Annual Integrated Report 2022
20
22
For generations
to come

SOLVAY 2022 ANNUAL INTEGRATED REPORT
AT A GLANCE 
02
CONT
EN
TS
	
04 	 Presidents’ messages
	
08 	 2022 Key figures
	
10 	 10 Highlights of 2022
	
12 	 Reinventing progress for 160 years
	
14  	Power of 2 project
	 16 	Strategy
	 56 	Business environment
	 76 	Sustainable value creation
	 87 	Performance
	109 	Corporate governance 
statement 
	155 	Risk management 
	173 	Extra-financial statements 
	258 	Financial statements
	377 	Auditor’s reports and 
Declaration 
by the persons 
responsible 
	393 	Glossary
About this report
Solvay’s 2022 Annual Integrated Report provides 
material information on Solvay for the year ending 
December 31, 2022. This report reflects our 
progress in our integrated management journey, 
as it integrates all content in one comprehensive 
document. 
The first chapters tell the story of the year, 
explaining how the radical transformation we have 
implemented over the past three years as part of 
our G.R.O.W. strategy enabled us to overcome 
the challenging macroeconomic environment 
and deliver outstanding results. It showcases 
our continued progress toward achieving our 
sustainability objectives, including a comprehensive 
update of the climate risks analysis conducted in 
2022. And it shows how we have been collaborating 
with our stakeholders to continuously improve. 
The report includes our management report, as 
required by article 12 of the Royal Decree of 14 
November 2007 relating to the obligations of 
issuers of financial instruments admitted for trading 
on a regulated market. The information required 
by articles 3:6 and 3:32 of the Belgian Code of 
Companies and Associations can be found in the 
different chapters of the report. This includes our 
Remuneration report, Risk management report, 
Business performance review, Extra-financial 
statements and Financial statements. 
Solvay’s 2022 Annual Integrated Report is based 
on the Value Reporting Foundation Integrated 
Reporting principles and elements of content, 
and aligned with the GRI Sustainability Reporting 
Standards and the World Business Council for 
Sustainable Development (WBCSD) Environmental, 
Social, and Governance (ESG) Disclosure 
Handbook.
Our Annual Integrated Report has been validated 
by Solvay’s Executive Leadership Team and Board 
of Directors.
Contents

SOLVAY 2022 ANNUAL INTEGRATED REPORT
AT A GLANCE 
03
The Nanok	
Expedition
n April 2022, two Belgian 
explorers, Gilles Denis and 
Nathan Goffart, set out on 
the Nanok Expedition, a unique, 
five-month triathlon adventure 
across Greenland that combined 
a sporting challenge with an 
important scientific mission. 
In one of the world’s most hostile 
environments, Gilles and Nathan 
tackled 450km on skis, 600km in 
kayaks and opened up a new 
1,000-meter vertical climbing 
route. Though extreme weather 
conditions and bureaucratic 
difficulties threatened to derail 
their plans, the duo persevered, 
completing all three stages of 
their expedition and collecting 
important scientific data to help 
us better understand the impact 
of climate change. As part of our 
Corporate Citizenship program 
supporting projects in 
www.nanokexpedition.be
education, innovation and 
sustainability, Solvay was one of 
the main sponsors of the 
expedition.
“Our expedition had a scientific 
part and a human part,” explains 
Nathan. “Scientific because we 
wanted the expedition to have a 
purpose related to the 
environment and climate 
change, and human because we 
wanted to give a message to 
people, to encourage people to 
believe in and follow their 
dreams.”
“I like to think that in terms of  
science, awareness and values, 
explorers have a lot to 
contribute,” says Gilles. “We can 
bring messages, such as 
courage, resilience and 
perseverance through difficult 
times. But we can also be the 
natural ambassadors for field 
science, tailoring expeditions to 
the needs of scientists and 
giving them a much-needed 
voice.”  
Solvay corporate citizenship 
in action 
— At Solvay, we have always 
been driven by our conviction 
that science holds the key to 
solving society’s greatest 
challenges. We aim to support 
scientific research through 
partnerships and collaborations 
with universities, investing in 
extraordinary projects, such as 
the Nanok Expedition, that help 
us to reinvent progress.
“Gilles and Nathan’s passion for 
exploration, for forging new 
paths and advancing climate 
science, is so motivating for us all 
at Solvay – there’s so much we 
can learn from them, both as a 
business and as people,” says 
Solvay CEO Ilham Kadri. “The 
incredible success of their 
expedition is a great example of 
what you can achieve when you 
go after your passion, dream big 
and plan to win.”
The information collected during 
the Nanok Expedition is being 
used by four universities and 
research centers in Belgium and 
Denmark to study diverse topics 
relating to climate change, such 
as changes to the ice sheet and 
the melting of the ice cap, the 
impact of microplastics, and rock 
dust released by melting 
glaciers. —
A sporting 
challenge	
with
a scientific 
mission
I

AT A GLANCE 
04
“We have reached the 
highest point of a fast 
transformation that places 
us in an ideal situation to 
enter into the next chapter 
of our Group’s history."
SOLVAY 2022 ANNUAL INTEGRATED REPORT

AT A GLANCE 
05
SOLVAY 2022 ANNUAL INTEGRATED REPORT
CHAIRMAN OF THE BOARD OF DIRECTORS
major, forward-looking strategies. We also successfully integrated 
two new members, Laurence Debroux and Pierre Gurdjian, who 
contribute complementary competencies and fresh perspectives to 
our Board’s work and bring the number of independent Directors to 
10 out of 15  Board members.
 
As part of our efforts to continue raising the bar, the Board last 
year entered into an in-depth evaluation of Directors under the 
guidance of Guberna, the non-profit reference organization for good 
governance in Belgium. We view this evaluation as an opportunity 
to keep progressing and building on the basis of our governance 
program rooted in the transparent and trusting spirit of collaboration 
that exists between the Board and the Executive Leadership Team. 
On-site visits to Solvay’s operations in Italy were a highlight of the 
Board’s activities last year, as they are a testament to our Group’s 
innovation and responsible manufacturing principles that we 
implement everywhere, including when managing the aftermath of an 
acquisition. Moreover, the Board’s meetings with the local teams not 
only allowed Directors to express their gratitude, but also gave them 
a firsthand understanding of how the Group’s culture and purpose 
come to life in the field.
I would like to take this opportunity to reiterate my personal gratitude 
to the Solvay employees for their unremitting engagement; to the 
Group Chief Executive Officer, who sets the pace, raises the bar 
everyday and has delivered, with her team, unprecedented results; 
and to our shareholders, for their continued commitment to our Group 
and our purpose. I am looking forward to laying the foundations, 
together,  of our future success as two new, strong companies.  —
he year 2022 was the pinnacle of our purpose 
and a reflection of our purpose and beliefs. 
With record financial results, investments, 
strong cash generation and profitability, 
we have reached the highest point of a fast 
transformation that began in 2019, and has 
enabled us to drastically reduce our debt and 
positioned us in an ideal situation for entering 
into the next chapter of our Group’s history. 
These outstanding results are a testament to our collective sense 
of vision and adaptation to a volatile environment, as they were 
achieved at a time of high inflation, political tensions and general 
macroeconomic uncertainty. We have successfully navigated through 
these extraordinarily turbulent conditions by focusing on what we 
can control and doing so with discipline and efficiency in mind, while 
seizing every opportunity to create value. We are confident that we 
have entered 2023 as a stronger and more agile company than ever.
Allow me to stress that in this exceptional year, we have been creating 
value for ALL stakeholders, including:
f Our employees, through anti-inflation support;
f Our shareholders, as Solvay will recommend a dividend increase at 
our General Assembly which - if approved - would be our highest 
increase to date; and 
f Future generations, whom we are serving with ground-breaking 
innovations that will contribute to a cleaner, safer future, such as 
the reinvention of the Solvay process to produce soda ash as well 
as the development of non-fluorosurfactant technologies for the 
manufacturing of fluorinated products that are essential for the 
decarbonization of the economy. 
It is clear that Group results are aligned with the interests of all 
stakeholders, creating sustainable, shared value for all, which, in my 
view, represents a striking, unprecedented success on behalf  of the 
management team and all employees worldwide.
 
Last year was also a productive one for the Board of Directors. The 
Board was closely involved in Solvay’s strategic positioning on all 
Editorial
by Nicolas Boël
T

What were the biggest highlights, looking back at Solvay’s 
2022 financial performance? 
Ilham Kadri — I was proud beyond words with the Group’s 
unprecedented performance, thanks to the work of our teams deserves 
a celebration. The combination of strong pricing and volume increase 
in 2022 helped us deliver  26% growth in net sales, with every business 
contributing. This in turn drove EBITDA above the 3 billion euro mark 
for the first time in the company’s 160-year history. 
We achieved these record results while maintaining our disciplined 
approach on cash: Q4 marked our 15th consecutive quarter of positive 
free cash flow, of which we generated a record €1.1 billion for the year. 
At the same time we lifted our capital expenditure to €1 billion, well 
above pre-pandemic levels and almost €300 million above 2021.
Last, and perhaps most importantly, our Group’s balance sheet is 
considerably more robust today, with a debt-to-EBITDA ratio at 1.1, 
which is half of where it stood in 2019. 
These numbers illustrate our ability to look simultaneously into the 
microscope and into the telescope. They result from our strategy 
to differentiate our portfolio and shift toward higher value-added 
products to reshape our organization and, in the shorter term, our 
ability to pursue disciplined cost control as well as our pricing power in 
markets where we bring outstanding value to our customers.
We indeed created shared value for all:  for our customers, through 
innovation, the quality of our products and the reliability of our supply; 
and for our teams, with the successful launch of a worldwide employee 
shareholding plan, as well as anti-inflation bonuses and pay increases 
in line with market practice. 
How does the strong performance support the company’s 
sustainable growth ambition?
I.K. — Our economic performance is precisely what enables us to 
innovate and invest in delivering on our Solvay One Planet ambition. 
Since the inception of this program four years ago, we have achieved 
a 15% structural reduction of greenhouse gas emissions, which 
amounts to almost twice the reduction target set in the Paris Climate 
Agreement. We continue to drive momentum on this front, with 
biomass boilers under construction in three major plants in Europe 
and investment in methane abatement in the United States. These 
initiatives, among others, are placing us on the right trajectory to 
reaching carbon neutrality by 2050. 
In addition to delivering on Solvay One planet goals, we are laying 
the groundwork for product innovation through our four growth 
platforms: Renewable Materials and Biotechnology, Batteries, Green 
Hydrogen and Thermoplastic Composites, which are designed to 
meet our customers’ growing demand for sustainable solutions 
and represent an estimated €10 billion growth opportunity for our 
Group. We are also innovating on processes, while our “Star Factory” 
program, launched in 2021, is transforming our manufacturing 
sites into industry benchmarks in terms of competitiveness and 
sustainability. Last year, our two pilot sites had an immediate impact 
on our bottom line and we are now scaling up to include 40 additional 
sites worldwide in 2023.  
Why is this the right time to split the Group? 
I.K. — We are confident this separation will establish two strong 
industry leaders, with distinct operating models to optimize their 
Interview with 
Ilham Kadri
PRESIDENT OF THE EXECUTIVE 
LEADERSHIP TEAM AND CEO
AT A GLANCE 
06
SOLVAY 2022 ANNUAL INTEGRATED REPORT
“Today, we have the perfect 
equation to be future-proof 
through the combination 
of a high-performing culture, 
talented people, compelling 
business results, a robust 
capital structure and ambitious
projects."

respective growth opportunities. Our 2022 results are a testament to 
our successful transformation, which we delivered three years ahead 
of schedule, while steering the company through a global pandemic, 
geopolitical crises and subsequent macroeconomic turmoil. 
Today, we are ready to enter the next phase in our history and redefine 
our growth potential. With our transformation complete, two types of 
business profiles have clearly emerged from our portfolio – essentials 
and specialties – and the planned split is designed to separate the 
businesses in a way that will unleash their full potential. Importantly, 
we have strengthened the foundations of our culture through our 
Purpose and Strategy so that it can continue to flourish at both 
companies once the separation is effective. 
 
Will Solvay’s Diversity, Equity and Inclusion ambition live on 
in the future? 
I.K. — Our DEI initiatives are core to our culture and our success, and 
I am confident that both new companies will be able to build on the 
momentum we’ve achieved as one. We made compelling progress on 
our Solvay One Dignity roadmap last year, namely through concrete 
action to address the pay gap between male and female employees; 
the creation of nine Employee Resource Groups; our engagement 
alongside highly inspiring para-athletes; and the participation of 100 
sites in our 2022 Solvay Citizen Day. 
Our mindset and values are firmly anchored throughout our organization 
and are illustrated by the continued activity of the Solvay Solidarity Fund 
in 2022, which supported care for people in Ukraine, Turkey and Syria, 
among others. 
What is the significance of Solvay’s 160th anniversary? 
I.K. — In this special anniversary year, we are beginning a new 
chapter that is inspired by our 160-year journey. We will pass on our 
values and knowledge to both companies.
 Today, we have the perfect equation to be future-proof through 
the combination of a high-performing culture, talented people, 
compelling business results, a robust capital structure and ambitious 
projects. This will enable us to create two formidable companies with 
attractive investment profiles and values, built on the foundation of 
our 160-year journey. —
AT A GLANCE 
07
SOLVAY 2022 ANNUAL INTEGRATED REPORT

Key figures	
2022
We are a science company whose technologies bring benefits to many aspects  
of daily life. With more than 22,000 employees in 61 countries, we bond people, 
ideas and elements to reinvent progress. We seek to create sustainable shared 
value for all, notably through our Solvay One Planet plan crafted around  
three pillars: protecting the climate, preserving resources and fostering better 
life. Our innovative solutions contribute to safer, cleaner, and more sustainable 
products found in homes, food and consumer goods, planes, cars, batteries, 
smart devices, healthcare applications, water and air purification systems. 
Founded in 1863, Solvay today ranks among the world’s top three companies  
for the vast majority of its activities.
2,030
Employees
€349M
R&I effort
13%
New sales ratio
% of products/applications 
< 5 years
85%
of expected R&I revenue 
from sustainable solutions
according to our SPM methodology
Research and Innovation
Solvay around the world
61 countries
22,000
Employees
€13.4bn
Net sales
99
Industrial sites
12
Research and 
Innovation centers
33% 
Asia & Rest of 
the world1
18% 
Asia & Rest of 
the world1
20 
Asia & Rest of 
the world1
3 
Asia & Rest of 
the world1
27% 
Europe
47% 
Europe
37 
Europe
5 
Europe
26% 
North America
26% 
North America
36 
North America
3 
North America
14% 
Latin  
America
9% 
Latin  
America
6 
Latin  
America
1 
Latin  
America
AT A GLANCE 
08
SOLVAY 2022 ANNUAL INTEGRATED REPORT
1. inludes Middle-East and Africa

€3,229M 
Underlying  
EBITDA
+28.7% organic basis1
+4.7pp
+29.8%
€1,094M 
Free cash flow2
to Solvay shareholders from 
continuing operations
16% 
ROCE3
€4.054
Dividend 
per share
Financial indicators
1. Organic growth excludes forex conversion and scope effects. 2. Free cash flow to Solvay shareholders is the free cash flow after payment of net interests, coupons 
of perpetual hybrid bonds and dividends to non-controlling interests. This represents the cash flow available to Solvay shareholders, to pay their dividend and/or to 
reduce the net financial debt. 3. Return on Capital employed. 4. Recommended to the Shareholders meeting on May 9, 2023. 5. Total emissions from Solvay operations. 
6. Emissions upstream and downstream in the value chain (suppliers and customers). 7. Wherever renewable alternatives exist. 8. In number of animal or plant species 
potentially impacted in one year. ReCiPe method for biodiversity impact assessment. 9. Our new KPI is defined according to the Ellen MacArthur Foundation Circulytics 
framework. It comprises products that are based on recycled or renewable materials, are produced with renewable energy, have increased longevity in the use phase or 
enable recycling at the end of life. 10. Number of work-related injuries and illnesses (employees and contractors) resulting from an accident with severity above first aid, 
according to US OSHA 29 CFR 1904, per 200,000 work hours.
Greenhouse gas 
emissions
-19% (-15% structural)
-28%
-5% 
Pressure on biodiversity8
-15%
28PJ 
Phase out solid fuels7
Environmental and societal indicators
Climate
9% 
Circular economy9
% of Group sales based on 
circular raw materials or energy
n.a.
330Mm3 
Freshwater intake
56kt 
Non-Sustainable 
Industrial Waste
-36%
55% 
Sustainable  
solutions (SPM) 
% of Group sales
+5%
Resources
16 weeks 
Parental leave 
time
for all co-parents since 
January 2021
+2.8pp
26.5% 
Gender parity 
Women in mid & senior 
management
0.34 
Reportable Inju-
ries and Illnesses 
Rate10 (RIIR)
Better Life
AT A GLANCE 
09
SOLVAY 2022 ANNUAL INTEGRATED REPORT
 2022 vs. 2018
 2022 vs. 2021
10.3Mt.CO2eq.5 
Scopes 1 and 2
 24.2Mt.CO2eq.6 
Scope 3

10 higlights 
of	
2022 
_CITIZEN DAY 2022
Advanced our DEI mindset  
In 2022, we made significant progress in embedding 
diversity, equity and inclusion (DEI) into our 
company culture, launching a number of different 
initiatives. These included setting up a new senior 
leadership team to promote inclusive leadership, 
expanding our Employee Resource Groups (ERGs) 
and taking action to reduce the gender pay gap. We 
also made DEI the focus of our annual Citizen Day, 
which involved more than 100 sites across the world, 
and included the DEI roadmap within the 15% 
Solvay One Planet part of the Short Term 
Incentive. —
_INNOVATION
Committed to phase out 
fluorosurfactants globally by 
2026   
In June 2022, we unveiled our industry-leading 
plan to voluntarily phase out the use of 
fluorosurfactants globally by 2026. This will 
involve manufacturing nearly 100% of our 
fluoropolymers without fluorosurfactants at our 
Spinetta Marengo site in Italy. Since 2019, we 
have quadrupled our investment in research and 
innovation to develop new non-fluorosurfactant 
technologies, successfully discontinuing the use 
of fluorosurfactants in the US in July 2021. —
_EMPLOYEE ENGAGEMENT
Launched our first 
employee shareholder 
scheme  
Almost 28% of Solvay employees signed up 
to our Solvay Shares program, launched in 
2022. These employees are now company 
shareholders, enhancing their sense of 
belonging and enabling them to share in our 
growth and performance. Participation rates 
were ahead of the benchmark for similar 
initiatives in other companies and reflect the 
high level of engagement recorded in our 
global employee Pulse surveys. —
_RESULTS
Achieved record-breaking 
financial results 
We achieved new financial records in 
2022. Strong pricing enabled us to more 
than offset cost inflation. Combined 
with higher volumes, this led to record 
EBITDA of €3.2 billion, increasing 
organically by 28.7% versus 2021. Higher 
profit and disciplined cash management 
led to record annual free cash flow of 
€1,094 million. Returns (ROCE) also 
reached a new record of 16.0%, versus 
11.4% in 2021, and we continued to 
strengthen our balance sheet, with our 
underlying leverage ratio down at 1.1. —
AT A GLANCE 
10
_WELL-BEING
Helped employees cope with high 
inflation
Upholding our founder’s legacy of protecting employee well-being, 
Solvay was one of the first companies to provide support for 
employees significantly impacted by high inflation in 2022. We 
distributed €25 million, including a €9.5 million bonus payment, 
among the Solvay employees proportionally most affected by 
inflation and working in countries that are not protected by national 
schemes, and the Global Performance Sharing budget for “non-
executive” employees increased to €15 million. —
f P.51
f P.51
f P.51
f P.88
f P.54
SOLVAY 2022 ANNUAL INTEGRATED REPORT

_CIRCULARITY
Launched our 
Renewable Materials 
and Biotechnology 
growth platform 
To meet growing demand for 
sustainable and circular solutions in a 
range of markets and develop new 
business opportunities, we launched 
our fourth growth platform, focused 
on renewable materials and 
biotechnology. The platform covers 
the entire value chain, from the origin 
of the product to its end-of-life, 
reinventing the way we produce 
chemicals to accelerate the 
development of more environmentally 
friendly solutions and enhance 
circularity in our product offering. —  
AT A GLANCE 
11
_POWER OF 2
Unveiled our project to 
create two new leading 
global companies 
At the beginning of 2022, we 
announced our intention to separate 
Solvay into two strong, independent, 
publicly listed companies. One will 
focus on essential chemicals and the 
other on specialty chemicals, and both 
will be leaders in their respective areas. 
Our teams worked hard throughout 
2022 to prepare for the split and we 
are on track to complete it in 
December 2023. —
_DIGITIZATION
Expanded 
electronic-
grade hydrogen 
peroxide 
production 
We invested in a new 
electronic-grade hydrogen 
peroxide (eH2O2) facility at our 
site in Arizona to help supply 
the growing US semiconductor 
market and meet the industry’s 
increasingly stringent 
specifications. Our new facility, 
which will be fully powered by 
renewable electricity, will 
convert hydrogen peroxide into 
an ultra-high purity grade to 
clean the silicon wafers needed 
to manufacture 
semiconductors. —
_INVESTMENTS
Invested record amounts to support 
sustainable growth
2022 was an exceptional year for investments with more than €1 billion 
invested to unleash growth and power our energy transition – a 39% increase 
compared to 2021. Clean mobility is a key focus, with investments  in new 
PVDF capacity for electric vehicle batteries in all regions. We also increased 
capacity for sodium bicarbonate in Bulgaria, and invested in the vertical 
integration of natural vanillin. We announced major investments to phase out 
coal at our soda ash plants, and implemented an innovative new technology to 
cut process emissions at our Green River, Wyoming, site in the US. —
_CARBON NEUTRALITY
Took big steps 
toward reaching 
carbon neutrality 
In four years, Solvay has reduced 
Scope 1 and 2 greenhouse gas 
emissions by 19%, of which 15% was 
structural – almost twice the target set 
by the Paris Climate Agreement. In 
2022, we advanced toward carbon 
neutrality by adding 23 emissions-
reduction projects, bringing our 
worldwide total to 59. These address 
phasing out coal from energy 
production at four plants and 
significantly progressing renewable 
energy to power our operations. We 
also introduced a target to reduce our 
Scope 3 emissions by 24% and our 
climate targets were validated by the 
Science Based Targets initiative (SBTi) 
in early 2023. —
f P.28
f P.22
f P.14
f P.28
f P.36
SOLVAY 2022 ANNUAL INTEGRATED REPORT

AT A GLANCE 
12
Reinventing
 progress for
1863
1880
1894
1911
Soda ash makes 
daily life 
brighter and 
cleaner
The Solvay brothers, Ernest 
and Alfred, industrialize their 
innovative ammonia-soda  
process, enabling the mass 
production of glass and 
soap. —
A pioneering 
welfare policy
As an early multinational, 
Solvay contributes to the 
development of local 
economies and develops a 
pioneering welfare policy for 
its workers, their families and 
the surrounding area. —
Vanillin for food 
and fragrances
In Lyon, the Société des 
Usines Chimiques du Rhône 
is the first to produce and 
broadly commercialize the 
vanillin aroma for use in food 
and fragrances. —
The birth of 
modern physics
The greatest scientists of the 
time, including Albert 
Einstein, Max Planck and 
Marie Curie, gather at the 
first Solvay Conference, 
kicking off the revival of 
classical physics that will give 
birth to quantum physics. —
In 2023, we are celebrating 160 years of Solvay. We are reflecting on all we have achieved since 
Ernest Solvay founded the company in 1863, and looking toward an exciting new future, 
celebrating our heritage, while passing on our legacy as we separate into two new companies 
that will be leaders in their respective fields.
SOLVAY 2022 ANNUAL INTEGRATED REPORT
emaining relevant over 160 years while staying true 
to our Purpose, core values and family spirit is an 
achievement we are rightfully proud of. We have 
reinvented ourselves time and again, drawing on our 
passion for human progress and our long-term vision 
to overcome geopolitical crises, economic downturns 
and technological shifts. Our G.R.O.W. strategy and Solvay One 
Planet sustainability roadmap have made us stronger. By creating two 
formidable new companies, we will be able to unleash our full potential, 
creating sustainable shared value for generations to come. 
R
“Industry is a perpetual struggle. 
Those who slumber soon 
disappear. Those who 
relentlessly fight with trust and 
rationality outshine others.”
ERNEST SOLVAY, 
FOUNDER

AT A GLANCE 
13
Focusing on 
consumer goods
Solvay makes the most of 
the post-war economic 
boom to further diversify 
into consumer goods. By 
1967, nearly half of the 
company’s turnover came 
from activities other than 
soda ash. —
Providing 
innovative, 
future-oriented 
solution
Solvay opens a large R&I 
center in Brussels as it 
diversifies into peroxides 
and polymer science, 
opening doors to 
lightweighting and many 
other innovative industrial 
solutions. —
Moving into the 
life sciences 
In a world changed by the oil 
shocks, the Cold War and 
the advent of the 
information age, Solvay 
explores new growth 
opportunities in life sciences, 
focusing on human and 
animal health, crop 
protection, enzymes and 
more. —
Supporting 
solar flight 
Bertrand Piccard turns to 
Solvay as a first technological 
and financial partner for his 
Solar Impulse plane, which 
succeeds in flying around 
the world 12 years later with 
Solvay’s specialty polymers 
on board. —
Accelerating 
energy 
transition
Solvay develops an 
ambitious roadmap focused 
on climate, resources and 
better life to improve its 
carbon footprint, develop 
sustainable solutions and 
improve the well-being of its 
employees and local 
communities. —
Cleaner and 
lighter mobility
Solvay acquires activities in 
Silica and Composites and 
becomes an active player in 
providing solutions for 
cleaner and lighter 
mobility. —
Advancing 
fundamental 
chemistry 
Solvay launches its Prize for 
the chemistry of the future, 
honoring Ernest Solvay’s 
lifelong support and passion 
for scientific research by 
recognizing major scientific 
discoveries with the 
potential to advance human 
progress. —
We are 
Essential 
AND 
Special 
The adventure continues, 
as Solvay announces its 
intention to separate into two 
new and distinct companies 
focused on Specialties and 
Essentials. —
1960
1950
1990
1980
2013
2003
2019
2023
SOLVAY 2022 ANNUAL INTEGRATED REPORT

AT A GLANCE 
14
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Solvay has been continually changing, 
transforming and reinventing for 160 years, but 
we have always remained true to our heritage of 
social responsibility and innovation excellence. 
Our Power of 2 project is the next bold chapter 
in our story: by separating Solvay into two 
independent, publicly listed companies, both of 
which are leaders in their respective fields, we 
would be able to unleash our full potential. We 
are on track to complete the separation by December 2023.
Progressing beyond our G.R.O.W. strategy
—  Since 2019, we have worked to accelerate the reinvention of the 
Group and amplify the impact we have in the world. This involved 
reinforcing our foundations, with a keen focus on Purpose, Strategy 
and Culture that will carry over into both new companies. In spite of 
the highly volatile environment in which we have been operating 
over the past four years, we have consistently delivered, achieving 
outstanding financial results and advancing on our Solvay One 
Planet sustainability commitments faster than planned. We invested 
record amounts to support sustainable growth and advance toward 
carbon neutrality, while continuing to develop a diversity, equity 
and inclusion (DEI) mindset. With these solid foundations in place, 
we would give both new companies the strong start they need to 
develop their potential and show the world how we continue to 
Reinvent Progress.
Creating two strong industry leaders
—  Two distinct groups of businesses emerged as we delivered our 
G.R.O.W. strategy and business optimizations three years ahead of 
schedule: Essential and Specialty chemicals. While both have bold 
ambitions and incredible potential, they have different – sometimes 
competing – needs, different operating requirements and different 
investment demands. The company would therefore be separated 
along the following lines:
f EssentialCo would comprise the leading mono-technology 
businesses in the Solvay’s Chemicals segment, including Soda 
Ash, Peroxides, Silica and Coatis, and Special Chem.
f SpecialtyCo would comprise Solvay’s Materials segment, including 
our Specialty Polymers and Composites businesses, our four 
Growth Platforms and the majority of Solvay’s Solutions segment, 
including Novecare, Technology Solutions, Aroma Performance, 
and Oil and Gas Solutions.
Once complete, the separation would establish two strong industry 
leaders able to benefit from the strategic and financial flexibility they 
need to achieve their full potential. Each standalone company would 
be positioned to apply differentiated operating models to better 
serve its customers; pursue distinct capital structures and capital 
allocation priorities; drive sustainability initiatives, including reaching 
carbon neutrality before 2040 for SpecialtyCo, and before 2050 for 
EssentialCo; attract and retain the talent best suited for distinct 
businesses; and provide a clear investment thesis and visibility to 
attract a long-term investor base suited to each company.
The Power of 2 
project
S
AT A GLANCE 
14
SOLVAY 2022 ANNUAL INTEGRATED REPORT
EssentialCo – 
An Essential Chemicals  
leader with resilient cash 
generation
€5.5bn*
2022 net sales
Soda Ash & Derivatives
#1 Soda Ash (global)
#1 Bicarbonate (global)
Peroxides
#1 Hydrogen Peroxide (global)
Silica
#1 Silica for tires (global)
Others (Coatis, Special Chem)
#1 Coatis (Latin America)
#1 Rare earths for automative catalysts (global)
MARKET POSITION
EssentialCo would provide market-leading essential chemicals 
across attractive and resilient end markets, including building, health, 
consumer goods and automotive, driven by key megatrends, such 
as renewable energy, resource efficiency, sustainable resources 
and evolving demographics. It would benefit from a foundation 
of strong, global leadership positions that, as an independent 
company, it would be able to further reinforce through expansion 
and consolidation opportunities. This includes accelerating growth 
in natural soda ash and sodium bicarbonate, pursuing growth 
in the Asia-Pacific region and further extending its leadership 
in the peroxide market. EssentialCo would also play a key role in 
accelerating the energy transition that began in its soda ash business, 
in order to achieve carbon neutrality in all businesses other than soda 
ash by 2040, and before 2050 for soda ash. Following the separation, 
EssentialCo would strengthen its operating model by enhancing its 
cost leadership and maximizing cash generation. 
*estimate based on Solvay 2022 net sales

AT A GLANCE 
15
SOLVAY 2022 ANNUAL INTEGRATED REPORT
AT A GLANCE 
15
SOLVAY 2022 ANNUAL INTEGRATED REPORT
SpecialtyCo would provide innovative, value-creating and market-
leading solutions that support a more sustainable world, driving above-
market growth and strong returns. It would be made up of two business 
segments:
f Materials: an industry leader in advanced materials that provides 
customers with new solutions to critical performance and 
environmental challenges. Supported by underlying megatrends, 
such as electrification, lightweighting, sustainable mobility 
and digitalization, these businesses have a strong track record 
of above-market growth. With a focus on innovation, a robust 
commercial engine and a unique understanding of its customer 
base, this segment would help customers disrupt industries such as 
transportation, electronics and healthcare. The separation would 
ensure that it benefits from increased investments in capacity, 
innovation and commercial capabilities, supporting above-market 
organic growth, superior returns and industry-leading margins.
f Consumer and Resources: consisting primarily of businesses within 
Solvay’s current Solutions segment, Consumer and Resources 
would be a market leader in providing specialty ingredients 
focused on more natural and sustainable solutions, by anticipating 
rapidly evolving customer needs. Its proven, asset-light business 
model is supported by underlying megatrends such as eco-friendly 
ingredients and resource efficiency, making it well positioned to 
drive the consumer industry toward biobased, natural and circular 
solutions, leveraging its portfolio of innovative solutions and 
application expertise. It would also be positioned to drive above 
market growth at strong returns. 
Following the separation, SpecialtyCo would be able to extend 
its leading position in sustainability, with a clear path to achieving 
carbon neutrality before 2040.
Unleashing our full potential to unlock value
—  By strengthening the link between each company’s unique needs 
and strategic path forward, we believe we can unleash our full potential 
and unlock value for all stakeholders moving forward. The capital 
structure of each company would be tailored to best support its value 
creation objectives.
Solvay’s shareholders would retain their current shares of Solvay 
stock under the separation plan. The separation would take place 
by means of a partial demerger, whereby the specialty businesses, 
assets and liabilities held by Solvay SA  will be spun off to SpecialtyCo. 
At the time of the separation, Solvay shareholders would also receive 
shares in SpecialtyCo pro rata to their shareholding in Solvay SA. We 
expect the shares of SpecialtyCo to be listed on Euronext Brussels 
and Euronext Paris and plan to structure the separation in a manner 
that would be tax efficient for a significant majority of shareholders 
in key jurisdictions. The transaction is subject to general market 
conditions and customary closing conditions, including final approval 
by Solvay’s Board of Directors, consent of certain financing providers 
and shareholder approval at an Extraordinary General Meeting. We 
plan to complete the separation by December 2023. The Board of 
Directors of Solvac, Solvay’s long-standing reference shareholder, 
has confirmed its full support for this transaction, in March 2022.
SpecialtyCo – 
A pure-play Specialty 
leader with 
accelerated growth 
potential
€7.8bn*
2022 net sales
MARKET POSITION
Materials
Consumer  
and  
Resources
Speciality 
Polymers
#1 High-performance polymers; 
leading position in thermoplastic 
composites
Composites
#2 Composites for civil aerospace
#1 Composites for defense
Novecare
#2 Speciality surfacants and polymers
Aroma
#1 Flavors & Fragrances; Natural Vanillin
Technology Solutions
Oil & Gas
#1 Mining reagents
Two business segments
Q2
Q3
Q4
Completion 
of the 
separation
2023
Shareholders’ meeting
May 9
Capital structures
June/July
Historical financials
June/July
Capital markets days
October/November
9M key figures ECo 
& SCo
November
Extraordinary 
Shareholders’ 
meeting
December
H1 key figures ECo & SCo
August
Debt management
Q3
Q1 2023 results
May 4
Q2 2023 results
August 3
Q3 2023 results
November 3
This timetable is indicative and reflects a likely scenario. ECo and SCo are not reflective of the future company names.
2023 opens a new chapter
*estimate based on Solvay 2022 net sales

STRATEGY
16
SOLVAY 2022 ANNUAL INTEGRATED REPORT

STRA
GY
TE
16 	 Stories 
18 	
— Reinventing our soda ash 
process for a carbon-neutral 
future	
 	
20 	
— Our Star Factories 
for generations to come	
22 	
— Enabling circularity through 
our new growth platform 
24 	
— Celebrating Diversity, Equity 
and Inclusion
26 	 G.R.O.W. strategy 
in action 
27 	
— Creating sustainable value 
through G.R.O.W. 
28 	
— Strenghtening our businesses 
and preparing for the future
29 	
— Accelerating innovation in our 
strategic markets through 
our growth platforms: Battery 
Materials, Thermoplastic 
Composites, Green Hydrogen, 
Renewable Materials and 
Biotechnology
34 	 Solvay One Planet 
delivering progress 
faster than planned
35 	
Climate
36 	
— Big steps toward reducing 
greenhouse gas emissions, 
nearly twice the Paris 
Agreement trajectory	
39 	
— Reducing our impact on 
biodiversity	
41	
Resources	
	
42 	
— Enabling a circular economy
44 	
— Progress in waste and water 
management 
46 	
— Raising the bar in sustainability 
at our soda ash facility 
in Rosignano, Italy
47 	
Better life
48 	
— A human approach to 
promoting inclusion and well-
being at work
49 	
— Caring for our people
51 	
— Creating a more inclusive 
company
53 	
— A responsible employer  
enhancing social dialog
54 	
—  Solvay and P&G join forces  
to double the global supply  
of sustainable guar
54 	
— Phasing out the use of 
fluorinated surfactants across 
our product lines
Strategy
STRATEGY
17
SOLVAY 2022 ANNUAL INTEGRATED REPORT

STRATEGY
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
STORY
n 1863, our founder Ernest Solvay 
invented a radically new industrial 
process for the production of 
soda ash. It was so successful that 
by 1900, it was used to process 
95% of the soda ash consumed 
worldwide. Even now, 160 years 
later, Ernest Solvay’s innovation remains 
the preferred way to produce soda ash, and 
Solvay continues to lead the way in the soda 
ash and derivatives market.
Ernest Solvay’s technological breakthrough 
provided a more efficient and cleaner 
alternative to the Leblanc process it replaced, 
Reinventing our 
soda ash process 
for a carbon-
neutral future
and he continued to work hard at improving 
it to stay ahead of the competition. Building 
on this legacy, we are seeking to dethrone 
our founder’s soda ash process with a new 
breakthrough that will help us reach our 
climate neutrality target and respond to 
increasing customer demand for soda ash.
“We have always operated by 
imposing on our minds a duty of 
continuous progress.” 
ERNEST SOLVAY, 
FOUNDER
A 160-year-old process
— Ernest Solvay came up with his ammonia-
soda process at the start of the second 
industrial revolution, when electricity was just 
being industrialized and new processes were 
expanding the applications of chemistry. 
Now 160 years old, the process has some 
drawbacks that we need to address.
The biggest issue is that soda ash production 
produces high levels of greenhouse gas 
emissions, accounting for a significant 
amount of Solvay’s total emissions. 
Around two-thirds of the emissions in soda 
ash production are associated with the 
requirement to generate steam, which we are 
tackling by transitioning our soda ash plants 
away from CO2-intensive energy sources like 
coal. But to reach carbon neutrality, we also need 
to find a way of addressing the remaining third.
This alone is sufficient incentive for change, 
but with increasingly strict legislation on 
greenhouse gas emissions in Europe, there is 
also economic pressure on us to find a more 
environmentally friendly solution. 
 
“As the new process we have 
developed is more competitive 
and sustainable, all 'synthetic' 
soda ash producers will have 
adopted it within the next two 
decades” 
PHILIPPE KEHREN, 
PRESIDENT,  SODA ASH & DERIVATIVES
I

STRATEGY
19
SOLVAY 2022 ANNUAL INTEGRATED REPORT
#1
An essential ingredient for 
our daily lives
— Soda ash is a key ingredient in our 
everyday lives. Among many other things, it 
can be found in the windows of our houses, 
the detergents we use to clean and even 
the rechargeable batteries that power 
our appliances. Life without soda ash is 
almost unimaginable and, as many of its 
applications are supported by environmental 
megatrends, demand continues to grow. 
As the world’s largest soda ash producer, 
we recognize the need to continue Ernest 
Solvay’s legacy of constant innovation in this 
area. By finding a way to produce soda ash 
more cleanly and efficiently, we will reduce 
its impact on the environment so that we 
can continue to use it in environmentally 
beneficial applications. And to best serve our 
customers, we know we need a solution that 
will provide a secure and competitive supply 
to keep up with strong demand.
A revolutionary soda ash 
process for a more 
sustainable world
— Over the past 30 years, Solvay has invested 
€40 million in developing proprietary 
technology first patented in 2014. This 
investment, and the work of our talented 
engineers and researchers, has enabled us 
to develop a new method for producing soda 
ash, which introduces three revolutionary 
improvements: 50% less CO2 emissions; a 
20% reduction in water and salt  usage and a 
30% reduction in limestone consumption; as 
well as significantly less limestone residues.
The new technology complements 
our energy transition plans, using an 
electrochemical process that could be 
powered by renewable energy instead of 
fossil fuels. As it is more efficient, the process 
will also reduce consumption of natural 
resources; reducing our energy needs 
and our dependence on fossil fuels would 
improve our competitiveness and our ability 
to keep up with customer demand.
 
“I am proud that Solvay is 
perpetuating our founder’s legacy 
of innovation as we lead our 
industry toward a more 
sustainable future.” 
ILHAM KADRI, CEO
-50%
Co2 emissions
-20%
Water and salt consumption
-30%
Limestone consumption
A new process enabling:
A milestone in Solvay’s 
strategy to reach carbon 
neutrality
— The next step is to test this breakthrough 
technology through the launch of a pilot project 
at our Dombasle site in France. Assuming that 
the pilot is successful, we plan to roll out the 
new technology across our European soda ash 
plants.
This development is a real game-changer 
for our carbon neutrality strategy. While 
our energy transition plans will enable us to 
phase out coal and reduce emissions 30% 
by 2030, our soda ash team expects that the 
new process innovation now being tested in 
Dombasle would allow our soda ash business 
to target full carbon neutrality by 2050. 
With this breakthrough, Solvay is poised 
to revolutionize the soda ash industry once 
more, cementing our position as the leading 
force in soda ash and sodium bicarbonate, 
and the partner of choice for our customers. 
Guiding Solvay’s 160-year-old legacy 
business into a carbon-neutral world is a 
challenging task, but we are confident that 
we now have the knowledge, tools and 
capabilities to do so, delivering a solution 
that ensures sustainable value for all, for 
generations to come.
w READ MORE PAGE 36
w READ MORE PAGE 66

STRATEGY
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
STORY
he chemical industry 
has long faced 
criticism for its 
negative impact 
o n  h e a l t h  a n d 
the environment. 
Customer demand 
for more sustainable 
solutions and circular 
products with lower environmental footprints 
is also putting pressure on the industry to 
make radical changes. 
At Solvay, we recognize that chemistry is 
both part of the problem and the solution. 
We strongly believe that chemistry will help 
shape our future for the better, but we know 
that this requires us to make fundamental 
changes to the way our plants operate. This 
is why we launched our Star Factory program.
Star Factory is about transforming the 
capabilities and operational efficiency of 
our plants to ensure they are best-in-class 
T
Our Star 
Factories for 
generations to 
come  
in all areas, including manufacturing and 
digital excellence, sustainability, safety and 
people. In doing so, we ensure that we are 
able to meet increasingly high customer 
expectations, transforming the way we 
operate for the better. 
A radical transformation for 
all of our factories
— Star Factory is our response to a fast-chan-
ging world in which factories must live up to 
the highest expectations and be prepared 
to confront unprecedented challenges. This 
comprehensive transformation program is 
aimed at completely reinventing all of our 
plants. This will help us to develop and attract 
the best talents, while building strong founda-
tions for the two future companies that we will 
launch through our Power of 2 project. 
 
“The Star Factory program 
illustrates our determination to 
accelerate the transformation of 
all our manufacturing sites into an 
industry benchmark in terms of 
sustainability and performance.”  
AUGUSTO DI DONFRANCESCO, 
MEMBER OF THE EXECUTIVE 
LEADERSHIP TEAM, 
CHIEF TRANSFORMATION AND 
OPERATIONS OFFICER
 
Our main focus is on getting sites to to make 
real progress on energy efficiency, energy 
transition and greenhouse gas emissions 
reduction projects to benefit business 
and the environment. The program also 
addresses all other aspects of our Solvay 
One Planet objectives on climate, resources 
and better life, building on operational 
excellence and digitalization to drive our 
plants to become Star Factories. 
Success for our pilot sites
— We kicked off this huge program at the 
end of 2021 with two pilot sites: Tavaux in 
France and Spinetta Marengo in Italy. Our 
objective was to create a transformation 
roadmap for each of these sites and assess 
whether it could create value, both financially 
and in Environment, Social and Governance 
(ESG) areas, before extending the program 
to other sites.
Both sites defined their vision for the 
future and developed a comprehensive 
roadmap focused on five key areas: safety; 
sustainability; employee engagement; 
competitiveness; and customer satisfaction. 
They also set objectives to reach by 2030, 
as a way to monitor their performance. The 
roadmap sets out actions to be taken in all 
main domains at each industrial site and 
shows the expected impact these actions 
will have on the site’s key performance 
objectives, as well as the resources needed 
for implementation.
The pilot sites demonstrated the ability of 
the Star Factory program to accelerate value 
creation in several different areas. Even more 
importantly, it generated results as soon as 
the first year. The recurring EBITDA impact 
expected by 2030 for the two pilot sites 
combined is significant, with part of it having 
already been delivered in 2022.

STRATEGY
21
SOLVAY 2022 ANNUAL INTEGRATED REPORT
#2
Culture and leadership: 
critical factors for success
— Fundamentally changing the way our 
plants operate involves combining a powerful 
methodology with comprehensive culture 
change: everyone at the site needs to be 
fully onboard with the program and play their 
respective part. Each plant’s leadership has a 
critical role, not only defining the vision, but 
also inspiring their teams to fully engage with it 
and raise the bar on performance.  
 
 
“In Saint Fons, where we 
embarked on the Star Factory 
program in 2022, leadership 
development is one of the key 
areas of focus for the site. 
Solvay’s Leadership Academy 
plays an important role here, 
ensuring our leaders are 
equipped with the right skills.” 
YVES COURTEMANCHE, 
SITE MANAGER, SAINT FONS, FRANCE
Incorporating both bottom-up and top-
down approaches, and uniting all site 
stakeholders around clear goals, our sites 
worked hard to ensure engagement and 
buy-in from leadership teams, employees, 
local communities and business partners. As 
Emilia Buffa, Spinetta Marengo Star Factory 
Leader, says: “There is an acceptance curve 
but, in the end, a greater commitment.”
With their leadership driving the program, 
each plant  is fully empowered to implement 
our sustainability targets, engage with local 
authorities and communities, and develop 
the critical capabilities needed both now 
and in the future. Among these critical 
capabilities is developing and attracting 
the talents that will help us reach our full 
potential. 
 
“Star Factory is helping us to 
quickly improve leadership skills 
across the sites and reinforce 
sustainability and digital 
mindsets, ensuring that everyone 
feels inspired to play a key role in 
our transformation journey, 
 both now and in the future”  
ANNE LEFEBVRE, 
GROUP PEOPLE SOLUTIONS, 
PEOPLE AND CAPABILITIES LEADER
 
 
Creating long-term, 
sustainable value for all 
Solvay stakeholders
— For example, several site initiatives are 
targeted at reinforcing connections with our 
local communities. In Saint Fons, France, 
the site is exploring external partnerships to 
diversify their sourcing and strengthen the 
talent pipeline locally, while also working with 
various organizations to attract more women 
to jobs in the chemical industry. Similarly, in 
Rosignano, Italy, the site is partnering with local 
women’s organizations, and has committed to 
improve connections with the local educational 
ecosystem.
Our sites are also making great strides in 
improving sustainability. At Tavaux, we are 
investing to significantly reduce freshwater 
intake and greenhouse gas emissions despite 
doubling production. And in Spinetta, 
we invested €40 million in improving the 
purification of discharged water and reducing 
liquid waste, with the objective of eliminating 
the majority of the site’s non-recoverable waste.
In addition, we have already achieved tangible 
results in improving our digital capabilities. 
An ambitious IT infrastructure modernization 
project and a new industrial data 
management architecture are accelerating the 
implementation of data-intensive industrial 
projects. At Spinetta, for example, we have 
deployed SeeQ, a self-service analytics tool 
that has a direct impact in our monomer and 
Technoflon®  production, reducing variable 
costs and increasing production capacity 
respectively. A condition-based monitoring 
system for rotating equipment at Tavaux was 
built on the new data architecture. The system 
helps maintenance teams make more accurate 
decisions about performance optimization 
and upkeep needs before equipment failure 
occurs, with the goal of reducing losses caused 
by asset breakdown by 30%. 
Our clear Capex and resources plan for each 
site, combined with a tailored governance 
system for decision, validation and escalation, 
provides us with a strong execution and 
decision engine that we can now apply 
globally. The pilots also enabled us to create a 
standard for plant digitalization and a library of 
best practices to accelerate the identification 
of solutions at other plants.
Three additional plants joined the program 
in 2022: our Baton Rouge site in the US, Saint 
Fons in France and Rosignano in Italy. Another 
40 plants will join in 2023, with the rest set to 
join over the following two years.
This accelerated implementation will ensure 
that Star Factory serves as a building block 
for our Power of 2 project. As both future 
companies intend to continue with the Star 
Factory program following the split, we have 
adapted the methodology for each company’s 
specific needs and are preparing to grant them 
the appropriate capabilities for successful 
implementation. —
5
plants joined the program in 2022
40
plants to join in 2023 and all remaining 
plants by 2025
w READ MORE PAGE 36

STRATEGY
22
SOLVAY 2022 ANNUAL INTEGRATED REPORT
STORY
o l v a y ’s  
g r o w t h 
platfor ms are all 
designed to accelerate 
the development 
of innovative and 
sustainable solutions 
to meet current and 
future market needs. 
They are driven by key business trends, 
and help us and our stakeholders advance 
our sustainability goals, for the benefit of 
generations to come. 
Our newest growth platform, focused on 
renewable materials and biotechnology, is 
no exception. It aims to reinvent the way we 
produce chemicals by combining chemistry 
and biology to convert renewable feedstocks 
into valuable and sustainable solutions that 
will preserve natural resources and support 
the transition to a carbon-neutral future. 
Most importantly, it will foster circularity by 
promoting the use of renewable resources 
and exploring new ways to manage the end 
of life for our products.
Enabling 
circularity 
through our  
new growth 
platform
“Through our new growth 
platform, we aim to connect with 
our partners to reinvent progress 
as we have done throughout our 
160-year history, playing a key 
role in the chemical industry’s 
transition to the bioeconomy in a 
carbon neutral future.“ 
ILHAM KADRI, 
CEO
Enabling circularity
— The new platform, which was launched in 
May 2022, brings together several Solvay 
businesses to help meet growing demand 
for sustainable and circular solutions and 
develop new business opportunities enabled 
by biotechnology. It covers the entire value 
stream, helping to embed circularity into all of 
our businesses by focusing holistically on three 
interdependent areas: the origin of materials; 
biotechnologies for transformation; and 
product end of life management. 
First, to address the origin of materials, we 
aim to significantly increase the share of 
renewable carbon in our product offering by 
using sustainable and renewable feedstocks to 
develop more environmentally friendly, natural 
and circular products. Renewable carbon 
encompasses all sources of carbon other than 
fossil fuels, such as biomass, captured CO2 and 
recycling. Our solvents derived from plants are 
a good example of a product Solvay already 
markets in this area. 
Second, by using more biotechnology, 
combined with the chemistries mastered by 
Solvay, we expect to unlock new business 
opportunities to expand our customer 
base. Biotechnologies are a set of disruptive 
technologies that use enzymes or living 
microbes to transform feedstocks, such as crude 
oil, CO2 and crops, into valuable molecules. This 
growing industry will open up new opportunities 
for us to expand our portfolio, while developing 
more cost-effective and lower carbon footprint 
processes for our existing products. Our venture 
capital fund, Solvay Ventures, has already 
invested in DMC, an American biotech startup, 
and Sofinnova, a French venture capital fund 
specializing in biotech, which will enrich our 
portfolio of options for growth.  
Lastly, the platform will address the end of 
life of products, helping to close the loop and 
foster circularity. For our durable and long-
lasting advanced polymers, recycling and reuse 
are the preferred ways to do this, but in cases 
where neither is possible, such as ingredients 
in consumer formulations, developing 
molecules that do no harm to people or the 
planet is our imperative. Our biodegradable-
by-design solutions are designed to leave 
no trace in the environment and enable our 
customers to future-proof their products in 
an evolving regulatory landscape, which, in 
Europe, is driven by the European Green Deal 
and the Chemical Strategy for Sustainability. 
An example is the readily or inherently 
biodegradable water-soluble polymers we are 
developing for our home and personal care or 
agrochemicals markets, with the first product 
launches expected in 2023.
Driven by open innovation
— The platform aims to achieve these three goals 
by accelerating open innovation. This involves 
developing strategic partnerships with suppliers 
and customers from different parts of the value 
chain to increase our capacity to innovate and 
develop new solutions that benefit multiple 
markets. 
We are not starting from scratch: Solvay is 
already a market leader in some bio-polymers 
like guar, bio-sourced solvents and natural 
vanillin, the latter of which is enabled by 
biotechnology. The new growth platform will 
help us build on this by investing in assets and 
capabilities that will enable us to expand in 
areas where we are already market leaders, and 
by developing strategic partnerships that will 
lead us to new market spaces, complementing 
our existing technologies and expertise. 
Our investment in Suanfarma’s Cipan 
manufacturing site in Portugal, which specializes 
in fermentation, is a good example. This is 
the first step in a long-term strategic alliance 
that will allow us to build on our expertise as a 
leading producer of natural vanillin to develop 
other natural ingredients for the food, flavors 
and fragrance markets, and improve our 
biotechnology capabilities, paving the way for 
further growth in naturals. The collaboration 
between our Materials business and French 
startup Carbios on the enzymatic recycling of 
polymers is another example. This project would 
enable complex, multilayer plastic films to be 
recycled, facilitating circularity.
S

STRATEGY
23
SOLVAY 2022 ANNUAL INTEGRATED REPORT
#3
 
 
“Chemistry needs the power of 
biology to reach new heights in 
terms of sustainability, and 
biology will benefit from all the 
available chemical knowledge to 
become increasingly affordable 
and present in our lives.” 
THOMAS CANOVA, 
HEAD OF RENEWABLE MATERIALS AND 
BIOTECHNOLOGY GROWTH PLATFORM
 
A growth platform with 
multiple benefits
— Renewable materials and biotechnology will 
positively transform all aspects of our lives, from 
the way we connect and the way we care for 
one another, to the food we eat and the planet 
we live on. This has clear benefits for society 
and the planet that, as a responsible business, 
we cannot afford to leave unexplored.
The platform will enable us and our customers 
to better serve growing consumer demand for 
sustainable and circular products. Catering 
to customer needs by increasing the share 
of renewable carbon in our product offering 
will lead to increased sales and higher value 
Combining three bio-derived concepts to develop innovative,  
more circular solutions
w READ MORE PAGE 42
Focus on the TECHNOLOGY
Strengthen and expand our customer 
base through new growth businesses 
enabled by biotechnology 
Focus on the ORIGIN 
Significantly increase the content of 
renewable carbon in Solvay’s product 
offering 
Focus on the END-OF-LIFE
Develop biodegradable by design 
technologies to manage the end-of-
life of our products striving toward 
zero environmental pollution 
RENEWABLE
 MATERIALS & 
BIOTECHNOLOGY 
PLATFORM
R
e
n
e
w
a
b
l
e
 
c
a
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b
o
n
B
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t
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c
h
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l
o
g
y
B
i
o
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e
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r
a
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a
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il
i
t
y
for stakeholders. The platform will also 
help reduce our impact on the planet and 
achieve our sustainability goals, which include 
increasing the share of sustainable solutions in 
Group sales to 65%, more than doubling the 
share of Solvay products based on circular raw 
materials or energy and reducing greenhouse 
gas emissions across the board by 30% in our 
plants, and by 24% in the value chain.   
We recognize that the road to a circular, 
carbon-neutral future demands a radical 
transformation in how chemistry is designed 
and, with the launch of our new platform, we’re 
ready to contribute to this change. —

STRATEGY
24
SOLVAY 2022 ANNUAL INTEGRATED REPORT
n 2022, as part of our annual 
Citizen Day event, more than 40% 
of our global workforce devoted 
time to improving their awareness 
of Diversity Equity and Inclusion 
(DEI), identifying the ways in 
which they can make an impact 
and celebrating the actions taken 
and results achieved a year after 
our Solvay One Dignity DEI program was 
launched. The event’s success demonstrates 
the progress we have made in embedding 
DEI, and the discussions surrounding it, into 
our company culture, while also showing 
our capacity to mobilize and engage our 
employees globally around a common 
purpose.
Citizen Day 2022: I am 
because we are
— Citizen Day is an annual Solvay event 
aimed at creating bonds between employees 
and with local communities by rallying 
around a subject that impacts us all. The 
I
Celebrating  
Diversity, Equity  
and Inclusion 
fourth edition of our Citizen Day focused on 
DEI, with almost 9,000 employees across 105 
sites globally taking action to create a more 
inclusive company and society.
Our activities were inspired by a common 
theme: “I am because we are.” Taken from 
the African philosophy of “Ubuntu,” this 
proverb resonates with Solvay’s Purpose, 
reminding us that our sense of self is shaped 
by our relationships with other people and 
that our common bonds are more important 
than our differences. 
“I was really impressed by the 
creativity of our sites globally, 
with each one appropriating 
the concept to make it relevant 
to their specific culture or 
environment. I can feel we are 
truly moving forward together, 
creating an excellent foundation 
for the two future companies to 
build on!”
NATHALIE VAN YPERSELE, 
CHIEF DIVERSITY, EQUITY AND 
INCLUSION OFFICER
Citizen Day activities took place at global, 
site, team and individual levels, and in both 
virtual and in-person formats, with many 
involving partners and non-governmental 
organizations (NGOs) We also encouraged 
employees to get involved with the local 
community and speak up against non-
inclusive behaviors. All these activities gave 
our employees the opportunity to learn, 
exchange, discover and dare to share their 
opinions, contributing to an inclusive, diverse 
and equitable workplace. 
Solvay sites mobilize for DEI
— Solvay strives to establish and maintain 
a diverse workforce, provide equal career 
opportunities and make all of  our employees 
feel included in everything we do. By giving 
diverse talents equal opportunities and 
encouraging them to bring their whole 
selves to work, we are able to benefit from 
a workforce that is confident in voicing their 
opinions, and comfortable with bringing their 
experiences and ideas to the table. The wide 
variety of Citizen Day activities organized by 
our employees at site level showcased this 
culture. 
In Curitiba, Brazil, for example, employees 
were taught the phrase “I am because we 
are” in Brazilian sign language. The site 
created a video of dozens of employees 
signing the phrase, raising awareness of 
how different forms of communication can 
increase inclusivity. Several employees at 
Solvay are hearing impaired, or have friends 
or family that are. Demonstrating that 
employees at Solvay are willing to learn and 
show their support meant a lot to many of 
them.
“The 2022 Citizen Day showed 
the power of collectivity and the 
barriers we can overcome when 
we look past our biases and 
beliefs. We can do so much more 
together – after all, I am because 
we are!” 
BIANCA PIEDE, 
ACCOUNTS PAYABLE MANAGER, 
CURITIBA, BRAZIL
STORY
14,700
participations
105
sites  
worldwide
320
activities
€50,000 
donated to local 
NGOs 
Citizen Day 2022

STRATEGY
25
SOLVAY 2022 ANNUAL INTEGRATED REPORT
In the US, employees organized 15 different 
activities at our Alpharetta, Georgia site, 
which is known for its year-round engagement 
with DEI topics. These included a talent 
show, a ceremony to recognize the site’s 
veterans and facilitating mock interviews to 
help students applying to historically black 
colleges and universities, as well as a potluck 
lunch celebrating the site’s multicultural 
diversity. The wide variety of activities gave 
Alpharetta employees multiple opportunities 
to build positive relationships with their 
colleagues, while also giving back to the local 
community.
 
“Diversity and inclusion is a way 
of life in Alpharetta – we 
celebrate our differences as well 
as what brings us together. DEI is 
about belonging and the 
attendance numbers for the 
activities we organize show that 
people want to belong.” 
DONNA DRAKE, 
HEAD OF CORE LABS US, 
ALPHARETTA SITE MANAGER
 
Employee Resource Groups 
take center stage
— Solvay’s Employee Resource Groups 
(ERGs) play a key role in promoting DEI at 
Solvay. These grassroots groups led and 
run by employees organized various global 
workshops for Citizen Day, covering topics 
such as LGBTQ+ allyship, the role of men 
in DEI and the experiences of women in the 
workplace. We also took the opportunity 
to launch a new ERG, ADAPT, focused on 
people with disabilities and their allies. 
ADAPT is sponsored by Solvay’s Chief 
People Officer (CPO), Hervé Tiberghien, 
who shared his own personal experience 
with the nearly 400 employees worldwide 
who joined the launch event: “My family 
#4
has firsthand experience of what it feels 
like to be different, and how painful it can 
sometimes be. But what our experience 
has taught me is just how important it is 
to be open about it in order to deal with 
the difference. Diversity is something we 
need to discuss again and again if we are 
to move forward as a society, and the best 
way to help others embrace it is by helping 
them to understand it.”
Solvay4Sport: supporting 
athletes that embody Solvay 
values
— Helping people understand and embrace 
difference is exactly what our Solvay4Sport 
initiative aims to do. To kick off Citizen Day, 
Solvay CEO Ilham Kadri hosted an inspiring 
discussion with Solvay4Sport athlete 
Kgothatso “KG” Montjane, designed to show 
Solvay employees that opportunity, possibility 
and greatness are achievable when we 
collectively recognize, respect and celebrate 
our differences.
Solvay4Sport is a partnership between Solvay 
and three athletes: Italian para-athletic sprinter 
Ambra Sabatini, American para-athletic long 
jumper Trenten Merrill and South African 
wheelchair tennis player KG. The partnership 
aims to support these three athletes in 
achieving their sporting goals, while also 
reinforcing Solvay’s DEI program, by showing 
that it is unity and not uniformity – or all of our 
individual differences combined – that allows 
society to achieve exceptional results. Our 
Solvay4Sport athletes embody everything 
Solvay stands for – performance, dedication, 
perseverance and a desire to go beyond – 
making them perfect role models for Solvay 
employees. 
 
“When you have a positive 
attitude you actually develop the 
ability to bounce back or tackle 
every challenge that you come 
across. There is always a solution, 
there is always a possibility – 
that’s what I believe”
KGOTHATSO MONTJANE (KG)
SOUTH AFRICAN WHEELCHAIR TENNIS 
PLAYER
 
€50,000 donated to local 
NGOs 
— To ensure our Citizen Day actions have a 
lasting impact on the communities Solvay 
serves, the Group committed to converting 
employee participation in Citizen Day activities 
into financial contributions to local charities 
and DEI organizations in 14 countries. This 
contribution amounted to €50,000. 
The success of our yearly Citizen Day event, 
and this edition in particular, reflects the 
commitment of Solvay people to the Group’s 
values. This shared culture will prove vital in 
driving performance moving forward, both 
for Solvay as it is now and for the two new 
companies that will be created through our 
Power of 2 project. —
w READ MORE PAGE 51

We are now reaping the benefits of a three-year transformation process that has enabled us to 
accelerate organic growth and deliver on the financial objectives set out in our G.R.O.W. 
strategy three years ahead of schedule. With a simplified and more robust business structure, 
we are ready to advance our strategy and continue to strengthen our businesses, making sure 
that we are prepared to move on to Solvay’s next chapter.
STRATEGY
26
SOLVAY 2022 ANNUAL INTEGRATED REPORT
G.R.O.W. strategy 
in action
OUR PURPOSE
We bond people, ideas and elements  
to reinvent progress
OUR VISION
At Solvay, we create sustainable shared  
value for all
G.R.O.W. strategic roadmap
Accelerate GROWTH
Deliver RESILIENT cash
OPTIMIZE returns 
Solvay One to WIN
Extend position as #1 pure-play 
advanced materials business 
Prioritize investments in high-margin 
MATERIALS businesses with high-growth 
potential, which are also our most 
sustainable solutions.
Become #1 cash conversion 
chemical player 
Maximize cash flow generation 
from our resilient CHEMICALS businesses 
where we have a competitive advantage
Unlock Value
Optimize our SOLUTIONS and businesses 
to unlock value and increase returns
Key asset
Unique formulation and application 
expertise
Create a new operating model to support a 
performance-driven culture and better serve our customers.
Key asset
Unique high-performance polymers 
and composite technologies.
Businesses
Specialty Polymers, Composite 
Materials 
Markets
Automotive and Aerospace, 
Healthcare, Electronics, Energy
Key asset
World leaders in chemicals that 
are essential to daily life 
Businesses
Soda Ash & Derivatives, Peroxides, 
Silica, Coatis
Markets
Industrial applications, Building, 
Home and Personal Care, Consumer 
Goods, Food, Automotive, 
Electronics, Environment
Businesses
Novecare, Technology Solutions, 
Special Chem, Aroma Performance, 
Oil and Gas Solutions
Markets
Industrial applications, Home and 
Personal Care, Consumer Goods, 
Agro, Food, Healthcare, Mining
MATERIALS 
CHEMICALS
SOLUTIONS
Global business trends
Global business trends
Global business trends
f 
Customer and supplier 
engagement programs
f 
Growth initiatives 
f 
 Industrial footprint optimization
f 
 Organization reshaping
f 
Performance-driven culture
G
R
O
W
Advanced connectivity
Naturalness, sustainable resources 
and sustainability
Naturalness, sustainable resources  
and sustainability
Resource efficiency
Evolving demographics
Evolving demographics
Evolving demographics
Renewable energy
Lightweighting
Resource efficiency
Advanced connectivity
Electrification
Advanced connectivity
Resource efficiency

STRATEGY
27
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Creating 
sustainable value 
through G.R.O.W. 
 
