Underlying ebitda evolution
FY yoy underlying EBITDA bridge (in €million)

Underlying EBITDA (bar chart)

Underlying EBITDA was flat year on year, but grew organically by +5.3% excluding forex conversion and scope effects. Volume and mix drove the strong volume growth for the year. Growth was stronger in the first half versus the second half due to the slowdown in certain markets, including electronics and oil and gas. The underlying EBITDA margin remained solid at 22%.

Volume growth had a +6.1% positive impact on EBITDA.

Net pricing was essentially flat, demonstrating Solvay’s pricing capabilities amid higher raw materials and energy prices, and an adverse transactional forex effect.

Fixed cost increases had a -2.3% effect. These reflected investments to better support continued volume growth. Operational excellence and synergies partly offset inflation.

Other elements included a higher contribution from the PVC and peroxide joint ventures amounting to half of the benefit, and a net positive effect of one-time events compared to 2017.