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BASIC INDUSTRIES: Solvay (SOLBBB NR/BBB-/NR): 2Q24 Results

BASIC INDUSTRIES

Small credit positive. Signs of recovery in some markets and guidance upgraded.

  • Solvay reported revenue in-line with consensus. Volume is up slightly on the quarter and year, with lower pricing resulting in a 6% YoY drop.
  • Adj. EBITDA was 4% better than expected. More than half of the 2024 cost saving target has been delivered so far. Margins are 5% lower YoY at 23% mainly due to lower Soda Ash prices. 
  • FCF, at €120mn, was close to 1Q. Net debt is unchanged QoQ at €1.6bn, leverage at 1.5x down from 1.9x at FY23.
  • Broadly flat demand expected in 2H. FY24 outlook upgraded thanks to cost savings, with organic EBITDA growth expected between -10 and -15% (-10 to -20% previously, consensus -18%), FCF > €300mn (€260mn previously, consensus €240mn).
  • Webcast 12.00 BST https://channel.royalcast.com/solvay/#!/solvay/20240731_1
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