Solvay revises its 2025 underlying EBITDA outlook and confirms its Free cash flow guidance
Regulated and inside information
Brussels, July 14, 2025 – 7.15pm CEST
In the second quarter, Solvay experienced a continuation of the soft market environment, impacted by ongoing global tariff discussions and heightened geopolitical tensions. This led to a progressive reduction of demand, and a slowdown in order books, particularly in certain soda ash end-markets and in the Coatis business unit. Visibility remains low and market conditions are expected to remain challenging throughout the second half of 2025.
Based on this, Solvay is updating its 2025 outlook.
Solvay now expects underlying EBITDA to be between €880 million and €930 million, assuming current FX levels for the second half. This compares to the previous outlook that was to reach the lower half of the range from €1.0 billion to €1.1 billion.
Solvay confirms its Free Cash Flow from continued operations to Solvay shareholders to be around €300 million, with a maximum of €300 million of Capex, reflecting the management focus on cash generation and dividend cover.
In the second quarter of 2025, Solvay expects an underlying EBITDA of approximately €230 million, including a one-off revenue gain of around €20 million in the Special Chem business unit.
Due to the ongoing quiet period, Solvay will not further comment ahead of the Q2 2025 earnings release planned on July 30.
Contacts
About Solvay
Solvay, a pioneering chemical company with a legacy rooted in founder Ernest Solvay's pivotal innovations in the soda ash process, is dedicated to delivering essential solutions globally through its workforce of around 9,000 employees. Since 1863, Solvay harnesses the power of chemistry to create innovative, sustainable solutions that answer the world's most essential needs such as purifying the air we breathe and the water we use, preserving our food supplies, protecting our health and well-being, creating eco-friendly clothing, making the tires of our cars more sustainable and cleaning and protecting our homes. Solvay's unwavering commitment drives the transition to a carbon-neutral future by 2050, underscoring its dedication to sustainability and a fair and just transition. As a world-leading company with €4.7 billion in underlying net sales in 2024, Solvay is listed on Euronext Brussels and Paris (SOLB). For more information about Solvay, please visit solvay.com or follow Solvay on Linkedin.
Safe harbor
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.
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New factors emerge from time to time, and it is not possible for PrairieSky to predict all of these factors or to assess, in advance, the impact of each such factor on PrairieSky's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. CONVERSIONS OF NATURAL GAS TO BOE To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (BOE). PrairieSky uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 BOE ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the BOE ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value. NON-GAAP MEASURES AND RATIOS Certain measures and ratios in this press release do not have any standardized meaning as prescribed by IFRS and, therefore, are considered non-GAAP measures and ratios. These measures and ratios may not be comparable to similar measures and ratios presented by other issuers. These measures and ratios are commonly used in the oil and natural gas industry and by PrairieSky to provide potential investors with additional information regarding the Company's liquidity and its ability to generate funds to conduct its business. Non-GAAP measures and ratios include operating netback per BOE and dividend payout ratio. Management's use of these measures and ratios is discussed further below. Further information can be found in the Non-GAAP Measures and Ratios section of PrairieSky's MD&A for the three and six months ended June 30, 2025 and 2024 and PrairieSky's MD&A for the three months ended March 31, 2025 and 2024. "Operating netback per BOE" represents the cash margin for products sold on a BOE basis. Operating netback per BOE is calculated by dividing the operating netback (royalty production revenue less production and mineral taxes and cash administrative expenses) by the average daily production volumes for the period. Operating netback per BOE is used to assess the cash generating and operating performance per unit of product sold and the comparability of the underlying performance between years. Operating netback per BOE measures are commonly used in the oil and natural gas industry to assess performance comparability. Refer to the Operating Results table starting on page 6 of PrairieSky's MD&A for the three and six months ended June 30, 2025 and 2024 and page 6 of PrairieSky's MD&A for the three months ended March 31, 2025 and months ended Six months endedJune 30 March 31 June 30 June 30 June 30 ($ millions) 2025 2025 2024 2025 2024 Cash from operating activities 90.3 90.7 99.3 181.0 179.0 Other revenue (12.4 ) (8.2 ) (10.1 ) (20.6 ) (17.6 ) Amortization of debt issuance costs (0.1 ) (0.1 ) (0.1 ) (0.2 ) (0.2 ) Finance expense 3.0 2.9 3.5 5.9 7.2 Current tax expense 16.5 17.3 19.0 33.8 33.7 Interest on lease obligation (0.1 ) - - (0.1 ) - Net change in non-cash working capital 6.4 (4.9 ) 6.8 1.5 10.1 Operating netback 103.6 97.7 118.4 201.3 212.2 'Operating Margin' represents operating netback as a percentage of royalty production revenue. Management uses this measure to demonstrate the comparability between the Company and production and exploration companies in the oil and natural gas industry as it shows net revenue generation from months ended Six months endedJune 30 March 31 June 30 June 30 June 30 ($ millions) 2025 2025 2024 2025 2024 Royalty production revenue 111.2 119.9 125.5 231.1 238.7 Operating netback 103.6 97.7 118.4 201.3 212.2 Operating margin 93% 81% 94% 87% 89% "Dividend payout ratio" is calculated as dividends declared as a percentage of funds from operations. Payout ratio is used by dividend paying companies to assess dividend levels in relation to the funds generated and used in operating activities. Three months ended Six months endedJune 30 March 31 June 30 June 30 June 30 ($ millions, except otherwise noted) 2025 2025 2024 2025 2024 Funds from operations 96.7 85.8 106.1 182.5 189.1 Dividends declared 61.2 61.2 59.7 122.4 119.4 Dividend payout ratio 63% 71% 56% 67% 63% ABOUT PRAIRIESKY ROYALTY LTD. PrairieSky is a royalty company, generating royalty production revenues as oil and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating funds from operations and that represent the largest and most consolidated independently-owned fee simple mineral title position in Canada. PrairieSky's common shares trade on the Toronto Stock Exchange under the symbol PSK. FOR FURTHER INFORMATION PLEASE CONTACT: Andrew M. PhillipsPresident & Chief Executive Officer PrairieSky Royalty Ltd.(587) 293-4005 Michael T. MurphyVice-President, Geosciences & Capital MarketsPrairieSky Royalty Ltd.(587) 293-4056 Investor Relations(587) Pamela P. KazeilSenior Vice-President, Finance & Chief FinancialOfficerPrairieSky Royalty Ltd.(587) 293-4089 PDF available: in to access your portfolio
