Solvay third quarter 2026 results
Summary by AI BETAClose X
Press release Regulated information published on November 4, 2026, at 7:00 a.m. CET
Solvay advances its strategic transformation, while navigating the challenging environment
Highlights
- New step to support the growth of Solvay's rare earths business, with long-term feedstock supply agreement with Viridis, while discussions with OneIM continue to progress.
- Underlying net sales in Q3 2026 reached €1,031 million, down -3.3% organically versus Q3 2025, reflecting the negative impact of the Middle East conflict on Solvay’s operations and the continued weakness in the soda ash market.
- Underlying EBITDA amounted to €173 million with a margin of 16.8%, down -26.6% organically versus Q3 2025. The year-on-year decline is driven by a c. €-25 million impact from the conflict in the Middle East and by the c. €40 million proceeds from the sale of CO2 emissions rights in Q3 2025.
- Structural cost savings initiatives delivered another €25 million in Q3 2026, bringing savings since the start of the program to €283 million, on track to reach the target of €300 million by end of 2026.
- Underlying net profit from continuing operations was €35 million in Q3 2026 vs. €90 million in Q3 2025.
- Free cash flow1 for the first nine months of 2026 amounted to €70 million (€54 million in Q3 2026). Capex for 9M reached €203 million.
- The Board of Directors approved the payment of an interim dividend of €0.97 gross per share, stable compared to last year, payable on Jan. 20, 2027.
- Underlying Net Debt at €1.8 billion, implying a leverage ratio of 2.4x at the end of September 2026.
- 2026 outlook: as revised on October 19th, Solvay now expects its underlying EBITDA to be between €720 million and €740 million and its Free Cash Flow1 to be between €120 million and €150 million (net of transformation expenses).
| Underlying key figures | ||||||||||||
| (in € million) | Q3 2026 | Q3 2025 | % yoy | % organic | 9M 2026 | 9M 2025 | % yoy | % organic | ||||
| Net sales | 1,031 | 1,044 | -1.3% | -3.3% | 3,059 | 3,267 | -6.4% | -6.4% | ||||
| EBITDA | 173 | 232 | -25.3% | -26.6% | 579 | 712 | -18.7% | -18.6% | ||||
| EBITDA margin | 16.8% | 22.2% | -5.4pp | 18.9% | 21.8% | -2.9pp | ||||||
| FCF1 | 54 | 117 | -53.7% | 70 | 214 | -67.5% | ||||||
| ROCE | 11.0% | 15.4% | -4.4pp | |||||||||
1 Free Cash Flow (FCF) is the free cash flow to Solvay shareholders from continuing operations.
Philippe Kehren, Solvay CEO
“We continue to navigate a challenging economic environment. The conflict in the Middle East is having a significant impact on Solvay operations, with the temporary shutdown of our Peroxides plant in Jubail materially affecting the company’s short-term performance, as reflected in our updated guidance. In this context, Solvay remains focused on executing its transformation, actively managing and strengthening its portfolio to position the company for long-term growth.
With our long-term supply agreement with Viridis, we strengthen our position in rare earths separation and establish a new value chain down to the customers. This is a concrete step that will allow our plant in La Rochelle to unlock future growth opportunities.”
2026 Outlook
The conflict in the Middle East continues to weigh on the underlying EBITDA of the company, with an impact of
€-20 million in Q2 2026 and €-25 million in Q3 2026. This is primarily driven by the continued suspension of the Peroxide plant operations at the Sadara complex in Jubail, Saudi Arabia, which accounted for close to €-15 million both in Q2 and in Q3 2026.
As communicated on October 19, 2026, excluding potential revenue or recovery measures from Sadara for the remainder of 2026, the guidance for 2026 is:
- Underlying EBITDA between €720 million and €740 million
- Free Cash Flow from continuing operations to Solvay shareholders between €120 million and €150 million, net of c. €90 million of transformation expenses
- Capital expenditure below €300 million, including the strategic investments of €15-20 million announced in July to expand rare earth separation capacity at the La Rochelle site
- Cumulated structural cost savings on track to reach €300 million at the end of 2026
Solvay’s operations in Jubail are conducted through a joint venture with Sadara (which is a joint venture majority-owned by Saudi Aramco). Solvay is exploring all available avenues to mitigate the financial impact of the temporary shutdown, as the joint venture contractual framework includes mechanisms designed to recover lost profitability.
Rare earths developments
As previously disclosed, Solvay continues to progress its discussions with OneIM, a global investment fund with critical mineral investments. If such discussions lead to a definitive agreement, Solvay would contribute its rare earths activities to a newly formed joint venture while retaining a significant minority ownership interest. The Solvay perimeter under consideration generates approximately €80 million of underlying EBITDA on an annual basis.
Separately, Solvay signed a long-term supply agreement with Viridis, securing strategic rare earth feedstock beginning in 2028 and reinforcing the resilience and integration of its future rare earths supply chain.
Dividend
The Board has decided to pay an interim gross dividend of €0.97 gross per share. This represents 40% of the 2025 total dividend (€2.43 per share), which is in line with its dividend policy and historical practices.
Financial calendar
- January 18, 2027: Interim dividend ex-date
- January 20, 2027: Interim payment date
- March 4, 2027: Fourth quarter and full year 2026 earnings
- March 2027: Investor event
- May 5, 2027: First quarter earnings
- May 11, 2027: Ordinary General Shareholder’s Meeting
- July 29, 2027: Second quarter and first half year 2027 earnings
- November 4, 2027: Third quarter and first nine months 2027 earnings
- Link to Solvay’s financial calendar
Details of analysts and investors conference call
- Time: November 4, 2026 – 2pm CET
- 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. Discussions with One IM described in this press release remain ongoing and there can be no assurance that these discussions will result in a definitive agreement or that any transaction will be consummated. 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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