Solvay: tightens EBITDA target for 2024

(CercleFinance.com) - Q2 2024 net sales stabilised sequentially at E1,194m, although were down 6.
7% organically compared with Q2 2023.

Q2 2024 underlying EBITDA increased 2.6% sequentially to E272m, while EBITDA margin improved sequentially for the second consecutive quarter to 22.8%. Underlying EBITDA declined 17.2% organically compared with Q2 2023.

Underlying net income from continuing operations reached E116m in Q2 2024, -45% from E211m in Q2 2023.

Solvay expects demand to remain fairly stable in H2. Following the good H1 performance and the acceleration of cost savings, Solvay is tightening its underlying EBITDA target to -10% to -15% organically (previously -10% to -20%), or around E975m to E1,040m for 2024, at an exchange rate of E1.10/USD. This growth is underpinned by cost savings of E80m expected for the full year.

Solvay is raising its free cash flow target to over E300m. This includes an acceleration of capital expenditure in H2, to between E300m and E350m in 2024.


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