SOLVAY

The role of the administrative, management and supervisory bodies is described throughout the Corporate governance statement. The Board culture is built on stewardship, trust, transparency and learning. It extends to the dialogue between the Board and senior management. In the past year we have thus had intense and fruitful exchanges with the leadership team on the transformation of Solvay, developing the new company strategy and formulating the new sustainability roadmap of Solvay.

We also know that we will need to change some things. Let me mention two, which became apparent through the encompassing cultural transformation initiative that we took last year.

First, we need to focus more. On what truly matters, on what creates value, for customers, for our stakeholders and for the planet. To fully benefit from the split, we need to relentlessly eliminate complexity and waste. We need to focus our efforts and resources where it matters and impacts most.

Second, we need to embrace change. This may sound as a trivial statement as success in industry always hinges on the ability to improve and change. But change is hard, it implies acknowledging that what we have done in the past, what we do today with commitment and care, should nevertheless evolve to remain competitive and innovative. Not because we have been wrong in the past but because we just can still become better. And this requires mental strength and humility.

Through the varied experiences and profiles of Board members they enrich the quality of our governance in a spirit of impeccable professionalism, trust and warm personal commitment. In the past year we have thus had intense and fruitful exchanges with the leadership team on the transformation of Solvay, developing the new company strategy and formulating the new sustainability roadmap of Solvay.

We are essential chemistry, making progress possible for generations

We are essential chemistry. We represent a unique type of company in the chemical industry landscape, with specific requirements in terms of our operating model and success factors.

Essential chemicals are neither commodity nor specialty chemicals – they can be found on the spectrum between commodity and specialty chemicals. Essential chemistry has distinct characteristics, some being very different from commodities and specialities, some being common. Being "essential" also impacts the way we do business.

Our Purpose: "We are essential chemistry, making progress possible for generations." This is the foundation of our strategy. Our ambition is to be the best at what we do; be a leader in essential chemistry.

Global reach, close to our clients

• 80% sales regional, from local production plants

• 41 countries
• 44 Production sites
• €4.7bn Underlying net sales
• ~9,000 Employees

Our businesses

Solvay holds a high quality and focused portfolio of industry benchmark assets including five global technologies – soda ash, peroxide, silica, fluorine, and rare earths – and a solid regional business in Latin America, focused on solvents and the polyamide chain.

Two essential business segments

Basic Chemicals 61% (Soda Ash & Derivatives, Peroxides)

• Chemical intermediate businesses focused on mature and resilient markets in which Solvay is a reference player.
• Serve major markets such as consumer goods, healthcare, food, electronics and building & construction.

Performance Chemicals 39% (Silica, Coatis, Special Chem)

• A wider range of products that are subject to customization based on unique formulations and application expertise. These high-quality assets hold strong positions in their markets.
• Serve various markets like automotive, consumer goods, electronics, etc.

Essential to multiple end-markets

Our key technologies make us a vital supplier of chemical products and intermediates for a broad array of industries. Our products serve a variety of end markets, none of which make up more than 24% of Solvay's sales, allowing for a good balance between our segments' performance.

End markets driven by megatrends

Our portfolio aligns with megatrends that drive our businesses' main end markets and provide us with opportunities in our main business lines. This includes a move toward sustainable resources, resource efficiency, and reduced environmental impact; implementing shorter supply chains with local sourcing and manufacturing; and the swift development of AI and digitalization across organizations and end‑consumers' life.

We are equally grateful to our shareholders old and new, who are confident in the stable and at the same time exciting opportunity that an essential company like Solvay provides in our uncertain world.

Our concrete achievements, our ambitions and our ability to innovate are, we hope, why our customers place their trust in us. We are genuinely grateful that they continue to recognize the high quality and reliability of our products and technology.

And, finally, committed industrialists are nothing without a highly engaged and skilled workforce – our colleagues are at the heart of our exciting journey. Our sincere gratitude also goes to them.