"I am proud of our teams as they overcame 
headwinds to deliver outstanding results in 2022, 
with records on many fronts – EBITDA, margins, 
cash and returns. Our balance sheet is strong and 
we are investing to drive growth and accelerate our 
path towards carbon neutrality. The best is ahead of 
us."  
KARIM HAJJAR,
MEMBER OF THE EXECUTIVE LEADERSHIP TEAM, 
CHIEF FINANCIAL OFFICER
 
 
Transforming our businesses
— Driven by our G.R.O.W. strategy and our Solvay One Planet 
sustainability roadmap, we have accelerated our operational 
transformation over the four past years, while reshaping and 
upgrading our portfolio in alignment with evolving global trends. 
We have dramatically improved the quality and performance of our 
Solutions business segment, leading to a complete transformation in 
our Novecare and Aroma Performance businesses. These businesses 
have refocused resources on fewer markets, driven by strong business 
trends relating to natural products and sustainability. They have also 
upgraded their portfolios with more specialty solutions, investing in 
new capabilities and innovation to develop new areas of growth for 
the Group. This has enabled the segment to significantly exceed its 
optimization mandate and create value.
Going beyond to serve our customers 
Under difficult conditions – raw material issues, high energy 
prices, and huge logistics and supply constraints – we have 
benefited from the strong improvement programs we have 
implemented over the past three years through our G.R.O.W. 
strategy. They have enabled us to strengthen our operations, 
our supply chains and our balanced geographical footprint, 
ensuring that we can remain close to our customers and supply 
them locally. 
The progress made by our teams is reflected in the many 
awards we received from customers in 2022.  These included: 
f Supplier of the Year from Boeing, which uses our high-
performance materials for aerospace applications
f Elite Supplier from Lockheed Martin, a top defense customer 
to which we supply composite materials, for achieving 100% 
on-time deliveries and zero quality defects 
f Best Partner from Samsung, in recognition of our great 
performance in difficult supply environments
f Best Supplier of the Year from Brazil’s Oxiteno, for service, 
delivery, quality and sustainable practices. —
Record financial results in 2022, despite challenging 
business conditions
Mid-term objectives reached ahead of schedule
— Our transformation over the past four years has made us a stronger 
and better company. In 2022, we achieved several new financial records, 
meeting our strategic goals well ahead of schedule. Our strong pricing 
initiatives more than offset €1.6 billion in inflationary costs and we 
achieved an EBITDA of more than €3 billion for the first time in our 
history. Through continuous and strict cost management, we have now 
delivered 15 consecutive quarters of positive free cash flow (FCF). This 
enabled us to invest more than €1 billion in capital expenditure, about 
half of which we invested in growth and energy transition projects. It also 
enabled us to strengthen our balance sheet, leading to an underlying 
leverage ratio of 1.1 – half the 2019 level. Our strong return on capital 
employed (ROCE) of 16% is double the 2019 level, reflecting our strong 
operational performance and upgrades to our portfolio.
2024
 G.R.O.W. Targets,
 set in Nov 2019
2022 
Achieve-
ments
Improve-
ment 
2019-2022
Net sales
-
€13,426m
9.7% CAGR
(organic)
Underlying 
EBITDA
Mid-single digit 
growth (annual 
average growth)
€3,229m
12.1% CAGR
(organic)
EBITDA margin
-
24.0%
+1.3pp
Cost savings
Exceed €350m annual 
run rate
(raised to €500m)[1]
€79m
€467m cum.
FCF
-
€1,094m
+€3,506m 
cum.
FCF conversion
Exceed 30%[2]
34%
+6.1pp
Working capital
Reduce WC/
sales ratio by 2pp
12%
-3.5pp
Cashout 
(interest payments & 
pension cash service)
Reduction by €75m 
(pensions >40, interests >35)
€245m
-€204m
Underlying 
net debt
-
€3,591m
-€1,795m
Underlying 
leverage ratio
-
1.1x
-1.0x
Pension liabilities
-
€1,057m
-€1,637m
ROCE
Exceed 11%
16.0%
+7.9pp
1. Original target set in 2020 and upgraded to €500m run rate by 2024. 2. Total 
FCF to Shareholders: 2019-22: €3.5bn.
w MORE INFORMATION PAGE 87

Strengthening  
our businesses and preparing 
for the future
STRATEGY
28
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Soda ash and bicarbonate 
To extend our position as a global leader in trona-based soda ash 
production, we resumed a 600kt soda ash capacity expansion at 
our Green River site in the US and took on full ownership of the site. 
Production is expected to start at the end of 2024 and will meet our 
customers’ growing need for a secure and cost-competitive source of 
supply. In 2022, we also unveiled one of the biggest sodium bicarbonate 
plants in the world. Located in Devnya, Bulgaria, it will help us meet 
growing demand for this essential product, which can be used for 
removing pollutants from flue gas in industrial applications.
Creating the largest PVDF capacity in North 
America 
In 2022, we announced a joint venture with Orbia to create the 
largest PVDF capacity in North America, for a total investment 
of around $850 million. The partnership brings together two 
strong, complementary leaders to create a locally produced, 
vertically integrated and competitive supply chain, with Orbia 
providing the key raw materials from which Solvay will produce 
the PVDF. This will enable us to produce suspension-grade 
PVDF for some of the leading battery makers in North America. 
We intend to use two production sites, one for raw materials 
and the other for finished products, which are both expected 
to be fully operational by 2026. The partnership is a significant 
milestone in our electrification strategy, enhancing our global 
leadership and contributing to the establishment of the battery 
supply chain infrastructure in the United States. 
Investing in new technology and process 
innovations
Upgrading our sites through Star Factory
— We have launched a comprehensive transformation program for 
our manufacturing plants. Through our Star Factory program, we aim 
to ensure our sites are best in class in all areas, including manufacturing 
and digital excellence, sustainability, safety and people. In doing so, we 
can ensure that we are providing our customers with more sustainable
solutions. Read Story page 20.
he significant amount of cash we generated, 
and the important opportunities we see in 
a lot of our end market, enabled us to make 
2022 a great year for investments. These 
investments are aimed at upgrading our 
portfolio, expanding our production and 
innovation capacity and strengthening our 
leadership positions in strategic markets, as 
well as accelerating the decarbonization of our plants.
Expanding production capacity to meet 
growing demand in strategic markets
Battery materials
In 2022, we invested to increase PVDF production capacity in three 
regions, responding to increased global demand and extending 
our leadership position in the global lithium-ion battery market. This 
included a €300 million investment at our site in Tavaux, France, to 
expand production capacity of our high-performance polymer Solef® 
PVDF by 35kt and make the plant the largest PVDF production site in 
Europe. We also doubled PVDF capacity at our Changshu site in China 
and have partnered with Orbia to create the largest suspension-grade 
PVDF production facility in North America. 
Semiconductors 
To supply the growing semiconductor manufacturing market in the US, 
we are building a new high-purity electronic grade hydrogen peroxide 
(eH2O2) facility in Arizona, which will be powered by electricity from 
renewable sources. The new facility will become our seventh eH2O2 
unit and will strengthen our position as an eH2O2 technology leader.
Rare earth magnets 
To serve customers in the fast-growing electric vehicle, wind power and 
electronics markets, we invested in expanding our rare earth operations 
in La Rochelle, France, allowing us to enter the magnets value chain and 
develop a powerful hub for rare earth magnets in Europe. We also took 
full ownership of our rare earth joint venture in Japan, advancing our 
global plans in this area. 
T
w READ MORE PAGE 66

Accelerating the decarbonization of our soda ash plants 
— To advance our carbon-neutrality roadmap, we announced major 
investments to phase out coal at our soda ash plants in Devnya, Bulgaria 
and Dombasle, France, while we are implementing an innovative new 
technology to cut process emissions at our Green River, Wyoming plant 
in the US. Read page 36.
Reinventing our processes to meet the increasing need for more 
sustainable solutions
— We have reinvented our 160-year-old soda ash manufacturing 
process and are currently piloting this new process innovation at our 
Dombasle site, in France. The development will enable us to reduce 
CO2 emissions from soda ash production by 50%, while reducing 
resource consumption and significantly reducing limestone residues. 
Read page 18.
Enhancing our portfolio to align with strong 
business trends 
— Our investment in Suanfarma’s Cipan manufacturing site in Lisbon, 
Portugal will improve our capacity to produce natural ingredients for 
the food, flavors and fragrance market. It will allow us to build on our 
expertise as a leading producer of natural vanillin and develop our 
capabilities in biotechnology, aligning perfectly with the aims of our 
new Renewable Materials and Biotechnology platform and with the key 
business trends that drive our end markets.
As part of our open innovation strategy, we invest in early-stage startups 
dedicated to making sustainable material advancements. We have 
also strengthened our partnership with Chinese venture capital fund 
Longwater Investment.  This partnership will support innovation in new 
and sustainable chemistries that can be used to further key market 
trends in transportation, electronics and smart devices,  enhancing our 
portfolio and complementing the work of our four growth platforms. It 
also illustrates our commitment to growing our operations in Asia. 
Accelerating 
innovation in our 
strategic markets 
through our growth 
platforms
STRATEGY
29
SOLVAY 2022 ANNUAL INTEGRATED REPORT
O
ur three strategic growth platforms 
focused on battery materials, 
thermoplastic composites and green 
hydrogen drive innovation to support 
the energy transition. They answer 
market needs driven by high-priority 
business trends, such as electrification 
and lightweighting. Our materials are key 
enablers for developing the sustainable mobility solutions of the future 
and our diverse portfolio features technologies at different stages of 
development in alignment with industry roadmaps.
In 2022, we created a fourth growth platform, focused on Renewable 
Materials and Biotechnology. The platform aims to meet growing 
demand for sustainable solutions by increasing the share of renewable 
carbon in Solvay’s product offering and developing new business 
opportunities enabled by biotechnology. It will help us develop more 
environmentally friendly, natural and circular products using renewable 
feedstocks, as well as new approaches to managing the end of life for 
these products.
 
w READ MORE PAGE 22
Run by focused and agile teams with a start-up mindset, the platforms 
offer customers access to some of our most innovative solutions.
They also foster cross-innovation throughout the Group, enabling us 
to develop tailor-made solutions that meet our customers’ specific 
application and performance requirements. 
Partnering with customers to develop tailor-
made solutions
Our application centers foster close collaboration with 
our customers. In 2022, we opened a new application 
development center in Alpharetta, Georgia, in the US. This 
expands our research and innovation capabilities in the region, 
allowing us to support customers in the electric vehicle, 
renewable energy and aerospace industries. It will serve as a 
workshop for Solvay and our customers to develop advanced 
prototyping, virtual engineering validation, special testing and 
secondary operations activities. Engaging customers in real 
time with our versatile engineering teams enables us to co-
create innovative solutions much more efficiently than before.

A unique Battery Materials platform 
addressing the key challenges of the industry
— The automotive industry is undergoing a transformation driven 
by several factors, including a shift in consumer mobility preferences 
and increasing regulations. Many regions around the world have set 
ambitious goals for decarbonization and major players are investing 
massively in capacity and infrastructure to reach their targets. Demand 
for lithium-ion electric vehicle (EV) batteries is witnessing significant 
growth as a result.
Solvay has been supplying solutions to the automotive industry 
for more than 30 years, forming strong partnerships with original 
equipment manufacturers (OEMs) and their Tier 1 suppliers. We 
enjoy a strong leadership position in the EV battery market, and are 
pioneers in exploring technologies for the battery of the future. We 
also provide solutions in other areas, including battery cases, packs 
and recycling. Our battery materials platform brings together all of our 
relevant technologies and expertise, enabling us to collaborate with our 
customers on finding solutions to their unmet needs. 
€2.5bn
Estimated sales by 2030
Uniquely positioned in the value chain   
— With our extensive and proprietary range of high-performance 
polymers and innovative compounds, we can meet our customers’ 
critical needs: making safer, more powerful, longer-lasting and lower-cost 
batteries. We supply materials for the different components of battery 
STRATEGY
30
SOLVAY 2022 ANNUAL INTEGRATED REPORT
cells, cases and packs, and are also working on solutions to recycle 
them. Li-Ion battery cells, for example, have four main components: 
the cathode, the anode, the electrolyte and the separator. We have 
solutions for all four and our materials make them perform better.
The cathode plays a significant role in determining battery capacity. 
Solvay’s polyvinylidene fluoride (PVDF) is used as a binder for cathodes, 
where it improves energy density, and as a coating on the separator, 
where it helps improve safety. And while PVDF adds significant value 
and performance benefits to the battery, it only represents a minor 
portion of the total battery cost. 
Our materials surround the battery, in more ways than one, with our 
polymers and composites being used to make battery modules and 
packs lighter. Our thermoplastic composite technology, for example, 
is used for battery enclosures. It reduces the weight of the enclosure by 
25% compared to aluminum and 40% compared to steel, and makes 
the battery safer, while allowing for all battery components to be easily 
integrated.
Increasing driving range with our Solef® PVDF 
for binders
Our Solef® PVDF specialty polymers for binders are the most 
advanced in the world. Developed using Solvay’s research and 
innovation expertise in fluorinated chemistry and polymerization 
technology, Solef PVDF allows us to create more energy-dense 
batteries that enable increased driving range. This product has 
been recognized as a sustainable and profitable solution by 
the World Alliance for Efficient Solutions and was an essential 
component of the Solar Impulse plane, the world’s first solar-
powered aircraft to circumnavigate the world.
Our materials circle the battery
Electrolyte
Ingredients & solutions
Structural
components
PVDF
seperator coating
Li-ion battery cell
PVDF
cathode binder
Thermoplastic composites
LiFSI salt, 
Energain® high voltage
solvent
Solef® PVDF
Solef® PVDF

Creating a circular economy in batteries
— Thanks to our recycling activities, we are helping the battery industry 
close the circularity loop. We have partnered with Veolia in an effort 
to create a European consortium in which Solvay’s role is to purify 
and extract lithium, cobalt and nickel from end-of-life batteries and 
production scraps. Our solutions enable us to recover 95% of high-
purity metals, which can be used in new cathodes. We are currently in 
the demonstration plant engineering phase of this project. Integrating 
EV batteries into the circular economy will ensure access to critical raw 
materials and decrease recycling costs. It will also lower the CO2 footprint 
of the battery-making process, as the carbon footprint associated with 
battery metal recycling is far lower than that of primary metal extraction 
or mining.
Our innovation addresses the key challenges of the battery 
industry
— We have aligned our research and innovation priorities with the 
future needs of the battery industry. This involves developing new 
chemistries that will solve the most difficult challenges as we develop 
the next generations of batteries. Through our platform, we are using 
our unmatched portfolio of technologies and our strong relationships 
with our customers to develop unique solutions that solve their specific 
application and performance requirements.
Third-generation batteries, for example, require higher performing 
salts and additives that can increase high-and-low temperature battery 
performance. In addition to the Li-salts and advanced solvents that 
we currently provide, we are developing LiFSI and other proprietary 
additives, which will meet this need. 
Another example is our Energain® solvent for electrolytes, which 
responds to the need for high-voltage resistant solvents, used in emerging 
cathode technologies, such as high manganese cathodes and very high 
nickel cathodes. These two cathode technologies make up the largest 
share of the market today. They are expected to grow in the coming years, 
and Solvay provides solutions for both. As a leader in suspension PVDF, 
which is the technology of choice for the higher-end battery segment, we 
are able to continuously innovate to solve our customers’ performance 
requirements.
Fourth-generation batteries, known as solid state batteries, are expected 
later this decade and promise significant improvements in energy density 
and safety. Our Solgain™ technology, a solid film with an encapsulated 
electrolyte, will allow the industry to achieve this. Solvay is the front-runner 
in Europe in the development of this new technology. 
A state-of-the-art innovation pilot unit in Europe 
In 2022, we inaugurated a new pilot research unit at our 
plant in La Rochelle, France. This will enable us to scale up 
development of advanced inorganic materials for solid 
electrolytes to be used in the next generation of automotive 
batteries. Solid state batteries are expected to complement 
lithium-ion batteries in the coming years, offering increased 
safety, improved performance and a reduction in the total 
cost of ownership. The pilot unit will enable us to respond to 
customers’ needs by delivering products on a semi-industrial 
scale, and we will also carry out process studies to help prepare 
for the upcoming industrialization phase. The French state 
has supported Solvay on this project, as part of plans to build 
a European value chain for EV batteries and boost battery 
innovation in Europe. 
STRATEGY
31
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Our portfolio addresses the key challenges of the battery industry
MODULES AND 
PACKS
Polymers and 
composites
BATTERY CELLS
Advanced 
materials 
Cathode
precursors
KEY CHALLENGES
Energy density / Safety / Cost
Sustainability / Security of supply
RECYCLING
Chemicals for metal 
recovery
H
i
g
h
 
p
u
r
i
t
y
 
m
e
t
a
l
s
Lithium
Cobalt
Nickel

Accelerating innovation in Thermoplastic 
Composites (TPCs) 
— TPCs are strong, chemically resistant, lightweight and inherently more 
recyclable materials that enable the high-build rates necessary for mass 
production. These features make TPCs perfect for use in a number of 
demanding applications and environments across several industries, 
including aerospace, advanced air mobility, automotive and energy 
transition.
€1bn
Addressable market for Solvay by 2030     
A TPC roadmap for long-term innovation and growth
— Solvay is the only company in the world with a diversified portfolio of 
specialty polymers and composite processing technologies capable 
of meeting all application needs. Our TPC growth platform brings 
end-to-end innovation – from molecules to composites – under one 
roof. Our state-of-the-art application and product development 
centers in Brussels, Belgium, and Alpharetta, Georgia, in the US, 
allow us to collaborate with customers from concept to commercial 
application, providing support in early-stage design, prototyping 
and testing of parts. This drastically reduces the time to market of 
our materials.
Solvay’s thermoplastic composites are a critical enabler for 
lightweight and corrosion-free tubular structures in the energy 
transition space, and for high-volume rate production in aerospace, 
including the fast-growing advanced air mobility segment. In 
automotive and other industries, our TPCs bring flexibility, functional 
integration and recyclability. 
Our three world-class manufacturing facilities in the US, in Anaheim, 
California; Havre de Grace, Maryland; and Greenville, South Carolina, 
use several manufacturing technologies to produce state-of-the-art 
unidirectional composite tape from a wide range of high-performance 
polymers, targeting a broad array of industries and applications.
Part of our success comes from our strategic collaborations with 
our partners and customers. Through our Joint Lab agreement with 
Leonardo, we are able to focus on developing composite materials 
and production processes critical for the future of the aerospace 
industry. Our partnership with 9T Labs helps bring additively 
manufactured carbon fiber-reinforced plastic (CFRP) parts to mass 
production. These can replace metal as structural parts in the 
aerospace, medical, automation, and oil and gas industries. Solvay 
is also at the center of key technology developments, working 
with leading institutions such as the National Institute for Aviation 
Research (NIAR) in the US, the ThermoPlastic composites Research 
Center (TPRC) in the Netherlands and Politecnico di Milano in Italy.  
STRATEGY
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Enabling the future of flight at the Solvay-NIAR 
Manufacturing Innovation Center
Solvay and Wichita State University’s National Institute for 
Aviation Research (NIAR) opened a joint Manufacturing 
Innovation Center in 2022, dedicated to enabling the future 
of flight through advances in composite technologies. The 
innovation center will provide leading aviation companies 
in the US with access to 150,000 square feet of International 
Traffic in Arms Regulations (ITAR) compliant development, 
testing and prototyping facilities, as well as the latest in 
advanced aviation material research. 
Solvay and NIAR engineers will work hand-in-hand with 
customers to test ideas and innovative structures in real 
time, and companies will be able to fabricate entire aircraft 
structures, such as wings and fuselages, at a fraction of the cost 
of making it themselves. Our partnership with NIAR marks an 
important milestone in our ambition to help key customers 
across the US advance developments in aerospace, defense, 
space and advanced air mobility, demonstrating how our 
advanced material innovation can help our customers reduce 
time and excess costs when testing new applications.
Responding to the urgent global need for 
Green Hydrogen
— Growing recognition of the need to accelerate the energy transition, 
combined with the energy crisis in Europe, has led to a dramatic increase 
in global interest in developing a green hydrogen (H2) economy. 
Following the outbreak of war in Ukraine, the EU has introduced plans 
to maximize its production of green H2, and thus reduce its dependence 
on Russian fossil fuels, by doubling its domestic green H2 production 
target to 10 million metric tons by 2030. This makes development in this 
area more urgent than ever.
Green hydrogen is needed to reach the target of net-zero carbon 
emissions by 2050. It can be used to decarbonize the existing hydrogen 
economy, as well as in new applications, such as clean mobility, and has 
a key role to play in the decarbonization of hard-to-abate sectors, such 
as heavy-duty transportation, and emissions-intensive industries, like 
steel manufacturing. While conventional hydrogen is produced from 
fossil fuels, green hydrogen is produced using renewable energy only 
– and it is chemistry that holds the key to transforming it into the green 
energy solution of the future.
Governments and companies are mobilizing. More than 50 countries 
have now built or are about to issue their hydrogen economy roadmaps, 
committing to the investments necessary to achieve their objective of 
net-zero carbon emissions in 2050, which are estimated at around $500 
billion by 2030.
€5bn
Addressable market for Solvay

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Solvay solutions at every step of the Green Hydrogen value chain
Renewable 
energy 
Hydrogen production
End uses
Solar / wind
Energy storage
Electrolysis
Applications
distribution
electrolyzer
redox fl ow battery*
fuel cell
Electric mobility
Residential (heat 
and power)
Stationary power 
generation
Industrial 
feedstock
Advanced materials 
for Core and Balance 
of Stack, e.g. 
Aquivion® ionomer 
and Udel® PSU
Advanced 
materials for Core 
and Balance of 
Stack, e.g. 
Aquivion® ionomer 
and Udel® PSU
Materials for 
Hydrogen tanks
Advanced 
materials for fuel 
cell power trains 
and for Hydrogen 
storage vessels
Polymers for 
membranes, 
e.g. Aquivion® 
ionomer
Infrastructure
Solvay 
solutions
*electrochemical energy storage devices, where energy is stored in a liquid electrolyte solution
Storage, 
transportation
Solvay products at every step of the green hydrogen value 
chain
— Accelerating the development of a green H2 economy involves 
improving the viability and scalability of green hydrogen technologies. 
To achieve this, we not only need the necessary political will and huge 
investments, we also need the right materials. 
Solvay is one of the few companies in the world capable of providing the 
highly advanced materials needed for the green hydrogen economy. 
Our green hydrogen growth platform provides the advanced materials 
needed for green H2 production, but also for usage and – in the future 
– for storage. 
What makes us unique is our ability to provide materials both across 
the green H2 value chain and to today’s leading hydrogen technology 
platforms. This includes polymers, such as fluoro-ionomers, for use in 
membranes with high proton conductivity and superior mechanical 
properties, and low-weight, high-resistance polysulfones, which are 
essential in the production and utilization of hydrogen. These materials 
are at the very heart of green hydrogen technology – without them 
it is impossible to produce the components or systems needed for 
green H2. Our Aquivion® ionomer and our Udel® polysulfone (PSU), 
for example, are both used in the core of hydrogen systems, where the 
key reaction happens, to enable hydrogen production and conversion 
in fuel cells. 
In addition, we are expanding our offering for green hydrogen 
applications. For example, we are developing advanced material 
solutions for auxiliary components in fuel cells and electrolyzers in the 
balance of stack, the layers that surround the core. Our solutions provide 
a lightweight alternative to the metal parts that are currently used in 
hydrogen systems; replacing metal is vital to meet weight expectations, 
and also to increase production rates, allowing for automation, scalability 
and speed, while also helping to tackle waste.
Committed to a faster transition to green hydrogen
— With relevant products and solutions all along the green hydrogen 
value chain, our ambition is to be a leading material solutions provider 
for the green hydrogen economy. Our green hydrogen platform brings 
together all of our innovative material and chemical solutions and 
competencies, concentrating our resources and efforts in one place to 
better serve and advise customers across industries.
We have also significantly increased the resources dedicated to this 
emerging market, including in research and innovation. Our innovation 
efforts focus on improving system durability, efficiency and total cost of 
ownership to help our customers improve the viability and scalability of 
green hydrogen technology. We have teams located across continents, 
from the Americas, to Europe, to Asia. With a global reach and local 
presence, our focus is on building intimacy with our customers along 
the value chain and co developing solutions tailored to their unique 
requirements.
Solvay’s commitment to this growth industry is demonstrated by our 
Membership in the Hydrogen Council, a global CEO-led initiative 
that brings together leading companies with a united vision and long-
term ambition to make green hydrogen a catalyst for the clean energy 
transition.

Solvay One Planet  
delivering progress faster
than planned 
Climate, environment and respect for human dignity are now top priorities for governments, 
businesses and consumers. Our Solvay One Planet sustainability roadmap reflects this, 
helping us to raise the bar to tackle climate change and resource scarcity and foster a better 
life for all. Built around three pillars, the roadmap is an integral part of our Strategy, setting 
out ten targets to achieve before 2030 that will help us develop more sustainable solutions 
and achieve our ambition to reach carbon neutrality across all our businesses before 2050. 
STRATEGY
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Phase out coal and 
solid fuels4
v Exit 5 plants
Pressure on 
biodiversity5
v Reduce by 30%
Align greenhouse gas 
emissions with Paris 
Agreement and SBTi1
v Reduce Scopes 1 & 22 
by 30%
v Reduce Scope 33  
by 24%
Sustainable 
solutions
% of Group sales  
v Achieve 65% 
Reportable Injuries 
and Illness Rate 
(RIIR)7   
v Aim for zero
Circular economy6 
% of Group sales
v More than double
Diversity
Women in mid & senior 
management
v Achieve 50%
Gender equality
Extend maternity leave
v 16 weeks for all co-
parents regardless 
of gender
   Achieved 
in January 2021
Non-recoverable 
industrial waste
v Reduce by 30%
Intake of freshwater
v Reduce by 25%
We talk to... Nordea
What is the Nordea Global 
Climate Engagement Fund?
Nordea — Rather than investing in 
the already recognized climate leaders 
and solution providers, the Nordea 
1 – Global Climate Engagement Fund 
seeks to generate alpha and impact 
by engaging with management teams 
that have opportunities to reduce 
transition risks and seize opportunities 
arising from the low-carbon future. 
The strategy invests in companies 
where the valuation is being overly 
penalized for energy transition risks, or 
is not reflecting the future potential of 
the business in the low-carbon future, 
and then works with management 
teams to unlock this underappreciated 
value.
What are Nordea’s expectations 
for Solvay?
Nordea — As shareholders we 
have high expectations for Solvay’s 
progress towards having sustainability 
at the core of the business. We have 
been encouraged by developments 
over the course of 2022, and we 
will continue to hold the company 
accountable for the ambitious targets 
management has set out over the 
coming years. 
Solvay One Planet 2030 Goals	
baseline 2018
Climate
Resources
Better life
1. SBTi: Science Based Targets initiative. 2. Total emissions from Solvay operations. 3. Emissions upstream and downstream in the value chain (suppliers and customers). 
4. Wherever alternatives exist. 5. In number of animal or plant species potentially impacted in one year. ReCiPe method for biodiversity impact assessment. 6. Our new 
KPI is defined according to the Ellen MacArthur Foundation Circulytics framework. It comprises products either based on recycled or renewable materials, produced with 
renewable energy, with increasing longevity in the use phase or enabling recycling at the end of life. 7. Number of work-related injuries and illnesses (employees and 
contractors) resulting from an accident with severity above first aid, according to US OSHA 29 CFR 1904, per 200,000 work hours.

STRATEGY
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
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35
SOLVAY 2022 ANNUAL INTEGRATED REPORT
CLIM
ATE
€2.5bn 
sales from solutions that reduce our customers’ 
overall climate impact
STRATEGY
35
SOLVAY 2022 ANNUAL INTEGRATED REPORT

Fighting against 
climate change 
Align greenhouse gas emissions with  
Paris Agreement (and SBTi1)
s Reduce Scopes 1 and 22 by 30% 
2022: 10.3Mt CO2 eq. 
19% (-15% structural)
s Reduce Scope 33 by 24% 
2022: 24.2Mt CO2 eq. 
Phase out coal solid fuels4
s Exit 5 plants
2022: 28PJ 
-15%
Reduce pressure on biodiversity5
s Reduce by 30%
2022: -5% YOY 
-28%
2030 Goals baseline 2018
1. SBTi: Science Based Targets initiative. 2. Total emissions from Solvay 
operations. 3. Emissions upstream and downstream in the value chain (suppliers 
and customers). 4. Wherever alternatives exist. 5. In number of animal or plant 
species potentially impacted in one year. ReCiPe method for biodiversity impact 
assessment.
Big steps torward 
reducing greenhouse 
gas  emissions, 
nearly twice the Paris 
Agreement trajectory
STRATEGY
36
SOLVAY 2022 ANNUAL INTEGRATED REPORT
W
e accelerated our efforts to reduce 
emissions in 2022, delivering an 
outstanding 19% reduction in 
Scope 1 and 2 greenhouse gas 
(GHG) emissions in just four years. 
Out of this, 15% is structural, which 
represents a pace that is almost 
twice that required by the Paris 
Climate Agreement. We also met 
another significant milestone in 2022, unveiling our goal to reduce 
Scope 3 GHG emissions by 24% by 2030. This sets Solvay apart 
from most other leading companies in the global chemical sector 
by ensuring that our emissions targets are aligned with the Science 
Based Targets initiative (SBTi) criteria. In early 2023, our Scope 1, 
2 and 3 climate targets were validated by SBTi, reaffirming our 
commitment to reduce greenhouse gas emissions across the board, 
in accordance with scientific principles. As part of the validation 
process, our 2030 Scopes 1 and 2 emissions reduction target was 
upgraded slightly, from a 30% reduction to 31% as compared to our 
2018 baseline.
Fifty-nine projects to accelerate our energy 
transition
— In 2022, we reduced our structural Scopes 1 and 2 GHG emissions by 
4% (from -11% to -15%), or 1.9Mt of CO2, compared to 2018. In addition,

STRATEGY
37
SOLVAY 2022 ANNUAL INTEGRATED REPORT
we launched 23 new projects to accelerate our energy  transition. These 
are focused on continuing to phase out coal from our energy mix 
at our soda ash plants, switching to green electricity globally, and 
accelerating electrification and process efficiency. Since 2018, we 
have launched 59 emissions-reduction projects. When these have 
all been commissioned, we expect to achieve a total emissions 
reduction of 3.5Mt of CO2 annually. In response to the gas crisis we 
had to temporarily adjust our energy-sourcing strategy in Europe 
to ensure business continuity. This is reflected in the 2022 result for 
our coal phase-out KPI, which only remained stable year-on-year. 
Our commitment to achieving our targets remains unaltered and we 
expect the completion of key projects currently under construction 
in France, Germany and the US will deliver a further step change in 
progress, allowing us to reduce coal consumption by at least 50% by 
2025, compared to 2018.
Phasing out coal from the energy mix at three soda ash plants 
and paving the way for more
— Since the launch of Solvay One Planet, we have been exploring 
sustainable alternatives to coal that allow us to produce heat in our 
plants while lowering carbon emissions. As part of this process, 
we have launched projects at three of our European soda ash 
plants – Rheinberg in Germany, Dombasle in France, and Devnya 
in Bulgaria – and in our US soda ash plant in Green River, Wyoming. 
These projects will cut the Group’s overall global emissions by 9.5% 
by 2025.
f At our soda ash plant in Dombasle, France, we are partnering 
with Veolia to completely phase out the use of coal and fossil 
fuels for energy generation at the site. Planned for a start in 
2024, the project involves replacing three coal-fired boilers with 
a cogeneration unit that will produce energy from non-recyclable 
local waste. This will ensure the plant’s competitiveness and cut 
its emissions by 50%. We are also investing in the site to test an 
innovative and sustainable new soda ash production process that 
would allow us to cut CO2 emissions by half.
f In February 2022, we announced a plan to invest in one of the 
existing boilers at our largest European soda ash plant, located in 
Devnya, Bulgaria, to increase its co-combustion rate. The boiler, 
which went into operation at the end of 2022, is powered by 30% 
biomass fuel, which reduces CO2 emissions at the plant by 20%.
f In Rheinberg, Germany, a second biomass boiler is scheduled 
to be operational in 2025, phasing out the use of coal for energy 
production at the site and making it the world’s first soda ash plant 
to be powered primarily by renewable energy.
Biomass co-firing
South Korea is (KR)
2019
1 on-site 
solar farm (CN) 
2024
1 on-site biomass 
steam (CN) 
2019
1 site (CN)
1 on-site solar
2019
Biomass steam
2020
Solar and wind 
electricity (IN)
2023
4 sites,100% 
solar electricity 
(IT)2023
GHG reduction
project (IT)
2019
2 sites (IT)
1 
site (DE)
1 site (FR)
1 site (FR)
2 sites, 100% 
renewable
electricity (IT)
2022
NEW
NEW
NEW
NEW
NEW
NEW
NEW
NEW
Investing in China 
Renewable Energy 
Fund (CN) 
2018
2 on-site solar 
farms (TH)
2019 and 2022
1 on-site biomass 
steam (ES) 
2019
2 on-site
solar farms (FR)
2023
2 sites, solar 
electricity (FR)
2026
2 on-site biomass
steam (FR)
2025, 2026
1 waste-to-
energy project 
(FR) 2024
3 off-site solar 
farms South 
Carolina (US)
2018, 2023, 2024
1 site,
carbon 
free 
electricity 
Illinois (US)
2020
34 sites,
100% 
renewable
electricity
2022
1 on-site solar
farm New Jersey (US)
2020
1 on-site 
solar farm on 
remediation
land New Jersey 
(US) 2023
1 on-site biogas (MX)
2025
1 site  Wyoming (US) 
coal to gas
2021 and 2023
4 sites,
100% renewable
electricity (UK)
2019
1 site,
wind electricity 
(Fl) 2023
2 on-site biomass steam 
(DE) 2021, 2025
2 sites renewable electricity 
(DE) 2022
1 on-site 
solar
farm (NL)
2020
1 on-site biomass
steam (BG) 2022
1 on-site solar farm 
(BG) 2022
1 site,100% 
renewable
electricity (PL)
2022
59 projects underway to accelerate energy transition, representing 3.5 Mt of CO2 per year – 
equivalent to taking 1.9 million cars off the road  
  Renewable energy 
  Process Efficiency
  Other
Solar / Biomass / Wind & biogas
Electrification / Waste heat recovery / Equipment optimization
Energy mix / Industrial emissions
1 site,100% 
renewable
electricity (IN)
2022
9 sites,100% 
renewable
electricity (CN)
2022
NEW
NEW
NEW
NEW
NEW
1 site (UK)
NEW
1 site (ES)
NEW
GHG reduction
 Wyoming (US)
2025

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
In addition to these projects, we are also innovating and preparing 
to be the first in the world to transfer regenerative thermal oxidation 
to trona mining operations at our soda ash plant in Green River 
Wyoming, in the US. With this technology breakthrough, we expect 
to reduce the total greenhouse gas emissions for the plant by 20%. 
Using trona is another way to produce soda ash. The Green River 
plant is also progressing on plans to phase out coal entirely from its 
energy mix.
Accelerating our shift to renewable electricity worldwide
— Renewable electricity projects are now underway at our plants 
worldwide. Many new projects were launched over the course 
of 2022. These projects enable us to power our operations with 
renewable energy sources rather than fossil fuels, thus lowering our 
carbon emissions.
f In the US, 34 of our plants are now fully supplied by green electricity, 
covering the needs of six GBUs, double the level of 2021.
f In China, 100% of our operations, covering nine plants, are now 
supplied with renewable electricity.
f We continue to make progress in each of the European countries 
in which we operate. For instance, two new projects were launched 
in 2022:
– From 2023 onward, our Voikkaa peroxides site in Finland will 
operate on 100% wind-generated electricity. This is the result 
of a ten-year utility power purchasing agreement (PPA), signed 
with Statkraft, to help decarbonize the production of hydrogen 
peroxide at the site. 
– In 2022, we announced that we are teaming up with Iberdrola on 
a new solar facility project that will provide green electricity for our 
Tavaux and Saint Fons plants in France. The facility will be one of the 
largest such installations in Europe, producing nearly 75 gigawatts 
of energy and therefore significantly reducing the energy footprint 
of our Specialty Polymers and Aroma businesses in France. The 
plant is expected to be operational by the end of 2025.
Setting our Scope 3 emissions target  
— In 2022, we announced our plan to reduce by 2030 our Scope 3 
emissions by 24% as compared to 2018. In early 2023, SBTi approved 
our 2030 climate targets for Scope 1, 2 and 3 emissions. In the 
process, our target for Scope 1 and 2 emissions was slightly adjusted, 
from a 30% reduction to 31%.
Scope 3 includes greenhouse gas emissions occurring in the value 
chain that are associated with our activities, namely those occurring at 
suppliers’ and customers’ sites, when the consumer uses the product 
or at the end of a product’s life. We are one of the few companies 
in the global chemical sector to have set such a target. In 2022, we 
reached 18% in structural reductions since 2018 through reduced 
sales of essential products with significant downstream impact, up 
from 14% structural in 2021. An additional 6% reduction comes from 
variations in sales mix and activity level since 2018, up from 3% in 
2021, and is not secured for future years.
Accelerating mobilization of our supply chain and reducing the 
upstream Scope 3 impact of raw materials is our leading Scope 3 
priority, to consolidate achieving our goal and to improve our offering 
of low carbon-footprint products to our customers. We are also 
mobilizing our suppliers. In 2022, we started to engage with suppliers 
on high-impact raw materials. In addition, climate performance and 
commitments will form the basis for future relationships with strategic 
suppliers. 
Our Scope 3 strategy includes switching to bio-based and recycled-
based raw materials. Through our new Renewable Materials and 
Biotechnology growth platform, we are also developing partnerships 
with our customers to ecodesign new products, processes and 
business models that will reduce emissions from cradle to end of 
life. There are clear synergies here with our efforts to develop circular 
solutions, which also focus on increasing the use of renewable carbon 
feedstock in our product offering. Examples include renewable 
Two major initiatives to move us closer to carbon neutrality
Star Factory 
program
New soda 
ash 
production 
process
Our Star Factory program, the goal 
of which is to reshape our plants and 
manufacturing processes,which is 
expected to contribute  to significant 
reductions in CO2 emissions. At our pilot 
site in Tavaux, for example, we have 
developed a roadmap to achieve an 80% 
reduction in GHG emissions by 2030.
Our new soda ash production process is 
currently being piloted at our Dombasle 
site in France. This new innovation will 
enable us to reduce CO2 emissions 
from soda ash production by 50%, while 
reducing resource consumption and 
eliminating limestone residues.
w READ STORY PAGE 18
w READ STORY PAGE 20

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materials to make home and beauty care circular, recyclable-
based products for a more sustainable specialty polymers, using 
biotechnology to create more circular plastics economy, and other 
circular cases. Read more on page 43.
A leader in assessing emissions across the value 
chain
Solvay is partnering with industry leaders in several 
breakthrough alliances to develop the next generation of 
product carbon footprint (PCF) assessments and accelerate 
transparency in the value chain with customers and suppliers. 
Examples include initiatives launched by the World Business 
Council for Sustainable Development’s Partnership for 
Carbon Transparency (WBCSD PACT) and Together for 
Sustainability (TfS). Solvay is already a leader in the assessment 
of greenhouse gas impact across the value chain, using robust 
tools, such as our Sustainable Portfolio Management (SPM) 
tool and Life Cycle Analysis. —
  
Providing solutions that reduce our 
customers’ overall climate impact
— Another way in which we achieve climate benefits is through 
Solvay’s sustainable solutions, which accelerate the shift to renewable 
energies or increased energy efficiency, such as lightweighting 
in mobility. €2.5 billion of the Group’s sales come from solutions 
that reduce our customers’ overall climate impact. The associated 
reduction in emissions is not accounted for in the Scope 3 emissions 
of Solvay and other chemical companies under the GHG reporting 
framework. We strive to bring new climate solutions to the market 
and support the transition to a net-zero world by building up the 
necessary value chains.
For example, we are partnering with Inaventa Solar, an innovator in 
solar thermal collector technology, to help them develop a new solar 
collector that uses our Ryton® PPS instead of metal. Ryton® PPS 
offers significant advantages as a replacement for metal, including 
greater design flexibility and automated manufacturing. Crucially, 
it enables weight reduction and more efficient large-volume 
production, ensuring a lower carbon footprint along the value chain.
Another partnership that contributes to lowering emissions is our 
joint venture with Orbia. Facilitating the production of suspension-
grade polyvinylidene fluoride (PVDF) – vital to the development of 
electric vehicle batteries – the partnership will fill a significant supply 
gap in North America. It will provide a local solution for the North 
American automotive industry capable of optimizing energy storage 
efficiency by increasing battery energy density, safety and power. 
Reducing our impact 
on biodiversity
s stated in the COP15 Global Biodiversity 
Framework, preserving the world’s 
ecosystems is essential for human, animal 
and plant health and, with 50% of the 
global economy estimated to be reliant 
on nature, it’s vital for the economy too.
Since 2020, Solvay has been a pioneer in biodiversity, combining 
a global and local approach with the aim of reducing pressure and 
damage, and progressively restoring biodiversity around our sites. 
A 28% reduction in our global pressure on 
biodiversity in 2022 brings Solvay close to 
achieving our 2030 target 
— As part of our Solvay One Planet sustainability ambition, we 
have committed to reducing by 2030 our pressure on biodiversity 
by 30% compared to 2018, and after just four years we are now 
close to achieving this target. Our efforts to decrease our impact on 
biodiversity focus on four drivers, which represent more than 90% 
of our impact: greenhouse gas emissions (50%); marine ecotoxicity 
(17%); freshwater eutrophication (15%); and soil acidification (12%). 
We calculate the Group’s pressure on biodiversity across the value 
chain, from cradle-to-gate, for our entire portfolio of products. This is 
a global approach, based on a Life Cycle Impact Assessment (LCIA) 
methodology known as the ReCiPe method. This method translates 
emissions and resource extraction into an environmental impact score. 
Significant progress in assessing our impact 
on local biodiversity
— All of Solvay’s sites have been assessed on their sensitivity toward 
biodiversity using two international reference tools: the International 
Union for Conservation of Nature (IUCN) Integrated Biodiversity 
Assessment Tool (IBAT) and the World Wide Fund for Nature (WWF) 
Water Risk Filter. These tools identify protected species and areas 
around a specific location, as well as “Key Biodiversity Areas,” which 
play a significant role in biodiversity conservation and sensitive 
ecosystems. Of our 185 sites, 48 are within five kilometers of one 
of these areas.
A

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
On the basis of this evaluation, we have prioritized 30 manufacturing 
sites, for which we are developing and implementing biodiversity 
roadmaps. All our roadmaps aim to:
f develop a vision for better integrating the site into its local 
environment and communities;
f identify and implement projects on the sites and in the surrounding 
area to protect biodiversity and support regeneration;
f develop “nature-based solutions” that will bring economic, 
environmental and social benefits.
Several sites have already started implementing their roadmaps, 
including Rosignano in Italy, Paulinia in Brazil and Oldbury in the UK. 
The development of our biodiversity roadmaps is integrated into our 
Star Factory program.
Promoting biodiversity at our Oldbury site
At our Oldbury site, more than 50 four-meter-tall trees have 
been planted along the site’s main avenue, creating a nature 
corridor and providing shade for employees. In fall 2022, 
they added to this by planting 300 spring bulbs. These two 
initiatives were part of a site-wide sitewide effort organized by 
the Site Biodiversity Group. They also carried out tree-thinning 
activities in a small wooded area on the site in early 2022, 
and installed bird boxes and houses for bugs and hedgehogs  
alongside wildlife cameras to monitor the visitors. Foxes, 
squirrels, many birds – some of which have nested in the bird 
boxes – and at least one sparrowhawk have been spotted.  
Establishing nature-based solutions
— In the 1960s, our soda ash plant in Rosignano, Italy built a lake 
to supply the site with water. The lake has since become a natural 
reserve and is certified as a Natura 2000 protected area. 
In addition to supplying the Rosignano site with water, the reserve 
is now used for educational and scientific projects, including 
a project run by the Italian League for Bird Protection (LIPU) to 
monitor the species that visit. The reserve is also closely connected 
with the local Santa Luce community, which organizes tourist visits 
there and recognizes the importance of the reserve for economic, 
environmental and social activities.
 
"The Lake of Santa Luce has become the symbol of 
an area where the work of man has been skillfully 
integrated into a landscape of rare beauty. The 
lake, which is part of many hikers’ itineraries, brings 
added value to the municipality, while providing 
important infrastructure for Solvay’s Rosignano 
site." 
GIAMILA CARLI, 
SANTA LUCE MAYOR, ITALY
In December 2022, the IUCN selected this case study for publication 
as a “Nature-based Solution” – a project that provides environmental, 
economic and social benefits. The project, as well as Solvay’s strategy 
on biodiversity, was presented during a workshop organized by the 
IUCN as part of the United Nations’ COP15 Biodiversity Summit.
“I have always been convinced that the challenge for chemistry is to 
gain more and more awareness about its role in researching nature-
based solutions, to manage both natural and modified ecosystems 
in a sustainable way, for the benefit of biodiversity, human well-
being and quality of life,” says Nicolas Dugenetay, Rosignano Site 
Manager.
Solvay signs COP15 biodiversity pledge
The COP15 on Biodiversity, which was chaired by China and 
organized in Montreal, Canada, ended with the adoption of 
the Global Biodiversity Framework, an ambitious program 
of targets and recommendations relating to biodiversity 
conservation and restoration. The private sector was invited 
to participate in negotiations and Solvay played an active part 
in the discussion. The resulting “Make it mandatory” pledge, 
which Solvay signed, requires businesses to measure and 
report their impact and dependency on nature.
“We were really pleased to hear about 
successful conservation and restoration 
efforts from Solvay and others that go beyond 
regulatory requirements. We are hopeful 
that the company will show leadership in 
conserving nature in the coming years.”’ 
STEVE EDWARDS, 
IUCN SENIOR PROGRAM MANAGER.

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RES
CES
OUR
€5.7bn
sales from solutions that reduce global 
resources consumption
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Protecting 
	
natural resources
hemistry has a key role to play in helping us 
transition to a circular economy by reinventing 
the way we manufacture products – from 
sourcing to end of life. In 2022, our circular 
sales reached 9% of Group sales, progressing 
faster than average growth. Consumer markets 
lead the way, following accelerated trends for 
nature-based portfolios and biodegradable 
solutions, and going beyond existing solutions such as biosolvents, 
natural vanillin and bio-based polymers like Bio Kalix® and Bio 
Amodel®. 
A focus on renewable materials and biotechnology
— Our new growth platform on Renewable Materials and Biotechnology 
was launched in 2022. It will help us meet the growing demand for circular 
and sustainable solutions by increasing the share of renewable carbon 
in Solvay’s product offering and developing new business opportunities 
enabled by biotechnology or biodegradable solutions. More than 200 
Enabling a circular 
economy
C
researchers work on these topics at Solvay in Brazil, the US, Europe and 
India, focusing on accelerating the integration of sustainable renewable 
feedstocks into our products, using biotechnologies to transform these 
raw materials into products and developing new approaches to manage 
their end of life. 
Our technologies are essential for enabling the circular economy in 
many fields, but reinventing progress in this area requires collaboration 
with partners. We aim to do this through our role in the Ellen MacArthur 
Foundation, through the growth platform, and through multiple 
partnerships, such as those we have with Mitsubishi Chemicals Advanced 
Materials relating to polysulfone (PSU), with Carbios for PVDC and other 
bio projects, and with Veolia for batteries. 
Developing solutions that reduce global 
resource consumption 
Renewable products to make home and beauty care circular
— In 2022, we added two new high-performance biosurfactants to 
our Mirasoft® range. Made from 100% biobased ingredients and 
fully biodegradable, they provide excellent cleansing, solubilization 
and emulsification properties, as well as health benefits for the skin 
and scalp. Produced from renewable materials, namely rapeseed 
oil and sugar, they have a low environmental and carbon footprint 
Sustainable solutions  
% of Group sales  
s Achieve 65%
2022: 55%
+5%
Circular economy1 
% of Group sales
s More than 
double (10%)
2022: 9%
Non-recoverable 
industrial waste  
s Reduce by 30%
2022:  56kt 
-36%
Intake of 
freshwater  
s Reduce by 25%
2022: 330 Mm3 
2030 Goals baseline 2018
1. Our new KPI is defined according to the Ellen MacArthur Foundation Circulytics 
framework. It comprises products either: based on recycled or renewable 
materials, produced with renewable energy, with increasing longevity in the use 
phase or enabling recycling at the end of life.
w READ MORE: STORY, PAGE 22
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*The Mass Balance (MB) approach tracks the sustainability of a product through 
the whole value chain, driving the industry toward adopting critical environmental 
best practices.
and are manufactured through a cost-efficient fermentation process, 
biodegrading naturally once used. They can be utilized  in a wide range 
of beauty care applications.
We are also now able to produce a bio-circular intermediate, 
Fentamine® DMAPA UP for use in  surfactants, helping our customers 
reduce the environmental footprint of their home and beauty care 
formulations and cater to consumer needs. It is produced at our site 
in Zhangjiagang, China, using the mass balance (MB) method*, which 
allows us to track and trace renewable and circular content across the 
value chain. The site recently received the International Sustainability 
and Carbon Certification (ISCC) PLUS designation, an internationally 
recognized standard for bio-based and recycled-based materials.  
Recycled-based products for more sustainable specialty 
polymers
— We have developed a number of high-performance products 
with a reduced carbon footprint as part of our efforts to transition our 
specialty polymers portfolio to the circular economy.  Our ReCycle MB 
Specialty Polymers are used for applications ranging from automotive 
and household appliances to electronics, and use the mass balance 
method to ensure responsible sourcing.
With our Augusta, Georgia site in the US now ISCC-PLUS certified, we 
will be able to manufacture a recycled-based sulfone monomer for 
our Udel® PSU ReCycle MB and Radel® PPSU ReCycle MB, which are 
used in hemodialysis membranes and other applications.
The certification process will cover a growing portfolio of products. 
Additional certified high-performance materials will soon become 
available globally, starting with Ryton® PPS ReCycle MB and 
Amodel® PPA ReCycle MB, both of which are used in the automotive 
and electronics industries.
Partnering to accelerate the circular 
economy
Using biotechnology to create a more circular plastics economy 
with Carbios 
— Polyvinylidene chloride (PVDC) is used to coat flexible Polyethylene 
terephthalate (PET) films. These films are used in applications like 
food packaging because of their impressive barrier properties, but 
their multilayer structures make them difficult to recycle. Providing a 
feasible and sustainable end-of-life management solution for PVDC-
coated PET films will help the industry “close the loop,” while also 
opening up new possibilities for our high-barrier specialty polymers 
in other markets, such as the packaging of pharmaceutical products. 
To address this, we partnered with biochemical company Carbios, 
which has developed a unique enzymatic biological recycling 
technology. Through a joint study, we were able to demonstrate that 
this technology is capable of fully recycling multilayer PET films coated 
with Solvay’s Diofan® PVDC2 high-barrier polymer. 
Creating an open loop business model for single-use surgical 
instruments with Ostium 
— Our customers in the healthcare industry must meet strict regulatory 
demands, while minimizing the carbon footprint of their products and 
reducing waste. To help them, we teamed up with French start-up 
Ostium to enable the mechanical recycling of single-use surgical 
instruments molded in glass-fiber reinforced Ixef® polyarylamide 
(PARA) from our specialty polymers portfolio. 
This collaboration, which is still in the development and evaluation 
stage, is the first such initiative aimed at recycling and upcycling valuable 
polymers from used healthcare devices and would make single-use 
surgical instruments a more sustainable and cost-effective alternative 
to metal. The recycled product could be used in high-end markets such 
as automotive, and sports and leisure equipment, thus integrating end-
of-life surgical instruments into an open loop circular ecosystem. 
We have proven it is possible to recycle and upcycle the polymer 
material and are now developing a way to ensure consistently high 
recycling standards, which involves controlling every step in the loop 
from the original Ixef® PARA to the upcycled PARA compound. Our 
intention is to use what we learn from this experience to help us develop 
ways of recycling other medical device applications in the future.

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Our progress in waste and 
water management
mproving waste recovery and water-use efficiency will reduce 
our impact on the environment and preserve scarce resources. 
It also helps us to create value; by improving the sustainability 
of our sites and processes, we improve the sustainability of 
our products, allowing us to better cater to the needs and 
expectations of our customers. 
Outstanding achievements in industrial 
waste reduction
— Non-sustainable industrial waste (NSIW) is waste that is landfilled 
or incinerated without energy recovery. One of our Solvay One Planet 
objectives is to reduce this waste by 30% by 2030, compared to 2018. 
This means finding ways to revalorize it, either by reducing it at the 
source, reusing it in the same process, recycling it in another process 
or recovering energy from it. 
We reached our 2030 Solvay One Planet target in 2021 and consolidated 
that result by achieving a 36% reduction in 2022, compared to the 2018 
baseline, more than compensating for the additional waste generated 
by growth. More than 53 projects have been deployed to address non-
I
sustainable industrial waste and this will continue to grow through the 
Star Factory program. 
Four major projects to reduce industrial waste at our sites
f Panoli, India: The calcium fluoride (CaF2)-rich sludge produced 
at the site is now being reused as an additive in a cement plant 
instead of going to landfill. CaF2 helps to reduce the temperature 
of the kiln, minimizing energy consumption and CO2 emissions 
while ensuring continued production of high-quality cement.  The 
experience at Panoli has helped us to develop our knowledge of 
valorization opportunities like this one and improved our ability to 
develop similar solutions at other sites.
f Piedmont, South Carolina, US: To help achieve their target of zero 
waste to landfill, the site is segregating and sorting waste based on 
what can be valorized, recycled or used in waste-to-energy programs. 
Since it started in July 2022, the program has contributed to reducing 
the annual volume of the site’s waste disposed in landfill by 15% 
compared to 2021. The site is passing on their lessons learned to 
other Solvay locations.
f Collonges, France: Rather than disposing of any silica that doesn’t 
meet the required specifications for sale in landfill, we are using this 
discarded silica to create a range of products sold for other uses. 
  Operational projects
   Ongoing feasibility study
   Hazardous waste diverted from landfi ll
  Reduce
 
   Reuse
 
  Recycle
   Waste to cement
  Waste to energy
More than 60 projects addressing more than 60,000 tons per year of non-sustainable indus-
trial waste – Our most advanced reduction projects
Augusta 
(GA) 
Jubail
(SA)
Salindres (FR) 
Torrelavega (ES) 
Willow 
Island (WV) 
Chicago Heights 
(IL) 
Collonges (FR) 
Rheinberg (DE) 
Zhenjiang (CN) 
Zhenjiang Henchang (CN) 
Saint 
Fons (FR) 
Spinetta (IT)
Rosignano 
(IT)
Panoli (IN)
Map Ta Phut 
(TH)
Piedmont (SC)

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Following the success of this project in Collonges, the business is 
now implementing it at other sites. 
f Augusta, Georgia, US: To avoid disposing of their polymer waste 
in landfill, the site has developed a partnership to recycle it. In 2022, 
the site reduced the volume of the main waste polymer stream by 
76% compared to 2021.
Reducing our freshwater intake
— Record high temperatures and long periods without rainfall 
around the world, and especially in Europe, over the summer of 2022 
underlined the importance of addressing water scarcity. Our Star 
Factory program, which is currently being rolled out globally across 
all of our sites, aims to define a clear roadmap for each plant, with 
targeted actions to reduce our freshwater intake that will be pursued 
long term. Water is essential to our operations and shortages can have 
a significant impact, even leading to production losses. With projects 
underway at more than 20 sites across all geographic zones, we are 
on track to meet our 2030 target to reduce our freshwater intake by 
25% compared to 2018.
In 2022, we experienced two droughts and two cases of severe 
freezing with an impact on water intake. To address water scarcity at 
our sites, we have launched various water management initiatives. 
These include putting in place a dashboard that monitors around 90% 
of the Group’s daily freshwater intake.
  Operational projects
   Committed projects
   Ongoing feasibility study
 
   Cooling water 
optimization
   Effl uent 
recycle
Projects to reduce freshwater intake underway at more than 20 sites across the world –
On track to reach our -25% target by 2030
Map Ta Phut (TH)
2022
Zhangjiagang and 
Hengchang 
(CN) 2025
 Zhenjiang 
(CN) 2023
Paulinia (BR)
2023
Juarez
(MX) 2023
Baton Rouge 
(LA) 2024
Marietta
(OH)
2023
Chicago Heights 
(IL) 2023
Augusta 
(GA) 2022
Devnya (BG)
2021
Spinetta 
(IT) 2024
Rosignano (IT)
2022
Saint-Fons (FR)
2023
Bernburg 
(DE)
2023
Dombasle (FR) 2023
Włocławek (PL) 2027
Voikkaa (FI) 2022
Tavaux (FR)
2023
La Rochelle (FR)
2025
Niagara 
(ON) 
2023
Chang Shu
(CN) 2023
Liyang (CN) 
2023
Qingdao (CN) 
2025
Gunsan 
(KR)
2024
Quzhou (CN)
2024
Clamecy 
(FR) 2023
Willow Island (WV) 
2022, 2023
In 2022, we began significant work to improve the resilience of our 
sites in relation to water risks. We conducted a review of water risks, 
which assessed about half of our sites according to several criteria 
includingwater scarcity, quality of effluents and risks related to 
regulations, and led to longer-term initiatives. At our site in Paulinia, 
Brazil, for example, we are working to avoid future water shortages by 
holding regular roundtables with authorities and local stakeholders to 
better manage the water basin. Three projects have been approved so 
far that will reduce water intake by 5.6Mm³ per year. Seven sites have 
designed roadmaps to improve their resilience, with the potential to 
achieve 30 million cubic meters in water intake reduction.
Two examples of how we are reducing freshwater intake at our 
sites
f Tavaux, France: To minimize the consumption of surface water and 
control well water intake, the site has been working to optimize the 
functioning of its water tower, which is used for cooling in chemical 
processes. Through this and other initiatives introduced as part of the 
Star Factory program, the site will be able to double its production 
output in line with our target to reduce freshwater intake.
f Willow Island, West Virginia, US: The site has introduced a number 
of measures to reduce freshwater intake. This includes improving 
automation of chemical and cooling water processes, reducing 
water tower overflow, using recycled water in two processes and 
installing automated building hose stations. The improvements 
are expected to reduce water consumption by about  260,000m3 
per year.

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Raising the bar  
in sustainability at our soda ash  
facility in Rosignano, Italy  
olvay’s Rosignano facility has been manufacturing 
soda ash and sodium bicarbonate since 1912. 
These products are made from three natural 
materials – limestone, salt brine and water – and 
are used in essential applications, such as the 
production of glass and air-pollution control 
systems, and in healthcare applications, where it 
has a role to play in hemodialysis treatmen. At the 
end of the soda ash production process in Rosignano, the remaining 
inert, natural materials are conveyed to the sea. These consist of 
powdery limestone mixed with gypsum, sand and clay – none of which 
are toxic or dangerous, though it is fully acknowledged that these 
residues have a significant visual impact on that part of the coast. 
Over the past 20 years, we have invested more than €400 million in 
improving sustainability at Rosignano, helping decrease freshwater 
consumption, lower energy use, reduce greenhouse gas emissions 
and increase recycling at the plant. In 2022, we announced a new 
investment, as well as projects to ensure continued optimization of 
operational efficiency and sustainability in Rosignano.
Reducing limestone residues
— In September 2022, in line with the conditions of our operating 
permit, which was renewed in January 2022, we announced an 
estimated €15 million investment in new technical and process 
solutions at the site to reduce limestone residues remaining from 
the production cycle. Our objective is to lower the maximum volume 
of residues released to the sea currently specified in the Integrated 
Pollution Prevention and Control (IPPC) permit by 20% by 2030, and 
by 40% by 2040, through targeted improvements at different steps 
of the production process, as well as an optimization of the limestone 
granulometry and quality.
This commitment brought an end to Bluebell Capital Partners’ 
Environmental, Social and Governance (ESG) campaign against 
Solvay.
Partnering to create a circular economy
— In addition to this investment, we announced that we are partnering 
with two companies to collect and reuse the limestone residues 
produced in Rosignano. Pending further tests, these new partnerships 
could accelerate efforts to reduce the amount of limestone residue 
released into the sea, repurposing it for use in construction and 
agriculture, and therefore contributing to the creation of a circular 
economy for our soda ash production in Rosignano.
Together with IPSIIS, a startup established in Wallonia, Belgium, 
which specializes in the manufacture of environmentally friendly, non-
flammable, lightweight and geo-sourced insulating mineral foams, 
we are testing how soda ash manufacturing residues can be used to 
produce specialized construction products. IPSIIS has been labeled a 
Solar Impulse Efficient Solution since 2018.
We are also working with the Italian subsidiary of German company 
Ferro Duo, which specializes in recycling industrial materials, using the 
inert solids produced during soda ash manufacturing in fertilizers to 
enrich soils in which precious elements like calcium, sulfur, potassium, 
magnesium and iron are found.
Reinventing the soda ash process to reduce 
our footprint 
— In addition, Solvay is taking another important step toward 
achieving our 2050 carbon neutrality objective by completely 
reinventing our soda ash process, targeting zero limestone discharge 
globally by 2050. This new process, which is the result of nearly 30 
years of fundamental research, would lead to three revolutionary 
improvements in the process: 50% less CO2 emissions; a reduction 
in water, brine and limestone consumption; and the elimination 
of limestone residues. It would allow our plants to operate more 
efficiently and sustainably, while enhancing their competitiveness. 
The development is progressing as planned and on schedule. The 
pilot plant in Dombasle, France, which was announced in September 
2022, is expected to start by the end of the first quarter of 2023.
S

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BET
LIFE
TER
€4.8bn
sales from solutions that  improve society’s  
quality of life

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Improving quality
of life 
	
for employees 
and society
Reportable Injuries and Illness 
Rate (RIIR)1   
s Aim for zero
2022: 0.34
Diversity  
Women in mid & senior management
s Achieve 50%
2022: 26.5%
+2.8pp
Gender equality 
Extend maternity leave
16 weeks for all co-parents 
regardless of gender
s Achieved in January 
2021
2030 Goals baseline 2018
1. Number of work-related injuries and illnesses (employees and contractors) 
resulting from an accident with severity above first aid, according to US OSHA 29 
CFR 1904, per 200,000 work hours.
A human approach 
to promoting 
inclusion and  
well-being at work
 
“Through Solvay One Dignity, we show  
our employees that each and every one of them  
has the same opportunities to develop their  
careers at Solvay.”  
HERVÉ TIBERGHIEN, 
MEMBER OF THE EXECUTIVE LEADERSHIP TEAM,  
CHIEF PEOPLE OFFICER (CPO)
10% 
turnover rate 
~267,000 
hours of training 
A
ddressing well-being and inclusion at work 
first requires listening to our employees to 
find out their concerns, their needs and what 
they are satisfied with. We do this through 
our Pulse survey. We must then show our 
employees that everyone at Solvay has the 
same opportunities for development, which 
we do through our Solvay One Dignity 
program. Going a step further, we also put in place initiatives that 
improve our employees’ quality of life, offering benefits such as the 
same parental leave for all and our Employee Assistance Program.

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“Care and Dare” at the heart of our culture
 
— At Solvay, we are developing a human-centered approach to 
leadership. This means having inclusive leaders who encourage 
people to bring their whole self to work, and empowering our people, 
and encouraging them to go beyond and take risks. 
In 2022, we took a step forward in helping our leaders progress in 
their Care and Dare journey, launching new programs focused on 
Care and Dare leadership. Every senior leader has benefited from 
highly effective and specialist personal coaching, enabling them to 
develop greater personal awareness, and be more present, attentive 
and better at listening to the needs of others, while also promoting a 
safe environment in which to give and receive feedback. 
We improved our Leadership Academy, focusing on:
f Care: leading by example with humility and integrity, having the 
courage to change and initiate change, or to investigate when “the 
story” does not align with “the facts”
AND
f Dare: valuing human skills as much as technical skills, being more 
DEI-driven, coaching and being ready to be coached, and, in 
particular, making it safe to try and safe to fail.
We insist on the power of “and,” assigning equal value to being both 
caring and daring, breaking down silos and being able to deal with the 
ambiguity inherent in all Solvay projects.
>1,200 
Leaders trained through the Leadership Academy in 2022
 nspired by our Solvay One Planet sustainability roadmap, 
we continue to roll out bold initiatives to further Ernest 
Solvay’s pioneering social vision, focusing on responsible 
capitalism and safeguarding the well-being of employees and 
communities. 
Our comprehensive social benefits program provides 
employees with the support they need to perform at their best, and 
ensures that we have a positive impact on our local communities. 
It groups together all of our key social initiatives, focusing on three 
different areas: physical; mental and social; and financial. In 2022, we 
introduced several new initiatives.
 Promoting health and well-being
— Well-being at work is a priority at Solvay. We have created flexible 
working frameworks in all of the countries we operate in, and we 
supply our managers with the data and training they need to anticipate 
difficulties and provide employees with necessary support.
 
