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Solvay nine months 2021 results

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Solvay nine months 2021 results
Strong profit due to high demand, price and mitigation actions overcoming significant inflationary pressure


  • Net sales in the third quarter of 2021 were up +25% organically versus Q3 2020 and up by +6% organically compared to Q3 2019 (+12% excluding Composites), reflecting continued strong demand in most of our markets including record sales in Specialty Polymers. Nine months 2021 sales were 15% organically above 9M 2020, and up +0.5% (+6% excluding Composites) compared to 2019.
  • Underlying EBITDA at €599 million in Q3 2021 was up +31% year on year on a comparable scope and foreign exchange basis, reflecting demand recovery, mitigating actions in the face of sharp increases in energy prices, raw materials and logistics, and structural cost savings of €41 million. Nine months 2021 EBITDA is 28% higher than in 2020 and is 6% higher compared to 2019 (at constant scope and currency).
  • EBITDA margin at 23.3% is 0.8 percentage points higher than Q3 2020 thanks to higher volumes, pricing, and structural cost measures which partially offset the €145 million impact from rising raw materials, energy and logistics costs.
  • Underlying Net Profit at €273 million in Q3 2021, 55% higher than versus Q3 2020.
  • Free Cash Flow1 amounted to €276 million in Q3 2021, marking the 10th consecutive quarter of positive free cash flow and bringing the nine months 2021 total to €692 million.
  • Interim dividend of €1.50 gross per share decided by the Board of Directors, stable year on year, to be paid on January 17, 2022.
  • Solvay ONE Planet sustainability roadmap strengthened with new commitment to reach carbon neutrality before 2050.
  Third quarter  Nine months
Underlying (in € million)  202120202019% org 21/20% org
 202120202019% org
% org
Net sales 2,5732,1032,578+24.7%+6.2% 7,4026,7517,803+15.1%+0.5%
EBITDA 599473601+31.1%+6.7% 1,7841,4811,796+28.0%+5.7%
EBITDA margin 23.3%22.5%23.3%-- 24.1%21.9%23.0%--
FCF 1 276366313-- 692801
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