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    Thomas Wrigglesworth

    Research Analyst at Morgan Stanley

    Thomas Wrigglesworth is Director of Research - Equity at Morgan Stanley & Co. International Plc, specializing in coverage of European chemicals and basic materials companies such as Solvay SA, BASF, and Lanxess. Known for his rigorous research and industry insight, he has delivered influential analyses utilized by institutional clients and earning consistent inclusion in earnings calls and consensus lists, while his track record highlights successful coverage of large-cap sector players. Wrigglesworth began his analyst career at Citigroup Global Markets Asia Ltd. in 2007, moving to Citigroup Global Markets Ltd. as a Chemicals & Basic Materials Analyst from 2015 to 2021, before joining Morgan Stanley in June 2024. He maintains core industry credentials appropriate for senior equity research roles and is recognized among clients and peers for quality coverage and sector expertise.

    Thomas Wrigglesworth's questions to SOLVAY S A /ADR/ (SLVYY) leadership

    Thomas Wrigglesworth's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q1 2025

    Question

    In a follow-up, Thomas Wrigglesworth of Morgan Stanley asked for more detail on the rare earth chemicals supply from China, specifically if Solvay was building inventory to mitigate tariff risks or if the situation was business as usual.

    Answer

    CEO Philippe Kehren clarified that the primary issue is not tariffs but an export control implemented by China on certain heavy rare earths. He explained that Solvay needs these materials for its autocatalysis business, is currently operating with existing inventory, and is actively working with Chinese authorities to secure the necessary licenses to continue exporting in the future.

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    Thomas Wrigglesworth's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q1 2025

    Question

    In a follow-up, Thomas Wrigglesworth of Morgan Stanley asked for more detail on how Solvay is adapting to Chinese export controls on rare earths, specifically if it involves pre-stocking inventory.

    Answer

    CEO Philippe Kehren clarified that the company is currently operating using its existing inventory of heavy rare earths needed for the autocatalysis market. He emphasized that Solvay is actively working with Chinese authorities to secure the necessary licenses to ensure continued exports for the future.

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