Solvay has reported net sales for Q1 2024 at €1,201 milion, down 11.9% organically versus Q1 2023. The companywitnessed positive volume impact for the first time in seven quarters in both Basic and Performance Chemicalssegments. Prices decreased, mostly reflecting the lower energy and raw material costs.

During first quarter, underlying EBlTDA of €265 milion for the first quarter was 13.6% lower organically compared to ahigh Q1 2023, with negative Net Pricing partially offset by positive volume impact and lower fixed costs. The EBITDAmargin remained solid at 22.1%, and improved sequentially, First cost savings initiatives are already bearing fruit, with€19 million achieved in Q1 2024.

Underlying net profit from continuing operations was €119 million in Q1 2024 vs. €187 million in Q1 2023
Free Cash Flow was strong at €123 milion in Q1 2024, from resilient EBlTDA combined with discipline on workingcapital, costs and capex. ROCE was 19.8% in Q1 2024.

In the frst quarter of 2024, while Soway benefited from slight volume pickup in some of its businesses, management has maintained a strong focus on costs and cash.Looking ahead,the company is confident that it can keep its fixed costs under contro. Despite gren shoots in some segments in 91,soft demand combined with a volatiemacro and geopolitical environment lead Solvav to remain prudent. As a consequence the view on the rest ofthe vear is relatively unchanged at this stage.

Solvay confirms, for fullyear 2024,its quidane of organic qrowth ofthe underying EBITDA by -10% to -20% (translating into a range of 925 mlion to 1.040 miion at a1.10 EUR/USD exchange rate) and its guidance of Free Cash Flow to Solvay shareholders to be greater than €260 million.