Thomas Wrigglesworth's questions to Solvay SA (SLVYY) leadership • Q1 2025
Question
Thomas Wrigglesworth from Morgan Stanley asked about the drivers of the Q1 volume decline, questioning if it was a lag effect from weak flat glass demand and whether bicarbonate growth could be sustained. He also inquired about the outlook for the China-exposed Specialty Chemicals business amid trade tensions.
Answer
CEO Philippe Kehren confirmed that the soda ash market is awaiting a recovery in construction and flat glass. He expressed confidence in continued bicarbonate growth, driven by flue gas treatment and pharma applications. Regarding Specialty Chemicals, he noted that over 80% of sales are regional, limiting tariff impacts, with the main direct exposure being the monitored export controls on heavy rare earths from China, which is a small part of the portfolio.