>7,500 
Solvay employees working in hybrid mode across 35 sites in 
19 countries in 2022
Quarterly Pulse surveys to monitor employee well-being
— Our quarterly Pulse surveys allow us to monitor the motivation 
and well-being of our employees, so that we can identify areas for 
improvement and take action, at both global and team levels. Our 
November 2022 Pulse survey focused specifically on inclusion and 
well-being at Solvay, allowing us to conduct the first Group-wide health 
diagnosis of our organization. The results provide us with a strong 
foundation to continue building a truly inclusive work environment.
64.6%*
response rate to Solvay Pulse 
survey 
 79%* 
employees feel committed 
to Solvay 
*Solvay Pulse survey, November 2022
In 2022, we also launched our unique and comprehensive Better Life 
at Work Dashboard. This gathers all internal well-being indicators in 
one place, allowing managers to identify key trends and patterns at the 
site, entity or global level as soon as they emerge and take immediate 
action to address issues. 
I
Caring for our 
people

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A comprehensive approach to employee health
— The Covid-19 pandemic, the war in Ukraine and an expected 
recession are continued reminders of how important it is to be able to 
navigate uncertainty. This includes learning how to protect our mental 
health and improve our resilience. 
As part of our Better Life at Work program, we launched a broad range 
of well-being webinars and workshops for employees across the world. 
One of these is Resilience in Times of Change, a series of workshops 
developed to help our employees understand change and better 
adapt to it. 
We also offer an Employee Assistance Program, which includes 
free psychological support, well-being advice, life coaching and 
mindfulness for all employees and members of their households. In 
addition, our Speak Up service enables colleagues to safely report or 
seek assistance if they witness any inappropriate or unethical behavior.
1,150 
employees trained in well-being webinars and workshops provided 
in 10 languages; 83% found it useful
As a global company, we must adapt our approach to well-being to suit 
different regional needs. In China, for example, we are introducing our 
well-being initiatives gradually and have observed real and impactful 
change as a result. In the US, our approach has helped to structure, 
organize and coordinate dialogue.
Providing social support
—  Our social initiatives are aimed at providing our employees with the 
support they need to perform at their best and face life’s challenges, 
including hardship. In addition, they ensure that our impact on our 
local communities is a positive one, enabling us to develop strong and 
mutually beneficial relationships.
 
Special benefits for all through Solvay Cares 
—  Through our Solvay Cares social program, we ensure that all Solvay 
employees globally are guaranteed minimum social benefits. These 
benefits include 16 weeks of parental leave for all parents, health 
insurance, and disability and life insurance. In 2022, we made our 
parental leave policy even more flexible by allowing parents to choose 
whether to take their 16-week leave all at once or over several periods 
of time. 
Families of >200 babies 
have benefited from Solvay’s universal 16-week parental leave
We talk to... Claire Wang 
COUNTRY HR MANAGER AND 
LABOR RELATIONS, CHINA
How have Solvay’s efforts to improve well-being 
at work been received by our employees in 
China?
Claire Wang  — Many of our practices are market-leading in 
China, which is recognized and appreciated by our employees. 
We are a pioneer in hybrid working, for example, and several 
employees in China have benefitted from the support of the 
Solvay Solidarity Fund, which has made everyone feel that they 
can grow with us and count on us to provide them with the 
support they need in tough times.
One of the initiatives we are most proud of is Union Cares, 
which enables high quality social dialogue. Employees are 
especially grateful for the care provided by the union during 
the pandemic, which included food supplies and health 
assistance. Solvay China even won the national award for 
harmonized labor relations in 2022.
Solvay China is also notable for its inclusive working 
environment, where employees are able to speak openly 
and share different views through channels such as the One 
Pulse survey. Hiring managers are increasingly eager to offer 
opportunities to female candidates and we have undertaken 
pay equity exercises with managers, which has been highly 
appreciated by employees.
What are we doing to attract and retain talent in 
China?
C.W. — At Solvay, everyone is given the opportunity to 
develop to their full potential. We believe in empowering our 
young talents, so that they feel valued and dare to explore 
the unknown. In 2022, we partnered with two top universities 
– Fudan University and East China University of Science and 
Technology – to set up a Solvay China scholarship for full-time 
students in chemical engineering-related subjects. The move 
aims to attract top talents and outstanding graduates to join 
Solvay China and energize our talent pool.

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Our award-winning Solvay Solidarity Fund
—  We continue to support Solvay employees and local communities 
in need through the Solvay Solidarity Fund. Since 2020, the Fund has 
donated more than €9 million to individual and collective causes. In 
2022, we supported more than 50 projects in 14 countries, funding 
post-pandemic research, helping employees and charity partners 
navigate uncertainty, and aiding reconstruction efforts after flooding 
in 2021. A major focus was on supporting those affected by the war in 
Ukraine, donating around €1.5 million to various initiatives organized 
at global and site levels. In recognition of our efforts, Solvay was 
named one of the winners of the 2022 European Chemistry Industry 
Council (Cefic) European Responsible Care Awards in the category of 
Humanitarian Aid.
Three important financial initiatives in 2022
—  In line with our vision to create sustainable shared value for all, and 
reflecting our human-centered Care and Dare approach to leadership, 
we introduced three key financial initiatives for employees in 2022, as 
well as increasing our Global Performance Sharing Plan budget. 
Helping employees cope with high inflation
—  Solvay was one of the first companies to provide support for 
employees significantly impacted by inflation. In July 2022, we 
announced that €9.5 million would be distributed among the Solvay 
employees proportionally most affected, who are located in high-
inflation countries that are not protected by national schemes.
Advancing on our pay equity journey
—  We have now set out concrete actions to move forward with our pay 
equity journey, ensuring that we do this in a gender-neutral way. We 
conduct off-cycle reviews throughout the year to close gaps that are 
the result of regular business decisions such as promotions, transfers 
or new hires, looking both outward, using comparative ratios as an 
external benchmark, and inward, using an internal equity check. As of 
2021, our Annual Integrated Report provides full clarity on salary ratios 
for managerial positions in the Group. 
Sharing growth through our employee share plan
— We launched our first employee share plan in 2022, achieving 
an impressive participation rate of 27.73%, which is ahead of the 
benchmark for similar initiatives. The plan was open to all employees in 
the 22 countries in which local regulations permitted us to offer it. The 
initiative aims to enhance belonging, improve employee commitment 
and ensure that our employees are better able to share in our growth and 
performance. 
~28% 
of employees are Solvay shareholders 
“The fact that so many employees from  
all around the world have elected to invest personal 
funds in becoming shareholders in Solvay  
is a source of pride and a strong signal that an 
“owner mindset” is taking hold in Solvay.” 
KARIM HAJJAR,
MEMBER OF EXECUTIVE LEADERSHIP TEAM,  
CHIEF FINANCIAL OFFICER
Rewarding everyone’s contributions to Group performance
—  In 2022, we increased our Global Performance Sharing (GPS) 
budgets to €15 million, up from €11 million in 2021, with outcomes 
largely determined by financial and sustainable performance. These 
schemes apply globally to our “non-cadre” employees – those without 
managerial responsibilities – and ensure that we further align rewards 
with performance. 
Creating   
a more inclusive 
company
76%* 
of employees feel they can be 
themselves at work 
 
77%* 
of employees believe that 
investing in diversity and 
inclusion drives performance 
*Solvay Pulse survey, November 2022
 
“Diversity is a key driver of performance. It leads to 
better risk management, customer relations, 
innovation and more.”  
NATHALIE VAN YPERSELE, 
CHIEF DIVERSITY, EQUITY AND INCLUSION OFFICER.

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aving established our vision and baseline 
for diversity, equity and inclusion (DEI) in 
2021, in 2022 we put in motion the major 
cultural change that will make this ambitious 
vision a reality. We put DEI on the agenda of 
leadership meetings and made it the focus of 
our annual Citizen Day event. And we are now 
starting to see results, especially in the area of 
non-inclusive behaviors, which was our first priority. Our 2022 Pulse 
inclusion survey showed an 18% decrease in reports of non-inclusive 
behaviors, in comparison to the results of our 2021 survey, and a similar 
increase in the number of people reporting that they would speak up 
if they witnessed these behaviors.
We believe that equity and inclusion are the building blocks for 
diversity: being an inclusive company will enable us to keep and 
attract the diverse talents we need to ensure continued success. ”At 
Solvay, we often use the expression “bring your whole self to work,” 
meaning that we value our employees no matter who they are, both for 
their visible diversity as well as their diversity of thoughts, experiences 
and backgrounds,” explains Hervé Tiberghien, Chief People Officer 
(CPO). “We want to help our employees feel empowered about having 
diverse backgrounds, which will allow them to feel more comfortable 
in speaking up and putting forward their opinions.” 
Our Care and Dare culture encourages leaders to include their 
teams in projects, reflections or decisions. These experiences help 
our employees grow and contribute to providing them with the skills 
needed to ensure more equal career opportunities. This is reflected in 
our Solvay One Dignity DEI program, which sets out nine objectives 
with associated action plans to be achieved by 2025.
Solvay One Dignity program: main 
achievements in 2022
f DEI policy updated and promoted
f Quarterly measurement of the diversity of our teams in terms 
of  gender, age and nationality, using our new Homogeneity 
Index 
f Publication of first gender pay gap report and launch of first 
Group-wide pay equity correction exercise
f Design of an “Inclusive Leadership workshop” and 
certification of 38 internal facilitators
f 300 participants in the A Effect program for women leaders 
in 2022
f First virtual Employee Resource Group (ERG) convention in 
June with 300 participants
f Nine active ERGs, after the launch of the Disability Inclusion 
and Voice of Asia ERGs in 2022
f Partnership agreements signed with two organizations: Out 
and Equal and Disability:IN
f Second Solvay-wide inclusion survey also addressed well-
being questions
Inclusive leadership and mindset
—  In 2022, we focused on initiatives aimed at fostering a long-term 
change in culture and mindset that will carry over into the two future 
companies we plan to create.
f We created a new Senior Leadership Community (SLC), designed to 
ensure that senior management reflects diverse cultures, skills, ages 
and experiences. The SLC is made up of 50 leaders and nearly half 
of them are women. 
f We set up inclusive leadership workshops, with a plan to reach 500 
leaders by mid 2023, and we developed training and mentoring 
programs to help embed DEI into our culture. Since 2021, 450 
Solvay women, which represents 20% of our female junior manager 
population, have taken part in the 100-day A Effect program, 
designed to help women boost their careers by focusing on three 
key pillars: confidence; risk-taking; and influence. We have also 
recruited more than 50 Solvay executives to act as mentors. 
f We supported the launch and expansion of a number of new 
Employee Resource Groups and established partnerships with 
external DEI organizations. 
f We made Solvay a more inclusive working environment for people 
with disabilities. This involved participating in the Disability:IN 
Global Index to determine what steps we needed to take. We also 
launched a global ERG, known as ADAPT, to provide resources 
and support for employees with disabilities and care-givers, which 
is sponsored by our Chief People Officer, Hervé Tiberghien. In 
addition, we focused on accessibility, making digital accessibility a 
part of the selection criteria for our new service desk provider and 
carrying out an accessibility diagnosis at our headquarters so that 
we can make a plan for improvements. A training course on inclusive 
hiring was introduced for recruiters and hiring managers and, as we 
are now an official partner of Disability:IN, we have the opportunity 
to measure our progress on a yearly basis.
A DEI pledge signed by Solvay’s Senior 
Leadership Team
By creating two new companies through our Power of 2 
project, we have a unique opportunity to ensure that our 
commitment to DEI is firmly embedded in their foundations. 
Solvay’s Senior Leadership Team (SLT), including our CEO, 
have therefore all signed a DEI pledge with three concrete 
commitments to Solvay colleagues:
f Not to tolerate any behaviors that contradict the values of 
respect, openness, care and trust
f To personally engage in conversations with employees from 
under-represented groups, starting with taking part in two 
ERG-led events to expand understanding of issues that may 
not directly affect them
f To reserve time, as we do for safety topics, to discuss DEI 
within their leadership team and during their entity meetings
Our commitment to developing a more inclusive company is illustrated 
by our annual Citizen Day event, which brought DEI to more than  
100 Solvay sites. 
H
w READ MORE STORY PAGE 24

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
A responsible 
employer, enhancing 
social dialogue
We talk to... Marco Roumen 
COORDINATOR OF THE SOLVAY GLOBAL FORUM
 
 
 
 
 
 
 
 
 
Solvay claims to be a responsible employer. 
What do you think about this?
Marco Roumen — Solvay is a very responsible employer. In fact, 
outside of Europe, where social policies are less developed, 
Solvay is seen as being distinctive because it proactively 
supports employees in ways that other companies are often 
slow to do. The special bonus offered to many employees in 
2022 to help them deal with the high cost of living is a good 
example of this, as is the Group’s global parental leave policy, 
which the Solvay Global Forum worked closely with Solvay 
management to achieve.    
What would you say about Solvay to prospective 
employees? 
M.R. — I would emphasize two points in particular. First, there 
is a lot of trust and transparency between the company and 
its employees. For example, employees are informed about 
strategic decisions and encouraged to give feedback, which 
increases trust and motivation. Second, Solvay really takes care 
of its employees. The social package offered through Solvay 
Cares and initiatives like the global agreement with IndustriALL 
Global Union really differentiate the Group from the rest of the 
industry, as does the Solvay Solidarity Fund, which was created 
during the Covid crisis to help Solvay employees, their families 
and the communities they live in when they need it most.
How could Solvay become an even more 
attractive employer?
M.R.  — Solvay is always looking for areas to improve. Even 
now, with the Power of 2 project at the top of the agenda, we 
continue to make progress on a number of initiatives. One big 
challenge moving forward will be ensuring that all of our social 
policies are transferred to the two new companies. We hope 
to achieve this by continuing the constructive dialogue we 
have had with Solvay management since the start of the Po2 
project. In the social area, we believe that everyone in Solvay 
should work on the continuous improvement of social dialogue 
in all the regions where the Group is active in the world. In 
addition, following the success of the Solvay Shares program, 
it would make sense for employees to be represented on 
Solvay’s Board. 
*Solvay Global Forum is an important platform for dialogue between top management and employee representatives.  It is composed of nine representatives from the 
Group’s main countries.  
W
e believe that good social 
dialogue drives commitment and, 
consequently, business success. 
We have a clear rule: employees' 
representatives at Solvay are 
informed about strategic decisions 
and encouraged to give feedback, 
because we believe that understanding the Group’s intentions helps 
to instill trust and increases motivation. This allows us to ensure a high 
level of transparency, maturity and trust between senior management 
and social representatives.
In 2022, we renewed our Solvay Global Forum* and Global Framework 
agreements with IndustriALL, the global union for the chemical 
industry. The agreements confirm Solvay's existing commitments in 
the areas of health – both mental and physical – and safety at work, 
the fight against discrimination, the promotion of diversity and respect 
for the environment, as well as respect for all international standards, 
such as those provided by the United Nations and the International 
Labor Organization.

STRATEGY
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
herever possible, Solvay’s goal 
is to use non-fluorosurfactant 
technologies in our polymer 
manufacturing. Our journey to 
voluntarily phase out the use of 
fluorosurfactants from the PFAS 
family of chemicals globally is 
ongoing thanks to our investment in new technological innovations 
that advance our sustainability ambitions.
Since 2019, we have quadrupled our investment in research and 
innovation to develop new, breakthrough non-fluorosurfactant 
technologies that meet the performance needs of our customers in 
a more sustainable way. As a result, in July 2021, we were able to 
completely eliminate the use of fluorinated surfactants at our West 
Deptford, New Jersey facility in the US, transitioning our customers to 
more sustainable fluorinated polymers.
In 2022, we took another step forward: we announced that by 2026 
we will manufacture nearly 100% of our fluoropolymers without 
fluorosurfactants, leading the industry in expanding our proprietary 
non-fluorosurfactant technology across our product lines. The 
fluorosurfactants have been used as process aids and Solvay did not 
sell these commercially in the market. One small product line at our 
Spinetta Marengo site in Italy – critical for the semiconductor and 
energy industries and representing less than 1% of production volume 
– will require further research and development to completely phase 
out the use of fluorosurfactants. While we continue our research, a 
tightly controlled, closed-loop and zero-liquid discharge production 
process will be used for this production line.
Fluoropolymers are needed to make materials that are critical 
for a sustainable society such as renewable energy installations, 
lithium-ion batteries and medical device components. Solvay’s new 
polymerization process doesn’t require the use of fluorosurfactants, 
yet it still provides the unique properties of fluorinated polymers that 
our customers need to make their products.
While we work to phase out fluorosurfactants from our processes, we 
also continue to introduce state-of-the-art technologies to eliminate 
remaining fluorosurfactant emissions from our plants. We recently 
announced that we will invest €40 million euros in new technology 
at our Spinetta Marengo site. This will be used to improve water 
treatment systems, ensuring that fluorosurfactant emissions are 
eliminated at a level known as “technical zero”.
Solvay and P&G  
join forces to double  
the global supply 
of sustainable guar
S
W
olvay is a world leader in guar-based business 
and acts as a change agent in this field through 
the Sustainable Guar Initiative (SGI). The SGI 
helps to make guar cultivation in Rajasthan, India, 
more sustainable, while empowering women 
farmers through training in hygiene, health and 
nutrition. We set it up in collaboration with NGO 
Technoserve and our customer L’Oreal, with 
another customer, Henkel, joining the initiative shortly after. And in 
2022, we welcomed P&G Beauty to the initiative. 
A natural and renewable resource, guar helps us respond to the 
growing demand for natural and sustainable products, and is used in 
our Jaguar® hair and body care formulations. As one of the market 
leaders in the beauty category, P&G Beauty will help us accelerate the 
sustainable growth of guar at scale, empower more women farmers 
and further improve the livelihoods of smallholder guar bean farmers 
in India by almost doubling the SGI’s reach.
The partnership will expand the total reach of the SGI program to 
slightly more than 11,000 farmers, including 1,800 women, helping 
equip guar farmers, and especially women, with the tools and 
knowledge about good agricultural practices that will increase yield 
production and crop productivity, improve financial stability, and 
promote better living and working conditions. In addition, we will be 
able to double the number of women trained in hygienic household 
practices and the building of kitchen gardens to almost 900, facilitating 
better nutrition, hygiene and food security in their communities.
Phasing out 
the use of fluorinated 
surfactants across our 
product lines 
w READ MORE PAGE 69

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BUSINESS ENVIRONMENT
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
BUSINESS ENVIRONMENT
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SOLVAY 2022 ANNUAL INTEGRATED REPORT

58 	 Global business trends driving 
our markets
59 	
Electrification
60 	
Lightweighting
61 	
Advanced connectivity
62 	
Resource efficiency
63 	
Naturalness, sustainable resources and 
sustainability
64 	
Evolving demographics
65 	
Renewable energy
66 	 Our solutions serving fast-
growing markets
67 	
Automotive and Aerospace
68 	
Consumers and Healthcare
70 	
Agro, Feed and Food
71 	
Resources and Environment
72 	
Electronics
73 	
Building
74 	
Industrial applications and chemical 
industry
Business environment 
ENVI
BUSI
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BUSINESS ENVIRONMENT
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SOLVAY 2022 ANNUAL INTEGRATED REPORT

BUSINESS ENVIRONMENT
58
Global business 
trends 
driving our markets
t the start of 2023, the economic outlook 
appears to be turning toward more positive 
expectations, with a stabilization of energy 
prices and continued easing of supply chain 
pressures. Inflationary pressures appear to 
have peaked, though the pace at which they 
may fall remains uncertain and prices in the 
short term are expected to remain high. 
Consumer and business confidence is improving from historically low 
levels, and macroeconomic forecasts from various institutions, including 
the International Monetary Fund, indicate that the prospects of a global 
recession are receding.
A challenging global 
economy
Our businesses are aligned with  
seven global market trends
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The unsustainable rate at which we are currently consuming products poses a threat to our 
planet. Chemistry is a core component of everyday products and solutions, but it is also the 
key to recycling what we use, saving natural resources, fighting climate change and improving 
quality of life. Reflecting the powerful business trends driving growth in our end markets, 
Solvay’s wide and diversified portfolio of products are designed to help address the global 
challenges we face and secure access to natural resources for generations to come.

BUSINESS ENVIRONMENT
59
Electrification
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SOURCES: 1. LMC Automotive. 2. World Material Forum, Global Battery Alliance. 3. OEM / company public disclosures.
€25bn
Total addressable market 
~50%
Amount of electric or hybrid 
vehicles in global production by 
2030¹
>20%
Compound Annual Growth 
Rate (CAGR) in batteries 
between 2018 and 20302
> €400bn
OEM investment in EVs over 
the next 10 years3
limate neutrality is a greater priority than ever and 
electrification is essential to achieving it. Many of the green 
stimulus packages introduced by governments worldwide 
focus on the automotive industry’s transition to electric and hybrid 
vehicles, with China, the EU, and California and other US states 
all having announced targets for 2035. In addition, major original 
equipment manufacturers (OEMs), such as GM, Ford, VW and 
Mercedes, all plan to shift to electric fleets by 2030.
These fundamental changes in the regulatory environment, massive 
investments in capacity and infrastructure, and a buoyant consumer 
electronics market have helped spur demand for batteries, as well as 
a strong push for a green hydrogen (green H2) economy.
Challenges for customers
f Security of supply: The availability of raw materials such as lithium 
and rare earths as the need for electric vehicle (EV) battery materials 
grows dramatically
f Infrastructure: The need for increased electrical grid capacity and for 
vehicles to be able to plug into and receive power from the system
f Recyclability: Conventional recycling processes come with high 
costs and a high CO2 footprint, while critical metals are not always 
recovered from EV batteries at their maximum value and lower-grade 
metal mixes are not always suitable for new battery production.
f Innovation for the next generation of batteries: The need for cost-
effective solutions for creating fast-charging and safe batteries with 
increased drive range.
Opportunities for Solvay
The transition to EVs will double the addressable market for Solvay, 
replacing or adding to our current Internal Combustion Engine (ICE) 
business. 
f We have an unrivaled leadership position in EV batteries: 
– We are a leader in PVDF suspension solutions, which help meet 
higher performance requirements in batteries. 
– We are the European front-runner for the development of solid-state 
battery technology, which will improve battery safety and energy density. 
f We are partners with all of the major industry players and we 
continuously innovate in collaboration with our key customers.
f With plants in each major region, we can support customers 
globally and locally.
f We provide materials for eMotors and eDrive components, power 
electronics, and electrical and electronics systems.
f Our chemical refining process optimizes the extraction and 
purification of critical metals, such as cobalt, nickel, and lithium, and 
transforms them into high-purity raw materials for new batteries.
We are developing green hydrogen solutions, a key lever for 
the decarbonization of hard-to-abate sectors such as heavy-duty 
transportation and other emissions-intensive industries.
f Our innovation focuses on enhancements to system durability, 
efficiency and total cost of ownership to help our customers improve 
the viability and scalability of green hydrogen technology.
f Used within electrolyzers, fuel cells and other facets of hydrogen 
systems, Solvay’s products and solutions support today’s leading 
hydrogen technology platforms.
Our offer includes ionomers, Aquivion®, and other high-performance 
materials such as Udel® PSU, which can be used in areas ranging from 
the core, to the stack and the plant. —
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BUSINESS ENVIRONMENT
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he global drive to reduce CO2 emissions and use natural 
resources efficiently makes lightweighting critical. For example, 
reducing the weight of a vehicle by 10% can result in 6% to 
8% better fuel economy. Replacing metal with plastic alternatives 
lowers weightand provides other benefits, such as design flexibility, 
improved safety, enhanced durability and lower maintenance costs, 
depending on the application. Novel machining capabilities, such as 
additive manufacturing, have made a wide variety of customized and 
modular products possible, while the rise of electric vehicles presents 
new opportunities for the use of these adapted materials.
Challenges for customers
In addition to being lightweight, materials also need to:
f Be sustainable and recyclable
f Exhibit high mechanical properties 
f Enable fast production cycles
f Enable easy part integration
Opportunities for Solvay
OEMs are looking for solutions to help them adapt to the EV market and 
respond to demand for lightweight parts in a variety of other markets. 
Solvay is in a strong position to provide them with the lightweighting 
solutions they need.
f Our high-performance polymers are used to improve automotive and 
aerospace engine efficiency, and for lightweighting.
f We offer world-leading solutions for the aerospace industry, 
including thermoset composites that provide unique benefits for 
aerodynamics, design, part integration and corrosion resistance.
f Our lightweight, chemical- and corrosion-resistant composites 
and polymers can be used to replace metal in the energy industry. 
Our high-performance pipe systems, for example, are quicker and 
cheaper to install, and have a lower total expenditure cost and carbon 
footprint.
f Our high-performance thermoplastic composites (TPCs), which are 
durable, chemical and corrosion-resistant, lightweight and recyclable 
materials, with the high build rates necessary for mass production, 
provides us with a unique position in the market. They combine our 
broad specialty polymers portfolio with our in-depth expertise in 
composite material technologies, providing solutions in demanding 
aerospace, automotive, advanced air mobility and energy transition 
applications. —
SOURCES: 1/2. International Organization of Motor Vehicle Manufacturers.
>€10bn
Total addressable market
- 7.6g/km 
Carbon emissions for every 
100kg weight reduction1
+7.3% 
CAGR in lightweight automotive 
materials by 20252
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Lightweighting
w READ MORE: THERMOPLASTIC COMPOSITES PLATFORM, PAGE 32
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BUSINESS ENVIRONMENT
igital technologies are generating disruptive new business 
models. The growing demand for hyper-connectivity, the rapid 
development of 5G and the exponential growth of data are key 
market drivers. This is resulting in miniaturization, the development of 
the Internet of Things (IoT) and a need for components that consume 
less energy. New opportunities are created by 5G, which relies on 
high-performance polymers with specific magnetic and electrical 
requirements.
Challenges for customers
As technology and 5G networks continue their rapid expansion, there 
is a need for:
f Semiconductor miniaturization 
f Faster connectivity speeds
f Higher frequencies and low-loss signals 
f Coatings for sensing and monitoring systems
Opportunities for Solvay
f Our advanced materials for applications meet the growing demand 
for hyper-connectivity, including miniaturization technologies.
f Our semiconductor industry consumables offer solutions based on 
high-purity chemicals and can be used in high temperatures, and with 
chemical-resistant materials.
f The high chemical and temperature resistance of our advanced 
materials will prove increasingly beneficial as we transition to the 
even harsher production environments required for miniaturization.
f Our high-performance polymers are used in new-generation OLED 
and flexible displays.
SOURCES: 1. VLSI (TechInsights) IC, October 2021. 2. VLSI Forecast November 2021. 3. OMDIA, October 2021. 4. IDTechX.
>€50bn
Total addressable  
market 
+14%
smartphone unit  
shipment forecast1
+9%
CAGR in semiconductors 
by 20232
>12% 
CAGR in IoT devices  
from 2020-20303
+24%
CAGR in the extended 
reality optics industry 
 by 20324
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ir, soil and water pollution, the growing pressure on 
biodiversity and the ever-increasing importance of reducing 
CO2 emissions are driving the urgent search for new resource-
efficient solutions. This has inspired increased industrial innovation, 
which has enabled more efficient use of resources through modular 
design and manufacturing methods that incorporate the principles of 
recycling and the circular economy.
Challenges for customers
f The shift toward a net zero economy, which requires a more virtuous 
approach to chemistry
f The pressure to do more with less
f The need to work toward creating a circular economy. 
This includes lightweighting to ensure energy savings and reducing 
dependence on raw materials
Opportunities for Solvay
Solvay offers leading technologies to many of the markets where 
resource efficiency is a key driver.
f We ensure our customers are able to optimize their operations 
through the digitization of mines. Our unique methodology makes 
it easier for them to increase mineral recovery in general, and we 
offer a broad range of solvent extractants for the purification and 
concentration of metals.
f Rare earths are essential for the green energy transition. Our 
investments in the magnet value chain will help Europe develop more 
autonomous and sustainable solutions for electric mobility, clean 
energy generation and sensitive electronics applications.
f Our soda ash is used to develop eco-efficient glass for triple-glazed 
windows.
f Our formulations for eco-friendly production processes are used in 
water and soil management.
f Our silica for sustainable tires forms part of the TECHSYN platform 
created with Bridgestone and Arlanxeo, which produces tires with 
unrivaled strength and environmental performance, reducing raw 
material consumption.
f Our polymers are used to manufacture food packaging that can be 
safely reused and recycled, and are used in filter bags and membranes 
to treat gases emitted by multiple industries. —
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Resource
efficiency
SOURCES: 1. World Material Forum, Global Battery Alliance. 2. Bloomberg NEF. 3. Accenture 2019. 4. Solvay internal research.
>€50bn
Total addressable  
market 
x6
Lithium supply
 by 20301
x5
Copper demand for  
batteries from 2021  
to 20302
50% 
Consumers ready to pay
more for a product designed 
to be reused or recycled3
+4%
Growth in water treatment 
by 20244
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onsumer behaviors are shifting toward a concern for 
wellness, including better quality of life, healthier work-life 
integration and higher quality food. These new priorities 
drive consumer behavior, with many people demonstrating a 
preference for organic and natural products – a trend that will only 
strengthen as consumers become more health conscious and aware 
of the impact products may have on the environment. Reflecting 
customer demands, chemical companies are increasingly investing 
in the biospace, with potential changes in the value chain for the 
consumer space. Solvay’s fourth growth platform is designed to 
enable the adoption of renewable carbon, biotechnology and 
biodegradable solutions to speed up the transition toward a more 
sustainable and circular portfolio. Our customers embrace and 
accelerate trends related to naturalness, sustainability, carbon 
neutrality and sustainable sourcing. 
Challenges for customers
f Increased pressure on businesses to produce more eco-friendly 
products 
f Higher costs compared to using fossil-based technologies
f Increasingly strict international and local emissions regulations faced 
by industries around the globe
Opportunities for Solvay
f We are a market leader in a number of bio-based ingredients:
– We are a top producer of natural vanillin, bio-sourced from rice 
bran, and will enhance our capabilities to develop natural ingredients 
for the food, flavors and fragrance markets over the coming years.
– We are the world leader in the chemical modification of guar, which 
is used in the agro and nutrition, and home and personal care markets. 
– We produce bio-sourced solvents, such as Augeo®, based on 
glycerin and developed for cleaning products and fragrances.
f Our waterborne coating solutions address the challenges of adhesion 
to difficult substrates and overall durability while complying with ever-
stricter regulations, and we are developing new coating monomers 
with increased durability and sustainability.
f Our polyphthalamide (PPA), which is used for demanding electrical 
and electronic applications in e-mobility, is made from non-food 
competing bio-based sources, reducing environmental impact 
without compromising on material performance.
f Our Solvair® range, made from soda ash, cleans the gases emitted by 
multiple industries, such as energy-from-waste operators, industrial 
boilers, maritime transport and energy from biomass installations. —
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Naturalness, sustainable 
resources and sustainability
SOURCES: 1. Solvay internal research. 2. IDTechX.
>€10bn
Total addressable  
market 
>10%
CAGR in natural 
vanillin by 20241
+5.7%
CAGR in waterborne 
coatings by 20251
+3.1%
CAGR in organic 
shampoos through 
20251
$19.5bn 
Market for agricultural 
biologicals by 20312
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BUSINESS ENVIRONMENT
SOLVAY 2022 ANNUAL INTEGRATED REPORT
he world’s population reached 8 billion people in November 
2022 and, even though population growth is expected to 
slow slightly, it is projected to reach 9 billion in 2037*. This 
unprecedented growth is due to the gradual increase in the human 
lifespan resulting from improvements in public health, nutrition, 
personal hygiene and medicine, as well as high and persistent 
levels of fertility in some countries. Managing this growing and 
aging population requires constant improvements in healthcare 
and hygiene, as well as solutions to ensure adequate food and water 
supplies today and in the future.
Challenges for customers
f Feeding the world’s growing population
f Improving health and wellbeing for a growing and aging population 
and an expanding middle class:
– ensuring access to healthcare, and managing increased incidences 
of diabetes and cardiovascular diseases
– answering the growing need for more biocompatible and 
high-performance materials that can withstand the aggressive 
disinfectants and chemicals used to prevent hospital-acquired 
infections
– meeting the need for high-performing cleaning disinfectants that 
kill microbes upon application without negatively impacting the 
cleaning experience
f Securing global water supply, despite human activity and climate 
change, by increasing access to clean and drinkable water
Opportunities for Solvay
f Our products and solutions improve the productivity of the agricultural 
sector – from crop protection to plant nutrition and grain and seed 
care – and encourage more sustainable agricultural practices. We 
also support digitization and the development of equipment in the 
industry that will contribute to establishing Agriculture 4.0.
f Solvay products can be found in integral parts of the most advanced 
wearable devices, which are worn by people to monitor and promote 
health and well-being. This includes our smartphone polymers. 
f We are the market leader for high-performance polymer technologies 
and our products can be used in a range of applications:
– our revolutionary, high-performance and biocompatible polymers 
used for hemodialysis membranes
– our biomaterials suitable for prolonged or permanent exposure to 
bodily fluids and tissues, enhancing the functional performance of 
implantable devices
– our innovative Actizone™ technology provides for reliable, long-
lasting disinfection and other desirable cleaning properties
f Our materials, chemicals and solutions products are used across the 
value chain to treat industrial, municipal, drinking, ground and fresh 
water. —
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Evolving demographics
SOURCES: *United Nations report. 1. IDTechX. 2. Fresenius 2030 vision.
9bn
World population at the end 
of 2037
$19.5bn
Market for agricultural 
biologicals by 20311
+6%
Patients needing kidney 
replacement therapy per year
14.5 million by 2030²
$7.5bn for biostimulants
$1.2 million for biopesticides
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BUSINESS ENVIRONMENT
SOLVAY 2022 ANNUAL INTEGRATED REPORT
enewables, including solar, wind, hydro and biofuel, are 
essential for transitioning to a less carbon-intensive and 
more sustainable energy system. The increased investment 
in this area reflects an acceleration in demand for clean energy 
supplies to tackle the ongoing global energy and climate crises.
Challenges for customers
f Energy generation and energy storage sectors need to be more 
energy-efficient and environmentally friendly.
fIndustrial production processes need to be cleaner.
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Renewable 
energy
SOURCES: 1/2. BNEF.
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$226bn 
Global investment in renewable 
energy in the first half of 20221
64% 
Average share of wind and solar 
energy in overall electricity 
supply in 2050²
Opportunities for Solvay
f We manufacture highly resistant films, such as Halar® ECTFE, that 
provide excellent UV protection for photovoltaic panels without 
compromising on solar energy capture. We also have a number 
of research and innovation projects underway that will allow future 
generations of batteries to offer better performance, durability and 
safety.
f Our PFSA and Aquivion® materials can be used in redox flow 
batteries, which store energy. We recently opened a new pilot 
research unit in La Rochelle, France, which will enable us to scale up 
development of advanced inorganic materials for solid electrolytes 
– a key component for the next generation of automotive batteries.
f Our products are used for structural and electrical parts in wind 
generation, including seals, cables and epoxy compounds for wind 
turbine blades. —
65

BUSINESS ENVIRONMENT
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Our solutions
serving 
fast-growing 
markets
olvay’s businesses are closely aligned with the 
global trends driving growth in our end markets. 
Our G.R.O.W. strategy ensures that we focus 
our resources on key markets impacted by these 
trends, such as automotive and aerospace, 
home and personal care, healthcare, electronics, 
agro and food. Through our broad portfolio of 
technologies and products, our expertise and our 
close relationships with customers, we have been able to build a top 
three position in about 90% of our markets.
We continued to transition to a more sustainable product offering 
in 2022: 55% of the Group’s portfolio is now positioned as 
Sustainable Solutions, with sales generated in markets relating to 
strong sustainability trends, like electrification and lightweighting, 
advanced connectivity, resource efficiency, sustainability and 
naturalness. We focus innovation on areas where our technologies 
can help the industry progress and meet major challenges. This 
includes clean technology, which is at the core of our Battery 
Materials, Thermoplastic Composites and Green Hydrogen growth 
platforms.
In 2022, 9% of Group sales were generated by products based 
on circular raw materials or energy, and the launch of our new 
Renewable Materials and Biotechnology growth platform will help 
us accelerate and embed circularity into our businesses.
So far, 13 of our solutions have been awarded the Efficient Solutions 
label by the Solar Impulse Foundation’s World Alliance for Efficient 
Solutions, in recognition of their role in protecting people and the 
environment in a profitable way.
S
24%  
Automotive and 
Aerospace
13%  
Resources 
and  
Environment
18% 
Industrial 
applications  
and 
Chemical  
industry
14% 
Agro, Feed and 
Food
16%  
Consumer Goods, 
Home and Personal 
Care, Healthcare
6% 
Electronics
9% 
Building
% of Group sales
66

BUSINESS ENVIRONMENT
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Automotive 
and Aerospace
24% 
of Group sales
ustomer demand for sustainability and stringent regu-
lations on CO2 and particulate emissions are driving the 
development of cleaner mobility systems in the automo-
tive and aerospace industries. This requires solutions that facilitate 
lightweighting and greater fuel efficiency, as well as the shift to 
hybrid and electric vehicles. Solvay provides electrification solutions 
and materials to reduce vehicle weight, which enable our customers 
to reduce emissions and improve performance.
Automotive
Lighter, more performing electric power 
— We help the automotive industry decrease emissions, enabling 
original equipment manufacturers (OEMs) to make vehicles lighter, 
safer and more efficient by replacing metal with high-performing 
polymers. Our advanced specialty polymers for e-motors are 
characterized by their ability to retain desirable mechanical, thermal 
and chemical properties when subjected to harsh environments, 
such as high pressure, high temperatures and corrosive chemicals, 
while improving energy density and system integration. They 
include Amodel® Bios PPA, a high-performance, bio-based polymer 
made from non-food competing biomass, using 100% renewable 
electricity, and KetaSpire® PEEK, one of our highest-performing 
thermoplastics, which offers a combination of fatigue and chemical 
resistance and can be used in temperatures up to 240°C. 
Safer electric vehicle charging stations
— EV charging stations supply electrical power for plug-in electric 
vehicles and present major efficiency, durability and reliability 
concerns. With our portfolio of high-performance technologies that 
enable critical properties, such as electrical insulation and thermal 
dissipation for enhanced user safety, Solvay is leading trends in the 
EV charger market. 
Ryton® PPS: a unique solution for more fuel-
efficient and better performing cars
Ryton® PPS (polyphenylene sulfide) is a high-heat polymer 
that offers exceptional dimensional stability for precision-
molded components. It is used in automotive components 
required to withstand high temperatures, mechanical stress 
and corrosive automotive fluids. By replacing metal, it 
reduces fuel consumption, lowers costs and improves system 
integration. It is also well-suited to electric vehicle charging 
station solutions, due to its combination of mechanical and 
electrical properties at elevated temperatures. 
More performing batteries
— Solvay is at the cutting edge of battery innovation. We offer the 
broadest selection of technologies, materials and ingredients for 
battery cells, cell structural components and battery enclosures 
that increase the performance, safety and recyclability of current 
and future batteries. Our Solef® PVDF* is a partially fluorinated 
polymer with excellent chemical and thermal properties, used for 
electrode binder materials and separator coating layers to enhance 
performance, processability and safety. Our innovative, high-purity, 
conductive lithium salts, LiTFSI and LiFSI, are market references, 
offering outstanding electrochemical properties that increase 
performance and safety, and enable high-voltage solutions. And 
our Xencor™ long fiber thermoplastics (LFT) portfolio targets 
challenging metal replacement and semi-structural applications. 
(Read more in Battery Materials growth platform, page 30).
More sustainable tires
— Solvay offers the widest performing range of highly dispersible 
silica (HDS) for sustainable mobility and energy-efficient tires. Our 
TECHSYN technology won an environmental award at TireTech 2022. 
Launched in 2021 alongside Bridgestone and Arlanxeo,TECHSYN 
uses Solvay’s unique advanced silica developments, enabling 
tires to achieve up to 30% better wear efficiency and up to 6% less 
rolling resistance, without compromising performance. This helps to 
reduce fuel consumption and CO2 emissions, and to cut raw material 
consumption.
In early 2023, we launched a bio-circular silica, made with bio-based 
sodium silicate derived from rice husk ash. Supported by global tire 
manufacturers, it will significantly increase the use of sustainable raw 
materials and reduce the CO2 footprint in the tire industry.
Alve-One®*: “safe and sustainable by design” 
chemistry
Our Alve-One® foaming solutions are an innovative generation 
of high-performance, sustainable and cost-effective chemical 
blowing agents. They help fulfill the plastic industry’s need to 
move toward a circular economy, while providing the specific 
properties needed for insulation, strength and lightweighting. 
Based on sodium bicarbonate, a 100% safe raw material, 
they offer customers a safe alternative to azodicarbonamide 
(ADCA)**, ensuring that environments such as car interiors 
contain negligible quantities of volatile organic compounds 
(VOC) and contributing to significantly improved vehicle 
indoor air quality.  Alve-One® was awarded the 2022 Pierre 
Potier Prize in France.
* this product is labeled an Efficient Solution by the Solar Impulse Fondation
** classified as a Substance of Very High Concern (SVHC) by REACH
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Aerospace
Offering materials for all major parts of the aircraft
— Solvay offers the broadest portfolio in the aerospace market, 
which encompasses commercial, defense and space. Our portfolio 
includes composites, adhesives, aircraft film and specialty polymers 
for fixed-wing aircraft, rotorcraft, aircraft propulsion and systems, 
space and launch, and advanced air mobility applications. We 
offer materials for all major parts of the aircraft, from primary and 
secondary structures to interiors, engines, bonding and coatings. 
With decades of experience as a trusted aerospace materials 
supplier and long-standing customer relationships, we support our 
customers throughout the entire development cycle, from design 
and certification to product industrialization, helping them save 
time, money, fuel and emissions.
Advanced materials for lightweight and high-performing aircraft
The aerospace and defense market faces unique sustainability 
and performance-related demands. This has led to the increased 
adoption of composites, which now comprise up to 50% of the 
weight of a plane. Our composite technology offers an attractive 
value proposition for aircraft manufacturers: it makes planes lighter 
and more aerodynamic, which increases fuel efficiency by up to 
25%, reducing emissions and operation costs. With more than 50 
years of progressive partnerships and expertise, Solvay is an industry 
leader in the development of advanced materials for increasingly 
lightweight and high-performing narrow-body, wide-body and 
defense aircraft, developing aerospace composites that are suitable 
for high build rates, and for some of the most complex and unique 
challenges in the aerospace industry.
Preparing for the future of air mobility
— The breadth and depth of our technical and innovation expertise 
means we are well positioned to drive innovation for the future 
of aviation. Areas we are working on include out-of-autoclave 
composite manufacturing, bonding technologies, resin infusion, 
multi-functionality and thermoplastic composites. Our focus is on 
industrialization and productivity, greener transportation, and new 
and more demanding applications such as advanced air mobility 
(AAM).
CYCOM®*: a lightweight, cost-competitive 
alternative to aluminum
Our CYCOM® range of products offer solutions for the most 
technically challenging composite applications. This range 
of prepegs and resin systems are the industry standard for 
stiffness, impact resistance and thermal performance. Some 
grades of CYCOM®* also deliver ten and 20 times faster 
manufacturing rates, enabling a lower total cost of ownership 
in line with industry expectations for high-volume composite 
use. This makes it a cost-effective alternative to aluminum.
Consumer goods, 
Home and 
Personal Care, 
Healthcare
16%
 of Group sales
rowing consumer demand for sustainable sourcing, natural 
ingredients, and biodegradable and safer end products is 
driving consumer markets. In response, we are transforming 
our portfolio, making it more circular by using bio-based or 
renewable raw materials, producing products using renewable 
energy and working on their end of life to make them biodegradable 
by design. In doing so, we aim to improve consumer quality of life 
while reducing the impact on climate and resources.
Home care
— Sustainability, high-performance cleaning and competitiveness 
are important drivers for home care markets. For fragrance 
markets, the priority is finding bio-renewable, sustainable and safer 
alternatives to petrochemical solvents, which also provide good 
solubilization features, stability, adequate volatility and improve 
how long a fragrance lasts. Solvay’s home care solutions cater to 
these needs. They include our Augeo® line of bio-based solvents. 
Developed from glycerin, a renewable source, they offer a safer, 
more sustainable and high-performing alternative to petrochemical 
solvents for air and surface care. Another example is our recently 
launched Rhovanil® MB, the first certified mass balance** vanillin 
on the market, which meets demands for products based on 
renewable feedstock. Both solutions help customers reduce the 
carbon footprint of their products.
BUSINESS ENVIRONMENT
SOLVAY 2022 ANNUAL INTEGRATED REPORT
* Labeled an Efficient Solution by the Solar Impulse Fondation. **The Mass 
Balance (MB) approach tracks the sustainability of a product through the whole 
value chain, driving the industry toward adopting critical environmental best 
practices
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Actizone®: 24-hour surface disinfectant 
technology
Actizone® is an innovative, patented technology that delivers 
long-lasting surface disinfection. It instantly kills more than 
99.9% of microorganisms, including coronaviruses, for up to 
24 hours. This long-lasting protection differentiates it from 
other disinfectants currently on the and helps to dramatically 
reduce chemical use. This ready-to-use, broad-spectrum 
disinfectant for hard surfaces is now available for purchase 
throughout the US.
Personal care
— Formulators aim to develop high-performing products with 
more natural-based ingredients to comply with stringent global 
regulations and changing consumer preferences. As the industry 
leader in natural and naturally derived polymers and specialty 
surfactants, Solvay’s extensive scientific knowledge and formulation 
and application expertise enables us to support customers with an 
innovative range of advanced hair and skin care ingredients. 
Our  personal care portfolio is driven by a focus on sustainability 
and more than 80% of our hair and skin care products are derived 
from natural origin, according to ISO 16128. This includes our guar 
gum-based Jaguar® line, a 98% plant-based range of ingredients 
that provide conditioning and thickening features for hair and skin 
care products. An example is our new biodegradable and 100% 
natural rheological agent Jaguar® NAT SGI, which is  made from 
guar sourced through our Sustainable Guar Initiative (SGI) program.   
Read more page 54.
Dermalcare® LIA MB**: a sustainable alternative 
to non-volatile silicones for hair care
Dermalcare® LIA MB is a readily biodegradable, 100% 
plant-based hair moisturizing emollient that can be used as 
a sustainable alternative to non-volatile silicones in hair care, 
body and skin care applications. It is COSMOS1 certified and 
also classified as a microbiome-friendly ingredient, enabling 
formulators to design silicone-free solutions that guarantee 
top quality results while respecting the planet.
A comprehensive offer for hair health
Solvay’s Polycare® range offers formulators active ingredients 
that address one of the biggest trends in hair care: hair health. This 
range includes Polycare® Split Therapy, a natural, guar-based 
ingredient providing the first-ever cure for split ends, Polycare® Frizz 
Therapy to style and protect, and the recently launched Polycare® 
Heat Therapy, a natural, guar-based ingredient that protects hair 
from thermal damage caused by high-temperature hair styling 
appliances.
Healthcare
— A growing population, advances in treatments and health 
technologies, increased sterilization capabilities and wider 
availability of healthcare coverage in developing regions are all 
market drivers in healthcare. Our high-performance polymers are 
used in medical devices and equipment, surgical instruments, 
implantable devices, surgical robots and biopharmaceuticals. 
We are a world leader in high-barrier polymers, which are used in 
pharmaceutical packaging to shield active molecules in medicines 
from potentially harmful oxygen and moisture, guaranteeing 
their efficacy and helping save lives. In addition, our Interox® 
range of high-purity hydrogen peroxide (H2O2) offers the highest 
possible sterilization quality on the market, and can be used by 
the pharmaceutical aseptic filling industry or as a disinfectant for 
medical devices.
A leading provider of biomaterials for implantable devices
— We provide biomaterials for long-term exposure applications, 
such as implantable devices and orthopedics. Due to an aging 
population, the use of long-term orthopedic and cardiovascular 
medical implants is growing more commonplace. Solvay’s  Solviva® 
range, which includes our Zeniva® polyetheretherketone (PEEK) 
polymer, offers a proven alternative to metal for implantable devices. 
It is also safer, because it is fully biocompatible, and it even offers 
other advantages, such as more easily legible X-rays.
Polymers to extend the lifetime of medical equipment
— Polymers can replace metal in medical instruments and devices. 
They also offer significant advantages, such as design flexibility and 
lightweighting, which can facilitate innovative medical procedures, 
such as non-invasive surgery. Solvay’s Radel® PPSU, a remarkably 
strong polymer that can be steam sterilized over more than a 
thousand cycles without any significant loss of properties, is now the 
top material in this field, replacing stainless steel and aluminum in 
products ranging from surgical accessories and endoscopic devices 
to anesthesiology equipment, sterilization cases and trays. 
BUSINESS ENVIRONMENT
SOLVAY 2022 ANNUAL INTEGRATED REPORT
69
We talk to... Marcus Ringdahl, 
SENIOR VICE PRESIDENT PURCHASING, P&G BEAUTY
“We are proud to partner with Solvay in our 
continued commitment to Responsible Beauty 
and to being a positive force for beauty in the 
world. As an important supplier of ingredients 
for our beauty care formulations, we partner 
with Solvay to ensure the highest quality of 
products for our consumers, and also work 
together to create a more sustainable future 
for our planet.”

Veradel® PESU and Udel® PSU: solutions for 
hemodialysis
The need for hemodialysis is rising globally, due both 
to increasing kidney failure factors, such as obesity, and 
better access to healthcare, particularly in Asia. Solvay is a 
world leader in thermoplastics used to manufacture dialysis 
membranes. Our high-purity, high-performance polymers 
for hemodialysis membranes, Udel® polysulfone (PSU) 
and Veradel® polyethersulfone (PESU), were developed 
in collaboration with equipment manufacturers and have 
excellent biocompatibility, meaning a reduced risk of adverse 
effects for patients. Bicar® Pharma, our pharmaceutical grade 
sodium bicarbonate, is also at the heart of the hemodialysis 
process. It is used as one of the concentrates in the blood 
filtration process.
Consumer goods
— Solvay’s solutions for household goods are utilized in several 
cooking and home applications. They represent the consumer 
market’s largest portfolio of high-performance polymers for small 
and large appliances. Our specialty materials improve performance 
by providing strong, lightweight alternatives to metals, boosting 
the design flexibility and aesthetics of widely-demanded home 
appliances and meeting increasingly stringent compliance 
requirements and regulations.
Omnix® ReCycle: a recycled-based polyamide 
for consumer appliances
Omnix® ReCycle is Solvay’s first-ever recycled-based 
high-performance polyamide (HPPA), with 50% glass fiber 
reinforcement. A real breakthrough in the polyamide market 
for household appliances, it offers a unique performance 
and sustainability profile, enabling brand owners and 
manufacturers to increase the amount of recycled content in 
their products without compromising stability, stiffness, impact 
resistance and processability. It can replace metals and lower-
performing polyamides, delivering higher durability alongside 
its sustainability credentials. Its excellent surface appearance 
can also eliminate the need for painting, adding to its 
sustainability benefits and facilitating end-of-life recyclability 
in the increasingly circular plastics economy.
BUSINESS ENVIRONMENT
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Agro, Feed  
and Food
14% 
of Group sales
Agro
he record dry and adverse weather conditions experienced 
in 2022 are becoming increasingly common, affecting crop 
yields worldwide. At the same time, there is pressure to 
ensure greater yields and better resource management to feed a 
growing global population, while adapting to increasingly strict 
regulations and changing consumer preferences for residue-free 
and better quality food. Solvay’s products and technologies enable 
all segments of the agricultural industry to improve yield with more 
sustainable agricultural practices, from seed care to crop protection. 
These include formulation aids for agrochemicals and biologicals, 
green solvents, on-target drift control adjuvants and seed care 
technologies.
A market leader in green solvents 
— Our Rhodiasolv® IRIS is a biodegradable solvent with reduced 
environmental impact. It is an efficient and safe solution used in 
many applications, such as the formulation of phytosanitary products 
and agrochemistry. This low VOC and non-CMR (carcinogenic, 
mutagenic and reprotoxic) product offers a better performance 
compared to conventional petrochemical solvents. In addition, it 
gives a second life to chemical waste, contributing to our ambition 
of ramping up our circular portfolio.
Covering seeds today and tomorrow
— Solvay is now in a much stronger position to offer its innovative 
technologies to the seed industry through the successful integration 
of the seed coating business acquired in 2021, which placed us 
among the world’s top three players in this market. Our Peridiam® 
coatings offer solutions tailored to different crops, climates, growing 
conditions and market needs. It is specifically designed to improve 
the adhesion of seed treatments, provide better seed coverage 
and ensure all active compounds stay on the seed, leading to 
enhanced crop yield. Our new-generation seeds solutions include 
multifunctional products combining Peridiam® coatings with 
biostimulants, and the recently launched microplastic-free seed 
coatings for all major row crops.
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BUSINESS ENVIRONMENT
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AgRHO® S-Boost™: our bio-based seed booster 
to fight worsening droughts
Incorporating biostimulants in seed coatings helps them 
germinate faster and stronger, thus stimulating the healthy 
development of plants and increasing crop yields. Our 
AgRHO® S-Boost™* biostimulant is made from guar beans 
– a 100% natural and renewable raw material. It is unique 
in being able to shape soil properties around the seed to 
favor water and nutrient uptake, it enhances germination 
and strengthens root development, helping crops to cope 
with increasingly dry conditions, and it exhibits a notable 
improvement in crop yield.
Accelerating the use of biologicals for crop protection
— In response to pest resistance issues, regulation and the urgent 
need to become more sustainable, the agricultural world is adding 
a new generation of crop protection products based on biologicals 
to their toolbox. These biocontrol products use naturally-occurring 
active ingredients, such as microorganisms and plant extracts, which 
complement conventional crop protection solutions. As the industry 
leader in the development of co-formulants for plant protection 
products for over 40 years, we are now reapplying our expertise to 
designing innovative solutions that address the specific application 
challenges of biopesticides. The result was the launch in 2022 of 
AgRHEA™, a new product line specifically designed for biological 
crop protection formulations.
Food 
trict regulations are in place to ensure global food security 
for a growing population. Consumers are also demanding 
healthier, more natural and bio-based food products.  Solvay 
provides the food and beverage industry with flavors, aromas and 
ingredients to answer these challenges. We are a market reference 
for vanillin and natural vanillin solutions, as well as for sodium 
bicarbonate in the food industry. 
Offering packaging solutions that extend food shelf life
— Minimizing food waste by extending shelf life and improving 
packaging barrier technology is vital. Solvay offers solutions for 
packaging, cleaning-in-place and food contact sanitizing. For 
instance, our High Barrier Polymers, which combine water vapor, 
an oxygen barrier and good heat-sealing properties, provide a 
safe, reliable and convenient packaging solution, and our powerful 
antioxidants significantly extend the shelf life of baked foods, fats, 
and oils.
Rhovanil® Natural: the market reference for 
natural vanillin solutions
Vanillin is the most popular food flavoring in the world. 
However, the vanilla bean’s supply is subject to variable 
availability, price and quality. Solvay’s Rhovanil® Natural 
is a natural vanillin alternative,  obtained through the 
bioconversion of ferulic acid, found in non-GMO rice bran 
oil. The Rhovanil® Natural range allows manufacturers to 
provide the natural flavor that consumers are looking for with 
transparent and reassuring labeling. Our recent investment 
in Suanfarma will enable us to enhance our position in the 
natural vanillin value chain and develop our biotechnology 
capabilities.
* Labeled an Efficient Solution by the Solar Impulse Foundation
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Resources and 
Environment
13% 
of Group sales
olvay’s tailored materials and chemical formulations enable 
the recovery, purification and reuse of natural resources, 
including the air we breathe, the water we use, and the metals 
and minerals on which society depends. With our products, 
industry can meet ever more challenging regulations while improving 
quality of life across the world.
Water and air treatment
— Our solutions to support air and water treatment address 
challenging regulatory requirements and growing concerns over 
the availability of clean water. For example, our researchers have 
developed Udel® PSU to purify water through various treatment 
processes. This high performance polymer can be used to 
manufacture reverse osmosis water treatment membranes, for 
instance, which are essential to removing contaminants and making 
fresh water out of seawater through desalination.

BUSINESS ENVIRONMENT
SOLVAY 2022 ANNUAL INTEGRATED REPORT
SOLVAir®*: for a cleaner and safer environment
SOLVAir® provides simple, innovative and efficient flue gas 
cleaning solutions. This sodium-based sorbent efficiently 
removes acid gases, such as HCl, SOx and HF, from exhausts 
in a range of sectors, including energy from waste, industrial, 
industrial and energy production. SOLVAir® can remove up to 
around 99% of SOx, HF and HCl emissions and we also offer 
SOLVAir® Marine*, a sodium-based exhaust gas treatment 
process for ships using heavy fuel oil. —
Mining: a more efficient use of scarce 
resources
— Solvay’s specialty mining reagents help our mining customers 
improve metal yield while reducing water and energy consumption 
compared to traditional recovery methods. They meet the most 
stringent safety and environmental requirements while reducing 
operating costs in the recovery of many metals and minerals. 
We have also been introducing digital solutions for mining; by 
connecting to customer plant data, Solvay can make more informed 
and quicker process improvement recommendations and provide 
near-real-time reagent formulation services. This results in tailored 
formulations, better dosing and, ultimately, better metal recovery, 
all while reducing water and energy inputs for improved mining 
productivity.
SmartFloat™: our new digital solution for the 
mining industry  
In 2022, we launched  SmartFloat™, a first-of-its-kind digital 
system based on artificial intelligence (AI), which enables more 
efficient and sustainable base metal flotation. SmartFloat™ is 
the latest in Solvay’s connected chemistry offer for the mining 
industry, which aims to harness the power of data to help 
mines make better and faster decisions, increase productivity 
and achieve their sustainability targets. — 
Electronics	
	
	
	
	
	
	
	
6% 
of Group sales
onsumers and industries want multifunctional electronic 
products that are compact, stylish, energy efficient and safe. 
Growing demand for hyperconnectivity, the development 
of 5G and the exponential growth of data are also driving the market, 
resulting in miniaturization, the development of theInternet of 
Things (IoT) and a need for components that consume less energy. 
To facilitate these developments, there is increasing demand for 
materials that operate effectively and safely at high temperatures.
Solutions for semiconductors
— With our extensive technical industry experience and a broad 
product portfolio, Solvay is a leading supplier of specialty polymers 
and chemicals for the semiconductor industry. Our high-performance 
and high-purity polymers for structural and internal parts are used in 
all stages of chip fabrication. They support semiconductor processes, 
providing excellent chemical stability and high heat tolerance, as 
well as the ultra purity required by customers. Our Galden® PFPE 
fluids, for example, act as heat-transfer liquids in high-temperature 
conditions, ensuring the long-term reliability and efficiency of 
advanced semiconductor applications.
We also provide high-purity chemical solutions needed for advanced 
cleaning. This is becoming increasingly important as electronic devices 
become smaller. Our Interox® Pico Plus hydrogen peroxide, which is 
used primarily in the cleaning and etching stages of semiconductor 
chip production, is the market reference in this area.
Solvaclean®*: an environmentally friendly 
cleaning gas for semiconductor tools
Semiconductor chip manufacturers use a variety of gases to 
pattern silicon wafers. After a number of wafers are processed, the 
process chambers must be cleaned. Made from environmentally 
friendly fluorinated gas mixtures that do not remain in the 
atmosphere, Solvaclean® can be used by the semiconductor 
industry as an alternative to usual cleaning options. Not only does 
it help reduce the industry’s climate impact by lowering emissions, 
but as less gas is required for the cleaning process, it is also more 
efficient, helping to save energy and water. Solvaclean® can 
also be used as an environmentally-friendly cleaning gas for the 
production of solar panels. —
C
* Labeled an Efficient Solution by the Solar Impulse Foundation
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Structural components for smart devices
— Smart sensing is driving market growth in smart devices 
and components. This includes smartphones with advanced 
functionalities, such as infinity display, artificial intelligence or 5G. 
Solvay’s Kalix® high-performance polyamide (HPPA) can be used 
instead of metal in products where strength, rigidity, aesthetics and 
unparalleled design flexibility are important, such as mobile phones, 
tablets and laptops. In 2022, we launched our Kalix® 10000 series, 
a partially bio-based material made with renewable feedstock from 
non-food competing sources and produced with 100% renewable 
electricity. Suitable for use in electronic applications with more 
demanding customer requirements, it responds to customer needs 
by delivering on both performance and sustainability.  
facilitating the circular economy. Our low-VOC and low-odor 
solutions help improve air quality, and we contribute to healthy 
living and environments through solutions that are biodegradable 
and free of chemicals such as alkylphenol ethoxylates. 
Protecting resources with high-performance plastics
— With more and more people living in urban areas, there is an 
increasing need for reliable and safe infrastructure. Solvay helps 
to modernize water management through our specialty polymer 
solutions, which can be used in a range of water-related applications, 
such as filtration and plumbing. We also offer UV and thermal 
stabilizers, which help extend the lifetime and appearance of plastics 
used in building and construction applications.
CYASORB CYNERGY SOLUTIONS®: extending 
the life of plastic-based construction materials
Our CYASORB CYNERGY SOLUTIONS® UV stabilizers 
prolong the service life of polyolefin plastic-based construction 
materials, improving their durability by offering optimal 
performance under harsh UV and thermal conditions. Our 
stabilizers enable plastics to successfully replace traditional 
materials – such as wood, bitumen and PVC – lowering end-
product maintenance costs and enhancing sustainability 
profiles. A good example of this is our collaboration with 
3Trees, to help extend the lifetime of building-integrated 
photovoltaic panels (BIPVs) used in roofs, skylights and 
facades. In addition to photovoltaics, Solvay’s stabilizers 
are used in applications ranging from polyolefin roofing 
membranes and geomembranes, to composite decking, 
stadium seats and artificial turf. —
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Building
9% 
of Group sales
uildings represent 40% of the world’s energy consumption. 
Solvay’s solutions answer the growing demand for longer-
lasting residential and commercial buildings that consume 
less energy, facilitate safe water management and enhance user 
well-being.
Energy savings
— Solvay offers insulation, cooling and heating solutions for more 
energy-efficient buildings. We help develop solutions for energy-
saving triple-glazed windows using our soda ash, and provide 
sustainable foaming agents used for insulation.
Improving durability and performance with coating solutions
— We answer paint and coating formulators’ need for improved 
functional performance and sustainability in architectural, industrial, 
ink and adhesive applications with our waterborne solutions. 
Our Sipomer® PAM 600 specialty monomer, for instance, offers 
exceptional corrosion resistance and adhesion to difficult substrates. 
In addition to adhesion, we also provide solutions that improve 
water resistance, pigment dispersion and color development, 
among other functional improvements. By improving durability, 
our coating solutions contribute to longer end-product lifetimes,

BUSINESS ENVIRONMENT
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Industrial applications 
and Chemical industry
18% 
of Group sales
anufacturers must comply with ever-stricter regulations 
and are reliant on innovations to develop more 
sustainable, efficient and competitive processes and 
products. They also face constraints on resources, including 
requirements to reduce energy and water consumption.
Metal and surface treatment
— Solvay creates ingredients and formulates products that modify 
and clean the surface of several metallic and organic substrates, 
improving the performance of finished products and enhancing 
their shelf life. Our additives improve adhesive bonding and paint 
adhesion in organic-to-metal and plastic-to-metal application.
Addibond™*: A unique solution for improving 
adhesive bonding and paint adhesion
Adding Solvay’s Addibond™ to a surface prior to bonding 
improves adhesive strength and enhances durability over time, 
especially in harsh conditions. It also offers Health, Safety and 
Environment (HSE) benefits by enabling a chrome- and heavy 
metal-free process that results in minimal waste while saving 
water and lowering temperature requirements. It can be used 
in various industries, including automotive, where it is currently 
the only technology available that meets the most demanding 
requirements for aluminum-intensive cars. —
* Labeled an Efficient Solution by the Solar Impulse Foundation
74
Industrial and protective coatings
— We have created and formulated specific polymer products 
that can be used to replace metal in harsh conditions. They are 
suitable for highly demanding industrial equipment applications as 
they combine resistance to corrosion, extreme temperatures and 
aggressive chemicals. 
Reactsurf®0092: An eco-friendly surfactant for 
paints and coatings
Waterborne epoxy resin paints and coatings are critical 
for a wide range of industrial applications, such as storage 
tanks, shipping containers, bridges, railcars, metal buildings, 
commercial architecture, water towers and pipes. Solvay’s 
Reactsurf® 0092 surfactant is designed to enhance reactivity 
in emulsification and outperform conventional solvent-
based coatings, while also emitting a much lower of VOCs. 
It offers outstanding corrosion resistance, excellent freeze-
thaw stability and a good sustainability profile, responding 
to the coating market’s need for eco-friendly solutions while 
remaining cost efficient. —
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
75

SUSTAINABLE VALUE CREATION
76
SOLVAY 2022 ANNUAL INTEGRATED REPORT
SOLVAY 2022 ANNUAL INTEGRATED REPORT
SUSTAINABLE VALUE CREATION
76

SUSTAINABLE VALUE CREATION
77
SOLVAY 2022 ANNUAL INTEGRATED REPORT
78 	 Sustainable value 
creation model
80 	
Operating segments and 
Global Business Units
82 	 Value chain
84 	 Progressing with 
our stakeholders
86 	 Ratings
Sustainable value 
creation
VALUE
SUSTAI
NA
BLE
TION
CREA
SOLVAY 2022 ANNUAL INTEGRATED REPORT
SUSTAINABLE VALUE CREATION

SUSTAINABLE VALUE CREATION
78
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Sustainable
value 
creation 
model
SUSTAINABLE VALUE CREATION
78
SOLVAY 2022 ANNUAL INTEGRATED REPORT
In line with our Purpose and our Solvay One 
Planet sustainability program, we are 
committed to optimizing the use of our 
resources to reduce our impact on people 
and the environment. Our G.R.O.W. 
strategy is aligned with global business 
trends that drive growth in our end-
markets, and we are transforming our 
portfolio and leveraging our new Growth 
platforms to meet customers’ needs for 
more sustainable and circular solutions. 
In 2022, we delivered record financial 
results and are advancing on our Solvay 
One Planet sustainability objectives faster 
than planned. We are committed to 
creating even more sustainable value for 
our stakeholders.
1. Excluding hydrid bonds. 2. Excluding the contribution from corporate and business 
services. 3. Recommended to the Shareholders meeting on May 9, 2023. 4. Total emissions 
from Solvay operations. 5. Emissions upstream and downstream in the value chain 
(suppliers and customers). 6. In number of animal or plant species potentially impacted 
in one year. ReCiPe method for biodiversity impact assessment. 7. Our new KPI is 
defined according to the Ellen MacArthur Foundation Circulytics framework. It comprises 
products that are based on recycled or renewable materials, are produced with renewable 
energy, have increased longevity in the use phase or enable recycling at the end of life. 
8. Number of work-related injuries and illnesses (employees and contractors) resulting 
from an accident with severity above first aid, according to US OSHA 29 CFR 1904, per 
200,000 work hours. 9. All employees worldwide S14 grade or below. 10. Solvay Pulse 
survey, November 2022.
RESOURCES WE USE
22,000
Employees
€2.3bn
Personnel expenses 
€1bn
Capex
in continuing 
operations
€8.9bn 
Equity 
attributable to 
Solvay share1
24% 
Women
 €3.6bn 
Underlying 
net debt
Human
Financial
Representing more than 100 nationalities, 47% of our 
employees are located in Europe, 26% in North America, 
9% in Latin America and 18% in Asia and the Rest of the 
World. Another 9% work in Research & Innovation.
We have invested more than €1 billion in growth and 
energy transition projects, and €349 million to develop 
innovative sustainable solutions.
4,450kt 
Raw materials
98PJ 
Energy 
consumption
Natural
Our net energy costs represented about €1.6 billion. 
The Group’s overall raw materials expenses amounted 
to circa €4.6 billion.