With an employee engagement rate of 80%, they are the foundation of our success. In our first year our regular Pulse survey among employees achieved an employee engagement score of 80%. Our employee net promoter score (eNPS) – which measures the likelihood of recommending Solvay as a workplace – rose 3% throughout the year to 84%. Also the input we received from our employees will help us create an even better work environment.

Social dialogue is essential to us. We continue to engage with our employees through diverse channels and have renewed our global agreement with IndustriALL, the union for the chemical industry.

In 2024, Solvay defined its new For Generations roadmap – our agenda for responsible business. Building on our heritage and company strengths, it sets the sustainability agenda of the company, while aligning with the new Solvay profile and strategy. This roadmap is structured around two pillars – Planet progress, focused on climate and nature, and Better life, addressing our people and communities.

Material impacts and opportunities:

Climate Change and Resource Scarcity:

• Soda ash for flat glass is used in double and triple glazing to meet the increased demand for insulation materials in construction, and in solar photovoltaic panels that provide cleaner energy.
• Our sodium-based SOLVAir® provides flue gas cleaning solutions that can remove up to around 99% of SOx, HF, and HCI emissions from exhausts in a range of sectors, including energy production and cement manufacturing.
• Our breakthrough soda ash process, e.Solvay, is expected to reduce our scope 1 & 2 greenhouse gas emissions by around 50%, and the consumption of natural resources, to result in 20% less water and salt and 30% less limestone, compared to the current process.
• Interox® Volt peroxide solutions enhance recovery of valuable metals from used batteries.
• Our proprietary process for bio-sourced Highly Dispersible Silica made from rice husk ash, a rice byproduct, will offer the tire industry a circular silica with a reduced carbon footprint.

Regionalization: With production plants based in key geographic zones, Solvay is poised to embrace the regionalization megatrend. This positions us well to answer customers' need for local supply, ensuring reliability and reducing the environmental footprint.

Artificial Intelligence and Digitalization:

• Our high-purity solutions are needed for advanced cleaning, an increasingly important factor as electronic devices become smaller.
• Solvaclean®, an environmentally-friendly cleaning gas for semiconductor tools made from eco‑friendly fluorinated gas mixtures, offers the industry an alternative cleaning option that provides zero global warming potential.
• INTEROX® Hydrogen Peroxide PicoPlus is our ultra‑purified electronic grade H2O2 primarily used in the cleaning and etching stages of semiconductor chip production.
• Rare earths' abrasive Zenus® is used in a critical step of the semiconductor manufacturing process to remove excess materials and create a smooth surface on each wafer layer.

For Climate, we have updated our carbon neutrality roadmap, outlining a solid and affordable path to achieving our goals. We believe that we can cut around one third of our greenhouse gas emissions (scope 1 and 2) by 2030 and a second third by 2040 with the aim to achieve carbon neutrality by 2050.

Our global energy transition roadmap includes various initiatives, from phasing out coal, to driving efficiency projects to lower energy consumption at our sites, to switching to renewable energy sourcing.

Energy transition projects:

• Rheinberg, Germany: We made our Rheinberg, Germany, plant, the world's first soda ash plant primarily powered by renewable energy, namely local waste wood. This shift will contribute to a 4% reduction of Solvay's overall greenhouse gas emissions by 2025 while enhancing our long‑term competitiveness.

• Green River, U.S.: Our U.S. trona-based soda ash plant in Green River, Wyoming, is set to drive a 4% reduction in Group‑wide GHG emissions by 2025 by deploying an innovative process and phasing out coal. The launch of our regenerative thermal oxidation (RTO) process, the first of its kind in the trona mining industry, marks a key milestone in Solvay's energy transition journey.

• Ciudad Juárez, Mexico: A new biodigester was commissioned in 2024 to substitute natural gas with biomethane.

• Dombasle, France: We are substituting coal with refuse-derived fuel, with an expected start in late 2025.

• Torrelavega, Spain: We are considering replacing coal with biomass by 2027.

