Solvay second quarter 2026 results
Summary by AI BETAClose X
Press release Regulated information published on July 29, 2026, at 7:00 a.m. CEST
Full year guidance confirmed
Highlights
- Underlying net sales in Q2 2026 reached €1,031 million, down -7.4% organically versus Q2 2025, reflecting continued weakness in soda ash pricing (particularly in seaborne) and the negative impact of the Middle East conflict on Solvay’s operations.
- Underlying EBITDA amounted to €187 million with a margin of 18.1%, down -19.5% organically versus Q2 2025. The year-on-year decline is driven equally by the conflict in the Middle East impacting Q2 2026, and by the c. €20 million one-off gain in Q2 2025.
- Structural cost savings initiatives delivered another €26 million in Q2 2026, mostly from operational excellence savings in manufacturing plants, contributing to year-on-year fixed costs reduction.
- Underlying net profit from continuing operations was €64 million in Q2 2026 vs. €99 million in Q2 2025.
- Free cash flow1 for the first half of 2026 amounted to €15 million (€-11 million in Q2 2026). Capex for H1 reached €141 million.
- Underlying Net Debt at €1.8 billion, following the dividend payments in H1, implying a leverage ratio of 2.3x at the end of June 2026.
- Rare earths: approval of additional strategic investments to extend La Rochelle separation capacities.
- 2026 outlook confirmed: anticipating the restart of the Peroxides plant in Saudi Arabia in Q3, Solvay expects its underlying EBITDA to be between €770 million and €850 million and its Free Cash Flow1 to be at least €200 million (net of transformation expenses).
| Underlying key figures | ||||||||
| (in € million) | Q2 2026 | Q2 2025 | % yoy | % organic | H1 2026 | H1 2025 | % yoy | % organic |
| Net sales | 1,031 | 1,102 | -6.4% | -7.4% | 2,028 | 2,223 | -8.8% | -8.0% |
| EBITDA | 187 | 230 | -18.8% | -19.5% | 406 | 480 | -15.5% | -14.7% |
| EBITDA margin | 18.1% | 20.9% | -2.8pp | 20.0% | 21.6% | -1.6pp | ||
| FCF | -11 | 54 | n.m. | 15 | 97 | -84.1% | ||
| ROCE | 12.4% | 16.0% | -3.6pp | |||||
1 Free Cash Flow (FCF) is the free cash flow to Solvay shareholders from continuing operations.
Philippe Kehren, Solvay CEO
“Our second quarter results reflect the continued challenging economic environment. “Our second quarter results reflect the continued challenging economic environment. The conflict in the Middle East had a negative impact on our performance, mainly due to the temporary shutdown since mid-March of our Peroxides plant in the region. Despite these headwinds, our teams remain focused on the transformation of our company and the tangible progress in our safety performance shows that our transformation is delivering results.
We take the necessary actions to improve our operations and deliver on our guidance, while looking at opportunities to reinforce and expand our most promising activities in the future. Maintaining strong cash discipline remains another clear priority. Following the usual second quarter seasonality, we expect a stronger contribution in the second half and remain firmly focused on achieving our free cash flow guidance for the year.”
2026 Outlook
Anticipating the restart of the peroxides plant in Saudi Arabia during Q3, Solvay confirms its guidance for full year 2026 as follows:
- Underlying EBITDA between €770 million and €850 million. This includes a year-on-year negative impact of €20 million from currencies in 2026 (assuming a 1.20 EUR/USD exchange rate2) and another €40 million of transformation expenses.
- Free Cash Flow from continuing operations to Solvay shareholders to be at least €200 million, net of c. €90 million of transformation expenses, and with Capex at around €300 million.
- Cumulated structural cost savings to be around €300 million at the end of 2026.
2 Solvay is exposed to different currencies. The average annual currency translation impact on underlying EBITDA is estimated at around €10 million per 5 USD cents movement and €5 million per 25 BRL cents movement.
New strategic investment in La Rochelle
Solvay’s La Rochelle facility is one of the largest rare earths separation plants outside China, with the capacity to process the full range of rare earth elements at industrial scale. In line with its strategy, and supported by new customer commitments, Solvay has approved additional strategic investments of €15-20 million to further expand separation capacities at the site.
Following the signing of a Letter of Intent with Viridis to secure the supply of rare earth materials from Brazil to Solvay’s La Rochelle plant in France, this marks another key step towards establishing a leading position in rare earth separation in Europe. In autumn 2026, Solvay will also begin industrial-scale separation of dysprosium (Dy) and terbium (Tb), further strengthening its capabilities in critical rare earth elements.
Financial calendar
- November 4, 2026: Third quarter and first nine months 2026 earnings
- Link to Solvay’s financial calendar
Details of analysts and investors conference call
- Time: July 29, 2026 – 2pm CEST
- Register to the webcast here.
Contacts
Investor relations
Geoffroy d’Oultremont: +32 478 88 32 96
Vincent Toussaint: +33 6 74 87 85 65
Charlotte Vandevenne: +32 471 68 01 66
investor.relations@solvay.com
Media relations
Peter Boelaert: +32 479 30 91 59
Laetitia Van Minnenbruggen: +32 484 65 30 47
media.relations@solvay.com
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 8,400 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 €4.3 billion in underlying net sales in 2025, Solvay is listed on Euronext Brussels and Paris (SOLB). For more information about Solvay, please visit solvay.com or follow Solvay 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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