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
HOW WE CREATE VALUE
WHERE WE CREATE VALUE
VALUE WE CREATE
€3.2bn 
Underlying  
Ebitda
0.34
Reportable Injury 
and Illness rate8 
(RIIR)
10.3Mt CO2eq. 
Scopes 1 and 24
24.2Mt CO2eq. 
Scope 35
28PJ 
Solid fuels
330Mm3 
Intake of 
freshwater
€4.05 per share
Recommended 2022 
dividend3
27.7%
employees are Solvay 
shareholders
3.3kt 
Sulfur oxides
56kt
Industrial waste not 
treated in a sustainable 
way
9%
Group net sales from 
circular economy7
410 
Core suppliers
€5M 
Group 
donations
€9.5M 
to employees 
most affected by 
inflation
€1.1bn
FCF to Solvay 
shareholders 
from continuing 
operations
26.5% 
Women in mid 
and senior 
management
 5.6kt 
Nitrogen oxides
-5% 
Pressure on 
biodiversity6
55% 
Group net sales 
with sustainable 
solutions
€453M 
Income taxes
€15M 
Global Performance 
Sharing plan9
76% 
Employees feel  
«ok or better»10
8% 
Self-identifying in 
ethnically under-
represented groups10
64.6% 
Response rate to 
Pulse survey10
Economical
Social
Environmental
Air emissions
Greenhouse gas emissions
Unique high-performance polymers and 
composite technologies
Innovative solutions for cleaner mobility (lightweighting, 
batteries, CO2 and energy efficiency), Electronics and 
Healthcare
38% of Group EBITDA2
Our G.R.O.W. strategy is aligned with global business 
trends that drive growth in our end markets.
Our Solvay One Planet sustainability roadmap 
is an integral part of our strategy. It focuses on 
climate, resources and better life.
World leaders in essential chemicals for daily life
Chemical intermediates used in a broad range of 
applications in end markets like Building, Industry, 
Healthcare, Personal and Home Care, Feed and Food
35% of Group EBITDA2
Unique formulation and application expertise
Customized specialty formulations for surface chemistry 
and liquid behavior, maximizing yield and efficiency, and 
minimizing environmental impact. Used in diverse markets 
like Agro, Food, Electronics and Consumer Goods
27% of Group EBITDA2
New customer-centric operating model and 
performance-driven culture
Materials
Chemicals
Solutions
Solvay ONE
G
R
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% of Group sales
24%  
Automotive and 
Aerospace
13%  
Resources and  
Environment
18% 
Industrial 
applications 
and Chemical 
industry
14% 
Agro, Feed and Food
16%  
Consumer Goods, 
Home and Personal 
Care, Healthcare
6% 
Electronics
9% 
Building
Materials
Chemicals
Solutions
Solvay ONE
SUSTAINABLE VALUE CREATION
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SOLVAY 2022 ANNUAL INTEGRATED REPORT

SUSTAINABLE VALUE CREATION
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Operating segments and 
Global Business Units
Chemicals
— CHEMICALS hosts chemical intermediate businesses focused on 
mature and resilient markets. Solvay is a world leader in soda ash 
and peroxides, with the major markets we serve including building 
and construction, consumer goods and food. Our Silica, Coatis and 
RusVinyl businesses are also high-quality assets, holding strong 
positions in their markets.
Soda Ash and Derivatives 
— Solvay is a world leader in the production of soda ash and sodium 
bicarbonate, which we sell primarily to the flat and container glass 
industries, but is also used in detergents and in the pharmaceutical, 
feed and food industries. Our Soda Ash and Derivatives production 
sites are located both in the US (trona) and in Europe ("Solvay" 
process) to serve all continents.
Peroxides 
— Solvay is a market leader in hydrogen peroxide, both in market 
share and technology. Hydrogen peroxide (H2O2) is used mainly by 
the paper industry to bleach pulp and as an intermediate for the 
production of chemicals, such as propylene oxide and caprolactam. 
Its properties are also of interest in a number of other applications, 
including electronics, food, mining and the environment. Solvay 
Peroxides’ advanced production process includes three HPPO* mega 
plants, based on Solvay technology and operated with Joint Venture 
partners.
Silica 
— Solvay’s Silica business is a worldwide innovation leader in Highly 
Dispersible Silica (HDS), which is primarily used  in fuel-efficient and 
performance tires, but is also an essential component in several 
other applications in the home and personal care, and feed and food 
industries. Solvay is the inventor of HDS for tire applications. Our Silica 
business offers global tire manufacturers the broadest HDS portfolio 
available, enabling lower fuel consumption and extended battery range 
in electric vehicles, while also increasing circularity in the industry.
Coatis  
— Coatis provides high-performance solvents, phenols and 
derivatives, polyamide derivatives and smart, functional and 
sustainable yarns and polymers, predominantly for the Latin 
American market. We enjoy an undisputed market leadership 
position in Brazil for phenol and derivatives, which are used in the 
production of synthetic resins employed in foundries, construction 
and abrasives.
Materials
— MATERIALS offers a unique portfolio of high-performance 
polymers and composite technologies that are used primarily in 
sustainable mobility applications. These solutions enable weight 
reduction and enhanced performance, while improving CO2 and 
energy efficiency. Major markets served include next-generation 
mobility in automotive and aerospace, healthcare and electronics.
Specialty Polymers 
— With more than 1,500 products, Specialty Polymers offers the 
widest range of high-performance polymers in the world. This allows 
us to create tailor-made solutions, including pushing the limits of 
metal replacement in the electronics, automotive, aerospace and 
healthcare industries. Specialty Polymers has unparalleled expertise 
in three technologies: aromatic polymers, high-barrier polymers and 
fluoropolymers.
Composite Materials 
— Composite Materials is a top-tier supplier of advanced composite 
and adhesive materials to the aerospace industry. Known for our 
expertise in material formulation and formatting, design and 
process engineering, we deliver optimal solutions that address our 
customers’ need for high-performance, lightweighting, improved 
aerodynamics and lower total costs.
*Hydrogen Peroxide to Propylene Oxide

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Solutions
— SOLUTIONS offers unique formulation and application expertise 
through customized specialty formulations for surface chemistry 
and liquid behavior. These maximize the yield and efficiency of the 
processes in which they are used, while minimizing the eco-impact. 
Novecare, Technology Solutions, Aroma Performance, Special 
Chem, and Oil & Gas Solutions focus on specific areas. These include: 
resources, improving the extraction yield of metals, minerals and oil; 
industrial applications, including coatings; and consumer goods and 
healthcare, including vanillin and guar for home and personal care.
Novecare 
— Novecare is a worldwide leader in specialty chemicals, offering 
a portfolio of customized and sustainable solutions. Our diverse 
teams combine Novecare’s core technologies – surfactants, natural 
and synthetic polymers, and green solvents – with formulation 
know-how and application knowledge to deliver high-performing, 
differentiated solutions across the agro, home and personal care, 
coatings and industrial markets. Novecare’s manufacturing and 
research capabilities are global in reach, with dedicated teams in 
each region to meet local needs and requirements.
Technology Solutions 
— Technology Solutions is a global leader in specialty mining 
reagents, phosphine-based chemistry and solutions for the 
stabilization of polymers. Our portfolio includes world-class, leading-
edge technologies and unrivaled technical service and application 
expertise that supports our customers in developing tailor-made 
solutions. This is particularly true for mining, where Solvay’s products 
allow customers to extract metal concentrates from increasingly 
complex and depleted ores.
Special Chem 
— Special Chem produces fluorine and rare-earth formulations for 
automotive, electronics, agrochemical and construction applications. 
With our industrial know-how, global presence and proximity 
to research and innovation, we position ourselves as a strategic 
partner for the automotive sector, as a producer of materials used in 
emission-control catalysis and aluminum brazing, and as a producer 
of cleaning and polishing materials for semiconductors.
Aroma Performance 
— Aroma Performance is a leading global producer of diphenols 
and the world’s largest integrated producer of vanillin for the food, 
flavors and fragrances industries. We also produce a wide range 
of value-added intermediates used in monomers and polymers, 
pharmaceuticals, agrochemicals and electronics. Aroma Performance 
is strongly committed to supporting consumer demand in the food 
and beverage market by innovating and developing natural solutions 
that address nutrition, naturalness and wellbeing challenges. One 
example is our natural vanillin.
Oil & Gas Solutions 
— Oil & Gas Solutions offers a wide product portfolio in the upstream 
oilfield chemicals sector designed to improve efficiencies and protect 
resources in cementing, stimulation, production and enhanced 
oil recovery applications. Outside of the oilfield, the business 
also produces sodium hypophosphite for metal plating and other 
applications, as well as PROBAN®, a technological process that 
gives durable flame retardant properties to cotton-based textiles.
Corporate and business services
— Corporate and Business Services includes corporate and other 
business services, such as Group research and innovation, or energy 
services, which works to optimize energy consumption and reduce 
CO2 emissions across the Group.

SUSTAINABLE VALUE CREATION
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
ur core activity as a chemical manufacturer 
is the production of synthetic and natural 
ingredients which we are committed to 
produce using processes that have a 
reduced environmental impact. 
Depending on our different business 
models, we are involved upstream in 
the value chain, producing some of the raw materials we use, or 
downstream, processing chemicals or producing formulations. 
To offer more innovative features and bring greater added value to 
customers, we also blend or transform products. Our surfactant and 
solvent formulations, our copolymer blends or compounds in pellet 
form, and our composite materials are all good examples of this.
Solvay collaborates with brand owners and their suppliers to develop 
tailor-made solutions based on our products.
Value chain 
Main inputs
Businesses
Raw 
materials
Production of 
ingredients
Processing/
formulation
End markets
Raw materials
- Minerals
- Fossil-based
- Renewable/ 
recycled
Primary energy
- Fossil (gas, solid, 
liquid)
- Renewable/ 
recycled
Secondary energy
- Electricity
- Heat
- Cooling
MATERIALS
Automotive and Aerospace
Consumer Goods, Home 
and Personal Care, 
Healthcare
Resources and Environment
Agro, Feed and Food
Electronics
Building
Industrial Applications and 
Chemical Industry
Specialty Polymers
Composite Materials
CHEMICALS
Soda Ash and Derivatives
Peroxides
Silica
Coatis
SOLUTIONS
Novecare
Technology Solutions
Special Chem
Aroma Performance
Oil & Gas Solutions
  Fully involved
  Partially involved
  Not involved
  Core activity of the business
Involvement of businesses in production steps
SUSTAINABLE VALUE CREATION
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End-to-end value creation
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Bonding with our suppliers to make the value 
chain more sustainable
 
— In April 2021, we launched our Supplier Engagement Program, 
aimed at encouraging our suppliers and buyers to adopt a 
sustainability mindset. Guided by our Solvay One Planet ambitions, 
we have been engaging with our suppliers to build a greener, more 
agile and resilient supply chain that ensures sustainable shared value 
for all. 
We believe that the best ideas come from working together, so 
we called on our strategic suppliers to share collaborative ideas or 
projects that could help us achieve our goals in five areas: carbon 
footprint; circular economy; waste management; diversity, equity and 
inclusion (DEI); and human rights in the supply chain. This initiative, 
which is unique in our industry, produced around 60 different project 
ideas. Of these, more than 20 innovation projects are now underway, 
focused on areas such as bio-based and recycled sourcing, reducing 
greenhouse gas emissions, waste recovery and human rights. Our 
2022 Solvay Supplier Engagement Day gave us a chance to showcase 
these innovation efforts, fostering longer-term supplier collaboration 
that will improve sustainability across the value chain.
410 
core suppliers
Transforming the supply chain
— Solvay is a founding member of Together for Sustainability (TfS), 
a global procurement-driven initiative that supports chemical 
companies and their suppliers in their efforts to improve sustainability 
performance. 
In September 2022, TfS launched its Product Carbon Footprint 
Guidelines. These provide clear guidance for suppliers and 
corporations on how to calculate, monitor and reduce emissions 
across chemical supply chains. 
To assess how advanced our suppliers are on this topic, and to make 
progress in reaching our Scope 3 target, at the end of 2022 we called 
on our top suppliers to collect and share the product carbon footprint 
(PCF) of the raw materials they supply. A second wave of requests is 
planned for 2023.
We talk to... Fabienne Prost,
DIRECTOR KEY ACCOUNTS, 
GROUPE SÉCHÉ ENVIRONNEMENT	
	
	
	
	
                                                    
 
 
 
 
 
 
 
 
 
Groupe Séché Environnement is a French company 
specializing in environmental services. Our strong partnership 
with them has developed over many years. We share several 
common interests and priorities, including the development of 
the circular economy, the recycling of specific materials, 
the decontamination of polluted soils, the management of 
hazardous waste and the treatment of effluents.
How would you describe your relationship with 
Solvay?
Fabienne Prost — Transparency, responsiveness, innovation, 
synergy between the Solvay and Séché teams, and good 
communication through constructive exchanges are the 
key factors that have enabled us to develop a successful 
relationship based on trust over many years. A good example 
of this relationship is our agreement with Solvay’s Tavaux site 
to manage all their hazardous and non-hazardous waste, and 
to design and operate their biological sludge dehydration unit. 
Following the progress made to implement innovative digital 
solutions and a plan to encourage recycling, we renewed this 
contract for an additional three years in January 2022.
How do Séché and Solvay work together to 
create sustainable value for all?
F.P. — One example is our subsidiary Speichim, which has 
developed a specific loop for recycling some effluents 
produced at Solvay’s Salindres site. This solution enables the 
site to reuse around 800 metric tons of raw materials per year, 
following separation and purification. This allows the site to 
reduce its consumption of raw materials, lower the associated 
costs and improve their carbon footprint. 
Solvay’s solutions go through many different modifications before they become part of our 
everyday lives, including raw materials extraction, production, processing, formulation and 
assembly. We work closely with suppliers, partners, customers and brand owners to share 
knowledge and unlock shared value for all across the value chain. This includes constantly raising 
the bar to reach our sustainability commitments by working together to build a greener, more agile 
and resilient supply chain. In 2022, we not only committed to reducing our Scope 3 emissions, we 
also launched initiatives to strengthen bonds with our suppliers.  
w READ MORE PAGE 38

SUSTAINABLE VALUE CREATION
84
SOLVAY 2022 ANNUAL INTEGRATED REPORT
SUSTAINABLE VALUE CREATION
84
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Customers
f Engaging major customers on common 
high materiality topics
f Direct contact with GBU teams 
(management, R&I, sales, supply chain)
f Close collaboration between Key Account 
Managers and strategic customers
f Rating questionnaires (CDP, EcoVadis)
f Sustainable Portfolio Management (SPM) 
profiles
f Net Promoter Score (digital surveys every 
two years)
f Increasing number of customers  
assessing Solvay’s performance through 
EcoVadis, CDP or specific questionnaires, 
confirming focus on risks and 
opportunities in supply chain
f Increasing number of customers 
expressing need for innovative solutions 
aligned with circular economy
f >150 customers (>25% of sales) require 
Solvay’s EcoVadis evaluation
f Solvay in the top 2% of companies 
assessed by EcoVadis in the chemical 
industry
f Set our goal to reduce Scope 3 GHG 
emissions by 24% by 2030. Our Scope 1, 
2 and 3 targets validated by SBTi in early 
2023
f New growth platform focused on 
Renewable Materials and Biotechnology 
f Partnership with the Ellen MacArthur 
Foundation
f 360° EcoVadis screening identified 
controversies, fines or penalties relating 
to environmental and social issues in the 
last five years
f Reducing Scope 3 emissions linked to 
raw materials and processing, use, and 
end of life of sold products
f Product design and life cycle management
f Customer welfare
f Hazardous materials
Employees
f 
Solvay One Dignity (9 DEI objectives and action plans). 
2022 achievements include assessing and closing 
gender pay gaps; a roadmap to improve inclusion for 
people with disabilities; mentoring programs, including 
300 Solvay women participating in A Effect program; 9 
active Employee Resource Groups (ERGs) and first ERG 
convention; partnerships with NGOs (e.g. Disability:IN); 
more than 100 sites and 40% employees participating in 
Citizen Day on DEI
f 
~28% employees shareholders following launch of first 
employee share plan
f 
€9.5M bonus for employees most affected by inflation
f 
Global Performance Sharing Plan budget for "non-
executive" employees increased to €15M
f 
267,000 hours of employee training 
f 
Employee Assistance Program offers mental health 
support and more to employees and relatives: 1,150 
employees trained in well-being webinars (10 languages)
f 
100% employees covered by collective agreement
f 
Renewal of Solvay Global Forum and Global Framework 
agreements with IndustriAll Global Union
f 
Involving employees in Solvay One Planet initiatives, 
e.g. Stop Office Waste program
f 
Po2 project implementation
f Talent recruitment
f 
Employee engagement on sustainability, from top 
management to shop floor
f Covid-19 crisis management
f Well-being at work
f Impact of inflation on well-being
f 
Employee health and safety
f 
Inclusion and diversity
f 
Employee engagement and well-being
f 
Solvay Solidarity Fund enhancing solidarity between 
employees
f 
Pulse surveys every six weeks on employee well-being, 
one survey per year on Diversity, Equity and Inclusion 
(DEI)
f 
Regular communication between CEO and employees
f 
Digital communication with employees
f Regular dialogue between managers and employees 
f 
Labor relations dialogue with employee representative 
bodies at site, country, European and Group levels. 
Partnership with IndustriAll Global Union
f 
Annual Citizen Day
Investors
f 
Extension of the carbon neutrality targets 
(Scope 3)
f 
Roadmap to phase out fluorosurfactants
f 
Strong investments promoting sustainability of 
our products and processes
f 
Success of employee share purchase plan
f 
Solvay One Dignity DEI roadmap and actions
f 
Dividend increase of €0.20 to €4.05 per share
f 
Capex of €1,022M targeting growth businesses
f 
Commitment to significantly reduce the amount 
of limestone residues released directly into the 
sea at Rosignano, which ended Bluebell Capital 
Partners’ One-Share ESG campaign against 
Solvay
f 
Climate action confirmed as priority topic
f 
Facing challenging environment in key markets
f 
Impact of inflation
f 
Dividend increase of €0.20 to €4.05 per share
f 
Project to separate Solvay into two independent 
listed companies (Po2)  
f 
Record financial performance and consistent 
shareholder rewards
f 
Sustainability and focus on long-term value creation
f 
Strong focus on innovation, governance, ethics and 
transparency
f 
Rapid evolution of sustainability reporting 
frameworks, including the new International 
Sustainability Standards Board in the USA and the 
future European sustainability standards in the CSRD
f 
All high materiality topics
f 
48 events with institutional investors (7 digital 
roadshows, 37 conferences in Europe, North 
America and Asia)
f 
5 webinars to improve understanding of our key 
activities
f 
Responding to rating agency questionnaires, 
credit rating agencies, proxy voting agencies
f 
Participation in diverse shareholder events
f 
One Solvay ESG webinar 
Progressing 
with our stakeholders
HOW WE BOUNDED IN 2022
HIGH MATERIALITY TOPICS
OUR STAKEHOLDERS’ EXPECTATIONS
OUR RESPONSES
OUR CHALLENGES

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SUSTAINABLE VALUE CREATION
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Suppliers
f 2,250 suppliers assessed via EcoVadis 
TfS Audit Program
f Supplier Engagement Program: 
60 collaborative projects collected,  
>20 underway focused on sustainability 
topics
f Partnering with industry leaders to 
develop the next generation of product 
carbon footprint (PCF) assessments and 
accelerate transparency in the value 
chain with customers and suppliers, e.g. 
initiatives from WBCSD PACT and TfS
f Partnership with the Ellen MacArthur 
Foundation
f Mitigate CSR risks in our supply chain 
through due diligence and traceability
f Reduce Scope 3 greenhouse gas 
emissions linked to raw material 
extraction and processing
f Increased collaboration on goal setting, 
strategic thinking and sustainability 
f Supply chain and procurement
f Sourcing of materials and efficiency
f Supplier Key Account Management 
f Supplier commitment to Supplier Code of 
Business Integrity
f Corporate Social Responsibility 
questionnaire
f Third party assessments through EcoVadis 
and TfS
f Supplier Days: a series of events to 
engage suppliers     
Local Communities
f Citizen Day 2022 on DEI: >40% workforce 
and >100 sites globally participated, with 
€50,000 donated to local NGOs
f Solvay Solidarity Fund supported >50 projects 
related to urgent needs (e.g,. flooding) in 
14 countries and donated €1.5M to initiatives in 
Ukraine
f Protecter & Gamble joined our Sustainable Guar 
Initiative 
f Signed a Memorandum of Understanding with local 
authorities in Rosignano, to improve the footprint 
and integration of our site in the surrounding area
f Sensitive handling of social media, which can make 
a local issue global
f Controversies related to effluents or emissions 
f Increased sensitivity to potential exposure to 
substances of concern
f 
Contribution to local material topics
f Sensitivity to local environmental and social issues
f Air quality
f Water and wastewater
f Waste
f Corporate citizenship
f Critical incident risk 
management
f Hazardous materials
f Biodiversity
f 
Engagement at site level through the Star 
Factory program and Solvay One Planet 
initiatives (biodiversity, Stop Office Waste 
program): developing and managing 
relationships with local stakeholders
f Annual Citizen Day at Group level
f Partnership with Wildlife Habitat Council
Planet (NGOs & Government)
f Solvay One Planet targets
f Carbon neutrality before 2050: GHG emissions in 
Scope 1, 2 and 3
f Reporting of corporate metrics in line with UN 
SDGs (WEF initiative)
f Confirmation of SDGs where Solvay can have 
most impact across the value chain:  
— SDGs 7, 13, 14 & 15 on Climate;  
— SDG 12 on Resources; 
— SDGs 3, 6, 8 & 17 on Better Life
f 10 ambitious goals defined through Solvay 
One Planet sustainablility roadmap
f Announced plans for carbon neutrality by 2050
f Unveiled Scope 3 target of -24%
f Acceleration of actions to reduce greenhouse gas 
emissions and address climate change
f Confirmation of United Nations Sustainable 
Development Goals (SDGs) as reference for 
sustainability priorities at planetary scale
f Introduction of metrics describing sustainable 
value creation, as per the World Economic 
Forum’s International Business Council (IBC) work 
on “Toward Common Metrics and Consistent 
Reporting of Sustainable Value Creation”
f Greenhouse gas 
emissions
f Energy
f Biodiversity
f Management of the 
legal, ethics and 
regulatory framework
f Constructive dialogue with public authorities on 
issues of legitimate interest to Solvay
f Participation in global and regional trade 
associations (WBCSD, ICCA, BusinessEurope, 
CEFIC) and scientific organizations (IUCN, SETAC)
f Partnership with the Solar Impulse Foundation
We continued to accelerate on the priorities of our Solvay One Planet sustainability roadmap in 2022. This included 
strengthening bonds with our stakeholders — our customers, employees, investors, suppliers, local communities and the planet 
(governments and NGOs). We listened to their needs and built on their feedback, raising the bar to address our collective impact 
on climate change, natural resources and quality of life. This included working with customers and suppliers to reduce our carbon 
footprint and developing collaborations to create more sustainable and circular solutions.
HOW WE BOUNDED IN 2022
HIGH MATERIALITY TOPICS
STAKEHOLDERS’ EXPECTATIONS
OUR RESPONSES
OUR CHALLENGES

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Solvay is committed to achieving strong ratings in both financial and sustainability indexes. 
Positive ratings help us create a long-term relationship with our stakeholders that is based on 
trust. Agency feedback also has a real impact on our priorities, as it helps us to better 
understand our stakeholders’ key concerns.
Ratings
n previous years we have focused our action plans on 
addressing the common strengths and weaknesses identified 
by the ratings agencies. This allowed us to achieve results in 
the top quartile, and sometimes even the top ten. However, 
questionnaires are evolving and agencies are now sometimes 
assessing the same dimensions differently. This means, for 
example, that while some ratings agencies identify “green 
sales” as a strength for Solvay, based on the use of our 
Sustainable Portfolio Management methodology, others identify it as 
a weakness, because of our limited use of biosourced raw materials. 
Despite these challenges, we continue to take comments from ratings 
agencies very seriously. This includes addressing operational eco-
efficiency and the need to reduce emissions more quickly through our 
Solvay One Planet commitments, which focus on reducing emissions 
and effluents that could impact biodiversity. We have also developed 
an ESG risk management approach for our supply chain, to address 
human rights and environmental impacts across our value chain. 
Solvay’s sustainability reporting recognized by 
the WBCSD
Our 2021 Annual Integrated Report was listed in the top ten 
of the tenth edition of Reporting Matters, the World Business 
Council for Sustainable Development’s (WBCSD) annual 
review of its member companies’ sustainability and integrated 
reports.
“In its Annual Integrated Report, Solvay 
presents a strong value-creation model 
focused on inputs, raw materials, production 
of ingredients, processing and formulation, 
and end markets, clearly mapped across 
different business segments. The report also 
includes detailed mapping of issue boundaries 
against material topics, clearly outlining where 
material issues impact along the value chain 
and the degree to which they are important 
and relevant from a stakeholder and financial 
perspective.” 
REPORTING MATTERS, 
WORLD BUSINESS COUNCIL FOR SUTAINABLE DEVELOPMENT
Our main indexes1
I
1. Last update in March 2023. 2. MSCI ESG Research provides MSCI ESG Ratings 
on global public and a few private companies on a scale of AAA (leader) to CCC 
(laggard), according to exposure to industry-specific ESG risks and the ability 
to manage these risks relative to peers. 3. An international organization, CDP 
analyzes how companies integrate climate change into their strategies.
MSCI2
In 2022, Solvay received a 
rating of A (on a scale of 
AAA-CCC) in the MSCI ESG 
Ratings assessment. Solvay is 
in the top 15% in chemicals.
ISS-ESG
Solvay is rated as a Prime 
Company with a score of B- 
by the ISS-ESG, ranking 
among the leaders in 
chemicals.
Moody’s ESG Solutionstions 
Solvay ranks #6 in the 
chemical industry, with a score 
of 65/100.
BEL® ESG indextions 
Solvay is one of the 20 
companies composing the 
new BEL® ESG
EcoVadis supplier 
sustainability ratings
Solvay is in the top 2% of 
chemical companies rated by 
EcoVadis.
CDP3
Solvay is rated A- by the CDP 
in the 2022 Climate Change 
questionnaire (from F to A) 
and is among the top 8% assessed for 
supplier engagement on climate 
change.
SUSTAINALYTICS
Solvay is rated “Medium ESG 
Risk” by Sustainalytics.

PERFORMANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Performance PERF
OR
MAN
CE
88	
1. Overview of the 
consolidated results
88	
1.1. Financial figures
88	
1.1.1. Key financial figures
89	
1.1.2. Historical key financial data
90	
1.2. Extra-financial figures
93	
2. Preparation background
93	
2.1. Comparability of results & 
reconciliation of underlying Income 
Statement indicators
93	
2.2. Alternative performance metrics 
(APM)
93	
2.3. Description of the operational 
segments	
94	
3. Underlying Group figures
94	
Note B1: Net sales
94	
Note B2: Underlying raw material & 
energy costs
95	
Note B3: Underlying EBITDA	
95	
Note B4: Underlying depreciation & 
amortization
96	
Note B5: Underlying net financial 
charges
96	
Note B6: Underlying income taxes
97	
Note B7: Underlying profit from 
discontinued operations
97	
Note B8: Capex
98	
Note B9: Free Cash Flow
98 	
Note B10: Net working capital
99	
Note B11: Underlying net debt
99	
Note B12: Provisions
100	
Note B13: CFROI
101	
Note B14: ROCE
101	
Note B15: Research & innovation
102	
4. Underlying figures 
per segment
102	
Segment overview
103	
Note B16: Materials
104	
Note B17: Chemicals
105	
Note B18: Solutions
106	
Note B19: Corporate & Business 
Services
106	
5. Reconciliation of 
underlying and IFRS 
measures
	
107	
6. Notes to the figures 
per share
107	
Historical key share data
108	
Note B20: Earnings per share	
108	
Note B21: Dividend
108	
7. Outlook

PERFORMANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Performance
1.	 OVERVIEW OF THE CONSOLIDATED RESULTS 
1.1.	 Financial figures 
1.1.1.	
Key financial figures
IFRS
Underlying
In € million
Notes
FY 2022
FY 2021
% yoy
FY 2022
FY 2021
% yoy
Net sales
B1
13,426
10,105
+32.9%
13,426
10,105
+32.9%
Net operating costs, excluding depreciation  & amorti-
zation
B2
-10,282
-8,066
-27.5%
-10,198
-7,748
-31.6%
EBITDA
B3
3,144
2,038
+54.2%
3,229
2,356
+37.0%
EBITDA margin
 
-
-
-
24.0%
23.3%
+0.7pp
Depreciation, amortization & impairments
B4
-923
-848
-8.8%
-802
-756
-6.1%
EBIT
 
2,221
1,190
+86.6%
2,426
1,600
+51.6%
Net financial charges
B5
-70
-96
+26.7%
-202
-235
+13.7%
Income tax expenses
B6
-217
-110
n.m
-453
-287
-57.9%
Tax rate
B6
-
-
-
21.8%
23.5%
-1.7pp
Profit from discontinued operations
B7
-
5
n.m.
2
2
-25.7%
Profit/(loss) for the period
 
1,934
989
n.m.
1,772
1,081
+64.0%
(Profit)/loss attributable to non-controlling interests
 
-29
-41
-30.68%
-29
-41
+29.1%
Profit/(loss) attributable to Solvay  shareholders
 
1,905
948
n.m.
1,743
1,040
+67.6%
Basic earnings per share (in €)
B19
18.37
9.15
n.m.
16.80
10.05
+67.3%
of which from continuing operations
B19
18.36
9.11
n.m.
16.79
10.02
+67.5%
Dividend (1)
B20
4.05
3.85
+5.2%
4.05
3.85
+5.2%
Capex in continuing operations
B8
-
-
-
1,022
736
+38.9%
Cash conversion
B8
-
-
-
68.3%
68.8%
-0.4pp
FCF to Solvay shareholders from continuing operations
B9
-
-
-
1,094
843
+29.8%
FCF to Solvay shareholders
B9
-
-
-
1,094
830
+31.8%
FCF conversion ratio
 
-
-
-
34.4%
37.6%
-3.2pp
Net working capital
B10
1,969
1,372
+59.7%
1,969
1,372
+59.7%
Net working capital/sales (2)
B10
-
-
-
12..5%
12.7%
-0.2pp
Net financial debt (3)
B11
1,791
2,149
-16.7%
3,591
3,949
-9.1%
Underlying leverage ratio
B11
-
-
-
1.1
1.7
-33.7%
CFROI
B12
-
-
-
8.1%
6.9%
+1.2pp
ROCE
B13 
-
-
-
16.0%
11.4%
+4.7pp
Research & innovation
B14
-
-
-
349
298
+17.1%
Research  & innovation intensity
B14
-
-
-
2.6%
2.9%
-0.3pp
(1) Recommended dividend for 2022
(2) Net working capital/sales ratio is the average of the quarterly net working capital/sales ratios 
(3) Underlying net debt includes the perpetual hybrids bonds, accounted for as equity under IFRS

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
1.1.2.	
Historical key financial data
As published
In € million
 
2018
2019
2020
2021
2022
Income statement data
 
 
 
 
 
Sales
a
11,299
11,227
9,714
11,434
16,071
Net sales
b
10,257
10,244
8,965
10,105
13,426
Underlying EBITDA
c
2,230
2,322
1,945
2,356
3,229
Underlying EBITDA margin
d
21.7
22.7%
21.7%
23.3%
24.0%
IFRS EBIT
e
986
316
-665
1,190
2,221
Underlying profit for the period
f
1,131
1,113
650
1,081
1,772
IFRS profit for the period
g
897
157
-929
989
1,934
Underlying profit attributable to Solvay share
h
1,092
1,075
618
1,040
1,743
IFRS profit attributable to Solvay share
i
858
118
-962
948
1,905
Cash flow data
 
Capex
j
833
967
643
736
1,022
	-
 of which from continuing operations
k
711
826
611
736
1,022
Cash conversion
l = (c+k)/c
68.1%
64.4%
68.6%
68.8%
68.3%
FCF
m
989
1,072
1,206
1,043
1,255
FCF to Solvay shareholders
n
725
801
951
830
1,094
Balance sheet data
 
 
 
 
Net working capital
o
1,550
1,560
1,108
1,372
1,969
Net working capital/sales
p = µ(o/a)(1)
15.3%
16.0%
14.7%
12.7%
12.5%
Underlying net debt(2)
q = r+s
5,105
5,386
4,198
3,949
3,591
Perpetual hybrid bonds
r
2,500
1,800
1,800
1,800
1,800
IFRS net debt
s
2,605
3,586
2,398
2,149
1,791
IFRS equity
t
10,624
9,625
7,304
8,851
10,664
Equity attributable to non-controlling interests
u
117
110
106
112
61
Perpetual hybrid bonds in equity
v
2,486
1,789
1,787
1,787
1,786
Equity attributable to Solvay share
w = t-u-v
8,021
7,725
5,411
6,953
8,817
Underlying leverage ratio(3)
x = -q/c
2.01
2.00
2.16
1.68
1.11
Other key data
 
 
 
 
CFROI
z
6.9%
6.5%
5.5%
6.9%
8.1%
Research  & innovation
A
352
336
291
298
349
Research & innovation intensity
B = -A/b
3.4%
3.3%
3.2%
2.9%
2.6%
(1) Average of the quarters
(2) Underlying net debt includes the perpetual hybrid bonds, accounted for as equity under IFRS
(3) For the years 2018-2019, as net debt at the end of the period did not yet reflect the net proceeds to be received on the divestment of discontinued operations, whereas 
the underlying EBITDA excluded the contribution of discontinued operations, the underlying EBITDA was adjusted to calculate the leverage ratio. Polyamide’s underlying 
EBITDA was added.

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
The table above presents the historical figures of the Group as published at the reference date. These data have not been affected by possible subsequent 
restatements due to perimeter changes, IFRS/IAS standards evolution, changes in definition of APM, etc.
Over the reference periods, the following main changes have occurred:
2018:
Divestment of Polyamide business still classified as discontinued operations and assets and liabilities held for sale since September 2017.
2019:
Implementation of IFRS 16;
Divestment of Polyamide business still classified as discontinued operations and assets and liabilities held for sale since September 2017. 
2020:
Disposal of the Polyamide business completed on January 31, 2020.
At the end of December 2020, the assets and liabilities related to some businesses have been reclassified as “held for sale” (assets for a total amount of 
€229 million and liabilities for a total amount of €110 million): 
	· the Peroxides sodium chlorate business line and related assets in Povoa (Portugal);
	· the various fluorine chemicals assets in Onsan, South Korea, part of Special Chem;
	· the commodity amphoterics surfactants activities in Novecare;
	· the Peroxides sodium percarbonate business line and related assets in Bad Hönningen (Germany);
	· the Barium Strontium business and the joint venture with Chemical Products Corporation (CPC); and
	· the Process Materials business (part of Composites).
2021:
During 2021, the assets and liabilities related to the following businesses previously classified as “held for sale” were divested: 
	· the Peroxides sodium chlorate business line and related assets in Povoa (Portugal),
	· the various fluorine chemicals assets in Onsan, South Korea, part of Special Chem,
	· the Peroxides sodium percarbonate business line and related assets in Bad Hönningen (Germany),
	· the Barium Strontium business and the joint venture with Chemical Products Corporation (CPC),
	· the Process Materials business (part of Composite Materials), 
	· the Novecare amphoterics surfactants activities, and
	· the Novecare surfactants and anti-oxidants business in Rasal (India).
These divestments lead to a decrease in sales of €220 million in 2021 compared to 2020. There was no material capital gain/loss on these divestments.
On July 1, Solvay announced the closing of the acquisition, from Bayer, of a seed coating business, with facilities in Méréville, France, and tolling 
operations in the U.S. and Brazil. This is a natural extension to Solvay’s own AgRHO® family of sustainable seed boosting solutions (part of Novecare) 
and supports the drive toward more bio-based, sustainable technologies. 
2022:
On May 4, Solvay announced the acquisition of the 20% minority stake of AGC in the Soda Ash JV operated in Green River, WY, USA, building on 
its leadership position in trona-based soda ash production. There were no material events after the reporting period. At a cash purchase price of 
$120 million, this transaction will be significantly value accretive to Solvay, with a post tax cash return on capital in excess of 15%. The transaction is 
expected to be completed on May 4, 2022. 
1.2.	 Extra-financial figures
Since 2019, Solvay has embarked on a sustainability journey that is captured in the Solvay One Planet roadmap, which is an integral element of its 
G.R.O.W. strategy and company Purpose. Structured around the three major categories of climate, resources and better life, Solvay One Planet is a 
roadmap towards a sustainable future that provides shared value for all. Solvay made significant progress on this journey in 2022, accelerating efforts to 
meet stakeholders’ growing expectations. The table below provides an update on Solvay’s progress.

PERFORMANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Climate
2022
2021
Progress 
vs 2018
Comment
2030 target
Align greenhouse gas emissions 
(scopes 1&2) 
with Paris Agreement (Mt)
10.3
-6.4% 
(-4% structural)
11.0
-19%
(-15% structural)
Progress at 2x Paris Agreement
Reduce by  
30%
Phase out coal solid fuels (a) (Petajoules)
28
27
-15%
4 plants exiting coal
Exit 5 plants
Biodiversity
(year on year) 
-5%
-13%
-28%
Global Biodiversity score 
improved
Reduce 
negative 
pressure by 
30%
Resources
2022
2021
Progress 
vs 2018
Comment
2030 target
Sustainable solutions 
% of Group sales
55%
50% (b)
+5%
Acceleration driven by growth 
in Materials and Solutions
 Achieve 65%
Circular economy  
% of Group sales
9%
8% (c) 
n.a
Progress rapidly approaching 
2030 target
More than 
double (10%)
Non-recoverable industrial waste (Kt)
56
58
-36%
Exceeded 2030 target
Reduce by 30%
 Freshwater Intake (Mm³)
330
315 (d)
-
change in methodology
Reduce by 25%
Better life
2022
2021
Progress 
vs 2018
Comment
2030 target
Safety (Reportable Injury and Illness rate 
- RIIR) (e) 
0.34
0.43
-
Reinforcing safety measures at 
all sites
Aim for zero
Diversity (% of women in middle/senior 
management) (f)
26.5%
25.0%
2.8pp
Increasing trend toward 
parity goals
Achieve 50%
Equity
Publication of gender pay gap in April 2022 and corrective measures in place for 951 people
Inclusion  
High participation in the inaugural Global Employee Share Program
(a) Solid fuels: coal and petcoke used in energy production. Coke and anthracite used in the soda ash production process are not included.
(b) Effective 2022, the internal CO2 price was increased from €75 to €100 per metric ton CO2 eq. As a consequence, the level for 2021 has been restated to 50% (from 53%).
(c) 2021 figure has been restated including the new circularity KPI used in 2022. It comprises products either: based on recycled or renewable materials, produced with re-
newable energy, with increasing longevity in the use phase or enabling recycling at the end of life.
(d)The apparent increase of freshwater withdrawal in 2022 is mainly due to a stricter application of internal reporting rules for freshwater pumped by Solvay but sold to third 
parties. From the 330 million cubic meters for 2022, 30 (9%) is sold to third parties. The total freshwater withdrawal in 2022 is slightly lower than in 2021 (-1.7 million cubic 
meters or -0.5%) at constant scope and methodology.
(e) The definition of the indicator changed in 2020: RIIR replaced MTAR - RIIR: (Reportable Injury & Illness rate): number of reportable injury or illness per 200,000 work hours. 
Scope: Employees and contractors.
(f) 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.
Climate
In October 2021, Solvay announced its plans to reach carbon neutrality on scope 1 and 2 emissions before 2040 for all businesses except Soda Ash & Derivatives 
and before 2050 for Soda Ash & Derivatives. Consequently, the 2030 target for greenhouse gas emissions was upgraded to reduce by -30%, as compared to 
the 2018 baseline. In 2022, Solvay delivered a -19% GHG emissions reduction in four years, of which -15% structural, meaning almost 2x the Paris Agreement. 
As part of its transition to cleaner energy sources, Solvay has also identified 23 additional new emission reduction projects which brings the total number of 
approved projects worldwide to 59. It will represent -3.5 million tonnes of CO2 annually (equivalent to taking 1.9 million cars off the road).
In response to the gas crisis, Solvay temporarily adjusted its energy sourcing strategy. This is reflected in the coal phase-out performance. The phase out 
of coal for energy production has been planned for three soda ash plants in Europe: Rheinberg, Germany; Dombasle, France and Devnya, Bulgaria. With 
the additional phase-out project in the Green River site, US, the Group will cut its global emissions by 9.5% by 2025.
Renewable electricity projects are also advancing. In the US, six businesses and 34 plants are fully supplied by green power, twice as many as in 2021. In 
China, 100% of operations are now supplied with renewable electricity. In Europe, progress continues with significant projects confirmed to switch plants 
in Voikka (Finland), Saint Fons and Tavaux (France) to green electricity. 
Solvay has decreased its global pressure on biodiversity by -28% versus 2018. The overall trend is aligned with 2030 targets, with part of this progress related 
to refinements in the methodology and new local projects implemented. Strong efforts have been implemented to design biodiversity roadmaps in order to 
reduce damage on nature and start regenerating Biodiversity. A list of top 32 sensitive sites has been established, guidelines are being defined with the WildLife 
Habitat Council, and first roadmaps being created.

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Resources
In 2022, the proportion of sales from sustainable solutions reached 55%, a 5% annual increase. It reflects the organic growth in the automotive and battery 
market with Specialty Polymers and Silica, in the agro market with Novecare, in air and water treatments with Peroxides and Soda Ash & Derivatives. 
The group made significant progress in circularity with a 9.3% of its sales of circular products. This result is getting closer to the 2030 target, with part of 
this progress related to methodology improvement. Solvay is already a market leader in some bio-polymers like guar, bio-sourced solvents and natural 
vanillin. Solvay is also investing in a powerful Rare Earths hub in La Rochelle, France to play a proactive role in the recycling of magnets. The collaboration 
between the Materials business and the French startup Carbios on the enzymatic recycling of polymers is another example. Finally, the new Solvay 
growth platform on Renewable Materials and Biotechnology will facilitate the development of safer chemicals, foster more environmentally-friendly 
solutions and enhance circularity.
Innovation to develop more sustainable solutions is a continuous process for Solvay teams partnering with customers to develop tailor-mode solutions. In 
2022 Solvay opened a new Application development center in Alpharetta, Georgia, in the US. The Group is also investing in the upgrade of the 160 year-
old soda ash manufacturing process to reduce the CO2 emissions by 50%, while reducing resource consumption and eliminating limestone residues. A 
pilot is being implemented at the Dombasle, France site. 
In 2022, the apparent increase of freshwater withdrawal in 2022 is mainly due to a stricter application of internal reporting rules for freshwater pumped 
by Solvay but sold to third parties. Solvay launched various water management initiatives to address water scarcity like the creation of a dashboard that 
monitors around 90% of the Group’s daily freshwater intake. Solvay also conducted a review of water risks. Seven sites have designed roadmaps to 
improve their resilience, with the potential to achieve 30 million cubic meters in water intake reduction.
In 2022, Solvay exceeded its 2030 target with a -36% reduction of its non-recoverable industrial waste. Valorization, recycling and use in waste-to-energy 
programs are the key levers to reach the zero waste to landfill target. For example, the calcium fluoride (CaF2)-rich sludge produced at the Panoli site 
(India) is now reused as an additive in a cement plant instead of going to landfill. Another example is in the Augusta US site, where the volume of the 
waste polymer stream has decreased by 76% compared to 2021. Finally, the Collonges site (France) is valorizing the discarded silica by providing to 
customers a new range of products for other uses. 
Better Life
In 2022, the number of injuries has decreased to 0.34 (versus 0.43 in 2021), despite higher production levels. Despite all efforts, a dramatic accident 
occurred. The Group triggered a strong action plan to raise the bar to reach the zero accident target. 
Regarding Diversity, Equity and Inclusion (DEI), major milestones have been achieved this year. The Group took concrete actions to improve pay equity, 
created the “homogeneity index”, achieved parity at the senior management level (SLC) and included the DEI roadmap within the 15% One Planet part 
of the Short Term Incentive. 
Solvay also has nine Employee Resource Groups (ERG), which are grassroots groups led and run by employees that encourage employees to recognize 
and celebrate diversity, which is a critical component to guide the DEI journey. The different ERGs have suggested a DEI pledge that has been signed 
by the entire Senior Leadership Team.
In 2022, more than 100 sites, reaching more than 40% of Solvay’s global workforce, devoted time to improving their awareness of Diversity Equity and Inclusion 
(DEI) as part of Solvay’s One Dignity initiative. Their participation was converted into a €50,000 donation, which will be spent with local charities promoting DEI 
in the 14 countries that had the most participation.
The Group provided support for its employees with €9.5 million to be distributed among the people most affected by inflation. Solvay launched its first 
employee share plan in 2022, achieving an impressive participation rate of 27.7%, which is ahead of the benchmark for similar initiatives. And finally, 
Solvay increased its Global Performance Sharing (GPS) Plan budget to €15 million, for the “non-executive” employees.
In 2022, the Group renewed its Solvay Global Forum and Global Framework agreements with IndustriAll Global Union, the global union for the chemicals 
industry.
More information in the extra-financial report.

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
2.	 PREPARATION BACKGROUND
2.1.	 Comparability of results & reconciliation of underlying Income Statement indicators
In addition to IFRS accounts, Solvay also presents alternative performance indicators (“underlying”) to provide a more consistent and comparable 
indication of the Group’s underlying financial performance and financial position, as well as cash flows. These indicators provide a balanced view of the 
Group’s operations and are considered useful to investors, analysts and credit rating agencies as these measures provide relevant information on the 
Group’s past or future performance, financial position or cash flows. These indicators are generally used in the sector it operates in and therefore serve 
as a useful aid for investors to compare the Group’s performance with its peers. The underlying performance indicators adjust IFRS figures for the non-
cash Purchase Price Allocation (PPA) accounting impacts related to acquisitions, for the coupons of perpetual hybrid bonds, classified as equity under 
IFRS but treated as debt in the underlying statements, for impairments and for other elements that would distort the analysis of the Group’s underlying 
performance. 
2.2.	 Alternative performance metric (APM)
Solvay measures its financial performance using alternative performance metrics, which can be found below. Solvay believes that these measurements 
are useful for analyzing and explaining changes and trends in its historical results of operations, as they allow performance to be compared on a consistent 
basis. Definitions of the different metrics presented here are included in the glossary at the end of this financial report. 
2.3.	 Description of the operational segments
Solvay is organized in the following operating segments:
	· Materials offer a unique portfolio of high-performance polymers and composite technologies used primarily in sustainable mobility applications. 
Its solutions enable weight reduction and enhance performance while improving CO2 and energy efficiency. Major markets served include next-
generation mobility in automotive and aerospace, healthcare and electronics.
	· Chemicals host chemical intermediate businesses focused on mature and resilient markets. Solvay is a world leader in soda ash and peroxides and 
major markets served include building and construction, consumer goods and food. Its Silica, Coatis and RusVinyl businesses are also high quality 
assets with strong positions in their markets.
	· Solutions offer a unique formulation & application expertise through customized specialty formulations for surface chemistry & liquid behavior, 
maximizing yield and efficiency of the processes they are used in while minimizing the eco-impact. Novecare, Technology Solutions, Aroma, Special 
Chem and Oil & Gas focus on specific areas such as resources (improving the extraction yield of metals, minerals and oil), industrial applications (such 
as coatings) or consumer goods and healthcare (including vanillin and guar for home and personal care).
	· Corporate & Business Services includes corporate and other business services, such as Group research & innovation or energy services, whose mission 
is to optimize energy consumption and reduce CO2 emissions.

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
3.	 UNDERLYING GROUP FIGURES 
Note B1: Net sales
Net sales of €13,426 million in 2022 were up +32.9% (+25.6% organically) versus 2021 driven largely by price, and further supported with volume growth. 
Net sales - in € million
FY 2021
10,105
Scope
-70
Forex conversion
+651
Volume & Mix
+137
Price
+2,604
FY 2022
13,426
SALES BY END-MARKET
2022 sales by end-markets (in %)
Materials
Chemicals
Solutions
Solvay
Automotive and aerospace
51%
16%
9%
24%
Electronics
14%
0%
6%
6%
Resources and environment
6%
11%
21%
13%
Agro, feed and food
3%
19%
19%
14%
Consumer goods, healthcare and HPC
12%
21%
14%
16%
Building
5%
12%
9%
9%
Industrial applications and chemical industry
8%
21%
22%
18%
Note B2: Underlying raw materials & energy costs
The overall raw materials expense of the Group amounted to circa €4.6 billion in 2022 (vs. €3.2 billion in 2021). The raw materials expense can be split 
into several categories: crude oil derivatives for 35%, minerals derivatives for 20% (e.g. glass fiber, sodium silica, calcium silicate, phosphorus, sodium 
hydroxide…), natural gas derivatives circa 11%, biochemicals for 8% (e.g. glycerol, guar, fatty alcohol, ethyl alcohol…) and others for 26% (composites...).
Net energy costs represented about €1,639 million (vs .€789 million in 2021). The distribution per region is the following: in Europe (74%) followed by the 
Americas (17%), and Asia and the rest of the world (9%). The main energy sources expense are natural gas for 41% (35% in 2021, and 25% in 2020), coke, 
anthracite, petcoke and coal for 23% (21% in 2021 and 27% in 2020), electricity for 24% (31% in 2021 and 33% in 2020), steam, hydrogen and biomass for 
8% (12% in 2021 and 14% in 2020), and no fuel oil ( 1% in 2021 and 2022). 
More information on the energy efficiency in the Extra-financial section of this Annual Report 4.2. Energy.

PERFORMANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Note B3: Underlying EBITDA
Underlying EBITDA evolution
Underlying EBITDA - in € million
FY 2021
2,356
Scope
-39
Forex conversion
+192
Materials
+348
Chemicals
+109
Solutions
+189
Corporate & business service
+73
FY 2022
3,229
Underlying EBITDA - in € million
FY 2021
2,356
Scope
-39
Forex conversion
+192
Volume & mix
+219
Net pricing
-1,001
Fixed costs
-399
Other
-102
FY 2022
3,229
Structural cost savings reached €79 million for the full year 2022, with €20 million realized in the fourth quarter. For the full year; approximately 60% are 
related to restructuring initiatives, 30% are from productivity and efficiency improvements and 10% of the savings are from indirect spending. 
Underlying EBITDA of €3,229 million was up +37.0% (+28.7% organically) in 2022 versus 2021 driven by increased prices and also supported by modest 
volume increases. The EBITDA margin for full year 2022 was 24.0% driven primarily by increased pricing which more than offset cost inflation. Underlying 
EBITDA in the fourth quarter of €736 million increased +28.6% (+18.7% organically) versus the fourth quarter 2021 also due to price actions. 
Note B4: Underlying depreciation & amortization
Amortization and depreciation & impairment charges were €802 million in 2022, compared to €756 million in 2021.

PERFORMANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Note B5: Underlying net financial charges
In € million
 
FY 2022
FY 2021
Net cost of borrowings
 
-107
-107
Interest on loans & short term deposits
 
17
9
Other gains & losses on net indebtedness
 
3
2
Net cost of borrowings
a
-86
-96
Coupons on perpetual hybrid bonds
b
-82
-82
Interests and realized foreign exchange gains (losses) on the RusVinyl joint venture
c
-15
-16
Cost of discounting provisions
d
-19
-47
Result from equity instruments measured at fair value 
e
-
6
Net financial charges
f = a+b+c+d+e
-202
-235
The variance in the underlying net financial charges is mainly explained by:
	· Higher interest income on loans and deposits (higher volumes and an increase in interest rates)
	· Decreased discounting costs as a result of the applicable discount rates, mainly for post-employment provisions
Note B6: Underlying income taxes
In € million
 
FY 2022
FY 2021
Profit/(loss) for the period before taxes
a
2,224
1,366
Earnings from associates & joint ventures
b
161
159
Interests and realized foreign exchange gains (losses) on the RusVinyl joint venture
c
-15
-16
Income taxes
d
-453
-287
Underlying tax rate
e = -d/(a-b-c)
22%
23%
The 1.7 percentage point decrease is mainly due to a more favorable mix of taxable profit by country.

PERFORMANCE
97
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Note B7: Underlying profit from discontinued operations
Free cash flow from discontinued operations in 2021 amounted to €-12 million, mainly related to the Polyamides (divested in 2020). In 2022, there were 
no discontinued operations. 
Note B8: Capex
(in € million)
 
FY 2022
FY 2021
Acquisition (-) of tangible assets
a
-815
-561
Acquisition (-) of intangible assets
b
-94
-75
Payment of lease liabilities
c
-113
-99
Capex
d = a+b+c
-1,022
-736
    Capex in discontinued operations
e
Capex in continuing operations
f = d-e
-1,022
-736
    Materials
 
-400
-251
    Chemicals
 
-284
-212
    Solutions
 
-242
-172
    Corporate & Business Services
 
-96
-101
Underlying EBITDA
g
3,229
2,356
    Materials
 
1,290
879
    Chemicals
 
1,188
1,009
    Solutions
 
944
701
    Corporate & Business Services
 
-194
-232
Cash conversion
h = (f+g)/g
68.3%
68.8%
    Materials
 
69.0%
71.4%
    Chemicals
 
76.1%
79.0%
    Solutions
 
74.4%
75.5%
Capex in continuing operations was €1,022 million in 2022, an increase of 39% compared to €736 million in 2021.

PERFORMANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Note B9: Free Cash Flow
(in € million)
 
FY 2022
FY 2021
Cash flow from operating activities
a
2,006
1,499
     of which voluntary pension contributions
b
-155
-236
    of which cash flow related to portfolio management
c
-67
-7
Cash flow from investing activities
d
-831
-470
     of which capital expenditures required by share sale agreement
e
-
-
      Acquisition (-) of subsidiaries
f
-
-22
      Acquisition (-) of investments - Other
g
-14
-22
      Loans to associates and non-consolidated companies
h
-23
4
      Sale (+) of subsidiaries and investments
i
94
169
      Recognition of factored receivables
j
-26
-
      Increase/decrease of borrowings related to environmental remediation
k
-
-
     Payment of lease liabilities
L
-113
-99
FCF
m = a-b-c+d-e-f-g-h-i-j+k+l  
1,255
1,043
     FCF from discontinued operations
n
-
-12
FCF from continuing operations
o
1,255
1,056
    Net interests paid
p
-62
-95
    Coupons paid on perpetual hybrid bonds
q
-82
-75
    Dividends paid to non-controlling interests
r
-17
-43
FCF to Solvay shareholders
s = m+p+q+r
1,094
830
    FCF to Solvay shareholders from discontinued operations
t
-
-12
FCF to Solvay shareholders from continuing operations
u = s-t
1,094
843
FCF to Solvay shareholders from continuing operations (LTM)
v
1,094
843
   Dividends paid to non-controlling interests from continuing operations (LTM)
w
-17
-43
   Underlying EBITDA (LTM)
x
3,229
2,356
FCF conversion ratio
y = (v-w)/x
34.4%
37.6%
Free cash flow to shareholders from continuing operations reached €1,094 million. Results reflect higher volumes, margin expansion, and ongoing 
working capital discipline.
Note B10: Net working capital
(in € million)
 
December 31, 2022
December 31, 2021
Inventories
a
2,109
1,745
Trade receivables
b
2,026
1,805
Other current receivables
c
1,629
2,005
Trade payables
d
-2,296
-2,131
Other current liabilities
e
-1,499
-2,051
Net working capital
f= a+b+c+d+e
1,969
1,372
Sales
g
3,907
3,277
Annualized quarterly total sales
h = 4*g
15,626
13,108
Net working capital/sales
I=f/h
12.6%
10.5%
Year-to-date average
j= µ(q1,q2,q3,q4)
12.5%
12.7%
Net working capital over sales improved to 12.5% in 2022, due to the strong focus on working capital management and higher sales.

PERFORMANCE
99
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Note B11: Underlying net debt
(in € million)
 
December 31, 2022
December 31, 2021
     Non-current financial debt
a
-2,450
-2,576
     Current financial debt
b
-510
-773
IFRS gross debt
c=a+b
-2,959
-3,349
Underlying gross debt
d=c+h
-4,759
-5,149
     Other financial instruments (current + non-current)
e
236
259
     Cash & cash equivalents
f
932
941
Total cash and cash equivalents
g=e+f
1,168
1,199
IFRS net debt
I=c+g
-1,791
-2,149
       Perpetual hybrid bonds
h
-1,800
-1,800
Underlying net debt
j=i+h
-3,591
-3,949
Underlying EBITDA (LTM)
k
3,229
2,356
       Adjustment for discontinued operations
l
-
-
Adjusted underlying EBITDA for leverage calculation
m=k+l
3,229
2,356
Underlying leverage ratio
n=-j/m
1.1
1.7
Underlying net financial debt decreased by €358 million in 2022 to €3,591 million, driven by the free cash flow generation in 2022.
Note B12: Provisions
Provisions in 2022 decreased by €503 million to €2,097 million. Higher discount rates and an additional €155 million voluntary contribution to our pension 
assets in Germany were the main drivers of the decrease.
Provisions at the end of 2021 (in € million)
-2,600
Payments
328
Net new liabilities
-336
Unwinding of provisions
-105
Asset return
-631
Additional voluntary pensions contributions
155
Remeasurements
1,092
Changes in scope and other
1
Provisions at the end of 2022
-2,097

PERFORMANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Note B13: CFROI
FY 2022
FY 2021
(in € million)
 
As  
published
Adjust-
ment
As  
calculated
As 
published
Adjustment
As 
calculated
Underlying EBIT
a
2,426
 -
2,426
1,600
 -
1,600
Underlying EBITDA
b
3,229
 -
3,229
2,356
 -
2,356
Underlying Eearnings from 
associates & joint ventures
c
161
 -
161
159
 -
159
Dividends received from asso-
ciates & joint ventures [1]
d
19
-
19
129
-
129
Recurring capex [2]
e = -2.3%*m
- 
 -
-448
- 
 -
-411
Recurring income taxes [3]
f = -28%*(a-c)
- 
 -
-634
- 
 -
-389
Recurring "CFROI" cash flow data
g = b-c+d+e+f
- 
- 
2,005
- 
- 
1,526
Materials
- 
- 
 -
854
 -
 -
570
Chemicals
- 
 -
 -
694
 -
 -
683
Solutions
- 
- 
 -
607
 -
 -
454
Corporate &  
Business Services
 -
- 
 -
-150
 -
 -
-181
Property, plant and equipment
h
5,311
 -
- 
4,943
 -
- 
Intangible assets
i
2,048
 -
- 
2,103
 -
- 
Right-of-use assets
j
474
 -
- 
466
 -
- 
Goodwill
k
3,472
 -
- 
3,379
 -
- 
Replacement value of goodwill & 
fixed assets [4]
l = h+i+j+k
11,306
10,547
21,854
10,891
9,131
20,022
of which fixed assets
m
7,834
11,634
19,468
7,512
10,363
17,875
iInvestments in associates & 
joint ventures [5]
n
809
43
852
637
-71
565
Net working capital [5]
o
1,969
36
2,006
1,372
50
1,422
"CFROI" invested capital
p = l+n+o
- 
- 
24,711
- 
- 
22,009
Materials
 
- 
- 
7,363
- 
- 
6,363
Chemicals
 
- 
- 
7,351
- 
- 
6,527
Solutions
 
- 
- 
6,993
- 
- 
6,289
Corporate & Business Services
 
- 
- 
3,064
- 
- 
2,997
CFROI
q = g/p
- 
- 
8.1%
- 
- 
6.9%
Materials
 
- 
- 
11.6%
- 
- 
9.0%
Chemicals
 
- 
- 
9.4%
- 
- 
10.5%
Solutions
 
- 
- 
8.7%
- 
- 
7.2%
[1] Excluding discontinued operations
[2] Currently estimated at 2.3% of replacement value of fixed assets
[3]Currently estimated at 28% of underlying EBIT (27% in 2021)
[4] The adjustment reflects the difference between the estimated replacement value of goodwill and fixed assets, and the accounting value. The changes over time come from 
foreign exchange variations, new investments and portfolio moves. It also reflects the quarterly average over the year.
[5] The adjustment reflects the quarterly average over the year.

PERFORMANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Note B14: ROCE
(in € million)
 
2022  
As calculated
2021  
As calculated
EBIT
a
2,426
1,600
Non-cash accounting impact from amortization & depreciation of 
purchase price allocation (PPA) from acquisitions
b
-149
-150
Numerator
c = a+b
2,277
1,450
WC industrial
d
2,066
1,585
WC Other
e
-60
-138
Property, plant and equipment
f
5,161
4,800
Intangible assets
g
2,146
2,115
Right-of-use assets
h
482
435
Investments in associates & joint ventures
i
852
565
Other investments
j
42
42
Goodwill
k
3,507
3,341
Denominator
l = d+e+f+g+h+i+j+k
14,194
12,745
ROCE
m = c/l
16.0%
11.4%
ROCE has been defined as one of the key performance metrics to evaluate the success of the G.R.O.W. strategy. ROCE for 2022 reached a record level 
at 16.0% versus 11.4% in 2021 and 6.9% in 2020. 
Note B15: Research & innovation
(in € million)
 
FY 2022
FY 2021
IFRS research & development costs
a
-357
-325
Grants netted in Research & development costs
b
33
27
Depreciation, amortization & impairments included in Research & development costs
c
-98
-100
Capex in Research & innovation
d
-57
-46
Research & innovation
e = a-b-c+d
-349
-298
Materials
 
-186
-138
Chemicals
 
-29
-28
Solutions
 
-115
-103
Corporate & Business Services
 
-19
-30
Net sales
f
13,426
10,105
Materials
 
4,075
2,903
Chemicals
 
4,496
3,357
Solutions
 
4,846
3,838
Corporate & Business Services
 
9
7
Research & innovation intensity
g = -e/f
2.6%
2.9%
Materials
 
4.6%
4.7%
Chemicals
 
0.6%
0.8%
Solutions
 
2.4%
2.7%
R&I effort further increased slightly during 2022, compared to 2021.

PERFORMANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
4.	 UNDERLYING FIGURES PER SEGMENT
SEGMENT OVERVIEW
(in € million)
FY 2022
FY 2021
% yoy
% organic
Net sales
13,426
10,105
+32.9%
+25.6%
Materials
4,075
2,903
+40.4%
+32.6%
   Specialty Polymers
3,121
2,173
+43.6%
+36.6%
   Composite Materials
954
730
+30.7%
+21.0%
Chemicals
4,496
3,357
+33.9%
+26.5%
   Soda Ash & Derivatives
2,221
1,509
+47.2%
+40.7%
   Peroxides
773
636
+21.6%
+16.8%
   Coatis
870
745
+16.8%
+5.1%
   Silica
631
467
+35.4%
+30.0%
Solutions
4,846
3,838
+26.3%
+19.6%
   Novecare [1]
1,905
1,546
+23.2%
+15.5%
   Special Chem
1,040
840
+23.8%
+22.9%
   Technology Solutions [1]
740
560
+32.2%
+23.4%
   Aroma Performance
575
473
+21.4%
+14.7%
   Oil & Gas [1]
586
418
+40.3%
+28.9%
Corporate & Business Services
9
7
+31.4%
+41.4%
EBITDA
3,229
2,356
+37.0%
+28.7%
Materials
1,290
879
+46.8%
+36.9%
Chemicals
1,188
1,009
+17.7%
+10.1%
Solutions
944
701
+34.7%
+25.0%
Corporate & Business Services
-194
-232
+16.6%
-
EBITDA margin
24.0%
23.3%
+0.7pp
-
Materials
31.7%
30.3%
+1.4pp
-
Chemicals
26.4%
30.1%
-3.6pp
-
Solutions
19.5%
18.3%
+1.2pp
-
Capex in continuing operations
1,022
736
+38.8%
-
Materials
400
251
+59.4%
- 
Chemicals
284
212
+34.0%
- 
Solutions
242
172
+40.7%
- 
Corporate & Business Services
96
101
-5.1%
- 
Cash conversion
68.3%
68.8%
-0.4pp
-
Materials
69.0%
71.4%
-2.4pp
- 
Chemicals
76.1%
79.0%
-2.9pp
- 
Solutions
74.4%
75.5%
-1.1pp
- 
CFROI
8.1%
6.9%
+1.2pp
- 
Materials
11.6%
9.0%
+2.6pp
- 
Chemicals
9.4%
10.5%
-1.0pp
- 
Solutions
8.7%
7.2%
+1.5pp
-

PERFORMANCE
103
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Research & innovation
349
298
+17.1%
- 
Materials
186
138
+35.0%
- 
Chemicals
29
28
+4.7%
- 
Solutions
115
103
+12.1%
- 
Corporate & Business Services
19
30
-36.6%
- 
Research & innovation intensity
2.6%
2.9%
-0.3pp
- 
Materials
4.6%
4.7%
-0.2pp
- 
Chemicals
0.6%
0.8%
-0.2pp
- 
Solutions
2.4%
2.7%
-0.3pp
- 
(1) Sales of Novecare and Technology Solutions in prior periods have been restated to reflect the creation of an Oil & Gas GBU as from July 1, 2021.
Note B16: Materials segment
(in € million)
FY 2022
FY 2021
% yoy
% organic
Net sales
4,075
2,903
+40.4%
+32.6%
Specialty Polymers
3,121
2,173
+43.6%
-
Composite Materials
954
730
+30.7%
-
EBITDA
1,290
879
+46.8%
+36.9%
EBITDA margin
31.7%
30.3%
+1.4pp
-
EBIT
1,009
637
+58.3%
-
Capex in continuing operations
400
251
+59.4%
-
Cash conversion
69.0%
71.4%
-2.4pp
-
CFROI
11.6%
9.0%
+2.6pp
-
Research & innovation
186
138
+35.0%
-
Research & innovation intensity 
4.6%
4.7%
-0.2pp
-
NET SALES BRIDGE
Underlying - in € million
FY 2021
2,903
Scope
-1
Forex conversion
+171
Volume & Mix
+278
Price
+724
FY 2022
4,075
Sales in the full year 2022 were up +40.4% (+32.6% organically) to €4,075 million driven by record sales levels in Specialty Polymers across all markets, 
further supported by the continuing recovery in commercial aerospace. Full year EBITDA was up +46.8% (+36.9% organically), thanks to the higher 
volumes and pricing which drove 140 basis points margin expansion to 31.7% for the year.

PERFORMANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Note B17: Chemicals
(in € million)
FY 2022
FY 2021
% yoy
% organic
Net sales
4,496
3,357
+33.9%
+26.5%
     Soda Ash & Derivatives
2,221
1,509
+47.2%
-
     Peroxides
773
636
+21.6%
-
     Coatis
870
745
+16.8%
-
     Silica
631
467
+35.4%
-
EBITDA
1,188
1,009
+17.7%
+10.1%
     EBITDA margin
26.4%
30.1%
-3.6pp
 -
EBIT
943
782
+20.6%
-
Capex in continuing operations
284
212
34.0%
-
    Cash conversion
 76.1%
 79.0%
-2.9pp
-
CFROI
9.4% 
10.5% 
-1.0pp
-
Research & innovation
29
28
+4.7%
-
Research & innovation intensity 
0.6%
0.8%
-0.2pp
-
NET SALES BRIDGE
Net sales FY - in € million 
FY 2021
3,357
Scope
-22
Forex conversion
+220
Volume & Mix
-93
Price
+1,035
FY 2022
4,496
Full year 2022 sales in the segment were up +33.9% (+26.5% organically) to €4,496 million due to pricing measures and sustained demand for Soda Ash 
& Derivatives, Peroxides and Silica that were able to more than compensate for softening demand in Coatis. EBITDA in 2022 was up +17.7% (+10.1% 
organically), thanks primarily to pricing. The drop in demand and pricing pressure in Coatis and Rusvinyl caused EBITDA margins to decrease to 26.4% 
for full-year 2022.

PERFORMANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Note B18: Solutions 
(in € million)
FY 2022
FY 2021
% yoy
% organic
Net sales
4,846
3,838
+26.3%
+19.6%
     Novecare (1)
1,905
1,546
+23.2%
-
     Special Chem
1,040
840
+23.8%
-
     Technology Solutions (1)
740
560
+32.2%
-
     Aroma Performance
575
473
+21.4%
-
     Oil & Gas (1)
586
418
+40.3%
-
EBITDA
944
701
+34.7%
+25.0%
     EBITDA margin
19.5%
18.3%
+1.2pp
-
EBIT
761
511
+48.8%
-
Capex in continuing operations
242
172
+40.7%
-
    Cash conversion
74.4%
75.5%
-1.1pp
-
CFROI
8.7%       
7.2%       
+1.5pp
-
Research & innovation
115
103
+12.1%
-
Research & innovation intensity 
2.4%
2.7%
-0.3pp
-
(1) Sales of Novecare and Technology Solutions in prior periods have been restated to reflect the creation of an Oil & Gas GBU as from July 1, 2021.
The Oil & Gas GBU was created on July 1, 2021, regrouping activities that were previously included in Novecare and Technology Solutions. The following 
table presents restated figures for these GBUs since the beginning of 2021.
Net sales (in € million)
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Novecare (excl. Oil & Gas)
354
375
384
433
453
506
511
436
Special Chemicals
211
210
209
210
243
285
261
255
Technology Solutions (excl. Oil & Gas)
133
139
145
143
151
207
189
190
Aroma Performance
110
110
119
135
142
167
146
121
Oil & Gas
83
91
107
137
147
143
151
145
Solutions
891
925
964
1,058
1,135
1,309
1,257
1,146
NET SALES BRIDGE
Net sales FY – in € million
FY 2021
3,838
Scope
-47
Forex conversion
+260
Volume & Mix
-51
Price
+845
FY 2022
4,846
Full year 2022 sales were up +26.3% (+19.6% organically) to €4,846 million due mainly to pricing across business lines. Full year EBITDA was up +34.7% 
(+25.0% organically), leading to 19.5% EBITDA margin for the year, up 120 basis points from 2021.

PERFORMANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Note B19: Corporate & Business services
(in € million)
FY 2022
FY 2021
% yoy
% organic
Net sales
9
7
+31.4%
41.4%
EBITDA
-194
-232
+16.6%
-
EBIT
-287
-331
+13.3%
-
Capex in continuing operations
96
101
-5.1%
-
Research & Innovation 
19
30
-36.6%
-
BRIDGE
in € million
FY 2021
7
Scope
-
Forex conversion
-1
Volume & Mix
3
Price
-
FY 2022
9
Corporate and Business services reported a loss of -€27 million to the Group EBITDA in Q4 2022. The +€74 million improvement year over year is mainly 
due to the continued benefits of stabilization of our energy business which recorded a -€34 million one-time loss recorded in Q4 2021 in relation to 
energy supply to third parties. 
5.	 RECONCILIATION OF UNDERLYING AND IFRS MEASURES
In addition to IFRS accounts, Solvay also presents underlying Income Statement performance indicators to provide a more consistent and comparable 
indication of Solvay’s economic performance. These figures adjust IFRS figures for the non-cash Purchase Price Allocation (PPA) accounting impacts 
related to acquisitions, for the coupons of perpetual hybrid bonds classified as equity under IFRS but treated as debt in the underlying statements, and 
for other elements to generate a measure that avoids distortion and facilitates the appreciation of performance and comparability of results over time. 
EBITDA on an IFRS basis totaled €3,144 million, versus €3,229 million on an underlying basis. The difference of €84 million is explained by the following 
adjustments to IFRS results, which are done to improve the comparability of underlying results:
	·  -€322 million in “other operating gains and losses”, for the gains related to the management of the CO2 hedges, not accounted for as Cash Flow 
Hedge, deferred until the maturity of the economic hedge.
	· -€10 million in “Earnings from associates & joint ventures” for Solvay’s share in the financial charges of the RusVinyl joint venture and the foreign 
exchange results on the €-denominated debt of the joint venture, due to the strengthening of the RUB against the EUR over the period.
	· €133 million to adjust for the “Result from portfolio management and major restructuring” (excluding depreciation, amortization and impairment 
elements), includes separation costs incurred for the project aimed at the separation of the Group into two independent, publicly listed companies.
	· €283 million to adjust for the “Result from legacy remediation and major litigations”. Moreover the variation of environmental provisions were impacted 
from the revised assumptions of higher inflation rates.
EBIT on an IFRS basis totaled €2,221 million, versus €2,426 million on an underlying basis. The difference of €205 million is explained by the above-
mentioned €84 million adjustments at the EBITDA level and €121 million of “Depreciation, amortization & impairments”. The latter consist of:
	· €149 million to adjust for the non-cash impact of purchase price allocation (PPA), consisting of amortization charges on intangible assets, which are 
adjusted in "Research & development costs" for €3 million, and in "Other operating gains & losses" for €146 million.
	· -€28 million to adjust for the net impact of impairments reversal reported in “Result from portfolio management and major restructuring” resulting 
primarily from the improved performance of some Special Chem assets. 
Net financial charges on an IFRS basis were €-71 million versus €-202 million on an underlying basis. The €-132 million adjustment made to IFRS net 
financial charges mainly consists of:
	· -€82 million reclassification of coupons on perpetual hybrid bonds, which are treated as dividends under IFRS, and as financial charges in underlying 
results.
	· -€15 million reclassification of financial charges and realized foreign exchange result on the €-denominated debt of RusVinyl as net financial charges.
	· -€59 million for the net impact of increasing discount rates on the valuation of environmental liabilities in the period.
	· €13 million for losses on financial instruments at fair value through P&L

PERFORMANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
 Income taxes on an IFRS basis were -€217 million, versus -€453 million on an underlying basis. The -€237 million adjustment relates to the adjustments 
of the earnings before taxes described above and to the reversal of the impairment of deferred taxes on the goodwill, tangible and intangible assets for 
Oil & Gas in the United States, booked in 2020, based on a reassessment of their recoverability (+€105 million).
Profit / (loss) attributable to Solvay shareholders was €1,905 million on an IFRS basis and €1,743 million on an underlying .basis. The delta of -€162 million 
reflects the above-mentioned adjustments to EBIT, net financial charges and income taxes. There was no impact from non-controlling interests. 
6.	 NOTES TO THE FIGURES PER SHARE
HISTORICAL KEY SHARE DATA
 
 
2017
2018
2019
2020
2021
2022
Number of shares (in 1000 shares)
 
 
 
 
 
Issued shares at end of year
a
105,876
105,876
105,876
105,876
105,876
105,876
Treasury shares at end of year
b
2,358
2,723
2,466
2,718
2,237
2,107
Shares held by Solvac
c
32,511
32,511
32,511
32,622
32,622
32,622
Outstanding shares at the end of the year
d = a-b
103,519
103,154
103,411
103,158
103,640
103,769
Average outstanding shares (basic calculation)
e
103,352
103,277
103,177
103,140
103,527
103,744
Average outstanding shares  
(diluted calculation)
f
104,084
103,735
103,403
103,170
103,788
104,143
Data per share (in €)
 
 
 
 
 
Equity attributable to Solvay share
g = .../d [2]
71.98
77.76
74.70
52.45
67.09
84.97
Underlying profit for the period (basic)
h = .../e [2]
9.08
10.57
10.41
5.99
10.05
16.80
IFRS profit for the period (basic)
i = .../e [2]
10.27
8.31
1.15
-9.32
9.15
18.37
IFRS profit for the period (diluted)
j = .../f [2]
10.19
8.27
1.15
-9.32
9.13
18.30
Gross dividend [3]
k
3.60
3.75
3.75
3.75
3.85
4.05
Net dividend [3]
l = k*(1-…%) [4]
2.52
2.62
2.62
2.62
2.70
2.84
Share price data (in €) [5]
 
 
 
 
 
Highest
m
132.00
120.65
111.45
105.25
118.65
111.65
Lowest 
n
106.30
85.44
82.26
52.82
90.78
76.42
Average
o = v/u
118.69
110.07
95.53
78.95
105.30
91.18
At the end of the year
p
115.90
87.32
103.30
96.88
102.20
94.46
Underlying price/earnings
q = p/h
12.8
8.3
9.9
16.2
10.2
5.6
IFRS price/earnings
r = p/i
11.3
10.5
90.0
-10.4
11.2
5.1
 Gross dividend yield
s = k/p
3.1%
4.3%
3.6%
3.9%
3.8%
4.3%
Net dividend yield
t = l/p
2.2%
3.0%
2.5%
2.7%
2.6%
3.0%
Stock market data [5]
 
 
 
 
 
Annual volume (in 1000 shares)
u
62,642
70,715
65,292
71,670
42,811
53,252
Annual volume (in € million)
v
7,435
7,784
6,238
5,659
4,508
4,830
Market capitalisation, end of year  
(in € million)
w = p*d
11,997.8
9,007.4
10,682.3
9,994.0
10,592
9,812
Velocity
x = u/a
59.2%
66.8%
61.7%
67.7%
40.4%
50.3%
Velocity adjusted for free float
y = u/(a-b-c)
88.2%
100.1%
92.1%
101.4%
60.2%
74.8%
(1) These data are not presented on pro forma basis, i.e: excluding impacts of IFRS16 Leases for 2018.
(2) The numerator can be found under the same label in the historic key financial data table in section 1 of the Business review.
(3) Recommended 2022 dividend, pending General Shareholders meeting on May 9, 2023.
(4) Belgian withholding tax applicable in year of dividend payment, i.e. the following year: 27% in 2016, 30% from 2017 onward.
(5) The stock market data are based on all trades registered by Euronext.

PERFORMANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Note B20: Earnings per share
 
FY2022
FY2021
Profit attributable to Solvay share (in € m)
 
Underlying profit for the period
a
1,743
1,040
Underlying profit from continuing operations
b
1,741
1,038
IFRS profit for the period
c
1,905
948
IFRS profit/(loss) from continuing operations
d
1,905
943
Number of shares (in 1000 shares)
 
Issued shares at end of year
e
105,876
105,876
Treasury shares at end of year
f
2,107
2,236
Outstanding shares at the end of the year
g = e-f
103,769
103,640
Average outstanding shares (basic calculation)
h
103,744
103,527
Average outstanding shares (diluted calculation)
i
104,143
103,788
Data per share (in €)
 
Underlying profit for the period (basic)
j = a/h
16.80
10.05
Underlying profit from continuing operations (basic)
k = b/h
16.79
10.02
IFRS profit for the period (basic)
l = c/h
18.37
9.15
IFRS profit from continuing operations (basic)
m = d/h
18.36
9.11
IFRS profit/loss for the period (diluted)
p = c/i
18.30
9.13
IFRS profit from continuing operations (diluted)
q = d/i
18.29
9.09
Note B21: Dividend
The Board of Directors decided to recommend to the General Shareholders’ Meeting of May 9, 2023 the payment of a total gross dividend of €4.05 per 
share. The dividend for the fiscal year 2022 is in line with the Group’s dividend policy of maintaining a stable to increasing dividend whenever possible 
and, as far as possible, never reducing it.
Given the interim dividend of €1.54 gross per share, with 30% withholding tax, paid on January 18, 2023, the balance of the dividend in respect of 2022, 
equals €2.51 gross per share, which will be paid on May 17, 2023, provided prior agreement by General Shareholders Meeting.
7.	 OUTLOOK 
In the context of the current macro environment, we expect volumes to be softer in certain key markets. As a result full-year underlying EBITDA is currently 
estimated between -3% and -9% versus 2022. Free Cash Flow is estimated at around €750 million reflecting the current cycle of growth investments that 
is underway.

GOVERNANCE
109
SOLVAY 2022 ANNUAL INTEGRATED REPORT
112 	
1. Introduction
112 	
2. Capital, shares and 
shareholders
116 	
3. Board of Directors and 
Board Committee 
128 	
4. Executive leadership 
Team (ELT)
130 	
5. Remuneration report
148 	
6. Main characteristics of 
risk management, internal 
control and internal audit
151 	
7. External audit
151 	
8. Items to be 
disclosed pusuant 
to article 34 of 
the Belgian royal 
decree of  
November 14, 
2007
Corporate governance 
statement
VER
GO
NAN
CE
TEM
STA
ENTS

GOVERNANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Corporate Governance 
Statement
Highlights of the year
Board of Directors
In 2022, Solvay’s Board of Directors continued to provide effective oversight of the Executive Leadership Team (ELT), constructive input and support on 
a range of relevant matters covering strategic, sustainability and operational priorities. The Board met with the ELT nine times during the period under 
review. The Board supported the ELT in the delivery of strong results and in ensuring that Solvay remains on track to meet strategic and transformational 
objectives. This strategic performance was achieved in a complex geopolitical context. The Board ensures that sustainable value is created for all 
shareholders. 
Following thorough evaluation of a range of strategic options to unlock and accelerate value creation, the Board decided to review plans to separate 
Solvay into two independent publicly listed companies, currently known as EssentialCo and SpecialtyCo. The separation will gather similar business 
models into separate companies, differentiate capital structures as well as strategic objectives to enhance strategic focus and accelerate value-accretive 
sustainable growth. It will build on the strong foundations established in recent years, and benefit of all stakeholders, including shareholders, customers 
and employees. Solvac SA, Solvay’s reference shareholder, has publicly communicated its support for the separation project. For further details, please 
refer to the introduction section of this Annual Integrated Report.
In addition to core strategic and financial objectives, business performance reviews at Board level take also into account progress on Solvay’s One Planet 
sustainability roadmap, and all key business decisions integrate relevant non-financial Environmental, Social and Governance (ESG) considerations. 
As part of their Continuous Training Program, the Board visited Solvay’s Spinetta Marengo site, in Italy, which gave them an opportunity to test and 
experience many aspects of the Group’s transformation at a key industrial site. This included seeing how talents are grown and developed, and how cost 
improvements and safety in operations are driven, as well as gaining an insight into continuous process innovation, growth projects, and sustainability 
challenges and opportunities at the site. 
Main decisions taken by the Board during the period under review include, but are not limited to:
	· Review of plans to separate Solvay into two independent publicly listed companies (Power of Two, Po2), marking the next phase of Solvay’s transformation. 
	· Extension of the carbon neutrality targets, with a commitment to decrease Solvay’s indirect Scope 3 emissions by 24%. This development was supported 
by the ESG Committee that was created in 2021. 
	· Announcement of the phase-out roadmap for fluorosurfactants in Italy, following a similar move in the US in 2021.
	· Investment in the electric vehicle (EV) batteries (in France, China and the US), semiconductor and natural ingredients industries, and in expanding soda 
ash capacity. 
	· Approval of supplementary financial remuneration for more junior employees to help combat unprecedented increases in the cost of living, with 
around €9.5 million in the form of one-time bonuses and a 50% increase in the Global Performance Sharing Plan budget, which now totals €15 million. 
	· Election of two new, independent Board members at the 2022 Shareholders Meeting, increasing the Board’s independence and diversity.
	· A new Remuneration Policy, submitted to the vote of the 2022 Shareholders Meeting, which reflects strategic priorities and global best practices. 
	· Strong support from the Board for the CEO and management team to accelerate decisions to invest in promoting the sustainability of our product 
portfolio, our facilities and the well-being of our employees, and in particular in our soda ash operations in Rosignano, Italy.

GOVERNANCE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Executive Leadership Team (ELT)
2022 was a unique year with the announcement that Solvay is reviewing plans to separate the Company into two independent publicly listed companies. 
The ELT has mobilized a dedicated task force, led by a highly-experienced and dedicated team, with the intention to deliver on the separation during 
the second half of 2023, subject to general market conditions and to meeting a number of customary conditions, including shareholder approval at an 
extraordinary general meeting. This approach was chosen to ensure that business and functional leadership remain focused on operational delivery and 
are not distracted by matters best handled by the separation task force. 
The macroeconomic and geopolitical context in 2022 was extremely complex. Covid-19 continued to impact operations in some jurisdictions, while 
exceptionally high inflationary pressures impacted costs. Logistic and supply chain dislocations and challenges affected certain markets, and the 
ramifications of the war in Europe could easily have threatened the supply of energy and raw materials, thereby undermining business continuity. 
Consequently, the ELT promoted a sharp organizational focus to preserve operational resilience, equally intensify customer interactions and preserve 
pricing power to protect margins. The ELT frequently interacted with the extended business and functional leadership teams collectively. The ELT met 
twelve times in person in 2022. The ELT members shared information which helped to align priorities allowing Solvay to deliver excellent performance.
We also continued to focus on cash generation in 2022. This helped support important investments, laying the foundations for superior and sustainable 
growth. Extensive progress was made in relation to our Solvay One Planet targets, especially with our new Scope 3 commitments, an innovative 
breakthrough in the soda ash production process that will now proceed to pilot phase and the phasing out of fluorosurfactants. In addition, progress 
has been made in advancing our Group’s diversity, equity and inclusion mindset. This includes a number of concrete initiatives, such as the adoption of 
a plan to close gender pay gaps. 
SOLVAY EXECUTIVE LEADERSHIP TEAM AT YEAR 2022
6
members
5
nationalities
1
woman
12
meetings
in addition to short 
weekly operational 
performance meetings
100%
attendance 
rate
15
directors
Separate Chair 
and CEO
6
new Board members 
appointed over the past 
5 years
14
non executive Board 
Members
SOLVAY BOARD OF DIRECTORS AT YEAR END 2022
7
nationalities
66%
independent
9
meetings
46%
of women
94.4%
attendance 
rate

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1.	 INTRODUCTION 
Solvay SA – headquartered in Belgium and listed on Euronext Brussels and Euronext Paris – is committed to upholding the highest level of Belgian 
governance practices and disclosures. We consistently seek to strengthen our corporate governance practices and disclosures, emphasizing transparency 
and promoting a culture of sustainable long-term value creation, in line with our Purpose. 
Solvay’s Board is responsible for maintaining the Group’s long-term strategic thinking and for overseeing, challenging and supporting the ELT’s 
implementation of Solvay’s strategy. 
In accordance with Belgian law, Solvay adheres to the principles and provisions of the 2020 Belgian Corporate Governance Code (the “Belgian 
Governance Code”), which is based on a “comply or explain” principle. The English, Dutch and French versions of the Belgian Governance Code can 
be found on the website of the Belgian Corporate Governance Committee. 
Solvay’s Board has adopted a Corporate Governance Charter (the “Charter”). The Charter was last amended on December 11, 2019 and is available 
on Solvay’s corporate website. It describes the main aspects of Solvay’s approach to corporate governance, including the governance structure and the 
internal rules of the Board, the ELT and committees set up by the Board. 
In addition, Solvay publishes a Corporate Governance Statement in the Annual Integrated Report, which includes the information required by the 
Belgian Code of Companies and Associations (hereafter the “Code of Companies and Associations” or “BCCA”) and the Belgian Governance 
Code. The Corporate Governance Statement includes additional factual information regarding Solvay’s corporate governance practices and relevant 
modifications to this, together with details on the remuneration of directors and executives and on relevant events that took place during the preceding 
year. This section of the Annual Integrated Report constitutes Solvay’s Corporate Governance Statement for the year 2022.
2.	 CAPITAL, SHARES AND SHAREHOLDERS 
2.1.	 Capital 
Solvay’s share capital amounts to €1,588,146,240 and comprises 105,876,416 issued shares. No changes were made to Solvay’s capital in 2022.
2.2.	 Solvay shares 
Solvay (SOLB.BE) is listed on Euronext Brussels, which is our primary listing. Solvay has a secondary listing on Euronext Paris. Since September 9, 2021, 
Solvay shares have also been traded over the counter (OTC) as an unsponsored American Depository Receipt (ADR).
Solvay is a member of the BEL20, the main Belgian index. On September 14, 2018, Solvay became part of the CAC Next20 index and is considered to be 
the largest (specialty) chemicals company on Euronext Paris. Solvay shares are part of other major indexes including the BEL Chemicals, STOXX family 
(DJ STOXX, DJ Euro STOXX, STOXX Europe 600 chemicals), MSCI index, Euronext 100, Dow Jones Sustainability TM World Index and FTSE4Good 
Index.
During 2022, the average share price at end of day close was €91.18 while the 52-week range was €76.42 to €111.65 (closing price) per share. Solvay’s 
closing share price on December 30, 2022 was €94.46, which represents an increase of 7.5% compared to the end of 2021. 
Average daily trading volume as reported by Euronext was 207,206 in 2022, compared to 165,376 shares in 2021, representing €18.5 million exchanged 
per day. Solvay’s closing share price on December 30, 2022 was €94.46, which represents a decrease of 7.6% compared to the end of 2021. In addition to 
Euronext, there are other alternative trading platforms and dark pools where investors are able to buy and sell Solvay shares. 
We also carried out additional analysis to compare Solvay’s liquidity with indices and peers. Taking into account what the company considers as 
“accessible liquidity”, which includes Euronext and some easily accessible platforms and dark pools, the daily liquidity of Solvay can be expressed as 
61 basis points (bps) of our free float. In comparison, the shares of BEL 20 issuers trades, on average, at 54bps of its daily free float, and the median of 
Solvay peers, including BASF, DSM, AkzoNobel, Croda, Covestro, Umicore, Arkema, EMS, Johnson Matthey, Evonik, Clariant, Lanxess, Victrex, Ashland 
and Hexcel, is 73bps.

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2.3.	 Shareholders 
2.3.1.	
Shareholder structure
As of December 31, 2022, Solvay’s capital was represented by 105,876,416 ordinary shares. As there are no different classes of shares, all Solvay shares 
carry the same rights. Each share comes with the right to one vote, following the “one share, one vote” principle.
Solvay ordinary shares can be held as either: 
	· Registered shares: shares represented by an entry within Solvay’s share registry, managed by Solvay’s Shareholders Service. 
	· Dematerialized shares: shares represented by a book entry in the name of the shareholder with a recognized account keeper or a clearing institution. 
The chart below represents Solvay’s shareholder structure, including the notifications made by shareholders as of December 31, 2022. The transparency 
notifications are required by Belgian law and Solvay’s bylaws when an investor crosses the thresholds of 3%, 5%, 7.5% or any multiple of 5% of Solvay 
voting rights. Unless otherwise indicated, section 2.3.1 of this Annual Integrated Report refers to theoretical voting rights, taking into account all the 
shares to which voting rights are attached, even if the exercise of these rights is suspended.
60
80
100
120
140
200.000
400.000
600.000
800.000
1.000.000
volume
in shares
share 
price in €
JAN. 22
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
JAN. 23
40
0
SOLVAY SHARE PRICES AND TRADING VOLUMES FROM JANUARY 3, 2022 TO DECEMBER 30, 2022.
  Volume
  Price
SHAREHOLDER STRUCTURE
  Solvac
  Blackrock
  SSOM
  Other
64%
2.11%
3.04%
30.81%

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	· Solvac, Solvay’s largest shareholder, gave notice that it held 32,621,583 Solvay shares on March 29, 2021, representing 30.81% of the total number of 
shares issued by Solvay (source: Solvac Annual Report).
	· Blackrock Inc., an institutional investor, gave notice that as of January 27, 2022, it held 3,216,531 Solvay shares, representing 3.04% of the voting rights, 
and 370,633 equivalent financial instruments, representing 0.35% of the voting rights. This amounts to a combined interest in Solvay of 3.39%.
	· Solvay Stock Option Management (SSOM) SRL, a wholly-owned, indirect subsidiary of Solvay, held 2,236,739 Solvay shares representing a total of 
2,11% of the total number of shares issued by Solvay.
	· The remaining shares, comprising approximately 64%, are held by institutional and retail shareholders.
Solvac
Solvay’s largest shareholder is Solvac SA (“Solvac”). Solvac SA is a public limited liability company established under Belgian law, founded in 1983. Its 
annual reports indicate that its primary asset consists of shares in Solvay.
Solvac’s shares are traded on Euronext Brussels. It has approximately 14,000 shareholders. Among these, approximately 2,400 individuals are related to 
the founding families of Solvay and Solvac, which, combined, are reported to hold approximately 77.32% of Solvac shares.
Solvac’s Board expressed its strategic investment objective in Solvay in its 2021 Corporate Governance Statement:
“Solvac supports the development of Solvay’s strategy focused on its transformation towards world leadership in advanced materials and specialty 
chemicals. Solvac supports the Solvay One Planet initiative and its ambitious commitments. Solvac underlines the importance for it to see Solvay 
maintain its policy of stability and, if possible, increasing dividends, as well as prudent financial discipline leading to an investment grade qualification of 
its short and long term debt.”
As of March 15, 2022, Solvac’s Board expressed its support to the Solvay’s project to explore its separation into two independent publicly listed companies.
A relationship agreement with Solvac has not been considered necessary, given Solvac’s stated investment objective and track record of engagement 
with Solvay since its initial investment in 1983. Solvay’s articles of association do not provide for any special director nomination rights for Solvac. 
Solvay Stock Option Management
Solvay Stock Option Management SRL (SSOM) is a wholly-owned indirect subsidiary of Solvay. As of December 31, 2022, SSOM held 2,107,752 Solvay 
shares and 631,124 call options. Those shares and options are held by SSOM on its own account, as part of its strategy to cover the obligations assumed 
by SSOM regarding stock options granted by Solvay to Group senior executives.
The voting rights attached to the shares held by Solvay Stock Option Management are, as a matter of law, suspended.
Employee Share Purchase Plan
Solvay announced the launch of the company’s first employee stock ownership plan in December 2021. By purchasing shares in Solvay, participants 
received a free share on joining the scheme and a matched share for every two Solvay shares purchased. Free and matching shares are subject to a two 
years holding period.
The stock ownership plan, which is subject to a maximum envelope of 250,000 shares in the 2022 plan, is available to all Solvay employees in the 22 
countries in which local regulations permit us to offer it.
The aim of the program is to mobilize thousands of employees to act as entrepreneurs and owners, broadening their perspectives and encouraging 
them to embrace all opportunities to drive the Group’s transformation and to create superior, responsible and sustainable value.
The one-year Employee Share Purchase Program started in November 2022. After two months, 19, 442 shares have been purchased under this plan by 
our employees. More shares will be purchased in the next 10 months.
2.4.	 Relations with investors and analysts
Solvay maintains an open, ongoing and constructive dialogue with the investment community. We always seek to provide pertinent and accurate 
information to ensure understanding of Solvay business and strategy, helping the financial community to make their own informed assessments 
and judgments. Detailed information on our business activities, strategy and financial performance is available through various regulatory and other 
publications, such as the Annual Integrated Report, financial reports and press releases, as well as other media, such as webcasts, which are available on 
our website. 
The Investor Relations team maintains a close relationship with investors throughout the year. The CEO and CFO also prioritize interactions with the 
investment community. Solvay’s teams have been agile and flexible in maintaining these interactions, supplementing the use of digital technologies with 
a return to face-to-face meetings. 
It is important to note that Solvay adheres to the guidelines issued by the FSMA (Belgian Financial Services and Markets Authority) and complies with the 
disclosure obligations defined by Belgian law and contained in the Market Abuse Regulation (EU) 596/2014 (MAR). 
On March 15, 2022, Solvay announced that we were reviewing plans to separate the Company into two independent publicly listed companies. The two 
companies, which are currently referred to as EssentialCo and SpecialtyCo, are expected to be leaders in their industries, each with a clearly defined 
strategic focus, and well-positioned to enhance value for shareholders, customers and team members alike. This strategic intention drove significant 
interest and questions during our interactions with the financial community.

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Solvay’s management team are proactively addressing the desire of the investors and shareholders to deepen their understanding of the key activities 
the Company pursues. After the positive feedback on our ESG webinar in December 2021, which focused on the progress Solvay has made to reduce 
our environmental impact, the company committed to hosting a series of educational webinars to cover key Group activities. These help investors better 
understand the strategic positioning of the main parts of Solvay’s portfolio. In February 2022, the series continued with a focus on the Materials segment 
serving the Automotive industry, which is driven primarily by the trends of lightweighting and electrification. 
Following the announcement of our plans to separate Solvay into two companies, we accelerated this educational webinar series with sessions on 
Solvay’s consumer-facing businesses. This included sessions on our Novecare and Aroma Performance businesses in June 2022, and a webinar about our 
Peroxides business in October 2022. Two webinars also took place in late February 2023, focused on aerospace and defense activities, and on our Soda 
Ash business. These webinars, combined with the planned Capital Market Days presenting the strategy of the two new entities, should help investors 
assess the quality of each entity and its future potential.
Recordings of these webinars are available on the investors section of our website.
2.4.1.	
Interactions with shareholders, Solvac and Solvay founding families
Every shareholder has access to clear, comprehensive, transparent information, tailored to his or her individual needs, through a dedicated section on the 
Solvay website. Solvay also engages with retail banks, regularly interacting with their analysts and participating in events dedicated to private investors.
In 2022, Solvay holds regular meetings with our major reference shareholder, Solvac. The CEO and CFO gave four presentations to Solvac’s Board of 
Directors in 2022, covering the Solvay Group’s half- and full-year results, the project to separate Solvay into two companies and a general overview of 
the Peroxides business. 
In addition, Solvay’s management participated in two events organized by shareholders from Solvay’s founding families to update them on strategy and 
results. A group of 30 shareholders from Solvay’s founding families went to visit the biomass boiler at Solvay’s Rheinberg site in Germany. 
2.4.2.	
Interactions with sell-side analysts
Solvay is covered by 21 sell-side analysts who regularly publish research on the Company. The up-to-date list of analysts can be found on Solvay’s website.
Apart from regular individual meetings, emails and phone conversations, Solvay organizes quarterly conference calls and webinar series between the 
senior management and the financial community, following the publication of the Group’s results. Although specifically geared toward analysts, these 
conference calls are accessible live to all investors, and remain available in the form of a video and transcript on the Solvay website. 
Where opportunities permit, such as when Solvay management undertakes investor roadshows or participates in investor conferences, face-to-face 
meetings with analysts are also periodically arranged in major financial cities, including Brussels, London, Paris, New York and Boston.
2.4.3.	
Interactions with institutional investors
Solvay mainly interacts with institutional investors following the announcement of quarterly, half- and full-year results. In 2022, Solvay participated in 
48 events, 32 of which involved senior management. This included seven digital roadshows and 37 conferences in countries across Europe, North 
America and Asia.
Solvay's CEO and the CFO are present in many of the meetings with the financial community. They discuss different topics, including quarterly earnings 
results, market conditions, the prospects for the current year and the medium-term strategy. Due to the volatility caused by the energy crisis in 2022, 
particular attention was given to pricing power and cost savings, cash and cash conversion, investments in growth areas and in our sites, deleveraging of 
our net debt, maintaining a strong credit rating and sustaining a strong dividend. 
2.4.4.	
Interactions with stewardship teams at shareholders and ESG research providers, including proxy advisors
At least once a year, the CEO, the CFO, the Group General Counsel and Corporate Secretary, the Chief People Officer, the Chief Sustainability and 
Government Affairs Officer, and the Head of Investor Relations meet with the stewardship teams of institutional investors and ESG Research providers, 
including proxy advisors. The purpose of this engagement exercise is to provide an update on Solvay’s key ESG targets, as well as our performance. 
In 2022, topics included: 
	· the strengthening of Solvay’s climate commitments through our new Scope 3 objective; 
	· the actions and investments made to reinforce responsible site management; 
	· innovation in the soda ash production process; 
	· the phasing out of fluorosurfactants globally;
	· the launch of our first global employee share purchase plan. 
Solvay also treats these engagements as an opportunity to understand changes in the methodologies and policies used by the stewardship teams, 
as well as to actively solicit their feedback on how Solvay can improve ESG practices and disclosures. 
During 2022, Solvay engaged with a dozen stewardship teams made up of top shareholders. These meetings were attended by various members of the 
Executive Leadership Team, including Solvay’s CEO.

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3.	 BOARD OF DIRECTORS AND BOARD COMMITTEES 
The Charter defines the role and mission, functioning, size, composition, training and evaluation of the Board. The internal rules of the Board are 
attached to the Charter and are available on Solvay’s corporate website.
3.1.	 The Board of Directors
3.1.1.	
Structure and composition
The composition and functioning of the Board is continuously reviewed to ensure that the right profiles are represented, assisted by the skills and 
experience considered necessary to drive Solvay’s business and sustainability strategy. With a focus on bringing new perspectives, while also strengthening 
its independence, Solvay has continued to refresh the Board through the addition of six new members over the past five years. 
As of December 31, 2022, the Board was composed of 15 directors and had the following attributes:
	· The role of chair and CEO are separated. 
	· Fourteen of the 15 directors on the Board are non-executive, representing diverse competencies, as highlighted in the table below. 
	· Ten of the 15 directors are considered to be independent non-executive directors, according to the criteria defined by the Belgian Governance Code, 
and have been recognized as such by the respective Ordinary Shareholders Meetings during which they were elected. 
	· Six of the 15 directors were appointed in the past five years.
	· The Board's 15 members have a four-year mandate, except for H. Coppens d’Eeckenbrugge (three years) and R. Thorne (one year).
	· Directors represent seven different nationalities.
	· Seven of the 15 directors, including the CEO, are women.
	· The overall meeting attendance by directors in 2022 was 94.4%.
At the Ordinary Shareholder Meeting of May 10, 2022, Mr. Philippe Tournay’s term ended in 2022 and was not renewed. Mr. Pierre Gurdjian and 
Ms. Laurence Debroux were appointed as new Directors of the Board for a four-year team, until the end of the Ordinary Shareholders Meeting to be 
held in May 2026.
At the end of the Ordinary Shareholders Meeting of May 9, 2023:
	· The mandate of Ms. Rosemary Thorne will expire. Her mandate will be proposed for renewal for a limited period of an additional one year, to ensure 
continuity until the completion of Solvay’s potential separation into two independent publicly listed companies. 
	· The mandates of Mr. Charles Casimir-Lambert and Ms. Marjan Oudeman will expire. The mandate of Ms. Marjan Oudeman will be proposed for 
renewal for another four-year term, until the end of the Ordinary Shareholders Meeting to be held in May 2027. Mr. Charles Casimir-Lambert has 
decided not to request the renewal of his mandate. No replacement is foreseen; as a consequence, the number of the Board members will be fourteen.

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✪ Year of first appointment     Presence at Board meetings in 2022
NICOLAS BOËL
Belgian / Born in: 1962 
Non-independent Director 
✪ 1998  9/9
Solvay SA mandates:
Chairman of the Board of Directors; Chairman of the Finance 
Committee; Chairman of the Remuneration Committee; 
 Member of the Nominations Committee
Directorship expiry date: 2025
Diplomas:
MA in Economics from the Université Catholique de Louvain, 
Belgium. 
Master of Business Administration from the College of William and 
Mary, Virginia, USA
Publicly-listed directorships:
Board Member of Sofina SA.
ILHAM KADRI
French-Moroccan / Born in: 1969 
Non-independent Director 
✪ 2019  9/9
Solvay SA mandates:
Chairwoman of the Executive Committee; Member of the 
Finance Committee and Member of the ESG Committee
Directorship expiry date: 2025
Diplomas:
 PhD in Macromolecular Physics-Chemistry from Louis Pasteur 
University, Strasbourg, France.
Degree in Chemical Engineering from l’Ecole des Hauts 
Polymères, Strasbourg, France
Publicly-listed directorships: 
Board Member of A.O. Smith Corporation and L’Oreal SA.
CHARLES CASIMIR-LAMBERT
Belgian / Born in: 1967 
Non-independent Director 
✪ 2007  8/9
Solvay SA mandates:
Member of the Finance Committee
Directorship expiry date: 2023
Diplomas:
MBA from Columbia Business School, New York, USA)/London 
Business School (London, UK). 
Master’s degree (lic.oec.HSG) in Economics, Management and 
Finance from (Universität St. Gallen, Switzerland)
Publicly-listed directorships:
None 
HERVÉ COPPENS D’EECKENBRUGGE
Belgian / Born in: 1957 
Non-independent Director 
✪ 2009  9/9
Solvay SA mandates:
Member of the Finance Committee 
Member of the Audit Committee until May 2022
Directorship expiry date: 2024
Diplomas:
MA in Law from the Université Catholique de Louvain,(Belgium). 
Diploma in Economics and Business from ICHEC (Belgium)
Publicly-listed directorships:
None

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FRANÇOISE DE VIRON
Belgian / Born in: 1955 
Independent Director 
✪ 2013  9/9 
Solvay SA mandates:
Member of the Remuneration, Nominations, ESG Committees 
Directorship expiry date: 2025
Diplomas:
PhD in Science (Physics) from the UCLouvain, Belgium 
Master in Sociology from the UCLouvain, Belgium
Driving Sustainability from the Board Program, IMD, Switzerland
Other roles: 
Professor emeritus at the Faculty of Psychology and Education 
Sciences and Louvain School of Management (Université 
Catholique de Louvain, Belgium). Past President of AISBL EUCEN 
– the European Universities Continuing Education Network.
Publicly-listed directorships:
None
GILLES MICHEL
French / Born in: 1956 
Independent Director 
✪ 2014  8/9 
Solvay SA mandates:
Member of the Finance Committee; of the Remuneration 
Committeee and Chairman of the Nominations Committee 
since March 2018
Directorship expiry date: 2026
Diplomas:
 École Polytechnique (France) 
École Nationale de la Statistique et de l’Administration 
économique (ENSAE), (France) 
Institut d’Études Politiques (IEP), France
Publicly-listed directorships:
Board Member of IBL Ltd. and Valeo SA
ROSEMARY THORNE
British / Born in: 1952 
Independent Director 
✪ 2014  9/9 
Solvay SA mandates:
Chair of the Audit Committee (Chairwoman since May 2018)
Directorship expiry date: 2023
Diplomas:
Honors Degree in Mathematics and Economics from the University 
of Warwick, (UK) 
Fellow of the Chartered Institute of Management Accountants 
FCMA and CGMA
Fellow of the Association of Corporate Treasurers FCT
Other roles: 
Board Member and Chair of Audit Committee of Merrill Lynch 
International (UK), a wholly owned subsidiary of Bank of America.
Publicly-listed directorships:
None
MARJAN OUDEMAN
Dutch / Born in: 1958 
Independent Director 
✪ 2015 8/9 
Solvay SA mandates:
Member of the Audit Committee since May 12, 2015
Directorship expiry date: 2023
Diplomas:
Law Degree from Rijksuniversiteit Groningen, the Netherlands. 
Master’s Degree in Business Administration from the University 
of Rochester New York, USA and Erasmus Universiteit 
Rotterdam (the Netherlands)
Other roles: 
Board Member SHV Holdings and KLM NV
Publicly-listed directorships:
Board Member of UPM-Kymmene Oyi

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AGNÈS LEMARCHAND
French / Born in: 1954 
Independent Director 
✪ 2017  6/9
Solvay SA mandates:
Member of the Remuneration and Nominations Committees 
Directorship expiry date: 2025 
Diplomas:
Ecole Nationale Supérieure de Chimie de Paris, France. 
Chemical Engineering Degree from MIT, Boston, USA. 
MBA from INSEAD, France
Publicly-listed directorships:
Board Member of Compagnie de Saint-Gobain SA and 
bioMerieux SA 
PHILIPPE TOURNAY
Belgian / Born in: 1959 
Independent Director 
✪ 2018  4/5
Solvay SA mandates:
Member of the Audit Committee
Directorship expiry date: 2022
Diplomas:
MA in Economics LSM-UCL, Université Catholique de Louvain, 
Belgium)
International Director Program (IPD) 2020, INSEAD, France
Other roles: 
Vice Chairman of Fondation Tournay Solvay 
Publicly-listed directorships:
None 
MATTI LIEVONEN
Finnish / Born in: 1958 
Independent Director 
✪ 2018  9/9
Solvay SA mandates:
Chairman of the ESG Committee; Member of the Audit and 
Finance Committees
Directorship expiry date: 2026
Diplomas:
BSc (Eng.), Savonia University of Applied Science, Finland. EMBA, 
Aalto University, Finland. 
DSc (Tec.) h.c Aalto University, Finland.
Other roles: 
Former CEO of Oiltanking GmbH and Neste, member of the 
Supervisory Board of Wintershall DEA
Publicly-listed directorships
None
AUDE THIBAUT DE MAISIÈRES
Belgian / Born in: 1975 
Independent Director 
✪ 2020  9/9
Solvay SA mandates:
Member of the Remuneration, Nominations, and ESG 
Committees 
Directorship expiry date: 2024
Diplomas:
MBA from Columbia Business School, New York, USA. 
MSc from the London School of Economics, London, UK. 
MA from the University of La Sorbonne, Paris, France.
Other roles: 
Member of the Investment Committee, The Innovation Fund; 
Director, Paradigm Capital Value Fund SICAV: Director, Sonic 
Womb Productions, London, UK.
Publicly-listed directorships:
None

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EDOUARD JANSSEN
Belgian / Born in: 1978 
Non independent Director 
✪ 2021  9/9
Solvay SA mandates:
Member of the Board and member of the Audit Committee since 
May 2022
Directorship expiry date: 2025
Diplomas:
Master of Science in Finance and Management (Magna cum laude 
and Prix de Barsy), Solvay Brussels School, Belgium.
MBA, INSEAD, (July 2009, France and Singapore) and INSEAD 
IDP-C (2022).
Other roles:
Insead Hoffmann Institute for Business & Society, Gist Impact; 
Trusted Family (co-founder & chair); Ambercycle; Infinite Uptime, 
Solvay Brussels School of Economics and Management (vice-chair)
Publicly-listed directorships:
Financière de Tubize
WOLFGANG COLBERG
German / Born in: 1959 
Independent Director 
✪ 2021  9/9
Solvay SA mandates:
Member of the Audit and Finance Committees
Directorship expiry date: 2025
Diplomas:
PhD in Political Science (Business Administration and Business 
Informatics) from the University of Kiel, Germany
Other roles:
Chairman of AMSilk GmbH (DE); Chairman of Efﬁcient Energy 
GmbH (DE); Board member of Dussur (SA); Chairman of 
Chemicalnvest Holding BV (NL); Industrial Partner of Deutsche 
Invest Capital Partners (DE)
Publicly-listed directorships: 
Board Member of Thyssenkrupp AG, Pernod Ricard SA, and 
Burelle SA
PIERRE GURDJIAN
Belgian / Born in: 1961 
Independent Director 
✪ 2022  3/4
Solvay SA mandates: 
Member of the Remuneration and Nominations Committees
Directorship expiry date: 2026
Diplomas: 
Degree in Commercial Engineering from the Free University of 
Brussels (VUB), Belgium.
MBA from Harvard Business School, USA. 
Other roles:
President of the Board of Directors of the Université libre de 
Bruxelles (ULB); Board Member of Lhoist; Board Member of 
Queen Elisabeth Music Chapel Belgium; 
Co-founder of Belgium’s 40 under 40 societal leadership 
development platform
Publicly-listed directorships:
Board Member of UCB SA
LAURENCE DEBROUX
French / Born in: 1969
Independent Director
✪ 2022  4/4
Solvay SA mandates: 
Member of the Audit Committee
Directorship expiry date: 2026
Diplomas: 
Master degree from HEC Paris, France (1992)
Other roles:
Board Member of Kite Insights (The Climate School) and HEC 
Paris.
Publicly-listed directorships:
Board Member of Novo Nordisk A/S and Exor N.V.

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3.1.2.	
Director skills and qualification matrix
Collectively, the members of the Board bring the wide set of skills and experience required to develop and oversee the Group’s long-term strategy. 
This experience has been aggregated in the Director Skills and Qualification Matrix. The Board’s skills and experience ranges from international industries 
and markets — for many of them at executive level — to functional domains, like human resources.
This Matrix also helps the Nominations Committee, together with the Board, to identify the skills and experience needed to help drive Solvay’s business 
and sustainability strategy when considering new Board members.
Each director’s skills and experience is presented in the Director Skills and Qualification Matrix below.
Chemical 
industry
Finance
Corporate 
Management
Industrial
Research & 
Development
Digital/ 
IT
Human 
Resources
International
 experience
Nicolas Boël
X
X
X
X
X
Ilham Kadri
X
X
X
X
X
X
X
X
Charles Casimir-Lambert
X
X
X
X
X
Hervé Coppens d'Eeckenbrugge
X
X
X
X
Françoise de Viron
X
X
X
X
X
Rosemary Thorne
X
X
X
Gilles Michel
X
X
X
X
Marjan Oudeman
X
X
X
X
X
X
Agnès Lemarchand
X
X
X
X
Matti Lievonen
X
X
X
X
X
X
Aude Thibaut de Maisières
X
X
X
X
X
Edouard Janssen
X
X
X
 
 
 X
 X
Wolfgang Colberg
X
X
X
X
X
X
X
Pierre Gurdjian
X
Laurence Debroux
X
X
X
The table does not include a Sustainable Development column as the ESG matters are incorporated in Corporate Management, Industrial and Human Resources. 
All the Board members are actively engaged on the topic of sustainability, through dedicated Board meetings. The ESG Committee members have strong ESG credentials. 
See more information in 3.1.16.
3.1.3.	
Diversity at Board level
The composition of the Board satisfies the legal requirements applicable in Belgium relating to gender diversity. Furthermore, Solvay not only aims to 
ensure the gender diversity of its directors, but also diversity in age, nationalities, experience, education and skillsets. Details of the qualifications and 
experience of the Board members can be found in sections 3.1.1 and 3.1.2. Solvay’s commitment to diversity at Board level is further evidenced by the 
criteria for appointment of directors listed in section 5.3.2 of the Charter, which is available on Solvay’s corporate website.
3.1.4.	
Functioning of the Board of Directors
In 2022, the Board held nine meetings. Each director’s attendance is shown in the table in section 3.1.1. Structure and composition. All Board members 
attended more than 75% of the Board and Committee meetings they were eligible to attend, with the exception of Agnès Lemarchand. She has been 
a Board member since 2017 and has had a strong attendance record in previous years, but has missed three Board meetings during the period under 
review for personal reasons. However, Agnès Lemarchand provided her written opinion in advance on matters to be discussed at the Board meetings 
she missed, and was also updated with the meeting minutes after each meeting. 
Board discussions, reviews and decisions focused on, but were not limited to:
	·  the annual review of Group strategy; 
	· strategic projects, such as acquisitions, divestments and capital expenditure, capital allocation, financial reporting, the review of Solvay’s sustainability 
initiatives, risk management, intra-group restructuring, Board composition, and the reports and resolution proposals for the Shareholders Meeting.
The Board decided to review plans, announced in March 2022, to separate Solvay into two independent publicly listed companies, marking the next 
phase of Solvay’s transformation. Upon completion, the separation would establish two strong industry leaders that would benefit from the strategic and 
financial flexibility to focus on their distinctive business models, market and stakeholder priorities.

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The Board also remains focused on ESG topics, and the acceleration of our sustainability efforts is supported by the standalone ESG Committee. 
During the period under review, Solvay’s carbon neutrality ambition was reinforced through commitments to decrease indirect emissions — Scope 3 
— by 24% by 2030, and voluntarily phase out the use of fluorosurfactants globally by 2026. The latter will involve manufacturing nearly 100% of Solvay’s 
fluoropolymers without the use of fluorosurfactants, at the Spinetta Marengo site in Italy. Solvay also announced plans to significantly reduce the release 
of limestone residues directly into the sea from the facility in Rosignano, Italy, as well as a long-term objective to invest in a new soda ash production 
process intended to be adopted globally. This new process should enable Solvay to further cut CO2 emissions and reduce any discharge of limestone 
residues to zero by 2050. On the social side, among various other initiatives, the Board supported the launch of a global employee share purchase plan, 
whereby any Solvay employee can invest in Solvay’s future.
The Group’s financial situation and business continuity was closely monitored, especially given the high inflationary context, disruptions caused in the 
logistics and supply chain, and the energy crisis resulting from the war in Europe. As an example, the Board strongly supported the ELT’s decision to 
suspend operations and new investments. Solvay also suspended dividend payments from Rusvinyl, an independent 50:50 joint venture in Russia. 
During 2022, article 7:96 of the Code of Companies and Associations, relating to conflict of interests, was applied by the Board of Directors on several 
occasions. 
On January 25, the procedure was applied with the independent collaboration agreement of the CEO, as follows:
“Ilham Kadri was in a situation of conflict of interest, as set out in article 7:96 of the BCCA, in view of the fact that the contract setting out her remuneration 
was to be discussed. Therefore, she was not present in the room when this item was debated and did not participate in the vote. The Secretary General 
was also absent during the discussion. The Chairman explained that Solvay and Dr. Kadri have entered into a new independent collaboration agreement 
regarding her functions of CEO and member and President of the Comité Exécutif/ELT.
A lot of contextual elements have changed during her first years as a CEO and it seemed appropriate and necessary to reflect these changes into a new 
agreement three years after the first appointment of Dr. Kadri. Therefore this new agreement aims to reinforce and reassert the trust of the Board of 
Directors towards Dr. Kadri. Ultimately this will allow Dr. Kadri and Solvay to further strengthen a mutual and trustworthy relationship. 
In particular, this new convention is addressing the terms and conditions in the context of a departure of Dr. Kadri from Solvay and, in addition, the 
protection of Solvay with reinforced non-compete undertakings in case the collaboration would come to an end. 
The amendments to the fixed and variable remuneration of Dr. Kadri aim to align the agreement to the amendments previously decided for the 
members of the ELT in the context of the new Executive Compensation 2022.
Regarding the new provisions relating to severance pay, the following should be noted:
	· An increase of the severance fee to 18 months of remuneration in case Solvay terminates the agreement, which gives a strong trust signal towards 
Dr. Kadri regarding the continuation of the cooperation in the context of the numerous challenges faced by Solvay. The severance pay is computed on 
the basis of the sum of the fixed and variable remuneration, as well as other benefits (including pension and assistance budget).
	· The introduction of a 12 months non-compete indemnity corresponding to six months of remuneration, computed in the same way as the severance 
fee due in case of termination by Solvay, is now also reinforced in case of termination by Solvay (and not only in case of termination by Dr. Kadri).
	· The amount of the non-compete fee is considered reasonable given the duration of the non-compete and non-solicit period of 12 months.
After review of the advice of the Remuneration Committee, the directors present unanimously approved the revised CEO convention (including for the 
avoidance of doubt, the clauses relating to severance fee).
In accordance with article 7:92 of the BCCA, the provisions on severance fees are entered into under condition precedent of their approval by the next 
Shareholders Meeting. The Company shall also inform the Works Council.”
On February 22, the procedure was applied in relation to decisions regarding the CEO’s remuneration:
“Prior to any discussion or decision by the Board on this agenda item, Ilham Kadri declared that she had a direct financial interest in the implementation 
of the Board's decisions regarding her ex-2021 bonus and 2022 remuneration.
In accordance with Article 7:96 of the Companies and Associations Code, Ilham Kadri withdrew so as not to be present during the Board's deliberations 
on this decision and not to take part in the vote.
The Board established that Article 7:96 of the Companies and Associations Code was applicable to this decision.
The Board had an exchange on the evaluation of the CEO's performance in 2021, and on the score attributed to each of the individual and collective 
objectives, which were unanimously approved.
In line with the recommendation of the Remuneration Committee, the Board sets the CEO's STI 2021 (payable in 2022) at 150% of her Base Salary, i.e. 
€1,875,000. In addition, the Board approved an exceptional grant of €400,000 payable in LTIs to reward the record results of 2021 and the significant 
progress in the transformation of the Company.
The Board congratulates Mrs. I. Kadri on the results achieved in 2021.

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The Board then has an exchange on the basis of market references and sets the CEO's 2022 remuneration:
	· Base Salary: €1,300,000.
	· Bonus: 120% of base salary
	· LTI: amount of LTI 2021: approval of an amount of €1,875,000 to be distributed in Solvay shares when the new remuneration policy will have been 
approved by the Shareholders’ Meeting.
The Board notes that the CEO's 2022 objectives are finalized and submitted for approval. The STI financial objectives will be discussed and approved 
at a later meeting.”
On July 27, the procedure was applied in connection with the CEO targets:
“Dr. Ilham Kadri is directly concerned by the STI targets since it relates to her remuneration. In accordance with Art. 7:96 of the Code of Companies and 
Associations, Dr. Ilham Kadri has therefore declared a conflict of interest within the meaning of that provision.
As a result, the Board discussed the following in the absence of Dr. Ilham Kadri.
The Board unanimously confirmed the following targets for the STI 2022 which had been presented during the March 5 meeting as well as the revised 
2022 STI sustainability share.
On September 28, the procedure was applied in connection with a special incentive linked to the completion of the project separating Solvay into two 
listed companies:
“Hervé Tiberghien reported on the discussions of the last Remuneration Committee on the basis of the pre-read documentation.
He explained that the discussion includes the implementation of the Power of 2 retention and incentive plans, including the individual allocations for 
ELT members.
Dr. Ilham Kadri, being one of the proposed beneficiaries of the retention and incentive plans, declared having a conflict of interest within the meaning of 
Art. 7:96 of the Code of Companies and Associations, and decided not to be present for such discussion topic. The auditor has been informed of such 
conflict of interest.
The key features as presented and discussed at the Remuneration Committee of September, 14 2022 were summarized:
	· The first element, the retention plan is a cash retention bonus with the key aim of retaining key people to (1) drive the Power of 2 project at a time of 
great personal uncertainty; (2) ensure focus can be maintained and avoid distraction; (3) ensuring business continuity. This element was reviewed in the 
remuneration committee of March, 8 2022, and the Board of March, 14 2022.
	· The second element, the incentive element, is a share option plan with a value creation performance condition and aims to: (1) incentivize and drive 
the value creation of the two new companies; (2) recognize exceptional performance; (3) align executive experience with that of shareholders in the 
establishment of the two new companies.
The payout of the retention bonus and the possibility to exercise the stock options are subject to several requirements, including performance 
requirements, as well the specific confirmation of the key features of the retention and incentive plans by the 2023 Ordinary Shareholders Meeting. Such 
key features will be described in the remuneration report.
Having discussed the matter, the Board unanimously confirmed the retention and incentive plans and approved the proposed allocations, in accordance 
with the table set out in the pre-read documentation.
Hervé Tiberghien reported on the discussions of the last Nomination Committee on the basis of the pre-read documentation.
Given that one of the mandate renewal proposals made by the nomination committee concerns Dr. Ilham Kadri, she was absent from the discussions, 
in accordance with article 7:96 of the Code of Companies and Associations.
The mandate of Dr. Ilham Kadri as Chair of the ELT and CEO will expire on January 1, 2023. The Committee recommended to the Board to renew the 
mandate of Dr. Ilham Kadri as ELT Chair and CEO of the company for a period of two years, ending on January 1, 2025. (...). Having discussed the matter, 
the Board unanimously decided to renew the mandate of Dr. Ilham Kadri as ELT Chair and CEO for a period of two years, ending on January 1, 2025.”
3.1.5.	
Evaluation
A Board performance evaluation, facilitated by an external party, is undertaken every two to three years, to gather opinions on how the current Board 
is functioning and identify areas for improvement. A new evaluation was launched by Guberna (Belgian Association for Governance) in Q4 2022. The 
evaluation focused primarily on the composition, succession planning, preparation and functioning of the Board and its committees, and the interactions 
between the Board and the ELT. Sustainability, and Diversity, Equity and Inclusion (DEI) topics were also included in the assessment.
The action plan resulting from the previous evaluation provided the foundation for the Board’s work during the period under review. For example, the 
level, depth and frequency of engagement between the Board and ELT significantly increased both formally and informally. Furthermore, the creation of 
a standalone Board ESG Committee assisted in accelerating Solvay’s sustainability commitments. 
The formal evaluation exercise, which was conducted in February 2023 with the support of an external party, indicates that the Board of Directors of 
Solvay has a high added value in its functioning and in the implementation of its roles. Suggestions as to further developments, including on diversity of 
competencies and experiences, are formulated in the evaluation report.

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3.1.6.	
Induction and continuous Board training
An Induction Program is in place for new directors and is also open to every director who wishes to participate. The program includes a review of the 
Group’s strategy and activities, and the main challenges in terms of growth and competition, a site visit, and a review of finance, research and innovation, 
human resources management, legal context, corporate governance and compliance topics. 
Site visits are part of the Board’s Continuous Training Program. They consist of meetings with management and local teams, business presentations 
and field tours. In September 2022, the full Board visited the Spinetta Marengo site in Italy, where the core business is fluoropolymers, used in electric 
mobility, aeronautics, resource efficiency, healthcare expansion, automotive and digitalization. The Board also visited the Bollate site in Italy, and various 
laboratories, including the Battery Lab and H2 Lab. They were able to measure the significant footprint of Solvay’s research and development activities 
in the world of materials. ESG topics were also discussed during these site visits.
The Board is also actively engaged on the topic of sustainability. Every year, a specific session is organized, dedicated to receiving updates on various 
themes from sustainability teams, so as to better understand the Group’s strengths and weaknesses, and to determine the impact of emerging trends 
on the Group’s business and performance. This year’s training session covered the evolution of sustainability practices and future requirements, risk 
management and Solvay’s improvement potential. 
3.2.	 Board committees
The Board has the following permanent committees: Audit Committee, Finance Committee, Remuneration Committee, Nominations Committee and 
ESG Committee. The principles governing the composition, role and missions of the committees, as well as their internal rules, are set out in the Charter.
The composition of the key committees is regularly reviewed, including whether they meet the expectations of the market and our diverse shareholder 
base. As we continue to refresh the Board, we also consider adding independent members to our committees. As of today, all key committees (Audit, 
Nominations and Remuneration) are composed solely of non-executive directors, a majority of which are independent. More importantly, these 
committees comprise members that have the experience and skills necessary to ensure they deliver on their mandate. 
All mandates will expire in May 2024. There are no changes planned until the project to separate the company is complete.