• Paulínia, Brazil: We announced climate and water projects which will reduce this major production plant's greenhouse gas emissions by 40% annually by 2028. Installing biomass‑fired boilers, fueled primarily by sugarcane bagasse, will support renewable energy adoption.

These energy transition projects will substantially decarbonize our European operations while simultaneously mitigating exposure to fossil fuel price risks, thereby bolstering their long-term sustainability.

Climate targets:

• Carbon neutrality by 2050
• -30% Scope 1 & 2 GHG emissions by 2030 (vs 2021)
• -20% Scope 3 GHG emissions Focus 5 categories by 2030 (vs 2021)
• Coal phase out by 2030 in all sites but Devnya which requires more time

In 2024, €25 million in capital expenditure were allocated to Solvay's transition plan.

Energy consumption and mix:

Net energy costs represented around €0.7 billion (vs €0.8 billion in 2023). The distribution per region is the following: in Europe (71%) followed by the Americas (19%), and Asia and the rest of the world (10%).

The main energy sources expense are:

• Coke, anthracite, petcoke and coal for 35% (vs 39% in 2023)
• Natural gas (net of steam and electricity sold) for 33% (vs 33% in 2023)
• Electricity for 25% (vs 21% in 2023)
• Steam, hydrogen and biomass for 7% (vs 6% in 2023)

Coal phase out progress: In November 2024, Solvay's plant in Rheinberg, Germany completed its coal phase out and it is now the world's first soda ash plant primarily powered by renewable energy, namely waste wood. Earlier in the year, the coal phase out of Green River, Wyoming, USA, was also completed by adopting natural gas. Another project of coal phase out is underway in Dombasle, France, where coal will be substituted with refuse-derived fuel by the end of 2025.

Switching to renewable or low carbon energy: In 2024 a new biodigester was commissioned in Juarez, Mexico, which substitutes natural gas with biomethane. More projects are underway notably in Collonges, France, where fuel oil will be phased out thanks to a new electric furnace, with an expected start in late 2025, and in Rosignano where by 2026 green hydrogen will be produced, powered by a new solar farm, to be one of the largest in Italy. Moreover, a new project was announced in 2024 to substitute natural gas with biomass in Paulinia, Brazil, with an expected start-up in 2027.

GHG Emissions:

Reducing GHG Scope 1 & 2 emissions: At the end of 2024, the cumulative Scope 1 and 2 emissions reduction since 2021 at constant perimeter amounts to -17% or -1.50 Mt CO2eq (financial consolidated perimeter). However, its emissions increased by +1.9% or +0.14 Mt CO2eq vs 2023 due to the activity recovery impact (+0.26 Mt CO2eq) which was partly mitigated by new GHG reduction projects (-0.12 Mt CO2eq).

Reducing GHG Scope 3 emissions: In 2024, calculation methodologies were aligned with market best practices and GHG Protocol recommendations. Following these changes, the 2021 baseline has been restated with 2024 reporting methodology. The focus 5 categories represent 90% of the new 2021 baseline. At the end of 2024, the cumulative emission reduction from the focus 5 categories since 2021 at constant scope amounts to -4% or -0.6 Mt CO2eq (financial consolidated perimeter).

The scope 3 emissions focus 5 categories are "Purchased goods and services", "Fuel and energy related activities", "Processing of sold products", "Use of sold products" and "End-of-life treatment of sold products".

Innovative regenerative thermal oxidation technology introduced in Green River, Wyoming, for the first time in the trona mining industry, contributing up to a 8% Group-level emissions reduction at current scope.

Acting for nature and climate: In November 2024, the WHC (Wildlife Habitat Council) renewed its Gold Level Biodiversity Conservation Certification to Paulinia where Solvay undertakes a remarkable reforestation project which started in 2017 and will be concluded in 2028. Two new forestation projects were launched in 2024 in Linne Herten, Netherlands (tiny forest) and close to Map Ta Phut, Thailand (mangrove). These projects are financed by the new Solvay Travel Carbon Fund collecting €100 / ton CO2 emitted by our business travels. On top of their positive impact for biodiversity, these forestation projects allow the removal of GHG.

