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    Tristan Lamotte

    Director and Senior Equity Analyst at Deutsche Bank

    Tristan Lamotte is a Director and Senior Equity Analyst at Deutsche Bank based in London, specializing in European chemicals and materials coverage with a focus on companies such as IMCD, K+S, Johnson Matthey, and Clariant. He covers 10 key stocks, including DE:SDF, GB:0O7D, and DE:LXS, and has a track record with a recommendation success rate of 38% and an average return per transaction of -1.20%, with notable high-performing calls such as a +33.9% return on DE:LXS between March 2024 and March 2025. Lamotte’s coverage is recognized by major investor relations pages for leading publicly traded chemicals and materials companies, and he joined Deutsche Bank after prior roles in European equity research, maintaining an active presence in sell-side analyst coverage. His professional credentials include regulatory registration for securities research in the UK, and he is noted for regular publication of sector reports and investment recommendations.

    Tristan Lamotte's questions to SOLVAY S A /ADR/ (SLVYY) leadership

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

    Question

    Tristan Lamotte from Deutsche Bank AG asked for the rationale behind expecting a second-half step-up to meet guidance and questioned the outlook for soda ash, including the potential for further price and volume downside.

    Answer

    CEO Philippe Kehren explained the H2 improvement is expected from the ramp-up of cost savings and new business opportunities. For soda ash, he anticipates stability in Europe and North America with continued volatility in seaborne markets. However, he sees limited further downside risk to seaborne prices, as they are at low levels where many Chinese producers are operating at a negative contribution.

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

    Question

    Tristan Lamotte from Deutsche Bank asked for the rationale behind expecting a stronger H2 to meet guidance and for the outlook on soda ash prices and volumes for the remainder of the year.

    Answer

    CEO Philippe Kehren explained that the second half is expected to benefit from an increased impact from the cost savings program and new business opportunities. For soda ash, he anticipates stability in Europe and North America with continued volatility in seaborne markets. He sees only potential upside for seaborne prices, as current low levels are pressuring Chinese producers.

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

    Question

    Asked for the reasons behind the expected H2 step-up needed to reach guidance and for the outlook on soda ash prices and volumes for the rest of the year.

    Answer

    The second half is expected to be stronger due to the increasing impact of the cost savings program and new business opportunities materializing. For soda ash, stability is expected in Europe and North America, with continued volatility in seaborne markets. However, seaborne prices are at very low levels, limiting further downside and creating potential for upside.

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    Tristan Lamotte's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q2 2024

    Question

    Tristan Lamotte asked for specifics on where the company sees potential order book softness or destocking risks and inquired if Q4 should now be considered seasonally larger than Q3 for the new Solvay.

    Answer

    CEO Philippe Kehren clarified that the mention of destocking was a general risk to keep in mind, not something currently visible in the order book, which looks stable. He stated that, generally speaking, there is 'not a lot of seasonality' in Solvay's businesses and that visibility remains short-term.

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    Tristan Lamotte's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q2 2024

    Question

    Tristan Lamotte asked for clarification on potential order book softness and destocking risks. He also inquired about the normal seasonality of the business post-separation, specifically if Q4 is typically larger than Q3.

    Answer

    CEO Philippe Kehren clarified that his mention of potential destocking was a general risk to keep in mind, not something indicated by the current order book, which he described as stable and in line with previous quarters. He stated that, generally speaking, there is not a lot of seasonality in Solvay's businesses and that order book visibility remains relatively short-term.

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