Earnings Release • Oct 24, 2022
Earnings Release
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Third quarter underlying EBITDA is expected to be around €900 million.
Brussels, October 24, 2022 - 7:30am CEST
Based on unaudited preliminary figures, Solvay announces that it expects its third quarter 2022 to reach new sales and EBITDA records. The company expects net sales to be approximately €3.6 billion and underlying EBITDA to be around €900 million, significantly higher than previous estimates. The performance in the quarter reflects supportive demand momentum across many key markets together with continued strong pricing across all three business segments. Free Cash Flow in the quarter will also be strong reflecting the combination of record results and sustained focus on cash generation.
Taking into account both the strong performance year-to-date, and fourth quarter order levels that indicate some weakening, Solvay raises its full-year 2022 EBITDA guidance to be around 28% organic growth relative to full-year 2021. This compares with the company's previous guidance of 14% to 18% organic growth issued on July 28, 2022.
In the context of the challenging economic conditions, the company will further reinforce cost discipline so as to preserve the resilience of Solvay's businesses, while continuing to invest in its future growth.
Further details will be provided when the company reports third quarter earnings on November 3, 2022.
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.
Solvay is a science company whose technologies bring benefits to many aspects of daily life. With more than 21,000 employees in 63 countries, Solvay bonds people, ideas and elements to reinvent progress. The Group seeks to create sustainable shared value for all, notably through its Solvay One Planet roadmap crafted around three pillars: protecting the climate, preserving resources and fostering a better life. The Group's innovative solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices, health care applications, water and air purification systems. Founded in 1863, Solvay today ranks among the world's top three companies for the vast majority of its activities and delivered net sales of €10.1 billion in 2021. Solvay is listed on Euronext Brussels and Paris (SOLB). Learn more at www.solvay.com.
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