Our sodium-based SOLVAir® provides flue gas cleaning solutions that can remove up to around 99% of SOx, HF, and HCI emissions from exhausts in a range of sectors, including energy production and cement manufacturing. SOLVAir® Marine solution, designed for ships using heavy fuel oil, helps the marine industry reduce pollutant emissions, in line with international regulations.

Substances of concern and substances of very high concern

Marketed products

Solvay decided to use the threshold value of 0.1% w/w for SoC as it is referenced in the REACH regulation for EU Substances of Very High Concern (SVHC).

The share of 2024 net sales made with:

Please refer to the next chapter for the full details of this entity specific disclosure.

Amount of SoC that are marketed as products or as part of products by hazard class category:

(*) Reference period for the analysis: January 1, 2024 - December 31, 2024.

(**) Category 1 as marketed products: 8,243 metric tons of substances referred to in Article 59(10) of the REACH Regulation (Candidate List) and 0.0 metric tons of substances referred to in Article 57 and Annex XIV of the REACH Regulation (Authorization List).

(***) Category 1 as part of marketed products: 0.0 metric tons of substances referred to in Article 59(10) of the REACH Regulation (Candidate List) and in Article 57 and Annex XIV of the REACH Regulation (Authorization List).

There is no amount of SoC that leaves Solvay's facilities as product or as part of product in the hazard class categories 3, 4, and 6.

Solvay - Substances Risk Monitoring (S-SRM) - Entity specific disclosure

Today, the "black list" and "red list" contain about 3,400 substances. In 2024, out of these 3,400 substances, 26 were present in Solvay-marketed products at a concentration of more than 0.1% w/w.

(*) According to the black and red S-SRM lists. S-SRMs manufactured by, or forming part of, the composition of products sold by Solvay worldwide. Reference period for the analysis: January 2023 - January 2024.

(**) Analysis of Safer Alternatives for potential substitution for black and red S-SRMs. A substance may be present in more than one product.

In 2024, Analysis of Safer Alternatives (ASA) was required and planned for a total of 20 combinations of products and applications. Of the 20 analyses of safer alternatives completed as of December 31, 2024, since the start of the program:

• Five have led to an effective replacement, either through a substitution, through a reduction below the required threshold, through a stop of production, or otherwise discarded as they became irrelevant to Solvay's activity.
• Three are ongoing, which means that an alternative has been identified and discussed with customers for implementation.
• 12 have resulted in no available alternatives, either because no substitute is available, because of regulatory obligations to use SVHC for some applications, or because an alternative has not been requested due to the application in the final product.

Raw materials

The perimeter of reporting this year is limited to raw materials labelled as SoC or SVHC and used in our European production plants. It excludes raw materials that are not labelled as SoC or SVHC but could contain SoC or SVHC.

We have been unable to reach a level of reasonable comfort to determine even a high-level estimate relating to such substances in our other locations outside Europe and with respect to raw materials which could partly include such substances, which would be relevant and useful to our readers in determining our full impact in tons, and which would adhere to the qualitative characteristics of information as prescribed in Appendix B of ESRS 2.

This is an area of significant management judgment, and we commit to improvements in our estimation process during 2025 when better data sources will become available with respect to substances of concern and very high concern, and which could result in a materially different outcome in 2025 with respect to substances of concern or very high concern data.

Amount of SoC procured products in 2024 by main hazard class category (European production plants perimeter only):

There is no amount of SoC that enters Solvay's European production facilities as a procured product in the hazard class categories 2, 3, 4, 5, 6 and 7.

