Q2 2026 Solvay SA Earnings Call Transcript
Key Points
- Solvay SA (SLVYY) reported record sales levels for Bicarbonate and electronic-grade Peroxides in Q2 2026.
- The company has improved its safety culture, resulting in a further reduction in the reportable injury rate.
- Solvay SA (SLVYY) is strategically positioned in the rare earths market, being the only company outside China with the capability to separate all 17 rare-earth elements.
- The company is actively working on restarting its peroxide plant in Saudi Arabia, which is expected to resume operations in Q3 2026.
- Solvay SA (SLVYY) is committed to its carbon neutrality goal by 2050, aligning with the European Union's draft proposal for the reform of the Emissions Trading System.
- Solvay SA (SLVYY) experienced a 20% year-on-year decline in underlying EBITDA in Q2 2026, primarily due to the temporary shutdown of its peroxide plant in Saudi Arabia.
- The soda ash market remains under competitive pressure, particularly in export markets, affecting overall performance.
- The conflict in the Middle East negatively impacted the company's EBITDA by approximately EUR20 million in Q2 2026.
- Free cash flow was negative at minus EUR11 million in Q2 2026, influenced by seasonality and concentrated cash outflows.
- The company's leverage ratio temporarily increased above 2 times at the end of Q2 2026, reflecting higher net debt levels.
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Good afternoon, everyone, and welcome to Solvay's second-quarter and first-half 2026 earnings conference call. I'm Geoffroy d'Oultremont, Head of Investor Relations; and I'm joined today by our CEO, Philippe Kehren; and our CFO, Alexandre Blum. This call is being recorded and will be accessible for replay on the investor relations section of Solvay's website later today.
I would like to remind you that the presentation includes forward-looking statements that are subject to risks and uncertainties. The slides presented in today's call are also available on our website.
Let's get started. Philippe, over to you.
Thank you, Geoffroy, and hello everyone. Let me start with safety, which is at the heart of everything we do. Our transformation delivers tangible results, with the reportable injury rate further improving in the second quarter, as you can see here.
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