Solvay second quarter 2025 results
Press release Regulated information
Continued solid EBITDA margin and Free cash flow delivery, despite soft demand environment
Brussels, July 30, 2025, 7.00am CEST
Highlights
- Underlying net sales in Q2 2025 of €1,102 million were down -3.8% organically compared to Q2 2024 due to the soft market environment, impacted by ongoing tariff and geopolitical tensions. This resulted in a continued reduction of short term demand, particularly visible in certain soda ash and Coatis end-markets.
- Underlying EBITDA in Q2 2025 decreased year-on-year to €230 million, -12.4% organically compared to Q2 2024 which was the strongest quarter of last year. Q2 2025 was supported by a one-off gain of c. €20 million impacting both revenue and EBITDA resulting from the termination of a customer’s contract in the Special Chem business unit (Performance Chemicals segment). Forex had a negative impact of €10 million in this quarter. The underlying EBITDA margin remained solid at 20.9%.
- Structural cost savings initiatives delivered €29 million in Q2 2025, bringing the cumulative savings to €55 million in 2025 and €165 million since the start of 2024.
- Underlying net profit from continuing operations was €99 million in Q2 2025 vs. €116 million in Q2 2024.
- Free Cash Flow amounted to €54 million in Q2 2025, bringing the H1 FCF to €97 million.
- Underlying Net Debt at €1.9 billion, implying a leverage ratio of 1.9x.
- 2025 outlook: as revised on July 14th, Solvay now expects underlying EBITDA to be between €880 million and €930 million and confirms its Free Cash Flow1 to be around €300 million, with a maximum of €300 million of Capex
| Second quarter | First half | |||||||
| Underlying (in € million) | 2025 | 2024 | % yoy | % organic | 2025 | 2024 | % yoy | % organic |
| Net sales | 1,102 | 1,194 | -7.8% | -3.8% | 2,223 | 2,396 | -7.2% | -4.8% |
| EBITDA | 230 | 272 | -15.4% | -12.4% | 480 | 538 | -10.8% | -9.1% |
| EBITDA margin | 20.9% | 22.8% | -1.9pp | 21.6% | 22.5% | -0.9pp | ||
| FCF1 | 54 | 120 | -54.8% | 97 | 246 | -60.7% | ||
| ROCE | 16.0% | 17.6% | -1.6pp | |||||
1Free Cash Flow (FCF) here is the free cash to Solvay shareholders from continuing operations.
Philippe Kehren, Solvay CEO
“The level of business activity in the first half of 2025 has been impacted by the uncertainty around the tariff discussions and heightened geopolitical tensions. Over the past few months, our industry has faced a soft market demand environment, and this is not expected to improve in the coming months. In this context, we downgraded our 2025 underlying EBITDA outlook to reflect current conditions, while confidently re-confirming our strong free cash flow guidance. This commitment to robust cash generation is fundamental to our financial policy, and our management team is dedicated to disciplined investments and optimized cash usage to ensure we meet our objectives.”
2025 outlook
In the second quarter, Solvay experienced a continuation of the soft market environment, impacted by ongoing global tariff discussions and heightened geopolitical tensions. This led to a progressive reduction of demand, and a slowdown in order books, particularly in certain soda ash end-markets and in the Coatis business unit. Visibility remains low and market conditions are expected to remain challenging throughout the second half of 2025.
Based on this, Solvay has updated its 2025 outlook on July 14, 2025, as follows:
- Solvay now expects underlying EBITDA to be between €880 million and €930 million, assuming current FX levels for the second half.
- Solvay confirms its Free Cash Flow from continuing operations to Solvay shareholders to be around €300 million, with a maximum of €300 million of Capex, reflecting management’s focus on cash generation and dividend cover.
Cost savings are now expected to exceed the previous indication of €200 million at the end of 2025.
Financial calendar
- November 6, 2025: Third quarter and first nine months 2025 earnings
Details of analysts and investors conference call
- Time: July 30, 2025 - 2pm CEST
- Registration: register to the webcast .
Contacts
| Media relations | Investor relations |
| Peter Boelaert 9 Laetitia Van Minnenbruggen 7 | Boris Cambon-Lalanne 9 Geoffroy d’Oultremont 6 Vincent Toussaint 65 |
About Solvay
Solvay, a pioneering chemical company with a legacy rooted in founder Ernest Solvay's pivotal innovations in the soda ash process, is dedicated to delivering essential solutions globally through its workforce of around 9,000 employees. Since 1863, Solvay has harnessed the power of chemistry to create innovative, sustainable solutions that answer the world’s most essential needs such as purifying the air we breathe and the water we use, preserving our food supplies, protecting our health and well-being, creating eco-friendly clothing, making the tires of our cars more sustainable and cleaning and protecting our homes. Solvay’s unwavering commitment drives the transition to a carbon-neutral future by 2050, underscoring its dedication to sustainability and a fair and just transition. As a world-leading company with €4.7 billion in underlying net sales in 2024, Solvay is listed on Euronext Brussels and Paris (SOLB). For more information about Solvay, please visit or follow on Linkedin.
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.
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