Belgian chemicals group Solvay reports underlying net income from continuing operations of 119 million euros for the first quarter of 2024, compared with 187 million a year earlier, and underlying EBITDA of 265 million, down 13.6% organically.

At 1.2 billion euros, sales were down 11.9% organically, with a positive impact on volumes (for the first time in seven quarters), while prices declined, mainly due to lower energy and raw material costs.

Some sectors of our business showed promising momentum compared with the trough at the end of 2023, but we cannot yet speak of a recovery", says CEO Philippe Kehren, who also points to the first fruits of cost-cutting initiatives.

For 2024 as a whole, Solvay confirms its forecasts of a 10-20% organic decline in underlying EBITDA compared with a restated 2023 base, and free cash flow in excess of 260 million euros.

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