Belgium’s Solvay Q1 net profit decreases on economic uncertainty

SINGAPORE (ICIS)–Solvay’s Q1 underlying net profit from continuing operations fell to €102 million year on year from €119 million during the same period in 2024 on customer caution arising from macroeconomic uncertainty, the Belgian chemicals firm said on Thursday.

In € million	Q1 2025	Q1 2024	% Change
Net sales	1,122	1,201	-6.6
EBITDA	250	265	-5.9
Underlying net profit from continuing operations	102	119	-14.3

Basic Chemicals sales in Q1 2025 were down by -6.0% compared to Q1 2024, the company said.

There was some softness in Soda Ash as customers displayed caution amid macroeconomic uncertainty, particularly in March.

Meanwhile, Solvay’s underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) margin for Q1 rose by 0.2 percentage points to 22.3% year on year from 22.1% in the same period in 2024.

Soda Ash & Derivatives sales for the quarter were down by -11.0% due to demand in Europe and the US remaining low, while exports through sea were softer sequentially, especially in southeast Asia.

However, bicarbonate demand remained strong, fueled by global trends.

“The current macro environment is uncertain and filled with challenges that were not foreseen at the start of the year. However, our resilient global and local to local business model will allow us to navigate these challenges,” said Solvay CEO Philippe Kehren.

Solvay expects underlying EBITDA for 2025 to be between €1.0 billion and €1.1 billion, towards the lower half of the range if current market conditions and currency exchange rates prevail.

Cost savings are expected at €200 million by the end of 2025.