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Independent 
Director
Audit 
Committee
Finance 
Committee
Remuneration 
Committee
Nomination 
Committee
ESG 
Committee
Mr. Nicolas Boël
Chairman 
Attendance:  
7/7
Chairman 
Attendance: 
5/5
Member 
Attendance:  
3/3
Ms. Ilham Kadri
Member 
Attendance: 
7/7
Member 
Attendance: 
3/3
Mr. Charles-Casimir Lambert
Member  
Attendance: 
7/7
Mr. Hervé Coppens 
d'Eeckenbrugge
Member 
Attendance: 
3/3
Member 
Attendance: 
7/7
Ms. Françoise de Viron
x
Member 
Attendance: 
5/5
Member 
Attendance: 
3/3
Member 
Attendance: 
3/3
Ms. Rosemary Thorne
x
Chairwoman 
Attendance: 
6/6
Mr. Gilles Michel
x
Member 
Attendance: 
7/7
Member 
Attendance: 
5/5
Chairman(1) 
Attendance: 
3/3
Ms. Marjan Oudeman
x
Member 
Attendance: 
6/6
Ms. Agnès Lemarchand
x
Member 
Attendance: 
4/5
Member 
Attendance: 
3/3
Mr. Matti Lievonen
x
Member 
Attendance: 
6/6
Member 
Attendance: 
7/7
Chairman 
Attendance:
3/3
Mr. Philippe Tournay
x
Member 
Attendance: 
3/3
Ms. Aude Thibaut
de Maisières
x
Member  
Attendance: 
2/2
Member 
Attendance: 
2/2
Member 
Attendance: 
2/2
Mr. Edouard Janssen
Member 
attendance:
3/3
Mr. Wofgang Colberg
x
Member (2) 
Attendance: 
6/6
Member (2 
Attendance: 
7/7
Mr. Pierre Gurdjian
x
Member 
Attendance:
2/2
Member 
Attendance:
2/2
Ms. Laurence Debroux
x
Member 
Attendance: 
3/3
Mr. Pierre Gurdjian was appointed as a member of the Nomination and Remuneration Committees after the 2022 Shareholders Meeting.
Ms. Laurence Debroux was appointed as a member of the Audit Committee after the 2022 Shareholders Meeting
Mr. Edouard Janssen was appointed as member of the Audit Committee and replaced Mr. Hervé Coppens d’Eeckenbrugge

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3.2.1.	
The Audit Committee
Composition:
	· Six members. All members are non-executive directors, a majority of whom are independent.
	· All the members fulfill the competency criterion by virtue of the training and the experience they gained in previous functions (see section 3.1.1. regarding 
the composition of the Board of Directors).
	· The secretary is a member of the Group’s internal legal department.
 Meetings:
	· Six meetings took place in 2022, including four before the Board meetings scheduled to consider the publication of periodic results (quarterly, 
semiannual and annual).
	· Meeting attendance was 100%. 
Activities:
	· Review and consider reports from the CFO, the Head of the Group Internal Audit, and the auditor in charge of the external audit, Ernst & Young 
(represented by Ms. Marie Kaisin), who replaces Deloitte (represented by Mr. Michel Denayer and Ms. Corine Magnin) in the course of 2022.
	· During the period under review, the Audit Committee reviewed the independence and effectiveness of the external auditor, Deloitte and Ernst & Young.
	· Examine the quarterly report by the Group General Counsel on significant ongoing legal disputes and reports, including tax and intellectual property 
disputes.
	· Meet with the auditor in charge of the external audit whenever such a meeting is deemed useful.
	· Monitor and assess risk exposure as well as the effectiveness of internal controls and mitigation plans.
	· Meet once a year with the Chairwoman of the ELT. All other Board members are also invited on this occasion, to discuss the major risks facing the 
Group.
3.2.2.	
The Finance Committee
Composition:
	· Seven non-executive directors and the CEO.
	· Mr. Karim Hajjar (CFO) is invited to attend Finance Committee meetings.
	· The secretary is the Group Corporate Secretary.
Meetings:
	· The Finance Committee met seven times in 2022.
	· Meeting attendance was 93.4%.
Activities:
	· Give an opinion on financial matters. This includes the amount of the interim and final dividends, the levels, conditions and currencies of indebtedness, 
monitoring of the credit strength of the Group’s balance sheet, hedging foreign exchange and risks, the hedging policy for our long-term incentive 
plans, the content of financial communication and the financing of major investments.
	· Finalize preparation of press releases announcing the Group’s results.
	· Give opinions on Board policies on the above matters, when called upon.
3.2.3.	
The Remuneration Committee
Composition:
	· Six members. All members are non-executive directors, a majority of whom are independent.
	· The Remuneration Committee has the expertise necessary to perform its mission.
	· The Chairwoman of the ELT is invited to meetings, except in the case of matters that concern her personally.
	· The secretary is the Group Corporate Secretary.
 Meetings:
	· Meetings are prepared by the Group’s Chief People Officer, who attends the meetings.
	· The Remuneration Committee met five times in 2022.
	· Meeting attendance was 92.6%.

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Activities:
The Remuneration Committee fulfills the duties imposed on it by Article 7:100 of the Code of Companies and Associations. It advises the Board of 
Directors on:
	· The preparation of the Company’s remuneration policy and remuneration report.
	· Remuneration levels for members of the Board and the ELT.
	· Remuneration levels across the wider workforce.
	· Remuneration, both the short- and long-term incentives as well as the performance assessment, for the Chairwoman of the ELT.
	· The allocation of long-term incentives (performance share units and stock options) to the Company’s senior management.
	· While fulfilling its tasks, the Remuneration Committee reviews the feedback received from shareholders on the Company’s remuneration practices and 
disclosures. It prepares the annual remuneration report for the Corporate Governance Statement.
3.2.4.	
The Nomination Committee
Composition:
	· Six members. All members are non-executive directors, a majority of whom are independent.
	· The Chairwoman of the Executive Leadership Team is invited to meetings, except in the case of matters that concern her personally.
	· The secretary is the Group Corporate Secretary.
Meetings:
	· Three meetings were held in 2022.
	· Meeting attendance was 94.4%.
Activities:
The Nomination Committee leads the composition review, succession plans, and the nomination process for any proposed appointment or renewal of 
appointments to the Board (chair, committee chair and committee memberships), to ELT positions (chair and members), and to general management 
positions. When reviewing the composition of the Board, the committee takes into account independence and diversity requirements. It also considers 
the feedback received from shareholders regarding the composition of the Board and its key committees. 
Taking into account the results of the externally facilitated Board evaluation process, the Nomination Committee reviewed the composition of the Board 
to ensure that the relevant skills and experience are represented to help oversee Solvay’s long-term strategy while ensuring continuity and stability. 
Continuity and stability, especially in key leadership positions, was a particular focus for Solvay’s Board in 2022, following the announcement of the 
transformation project to create two independent publicly listed companies.
3.2.5.	
The Environmental, Social and Governance (ESG) Committee
The ESG Committee was created in 2021 and is continually evaluated. The members of this committee have acquired the necessary skills and expertise 
through their past experience in areas such as transforming and leading companies toward greater sustainability, human and social aspects, and 
philanthropy and sponsorship. They are assisted by internal and external experts when necessary.
Composition:
	· The ESG Committee comprises five members, including the CEO and non-executive directors.
	· The majority are independent directors.
	· The secretary is the Group Corporate Secretary.
Meetings:
	· The ESG Committee meets three times per year, with one of these meetings including the full Board of Directors. 
	· Meeting attendance was 100% in 2022.
 Activities:
The objective of the ESG Committee is: 
	· to consider the material ESG issues relevant to the Group’s business activities; 
	· to provide guidance and recommendations to the Board on these issues, including for the implementation and potential review of the Solvay One 
Planet sustainability roadmap and the Group’s non-financial reporting; and
	· to be in line with the new Corporate Sustainability Reporting Directive (CSRD), when applicable.
The ESG Committee oversees an annual review of the Group’s ESG policies, progress and effectiveness, taking into account: 
	· relevant risk and opportunity mapping; 
	· the new sustainability developments, and their impact on the Group; 
	· the Group’s current sustainability performance, and main strengths and challenges; and
	· future priorities, opportunities and challenges related to this.

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The results of the committee’s annual review are presented to the entire Board and include the following:
	· Environmental topics, including climate-related risk mitigation, legacy environmental risks and regulatory developments, especially in the chemical 
sector.
	· Social topics, including the health, welfare and careers of Solvay’s employees, contractors, suppliers and the broader communities in which we operate.
	· Governance topics, including oversight of the integration of our ESG commitments into Solvay’s business activities and related internal and external 
reporting, and the effectiveness of engagement with stakeholders, such as investors, research providers (including proxy advisors), experts and 
communities, on ESG-related matters. When appropriate, the ESG Committee also collaborates with other committees with oversight responsibility 
for executive remuneration, talent management, compliance and other shared topics. 
4.	 EXECUTIVE LEADERSHIP TEAM (ELT) 
The role, responsibilities, composition, procedures and evaluation of the Executive Leadership Team are described in detail in the Charter, which is 
available on Solvay’s corporate website.
To accelerate our G.R.O.W. transformation, the ELT decided to create an Operational Leadership Team comprised of heads of businesses. They also 
decided to combine certain businesses and implement additional simplification measures, grouping 17 distinct functions into seven. These changes 
reinforce the accountability of the senior leadership team and will simplify and speed up decision making. 
✪ Year of first appointment     Presence at ELT meetings in 2022
ILHAM KADRI
French-Moroccan / Born in: 1969 
✪ 2019  12/12 
Term of office ends: 2025
Diplomas and main Solvay activities: 
PhD in Macromolecular Physics-Chemistry from Louis Pasteur 
University, Strasbourg, France.
Degree in Chemical Engineering from l’Ecole des Hauts 
Polymères, Strasbourg, France. 
Chairwoman of the Executive Leadership Team  
and CEO
KARIM HAJJAR
British / Born in: 1963 
✪ 2013  12/12 
Term of office ends: 2025
Diplomas and main Solvay activities: 
BSC (Hons) Economics, from The City University, London, UK. 
Chartered Accountancy (ICAEW) qualification
Executive Leadership Team member and CFO

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AUGUSTO DI DONFRANCESCO
Italian / Born in: 1959 
✪ 2018  12/12 
Term of office ends: 2024
Diplomas and main Solvay activities: 
Master’s degree in Chemical Engineering from Pisa University, 
Italy. 
Senior Executive program from London Business School, 
London, UK. 
Member of the Plastics Europe Steering Board.
Executive Leadership Team member and Chief Transformation 
and Operations Officer
HERVÉ TIBERGHIEN
French / Born in: 1964 
✪ 2019  12/12 
Term of office ends: 2025
Diplomas and main Solvay activities: 
Master in Human Resources from HEC St Louis, Brussels, 
Belgium
Executive Leadership Team member and Chief People Officer
DOMINIQUE GOLSONG* 
German / Born in: 1955 
✪ 2021  12/12 
Term of office ends: 2025
Diplomas and main Solvay activities: 
LL.M in Law at Columbia Law School, USA. 
JD of Law at Université de Lausanne, Switzerland  
INSEAD YMP  
Michigan University FMII  
London Business School ADP
Executive Leadership Team member and Group General 
Counsel & Corporate Secretary
* D. Golsong exercises his function via a SRL
MARC CHOLLET
French / Born in: 1964 
✪ 2021  12/12 
Term of office ends: 2025
Diplomas and main Solvay activities: 
Engineer in Agronomy from the National Institute of 
Agronomy Paris-Grignon. Specialization in Business 
Economics & Marketing Management. 
Executive Leadership Team member and Chief Strategy 
Officer
During 2022, no changes occurred in the composition of the ELT. The ELT carries out monthly deep-dives consisting of in-depth reviews on people, 
strategy, finance, sustainability, innovation and other specific topics, depending on current events.

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5.	 REMUNERATION REPORT
5.1.	 Year in overview 
An unprecedented performance with new records in Sales, EBITDA and ROCE
In 2022, we delivered record financial results, despite the Ukraine-related energy crisis, the Zero-Covid policy in China and high levels of inflation. It was 
also a year that marked a strategic milestone for Solvay, with the announcement of our Power of 2 project, which will see the company split into two new 
entities, known as EssentialCo and SpecialtyCo.
Our record financial performance resulted from solid volume growth, strong pricing power, disciplined cost and cash management, and continuous 
deleveraging of our balance sheet. Leadership and management teams were fully mobilized to overcome challenging geo-political and economic 
conditions, with a collective resolve and focus on meeting demanding objectives. 
Our focus was not only on achieving strong results in 2022. Strong cash generation enabled us to increase and accelerate investment to expand our 
capabilities in high-growing markets, further upgrade the quality of our portfolio and take additional steps to reduce the Group’s carbon footprint. 
Our aim is to ensure that the two new companies we create will be able to use these investments to deliver superior and responsible growth. 
We continued to reinvent the company in 2022, demonstrating resilience, and a spirit of innovation and strength in a very challenging context, by 
accelerating the deployment of digital technologies to maximize production, working diligently to meet customer needs and driving price increases to 
maintain margins. 
For the second consecutive year, we achieved record organic EBITDA of €3,2 Bn, a 28.7% increase compared to 2021. This great achievement was 
marked by a combination of growth in the majority of markets, improved pricing power in the latter part of the year, and continued discipline and focus 
on cost reductions. This is the first time in the company's history that we reached €3 Bn. We generated a record annual free cash flow generation of 
€1,094 million reflecting higher profits, margin expansion and working capital discipline, and this is despite a +39% increase in capital investments to 
€1,022 million for the year.  
Our cash discipline throughout the year resulted in Free Cash Flow (FCF) of €1,1 Bn, 15th quarter of positive free cash flow and a class-leading 34% free 
cash flow conversion.
Our focus on returns also resulted in a record ROCE of 16%, a new record level, versus 11.4% end of 2021 and 8.1% end of 2019.
These results required clear and bold leadership in an uncertain environment and clearly demonstrate the hard work of Solvay’s teams and the real 
transformation that has occurred over the past three years. These accomplishments would have not been possible without the commitment and 
determination of Solvay’s employees. The results also serve as a great motivator as we move forward with the Power of 2 project. 
More details on Solvay’s 2022 results and their impact on remuneration are disclosed in the Performance section. 
Achieving sustainable shared value for all 
Solvay’s vision is to create sustainable shared value for all, by positively impacting our employees and the communities we serve. In 2022, Solvay’s full 
leadership team signed the Solvay Inclusivity Pledge, recognizing that inclusive leaders are essential to creating an environment where everyone feels 
heard, valued and empowered to be the best version of themselves.
The first gender pay gap assessment was conducted and published in 2021. We have now set out concrete actions to move forward with our pay equity 
journey, ensuring that we do this in a gender-neutral way. We created a “homogeneity index”, a new quarterly measure of the diversity of our entities 
which assesses three dimensions: gender, age and nationality. We also included our diversity, equity and inclusion (DEI) roadmap within the Solvay One 
Planet part of the Short Term Incentive. 
We continued our significant commitment, which we began last year, to send 450 women through the A Effect, an external development program 
designed for women, and we made DEI the topic of the fourth edition of our annual Citizen Day event.
We also continue to pursue all programs to support and empower employees, such as our Solvay Cares benefits program, which includes a global 
parental leave policy of 16 weeks for all new parents, and our employee well-being support program. In 2022, the Group also provided mental health 
support through training provided by qualified experts. 
More details on DEI can be found in section 6.3 Diversity and Inclusion in this report of the extra-financial section.
To help our employees cope with high inflation, the Executive Leadership Team set aside €8 million in July 2022 to distribute as an exceptional bonus 
to employees whose income is proportionally most affected by rising inflation. Our strong performance allowed us to increase this to €9.5 million in 
September 2022, and we also increased the Global Performance Sharing (GPS) envelope for blue collar, “non-executive” employees by 36%. In addition, 
the Solvay Solidarity Fund, which was created in 2020, continues to provide aid for our employees and communities in need. 
In 2022, for the first time in Solvay’s history, the Group offered employees the opportunity to become company shareholders. By purchasing shares in 
Solvay, employees received a free share on joining the scheme and a matched share for every two Solvay shares purchased. The Employee Share Purchase 
Plan is part of Solvay's employee engagement program. It achieved a participation rate of close to 28%, well above the best in class of 25%. As the company’s 
owners, Solvay’s employees will learn to better appreciate the Group’s performance and experience the risks and rewards of share ownership.

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Shareholder engagement and Board responsiveness 
At the last Ordinary General Shareholders Meeting on May 10, 2022, Solvay’s new Executive Remuneration Policy was put to a shareholder vote and 
received support from 95.77% of participating shareholders. This made it the one of the best-supported remuneration policies among BEL 20 Index 
members in 2022. 
The remuneration program presented for shareholder vote reflected significant changes made to Solvay’s remuneration practices and disclosures. These 
were made in response to feedback collected from shareholders in 2021 and included the following: 
	· reduced weighting assigned to individual performance criteria for the annual bonus; 
	· strengthened focus on our Solvay One Planet performance metrics, by increasing their weighting in incentive plans; 
	· increased weighting of performance-based equity to 70% of the total target equity incentive target; 
	· a relative Total Shareholder Return (TSR) measure, introduced into the long-term incentive program;
	· streamlined maximum award opportunities under the long-term equity incentives, so that they are based on a multiple of salary, rather than a Euro 
amount, for all ELT members; and
	· stock ownership guidelines for non-executive directors and ELT members.
In line with Solvay’s Purpose of bonding people, ideas and elements to reinvent progress, Solvay’s Remuneration Committee is continuously striving to 
improve and strengthen its governance structures to create value for all Solvay’s stakeholders. 
At the same Ordinary General Shareholders Meeting, Solvay’s Remuneration Report received 89.1% support from participating shareholders. 
Notwithstanding the fact that this represented a year-on-year increase in the level of shareholder support, and irrespective of the fact that it exceeded 
levels achieved in the majority of other BEL 20 Index companies, the Remuneration Committee, and the Board as a whole, took additional steps to 
understand shareholders’ and proxy advisors’ perspectives so that they could make further improvements. 
Following an engagement exercise with a dozen of investors – representing about 8.5% of shares – and proxy advisors, and the Remuneration Committee’s 
own research, Solvay determined that reservations about the Remuneration Report largely related to the severance payment made to an outgoing ELT 
member, which had exceeded certain shareholders’ internal limits. Solvay notes that the statutory termination compensation paid to the outgoing ELT 
member, who had worked with Solvay for close to 35 years, was in accordance with his entitlements under the 1978 Belgian Employment Contract Act 
and the Remuneration Committee had no flexibility whatsoever to adjust the calculated payment. In fact, to have done anything different would have 
exposed Solvay to action for not complying with legal obligations. 
Shareholders and other stakeholders also recommended continued strengthening of disclosures surrounding Solvay’s remuneration practices, including 
the performance measures selected under the short- and long-term incentive plans. The disclosures within this year’s Remuneration Report have 
therefore been extended to accommodate this.
Solvay’s Remuneration Committee, and the Board as a whole, will continue to solicit shareholders’ and proxy advisors’ feedback to ensure that Solvay’s 
approach to remuneration remains aligned with the interests of all stakeholders and evolves as market expectations change. 
5.2.	 Remuneration of the Board of Directors 
Solvay SA directors are remunerated, in line with Solvay’s Remuneration Policy, with fixed emoluments, the common basis for which is set at the Ordinary 
Shareholders Meeting. Any addition to this is decided by the Board. The process is based on Article 26 of our articles of association, which states that:
	· “Directors shall receive fixed emoluments payable; the Shareholders’ Meeting shall determine the amount and terms of payment”;
	· “That decision shall stand until another decision is taken”;
	· “The Board of Directors shall be authorized to grant Directors with special duties, different from their Director’s mandate, fixed emoluments in addition 
to those provided for in the above paragraph”;
	· “Each of the Directors responsible for day-to-day management and ELT Member, are also entitled to variable remuneration determined by the Board 
of Directors on the basis of their individual results and of the consolidated results of the Solvay Group”.
Board fees are determined after considering the roles and responsibilities of each director, and the practices of companies of a similar size and international 
complexity. An assessment of market practice is conducted on a regular basis and the fees are disclosed in the remuneration report each year.

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5.2.1.	
Board of Directors individual remuneration 
The Ordinary Shareholders Meetings of June 2005 and May 2012, which introduced member and attendance fees respectively, approved directors’ pay 
to be set as follows, starting from the financial year 2005:
Board fees by type
Gross amount
Annual gross fixed remuneration 
€35,000
Board meeting attendance fee
€4,000
Audit Committee Chairman attendance fee
€6,000
Audit Committee Member attendance fee
€4,000
Compensation, Nominations, ESG and Financial Committee Chairman attendance fee
€4,000
Compensation, Nominations, ESG and Financial Committee Member attendance fee
€2,500
	· Directors sitting on both the Compensation Committee and the Nominations Committee do not receive double remuneration if the meetings happen 
on the same date.
	· There are no attendance fees for the Chairman of the Board, the Chairman of the Executive Committee and the executive directors taking part in these 
committees.
	· For the Chairman of the Board, the Board used its authorization under Article 24 of our articles of association to grant an additional yearly fixed 
remuneration compensation of €250,000 gross, unchanged since 2012. 
	· Non-executive directors do not receive any additional remuneration. More specifically, non-executive directors are not entitled to annual bonuses, 
stock options or performance share units, or to any supplemental pension scheme.
	· Solvay reimburses directors’ travel and expenses for meetings related to their Board and Board Committee functions.
The Board fees have not been increased since 2005. 
The Group provides administrative support, in the form of an office, use of the General Secretariat and a car, to the Chairman of the Board only. The other 
non-executive directors receive logistical support from the General Secretariat when needed. Solvay also provides customary insurance policies covering 
the Board of Directors’ activities when they are carrying out their duties. 
The new Remuneration Policy approved by shareholders at the 2022 AGM introduced Share Ownership Guidelines for Board members, requiring non-
executive directors to hold a number of Solvay shares equivalent to 100% of their gross annual fixed board fees. See section 5.2.2. Share ownership 
guidelines for the Board.
Solvay acknowledges that the 2020 Belgian Code of Corporate Governance (the “Code”) recommends that a portion of the remuneration paid to Board 
Members be in shares (Principle 7.6), and is aware that Solvay’s Remuneration Policy does not provide for this. The Remuneration Committee considers 
that the current Remuneration Policy remains relevant and that recent changes regarding the requirement to hold shares hold equivalent merit and 
achieve a similar outcome. 
The Remuneration Committee regularly reviews Solvay’s remuneration practices, disclosures and market practices to determine whether the 
Remuneration Policy currently in practice remains appropriate. Any changes to the Remuneration Policy regarding the Board’s remuneration will be 
submitted to shareholders and only be implemented following shareholder consent.
5.2.2.	
Share ownership guidelines for the Board 
Solvay does not directly award shares to non-executive directors as a form of remuneration. However, to comply with the spirit of principle 7.6 of the 2020 
Corporate Governance Code, non-executive directors are required to hold a number of Solvay shares equivalent to 100% of their gross annual fixed 
board fees. These shares should be held until at least one year after the non-executive director leaves the Board of Directors and, in any case, for at least 
three years after the shares were acquired. The dividends attached to these shares are paid at the same time as for the other shareholders.

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5.2.3.	
Amount of remuneration and other benefits granted directly or indirectly to the members of the Board by the 
Company or by an affiliated company
GROSS REMUNERATION AND OTHER BENEFITS GRANTED TO DIRECTORS 
in €
2022
2021
2021
Total gross 
amount 
including 
fixed fees
Board 
fixed 
remunera-
tion
Board 
meeting 
attendance 
fee
For the 
role in 
Finance
Committee
For the 
role in 
Audit
Committee
For the role in 
Remuneration 
and Nomination
Committee
For the 
role in ESG 
Committee
Total 
gross 
amount 
including 
fixed fees
Board of 
Directors and 
committee 
attendance fees
N. Boël
Fixed emoluments + 
attendance fees
71,000
35,000
36000
75,000
36,000
“Article 26” supplement
250,000
250,000
Ilham Kadri
71,000
35,000
36,000
75,000
36,000
C. Casimir-Lambert
79,500
35,000
32,000
12,500
92,500
44,500
H. Coppens 
d’Eeckenbrugge
100,500
35,000
36,000
17,500
12,000
116,500
65,500
F. de Viron
91,000
35,000
36,000
12,500
7,500
86,000
56,000
R. Thorne
107,000
35,000
36,000
36,000
111,000
72,000
G. Michel
101,500
35,000
32,000
17,500
17,000
108,000
66,500
M. Oudeman
98,500
35,000
32,000
24,000
7,500
104,000
63,500
A. Lemarchand
66,500
35,000
24,000
7,500
57,500
31,500
P. Tournay
40,462
12,462
16,000
12,000
99,000
28,000
M. Lievonen
122,000
35,000
36,000
15,000
24,000
12,000
124,500
87,000
A. Thibaut de Maisières
91,000
35,000
36,000
12,500
7,500
87,500
56,000
W. Colberg
112,500
35,000
36,000
17,500
24,000
60,500
60,500
E. Janssen
83,000
35,000
36,000
12,000
42,500
42,500
L. Debroux (1)
50,538
22,538
16,000
12,000
-
-
P. Gurdjian (2)
39,538
22,538
12,000
5,000
-
-
Total
1,575,538
512,538
488,000
80,000
156,000
54,500
34,500
1,489,500
745,500
(1)	
L. Debroux since May 2022
(2)	
P. Gurdjian since May 2022

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5.3.	 Remuneration of the Executive Leadership Team (ELT) 
5.3.1.	
Solvay’s remuneration philosophy and policy
Solvay’s Remuneration Policy aims to ensure that Solvay’s Executive Leadership Team is rewarded for their experience, responsibilities and individual 
performance. The strengthened framework of the Remuneration Policy focuses on meritocracy and performance, maximizing returns in a responsible 
and sustainable way, and the ability of the Group to attract, motivate and retain the best executive talent in alignment with market trends and the 
best long-term interests of shareholders. These important principles are also reflected in the remuneration policies and programs offered to Solvay 
employees globally.
The remuneration structure is designed in line with the following principles, which apply both to ELT Members and other senior executives:
	· Total remuneration is set at a level that is competitive in the relevant market and sector, in order to attract, retain and motivate the high-caliber talent 
needed to deliver the Group’s strategy and drive business performance.
	· Short- and long-term variable remuneration is tied to the achievement of strategic objectives, including driving sustainable performance, and 
recognizes excellent results once delivered.
	· Remuneration decisions are compliant and equitable, keeping in mind pay levels within the wider workforce, and balance cost and value appropriately.
The following table summarizes the core elements and key principles of Solvay’s Remuneration Policy:
5.3.2.	
Use of Market Data
In alignment with the Remuneration Policy, remuneration of ELT Members is benchmarked against that of a peer group, which Solvay has endeavored 
to ensure has remained broadly consistent over the years, and remains the same as for the previous reporting period. Solvay’s peer group is built around 
a selection of relevant European chemical and industrial companies whose international operations footprint and model, as well as annual revenues and 
headcount positions Solvay broadly at the median of the peer group. The Remuneration Committee aims to position Solvay at the market median for 
all key elements of the package.
The peer group includes the following companies:
Long-Term Incentive
Short-Term Incentive
Beneﬁts
Fixed base 
remuneration
 
Competitive
to relevant peers
to:
Attract, retain
and
motivate high
calibre
executives
~55% 
of total as variable
remuneration
with upwards opportunity
for outperformance
~45% 
of total as ﬁxed
remuneration
Aligned with shareholder interests
Results driven
Aligned with our short, mid- and
long-term strategy,
objectives and aspirations
Reﬂection of Pay
for performance principle
Reﬂects experience, skills,
responsibilities and contribution
and is reﬂection of Solvay's reward
principle of Meritocracy
Set around the median of
the market and is a reﬂection of Solvay’s
principle of Care
DSM
BASF
Johnson Matthey
Umicore
BAE Systems
Evonik
Saint-Gobain
Rolls Royce
Vallourec
Bayer
Lanxess
Valeo SA
Covestro
Michelin
Air Liquide

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
5.3.3.	
Pay mix and remuneration opportunities for the ELT members as on December 31, 2022 
In line with the guidelines of the executive remuneration disclosure, the pay mix of ELT members at the end of the reporting period is outlined below, 
and displays their Total Direct Remuneration “at target”.
Overview
For a full year with both short-term and long-term incentives with targets in millions of euros.
LTI
  STI
  Fixed base
PAY MIX AND REMUNERATION OPPORTUNITY OF THE ELT MEMBERS 
(full year with incentives at targets) in million of euros 
€2,67
K. Hajjar
I. Kadri
0,91
1,13
0,63
€2,03
A. Di Donfrancesco
0,69
0,86
0,48
24%
42%
34%
24%
42%
34%
€1,46
H. Tiberghien
0,49
0,62
0,35
€1,32
M. Chollet
0,45
0,56
0,31
24%
42%
34%
D. Goslong
€1,39
0,47
0,59
0,33
24%
42%
34%
€4,81
1,30
1,56
32%
41%
27%
24%
42%
34%
1,95

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Detailed table
Variable Remuneration
As on December 31th, 2022
Fixed 
remuneration 
(on a  
comparable 
full year basis)
Value  
measure-
ment
STI target
LTI target  
issued as  
Performance 
Share Units
LTI target 
issues as 
Restricted 
Share Units
Total LTI 
value
Total direct  
remuneration
Ilham Kadri
CEO and Chairman 
of the ELT
€1,300,000
Amount
€1,560,000
€1,365,000
€585,000
€1,950,000
€4,810,000
% of Salary
120%
105%
45%
150%
Fixed 30% / Variable 70%
Karim Hajjar
CFO and ELT 
Member
€908,270
Amount
€635,789
€794,736
€340,601
€1,135,338
€2,679,397
% of Salary
70%
88%
38%
125%
Fixed 35% / Variable 65%
Augusto Di 
Donfrancesco
ELT Member
€690,000
Amount
€483,000
€603,750
€258,750
€862,500
€2,035,500
% of Salary
70%
88%
38%
125%
Fixed 35% / Variable 65%
Hervé Tiberghien
ELT Member
€497,919
Amount
€348,543
€435,679
€186,720
€622,399
€1,468,861
% of Salary
70%
88%
38%
125%
Fixed 35% / Variable 65%
Marc Chollet
ELT Member
€450,000
Amount
€315,000
€393,750
€168,750
€562,500
€1,327,500
% of Salary
70%
88%
38%
125%
Fixed 35% / Variable 65%
Dominique 
Golsong 
ELT Member
€472,238
Amount
€330,567
€413,208
€177,089
€590,298
€1,393,102
% of Salary
70%
88%
38%
125%
Fixed 35% / Variable 65%
Note: As with other Belgium-based employees, successive indexation has been applied to ELT members under a local Belgian contract in 2022 
5.3.4.	
Base remuneration and Benefits
Fixed base remuneration
Fixed base remuneration reflects an individual’s experience, skills, duties, responsibilities, contribution and role within the Group. It is reviewed annually 
and may be adjusted, taking into consideration a number of factors, including:
	· comparable salaries in appropriate comparator groups; 
	· changes within the scope of the role;  
	· changes in the Group’s size and profile; and
	· inflation following legal requirements in different countries. 
Base remuneration, which does not include the value of any benefits offered to ELT Members, is used to calculate targets for variable remuneration.
Details of the base remuneration of the CEO and ELT Members are disclosed in sections 5.3.2. and 5.3.4. of this Annual Integrated Report.
Pension and other benefits
In pursuit of Solvay’s mission, Solvay One Planet and Solvay One Dignity objectives, and in alignment with the Solvay Cares aspirations, benefits are seen 
as a critical part of Solvay’s remuneration package, and overall employee and executive value proposition. Benefits are not dependent on an individual’s 
performance. 
In accordance with Belgian legal requirements, the CEO has a separate contractual agreement, given her self-employed status in Belgium. This includes 
pension, death-in-service and disability provisions. Other ELT Members that perform their duties on the basis of a work contract are entitled to pension, 
death-in-service and disability benefits according to the provisions of the plans applicable in their home countries. ELT Members who do not have a work 
contract receive remuneration payment of management fees only.
Other benefits, such as medical plans, and company cars or car allowances, are also provided, according to local policies. Solvay aims to ensure that the 
nature and level of these other benefits are in line with median market practice and what is provided to other executives in the Group.

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
5.3.5.	
Short- and long-term variable play
5.3.5.1. Short Term Incentive (STI) plan
Setting STI objectives
Objectives are set by the Board annually for the Group and the CEO. The process takes place at the Board meeting in February of each year. The aim 
of this objective-setting process is to set targets that are challenging, but realistic. As such, the Board takes into account the “bottom-up” views and 
ambitions of the business, but ultimately sets the objectives based on Solvay’s longer-term ambitions for growth, the long-term sustainability of the 
business and the competitiveness of the external market. 
Solvay’s approach to short-term incentive-linked objectives is to set growth-orientated, stretch goals at the “target” award level, driving a growth-oriented, 
pay-for-performance mindset, with top results generating awards commensurate with the performance level, between the “target” and “maximum”. 
2022 Short Term Incentive plan
As approved at the 2022 Ordinary General Shareholders’ Meeting, the Short Term Incentive plan provides a cash opportunity that is based solely on the 
achievement of pre-determined annual financial, non-financial and individual objectives.
The target opportunity provided by the STI plan for the CEO is 120% of fixed base remuneration, and up to 70% of fixed base remuneration for other 
ELT members. The minimum payout is 0% and the maximum is 200% of target STI.
The 2022 STI plan uses three broad performance categories with the following weightings for all ELT Members:
	· Financial Objectives (65% of the STI): Underlying EBITDA organic growth and free cash flow conversion. 
	· Solvay One Planet Objectives (15% of the STI): Underpinned by Solvay’s G.R.O.W. strategy, Solvay One Planet is structured around the three major 
categories of climate, resources and better life, and serves as our roadmap toward a sustainable future. Specific KPIs are selected under each major 
category to measure our performance in ways that are material, quantifiable and relevant to driving long-term value for all stakeholders. More 
information on Solvay One Planet can be found on our corporate website. 
	· Individual Objectives (20% of the STI): Individual performance is measured against predetermined non-financial, quantitative and qualitative objectives. 
These are defined by the Board for the CEO and then cascaded down to other ELT Members by the CEO. The CEO assesses the achievement of 
individual objectives by the ELT Members, and this assessment is then reviewed and validated by the Board. The individual performance of the CEO 
is assessed by the Remuneration Committee, and this is then reviewed and validated by the Board. In line with good governance practices, the CEO 
is absent from the Remuneration Committee and Board during all discussions relating to CEO pay. Details of the individual performance of the CEO, 
including the targets set and their achievement, are explained below. 
Individual objectives and performance of the CEO for STI calculation
In the new Remuneration Policy, the Remuneration Committee decided to increase the proportion of the STI allocated to meeting Solvay One Planet 
and financial objectives set out in Solvay’s G.R.O.W. strategy. The weighting assigned to individual performance within the STI plan was therefore 
reduced from 40% to 20% for the CEO. All ELT Members now have a maximum of 20% of their STI plan subject to individual performance objectives.
The Board and Remuneration Committee determine these objectives at the beginning of the financial year and track their achievement as part of a 
review of the CEO’s performance during the year.
65% Financial results
0% to 200%
Set a % of ﬁxed
remuneration
15% One Planet progress
20% Individual performance
+
+
Payout calculated on the basis of 
achievement of STI 3 elements
Target amount
Payout range
(achievement of each element)

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
SUMMARY OF CEO GOALS FOR 2022
Objectives
Repartition 
 KPI 
Impact
Financial
65%
EBITDA (70%)
45.5%
Free Cash Flow (30%)
19.5%
ESG
15%
One Planet
15%
Individual
non-financial
20%
Solvay 2030
5%
GROW 2.0
5%
Pursue Solvay's transformation (culture and structure)
5%
Define the Human Capital for Essential and Speciality Cos
5%
In line with best market practice, and due to the commercial sensitivity of disclosing short-term targets, Solvay discloses targets and the performance 
against these targets on a retrospective basis only. The next section provides a breakdown of how the CEO performed against the targets set under the 
STI plan for the 2022 financial year. As best practice, Solvay will continue to disclose in a separate document, ahead of the Ordinary General Shareholders 
Meeting, the performance measures and associated weighting of each measure selected under the STI plan to determine the CEO’s bonus for the 
upcoming financial year.
Bonuses are subject to malus and clawback provisions, as approved in Solvay’s latest Remuneration Policy.

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
DETAILS OF INDIVIDUAL PERFORMANCE IN RELATION TO EXTRA-FINANCIAL OBJECTIVES
For the performance year 2022, the Board of Directors has set and assessed the following key objectives for the CEO: 
Category
Objective
Key initiatives delivered as part of the objective
Achievement
Strategy
Solvay 2030 vision:
Execute Power of Two
5%
Target: 
· Preparing both companies for the review of the separation project into two new 
companies. Definition of a management office (PMO), a clear roadmap for day 
1, working in a constructive and collaborative manner with a strong focus on 
people engagement
Extra achievements:
· Built a powerful and compelling equity story to create two strong separate 
Companies
· Excellent key stakeholder engagement - in internal and external - to achieve 
decision support
· Highly complex split, managed at pace to achieve ambitious timelines
· zero-based redesign with effective new Organisation Design, cost management 
and communication
· M&A: created and negotiated portfolio opportunities with high multiples while 
closing significant deals
10%
GROW 2.0
Continue refining 
and delivering the 
G.R.O.W strategy
5%
Target:
· Deployment of Value Creation Plans for the segments in alignment with 
G.R.O.W. strategy
Extra achievements:
· €300mn investment to extend leadership position in global lithium-ion battery 
market 
· First licensing agreement for Solvay for Hydrogen Peroxides (H2O2) in China for 
500 kilotons of caprolactam facility 
· Beat previous records for: Underlying EBITDA, cost reduction (85% of objective 
achieved within 15 months); ROCE; balance sheet improvement and leverage 
ratio. 
· Deployment of Pricing and Contract Management
· Acceleration of R&I capability building with open innovation and a focus on 
circularity
· Rollout of Star Factory program* and two flagship pilots in place and global 
launch with ~100 site leader
· Acceleration of technological growth platforms, with the launch of the fourth 
Platform focused on Renewable Materials and Biotechnology 
· Launched Scope 3 roadmap while delivering ~2x Paris Agreement on Scope 1 
and Scope 2 since 2019
10%
Organization
Pursue Solvay's 
transformation culture 
and structure
5%
Target:
· Further deploy the drive for excellence while leading with our Purpose
· Further leverage assessment and pursue organization upskilling (30% execu-
tive-level hired)
Extra achievement:
· Raising the bar continuously, with uncompromising ethics and values - Redesign 
of our Code of Business Integrity
· Drove culture of meritocracy, performance (pricing and sales excellence), DEI 
(wages equity), Employee Share Purchase Plan launch with high engagement 
(~28% engagement versus 25% median of mature companies)
· Reinvestment in our people: Talent book, Sales Academy, Leadership Academy, 
ESPP, inflation Bonuses
· Advancing our Commitment to Diversity, Equity and Inclusion**
· Enhancing Solvay’s reputation with employees and broader society through 
Solvay One Planet, Solvay Cares, Solvay One Dignity, Solvay Solidarity Fund, 
Employee Share program and other initiatives
· Chair World Business Council for Sustainable Development (WBCSD)
· ERT Board, government engagement
· 12 podcasts: “The power of the AND is the future” available on the Solvay web-
site and Podcast Apps
10%
Define the human 
capital strategy for 
the two new entities 
5%
Target: 
· Preparing two independent high-performing organizations with dedicated lead-
ership, competencies and mandates 
Extra achievement:
· Best in class launch of the the two NewCos - Essential and Special
· Benchmark practice in the Organisation Design of the two new Companies
· Engaging with all leaders (head of businesses and head of functions): 73% en-
gagement in September 2022 Pulse Survey, 2 pp higher year over year
· Definition of a roadmap to create two companies with a culture fit for purpose
10%
Total 20% 
of STI
Final individual performance score
40%
* Star Factory is about transforming the capabilities and operational efficiency of our plants to ensure they are best-in-class in all areas
**More information is available in the extra-financial section

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The overall performance of the CEO, during a transformational year full of major milestones, was recognized as exceptional, beating previous records for: 
Underlying EBITDA, cost reduction (85% of objective achieved within 15 months); ROCE; balance sheet improvement and leverage ratio, whilst driving 
an ambitious sustainability agenda. The individual element of the payout (20% weighting at target of the of the overall STI) was therefore certified at 
200% of target.
STI payout amounts, taking into account the Group and individual performance of each ELT member for the results achieved in 2022, are disclosed in 
section 5.3.4. Amount of remuneration paid and other benefits granted directly or indirectly to the CEO and other ELT Members.
Group performance 2022
The Group’s 2022 performance results are: 
Underlying EBITDA 
organic growth
Free cash ﬂow
conversion
Result for STI 
payout calculation
Min.
Target
Max.
Solvay One Planet
200%
189%
137%
5%
0%
10%
29%
28%
35%
30%
At 2019 level 
of achievement 
Improvement 
compared to 2019
Signiﬁcant improvement
compared to 2019
Min.
Max.
Target
Min.
Max.
Target
Min.
Max.
Target
Actual performance
34.4%

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
	· Financial performance in 2022 was strong, with record profits, cash and returns. Solvay outperformed the forecasts of financial markets and, more 
importantly, reached new records in terms of sales, EBITDA and returns. Solvay’s strong TSR performance is another external measurement of success 
that establishes a clear focus for the ELT and has a direct link with the value being delivered to shareholders. More information can be found in the 
Performance Review section of this Annual Integrated Report. 
	· Solvay One Planet achievements for 2022 showed strong improvement and focus on the three elements: Climate, Resources and Better Life. In the 
context of volume growth, real reductions in Climate and Resources impact are particularly noteworthy. Specific achievements include: the launch 
of Scope 3 roadmap while delivering ~2x Paris Agreement on Scope 1 and Scope 2 since 2019; 59 Climate related projects active globally aimed at 
reducing CO2 by ~ 2.8 million tons; scope 3 GreenHouse Gas (GHG) emissions were added to the One Planet objectives with a target to reduce by 24% 
by 2030; Launched a new project with Iberdrola to supply Green Electricity in France; approved, launched and accelerated Coal Exit which will lead to 
more than -50% reduction in Coal consumption by 2025 versus 2018 baseline. We also made strong progress on the DEI agenda, whilst regrettably a 
fatality in 2022 rightly is reflected in the Better Life result been significantly reduced. 
	· Extra-financial performance: Operational Environment, Social and Governance (ESG) metrics based on the Solvay One Planet roadmap are included 
in the short term incentives (currently 15%) of the CEO, the ELT members and all Solvay employees. Further details and disclosures on this subject can 
be found in the Extra-financial statements in this Annual Integrated Report.
Climate
GreenHouse Gas (GHG) 
emissions (current scope Mt)
% of sustainable solutions 
in sales(constant rules)
Water
Water de-risking plans
Industrial wastes without
 valorization (kt)
Dimension of One Planet
Result
Total One Planet Score
Min.
Target
Max.
Resources
Reportable Injuries & Illness 
per 200,000 work hours (70%)
Safety Dialogue (15%)
Near Misses Reports (15%)
Diversity
number of initiatives
included % of women manager
Better Life
200%
200%
120%
47%
140%
137%
120%
10.4Mt
11.3Mt
10.7Mt
11Mt
  +0kt 
versus 2021 result
+9kt 
versus 2021 result
-5kt 
versus 2021 result
Min.
Max.
Target
0.4
LT 4/yr - Sites 1/mth
4000 Near Misses
0.43
LT 0/yr - Sites 0/mth 
3000 Near Misses
0.36
LT 8/yr - Sites 2/mth
5000 Near Misses
50.3%
53.2%
51.6%
No site with 
mitigation plan
15 sites with 
mitigation plan
5 top critical sites 
(water risk) with mitigation plan 
to exit the Risk Zone
Min.
Max.
Target
Min.
Max.
Target
Min.
Max.
Target
7
Proportional to 7 
Initiatives implemented
9 Initiatives+External 
outstanding recognitions
7 Initiatives 
implemented
Min.
Max.
Target
Min.
Max.
Target
Increase the share of 
revenue in Circular Business
Actual
54.8%
Fatality - 0 (0.34)
4,4 - 1,1
6649 - 4042
130%
Min.
Max.
Target
9%
8%
10%
9.30%
8,5
26.5%
56.45Kt

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
5.3.5.2. Long Term Incentive (LTI)
Long-term incentive grants for the ELT Members were offered according to the new Remuneration Policy approved in 2022: 
	· 70% of the annual grant value offered in the form of performance-based restricted share units (PSU); and 
	· 30% of the award offered in the form of Restricted Share Units (RSU). 
In this new policy and as from 2022, an external measurement of success was introduced to compare performance of the Group to the TSR performance 
of Stoxx 600 index companies, establishing a clear focus for the ELT and a direct link with the value being delivered to shareholders.
In May 2022, the Board granted a total of 37,647 PSUs and 16,136 RSUs to ELT members. Approximately 370 executives and high-potential employees 
also participated in the Share Option Plan.
Long Term Incentive award opportunity
The CEO has an LTI grant target of 150% of fixed base remuneration. The Board can apply discretion between 0% and 150% of the grant value. For all 
other ELT Members, the grant target value is up to 125% of the fixed based remuneration. Discretion of up to a maximum of 150% of the grant value 
can be applied. 
The actual annual grant value, within the limits of the Remuneration Policy as explained above, is determined and approved by the Board. 
Performance Share Units and Restricted Share Units
To align with market practice and simplify the Remuneration Policy, as from 2022 the annual grant value is determined as a percentage of fixed base 
remuneration, rather than as a fixed Euro amount for all ELT Members. Under the previous Remuneration Policy only the CEO received an award based 
on a multiple of base remuneration. 
The Remuneration Committee also increased the proportion of performance-based remuneration within the LTI program so that it is better aligned with 
global best practice. More specifically, the new Remuneration Policy increased the weight of the Performance Share Plan (PSP) from 50% to 70% of the 
annual grant value. The remaining 30% of the annual grant will be delivered in the form of RSUs under the Restricted Shares Plan (RSP), replacing stock 
options and serving as both a retention tool and a way of encouraging share ownership among executives to better align their interests with shareholders.
The PSUs and RSUs are granted in the form of conditional shares with vesting tied to the following: 
	· the Group’s performance between 2022-2024, based on the performance metrics detailed for the PSUs;
	· on time-based restrictions for the RSUs.
Both plans are subject to a three-year vesting period.
The PSUs vest three years from the date of grant, subject to the achievement of the pre-set performance objectives. The opportunity varies from a 
minimum of zero, if the minimum target is not met, to a maximum payout of 150%, if the maximum target is achieved. In addition, for the vesting of the 
PSU, a relative performance measure was introduced as from 2022 to compare the performance of the Group to the TSR performance of Stoxx 600 index 
companies, establishing a clear focus within the ELT to create shareholder value. Where the PSU result is above zero, the TSR measure can decrease 
the PSU outcome by 25% of the PSU result when the TSR is in the lower quartile of the Stoxx 600 index, and increase the PSU result by 25% when the TSR 
is in the top quartile of the Stoxx 600 index. 
The remaining portion of the LTI grant is in RSUs, where executives receive shares that vest after three years, provided that they remain in employment. 
RSUs were introduced with the new Remuneration Policy, as the Board considered it to be a more effective retention tool for executives.
Every year, the Board determines the budget available for distribution and the total volume of PSUs available is subsequently allocated to the eligible 
population.
PSU features:
	· 70% of the annual grant is delivered via the Performance Share Plan;
	· the Plan is designed to incentivize and reward the ELT for delivering Solvay’s long-term business objectives, and align them with the interests of 
shareholders; the plan is delivered in a form of shares of Solvay, with 
	· the vesting of awards is based on meeting pre-set performance targets;
	· the performance period is three years;
	· an employment condition applies;
	· outcomes range from zero, if the minimum targets are not met, to a maximum of 150% of target, if all plan objectives are achieved;
	· TSR measures can increase or decrease the final PSU award for Executive Leadership Team members by 25%;
	· the plan has malus and clawback provisions as per the remuneration policy; 
	· dividends accrue only with respect to vested awards and are paid at the end of the performance period.
RSU features:
	· 30% of the annual grant is delivered in the form of RSUs;
	· used as a retention tool, to attract and retain the best executives;
	· always vest with no performance hurdle, after the three-year vesting period, provided employment conditions are met; 
	· the award is only linked to the time worked during the three-year period and vests in full;
	· the plan has malus and clawback provisions as per the remuneration policy;
	· dividends accrue only with respect to vested awards and are paid when the shares vest.

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The Board assesses the achievement of the targets set, based on the audited results of the Group. They may use discretion to re-evaluate the targets in 
exceptional situations. Where such discretion is applied by the Remuneration Committee, the rationale for the use of such discretion will be disclosed. 
Additionally, discretion, if used, is subject to the award limit stated under the Remuneration Policy. The Remuneration Committee has not applied such 
discretion in the recent past to adjust any LTI awards, including during the Covid-19 pandemic.
2019-2021 LTI Performance Share Unit plan performance results 
The results of the PSU grant of 2019 were calculated and paid in June 2022, based on a three-year performance period ending on December 31, 2021. 
The 2021 financial year was heavily impacted by the Covid-19 pandemic, leaving a lasting impact on all of Solvay’s PSU plans that include performance 
of the Group in 2020. To date, the Board has not revised the PSU plan performance targets or their thresholds in the context of the Covid-19 pandemic, 
demonstrating their prudent approach to using the discretionary power granted to them in the Remuneration Policy. 
Performance against the objectives set in 2019 is summarized below.
Group Performance 
Measured over 
three-year period
Weight
Threshold 
(80% payout)
Target
Maximum 
(120% 
payout)
Actual 
result
Achievement 
compared to target
Performance 
% usedin PSU 
calculation
Sum of underlying EBITDA 
growth %
40%
<15%
20%
>25%
<15%
0%
0%
CFROI base point variation
40%
<25 bp
75bp
>125 bp
<25 bp
0%
0%
Greenhouse gas emission
reduction (Mt CO2)
20%
>0 (increase of 
emissions)
 -0.5 Mt 
CO2
> -0.75 Mt 
CO2
> -0.75 Mt 
CO2
120%
24%
Total
100%
24% out of 100%
(max opportunity 
120%)
The share price differential (grant share price versus share price at vesting) and the total dividends, taking into account the number of vested units 
calculated over three years (€11.35 per unit), resulted in a payout of 24% of the PSU value granted in 2019. 
Payouts made in 2022 to the ELT Members relating to the 2019-2021 PSU plan are disclosed in the section below: 5.3.5. Amount of remuneration paid 
and other benefits granted directly or indirectly to the CEO and other ELT Members.
Stock options (SOP)
The historical Stock Option Plan has been replaced by the PSU and RSU plans detailed above. However in-flight plans remain and the rules thereof are 
reiterated below.
Under Belgian law, unlike most other jurisdictions, taxes on stock options are due at the time of grant. Solvay, like other Belgian companies, had therefore 
set no additional performance criteria for determining the vesting of stock options. The options have a vesting period of three full calendar years – 
meaning that options will vest on the first day of the fourth year after the grant year – followed by a four-year exercise period.
The SOP gives each beneficiary the right to buy Solvay shares at a strike price corresponding to the fair market value of the shares upon grant. Every year, 
the Board determines the volume of stock options available for distribution, based on an assessment of the economic fair value at grant, using the Black 
Scholes valuation formula. The total volume of options available is subsequently allocated to the eligible population. 
SOP features:
	· options are granted at the money (or fair market) value;
	· they become exercisable for the first time three full calendar years after they are granted;
	· they have a maximum term of eight years;
	· they are not transferable inter vivos;
	· the plan includes a bad leaver clause.
2022 equity award for Solvay Leadership Team (SLT) members to ensure and recognize the success of our PO2 project
In 2022, the Group announced our aim to create two distinct, independent, publicly listed industry leaders. This is known as the Power of 2 project.
The successful implementation of this project depends on the performance of Solvay’s ELT and key senior executives. For this reason, the Board, 
following the proposal of the Remuneration Committee, allocated a stock option grant to Solvay Leadership Team members, including the CEO, other 
executive officers, Global Business Unit (GBU) presidents and heads of key functions.

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This option grant was made: 
	· to promote executive commitment to Solvay in relation to the contemplated transformation of the Solvay Group into two independent companies and 
to incentivize long-term value creation delivered through the transformation of the Group;
	· to incentivize Solvay’s leadership team to build two independent companies that over-perform in their categories; 
	· to ensure that in setting up and staffing both new companies, negative trade-offs to the detriment of one company and benefit to the other company 
are avoided, by ensuring that executives have a stake in the mid-term performance of both. 
In light of the PO2 project, the Board, and more specifically the Remuneration Committee, evaluated the suitability of the Remuneration Policy approved 
in 2022 in ensuring that executives remain incentivized and motivated to continue delivering value to all stakeholders in this transition phase. The Board 
found the Remuneration Policy to be robust, but had to apply discretion to grant the equity award. 
The Board considered it important to send all stakeholders and the executive team a strong message: that Solvay is both ready for the next chapter 
of growth and value creation for all stakeholders, and capable of navigating the complex PO2 project, the success of which depends on maximum 
dedication from all executives. A number of incentive approaches were considered by the Remuneration Committee. The equity award was the option 
that aligned best with shareholders’ interests, due to its focus on value creation and share price, and its ability to serve as a retention tool, given that 
executives were required to pay taxes for these options upfront from their own private funds. 
A total of 386,867 options were granted in October 2022 to 17 members of the SLT. All award recipients accepted their option grants in full. The key 
attributes of the equity award are as follows:
	· Stock options are subject to performance conditions – implementation of separation and value creation – and will be forfeited in full if the separation 
does not occur by 2025.
	· The share price has to increase above €100 for at least 15 days in total, for the options to become exercisable and deliver value. If this criteria is not 
met, the award lapses. 
	· The options may be exercised by beneficiaries between January 1, 2026 and December 31, 2027 inclusive, providing presence and performance criteria 
are met.
	· Taxes are paid at the time of the grant in Belgium and cannot be recouped if the options do not vest or upon voluntary departure, demonstrating 
executives' commitment and belief in the success of PO2 project and value creation for both companies. 
	· The Exercise Price of each option is €84.34, which was a fair market value at the time of the grant (August 2022).
	· Stock options were determined as a multiple of annual base salary in a range between 50% and 200%, depending on the Board’s view of how critical 
the role is for this transformation.
The grants approved by the Board under the Remuneration Committee’s proposal are subject to a number of requirements that need to be satisfied 
for payout or exercise of the stock option. This includes confirmation at the Shareholders Meeting for the awards to the Executive Leadership team 
members.
STOCK OPTIONS AND PSUS – RSUS ALLOTTED IN 2022 TO ELT MEMBERS
Country
Name
Function
Number of Options (1)
Number of PSUs (2)
Number of RSU (3)
Belgium
Ilham Kadri
CEO/Chairman of the ELT
129,418
16,926
7,254
Belgium
Karim Hajjar
ELT member
42,602
4,836
2,073
Belgium
Augusto Di Donfrancesco
ELT member
42,932
4,836
2,073
Belgium
Hervé Tiberghien
ELT member
23,355
4,018
1,722
Belgium
Dominique Golsong
ELT member
22,593
3,311
1,419
France
Marc Chollet
ELT member
22,399
3,720
1,595
Total
283,299
37,647
16,136
(1) Stock options: fair value calculated based on the closing share price on 14th March 2022, €20.09 (before Po2 announcement)
(2) PSU’s share price for May 2022 grant was €94.09
(3) RSU’s share price for May 2022 grant was €94.09
Taxes have been paid upfront for participants based in Belgium and such payments are not recoverable in case of voluntary departure.
Clawback provisions relating to PSU - RSU plans
Solvay has the right to claim reimbursement of any amounts paid in accordance with the plan from any PSU and RSU plan participant, during a period of 
three years from the date of the payment, on the basis of erroneous results that were subsequently adjusted or corrected. This clawback clause has not 
been applied in the past because there have not been any instances where such events occurred.
Commitment of our ELT Members to the Group with our new Shared Ownership guidelines
To align executives’ interests with those of shareholders, a requirement to build and maintain a shareholding in Solvay equivalent to 150% of fixed base 
remuneration for the CEO and 100% of fixed base remuneration for other ELT Members was validated in May 2022 under the new Remuneration Policy.

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Any shares acquired to meet this requirement should be held until at least one year after the ELT Member leaves the Group and, in any case, for at least 
three years after the shares were acquired.
This shareholding should normally be built up over a period not exceeding five years. At this stage every ELT member is building their shareholding. 
The average ELT ownership is currently 43%, and Karim Hajjar, member of the ELT since 2013, has reached the 100% requirement. 
5.3.6.	
Amount of remuneration paid and other benefits granted directly or indirectly to the CEO and other 
ELT Members
According to the new Remuneration Policy and based on the Board of Directors’ assessment of the performance of the Group and our executives in 
2022, the remuneration of the CEO and other ELT Members was as follows:
Name,
Position
Fixed 
remunera-
tion/Base 
salary
Variable remuneration
Benefits
Annual 
variable pay 
based on 
2022 paid 
in 2023
The value of 
vested 
equity based 
remuneration 
2022 (2)
Total direct 
remunera-
tion
Ex-
traor-
dinary 
items
Pension
Other 
(3)
Total 
remuneration
Proportion 
of fixed and 
variable 
remuneration
Ilham Kadri,
CEO & 
Chairman
of the ELT
1,287,500
2,942,160
221,384
4,451,044
0
911,634
375,857
5,738,535
Fixed
45%
Variable
55%
Karim Hajjar,
CFO & ELT 
member
951,984
1,135,000
64,142
2,151,126
0
243,505
300,828
2,695,459
Fixed
56%
Variable
44%
Dominique 
Golsong,
ELT member 
(1a)
455,859
590,000
0
1,045,859
0
0
0
1,045,859
Fixed
44%
Variable
56%
Marc Chollet
LT  member 
442,500
563,000
41,101
1,046,601
0
193,719
47,208
1,287,528
Fixed
53%
Variable
47%
Augusto Di 
Donfrancesco,
ELT  member 
(1b)
682,500
911,000
64,142
1,657,642
0
131,659
113,426
1,902,727
Fixed
49%
Variable
51%
Herve 
Tiberghien,
ELT member
516,150
658,000
0
1,174,150
0
123,597
98,361
1,396,108
Fixed
53%
Variable
47%
(1a) Acting through and remuneration paid to management company "SRL Dominique Golsong"; as such not eligible to any company paid benefits
(1b) Expatriate assignment in Belgium
(2) PSU 2019-2021 paid in June 2022; overall plan result 24% of 100% as disclosed in the section "2019-2021 LTI Performance Share Unit plan performance results" of this report
(3) Long-term benefits (e.g. death-in-service, disability & medical benefits) & benefits in kinds (e.g. company vehicle, education, expatriation package expenses, tax filing 
assistance).
Stock options granted and held in 2022 by the ELT members as of December 31, 2022
Following the guidelines of the executive remuneration disclosure, the table below shows the evolution of outstanding balances of stock options issued 
to ELT Members and the balance of the Solvay Stock options held by the ELT Members at the end of the reporting period.
Changes during the year
Name
Balance on 
31/12/2021
Granted in 
2022
Exercised in 
2022
Expired in 
2022
Vested
Non vested
Balance on 
31/12/2022
Kadri, Ilham
142,154
129,418
0
0
0
271,572
271,572
Hajjar, Karim
136,624
42,602
10,969
83,379
84,878
168,257
Di Donfrancesco, Augusto
121,481
42,932
10,969
68,236
85,208
153,444
Tiberghien, Herve
27,135
23,355
0
0
0
50,490
50,490
Golsong, Dominique
6,861
22,593
0
0
0
29,454
29,454
Chollet, Marc
67,970
22,399
7,020
34,579
48,770
83,349
Total
502,225
283,299
28,958
0
186,194
570,372
756,566

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COMPARATIVE INFORMATION ON THE EVOLUTION OF REMUNERATION AND COMPANY PERFORMANCE
The table below shows the change in remuneration of the Board and the ELT in comparison to the Group’s performance over a period of five years.
2018
2019
2020
2021
2022
Remuneration
Remuneration of the Board (€)
1,824,260
1,645,433
1,687,500
1,620,587
1,575,538
Remuneration of the CEO 
Iham Kadri (€)
3,328,604
3,790,614
4,025,971
5,738,535 (9)
Remuneration of ELT members (€)
9,501,971 (1) 6,499,400 (2)
7,726,374 (3)
7,707,462 (4)
8,327,681 (5)
Average remuneration of employees (€)
66,691
69,220
61,945 (6)
67,990 (7)
76,588
Ratio between the remuneration of the CEO and the average  
remuneration of employees (8)
48x
61x
59x
75x
Solvay Performance
2018
2019
2020
2021
2022
Underlying profit for the period (€ million)
1,131
1,113
650
1,081
1,772
Underlying EBITDA (€ million)
2,230
2,322
1,945
2,356
3,229
Free Cash Flow (€ million)
989
1,072
1,206
1,043
1,255
(1) V. De Cuyper, R. Kearns (9m), K. Hajjar, P. Juery, C. Tandeau de Marsac (10m), A. Di Donfrancesco (10m), H. Du (10m) 
(2) V. De Cuyper, K. Hajjar, A. Di Donfrancesco, H. Du, H. Tiberghien (4m), P. Juery (2m), C. Tandeau de Marsac (2m) 
(3) V. De Cuyper, K. Hajjar A. Di Donfrancesco, H. Du, H. Tiberghien 
(4) K. Hajjar, A. Di Donfrancesco, H.Tiberghien, M.Chollet, D. Golsong  
(5) Impacted by furlough and other cost measures, while variable pay payouts where significantly higher in 2021 than the previous year 
(6) Considers impact of 2020 bonus paid in 2021 above target for all employees and impacted by payroll inflation in 2021 
(7) Ratio will increase in the future considering the performance and vesting of the PSU plan for the CEO (first grant of 2019 will vest in 2022)
(8) Considers impact of 2020 bonus paid in 2021 above target for all employees and impacted by payroll inflation in 2021
(9) Higher short incentive payout related to 2022 due to the exceptional results and accomplishments and 2019 PSU payout in 2022 which Increased the total 
CEO remuneration	
The remuneration of the CEO and the ELT Members includes: (1) base remuneration paid in 2022; (2) STI for the results of 2022; and (3) PSU value for the 
results of the 2019-2021 plan, paid in June 2022. It does not include: (1) granted or vested value of LTI’s during 2022, as SOPs do not represent a value 
until exercised and PSUs that vest on December 31 are paid the following year, taking into account the performance of the Group over the vesting period; 
and (3) any one time payments. Average remuneration of employees is calculated as: “total wages and direct social benefits” divided by the “number of 
employees on a year over year basis for continued operations”, as disclosed in the respective sections of this Annual Integrated Report.
Following the guidance issued by the Belgian Corporate Governance Commission regarding remuneration disclosure, published in November 2020, the 
ratio of the CEO’s pay (highest paid executive in the Group) to that of the lowest paid Solvay employee in Belgium in 2022 is 114x, compared to 90x in 
2021 and 108x in 2020. The ratio increased in 2022, due to two main reasons, the first one being the higher short incentive payout related to 2022 due 
to the exceptional results and accomplishments and the second being the 2019 PSU payout in 2022 (which was the first PSU award payout for the CEO 
since she joined in 2019).
The lowest paid employee is defined as a full-time employee in Belgium who has worked for a full year and holds the lowest base salary at year end. The 
actual total remuneration received by this employee is considered in the calculation of the ratio.

