Solvay (SOLB) Q3 2025 earnings summary

Executive summary

• Q3 2025 net sales were €1.04 billion, down 6.8–7% year-over-year, mainly due to weak Coatis and soda ash markets, especially in Southeast Asia.

• Underlying EBITDA for Q3 was €232 million, down 6.9–7%, with a margin of 22.2%, and remained stable sequentially.

• Free cash flow in Q3 was €117 million, totaling €214 million for the first nine months, supported by a €50 million gain from CO2 emission rights optimization.

• Structural cost savings initiatives delivered €26 million in Q3, totaling €81 million in 2025 and €191 million since 2024.

• Interim dividend of €0.97 per share approved, stable year-over-year, payable January 2026.

Financial highlights

• Net sales declined 6.8–9.7% year-over-year in Q3, mainly due to lower volumes and prices in Coatis and soda ash export markets.

• Underlying EBITDA fell 6.9–10.3% to €232 million, with a margin of 22.2%.

• Free cash flow for the first nine months was €214 million, with Q3 up 57.9% year-over-year due to CO2 rights sales.

• Net debt at end of Q3 was €1.7 billion, leverage ratio at 1.8x.

• CapEx for Q3 was €81 million, with a nine-month total of €214 million, up 11.4% year-over-year.

Outlook and guidance

• Full-year 2025 underlying EBITDA is expected between €880 million and €930 million.

• Free cash flow from continuing operations is projected at around €300 million, with CapEx capped at €300 million.

• Cumulative cost savings to exceed €200 million by year-end 2025.

• No short-term improvement in the macro environment is anticipated; focus remains on cost savings and operational adjustments.