Hazard class categories used for Marketed products and Raw materials

• Category 1:
  • Carcinogenicity, category 1
  • Germ cell mutagenicity, category 1
  • Reproductive toxicity, category 1
• Category 2: Chronic hazard to the aquatic environment, categories 1
• Category 3:
  • Endocrine disruption for human health, category 1
  • Endocrine disruption for the environment, category 1
• Category 4:
  • Persistent, Mobile, and Toxic or Very Persistent, Very Mobile properties
  • Persistent, Bioaccumulative, and Toxic or Very Persistent, Very Bioaccumulative properties
• Category 5:
  • Carcinogenicity, category 2
  • Germ cell mutagenicity, category 2
  • Reproductive toxicity, category 2
• Category 6:
  • Endocrine disruption for human health, category 2
  • Endocrine disruption for the environment, category 2
• Category 7:
  • Respiratory sensitization, category 1
  • Skin sensitization, category 1
  • Chronic hazard to the aquatic environment, categories 2 to 4
  • Hazardous to the ozone layer
  • Specific target organ toxicity, repeated exposure, categories 1 and 2
  • Specific target organ toxicity, single exposure, categories 1 and 2

Monitoring and management approach

Solvay identifies SoC and SVHC substances and runs risk monitoring processes to update risk studies and strive to substitute them with safer alternatives. In the supply chain, Solvay engages with suppliers to look for opportunities to prevent, reduce, and/or remediate pollution.

To ensure responsible stewardship over the life cycle of Solvay's products, the company takes actions focused on continuous improvement. Through Product Stewardship Management Systems, Solvay promotes the use of Solvay - Substances Risk monitoring (S-SRMs) to substitute substances whenever possible or reduce them below required levels, or halt production altogether. The internal list of SVHCs, S-SRMs, currently comprises approximately 3,400 substances identified as "black and red." In 2024, 26 of these substances were found in Solvay products at concentrations above 0.1% w/w, accounting for 4.7% of net sales.

Aside from the 26 products that are present on the black or red S-SRM lists, there is only one substance listed on the EU Candidate list: Bisphenol A. It appears on the black and red Solvay Substances Risk Monitoring (S-SRM) inventory because the analysis is done worldwide. However, it is neither marketed nor sold in the EU, and the global phasing out of Bisphenol A is effective from the end of 2024.

Solvay established its own reference list of substances of very high concern called "Solvay - Substances Risk Monitoring (S-SRM)" (previously called "Solvay - Substance of Very High Concern" (S-SVHC)) since 2015. This list is updated every year and includes two key categories:

• The so-called 'black list' includes all substances already undergoing a regulatory phase-out process with a known deadline in at least one country or zone across the world, or a restriction for uses relevant to Solvay.
• The so-called 'red list' includes all substances that could enter into a process of special authorization or restriction in the medium term.

The S-SRM methodology is part of the Global Policy - Health & Safety. It allows Solvay to control the potential risk of updates of hazard classification of substances in products, especially before they become Substances of Very High Concern (SVHC). S-SRM also allows Solvay to anticipate future regulatory expectations regarding SoC.

As part of the company's ambition, Solvay always strives to go beyond compliance with all relevant regional and national chemical regulations such as REACH (Registration, Evaluation, Authorization, and Restriction of Chemical Substances) or REACH-like regulatory frameworks all over the world. The ambition involves continuously lowering the presence of SVHC and SoC, whenever possible in all marketed products of the value chain. Solvay concentrates on SVHC from the EU REACH annex XIV and candidate list, while also monitoring S-SRM substances in marketed products for safer alternatives.

Our breakthrough soda ash process, e.Solvay, is expected to reduce our scope 1 & 2 greenhouse gas emissions by around 50%, water and salt consumption by 20%, and limestone consumption by 30%, compared to the current process, while eliminating limestone residues.

We announced climate and water projects in Paulínia, Brazil, which will reduce this major production plant's greenhouse gas emissions by 40% annually by 2028 and decrease annual water intake. Installing biomass‑fired boilers, fueled primarily by sugarcane bagasse, will support renewable energy adoption while implementing a closed-loop cooling system that will reduce water usage.

For Nature, we have made a new commitment to biodiversity, aiming to be best in class and aligned with the Global Biodiversity Framework. This commitment includes dedicating 30% of the land around our facilities to nature conservation by 2030. To do it right, we are partnering with Wildlife Habitat Council (WHC) in Latin America and International Union for Conservation of Nature (IUCN) in the EU.