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5.4.	 Statements of compliance of remuneration for Chairman and ELT members 
This report has been prepared by the Remuneration Committee.
The remuneration packages of Ms. Ilham Kadri, the Chairman of the ELT (or CEO) and the other ELT Members, are in compliance with Article 7:91 of 
the Belgian Code of Companies and Associations, which provides that, in the absence of statutory provisions to the contrary or express approval by 
the Annual General Meeting of Shareholders, at least 25% of the variable remuneration shall be linked to predetermined performance criteria that are 
objectively measurable over a period of at least two years, and at least another 25% should be based on predetermined performance criteria that are 
objectively measurable over a period of at least three years. 
The remuneration packages are set by the Board, based on recommendations from the Remuneration Committee. These remuneration packages are 
also compliant with the Belgian Code of Corporate Governance (2020).
Variable remuneration consisted of an annual incentive based on the performance achieved relative to the Group’s economic and sustainable 
development performance objectives, and on the performance of the individual as measured against a set of pre-determined individual objectives.
ELT Members, including the CEO, receive, from 2022, PSUs and RSUs in the form of shares, as explained above. The Board decided to allocate an 
extraordinary grant of Stock Options following a proposal of the Remuneration Committee in October 2022, in the context of the Group Portfolio 
Transformation.
The expenses of the ELT Members, including those of its Chairman (the CEO), are governed by the same rules that apply to all senior management staff, 
namely the justification of all business expenses, item by item. Private expenses are not reimbursed. In the case of mixed business and private expenses, 
such as cars, a proportionate rule is applied in the same way as to all management staff in the same position.
According to Belgian Law, any changes to our Remuneration Policy need to be submitted to shareholders for approval before implementation. 
5.5.	 Key provisions of Executive Leadership Team Members' contractual relationships with 
the Company and/or an affiliated company, including provisions relating to remuneration 
in the event of early departure
ELT Members, including the Chairman (or CEO), have directorships in Group subsidiaries as a function of their responsibilities. Where such directorships 
are compensated, they are included in the amounts given above, regardless of whether the position is deemed to be salaried or undertaken on a self-
employed basis under local legislation.
ELT Members will not benefit from any contractual departure indemnity linked to the exercise of their office. In case of early termination, only the legal 
system applies, except for the CFO, Karim Hajjar, and the General Counsel and Corporate Secretary, Dominique Golsong1. The CFO’s employment 
contract contains a contractual departure indemnity of 12 months of his salary after five years of seniority, and a non-competition clause of 12 months. 
The General Counsel and Corporate Secretary’s services contract (1) is for a (renewable) fixed term that coincides with the mandate as ELT Member, but 
which can be terminated with notice or a departure indemnity of three months’ base remuneration. A non-competition clause of 12 months applies after 
termination. A non-competition clause of 12 months also exists for Hervé Tiberghien, Marc Chollet and Augusto Di Donfrancesco.
In the event of a decision to terminate Ms. Ilham Kadri's contract, she will be eligible for a contractual indemnity of 18 months of her fixed and variable 
emoluments and all other benefits granted, and a 12 month non-compete indemnity equivalent to six months of remuneration computed in the same 
way as the severance fee due in case of termination by Solvay.
In the event that Ms. Ilham Kadri resigns, she is subject to a non-competition clause of 12 months with no additional remuneration.
The above report and the decisions made during 2022 about the remuneration of the executives of the Group are aligned with the Remuneration Policy 
approved at the Annual Shareholders meeting, which took place on May 10, 2022. 
The above is in line with Belgian Corporate Governance Code requirements.
1. Acting through management company SRL Dominique Golsong

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6.	 MAIN CHARACTERISTICS OF RISK MANAGEMENT, INTERNAL CONTROL AND 
INTERNAL AUDIT
6.1.	 Roles and responsibilities 
Solvay leaders and managers are accountable for ensuring the adequacy of the risk management and internal control framework in their respective 
Global Business Units (GBUs) and Functions.
The Internal Audit and Risk Management department (IA/RM) organizes internal audit, internal control and risk management activities in a global 
assurance function to strengthen the efficiency and effectiveness of the risk management and internal control systems. 
The Risk Management and Internal Control team provides advice and ensures that leaders address the challenges at stake. It is in charge of setting up 
and maintaining a comprehensive and consistent system for risk management and internal control across the Group, which is independently reviewed 
by the Internal Audit team.
The extent to which Solvay is willing to take risks in pursuit of our business strategy and our objective to create shareholder value is defined by a number 
of qualitative and quantitative expressions of risk appetite, operated through measures such as limits, triggers and indicators. The IA/RM department 
communicates directly with the Audit Committee, regularly ensuring that the risk appetite of Solvay management is aligned with the risk appetite of the 
Board. 
Solvay has set up an internal control system designed to provide reasonable assurance that: 
	· current laws and regulations are respected;
	· policies and objectives set by general management are implemented;
	· financial and extra-financial information is accurate;
	· internal processes are efficient and effective, particularly those contributing to the protection of Solvay’s assets.
The five components of the internal control system and the role of internal audit as an independent assurance provider are described below.
Independant review of 
the system
Shared
framework
Internal Audit
Internal Control Design 
and implementation
Internal Control
Process risks
Control on risks
Risk identiﬁcation 
and assessment
Risk Management
Feedback on level 
of control
Audit Plan
Procedure 
and controls
Recommendations

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6.2.	 The control environment
As the foundation of the internal control system, the control environment reflects the tone from the top, thus promoting awareness and compliant 
behavior among all employees. Its various elements create a clear structure of principles, rules, roles and responsibilities, while demonstrating general 
management’s commitment to compliance.
	· The Code of Business Integrity is available on Solvay’s website. It refers to underlying policies and procedures. Employees regularly receive training on 
the Code. More information can be found in the chapter on Corporate Governance and the Extra-financial section of this report. 
	· An Ethics Hotline, managed by a third party, enables employees to report potential Code of Business Integrity violations if they cannot go through 
their managers or through the compliance organization, or if they wish to remain anonymous. More information can be found in the Extra-financial 
section of this report.
	· Standardized processes and controls, including delegations of authority and signature rules, as well as the application of the segregation of duties 
principle, are in place for financial and non-financial activities.
6.3.	 The risk assessment process
The risk management process takes into account the organization’s strategic objectives and is structured into the following phases:
	· Risk analysis (identification and evaluation), risk assessment and decision on how to manage the critical risks. 
	· Implementation of mitigation plans with risk owners accountable for delivery.
	· Monitoring of risk mitigation plans for adequacy and effectiveness.
Our approach to designing internal controls for major processes includes a risk assessment step defining which key control objectives to tackle. 
In particular, this is the case for processes at subsidiary, shared services, GBU or corporate level, leading to the production of reliable financial reporting.
The Audit Committee meets with the CEO and all other members of the Board once a year to discuss the major risks facing the Group. During the year, the 
Audit Committee systematically reviews progress and regularly invites the relevant leaders and risk owners to provide overviews of their risk assessments 
and progress on mitigating actions. In accordance with the defined Group risks, topics such as industrial safety, physical security, cybersecurity, ESG-
related subjects, or ethics and compliance matters are addressed.
More information on Enterprise Risk Management, including a description of the Group’s main risks and the actions taken to avoid or mitigate them, 
can be found in the Risk Management section of this report.
6.4.	 Control activities
Solvay uses a systematic approach to designing and implementing control activities for the most relevant Solvay processes.
After the risk analysis and risk assessment phase, the controls are designed and described by the corporate process owners with the support of the Risk 
Management team. The descriptions of the controls are used as a reference for the internal control assessment and roll-out across the Group.
At each level of the Group (corporate, shared services platforms and GBUs), the manager in charge of the process is responsible for the control execution.
Agile internal control governance has been set up under the CFO’s sponsorship: corporate process owners and GBU representatives (process risk 
coordinators) are part of a network that aims to promote an internal control system tailored to the risks of each GBU.
Solvay implements policies and processes applicable to all employees in the following domains: management control, financing and cash flow; financial 
control; financial communication; tax and insurance policies. Control activities are defined for all of these financial processes and in major cross-Group 
projects, like acquisitions and divestitures. Furthermore, an online Financial Reporting Guide explains how the IFRS rules should be applied throughout 
the Group.
Financial elements are consolidated monthly and analyzed at every level of responsibility in the Company, including Solvay Business Services, the finance 
director of the entity, Group accounting and reporting, and the Executive Leadership Team. Elements are analyzed using various methods, such as a 
variance analysis, plausibility and consistency checks, ratio analysis and comparison with forecasts.
In addition to the monthly reporting analysis prepared by the Group Controlling teams, the Executive Leadership Team thoroughly reviews GBU 
performance every quarter in the context of business forecast reviews.
6.5.	 Internal control monitoring
The Audit Committee is in charge of monitoring the effectiveness of internal control systems. It supervises the work of internal audit and risk management 
relating to financial, operational and compliance monitoring. It is kept informed of the scope, programs and results of internal control testing, internal 
control self-assessments, and internal audit work. It also verifies that audit recommendations are properly implemented. The role and responsibilities of 
the Audit Committee are detailed in the Corporate Governance Charter. For additional information on the work of internal audit see section 6.7 below. 
The Ethics and Compliance department coordinates investigations of potential Code of Business Integrity infringements.

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6.6.	 Information and communication
Group-wide information systems are managed by the IT department. A large majority of Group operations are supported by a small number of integrated 
Enterprise Resource Planning (ERP) systems. Financial consolidation is supported by a dedicated tool.
All financial reporting procedures and internal controls ensure that all material information disclosed by Solvay to our investors, creditors and regulators 
is accurate, transparent and timely, and that it fairly represents the Group’s most relevant developments, financial fundamentals and performance.
The Group Accounting and Reporting department circulates detailed written instructions to all financial actors involved before each quarterly closing.
The publication of the quarterly financial results is subject to various checks and validation:
	· The Investor Relations team designs, develops and issues messages and information about the Group with the needs of financial markets in mind. It 
does so under the supervision and control of the Executive Leadership Team.
	· The Audit Committee ensures that financial statements and communications by the Company and the Group conform to generally accepted accounting 
principles (IFRS for the Group, Belgian accounting law for the Company).
	· The Board of Directors approves the consolidated periodic financial statements and those of Solvay SA (quarterly, semiannual and annual) and all 
related communications.
6.7.	 Internal Audit 
The Internal Audit team provides risk-based, independent and objective assurance to enhance and protect the organization’s value. It uses a systematic 
and methodological approach to evaluate and improve the effectiveness of governance, risk management, and internal control processes and 
procedures, helping the organization accomplish its objectives. 
The team performs internal audit assignments across the entire Group on the basis of its Audit Charter and the risk-based annual internal audit plan 
approved by the Audit Committee. The audit plan takes into consideration internal and external data, risk factors and benchmarks. It includes both entity-
level audits and transversal, Group-wide assignments to address the Group’s main risks, which are identified as part of the enterprise risk management 
process. All the consolidated entities within the Group are inspected by internal audit at least every five years. 
The assignments are scoped, planned and defined on the basis of a risk analysis — due diligence focuses on the areas perceived as having the highest 
risks. Internal audit recommendations are implemented by management. The implementation status is monitored by the Internal Audit team and 
reported to management and the Audit Committee on a regular basis. 
In 2022, the Internal Audit team conducted 35 assignments across all Solvay regions relating to the efficiency of operations and internal controls, as well 
as to governance and compliance, ESG, safety of operations, information security and value protection topics. 
The Head of Internal Audit and Risk Management reports to the Chief Financial Officer and maintains reporting relationships with the Chair of the Audit 
Committee and the CEO. She attends all Audit Committee meetings and periodically presents an activity report summarizing audit missions performed, 
the follow-up of recommendations and the annual audit program. She has direct access at all times to the Chair of the Audit Committee and the CEO.

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7.	 EXTERNAL AUDIT
The audit of the Company’s financial situation, financial statements, extra-financial statements and the conformity of these statements – and the entries 
to be recorded in the financial statements in accordance with the Code of Companies and Associations and the bylaws – are entrusted to one or more 
auditors. These are appointed at the Shareholders Meeting and chosen from among the members, either natural or legal persons, of the Belgian 
Institute of Company Auditors.
The responsibilities and powers of the auditor(s) are set by law.
	· The Shareholders Meeting sets the number of auditors and their emoluments in accordance with the law. Auditors are also entitled to reimbursement 
of their travel expenses for auditing the Company’s sites and administrative offices.
	· The Shareholders Meeting may also appoint one or more alternate auditors. Auditors are appointed for three-year renewable terms, which cannot be 
revoked by the Shareholders Meeting without good reason.
	· The Audit Committee assesses the effectiveness, independence and objectivity of the external auditor with regard to the:
	-
content, quality and insights provided in key external auditor plans and reports, in particular those summarizing audit work performed on risks 
identified by the Company;
	-
engagement with the external auditor during Committee meetings;
	-
robustness of the external auditor in their handling of key accounting principles; 
	-
provision of non-audit services.
For the year ending December 31, 2022, professional services were performed by Ernst and Young Réviseurs d’Entreprises SRL, duly incorporated and 
validly existing under the laws of Belgium, whose registered office is at De Kleetlaan, 2, B-1831 Diegem, Belgium, registered in the register of legal 
entities of Brussels under business registration number 0446.334.711 and their respective affiliates.
The yearly 2022 audit fees for Solvay SA were set at €1.3 million. They include the audit of the statutory and consolidated accounts of Solvay SA. 
Additional audit fees for Solvay affiliates in 2022 amount to €3.8 million. Supplementary non-audit fees of €1.5 million were engaged in 2022 by Solvay 
SA and affiliates of which:
	· Other assurance service missions:
	-
Invoiced by the statutory auditor of the Group: €0.6 million,
	-
Invoiced by other EY entities: €0.2 million.
The Ernst and Young mandate has started at the date of the Shareholders meeting of 10 May 2022. EY is the new statutory auditor of the company for a 
duration of three years, ending after the Ordinary Shareholders’ Meeting of 2025, which will be called upon to approve the accounts for the year 2024.
8.	 ITEMS TO BE DISCLOSED PURSUANT TO ARTICLE 34 OF THE BELGIAN ROYAL 
DECREE OF NOVEMBER 14, 2007
According to Article 34 of the Belgian Royal Decree of November 14, 2007, the Company hereby discloses the following items:
8.1.	 Capital structure 
As of December 31, 2022, the capital of the Company amounted to €1,588,146,240, represented by 105,876,416 ordinary shares with no designated par 
value, fully paid up.
All Solvay shares are entitled to the same rights. There are no different classes of shares.
8.2.	 Transfer of shares and shareholders’ arrangements
Solvay’s articles of association do not contain any restriction on the transfer of shares.
To the Company’s knowledge, there are no agreements among shareholders relating to the Company that may result in restrictions on the transferability 
of the Company’s shares, or the exercise of voting rights. However, the Company has been informed that certain individual shareholders who hold shares 
directly in Solvay may decide to consult one another when questions of particular strategic importance are submitted by the Board of Directors to the 
Shareholders Meeting. Each of these shareholders, however, remains free to vote as he or she chooses. None of these individuals, either individually or 
in concert with others, reaches the initial 3% transparency notification threshold.
Solvay is not aware of any other voting agreements among our shareholders or of the existence of a concert between our shareholders.
8.3.	 Holders of securities with special control rights
There are no such securities.

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8.4.	 Control mechanism of any employee share scheme where the control rights are not 
exercised directly by the employees
There is no employee share scheme with such a mechanism.
8.5.	 Restrictions on the exercise of voting rights
Each Solvay share entitles holders to exercise one vote at Shareholder Meetings.
Article 10 of the Company’s articles of association provides that the exercise of voting rights and other rights attached to shares that are jointly owned, or 
of which the usufruct and bare ownership rights have been separated or are pledged, are suspended pending the appointment of a single representative 
to exercise the rights attached to the shares. 
The voting rights attached to the shares in Solvay held by Solvay Stock Option Management, a wholly-owned indirect subsidiary of the company, are, 
as a matter of law, suspended.
8.6.	 Appointment, renewal, resignation and dismissal of directors
The articles of association of the Company provide that the Company is to be managed by a Board of Directors composed of no less than five members, 
their number being determined by the Shareholders Meeting (Article 12). Directors are, in principle, appointed by the Shareholders Meeting for four 
years, and may be reappointed.
The Board of Directors submits directors’ appointments, renewals, resignations or dismissals to the Ordinary Shareholders Meeting for approval. It also 
invites such Shareholder Meetings to vote on the independence of the directors fulfilling the related criteria, having first sought the advice of the 
Nominations Committee, whose mission is to define and assess the profile of any new candidate using its criteria for appointment and for specific 
competences.
The Ordinary Shareholders Meeting decides on proposals made by the Board of Directors on this matter by a simple majority.
If a directorship becomes vacant during a term of office, the Board of Directors may appoint a new member, subject to ratification at the next Ordinary 
Shareholders Meeting.
8.7.	 Amendment of Solvay’s articles of association
Amendments to the Company’s articles of association must be submitted as a resolution to the Shareholders Meeting, at which at least 50% of the share 
capital of Solvay must be present or represented. In principle, amendments must be passed by a 75% majority of the votes cast.
If the attendance quorum is not met at the first Extraordinary Shareholders Meeting, a second Shareholders Meeting may be convened and will take a 
decision without any attendance quorum requirement.
For certain other matters, such as amendment of the purpose of the Company, higher voting majorities may apply.
8.8.	 Powers of the Board of Directors
8.8.1.	
Powers of the Board of Directors
The Board of Directors is the highest governing body of the Company.
It is entrusted with all the powers that are not reserved, by articles of association, to the Shareholders Meeting.
The Board of Directors has kept responsibility for certain key areas and has delegated the remainder of its powers to an Executive Leadership Team 
(further detailed in the Charter).
In all matters for which it has exclusive responsibility, the Board of Directors works in close cooperation with the Executive Leadership Team, which, 
in particular, is responsible for preparing most of the proposals for decisions made by the Board of Directors.
8.8.2.	
The Board’s authorizations to issue and buy back shares and increase the capital
The Shareholders Meeting of May 12, 2020 authorized the Board of Directors to acquire Solvay shares under the following conditions:
	· The par value of the acquired shares, including those held in treasury and those acquired by direct subsidiaries, may not exceed 10% of the capital.
	· Any purchase to be made at a unit price that may not be (i) more than 10% lower than the lowest price of the last 20 quotations preceding the 
transaction; and (ii) more than 10% higher than the highest price of the last 20 quotations preceding the transaction, it being understood that the 
price shall also comply with the requirements of Article 7:215 of the BCCA and Articles 8:2 and following of the Royal Decree implementing the BCCA. 
	· This authorization is valid for a duration of five years, as from June 5, 2020.

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At the same Shareholders Meeting, the right of the Board of Directors to increase the capital of the Company was also authorized, under the following 
conditions:
	· Limited to an amount of €158,000,000.
	· The authorization is valid for a duration of five years, as of June 5, 2020.
	· The Board of Directors can cancel the preference right of existing shareholders at the occasion of any increase it decides under the authorization.
8.9.	 Significant agreements or securities that may be impacted by a change of control of the 
company
The Ordinary Shareholders Meeting of May 10, 2016 approved the change of control provisions relating to the December 2015 Euro-denominated senior 
and hybrid bonds and the USD-denominated senior notes issued to finance the acquisition of Cytec and the general corporate purposes of the Solvay 
Group.
8.10.	 Agreements between the company and its directors or employees providing for 
compensation if directors resign or are good leavers, or in the case of a public takeover 
bid
Not applicable.

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156 	
1. Risk management 
process
158 	
2. Solvay’s main risks
159 	
2.1. Security
160 	
2.2. Environmental impact and 
controversies
161 	
2.3. Compliance and business integrity
163 	
2.4. Operations safety
165 	
2.5. Climate change
167 	
2.6. Geopolitical impacts on trade and 
supply chain
167 	
3. Other risks
172 	
4. Litigation
Risk management
NAGE
MA
MENT
RI SK
RISK MANAGEMENT
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Risk management
In a context of elevated global economic and geopolitical uncertainty, increasingly volatile market cycles and heightened sensitivity and expectations 
related to climate change and sustainability, we believe that effectively monitoring and managing risks is key to achieving Solvay’s strategic objectives. 
1.	 RISK MANAGEMENT PROCESS
Value can be created when risk is well understood and managed. Anticipating, mitigating, measuring and monitoring risks is as important to Solvay as the 
related activity of identifying, managing and optimizing opportunities. The extensive risk-related processes and provisions that we apply with everyone 
from the Board of Directors and front-line workers to supply chain partners and customers demonstrates this. These processes are outlined below.
1.1.	 Risk analysis and decision on how to manage critical risks
We analyze risks in three ways. First, we establish their level of priority for Solvay, which means categorizing them as “main risks” (most critical), “emerging 
risks” or “other risks”. Second, we identify in which area the risk would have the most impact: the environment, people, economic or reputation. And 
third, we classify risks according to their time horizon: short term (up to one year); medium term (more than one year and less than five); and long term 
(more than five years).
In accordance with the Task Force on Climate-related Financial Disclosures (TCFD) and the EU Taxonomy frameworks, we also assess and categorize our 
main risks as “Environmental (E)”, “Social (S)”, or “Governance (G)”, where applicable.
1.2.	 Risk management in action 
Solvay’s Enterprise Risk Management methodology, which is inspired by the Committee of Sponsoring Organizations (COSO) principles, requires our 
Global Business Units (GBUs) and Functions – and the Group as a whole – to prioritize risks, develop and deliver on mitigation plans, and continually scan 
the environment to assess whether risks and exposures are changing and test whether priorities and plans remain appropriate. This process is closely 
followed by the Risk Management team, with systematically recorded assessments enabling us to monitor decisions and measure actions and progress.
The process we use is regularly adjusted, in order to constantly improve the identification and classification of risks. In 2022, we introduced a more 
systematic classification process to help us integrate ESG risks into our Enterprise Risk Management methodology, by establishing a catalog of ESG risk 
categories. This helps us identify and systematically assess these risks.
Critical risks for the Group are closely and systematically monitored by the Group Risk Committee, which ensures that these risks are assessed for 
materiality and are adequately addressed. The Committee is composed of the Executive Leadership Team (ELT), establishing a direct link between 
the Group’s strategy and the risk management process, the Group General Manager for Research and Innovation (R&I), the Chief Sustainability and 
Government Affairs Officer, and the Head of Investor Relations. Group Risk Committee meetings are facilitated by the Head of Internal Audit and Risk 
Management. 
Business and Function leaders integrate risk management into decision making to support delivery of objectives
Leaders of GBUs and Functions are responsible for identifying, monitoring and managing the key risks in their domains. Risk management is embedded 
in the day-to-day operations of each entity, and operational managers are expected to anticipate and react rapidly when circumstances change. Each 
GBU formally presents their risk matrix, and the follow-up actions needed to mitigate any critical risks, to the ELT.
Group risks are overseen at Executive Leadership Team level
Group-level risks are managed and monitored at the top level. The Senior Leadership Team contributes to identifying risks, the Group Risk Committee 
contributes to assessing risks and the ELT members contribute to risk sponsorship, treatment and response. Board Members also provide independent 
input, contributing their broad expertise. Additional input may be provided by the Corporate Risk Management Department, which scans external 
sources, such as the World Economic Forum Global Risks report, the Risk in Focus report from the ECIIA1, the AXA Future risks report or the Economist 
Intelligence Unit Risk Outlook, for relevant information. In principle, this input is reviewed and validated by the ELT once a year, but more frequent 
updates are prepared and reviewed when necessary. This has been the case following the significant impact on energy markets caused by the war in 
Ukraine, for example.
1. European Confederation of Institutes of Internal Auditing

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The Audit Committee meets with the CEO and all other members of the Board once a year to discuss the major risks facing the Group. During the 
year, the Audit Committee systematically reviews progress and regularly invites the relevant leaders and Risk Owners to provide overviews of their 
risk assessments and progress on mitigating actions. In accordance with the defined Group risks, topics such as industrial safety, physical security, 
cybersecurity, ESG-related subjects or ethics and compliance matters are addressed.
SOLVAY’S RISK MANAGEMENT PROCESS
Risk analysis and decision
Implementation
Monitoring
Board
Gather input through periodic survey on 
Group risks
–
Annual Group risk assessment and 
validation
Audit Committee
Gather input through survey or 
dedicated session on Group risks
–
. Assess effectiveness of risk 
management
. Quarterly presentation by risk owners
. Periodic review (minimum biannually) 
and assessment of Group risks 
(minimum annually)
Senior Leadership Team
Define risks at business and function 
levels
. Mitigation plan developed with risk owners accountable for delivery
. Ongoing systematic progress update
. Regular update (minimum annually)
Executive Leadership Team 
(ELT)
Provide input on Group risks 
establishing a direct link between 
the Group strategy and the risk 
management process
. Oversee progress as individual risk sponsors
. Ad-hoc risk sessions and biannual Group risk dashboard
Group Risk Committee*
Decide Group risks
–
–
* The Group Risk Committee comprises the Executive Leadership Team (ELT), the Group Corporate Research and Innovation Officer, the Chief Sustainability and Government 
Affairs Officer, and the Head of Investor Relations.
Management of major projects linked to Solvay’s transformation
An appropriate risk assessment methodology is applied to significant transformation initiatives, including the project aiming to split the Group into 
two independent publicly traded companies, for which a distinct organization and governance structure has been implemented and a dedicated risk 
identification, mitigation and monitoring process has been established.
Internal control
Internal control is a key aspect of risk management. The Corporate Governance chapter of this report provides a detailed description of Solvay’s risk 
management and internal control system (see chapter 6.).
1.3.	 Crisis preparedness
There is a structured network within the Group to ensure crisis preparedness. Members of this network perform tasks and implement programs in order 
to ensure that their business units and Functions are prepared for specific crisis situations. These programs include crisis simulations, media training for 
potential spokespersons, maintenance of key databases, and analysis of relevant internal and external events. The risks identified using our Enterprise 
Risk Management methodology influence the scenarios used in our simulations.

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2.	 SOLVAY’S MAIN RISKS 
The Group Risk Committee assesses the impact of risks and the level of control we have over these risks. To assess impact, we use a four-level scale: low, 
medium, high or very high.
Impact
Low
Medium
High
Very high
Economic
Less than €10 million
€10 million to €50 million
€50 million to €100 million
€100 million or larger
Injury to people
Nuisance
(noise, smoke, odor)
One or multiple first aid injuries 
or shelter-in-place
One irreversible injury or 
multiple reversible injuries
One or multiple fatalities or 
multiple irreversible injuries
Reputation
-
·	
Local news headlines
·	
Low activity in social media
·	
Moderate to strong 
reaction from local 
stakeholders
·	
National news headlines
·	
Strong activity in social 
media
·	
Strong reaction from 
stakeholders
·	
International news 
headlines
·	
Massive activity in social 
media
·	
Severe reaction from all 
stakeholders
Environment
Non reportable operating 
permit limits exceeded
·	
Damages limited to the 
immediate vicinity of the 
site 
·	
Minor impact on plants or 
animals around the site
·	
Reversible damages off-site
·	
Major impact on plants or 
animals around the site
·	
Long-term damages off-
site  
(ten years)
Level of control
The Group Risk Committee assesses the level of control over these risks by considering the following questions:
·	 Are key actions and controls clearly identified? 
·	 Was the effectiveness of key actions and controls assessed?
·	 Was the level of control adequate and proportionate to the risk?
·	 Are additional mitigation actions appropriate?
Solvay’s main risks 
To determine how critical a risk is, we combine the two ratings described above relating to impact and level of control. 
Criticality
ESG
Risk
Time  
horizon
Trends of level 
of control 
(after 
mitigation)
Link with high materiality 
sustainable development topics
Very High
S
Security
Short
Improvement
Data security
E
Environmental impact 
and controversies
Short to long
Improvement
·	
Critical incident risk 
management
·	
Air quality
G,S
Compliance and busi-
ness integrity
Short to medium
Improvement
Management of the legal, ethics 
and regulatory framework
E,S
Operations safety
Short
Stable
·	
Critical incident risk 
management
·	
Employee health and safety 
·	
Hazardous materials
High
E
Climate change
Short to Long
Improvement
·	
Greenhouse gas emissions
·	
Biodiversity
·	
Energy management
·	
Product design and lifecycle 
management
·	
Waste and wastewater
N/A
Geopolitical impacts on 
trade and supply chain
Short to medium
Under review
–
Short term < 1 year < Medium term < 5 years < Long term
*Emerging risk: newly developing or changing risk that may have, in the long term, a significant impact that will need to be assessed in the future.
++
+

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The risks relevant to Solvay, and the Group’s risk-reduction actions, are listed below. The mitigation efforts described do not guarantee that risks will not 
materialize or impact the Group, but they show how we proactively manage our exposure to risk.
2.1.	 Security 
RISK HORIZON: SHORT TERM
TREND: IMPROVEMENT
2.1.1.	
Risk description 
Certain security threats can have negative consequences for our business. These include terrorism, crime, violence, vandalism, theft and cyberattacks, 
which impact employees or other stakeholders, sites, assets, critical information or intellectual property.
Solvay is exposed to physical security risks because it has 62 high-risk operations (high Seveso level, process safety management (PSM) covered). 
A number of our products, if mishandled, can cause severe damage. For more information on this, see the Extra-financial statements section of the 
report: 6.7 hazardous materials.
We also have sites located in countries where security concerns are rated high by SOS international. One hundred and fourteen industrial, and 
27 administrative and R&I sites have undergone a Security Vulnerability Self-Assessment (SVSA) and only one R&I site has been assessed as having the 
highest level of security risk – Level 1 – since the previous SVSA.
Solvay’s exposure to cyber risk, as for most major companies, stems from our extensive use of information and communication technologies and the 
gradually increasing automation level of our sites. Like most multinationals, Solvay experiences cyber incidents and actively responds to those incidents 
to limit the impact. The Solvay management team is not aware of any incident that would have significant consequences for our financial statements or 
our business.
RISK CORRELATION
  Climate risks
Risk of different categories are often inter-connected, and these correlations are identiﬁed during the risk management exercises at GBU and 
Group level. 
Using such correlation analysis, it is possible to obtain a wider view of the potential consequences, and thus of the impacts of the risks, as well 
as having a better grasp of the causes of the risks, and design more adequate mitigation strategies.
The chart above displays the correlation between the most relevant risks as presented in the following section of the annual report.
Compliance and business integrity
  Financial risks
Risks on operations
  
Market and growth
Environment
  Main risk
  Risk categories
Market or customer dependency
Business integrity 
breach
Innovation / new business failure
Export 
compliance
Geopolitical risks
Supply chain &
Raw material
Major projects 
management
Climate transition
Climate change
physical risks
Industrial & 
transport safety
Chemical product
regulation
Cyber
security
Environment 
impacts
Financial risks

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2.1.2.	
Prevention and mitigation actions
Solvay has a risk-based security approach to protecting sites, information, and people.
	· A Chief Security Officer (CSO) coordinates all security activities globally in order to ensure efficient security risk mitigation. A Chief Information Security 
Officer (CIO), reporting to the Chief Security Officer, coordinates all related information security activities. 
Three governance bodies lead the security risk management effort:
	· a Security Board, chaired by the CEO, which provides strategic direction for the Group’s security risk mitigation;
	· a Cyber Security Leadership Committee, chaired by the Chief Information Security Officer, which oversees all security activities and provides budget 
and priority recommendations to the Security Board;
	· a Security Coordination Working Group, chaired by the Chief Security Officer, which runs a continuous security threat monitoring program and an 
optimized security program for the Group.
Solvay management provides updates on information security to the Board at least once a year and even more frequently to the Audit Committee.
Cyber security program
The three governance bodies leading the security risk management effort also supervise our cyber security program, which includes:
·	 the use of assessments conducted by external experts;
·	 the use of penetration tests and internal phishing simulations;
·	 substantial training for all Solvay Business Services and Digital Technology (DT) professionals, and mandatory security training for all employees;
·	 the regular publication of cybersecurity tips to increase employee awareness;
·	 some significant improvements in security posture, which have been achieved by deploying enhanced security technology across the network. This 
includes controls such as endpoint detection and response, multi-factor authentication, immutable back-ups and a stronger demilitarized zone (DMZ).
A significant cyber-attack could negatively impact Solvay in many ways, including people, operations and results, as well as know-how and intellectual 
property. We will therefore continue to solidify our cyber defenses so that we are able to manage the evolving cyber threat landscape.
Insurance
Solvay is insured up to €150 million per claim against the potential financial impact of a cyberattack. This insurance covers damage to assets, business 
interruption, ransomware and third party liability in case of loss of third party confidential information. The insurance market is insufficient today to 
provide the full coverage Solvay needs. Solvay has therefore co-created a Mutual of Cyber Insurance (MIRIS) in collaboration with several other Groups, 
which will start providing coverage to its members in 2023. 
2.1.3.	
Main events in 2022
Our Security Risk Management process and tool were completely reshaped in 2022. 
All security risks – cyber, physical and personnel – are now managed in a specific register that allows us to better follow up on decisions, risk ownership 
and mitigation actions.
A team of two full-time employees is responsible for maintaining the register, following up with the risk owners and improving the process.
A Security Risk Operational Committee is held every two weeks, where the risk owners and security stakeholders, including the CSO and the CIO, review 
the new risks and decide on how to address them. 
2.2.	 Environmental impact and controversies 
RISK HORIZON: SHORT, MEDIUM AND LONG TERM
TREND: IMPROVEMENT
2.2.1.	
Risk description 
Solvay’s activities impact the environment through:
·	 Our use of raw materials based on fossil or non-renewable resources and our consumption of energy.
·	 Our access to scarce resources, including water.
·	 Our management of waste, by-products, emissions and effluents.
Solvay manages or remediates historical soil contamination at all sites for which we are responsible, including divested or discontinued operations, 
ensuring continuous compliance with the applicable environmental legislation. More information can be found in the Extra-financial section of the 
Annual Integrated Report.
These impacts on the environment, in turn, create the following risks:
·	 Challenges and expenses related to meeting increasingly strict regulatory standards and changing customer expectations, standards and purchasing 
decisions.
·	 Changes in investor sentiment and preferences as a result of the changing investor environment.
·	 Impact on our ability to recruit employees due to negative public perceptions of environmental issues.

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2.2.2.	
Prevention and mitigation actions
Since 2021, an Environment SteerCo meets quarterly. It is chaired by the Chief Operating and Transformation Officer, and addresses all environmental 
topics, including remediation, operations and potential risks. Prevention and mitigation activities include:
·	 Careful monitoring and management of sites with a history of soil contamination by a dedicated expert team. We follow up on about 300 locations 
across the world. 
·	 Rolling out a risk characterization approach at every affected site, when relevant.
·	 Regulatory monitoring to proactively assess and address upcoming changes in legislation. 
·	 Our Group strategy for managing chemicals of concern and developing alternatives with a reduced human and environmental impact, or phasing them 
out completely.
We have also implemented a comprehensive program to reduce workplace chemical exposure using:
	-
chemical risk assessments and risk-based medical surveillance, using both qualitative and quantitative methodologies;
	-
pandemic preparedness and mitigation plans;
	-
human biomonitoring, when warranted;
	-
improving and adapting working conditions;
	-
promoting general physical and mental health; and
	-
setting more conservative in-house exposure limits for critical substances.
We regularly review, and update, standards governing discharge from plants and we use our Sustainable Portfolio Management (SPM) tool to help 
identify substances that can deliver the needed results but with a more limited environmental impact. We revise our materiality analysis on a yearly basis 
to align it with evolving stakeholder expectations, including environmental impacts.
Solvay is insured up to €200 million per claim and in the annual aggregate for unknown gradual pollution, and sudden and accidental pollution. Coverage 
includes defense costs, clean-up costs and third party liability
2.2.3.	
Main actions in 2022
We continued to execute our Solvay One Planet sustainability roadmap in 2022, which includes programs to:
·	 identify substances of concern and the develop alternatives, with a focus on 30 priority substances;
·	 Carbon neutrality ambition underway, with 59 energy transition projects and more than 60 waste projects;
·	 focus on improving our investment portfolio with regard to water consumption, to meet specific targets by 2025;
·	 systematically collect fines and settlements received at our sites and quarterly reporting to the ELT;
·	 approve sustainable investment projects using a Solvay One Planet profile review;
·	 identify and launch R&I projects that tackle potential risks;
·	 reduce our pressure on biodiversity by 30% by 2030, which includes assessing our impact on climate change, terrestrial acidification, water eutrophication 
and marine ecotoxicity;
·	 identify the Solvay sites most at risk of drought and draft roadmaps for eight priority sites;
·	 launch the Star Factory program, which includes a sustainability pillar.
2.3.	 Compliance and business integrity 
RISK HORIZON: SHORT TO MEDIUM TERM
TREND: IMPROVEMENT
2.3.1.	
Risk description 
Solvay management, in alignment with the Board, adopts a zero-tolerance approach in relation to non-compliance toward its Compliance and Business 
Integrity policy. Solvay’s activities require that the following risk categories - among others - be considered in relation to compliance and business 
integrity:
·	 Failure to comply with governmental laws and regulations in jurisdictions in which Solvay operates.
·	 Failure to comply with Solvay’s Code of Business Integrity, including:
	-
intentional misstatements;
	-
corruption, misappropriation;
	-
by-passing corporate controls, and;
·	 Human rights violations.
·	 Failure to implement good governance in a joint venture.
·	 Failure to comply with chemical product usage standards, such as:
	-
inappropriate use of a Solvay product by Solvay personnel or customers, which can lead to adverse health and environmental impacts, 
property damage and resulting litigation;
	-
production of faulty products, which can result in exposure to liability for injury, health impairment and damage, or product recalls. Product liability risk 
is generally higher for products used in medical devices, healthcare, food contact and feed applications, and sensitive applications in general;

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	-
Failure to comply with chemical and market regulations in countries where a product is sold. There are a lot of regulatory activities worldwide, 
in particular, we are closely monitoring the upcoming European Union Chemical Strategy for Sustainability (CSS) regulatory framework, 
including its possible impact on our business and operations and potential opportunities stemming from it. The US Administration is also 
developing a stricter regulatory framework for chemicals, as well as a framework relating to Environmental Justice.
2.3.2.	
Prevention and mitigation actions 
Solvay’s Code of Business Integrity, policies and procedures
Our Code of Business Integrity includes a wide range of topics, among which those listed above. It applies to all employees and majority-owned joint 
venture partners. Our Supplier Code of Business Integrity applies to suppliers.
We introduced training courses which all employees are required to take and to pass. We require that all employees sign an annual acknowledgement 
that they have read the Code and that they have nothing to report. We have created several training courses and increased awareness through a 
communication campaign to address specific behavioral risks. These include:
·	 anti-bribery and anti-corruption;
·	 anti-competitive activity;
·	 confidential and proprietary information;
·	 conflict of interest;
·	 reporting non-compliance with human rights in business policy;
·	 use of a gifts and entertainment tracking system;
·	 use of third-party reporting hotlines and a Group-wide “Speak Up” program to report non-compliance.
Before entering into a business relationship, our suppliers are required to sign our Supplier Code of Business Integrity and commit to its principles.
In addition, we are increasing our oversight on third parties and suppliers in the field of human rights, anti-bribery and corruption and environmental 
breaches through proactive screening. Human rights has now been integrated in our Ethics Helpline as a matter type and is also open to the employees 
of our suppliers. 
Chemical product usage
·	 Solvay Safety Data Sheets (SDS) ensure harmonized content by implementing a common worldwide SAP system for the Group. This SAP system has 
now been fully implemented across the company. 
·	 SDS are constantly maintained for all products and are distributed worldwide to all customers, in compliance with local regulations and in the local 
language. Our GBUs ensure that SDS are revised at least once every three years for all the products they sell.
·	 All GBUs perform an annual inventory of Substances of Very High Concern (SVHC) - defined by Solvay - in the products they sell. A risk assessment 
and analysis of any available safer alternatives is being performed for each SVHC identified in the inventory. There is also the phase out on top of the 
analysis of safer alternatives.
·	 Recall procedures are developed and deployed as prescribed by the product stewardship programs.
·	 Insurance reduces the financial impact of a product liability risk, including for first-party and third-party product recalls.
2.3.3.	
Main actions in 2022
Business Integrity
Mandatory annual training and certification ensures all Solvay employees know our Code of Business Integrity. We measure performance not only by 
what people deliver, but also on how they deliver, in line with our policies and values. 
In 2022 our training focused on protecting a culture of integrity at Solvay, on speaking up and listening, on non-retaliation, on data privacy, and on gifts, 
entertainment and charitable donations. All employees are required to take the training and to certify that they have read the Code of Business Integrity 
and will apply it. Last year we also introduced an additional compliance certification for site leaders as they play a key role in maintaining a culture of 
compliance and integrity at their site.  
A communication campaign was launched to increase awareness about speaking up and raising concerns when people notice a potential breach of 
our Code of Business Integrity, without fear of retaliation. Our Ethics Helpline was upgraded and made more accessible in 2022, ensuring that incidents 
can be easily reported and investigated when necessary. Speak Up was also part of the annual mandatory training for all our employees, and we raised 
awareness amongst employees that they can speak up about the full spectrum of topics referenced in the Code of Business Integrity. This resulted in 
an increase of reported incidents as reflected in the overview and increased our ability to detect, identify and address issues and risks. The increase in 
reported incidents does not imply that there were more incidents in 2022 than before, but shows that employees reach out more to report potential 
breaches, enabling us to investigate and address those breaches, identify root causes, adapt processes or take disciplinary actions when necessary. 
New topics such as human rights, and diversity, equity and inclusion were added to our Ethics Helpline. To tackle human rights and environmental 
impacts across our upstream value chains, Solvay developed an ESG risk management approach for our supply chain in 2022. It provides a systematic 
approach for identifying risks and assessing their severity in more than 60 upstream value chains, and triggers risk mitigation action plans.  The Ethics 
Helpline is also open to employees of third parties to report suspected violations of laws, regulations or policies.

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Chemical product usage
The Solvay Product Safety Management Process (PSMP) identifies risks relating to products marketed by Solvay. All GBUs use this process, which involves 
prioritizing the required risk assessments in the product portfolio and carrying out risk assessments for the most sensitive product applications.
More information on this can be found in the Extra-financial chapter of the report: 6.7 Hazardous materials 
2.4.	 Operations safety 
RISK HORIZON: SHORT TERM
TREND: STABLE
2.4.1.	
Risk description 
The safety of our people is a priority for Solvay, as is specified in our Solvay One Planet sustainability roadmap. A major accident – whether occupational, 
process or transport related – that is linked to our internal or outsourced activities may cause human, environmental or asset damages, lead to significant 
exposure or cause injuries or fatalities. Solvay’s industrial sites, like most industrial operations, carry out high pressure and high temperature processes. 
We also use chemical substances that have risks associated with their chemical composition.
For more information about Solvay’s management approach, see the Extra-financial chapter of the report: 6.1 Employee Health and Safety, 6.8 Critical incident risk management 
(process safety), 6.7 Hazardous materials.
We have identified four major operational risks:
·	 an occupational safety incident which results in a fatality or irreversible (life-altering) injury;
·	 a severe process safety incident which results in fatalities, irreversible injuries, environmental harm, and/or loss of physical assets;
·	 chronic exposure to occupational agents – chemical, physical, biological or psychological – known to cause work-related disease;
·	 a severe transport accident in connection with hazardous chemical transportation which results in irreversible injuries, fatalities or environmental 
damages.
2.4.2.	
Prevention and mitigation actions
Solvay issued a new set of Minimum Requirements to create a shared understanding and approach to mitigating major risks. As part of this approach, 
we also introduced a new way of working, including a more collaborative and supportive approach to health, safety and the environment (HSE) across 
the Group.
Our HSE strategy is based on the following four levers:
·	 Culture: promoting a culture of safety for all employees and contractors.
·	 Continuous improvement: utilizing networking, best practice, common methods and tools, Solvay HSE Minimum Requirements, external monitoring 
and benchmarking to improve our HSE performance. Sites are audited on Group HSE procedures at least once every five years, but currently closer to 
three years on average.
·	 Competency: ensuring all employees have the right level of knowledge and skills to put in place the HSE Minimum Requirements, starting with those 
working in key positions.
·	 Compliance: detecting and mitigating regulatory and non-regulatory compliance issues, with a focus on priority risks, both in our operations and 
commercialized products.
Occupational safety
Solvay has consistently prioritized occupational safety. Our efforts to create a safety culture where all employees work together and care for one another 
are based on:
·	 Solvay’s Safety Excellence Plan, which involves and engages all Solvay employees. It includes activities such as Safety Days, Leadership Safety Visits, 
Behavior-Based Safety programs, Safety dialogues and Safety Culture training.
·	 The Solvay HSE Minimum Requirements for the Solvay Life Saving Rules (SLSR).
·	 The Creating Safety program for leadership teams, aimed at changing mindsets and behavior.
·	 A monthly review of occupational safety results by the relevant GBUs and at the Executive Leadership Team level.
Industrial Hygiene and Occupational Health 
Solvay has implemented a comprehensive approach to reducing risks in the workplace. Our approach includes: 
·	 risk assessments and risk-based medical surveillance, using both qualitative and quantitative methodologies, with a focus on chemicals;
·	 pandemic preparedness and mitigation plans;
·	 human biomonitoring, when warranted;
·	 improving and adapting working conditions;
·	 deployment of a well-being at work program;
·	 promoting general physical and mental health;
·	 setting more conservative in-house exposure limits for critical substances.

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Process safety management
Solvay has created and uses a Process Safety Management System. Among other things, this system includes:
·	 a preventative risk-based approach founded on systematic Process Hazard Analyses (PHA), and the identification of critical scenarios for which 
mitigation action must be implemented in a committed time frame;
·	 management of changes (MOC);
·	 a team of process safety experts trained to apply the PHA methodologies.
Transport safety
We have put in place a number of tools and procedures that allow us to identify and take action to mitigate transport-related risks. These include:
·	 qualification standards for carriers of dangerous goods;
·	 enhanced training where appropriate;
·	 implementation of safety procedures and guidelines;
·	 collection and sharing of lessons learned;
·	 providing emergency response hotlines worldwide and in many languages.
Environment
To mitigate environmental risks, the following minimum requirements must be respected: 
	· the discharge of substances, wastewater and atmospheric emissions from our plants must meet all applicable emission limit values;
	· waste must be disposed of using appropriate technologies and qualified companies;
	· for the long-term release of potentially dangerous chemicals, risk assessments must be carried out on a periodic basis to ensure that the impact on the 
environment, or on the neighboring population, falls within strict limits, determined by environmental quality standards or by exposure limits.
2.4.3.	
Main actions in 2022
Occupational safety
·	 Successful implementation of Solvay Life Saving Rules at site level.
·	 Continuing deployment of our Safety Culture program (training and sharing). For example, training to avoid complacency and overconfidence has 
been rolled out this year.
·	 Systematic tracking and analysis of High Severity Potential (HSP) events. These events, as well as other types of significant incidents in process or 
transport safety, are subject to a root cause analysis.
More information can be found in the Extra-financial statements section of the report: 3.3. Health, safety and environment management. 
Industrial hygiene
We continued to roll-out SOCRATES (Solvay Occupational Risk Assessment Tool for Employees), reaching an 85% deployment rate in 2022, with the 
expectation of reaching 100% in the first quarter of 2023. This tool:
·	 provides easy access to industrial hygiene (IH) methods, tools and databases;
·	 enables consistent documentation of IH assessments;
·	 enhances the traceability of potential exposure throughout a person’s working life.
More information can be found in the Extra-financial statements chapter of the report: 3.3. Health, safety and environmental management
Process safety
·	 Application of Process Safety Management Audit protocol at 20 sites
·	 Process Hazard Analyses carried out for 98% of all units, on all sites, within the last five years (Group requirement). The coverage rate is planned to 
reach 100% in 2023.
·	 All detected high-risk situations are treated within one year, with any extensions having to be duly authorized. Only three situations at one site have 
been granted such an extension and with compensating measures implemented in the interim.
·	 Investigation of a selection of Process Safety Incidents and lessons learned shared with all sites.
More information can be found in the Extra-financial statements chapter of the report: 6.8. Critical incident risk management. 
Transport safety
·	 Improvement of our Group processes on Qualification of Logistics Service Providers for Dangerous Goods, including tolling and storage operations 
(in progress).
·	 Continued application of a global Transport Emergency Response covering Level 1, Level 2 and Level 3 in all countries
·	 Continued development of expertise in Transport Safety through the following activities: 
	-
Global Transport Safety Network.
	-
Feedback on transport accidents.
	-
Regular training of people involved in the transportation of dangerous goods .
More information can be found in the Extra-financial statements chapter of the report: 6.8. Critical incident risk management

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Environment
·	 Detailed annual reporting of environmental emissions (air and water), water management and waste. We focus on emissions of Substances of Very High 
Concern (SVHC) in particular, which are tracked and used for regular exposure assessments. We have also defined internal emission reduction targets 
for SVHC emissions in air and water.
·	 Reporting of all types of environmental non-compliance, including any occasions on which we have exceeded emission limits due to a process issue 
or process safety incident.
·	 Assessing potential climate change impact on our operations due to flooding, water scarcity, hurricanes and other environmental events, through the 
application of best-in-class models and collaboration with external experts.
More information can be found in the Extra-financial statements chapter of the report: 5.4. Air quality, 5.6. Water and wastewater, 5.5. Waste 
Occupational health
·	 Covid-19 management to ensure prevention and business continuity according to the evolution of the epidemiology: information, advice, testing and 
return-to-work case management processes.
·	 Deployment of a global program for well-being at work: 
	-
Monitoring indicators. 
	-
End-of-year survey on well-being at work to help us set action plans.
	-
Quarterly pulse surveys to help us understand the psychological climate at Solvay.
	-
Training on resilience offered to all employees. 
	-
Training for managers on “Leading on well-being mindset”. 
	-
Stress management training facilitated by internal trainers.
·	 Communication campaigns on Health Promotion.
·	 Inclusion of health and well-being in the site Health and Safety Days.
More information can be found in the Extra-financial statements chapter of the report: 6.1 Employees health and safety
2.5.	 Climate change 
RISK HORIZON: SHORT AND LONG TERM
TREND: IMPROVEMENT
2.5.1.	
Risk description
The Group strategy to address climate-related risks, as defined by the Task Force on Climate-related Financial Disclosures, could be ineffective and 
damage the environment, the lives of current and later generations and Solvay’s reputation. This, in turn, could cause business losses, undervaluation 
and difficulties in attracting long-term investors. The possible risks to Solvay that we have identified are as follows:
A - Transition risks:
Solvay’s energy mix, which uses coal, our raw materials, which include petrochemicals, and our end markets, which include the automotive, aerospace, 
and building and construction industries, means that we are exposed to risks and opportunities as part of the energy transition. This transition risk 
includes the following:
·	 Policies and legal context: regulations and actions to limit CO2 emissions, such as increasing carbon taxes, barring internal combustion engines, 
mandating the use of certain fuel types and tightening environmental standards.
·	 Technology: unsuccessful investment in new, lower-emission technologies.
·	 Markets: failure to adapt to changing customer behavior.
·	 Financial: inability to cope with the influence of climate change on investors’ and lenders’ decisions.
·	 Changed climate: failing to adequately anticipate the impact of upcoming changes on industrial operations and in the value chain or the tightening 
of environmental standards.
·	 Reputation: negative stakeholder attitudes caused by failing to address stakeholder climate change concerns effectively.
B - Physical risks: 
·	 Sites in water scarcity regions
·	 Sites in flood zones 
More information can be found in the extra-financial section 3.8. Climate risks analysis

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2.5.2.	
Prevention and mitigation actions
	· Progressing towards the 2030 objective to reduce Scope 1 and 2 greenhouse gas emissions by 30% in line with a “well below 2°C” trajectory.
	· Targeting carbon neutrality before 2040 for all GBUs except Soda Ash, and before 2050 for the hard-to-abate Soda Ash activity. This roadmap will 
require around €2 billion in investments and is expected to generate compelling economic returns.
	· Solvay will also not build new coal-powered plants and has committed to phasing out the use of solid fuels (coal and petcoke) in energy production by 
2030 wherever renewable alternatives exist.
	· In 2022, Solvay has set a 2030 target to reduce by 24% scope 3 greenhouse gas emissions from its top five categories both upstream and downstream in 
the value chain and representing 85% of the total scope 3. - Early 2023, the Science Based Targets Initiative (SBTi) has validated the Solvay 2030 targets 
with a slight adjustment to reduce scope 1 and 2 emissions by 31%.
	· Assessment of potential climate change impacts on our operations due to flooding, water scarcity, hurricanes, and other environmental events through 
the application of best-in-class models and collaboration with external experts.
·	 Establishment of a task force that develops renewable energy and other energy transition projects adapted to local markets and regulations.
·	 Raising our internal carbon price from €50 to €100 per metric ton of CO2 on greenhouse gas emissions from operations and using our Sustainable 
Portfolio Management tool (SPM) to assess all capital investment decisions worldwide. 
·	 Alignment of R&I projects with market expectations and assessment of operations exposure relating to the environment using an SPM lens.
·	 Linking the long term incentives of senior executives to our achievements in reducing greenhouse gas emissions.
2.5.3.	
Main actions in 2022
A new climate transition scenario analysis was performed in 2022, in line with the TCFD updated recommendations for scenario analysis. Two scenarios 
were considered: the 2021 International Energy Agency “Stated Policies Scenario” and the “Net Zero Emissions by 2050” scenario. As a first step, the 
analysis focused on the three GBUs responsible for about 60% of our total greenhouse gas emissions and with exposure to markets or raw materials that 
have the potential to be significantly affected by climate change: Soda Ash, Specialty Polymers and Novecare. The analysis is described in detail in the 
Extra-financial statements section of this Annual Integrated Report.
The quantitative analysis considered:
·	 The evolution in the cost of energy, CO2 and raw materials.
·	 Price and volume changes, based on the market impacts of each scenario. 
·	 Adaptation potential, or the cost passed through to customers.
Assuming that Solvay takes no decisions other than those currently announced, the conclusion of the analysis was as follows:
·	 The Soda Ash business is reliant on a competitive price advantage. As the cost of energy, raw materials and Solvay operations increases, the business 
will need to pass on costs to ensure business profitability. It will benefit from additional demand for glass, which is needed in energy efficient buildings. 
It will drive profit and sales overall.
·	 The Specialty Polymers business has the best opportunities in a +1.5°C world. Demand for our value-based solutions will provide incentive to increase prices, 
but additional production capacities are likely to be required to meet sustained demand and ensure costs can be effectively passed through to customers. 
·	 The Novecare business faces risks relating to vegetable oil imports, since vegetable oils from palm oil, and other alternatives, produce significant CO2 
emissions and are highly water intensive. Shifting to sustainable alternatives is expected to be costly at the beginning, but these costs will decrease in 
the long run, while also bringing reputational benefits. Novecare has the highest-weighted CO2 emissions intensity in their supply chain and Solvay is 
engaging with suppliers to reduce Scope 3 emissions.
Cost pass through measures have already been implemented. The analysis will be extended to more GBUs, and to physical risks.
Climate emissions reduction actions are described in detail in the Extra-financial section of the Annual Integrated Report. Among the numerous actions 
taken are the following:
·	 In Rheinberg, Germany, the first boiler using biomass instead of coal went into operation in May 2021, and a decision has been taken to install a second 
biomass boiler, to be operational before 2025. This will allow us to phase out coal and reduce Group greenhouse gas (GHG) emissions by 4%.
·	 In Dombasle, France, we have taken the decision to shift from coal to RDF (Refuse Derived Fuel). This will allow us to phase out coal at the site by 2024 
and reduce the Group GHG emissions by 2%.
·	 Our multiple energy transition projects implemented or committed globally in 2021 will ensure that 35% of the electricity we purchase comes from 
renewable sources.
·	 An annual review of climate-related risks and opportunities for each product in each market performed with the Solvay SPM tool. This shows that our 
climate-related Solutions (18% of sales) outnumber our climate-related Challenges (3% of sales). For more information, see 5.1 Product Design and Life 
Cycle Management in the Extra-financial Statements section of this report.
The current risk linked to floods and hurricanes is assessed annually with our insurers. This exercise identifies sites in risk areas with a maximum foreseeable 
loss greater than US$10 million. Seven Solvay sites are located in high frequency (2% chance per year) flood areas, with a loss expectancy range of 
US$13.5-196.4 million. Fifteen Solvay sites are located in low frequency (0.2% chance per year) flood areas, with a loss expectancy range of US$14-
243.3 million. One site is located in a wind exposed area, with a loss expectancy of US$17.3 million. Solvay has a damage insurance program in place to 
cover catastrophic risks, while covering smaller losses through self-insurance. 
Sites in areas of water scarcity have been identified, and the risks have been assessed based on their water consumption and maximum foreseeable loss. 
Thirty-one Solvay sites are located in areas subject to hydric stress, of which eight have been identified as having a high business impact. The highest 
annual business interruption value is €400 million.
More information can be found in the Extra-financial statements chapter of the report: 4. Climate section

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2.6.	 Geopolitical impacts on trade and supply chain
RISK HORIZON: SHORT TO MEDIUM TERM
2.6.1.	
Risk description
Geopolitical rivalries can cause trade wars, supply chain constraints and regulatory deadlocks, leading to an inability or impairment to trade and develop 
our businesses across the key regions of the world.
2.6.2.	
Prevention and mitigation actions
The geographical balance of our Group activities across the major regions of the world mitigate these risks up to a certain point, but this is nevertheless 
limited by the characteristics of our business supply chains.
2.6.3.	
Main actions in 2022
The consequences of the war in Ukraine, particularly for the energy markets, have triggered the Group to take action on several topics, steered by a task-
force chaired by the Chief Operations and Transformation Officer:
·	 ensuring the safety of the few Solvay employees based in Ukraine;
·	 ensuring the continuity of raw material supply by looking for alternative sources to Russia;
·	 preparing and implementing contingency plans for energy restrictions in Europe, including restrictions to access to natural gas. Every European site 
has developed a contingency plans;
·	 ensuring that we comply with the export controls and sanctions enforced by the EU, the US and other countries.
3.	 OTHER RISKS
3.1.	 Market and growth – strategic risk 
RISK HORIZON: MEDIUM TO LONG TERM
3.1.1.	
Risk description
Strategic risks in market and growth relate to Solvay’s exposure to developments in our markets or our competitive environment (for example exposure 
due to a dependency to a specific market or a specific customer), and the risk of making erroneous strategic decisions (for example failing in innovation 
choices, new business developments or major projects).
3.1.2.	
Prevention and mitigation actions
·	 Systematic and formal analysis of markets and marketing challenges with respect to investments and innovation project ramp-ups.
·	 Regular performance review of strategy deployment.
·	 Development of long term GDP+ growth markets and building on sustainable development opportunities, particularly in the mobility, home and 
personal care, healthcare, resources and environment, electrical and electronics, and agro, feed and food markets.
·	 Development of customized, mission-critical solutions with Solvay key accounts.
·	 Adaptation of our operations to new energy and CO2 markets.
·	 Strong focus on cash conversion and generation.
·	 Disposal of businesses that fall below the cyclicality threshold.

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3.2.	 Supply chain and manufacturing reliability risk
RISK HORIZON: SHORT TERM
3.2.1.	
Risk description
There are several risks relating to raw materials, energy, materials and equipment for construction and maintenance, suppliers, production, storage units, 
and inbound and outbound transportation. These include:
·	 Inability of suppliers to deliver contracted volumes or capacities in line with required specifications, due to force majeure, for example, or because the 
supplier has insufficient access to Logistic Service Provider capacities.
·	 Insufficient contracting of volumes or capacities, from both a volume and delivery timing perspective, to fulfill our demand.
·	 Delayed delivery of volumes or capacities.
3.2.2.	
Prevention and mitigation actions
In order to ensure manufacturing reliability, we:
·	 Ensure our production units are distributed across the world.
·	 Use Process Safety Management.
·	 Define equipment and materials as critical elements to be ordered ahead for projects and maintenance.
·	 Regular performance reviews with our key suppliers 
·	 Established the Group property loss prevention program, which focuses on the prevention and mitigation of damage to assets and loss of profit due 
to fire, explosion, accidental chemical release and other adverse events, like natural catastrophes.
To mitigate risks in our supply chain we:
·	 Use third party corporate social responsibility assessments and adhere to the Solvay Supplier Code of Business Integrity.
·	 Improved our planning processes to help us anticipate demand, both in terms of volume and timing.
·	 Maintain contingency plans for the most critical suppliers.
3.2.3.	
Main actions in 2022
With uncertainty and volatility continuing to prevail, supply chains need to continue their transformation toward additional agility using End-to-End 
process revision and the implementation of new tools. Logistical constraints should soften progressively, with additional capacities for container 
transportation. A potential new Covid lockdown in China also carries significant risk of logistical disruption. 
Based on our experience in 2022, we have tested several options which would give us increased flexibility in sourcing, providing us with opportunities 
should risk materialize. Our inventory management has also improved, toward a more segmented approach, better visibility and better End-to-End 
alignment. Additional efforts are planned in 2023.
More information can be found in the Extra-financial chapter of the report: 3.5. Supply Chain and Procurement
3.3.	 Financial risk
RISK HORIZON: SHORT TO MEDIUM TERM
3.3.1.	
Risk description 
We face various different types of financial risk. These include:
·	 Liquidity risk (see note F32 in the consolidated financial statements, Financial instruments and financial risk management);
·	 Foreign exchange risk (see note F32 in the consolidated financial statements, Financial instruments and financial risk management).
·	 Interest-rate risk (see note F32 in the consolidated financial statements, Financial instruments and financial risk management).
·	 Counterparty risk (see note F32 in the consolidated financial statements, Financial instruments and financial risk management).
·	 Pension obligation risk (see note F31.A. Provisions for employee benefits).
·	 Tax litigation risk (see note F31.B. Provisions other for employee benefits).
3.3.2.	
Prevention and mitigation actions
A prudent financial profile and conservative financial discipline
·	 Investment Grade status: the Group is rated Baa2/P2 (stable outlook) by Moody’s and BBB/A2 (negative outlook) by Standard & Poor’s as of the 
2022 closing.
Solvay promotes transparency of information and engages in regular discussions with leading credit rating agencies.

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Strong liquidity reserves
As of the end of 2022, the Group has €1.2 billion in cash and cash equivalents (other current financial instruments), as well as €2.9 billion of committed credit 
facilities (a multilateral revolving credit facility of €2.0 billion and an additional €0.9 billion from bilateral revolving credit facilities with key international 
banking partners), which were all undrawn at the end of 2022. 
In the context of the spin-off announced in March 2022, Solvay has also secured an additional €2.9 billion Term Loan Bridge end of December. The Group 
has access to a Belgian Treasury Bill program for €1.5 billion and, as an alternative, to a US commercial paper program worth US$500 million, both unused 
at the end of 2022.
Currency hedging policy
Solvay monitors the foreign exchange market closely and takes hedging measures to:
·	 Limit the fluctuation of the Group’s forecasted gross margin caused by currency volatility for material exposures.
·	 Mitigate the foreign exchange transactional risk at Group level by limiting the profit and loss (P&L) impact of rate fluctuations between the time of 
invoicing and the time of cash settlement.
Interest rate hedging policy
·	 The Group locks in the majority of its net indebtedness at fixed interest rates. Solvay monitors the interest rate market closely and enters into interest 
rate swaps whenever they are deemed appropriate.
Energy and CO2 hedging policy
Solvay hedges energy prices – gas, coal and electricity – based on the net exposure of our sales not indexed on energy prices. This policy includes 
multi-year hedging transactions. The Group net exposure to carbon pricing is managed through hedging transactions spanning the time horizon of the 
European Union Emissions Trading Systems.
Monitoring of Group counterparties’ ratings
For our treasury activities, Solvay works with banking institutions of high creditworthiness (investment grade, selected based on major rating systems) 
and minimizes the concentration of risk by limiting our exposure to each of these banks to a predefined threshold. We regularly monitor trends in Credit 
Default Swaps to assess changes in bank creditworthiness and take rapid action if required. 
For our commercial activities, Solvay’s external customer risk and cash collection is monitored by a professional network of credit managers and cash 
collectors located in the Group’s various operating regions and countries. Their controls are supported by a set of detailed procedures and managed 
through Corporate and GBU Credit Committees. These loss mitigation measures have led, over the past few years, to a record low rate of customer defaults.
Pension governance and pension plan optimization
With regard to pension governance, Solvay engages proactively and constructively with trustees and stakeholders to ensure that funding, liability 
management and investment policies are appropriate, in line with best practice and in full compliance with domestic regulatory expectations and laws.
In terms of pension plan optimization, we reduce the Group’s exposure to defined-benefit plans either by converting existing plans into pension plans 
with a lower risk profile for future services or closing them to new entrants.
For each of the main Group pension plans, which represent about 90% of the Group’s gross or net pension obligations, Asset Liability Management 
(ALM) analyses are performed at least once every three years to identify and manage corresponding risks. 
Control processes for tax regulation compliance and transfer pricing policies
Our control processes for tax regulation compliance involve monitoring procedures and systems, which we carry out thorough internal reviews and audits 
performed by reputable external consultants.
Our transfer pricing policies, procedures and controls are aimed at meeting the requirements of the authorities. 
Solvay’s Tax department pays close attention to the correct interpretation and application of new tax rules. This ensures compliance with applicable rules 
and regulations and avoids tax and future litigation risks.
3.3.3.	
Main actions in 2022 
·	 Successful repayment of the remaining portion of the Solvay SA Euro bonds, due in December 2022 (€377.5 million), as well as the early redemption of 
the Cytec bonds on January 1, 2023 (US$196.1 million, plus the accrued interests). 
·	 Full repayment of the Rusvinyl debt (equivalent of €100 million) and release of the Solvay guarantees (~€83 million). 
·	 Closing of the Dombasle Energy SPV Project finance (€225 million) 
·	 Preparation work in view of the intended spin-off announced in March 2022. 
·	 Monitoring of ESG debt capital market issuances in the chemical industry.
·	 Compliance for "Ibor-transition rates" to risk-free rates and adjustments of financing documentation.
·	 Optimizing our liquidity reserves and rebalancing the refinancing strategy of some bilateral credit facilities. 
·	 Further contribution of €155 million in Germany in the third quarter of 2022.

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3.4.	 IT risk
3.4.1.	
Risk description
Our IT risk relates to an inability to:
·	 Ensure the continuity of digital technology services to business;
·	 Provide our businesses with new and sustainable capabilities while deploying Solvay’s digital technology ambition under our new operating model;
·	 Deploy the cybersecurity program
3.4.2.	
Prevention and mitigation actions
·	 Close monitoring of major transformation initiatives.
·	 Significant workforce increase in the field of information security, together with close monitoring of the deployment of our cybersecurity roadmap (see 
also Security section).
·	 Close monitoring of security and performance indicators.
·	 Close monitoring of workforce and talent management. 
·	 Globally, close monitoring of IT/Digital Technology (DT) risks:
	-
Digital Technology Risks were reassessed in July 2022;
	-
A Digital Technology risk coordinator has been appointed; 
	-
Risk owners and corresponding risk action owners have been appointed; 
	-
Digital Technology Risks are monitored on a monthly basis together with the DT Leadership team. 
·	 Annual IT audit program to ensure compliance with group security policies.
3.5.	 Risks related to Solvay’s transformation 
3.5.1.	
Risk description
As announced on March 15, 2022, Solvay is reviewing plans to separate the Company into two independent, publicly traded companies. For further 
details, please refer to the introduction section of this annual integrated report. Risks related to the Power of Two project include, but are not limited to, 
the risks described below.
	· This major transformation project is expected to be completed in the second half of 2023, subject to general market conditions and satisfaction of 
a number of customary conditions, including, among others, final approval by Solvay’s Board of Directors, shareholder approval at an extraordinary 
general meeting, receipt of tax rulings in certain jurisdictions, consent of certain financing providers and receipt of certain regulatory approvals. The 
failure to satisfy all of the required conditions, or unanticipated developments, could delay the implementation of the separation for a significant period 
of time or prevent it from occurring at all.
	· The implementation of the contemplated separation will likely continue to require significant time and attention of our management, which could 
impact other strategic initiatives, ongoing business concerns and the Group’s ability to attract new business and maintain existing operational and 
client relationships. The separation will also place significant demands on certain functions that will be heavily involved, particularly Finance, Accounting 
and Digital Technology. 
	· During the implementation phase, a new governance and organizational structure will have to be set up at the level of SpecialtyCo and EssentialCo, 
which may affect employee morale due to uncertainty concerns as to their future roles within the separate companies and lead to departures of key 
personnel. Failure to motivate and retain key personnel could force us to divert significant time and efforts and incur additional costs to hire and 
train highly skilled employees as replacement in a competitive market. Despite our efforts to identify and train suitable individuals to hold senior 
management and key executive positions, we may not be successful in recruiting internally or externally, or in effectively transferring knowledge to 
newly hired employees and senior leadership teams, which may result in either or both companies’ ability to successfully develop and achieve the 
strategic purpose of the separation being adversely affected.
	· In order to implement the targeted post-spin-off capital structures of SpecialtyCo and EssentialCo, the separation project will comprise several 
liability management transactions to allocate certain financial instruments outstanding at the time of the partial demerger, and to seek approval 
of amendments to or waivers of certain terms and conditions of the relevant instruments. While Solvay expects to have backup plans ready in case 
the liability management transactions are not successful, failure to successfully complete these transactions may adversely affect SpecialtyCo’s and 
EssentialCo’s ability to reach their target capital structures or result in delays in the implementation of the separation.
	· As announced in March 2022, Solvay expects to structure the separation in a manner that would be tax efficient for a significant majority of shareholders 
in key jurisdictions. However, there can be no assurance that the intended tax treatment will be achieved, or that any ruling (or similar guidance) from 
any taxing authority would be sought or, if sought, granted.

