Solvay announced its financial results for the third quarter of 2025, reaffirming its full-year guidance for underlying EBITDA and free cash flow, despite a continued challenging market environment.

Underlying net sales for the quarter stood at €1,044 million, representing a 6.8 per cent organic decline compared to the same period last year, mainly due to persistent weakness in the Southeast Asian soda ash market and subdued performance in Coatis.

Underlying EBITDA reached €232 million, down 6.9 per cent organically year-on-year but stable compared to the previous quarter, reflecting a resilient operational performance and disciplined cost management. The EBITDA margin stood at 22.2 per cent. During the quarter, Solvay optimized its portfolio of CO₂ emissions rights in line with its energy transition strategy, generating approximately €40 million of additional EBITDA without altering its risk profile.

The company’s structural cost savings initiatives continued to deliver tangible results, contributing €26 million in savings during the quarter, and bringing cumulative savings to €81 million in 2025 and €191 million since early 2024.

Underlying net profit from continuing operations was €90 million, compared with €108 million in Q3 2024. Free cash flow reached €117 million in the quarter, including around €50 million from CO₂ rights optimization, bringing the nine-month total to €214 million.

The Board of Directors approved an interim dividend of €0.97 gross per share, unchanged from last year, payable on January 21, 2026. Solvay’s underlying net debt stood at €1.7 billion, with a leverage ratio of 1.8x.

The company confirmed its 2025 outlook, expecting full-year underlying EBITDA between €880 million and €930 million and free cash flow around €300 million, with capital expenditures capped at €300 million.

Commenting on the results, Philippe Kehren, CEO of Solvay, said: “In the third quarter, our Basic Chemicals business remained stable compared to the previous quarter, except for softer demand in soda ash in Southeast Asia. Performance Chemicals declined sequentially due to typical seasonality in Silica and non-recurring gains in Special Chem during Q2, while Coatis remained stable at a low level. Looking at our progress over the first nine months and the continued focus of our teams, I am confident we will achieve our 2025 objectives.

Looking ahead, we are executing targeted actions across our business portfolio. We are making disciplined investments in areas of strong demand such as electronic grade peroxide, circular silica, and rare earths, while optimizing our footprint where necessary. At the same time, we remain fully committed to our structural cost savings and ongoing transformation initiatives to build a more agile and sustainable Solvay.”