In November 2024, the WHC (Wildlife Habitat Council) renewed its Gold Level Biodiversity Conservation Certification to Paulinia where Solvay undertakes a remarkable reforestation project which started in 2017 and will be concluded in 2028. Two new forestation projects were launched in 2024 in Linne Herten, Netherlands (tiny forest) and close to Map Ta Phut, Thailand (mangrove). These projects are financed by the new Solvay Travel Carbon Fund collecting €100 / ton CO2 emitted by our business travels.

Biodiversity target:

• 30% land dedicated to Biodiversity by 2030

% of permeable land located near biodiversity sensitive areas in positive biodiversity management: New target introduced in 2024 with a 30% target by 2030.

Our breakthrough soda ash process, e.Solvay, is expected to reduce our scope 1 & 2 greenhouse gas emissions by around 50%, and the consumption of natural resources, to result in 20% less water and salt and 30% less limestone, compared to the current process, while eliminating limestone residues.

Our proprietary process for bio-sourced Highly Dispersible Silica made from rice husk ash, a rice byproduct, will offer the tire industry a circular silica with a reduced carbon footprint.

Our new Augeo® Carbon Neutral portfolio offers bio-based, readily biodegradable, Low Volatile Organic Compounds (LVP-VOC), and high‑performance solvents including a new carbon neutral product for air care and home cleaning. It is produced at our Paulínia, Brazil, plant that introduced renewable‑source products such as bio-based solvents.

New circular silica for tires. Precipitated silica is instrumental in achieving the ambitious targets set by tire manufacturers in terms of sustainable raw materials. Solvay's proprietary process for bio-circular silica derived from rice husk ash will help reduce the tire industry's carbon footprint and increase the share of renewable materials in the tires. The new process enables a reduction of GHG emissions of the precipitated silica, thanks to a less-energy-intensive manufacturing process while delivering the same performance. Production will begin in 2025 in Livorno, Italy, using locally sourced raw materials, while we are working on other silica circular alternatives to enable significant circular conversion.

We announced our partnership with Cyclic Materials to supply our plant in La Rochelle, France, with recycled mixed rare earth oxide for further separation and purification, contributing to the creation of a circular supply chain for rare earths.

ESRS E5-4 Resource Inflows

Raw Materials

The overall raw materials expense of the Group amounted to circa €0.95 billion in 2024 (vs. €1.0 billion in 2023). The raw materials expense can be split into several categories:

• Crude oil derivatives: 32% (e.g. cumen, adiponitrile, butanol)
• Minerals derivatives: 28%
• Natural gas derivatives: circa 22%
• Others: 18%

Energy Consumption

Net energy costs represented around €0.7 billion (vs €0.8 billion in 2023). The distribution per region is:

• Europe: 71%
• Americas: 19%
• Asia and rest of the world: 10%

The main energy sources expense are:

• Coke, anthracite, petcoke and coal: 35% (vs 39% in 2023)
• Natural gas (net of steam and electricity sold): 33% (vs 33% in 2023)
• Electricity: 25% (vs 21% in 2023)
• Steam, hydrogen and biomass: 7% (vs 6% in 2023)

Circular and Renewable Materials

The company has announced the development of circular silica for tires derived from bio-circular silica from rice husk ash, which will begin production in 2025 in Livorno, Italy, using locally sourced raw materials. This new process enables a reduction of GHG emissions of precipitated silica thanks to a less-energy-intensive manufacturing process.

The Rheinberg, Germany soda ash plant is the world's first soda ash plant primarily powered by renewable energy, namely local waste wood. Projects are underway to substitute coal with refuse-derived fuel in Dombasle, France (expected late 2025) and biomass in Torrelavega, Spain (considering by 2027).

Note: The disclosure provides cost-based and percentage composition data for raw materials and energy sources, but does not report total weight in tonnes, biological vs. non-biological split, or percentage of recycled/renewable content in accordance with ESRS E5-4 requirements. Reference is made to NOTE E1-5 Energy consumption and mix in the Sustainability statements for additional energy information.

