBITDA in Q1 2025 decreased year-on-year to €250 million (-5.7% organically) compared to Q1 2024, with 22.3% underlying EBITDA margin. It was supported by a one-off gain of c. €10 million on the favorable outcome of a patent dispute in Performance Chemicals.
Structural cost savings initiatives delivered €27 million in Q1 2025, bringing the cumulative savings to €137 million since the start of 2024.
Underlying net profit from continuing operations was €102 million in Q1 2025 vs. €119 million in Q1 2024.
Free Cash Flow amounted to €42 million in Q1 2025, in line with normal seasonality, including Capex of €-70 million.
Underlying Net Debt at €1.7 billion, implying a leverage ratio of 1.7x.
2025 outlook confirmed: underlying EBITDA currently expected to reach the lower half of the guidance range; free cash flow1 guidance of €300 million confirmed
Underlying (in € million)
Q1 2025
Q1 2024
% yoy
% organic
Net sales
1,122
1,201
-6.6%
-5.8%
EBITDA
250
265
-5.9%
-5.7%
EBITDA margin
22.3%
22.1%
+0.2pp
-
FCF1
42
126
-66.5%
-
ROCE
17.2%
19.8%
-2.7pp
-
1 Free Cash Flow (FCF) here is the free cash to Solvay shareholders from continuing operations.
Philippe Kehren, Solvay CEO
'The current macro-environment is uncertain and filled with challenges that were not foreseen at the start of the year. However, our resilient global and local to local business model will allow us to navigate these challenges.
Our focus in the short-term is clear: accelerating the transformation of the company and disciplined spending to optimize cash generation. And I am pleased to see the ongoing progress in these areas, driven by our teams worldwide.
I have every confidence in the ability of the Solvay team to succeed in the current environment and continue to deliver for all our stakeholders.'
2025 outlook
The current demand environment is uncertain but the essential nature of its businesses makes Solvay resilient. The company expects the second quarter underlying net sales to be sequentially stable compared to Q1 2025, while underlying EBITDA would be sequentially down as Q1 included a one-off gain of c. €10 million and as Q2 will start to see an increase of the temporary stranded costs from the exit of the Transition Service Agreement with Syensqo.
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