Solvay Q2 2026 results and guidance

Q2 performance

Underlying net sales in Q2 2026 were €1,031m, down -7.4% organically versus Q2 2025. Underlying EBITDA was €187m (18.1% margin), down -19.5% organically. The year‑on‑year decline reflects continued weakness in soda ash pricing and the negative impact of the Middle East conflict, including the temporary shutdown since mid‑March of the Peroxides plant in the region; Q2 2025 included an approximately €20m one‑off gain.

Underlying net profit from continuing operations was €64m in Q2 2026 versus €99m in Q2 2025. Structural cost savings delivered another €26m in Q2 2026, mainly from operational excellence in manufacturing, contributing to year‑on‑year fixed cost reductions.

Cash, capex and balance sheet

Free cash flow for the first half of 2026 amounted to €15m (Q2 FCF €‑11m). Capex for H1 reached €141m. Underlying net debt was €1.8bn after dividend payments in H1, implying a leverage ratio of 2.3x at the end of June 2026.

2026 outlook

Anticipating the restart of the Peroxides plant in Saudi Arabia during Q3, Solvay confirmed full‑year guidance: underlying EBITDA between €770m and €850m (including a €20m negative currency impact assuming 1.20 EUR/USD and c.€40m of transformation expenses). Free Cash Flow from continuing operations to Solvay shareholders is expected to be at least €200m, net of c.€90m of transformation expenses, with capex around €300m. Cumulated structural cost savings are forecast at about €300m by year‑end 2026.

Rare earths expansion

Solvay approved additional strategic investments of €15–20m to expand separation capacities at its La Rochelle facility. Following a Letter of Intent with Viridis to secure supply from Brazil, Solvay will begin industrial‑scale separation of dysprosium (Dy) and terbium (Tb) in autumn 2026.