Solvay: 2Q adj figures modestly better than expected; FY guidance unchanged

研报英文原文证据摘录

Solvay: 2Q adj figures modestly better than expected; FY guidance unchanged

J P M O R G A N Europe Equity Research

29 July 2026

Solvay Overweight

SOLB.BR, SOLB BB

2Q adj figures modestly better than expected; FY Price (28 Jul 26):€26.42

guidance unchanged Price Target (Dec-27):€30.00

Our Take: Solvay’s 2Q26 group sales were down 7% YoY organically (-5% European Chemicals

ACvolume/-2% price) and missed JPMe/Vara cons by 1%. That said, group adj Chetan Udeshi, CFA

EBITDA of €187m (down 19.5% YoY organically) came in 7%/2% ahead of (44-20) 7742-7034

JPMe/cons with the margin of 18.1% above expectations. The company has noted chetan.x.udeshi@jpmorgan.com

that net headwinds from the Middle East conflict represented around half of the J.P. Morgan Securities plc

20% YoY organic decline (or ~€20m) seen in adj EBITDA in 2Q. The company has Angelina Glazova, CFA

reiterated FY26 adj EBITDA guidance, with the consensus closer to the lower end (44-20) 7134-8379

angelina.glazova@jpmorgan.com

of the guide. In our conversation this morning, Solvay indicated that the July order J.P. Morgan Securities plc

book is looking a bit better than June, but the overall environment remains broadly

Kanchan Sangtani

similar to what the company saw in 2Q. The focus will be on any additional colour (91-22) 6157-3639

on 3Q trading on the call. kanchan.sangtani@jpmchase.com

J.P. Morgan India Private Limited

2Q26groupresultsvs.expectations, details on• Noteworthy Areas: See the details on group results in Table 1Solvay

segment results in Table 2Solvay2Q26segmentresultsvs.expectations, and EBITDA bridge in Table 3SolvayquarterlyadjEBITDAbridge. Solvay disclosed Specialist Sales contact details:

2Q26 adj EBITDA of €187m, down 19.5% YoY organically and a beat of Sam Edmunds - Specialist Sales -