Waste

E5 Resource use & Circular Economy

E5-IRO-1 Resource use and circular economy related IROs

Please refer to ESRS 2 IRO-1 Description of the process to identify its impacts, risks, and opportunities and to assess which ones are material.

Impact materiality:

E5-1 Policies related to waste management

Please refer to the ESRS 2 - MDR-P policy table (Responsible Care Policy).

The policy related to waste is part of Solvay's Environmental Management Policy, which commits the Group to decreasing its impact on the environment.

An overview of the Environmental Management Policy can be found in the table in section MDR-P.

E5-2 Actions and resources related to waste management

Solvay acknowledges the crucial role of resource use and circular economy principles in minimizing its environmental footprint and enhancing operational efficiency. We have embraced an extensive waste management strategy that adheres to the waste hierarchy, prioritizing waste prevention, reuse, recycling, and recovery over disposal. This hierarchical approach is fundamental to our efforts to reduce waste generation and promotes the reintegration of materials into the production cycle wherever possible.

In 2024, several initiatives were launched to further reduce waste generation:

• In Rosignano, Italy, continuous improvements focused on the recovery of silica filter cake and aluminium slurry. These actions notably avoided 240 tons of hazardous waste from disposal.
• In Devnya, Bulgaria, 250 tons of non-hazardous waste from the effluent treatment plant sludge were avoided by introducing a sludge thickening step instead of sending it to composting.
• In Gunsan, South Korea, 37 tons of hazardous waste were avoided by recovering and reusing solvent in the production process.
• In our Special Chem business, 21 tons of precious metal catalysts were reused by suppliers, avoiding disposal.
• In Rheinberg, Germany, silica gel and zeolites of 37 tons were repurposed as a resource instead of being disposed of.

Our waste management strategy also focuses on integrating circular economy principles into our production. To better handle by-products we cannot use as raw materials for energy or chemical recycling, Solvay explored alternative methods. For instance, salt-contaminated polymers and fabrics, traditionally incinerated, are now being reconsidered to reduce our environmental footprint. This effort aligns with our broader commitment to sustainability, as we continuously seek waste prevention and valorization opportunities.

Solvay maintained our zero-waste-to-landfill initiative across several sites. Although we do not currently have a publicly stated Group-level zero-waste-to-landfill target, seven of our sites achieved this certification in 2024: Paulinia and Curitiba in Brazil; Collonges in France; La Rochelle in France (site no longer operational from December 2024); Gunsan in South Korea; Anan in Japan; and Banksmeadow in Australia.

E5-5 Metrics and targets related to waste management

Waste generation impacts are assessed for each of our sites during the STAR Factory program as part of the E5 – Circular Economy self-assessment. This process considers local waste regulation systems, the actual waste management implementation at the site, and whether more sustainable processes have been implemented. The most significant non-conformances to local regulations, or the most significant process improvements identified are discussed with the site and GBU management to draw up action plans.

This approach ensures that our waste management practices remain aligned with regulatory requirements and environmental objectives, facilitating continuous improvement across all operations.

Metrics on waste

The scope of reporting indicators is aligned with the financial consolidation scope. The indicators cover all production, research, and innovation sites.

In 2024, Solvay generated 274,068 tonnes of waste, of which 44,634 tonnes (16%) were classified as hazardous and 229,434 tonnes (84%) as non-hazardous. No radioactive waste was generated.

Employee welfare is a priority to us. Our various initiatives contribute to enriching well-being at work, such as Solvay Cares that guarantees minimum social benefits to 100% of our workforce, and our Diversity, Equity and Inclusion strategy that develops a sense of belonging and values diversity. We are also taking actions to close gender pay gaps and to promote diversity in recruitment, and are committed to providing a living wage to 100% of our employees by 2026.

Social dialogue is essential to us. We continue to engage with our employees through diverse channels and have renewed our global agreement with IndustriALL, the union for the chemical industry.

