Solvay : Consensus of Analysts' Estimates > pre-Q1 2022

IFRS

Consensus of Analysts' Estimates > pre-Q1 2022

The consensus is the medianof analyst estimates which are compiled and calculated by Vara Research. It is based on the projections made by analysts covering Solvay. Any opinions, estimates or forecasts regarding Solvay's performance made by these analysts and therefore also the consensus figures are theirs alone and do not represent opinions or forecasts of

Solvay or its Management. By making this consensus information of its results available on a quarterly basis, Solvay does

not mean or otherwise imply to endorse such information.

Profit attributable to Solvay shareholders

EBIT, IFRS

Profit attributable to Solvay shareholders, IFRS

Gross DPS (€) (4)

Other Indicators

Capex (continuing operations)

Free cash flow to Solvay shareholders (continuing operations)

Free cash flow to Solvay shareholders (total) (5)

Underlying net debt (including perpetual hybrid bonds)

ROCE (7)

FCF conversion (8)

Poll date	Participants	Median TP
14/04/22	16	120.00
BUY	HOLD	SELL
69%	19%	13%
Fill in	Fill in
FY 2021	Q1 2022	Q2 2022
10,105	2,762	2,740	5,634
2,903	787	787	1,595
3,357	930	918	1,865
3,838	1,058	1,049	2,114
7	2	1	4
2,356	605	610	1,209
879	226	232	476
1,009	247	241	470
701	190	189	363
-233	-55	-50	-95
-756	-197	-194	-398
1,600	409	415	811
-235	-57	-54	-115
-287	-85	-87	-181
2	0	0	0
-41	-10	-11	-21
1,040	258	268	509
1,073	358	362	707
724	230	238	465
3.85
-736
843
830

11,136	11,561	12,093
3,169	3,410	3,666
3,714	3,717	3,900
4,221	4,344	4,488
7	7	7
2,424	2,570	2,700
934	997	1,033
958	1,004	1,034
742	761	792
-200	-198	-200
-790	-803	-836
1,636	1,725	1,827
-227	-219	-209
-353	-390	-421
0	0	0
-43	-44	-44
1,035	1,102	1,165
1,427	1,556	1,693
932	1,031	1,151
3.95	4.09	4.21
-880	-885	-921
683	892	935
670	877	919
3,949	3,755	3,321	3,112
11.4%
37.6%

Items contributed by less than 5 analysts not taken into account

• (1) Segmentation since H2 2021: Materials: Specialty Polymers, Composite Materials; Chemicals: Soda Ash, Peroxides and Silica, and its Coatis and Rusvinyl; Solutions: Novecare, Technology Solutions, Aroma, Special Chem and Oil&Gas

• (2) For full disclosure and definition of Underlying alternative metrics on a proforma basis, please refer to appropriate press releases issued by Solvay on Feb 25 and March 17, 2016.

• (3) Purchase Price Allocation.

• (4) Dividend Per Share pending for approval at the General Shareholder meeting generally in May of the current year

• (5) Cash flow from continuing operations (including dividends from associates and joint ventures) + cash flow from investing activities (excluding acquisitions and sales of subsidiaries and other investments) and excluding loans to associates and non-consolidated companies).

(6) Unaudited 2018 pro forma financial information concerning the adoption of IFRS 16 "Leases". The Group adopted IFRS 16, using a modified retrospective approach, as of January 1, 2019, i.e. without restating prior reporting periods presented. The pro forma information presents the impact on the Group's financial reporting as if the adoption of IFRS 16 had taken place on January 1, 2018. This pro forma financial information only pertains to leases that were classified as operating leases in accordance with IAS 17.

(7) ROCE: Return on Capital employed, calculated as the ratio between underlying EBIT (before adjustment for the amortization of PPA) and capital employed. Capital employed consists of net working capital, tangible and intangible assets, goodwill, rights-of-use assets, investments in associates & joint ventures and other investments, and is taken as the average of the situation at the end of the last 4 quarters.

(8) FCF Conversion is calculated as the ratio between the free cash flow to Solvay shareholders (before netting of dividends paid to non-controlling interest) and underlying EBITDA.