To strengthen the sense of belonging and reinforce this momentum of change, members of our Executive Leadership Team visited Solvay sites across all regions and businesses, celebrating achievements, engaging with employees in the field to explain our strategy and evolving culture, and discussing challenges.

Diversity targets:

• 30% Women in mid & senior management by 2030
• Living wage for 100% of workforce in 2026

In 2024 we completed the global living wage analysis for all of the countries it operates in, with a strive to close the gap in 2025.

Global reach, close to our clients:

• ~9,000 Employees globally
• Employee distribution by region: Europe 60%, North America 10%, Latin America 17%, Asia & Rest of the World 13%

Social dialogue is essential to us. We continue to engage with our employees through diverse channels and have renewed our global agreement with IndustriALL, the union for the chemical industry.

Gender parity - Women in mid and senior management:

Solvay increased by 1pp to 27.3% the percentage of women in mid and senior management positions. Management categories are defined on the basis of the Hay Job Evaluation Methodology. Middle and senior management levels refer to the entire active internal workforce having Hay points above 530.

We are also well on track to achieve ahead of schedule our UN Global Compact commitment on living wage for all employees.

Living wage target: Living wage for 100% of workforce in 2026.

In 2024 we completed the global living wage analysis for all of the countries it operates in, with a strive to close the gap in 2025.

Our various initiatives contribute to enriching well-being at work, such as Solvay Cares that guarantees minimum social benefits to 100% of our workforce.

Our people are key to our operations and the success of our strategy, and we continuously focus on ensuring well-being at work and nurturing social dialogue, while creating the skills and capabilities to support our future performance.

In 2024 we defined our new culture with teams across the globe, with overall almost 3,000 people contributing to our new Culture and Beliefs program, focusing on three core behaviors – focus, ownership, and collaboration.

Safety:

Safety and integrity guide every action we take – it is our common fundamental commitment.

Solvay strives for zero accidents and never compromises its integrity. Every person, whether an employee or contractor, working on a Solvay site should be safe. This is our fundamental commitment.

Regrettably, our results are overshadowed by three colleagues who lost their lives to accidents in 2024. Our thoughts are with the families and colleagues of each one.

These fatal accidents brought home again that we can never relent our focus on safety. While our overall recordable injuries showed a slightly positive trajectory, clearly our safety journey still has a way to go. We will continue to do everything in our power to reach our target of zero accidents. We have made changes to our internal organization to bring our safety culture and behavioral compliance with our safety rules to a next level. To do so, we have decided to create a dedicated Group Safety Taskforce to integrally lead on safety with the assignment to accelerate on all aspects needed in line with our culture that safety is our fundamental commitment.

Following the high severity incidents with 3 tragic fatalities in 2024, Solvay launched a Dedicated Group Safety team led by a Group Safety Director reporting to the COO. This team will engage in a safety transformation to raise safety culture, engagement of all leaders and operational discipline in the plants. This transformation will be supported by an external safety culture consultant company.

As a responsible employer, we commit to advancing social progress for our employees and communities.

Furthering Ernest Solvay's pioneering social vision, we are committed to enhancing their well-being through various initiatives, while developing their skills and capabilities.

Safety and integrity guide every action we take – it is our common fundamental commitment.

Our new Purpose-driven culture is clearly driving our organization forward. In 2024 we defined our new culture with teams across the globe, with overall almost 3,000 people contributing to our new Culture and Beliefs program, focusing on three core behaviors – focus, ownership, and collaboration.

A key enabler of success is our new culture featuring our core beliefs and behaviors to support change, helping us to put in place good practices that make Solvay more sustainable, resilient, and cost‑competitive. Through these shared behaviors, we will embrace a mindset of continuous improvement and unlock the potential of every project.

Our three Core Beliefs and their associated Behaviors reflect how we act at Solvay, and are critical to our success as an essential company. In shaping our new Solvay identity, we have created a unique, shared Culture that will help us unlock the potential of every project and deliver on our strategy.