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3.5.2.	
Prevention and mitigation actions
A specific risk assessment methodology is applied to the Power of Two project. Risk prevention and mitigating measures include:
	· the implementation of a distinct organization and governance structure, including a dedicated team which closely monitors the risks related to this 
project and the implementation of mitigation measures;
	· project management led by a seasoned team, combining a bottom-up and top-down approach to ensure project deliverables and milestones are met; 
	· close supervision by the Digital Technology team of critical IT solutions (infrastructure, applications and platforms) and projects in connection with major 
transformation initiatives;
	· active monitoring of key employee attrition rates and implementation of appropriate measures, such as incentive and retention plans, as well increased 
management involvement in maintaining an active dialogue with employees;
	· early and active research of both internal and external candidates for senior management and other key executive positions within the new governance 
structures; 
	· preparation of fallback measures with respect to liability management transactions and noteholders’ consent solicitation processes with a view to 
securing the implementation of the target capital structures and limiting the impact of such processes on the implementation of the separation; 
	· detailed analysis of the transaction, including the potential impact of the transaction on shareholders, as well as on the Group, with a view to limiting 
any tax impact to the extent possible. At the appropriate stage of the transaction, shareholders will be encouraged to consult their own tax advisors.

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4.	 LITIGATION SECTION
As a result of the diverse nature of its activities, and the geographic footprint of its operations, Solvay is exposed to legal risks, particularly in the areas 
of product liability, contractual relations, antitrust laws, patent disputes, tax assessments and HSE matters. In this context, litigation is a normal recurring 
feature of Solvay’s operating business, both to protect against claims, some of which we believe to be without merit, and to defend the rights and 
interests of the Group.
Ongoing legal proceedings involving the Solvay Group that are currently considered to potentially involve significant risks are outlined below. The legal 
proceedings described below do not constitute an exhaustive list.
The proceedings summarized below represent the material matters pending against Solvay regardless of the merits of the claims and the strengths of 
Solvay’s defenses. There can be no assurance regarding the outcome of any proceeding described below; Solvay will continue to vigorously defend itself 
based on the merits of its defenses while opportunistically seeking consensual resolution in appropriate cases. 
For certain cases, we have created reserves or provisions in accordance with appropriate accounting governing rules and policies, to cover financial risk 
and defense costs (see the section “Provisions for litigation to the consolidated financial statements” in this report). In doing so, we do not ordinarily 
disclose the extent to which provisions are made in relation to individual proceedings, because to do so would be prejudicial to Solvay’s interests. In 
addition, we maximize all available insurance coverage. Adverse outcomes of material contested matters, individually or in the aggregate, could exceed 
the amounts of applicable provisions or insurance coverage, and could have a material adverse effect on the revenues and earnings of the Group.
Antitrust proceedings 
In Brazil, CADE (the Brazilian antitrust authority) issued fines against Solvay and others in May 2012, relating to hydrogen peroxide activities, and in 
February 2016, relating to perborate activities. Solvay’s share of these fines amounts to €29.6 million and €3.99 million respectively. We have filed a claim 
with the Brazilian Federal Court contesting these administrative fines.
HSE related proceedings
	· PFAS: A Solvay subsidiary in the US is a defendant in 35 separate lawsuits relating to its use of per- and polyfluoroalkyl substances (PFAS). The vast 
majority of these cases (30) are pending in the federal and state courts in New Jersey, in the US, and the majority (27) are claims by private plaintiffs 
seeking medical monitoring or compensation for alleged personal injury or other alleged economic loss. Two of the cases involve civil claims by 
separate US state governmental authorities - New Jersey and Michigan - seeking various damages, including natural resource damages. The State 
of New Jersey also seeks the environmental cleanup of PFAS pollution allegedly caused by a single operating facility of the subsidiary in New Jersey. 
Two cases allege that products purchased from the subsidiary’ caused contamination elsewhere. We continue to vigorously defend against these 
actions, as appropriate. 
	· Asbestos Cases: Twenty-nine civil proceedings have been brought before Italian Courts by past workers and relatives of deceased workers at Solvay 
sites seeking damages, provisionally quantified at approximately €32 million, in relation to diseases allegedly caused by exposure to asbestos. Eleven 
proceedings are still pending before Courts of first instance and Courts of Appeal whilst the remaining 18 proceedings definitively ended as a result of 
dismissals, court settlements and condemnations to pay negligible damages.
	· Spinetta site: A preliminary criminal investigation by the Public Prosecutor’s Office of the Criminal Court of Alessandria, Italy into the alleged crime of 
culpable environmental disaster against two Solvay managers were closed in December 2022. We expect the final decision of the Public Prosecutor 
Office by the end of Q1 2023.
	· Rosignano site: Preliminary criminal investigations, started in 2019 by the Public Prosecutor’s Office of the Criminal Court of Livorno, regarding the 
alleged contamination of certain water tables outside our site of Rosignano, Italy site are still pending.
	· Bussi site: administrative litigation cases are still pending in relation to the identification of the alleged polluter of the Bussi, Italy industrial site (which 
we sold in 2016) and of the Tirino River. These litigation cases were started by Edison, as the former owner of the Bussi site, in 2020 and 2022 as the 
same Edison had been recognised by the competent administrative authorities as “sole and exclusive polluter” of both the Bussi industrial site and 
the Tirino River.
Pharmaceutical activities (discontinued): 
The contractual arrangements for the sale of our pharmaceutical activities in February 2010 established the terms and conditions for the allocation and 
sharing of liability arising out of activities carried out before the sale. Subject to limited exceptions, Solvay’s exposure for indemnification to Abbott for 
liabilities arising out of sold activities is limited to an aggregate amount of €500 million, with limited duration. All post-closing indemnification claims 
made against Solvay have now been resolved except liabilities arising from private civil antitrust claims made against the buyer of the business. Solvay's 
potential exposure is limited to a possible clawback of up to the €300 million received by Solvay as an additional purchase price based on post-closing 
ANDROGEL® sales.

EXTRA-FINANCIAL STATEMENTS
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TEM
STA
ENTS
FINAN
EXTRA-
CI
AL
174	
Overview of the 
consolidated extra-
financial statements
177	
Basis of preparation
177	
Reporting frameworks	
177	
Reporting scope and 
boundaries	
178	
Materiality analysis	
182	
World Economic Forum: 
Stakeholder Capitalism 
Metrics	
184	
Task Force on Climate-related 
Financial Disclosure
186	
United Nations Sustainable 
Development Goals	
188	
Sustainability Accounting 
Standards Board (SASB)
190	
Governance
190	
Solvay One Planet Guide	
191	
Management of the legal, ethics 
and regulatory framework	
196	
Health, safety and environment 
management	
197	
Research and innovation	
199	
Supply chain and procurement
201	
Main partnerships	
202	
Membership in associations	
205	
Climate risks analysis	
207	
Climate
207	
Greenhouse gas emissions	
210	
Energy	
212	
Biodiversity
216	
Resources
216	
Product design and life cycle 
management	
218	
EU taxonomy eligible 
activities	
222	
Circular Economy	
223	
Air quality	
224	
Waste	
225	
Water and wastewater
227	
Better life
227	
Employee health and safety	
232 	
Employee engagement and well-
being	
234 	
Diversity and inclusion	
238 	
Recruitment, development, and 
retention	
242 	
Customer welfare	
243 	
Corporate citizenship	
247	
Hazardous materials	
249 	
Critical incident risk management
251	
GRI content index
251	
Statement of use and GRI 1 used
251	
GRI 2: general disclosures 2021
253 	
GRI3: material topics 2021
258 	
Moderate materiality topics also 
included in the report
Extra-financial statements

EXTRA-FINANCIAL STATEMENTS
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Extra-financial statements
1.	 OVERVIEW OF THE CONSOLIDATED EXTRA-FINANCIAL STATEMENTS
Since 2019, Solvay has significantly extended our sustainability strategy, both in terms of scope and in terms of ambition, and this is fully encapsulated in 
our Solvay One Planet roadmap. This increased focus on sustainability was accompanied by a substantial increase in the human and financial resources 
dedicated to sustainability and a deeper integration of sustainability into calculations of short- and long-term variable remuneration. Structured around 
the three major categories of climate, resources and better life, our Solvay One Planet roadmap ensures that Solvay must deliver more than just strong 
financial results, by acting responsibly for all stakeholders and promoting progress toward a sustainable future that provides shared value for all. 
Performance and delivery matter more than targets and promises, and this is especially true in matters pertaining to sustainability. 
Solvay continued to make strong progress on this journey in 2022, meeting or exceeding targets. We accelerated efforts to meet stakeholders’ growing 
expectations, including protecting the most vulnerable during the pandemic, set more ambitious environmental targets and built partnerships to enable 
the circular economy.
Past figures are as published (without restatements).
R: reasonable assurance
L: limited assurance
Mt: Million metric tons
Mm3: Million cubic meters
PJ: Peta Joules
CLIMATE
Units
2022
2021
2020
2019
2018
PRIORITY TOPICS
Greenhouse gas emissions
R
Scope 1 
Mt CO2 eq.
9.2
9.6
8.9
10.6
10.4
R
Scope 2 - gross market-based
Mt CO2 eq.
1.1
1.4
1.2
1.4
1.9
R
Total Scope 1+2 
Mt CO2 eq.
10.3
11.0
10.1
12.0
12.3
R
Scope 3 
Mt CO2 eq.
24.2
25.8
28.8
32.6
34.2
Total scopes 1+2+3 
Mt CO2 eq.
34.5
36.8
38.9
44.6
46.5
R
Biodiversity
Species potentially affected
Number
88
93
107
116
122
HIGH MATERIALITY TOPICS
Energy
Fuel consumption for energy production
PJ
98
105
99
107
93
Energy purchased
PJ
29
33
34
38
45
Energy sold
PJ
26
33
31
32
23
L
Primary energy consumption
PJ
101
106
103
113
115
R
Solid fuels
PJ
28
27
27
32
33

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
RESOURCES
Units
2022
2021
2020
2019
2018
PRIORITY TOPICS
Product design and life cycle management
Revenue breakdown by Sustainable Portfolio Management 
(SPM) categories
R
Solutions
%
55
53
52
53
50
R
Potentials (previously Neutral)
%
11
28
27
27
30
R
Transitions (previously Neutral)
%
16
R
Challenges
%
7
9
8
7
7
R
Not evaluated
%
11
10
13
13
13
SPM Solutions: sales by main impact category
Climate
€ billion
2.5
1.7
1.6
2.2
2.2
Resources
€ billion
5.7
3.7
3.2
3.5
3.1
Better life
€ billion
4.8
3.2
3.1
3.3
3.1
Total solutions net sales
€ billion
7.4
5.1
4.7
5.4
5.1
Circular economy
L
Turnover of circular products
%
9
5
5
4
-
Water
R
Total freshwater withdrawal
Mm3
330
315
314
330
330
Freshwater withdrawal in water-stressed areas
Mm3
18.5
30.7
29.0
-
-
L
Chemical oxygen demand - COD
metric tons
4,520
5,735
5,265
6,248
-
Waste
R
Non-hazardous industrial waste
1,000 tons
1,514
1,316
1,457
1,596
1,602
R
Hazardous industrial waste
1,000 tons
81.1
74.8
71.6
86.6
93.1
R
Total industrial waste
1,000 tons
1,595
1,391
1,529
1,682
1,696
R
Industrial non-hazardous waste not treated in a 
sustainable way
1,000 tons
40.7
41.9
51.4
69.2
-
R
Industrial hazardous waste not treated in a sustainable way
1,000 tons
15.8
15.9
18.2
27.2
29
R
Total industrial waste not treated in a sustainable way
1,000 tons
56.5
57.8
69.7
96.4
-
R
Mining waste
1,000 tons
600
618
637
799
-
HIGH MATERIALITY TOPICS
Air emissions
L
Nitrogen oxides - NOx
metric tons
5,594
5,882
5,587
6,197
7,704
L
Sulfur oxides - SOx
metric tons
3,304
3,449
2,808
2,888
3,750
L
Non-methane volatile organic compounds - NMVOC
metric tons
3,625
3,956
3,286
4,109
4,252
Ozone-depleting substances (ODS)
metric tons
7.6
7.7
-
-
-

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BETTER LIFE
Units
2022
2021
2020
2019
2018
PRIORITY TOPICS
Employee health and safety
R
Reportable Injury and Illness Rate (RIIR) employees and 
contractors 
per 200,000 
hours 
0.34
0.43
-
-
-
R
Lost Time Injury and Illness Rate (LTIIR) employees and 
contractors 
per 200,000 
hours 
0.18
0.22
0.14
0.13
-
R
Fatal accidents - employees and contractors
number
1
0
0
0
0
Diversity and inclusion
R
Women in senior and middle management
%
26.5
25.0
24.7
24.3
23.7
R
Women in Solvay’s workforce
%
24
23
24
23
23
R
Total headcount
22,047
21,606
23,663
24,155
24,501
HIGH MATERIALITY TOPICS
L
Coverage by collective agreements
%
100
100
100
100
100
Customer satisfaction
L
Net Promoter Score®
%
26
32
NA
33
42
Corporate Citizenship
Hazardous materials
L
All Solvay-Substance of very high concern (SVHC) present 
in marketed products
number
121
133
97
-
L
Analysis of safer alternatives required
number
142
152
130
L
Percentage of completion of analysis of safer alternatives 
for marketed products
%
63
45
51
54
39
Of which effective replacement
%
36
30
31
30
-
Critical incident risk management
L
Process safety incident with release to environment
number
25
30
26
34
-

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2.	 BASIS OF PREPARATION
2.1.	 Reporting frameworks
The main reporting frameworks used to prepare the Annual Integrated Report are:
	· GRI Sustainability Reporting Standards: the GRI standards are the main reference for Solvay’s sustainability reporting; the latest edition of the standards 
is used, including the new GRI-1 and GRI-2 universal standards.
	· 2014/95/EU: Solvay uses the GRI Standards to comply with Directive 2014/95/EU of the European Parliament and of the Council of October 22, 2014 
amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information. The Directive was transposed into Belgian law in 
September 2017.
	· EU Taxonomy: a first estimate of eligible activities as defined by the EU Taxonomy in the delegated act of April 2021 is presented in 5.1. Product design 
and life cycle management.
	· United Nations Global Compact: the information provided serves as a progress report on implementation of the United Nations Global Compact’s 
ten principles.
	· Task force on Climate-related Financial Disclosures (TCFD): Solvay reports on our alignment with the 11 recommendations of the TCFD.
	· RESPONSIBLE CARE®: Solvay is a signatory to the International Council of Chemical Associations’ (ICCA) Responsible Care Global Charter®.
	· Integrated Reporting Framework: Solvay adheres to the principles and content elements of Integrated Reporting, as described in the “International 
Framework” published by the IFRS Foundation.
	· Sustainability Accounting Standards Board (SASB): Solvay aligns our materiality analysis with the SASB approach to prepare the SASB Materiality 
Map™. For more details, see the Materiality Analysis section of this chapter.
	· United Nations Sustainable Development Goals: Solvay has identified the nine Sustainable Development Goals on which it can have the most impact, 
through its operations or across the value chain, in line with the materiality analysis.
	· World Business Council for Sustainable Development (WBCSD): Solvay’s report aligns with the WBCSD ESG Disclosure Handbook guidance in terms 
of process and content selection.
	· World Economic Forum: Measuring Stakeholder Capitalism - Towards Common Metrics and Consistent Reporting of Sustainable Value Creation - 
September 2020: Solvay reports on the WEF report Core Metrics and Disclosures.
Solvay also monitors developments in the European Sustainability Reporting Standards (ESRS), included in the new European Union Corporate 
Sustainability Reporting Directive, as well as the IFRS Sustainability Standards, and we are preparing to comply early and in full, to the maximum extent 
possible, with these standards when the official versions are available.
2.2.	 Reporting scope and boundaries
GRI Disclosures 2-2 2-3 2-4 2-7
Unless stated otherwise, the environmental and social reporting boundaries are consistent with the financial reporting scope and boundaries, as 
described in the “List of companies included in the consolidation scope” in the financial statements. In other words, social and environmental indicators 
are consolidated according to the equity share approach described in the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard.
Environmental impacts of the site of Devnya, Bulgaria, have been consolidated at 75%.
Environmental impacts of non consolidated power plants in Spinetta (Italy) and La Rochelle (France) have been consolidated at 100% as per contractual 
agreements.
Headcount refers to employees that have an employment contract with Solvay and are classified as active, as they have a position in the organizational 
chart. Social indicators relative to headcount (i.e. occupational safety, diversity and inclusion, recruitment and retention) include employees in non 
consolidated companies and in companies consolidated by applying the equity method of accounting.
Solvay uses the “rolling base year” approach described in the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard to calculate 
target achievements. 
Unless stated otherwise, past years are not restated for extra-financial indicators. 
The reporting scope includes all high materiality topics, as identified in Solvay’s materiality analysis. Some low or moderate materiality topics have been 
included because they are requested by specific groups of stakeholders. 
Reporting practices specific to the dimension reported are integrated in the corresponding “Definitions” subsection.

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2.3.	 Materiality analysis
GRI Disclosures: 3-1 3-2
Solvay adopts sustainability priorities based on a materiality analysis. This approach identifies economic, environmental and social topics which can 
impact Solvay, or on which Solvay has the most impact, positive or negative. 
Solvay uses two external references for our materiality analysis:
	· GRI Sustainability Reporting Standards for the materiality analysis process;
	· Sustainability Accounting Standards Board (SASB) for the list of topics and for prioritization criteria.
2.3.1.	
Materiality table
Category
Not material for reporting purposes
Material for reporting purposes
Governance
Customer privacy
Data security
Selling practices and product labeling
Risk management
Management of the legal, ethics and regulatory 
framework
Climate
Physical impacts of climate change
Greenhouse gas emissions
Energy
Biodiversity
Resources
Supply chain and procurement
Materials sourcing and efficiency
Product design and lifecycle management
Air quality
Water and wastewater
Waste
Better life
Recruitment, development and retention
Product quality
Access and affordability
Employee health and safety
Employee engagement and wellbeing
Diversity and inclusion
Customer welfare
Corporate citizenship
Hazardous materials
Critical incident risk management

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2.3.2.	
Materiality analysis process
Solvay’s Sustainable Development Function coordinates materiality analysis with an internal network of Sustainability Champions in the Global Business 
Units and Functions. Experts in each Corporate Function review the analysis of each aspect, paying particular attention to ensuring consistency with the 
Group’s risk analysis. These assessments are then reviewed and validated by the relevant business leadership teams, which is a critical step in ensuring 
that business priorities and decisions reflect sustainability matters appropriately.
Identification of topics
Use of the Value Reporting Foundation - SASB Materiality Map list of topics.
The SASB Materiality Map identifies likely material sustainability  
topics on an industry-by-industry basis.
Prioritization of topics
Use of the SASB Materiality Map prioritization criteria:
- evidence of interest, for Solvay and/or for Solvay stakeholders, including evidence of potential impacts;
- evidence of financial impact, actual or potential: sales, profit, return or risk profile;
- forward-looking adjustment.
The network of Sustainability Champions and internal experts for each high materiality aspect was involved in 
the prioritization analysis.
In addition to the SASB prioritization criteria, an additional focus on external impacts has been included in 
the assessment since the publication of Solvay’s Purpose in 2019. This led to the review of the materiality 
analysis, which led to the publication of the Solvay One Planet sustainability ambition in 2020.
Validation
Review of the analysis by the Executive Committee and the Global Business Units and Corporate Functions 
leaders. The review includes verifying consistency with the analysis of the Group’s main risks, and a compari-
son with the Value Reporting Foundation - SASB Materiality Finder for the chemical sector.
Review
A review led by the Sustainable Development Function takes place annually, based on feedback from stake-
holders and Solvay experts. The findings inform and contribute to the prioritization review in the next report-
ing cycle.
Stakeholder inclusiveness and sus-
tainability context
Indirectly taken into account through:
- the exhaustive list of topics in the SASB’s Materiality Map;
- the “evidence of interest criteria”, which includes the analysis of documents from representatives of stake-
holder groups, with emphasis on written evidence;
- identification of the main impacts.
Report
The high materiality topics are included in Solvay’s dashboards and reported in the annual report, with assur-
ance from corporate auditors.
2.3.3.	
2022 updates 
Solvay’s materiality analysis remains substantially unchanged compared to 2021. The Russia-Ukraine war and the energy crisis in Europe confirmed the 
priorities defined during the preparative work for Solvay One Planet, in particular:
	· An increased emphasis on climate change and biodiversity, with evidence of the link between climate resilience and energy security and independence;
	· An increased emphasis on social topics, with evidence of the global inflation crisis exacerbating inequalities and poverty;
	· An increased emphasis on health and safety, with evidence of growing concerns about the use of hazardous materials.
Developments in 2022 reinforce the view that Solvay’s priorities helped to anticipate issues and ensure rapid responses where appropriate, ensuring the 
resilience of our operations.
2.3.4.	
Why is it material?
The tables below summarize Solvay’s assessment of high materiality topics for each category. The corresponding United Nations Sustainable Development 
Goals (SDGs) are used to describe what impacts are considered, where they may occur and how they may be caused. For more information about these 
goals see https://www.globalgoals.org/.

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GOVERNANCE
Topics
Boundaries
Evidence of 
interest
Evidence of 
financial impact
Forward -
looking adjustment
Materiality
Management of the legal, ethics and 
regulatory framework
Alignment to ethics frameworks and 
regulatory requirements 
Operations
Value chain
SDG-12
SDG-3
High
High materiality 
for the chemical 
industry
Medium
Revenue, costs: 
yes
Assets, liabilities: 
yes
Cost of capital: no
Yes
Probability, magnitude: 
yes
Externalities: yes
High
CLIMATE
Topics
Boundaries
Evidence of 
interest
Evidence of 
financial impact
Forward -
looking adjustment
Materiality
Greenhouse gas emissions
Management of Scope 1, 2 and 3 
greenhouse gas emissions
Operations
Value chain
SDG-13
High
High materiality 
for the chemical 
industry;
Solvay is more 
CO2-intensive 
than the chemical 
industry average
High
Revenue, costs: 
yes
Assets, liabilities: 
yes
Cost of capital: no
Yes
Probability, 
magnitude: yes
Externalities: yes
Priority
Energy
Energy production and consumption 
optimization and management of 
energy transition
Operations
Upstream value 
chain
SDG-13
SDG-7
High
Solvay is more 
energy- 
intensive than the 
chemical industry 
average
High
Revenue, costs: 
yes
Assets, liabilities: 
yes
Cost of capital: no
Yes
Probability, 
magnitude: yes
Externalities: yes
Priority
Biodiversity
Management of impacts on biodiversi-
ty through operations and throughout 
the value chain
Operations
Value chain
SDG-13
SDG-14
SDG-15
High
Priority issue at 
planetary scale
Low
Revenue, costs: 
low
Assets, liabilities: 
no
Cost of capital: no
Yes
Probability, 
magnitude: yes
Externalities: yes
Priority
RESOURCES
Topics
Boundaries
Evidence of
interest
Evidence of 
financial impact
Forward - 
looking adjustment
Materiality
Product design and life cycle 
management
Management of value chain 
economic, environmental and social 
impacts of products and services
Operations
Value chain
SDG-12
SDG-13
High
High materiality 
for the chemical 
industry
High
Revenue, costs: 
yes
Assets, liabilities: 
yes
Cost of capital: no
Yes
Probability, magnitude: 
yes
Externalities: yes
Priority
Air quality
Management of emissions of air 
pollutants from operations
Operations
SDG-3
SDG-15
High
High materiality 
for the chemical 
industry
High
Revenue, costs: 
yes
Assets, liabilities: 
yes
Cost of capital: no
Yes
Probability, magnitude: 
yes
Externalities: yes
High
Water and wastewater
Management of water withdrawals, 
discharge and consumption
Operations
SDG-3
SDG-6
SDG-14
SDG-15
High
High materiality 
for the chemical 
industry
High
Revenue, costs: 
yes
Assets, liabilities: 
yes
Cost of capital: no
Yes
Probability, magnitude: 
yes
Externalities: yes
Priority
Waste
Management of solid wastes from 
operations, including hazardous 
wastes
Operations
SDG-3
SDG-6
SDG-12
SDG-14
SDG-15
High
High materiality 
for the chemical 
industry
High
Revenue, costs: 
yes
Assets, liabilities: 
yes
Cost of capital: no
Yes
Probability, magnitude: 
yes
Externalities: yes
Priority

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BETTER LIFE
Topics
Boundaries
Evidence of
 interest
Evidence of 
financial impact
Forward- 
looking adjustment
Materiality
Employee health and safety
Occupational safety, 
industrial hygiene and health 
management of employees 
and contractors
Operation
Contractors 
SDG-3
High
High materiality 
for the chemical 
industry
High
Revenue, costs: 
yes
Assets, liabilities: 
yes
Cost of capital: no
Yes
Probability, 
magnitude: yes
Externalities: yes
Priority
Employee engagement and 
well-being
Management of labor 
practices, social dialogue and 
employee well-being
Operations
SDG-3
SDG-8
High
Historical 
commitment 
of the Solvay 
Group since its 
foundation
Medium
Revenue, costs: 
yes
Assets, liabilities: 
yes
Cost of capital: no
Yes
Probability, 
magnitude: no
Externalities: yes
High
Diversity and inclusion
Non- 
discrimination and diversity 
management in operations and 
management structures
Operations
SDG-8
High
Growing 
importance of 
regional diversity 
for specific 
business units
Medium
Revenue, costs: 
yes
Assets, liabilities: 
no
Cost of capital: no
Yes
Probability, 
magnitude: yes
Externalities: yes
Priority
Customer welfare
Customer relations and 
customer satisfaction 
management
Downstream value 
chain
SDG-3
Medium
High for some 
business units 
(access to 
customers’ 
development 
pipelines)
High
Revenue, costs: 
yes
Assets, liabilities: 
no
Cost of capital: no
Yes
Probability, 
magnitude: yes
Externalities: yes
High
Corporate citizenship
Management of community 
relationships, corporate 
citizenship and philanthropy
Business programs for social 
needs
Local communities
Value chain
Society at large
SDG-17
High
May be linked to 
license to operate; 
potential positive 
or negative 
impacts beyond 
chemical value 
chain impacts
Low
Revenue, costs: no
Assets, liabilities: 
yes
Cost of capital: no
Yes
Probability, 
magnitude: yes
Externalities: no
High
Hazardous materials
Management of hazardous 
materials in raw materials, 
production processes and sold 
products
Operations
Value chain
SDG-3
SDG-6
SDG-12
SDG-14
SDG-15
High
High materiality 
for the chemical 
industry;
REACH/SVHC
High
Revenue, costs: 
yes
Assets, liabilities: 
yes
Cost of capital: no
Yes
Probability, 
magnitude: yes
Externalities: yes
High
Critical incident risk 
management
Process safety programs and 
management of consequences 
of environmental accidents
Operations
Local communities
SDG-3
SDG-12
SDG-13
High
High materiality 
for the chemical 
industry
High
Revenue, costs: 
yes
Assets, liabilities: 
yes
Cost of capital: no
Yes
Probability, 
magnitude: yes
Externalities: yes
High
As is evident from the table above, Solvay is proud to confirm our full compliance with the requirement to publish information about compliance with 
SDGs wherever there is any material impact.

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2.4.	 World Economic Forum: Stakeholder Capitalism Metrics
Solvay makes disclosures on most of the sustainability disclosure topics and accounting metrics listed in the WEF report “Measuring Stakeholder 
Capitalism - Towards Common Metrics and Consistent Reporting of Sustainable Value Creation,” September 2020. In doing so, we are proud to confirm 
that Solvay is part of a growing community, comprising dozens of companies across multiple industries, that report on the Stakeholder Capitalism 
Metrics.
Theme
Governance: Core metrics and disclosures
Reference
Governing purpose Setting purpose 
The company’s stated purpose, as the expression of the means by which a business proposes solu-
tions to economic, environmental and social issues. Corporate purpose should create value for all 
stakeholders, including shareholders.
https://www.solvay.com/en/
our-company/our-purpose
Quality of 
governing body
Governance body composition 
Composition of the highest governance body and its committees by: competencies relating to eco-
nomic, environmental and social topics; executive or non-executive; independence; tenure on the 
governance body; number of each individual’s other significant positions and commitments, and the 
nature of the commitments; gender; membership of under-represented social groups; stakeholder 
representation.
Corporate governance 
statement
Stakeholder 
engagement
Material issues impacting stakeholders 
A list of the topics that are material to key stakeholders and the company, how the topics were 
identified and how the stakeholders were engaged.
Extra-financial statements: 
2.3 Materiality analysis
Ethical behavior
Anti-corruption 
1. Total percentage of governance body members, employees and business partners who have 
received training on the organization’s anti-corruption policies and procedures, broken down by 
region: 
a) total number and nature of incidents of corruption confirmed during the current year, but related 
to previous years; and 
b) total number and nature of incidents of corruption confirmed during the current year, related to 
this year. 
2. Discussion of initiatives and stakeholder engagement to improve the broader operating environ-
ment and culture, in order to combat corruption.
Corporate governance 
statement
Extra-financial statements: 
3.2. Management of the 
legal, ethics and regulatory 
framework
Protected ethics advice and reporting mechanisms
A description of internal and external mechanisms for: 
1. seeking advice about ethical and lawful behavior and organizational integrity; and 
2. reporting concerns about unethical or unlawful behavior and lack of organizational integrity.
Extra-financial statements: 
3.2. Management of the 
legal, ethics and regulatory 
framework
Risk and 
opportunity 
oversight
Integrating risk and opportunity into business processes
Company risk factor and opportunity disclosures that clearly identify the principal material risks and 
opportunities facing the company specifically (as opposed to generic sector risks), the company 
appetite with respect to these risks, how these risks and opportunities have changed over time and 
the response to these changes. These opportunities and risks should integrate material economic, 
environmental and social issues, including climate change and data stewardship.
Risk management
Extra-financial statements: 
5.1. Product design and life 
cycle management

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Theme
Planet: Core metrics and disclosures
Climate change
Greenhouse gas (GHG) emissions 
For all relevant greenhouse gasses (e.g. carbon dioxide, methane, nitrous oxide, F-gasses, etc.), 
report in metric tons of carbon dioxide equivalent (tCO2e) GHG Protocol Scope 1 and Scope 2 
emissions. 
Estimate and report material upstream and downstream (GHG Protocol Scope 3) emissions where 
appropriate.
Extra-financial statements: 
4.1. Greenhouse gas 
emissions
TCFD implementation 
Fully implement the recommendations of the Task Force on Climate-related Financial Disclosures 
(TCFD). If necessary, disclose a timeline of at most three years for full implementation. Disclose 
whether you have set, or have committed to set, GHG emissions targets that are in line with the 
goals of the Paris Agreement – to limit global warming to well below 2°C above pre-industrial levels 
and pursue efforts to limit warming to 1.5°C – and to achieve net-zero emissions before 2050.
Extra-financial statements: 
2.5 Task force on Climate-
related Financial Disclosure 
Nature loss
Land use and ecological sensitivity 
Report the number and area (in hectares) of sites owned, leased or managed in or adjacent to 
protected areas and/or key biodiversity areas (KBA).
Extra-financial statements: 
4.3. Biodiversity
Freshwater avai-
lability
Water consumption and withdrawal in water-stressed areas
Report for operations where material: megaliters of water withdrawn; megaliters of water consumed; 
and the percentage of each in regions with high or extremely high baseline water stress, according 
to WRI Aqueduct Water Risk Atlas tool. Estimate and report the same information for the full value 
chain (upstream and downstream) where appropriate.
Extra-financial statements: 
5.6. Water and wastewater 
Theme
People: Core metrics and disclosures
Dignity and equa-
lity
Diversity and inclusion (%) 
Percentage of employees per employee category, by age group, gender and other indicators 
of diversity (e.g. ethnicity).
Extra-financial statements: 
6.3. Diversity and inclusion 
Pay equality (%) 
Ratio of the basic salary and remuneration for each employee category by significant locations 
of operation for priority areas of equality: women to men; minor to major ethnic groups; and 
other relevant equality areas.
Extra-financial statements: 
6.3. Diversity and inclusion
Wage level (%) 
Ratios of standard entry level wage by gender compared to local minimum wage. 
Ratio of the annual total compensation of the CEO to the median of the annual total 
compensation of all employees, except the CEO.
Wage level data is disclosed 
according to the legal 
requirements of various 
countries. 
Corporate governance 
statement: 6. Compensation 
report
Risk for incidents of child, forced or compulsory labor 
An explanation of the operations and suppliers considered as having significant risk for 
incidents of child, forced or compulsory labor. Such risks could emerge in relation to: 
a) type of operation (such as manufacturing plant) and type of supplier; and 
b) countries or geographic areas with operations and suppliers considered at risk.
Extra-financial statements: 
3.2. Management of the 
legal, ethics, and regulatory 
framework
Health and well-
being
Health and safety (%) 
The number and rate of fatalities as a result of work-related injury; high-consequence work-
related injuries (excluding fatalities); recordable work-related injuries; main types of work-
related injury; and the number of hours worked. 
An explanation of how the organization facilitates workers’ access to non-occupational medical 
and healthcare services, and the scope of access provided for employees and workers.
Extra-financial statements: 
6.1. Employee health and safety
Skills for the future
Training provided (#, $) 
Average hours of training per person that the organization’s employees have undertaken during 
the reporting period, by gender and employee category (total number of hours of training 
provided to employees divided by the number of employees). 
Average training and development expenditure per full time employee (total cost of training 
provided to employees divided by the number of employees).
Extra-financial statements: 
6.4. Recruitment, development 
and retention

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Theme
Prosperity: Core metrics and disclosures
Employment and 
wealth generation
Absolute number and rate of employment 
1. Total number and rate of new employee hires during the reporting period, by age group, 
gender, other indicators of diversity and region. 
2. Total number and rate of employee turnover during the reporting period, by age group, 
gender, other indicators of diversity and region.
Extra-financial statements: 
6.4. Recruitment, development 
and retention
Community and 
social vitality
Economic contribution 
1. Direct economic value generated and distributed (EVG&D) on an accruals basis, covering the 
basic components for the organization’s global operations, ideally split by: 
– revenues 
– operating costs 
– employee wages and benefits 
– payments to providers of capital 
– payments to government 
– community investment. 
2. Financial assistance received from the government: total monetary value of financial assis-
tance received by the organization from any government during the reporting period.
Extra-financial statements: 
1. Overview of the consolidat-
ed results
Financial investment contribution 
1. Total capital expenditures (Capex) minus depreciation, supported by narrative to describe the 
company’s investment strategy. 
2. Share buybacks plus dividend payments, supported by narrative to describe the company’s 
strategy for returns of capital to shareholders.
Financial statements:
2. Notes to the consolidated 
financial statements
Innovation of bet-
ter products and 
services
Total R&D expenses ($) 
Total costs related to research and development. 
Financial statements:
2. Notes to the consolidated 
financial statements
Community and 
social vitality
Total tax paid 
The total global tax borne by the company, including corporate income taxes, property taxes, 
non-creditable VAT and other sales taxes, employer-paid payroll taxes and other taxes that 
constitute costs to the company, by category of taxes.
Financial statements:
2. Notes to the consolidated 
financial statements
2.5.	 Task Force on Climate-related Financial Disclosure
The Financial Stability Board Task Force on Climate-related Financial Disclosures (TCFD) developed voluntary, consistent, climate-related financial risk 
disclosures, which can be used by companies to provide information to investors, lenders, insurers and other stakeholders.
The Task Force structured its recommendations around four themes that represent key aspects of how organizations operate: governance; strategy; risk 
management; and metrics and targets.
This section addresses the disclosures, with links to the relevant sections of the Annual Integrated Report, and provides a self-assessment of Solvay’s level 
of alignment with the TCFD recommendations.
TCFD recommendation
Implementation
Reference
GOVERNANCE
Disclose the organization’s 
governance around climate-
related risks and opportunities
a. Describe the board’s oversight 
of climate-related risks and 
opportunities
The Charter of Corporate Governance describes how the Board of Directors manages 
sustainability-related topics and is available on the Solvay website. The Board 
devotes at least one meeting per year to an update on trends in global sustainable 
development issues, including climate change risks and opportunities. The ESG 
Committee considers the material ESG issues relevant to the Group’s business activities 
and provides guidance and recommendations to the board.
Corporate 
governance statement
b. Describe management’s role in 
assessing and managing climate-
related risks and opportunities
A Climate Risks Officer has been appointed at the Executive Committee level. The 
person in charge of ensuring that climate-related aspects are adequately considered in 
the Group’s strategy and operations.
Risk management:  
1. Risk management 
process

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STRATEGY
a. Describe the climate-related 
risks and opportunities the 
company has identified over the 
short, medium and long term
Long-term horizon assumptions are presented in the description of megatrends in the 
“Global business trends driving our markets” section of this Annual Integrated Report. 
Medium-term assumptions (in the coming five years) are explained in the description of 
Solvay’s main markets. Short-term assumptions (one year) are presented in the Group’s 
outlook.
The presentation of the Group’s main risks includes timescales (short-, medium- or long-
term horizons). Quantification of impacts is not disclosed.
FOR GENERATION 
TO COME:  
3. Business 
environment
Performance:  
7. Outlook
2. Solvay’s main risks
b. Describe the impact 
of climate-related risks 
and opportunities on the 
organization’s businesses, 
strategy and financial planning
Climate-related risks and opportunities were reviewed in 2022. On transition risks, a 
new climate transition scenario analysis was performed in 2022, in line with the TCFD’s 
updated recommendation for scenario analysis. Two scenarios were considered: the 
2021 International Energy Agency “Stated Policies Scenario” and the “Net Zero 
Emissions by 2050” scenario. 
Acute physical climate risks linked to droughts, hurricanes and earthquakes are 
assessed annually with our insurers.
Chronic climate physical risks focus on water scarcity: sites in areas of water scarcity 
have been identified, and the risks have been assessed based on their water 
consumption and maximum foreseeable loss.
Risk management:  
2. Solvay’s main risks
Extra-financial 
statements:
3.8 Climate risks 
analysis
c. Describe the resilience of the 
organization’s strategy, taking 
into consideration different 
climate-related scenarios, 
including a 2°C or lower scenario
Solvay’s climate transition risk scenario analysis was updated in 2022, in line with the 
TCFD’s 2020 guidance. The result of this analysis is described in a new section of this 
Annual Integrated Report.
A scenario analysis focusing on physical climate risks is planned in 2023.
Extra-financial 
statements: 3.8 
Climate risks analysis
RISK MANAGEMENT
a. Describe the organization’s 
processes for identifying and 
assessing climate-related risks
The risk management process, the main risks and the process used to rank them are 
described in the "Risk management" chapter.
Risk management
b. Describe the organization’s 
processes for managing climate-
related risks
Analysis of value chain sustainability-related risks and opportunities is done through the 
Sustainable Portfolio Management methodology, for each product in each application 
or market, and includes climate change transition risks.
“Greenhouse gas emissions” (GHG) have been identified as a priority in the Group’s 
materiality analysis. “Climate transition risks” have been identified as part of the 
Group’s main risks. Links between main risks and high materiality issues are part of the 
materiality analysis process. "Climate-related physical risks" have been ranked up to 
now as “moderate materiality topics”.
Extra-financial 
statements:
2.3. Materiality 
analysis
Risk management:  
2. Solvay’s main risks 
5.1. Product design 
and life cycle 
management
3.8 Climate risks 
analysis
c. Describe how processes for 
identifying, assessing, and man-
aging climate-related risks are 
integrated into the organization’s 
overall risk management
The Sustainable Portfolio Management tool is a requirement in key Group processes 
and, in particular, in the assessment of capital expenditure projects, research and inno-
vation projects, and acquisition and divestiture projects.
Extra-financial state-
ments: 
5.1. Product design 
and life cycle man-
agement
3.8 Climate risks 
analysis
METRICS AND TARGETS
a. Disclose the metrics used 
by the company to assess cli-
mate-related risks and opportu-
nities in line with its strategy and 
risk management process
The strategic objectives used to drive sustainable value creation are described in the 
Solvay scorecard. They have been fully reviewed in line with the Solvay One Planet 
sustainability ambition, published in February 2020.
FOR GENERATION 
TO COME:  
4. Sustainable value 
creation 
b. Disclose Scope 1, Scope 2, 
and, if appropriate, Scope 3 
greenhouse gas (GHG) emis-
sions, and the related risks
Greenhouse gas emissions, energy consumption, and Sustainable Portfolio Manage-
ment metrics and targets are reported in the “Extra-financial statements” chapter. 
Solvay has a 2030 objective to reduce Scope 1 and 2 greenhouse gas emissions by 30% 
in line with a “well below 2°C” trajectory and targets carbon neutrality before 2050. 
Solvay will also not build new coal-powered plants and has committed to phasing out 
the use of solid fuels (coal and petcoke) in energy production by 2030 wherever renew-
able alternatives exist. In 2022, Solvay has set a 2030 target to reduce by 24% scope 3 
greenhouse gas emissions from its top five categories both upstream and downstream 
in the value chain and representing 90% of the total Scope 3. Early 2023, the Science 
Based Targets Initiative (SBTi) has validated the Solvay 2030 targets with a slight adjust-
ment to reduce Scope 1 and 2 emissions by 31%.
Extra-financial state-
ments: 
4.1 Greenhouse gas 
emissions 
5.1. Product design 
and life cycle man-
agement
c. Describe the targets used 
by the company to manage 
climate-related risks and oppor-
tunities and performance against 
targets
Scope 1, 2 and 3 greenhouse gas emissions are fully reported and audited. The scope 
of emissions reporting is consistent with financial reporting.
Extra-financial state-
ments: 
4.1 Greenhouse gas 
emissions

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2.6.	 United Nations Sustainable Development Goals
In 2015, the United Nations established a set of goals to end poverty, protect the planet and ensure prosperity for all. Each of these 17 Sustainable 
Development Goals (SDGs) includes specific targets to be achieved by 2030. Achieving the SDGs requires efforts by governments, the private sector, 
civil society, communities and individuals.
Nine leading chemical companies, including Solvay, and two industry associations formed a working group dedicated to the SDGs, convened by 
the World Business Council for Sustainable Development (WBCSD). This working group took a leadership role in piloting and refining the three-step 
framework described in the WBCSD’s SDG Sector Roadmap Guidelines.
As part of this exercise, Solvay identified the Sustainable Development Goals on which we could have a material impact, positive or negative. We then 
integrated these sustainable development goals into our materiality analysis as the official agenda of the “Planet” (Governments and NGOs) stakeholder 
group.
This preliminary list was reviewed in 2019, within the context of the Solvay One Planet sustainability ambition, with an increasing focus on the impact of 
products and operations.
Solvay’s main areas of impact can be grouped into three categories: climate, resources and better life. The corresponding list of SDGs on which Solvay 
can have the most impact, positive or negative, through our operations and the products we sell, is as follows:
	· Climate and biodiversity, which includes the Group’s energy consumption and greenhouse gas emissions, and other emissions or effluents that put 
pressure on biodiversity, but also products that may impact customers’ energy consumption or greenhouse gas emissions: 
	-
SDG 7: Affordable and clean energy
	-
SDG 13: Climate action
	-
SDG 14: Life below water
	-
SDG 15: Life on land
	· Resources, which includes the Group’s raw material consumption, water consumption, effluents, emissions and waste generation, but also products’ 
life cycles and end-of-life management:
	-
SDG 12: Responsible consumption and production
	· Better life, which includes the Group’s management of hazardous materials, people, process and product safety, social dialogue initiatives and potential 
social impacts of our product portfolio:
	-
SDG 3: Good health and well-being
	-
SDG 6: Clean water and sanitation
	-
SDG 8: Decent work and economic growth
	-
SDG 17: Partnership for the goals

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Solvay discloses impact indicators for the SDGs in the corresponding sections of the Annual Integrated Report:
United Nations Sustainable Development Goals
Reference
Climate and biodiversity
SDG 7: Affordable and clean energy
Extra-financial statements:
4.2. Energy
SDG 13: Climate action
Extra-financial statements:
4.1. Greenhouse gas emissions
4.2. Energy
4.3. Biodiversity
5.1. Product design and life cycle management
5.3. Circular Economy
6.8. Critical incident risk management
SDG 14: Life below water
Extra-financial statements:
4.1. Greenhouse gas emissions
4.3. Biodiversity
5.6. Water and wastewater
5.5. Waste
6.7. Hazardous materials
SDG 15: Life on land
Extra-financial statements:
4.1. Greenhouse gas emissions
4.3. Biodiversity
5.4. Air quality
5.6. Water and wastewater
5.5. Waste
6.7. Hazardous materials
Resources
SDG 12: Responsible consumption and production
Extra-financial statements:
5.1. Product design and life cycle management
5.3. Circular Economy
5.6. Water and wastewater
5.5. Waste
6.7. Hazardous materials
6.8. Critical incident risk management
Better life
SDG 3: Good health and well-being
Extra-financial statements:
5.4. Air quality
5.6. Water and wastewater
5.5. Waste
6.1. Employee health and safety
6.2. Employee engagement and well-being
6.5 Customer welfare
6.7. Hazardous materials
6.8. Critical incident risk management
SDG 6: Clean water and sanitation
Extra-financial statements:
5.6. Water and wastewater
5.5. Waste
6.7. Hazardous materials
SDG 8: Decent work and economic growth
Extra-financial statements:
6.2. Employee engagement and well-being
6.3. Diversity and inclusion
6.4 Recruitment, development and retention
SDG 17: Partnership for the goals 
Extra-financial statements:
3.6. Main partnerships
6.6. Corporate citizenship

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2.7.	 Sustainability Accounting Standards Board (SASB)
Solvay bases our materiality analysis on the SASB Materiality Map® list of material topics. In some cases, topics have been rephrased to fit the vocabulary 
commonly used in the chemical industry, or combined differently.
Solvay list of material topics
2020 SASB Materiality Map® topics list
Management of the legal, ethics and regulatory framework
Business ethics, competitive behavior, human rights, management of the legal and 
regulatory framework
Supply chain and procurement
Supply chain management, materials sourcing and efficiency
Risk management
Systemic risk management, physical impacts of climate change
Greenhouse gas emissions
GHG emissions
Energy
Energy management
Biodiversity
Ecological impacts
Product design and life cycle management
Product design and life cycle management,  
business model resilience
Air quality
Air quality
Water and wastewater
Water and wastewater management
Waste
Waste
Employee health and safety
Employee health and safety
Employee engagement and well-being
Labor practices
Diversity and inclusion
Diversity and inclusion
Recruitment, development and retention
Employee engagement
Customer welfare
Customer welfare
Corporate citizenship
Community relations
Hazardous materials
Hazardous materials management, product safety
Critical incident risk management
Critical incident risk management
Solvay discloses most of the sustainability disclosure topics and accounting metrics listed in the SASB Chemicals Sustainability Accounting Standard 
(October 2018).

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Topic
SASB - CHEMICALS disclosure topics
Reference
Greenhouse 
gas emissions
Gross global Scope 1 emissions, percentage covered under emissions-limiting 
regulations
Extra-financial statements: 
4.1 Greenhouse gas emissions
Discussion of long-term and short-term strategy or plan to manage Scope 1 
emissions, emissions reduction targets and an analysis of performance against those 
targets
Extra-financial statements: 
4.1 Greenhouse gas emissions
Air quality
Air emissions of the following pollutants: (1) NOX (excluding N2O); (2) SOX; (3) 
volatile organic compounds (VOCs); (4) hazardous air pollutants (HAPs)
Extra-financial statements: 
5.4. Air quality
Hazardous air pollutants not 
disclosed
Energy 
management
(1) Total energy consumed, (2) percentage grid electricity, (3) percentage renewable 
energy, (4) total self-generated energy
Extra-financial statements: 
4.2. Energy
Water 
management
(1) Total water withdrawn, (2) total water consumed, (3) percentage of each in regions 
with high or extremely high baseline water stress
Extra-financial statements: 
5.6. Water and wastewater
Number of incidents of non-compliance associated with water quality permits, 
standards and regulations
Extra-financial statements: 
6.8. Critical incident risk 
management
Description of water management risks and discussion of strategies and practices to 
mitigate those risks
Extra-financial statements: 
5.6. Water and wastewater
Hazardous 
waste 
management
Amount of hazardous waste generated, percentage recycled
Extra-financial statements: 
5.5. Waste
Community 
relations
Discussion of engagement processes to manage risks and opportunities associated 
with community interests
Extra-financial statements: 
6.6. Corporate citizenship
Workforce health and 
safety
(1) Total recordable incident rate (TRIR), (2) fatality rate for (a) direct employees and (b) 
contract employees
Extra-financial statements: 
6.1. Employee health and safety
Description of efforts to assess, monitor and reduce exposure of employees and 
contract workers to long-term (chronic) health risks
Extra-financial statements: 
6.1. Employee health and safety
Product design for 
use-phase 
efficiency
Revenue from products designed for use-phase resource efficiency
Extra-financial statements: 
5.1. Product design and life cycle 
management
Safety and 
environmental 
stewardship of chem-
icals
(1) Percentage of products that contain Globally Harmonized System of Classification 
and Labeling of Chemicals (GHS) Category 1 and 2 Health and Environmental 
Hazardous Substances, (2) percentage of such products that have undergone a hazard 
assessment
Extra-financial statements: 
6.7. Hazardous materials
Discussion of strategy to (1) manage chemicals of concern and (2) develop alternatives 
with reduced human and/or environmental impact 
Extra-financial statements: 
6.7. Hazardous materials
Genetically 
modified 
organisms
Percentage of products by revenue that contain genetically modified organisms 
(GMOs)
Not disclosed
Management of the 
legal  
and regulatory 
environment
Discussion of corporate positions related to government regulations and/or policy 
proposals that address environmental and social factors affecting the industry
Extra-financial statements: 
3.7. Membership in associations
Operational 
safety, 
emergency 
preparedness and 
response
Process Safety Incidents Count (PSIC), Process Safety Total Incident Rate (PSTIR) and 
Process Safety Incident Severity Rate (PSISR)
Extra-financial statements: 
6.8. Critical incident risk 
management
Number of transport incidents
Extra-financial statements: 
6.8. Critical incident risk 
management 
Activity metric
Production by reportable segment
Solvay cannot share information that 
can be considered competitively 
sensitive for antitrust compliance 
reasons.

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3.	 GOVERNANCE
3.1.	 Solvay One Planet Guide
GRI DISCLOSURES 2-24
3.1.1.	
Definition
The Solvay One Planet Guide is the sustainability reference framework for the Solvay Group, established in 2019. It addresses Solvay's main impacts on 
climate, resources and better life, describing our management approach and metrics.
The Guide is organized in three work axes: content, performance and assessment. Through the content axis we help every Solvay employee understand 
the indicators that are part of our Solvay One Planet program. The Group targets are sorted per impact category, namely climate, resources and better 
life, and for each target we describe:
	· What we are talking about, why it is important and the main legislation, where relevant.
	· Solvay’s ambition: internal definitions which are relevant for the target, our footprint, our actions and ambitions, and key contacts.
The performance axis includes a dashboard with the results of the Solvay One Planet targets for the entire Group.
3.1.2.	
Management approach
The Solvay One Planet Guide was launched on September 1, 2021. The management approach and metrics have been deployed in all entities of the 
Group. Each Global Business Unit (GBU) president is accountable for the progress of Solvay One Planet in their business, and delegates the coordination 
of the roadmap to a senior executive in their leadership team.
A network of Sustainability Champions and correspondents ensures that the Guide is deployed in all Solvay sites, GBUs and Corporate Functions. They 
inform their entity about any changes to the strategy and objectives, ensure necessary training is organized, and develop an annual and multi-year 
roadmap to meet final objectives. They are then responsible for implementing the roadmap in their entity, though the leaders of every entity take full 
ultimate responsibility for performance, also taking into account that progress relative to targets impacts the variable remuneration of all senior staff in 
the entity. 
Definitions, management approach, indicators and targets, and main actions specific to each topic are described in the corresponding sections of the 
Extra-financial statements. The management approach is adjusted each year based on the following elements:
	· feedback from employees, suppliers and customers;
	· knowledge gained from performance and progress in relation to strategic commitments; 
	· challenges orchestrated by the Executive Leadership Team, facilitated by the Sustainable Development function, taking into account changes in the 
marketplace and higher expectations from Solvay executives;
	· the evolution of frameworks and reporting standards, such as GRI Standards;
	· the auditors’ report on high materiality topics;
	· feedback from practitioners;
	· feedback from sustainability rating agencies;
	· feedback received on the Annual Integrated Report, such as the World Business Council for Sustainable Development’s “Reporting Matters” yearly 
analysis.
In order to further improve the employee awareness about the guide and what is at stake with our Solvay One Planet program, and to ensure the 
deployment of the program from top management to the shop floor, we launched a Sustainability e-learning program in 2022, which is available to all 
Solvay employees.
This learning program is composed of four modules: Climate; Nature; Sustainable Business; and Social Responsibility. The modules are available in seven 
different languages, allowing us to reach as many employees as possible. The modules also encourage employees to provide their ideas, feedback and 
concerns on sustainability matters.
3.1.3.	
Indicators and targets
Solvay One Planet is our roadmap for a sustainable future that provides shared value for all. Structured around the three major impact categories of 
climate, resources, and better life, it sets out the following main targets to be achieved by 2030, as compared to the 2018 baseline:
Climate Pillar 
	· GHG reduction: reduce Scope 1 and 2 greenhouse gas emissions by 30% by 2030 and reach carbon neutrality by 2050.
	· Solid fuels phase-out: phase out of solid fuels (coal and petcoke - excluding anthracite and coke considered as raw materials) used in energy production, 
wherever renewable alternatives exist. Coke and anthracite used in the soda ash production process are excluded.
	· Biodiversity preservation: reduce negative pressure by 30%.

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Resource Pillar
	· Sustainable solutions: 65% of total Group sales to come from sustainable solutions.
	· Circular economy: more than double total Group sales to come from renewable or recycled resources.
	· Waste: reduce industrial waste by 30%.
	· Water: reduce freshwater intake by 25%.
Better Life Pillar
	· Safety: make Solvay a safe organization with a zero accidents mindset. 
	· Inclusion and diversity: gender parity for mid- and senior-level management by 2030.
	· Maternity and paternity leave: extended to 16 weeks and to co-parents inside the company, regardless of gender, in 2021.
3.2.	 Management of the legal, ethics and regulatory framework
GRI DISCLOSURES 2-26 2-27 3-3 205-2 205-3 406-1 415-1
MATERIALITY: HIGH
Management of the legal, ethics and regulatory framework encompasses business ethics, namely human rights, anti-corruption and non-discrimination, 
and anti-competitive behavior.
3.2.1.	
Commitments and policies
Solvay’s Code of Business Integrity
Solvay’s Code of Business Integrity and the policies and procedures adopted to enhance good governance apply to all employees wherever they are 
located. In addition:
	· third parties are expected to act within the framework of the Code of Business Integrity;
	· all core suppliers must confirm that they adhere to the principles set out in the Solvay Supplier Code of Business Integrity;
	· majority-owned joint ventures are held to the Solvay Code of Business Integrity, or to a separate code adopted based on similar principles.
	· The Code of Business Integrity is available on Solvay's website.
Anti-Bribery and Anti-Corruption Policy and Policy on Gifts and Entertainment
Solvay’s Code of Business Integrity expressly states that the Group prohibits bribery in any form. Solvay and our employees do not use gifts or 
entertainment to gain competitive advantage. Facilitation payments are not permitted by Solvay and disguising gifts or entertainment as charitable 
donations is also a violation of the Code of Business Integrity. 
The Code is supported by more detailed policies. At the end of 2020, Solvay split our Gifts, Entertainment and Anti-Bribery Policy into two separate 
policies: an Anti-Bribery and Anti-Corruption Policy and a Policy on Gifts, Entertainment, Charitable Donations, and Sponsorship. 
The Group employs an internal tracking system to record gifts and entertainment that exceed the acceptable reasonable value applicable in each region, 
as well as charitable donations and sponsorship with charitable purpose, and requires manager approval for accepting or giving them. The use of the Gift 
and Entertainment Tracking System (“GETS”) is part of Solvay’s Internal Audit review process. 
Solvay is also a member of Transparency International Belgium.
Human Rights in Business Policy
Solvay’s Human Rights in Business Policy, published on our website, sets out Solvay’s commitment to respecting human rights and acting with due 
diligence to avoid any infringement of human rights or any adverse impact on or abuses of such rights. The policy emphasizes Solvay’s commitments to 
our stakeholders, namely our employees and business partners, the communities and environment in which we operate and children.
Solvay has a Global Human Rights Committee (GHRC), which oversees implementation of the policy, ensures compliance and monitors the Group’s 
performance. Members of the Global Human Rights Committee include the heads of the following Solvay business service activities: General Counsel; 
Compliance; Human Resources; Procurement; Communication; Internal Audit and Risk Management; and Sustainable Development. The GHRC is 
chaired by the Group General Counsel, who is the head of the General Counsel Function. Members of Solvay’s Global Business Units and other business 
service activities contribute to the work of the GHRC on an ad hoc basis, as necessary.
The GHRC discusses its activities before the Group’s annual report is issued, and also validates any human rights reporting made in conjunction with the 
report. Upon request, the Chair of the GHRC may be called upon to provide an annual report to the Audit Committee.

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Human rights due diligence and risk assessment
Two parallel processes are used to assess human rights risks at Solvay sites. These focus on Solvay employees, based on internal data, or on our business 
partners, namely suppliers and contractors identified according to the risk associated with the country they operate in. Six human rights dimensions are 
considered: child labor; forced labor; trafficking in persons; human development; freedom of association; and collective bargaining. The assessment is 
used by Solvay’s internal auditors to identify priorities for their work on the subject.
This assessment was suspended during the Covid-19 crisis, as priorities shifted to protecting the most vulnerable employees and local communities from 
the impact and consequences of the pandemic. 
Competition Law Policy
Solvay’s goal is to conduct business ethically and not to enter into any business arrangements that eliminate or distort competition. Solvay develops and 
maintains a culture of compliance to keep the company and our people on the right side of the law. Solvay has a formal Competition Law Policy that 
stresses the importance of strict adherence to all competition laws. It has been approved by Solvay’s Executive Committee and is published on Solvay’s 
intranet, to which all our employees have access. Any violation of this policy may result in disciplinary action, subject to, and in conformity with, applicable 
laws.
Implementation of the Competition Law Policy
Solvay has put in place a Competition Law Compliance Program that has a zero-tolerance approach to competition law infringements. As part of our 
Competition Law Compliance Program, we provide a competition law toolkit on the Solvay intranet that includes up-to-date guidelines on specific areas 
of competition law, including guidance on dealing with competitors, dawn raids, information exchange on mergers and acquisitions transactions, swaps, 
price announcements and vertical relationships.
To minimize cartel risks, Solvay has put in place a computer-based system that tracks all contacts relevant employees have with competitors through a 
procedure based on managerial approval. 
3.2.2.	
Resources and responsibilities
Solvay set up a compliance organization to reinforce a Group-wide culture based on ethics and compliance. The Ethics and Compliance Department 
operates under the leadership of the Chief People Officer, who also works closely with the Group General Counsel. It consists of Regional Compliance 
Officers who serve in the four zones in which the Group operates, under the direction of the Chief Compliance Officer, who reports to the Chief People 
Officer. This department is responsible for investigating, either alone or with the assistance of other departments, all reports that are brought to its 
attention. All cases of non-compliance with the Solvay Code of Business Integrity and related policies and procedures, including Speak Up, are reported 
to the Leadership Team and the Board of Directors Audit Committee annually.
Solvay has a dedicated team of legal experts for competition law within the General Counsel Function. They are responsible for implementing the 
Competition Law Compliance Program and are in charge of providing competition law advice and guidance, as well as deploying effective and regular 
communication and training on subjects related to competition law.
3.2.3.	
Grievance mechanisms
Employees have various internal channels through which they are encouraged to report suspected violations or concerns. These include management, 
Human Resources, the General Counsel Function, Ethics and Compliance, Internal Audit and employees’ representatives.
A Group-wide Speak Up program is in place and overseen by the Audit Committee of the Board of Directors. An external, third-party helpline, active 
24 hours a day, 365 days a year, allows employees to ask questions, raise concerns or file reports. The helpline is open to internal and external parties, 
available in nineteen languages covering most of Solvay locations.
The following chart shows the types of claims made from January to December 2022 through Solvay’s Speak Up program.

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SOLVAY’S SPEAK UP PROGRAM
Categories have been modified in 2022; in particular, Data Privacy has been added.
Number of claims
2022
2021
2020
Misconduct or inappropriate behavior
29
15
27
Discrimination
17
14
Harassment including Retaliation
23
28
Previously: Discrimination including harassment and retaliation
14
Conflict of interest
14
7
4
Computer, Email, Internet use and Social Media
4
3
Previously: Computer, email, internet
2
Environmental, Health or Safety
12
9
Previously: Environmental, health or safety law
14
Accounting, Auditing Matters, Financial Records and Banking
5
4
Previously: Accounting or auditing
0
Bribery/Corruption
6
2
Antitrust/Competition
1
2
Previously: Anti-bribery
5
Confidentiality and Misappropriation
7
5
Previously: Confidentiality/Misappropriation
1
Data Privacy
6
0
International Trade/Trade compliance
1
2
Previously: International Trade compliance
0
Substance abuse
2
5
0
Embezzlement, Theft, Robbery
5
4
Previously: Theft
2
Violence or threat
2
3
3
HR Matters
40
23
New category: Diversity, Equity and Inclusion 
9
New category: Human Rights Violations
0
Other
13
11
33
Total
196
137
105
Through the Speak Up program, any concern relating to a breach is investigated by the Ethics and Compliance Function. In keeping with our commitment 
to transparency, the Speak Up tool is used to report progress on investigations and to communicate the results of investigations that have concluded 
directly to those concerned. An online brochure advertising the website and toll-free numbers needed to access this tool in the relevant region are 
available to employees. 
A communication campaign was also launched in 2022 to increase awareness about speaking up and raising concerns without fear of retaliation when 
people notice a potential breach of our Code of Business Integrity. Speak Up was also part of the annual mandatory training for all our employees, in 
order to raise awareness that speaking up applies to the full spectrum of topics referenced in the Code of Business Integrity. This led to an increase in 
reported incidents, as reflected in the overview, and increased our ability to detect, identify and address breaches. The increase in reported incidents 
does not imply that there were more incidents or issues in 2022 than before, but shows that employees reach out more to report potential breaches, 
enabling us to investigate and address them. New topics, such as Diversity, Equity and Inclusion, and Human Rights Violations, were added to our Ethics 
Helpline, reflecting the increased regulatory focus on Environment, Social and Governance (ESG) topics, and on the supply chain and third parties.
The Board’s Audit Committee oversees the running of Speak Up and reviews the effectiveness of the process and the outcomes in depth.

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In 2022:
	· 196 cases opened: 
	-
12 cases still in progress;
	-
192 cases resolved. These include: 
	-
64 substantiated cases;
	-
84 unsubstantiated cases;
	-
16 insufficient information;
	-
26 misdirected;
	-
1 referred;
	-
1 frivolous.
Definitions:
	· Substantiated: if the allegation or at least one of the allegations are considered founded.
	· Unsubstantiated: if none of the allegations are considered founded.
	· Misdirected: if a case has been reported to Ethics and Compliance but does not fall under the competence of Ethics and Compliance.
	· Referred: if a case has been reported to Ethics and Compliance but needs to be addressed by another department.
	· Insufficient information: if a reporter has not provided sufficient information and/or Ethics and Compliance is unable to collect sufficient information to 
conclude whether an allegation is substantiated or unsubstantiated.
	· Frivolous: if a reported case lacks sense or significance.
RESOLVED CASES
Cleared of 
involvement
Discipline
Final Written / Legal 
Warning Letter
No action 
necessary
Policy / Process 
Review
Substantiated
2 (3.13%)
4 (6.25%)
7 (10.94%)
2 (3.13%)
12 (18.75%)
Unsubstantiated 
0 (0%)
0 (0%)
0 (0%)
46 (54.76%)
18 (21.43%)
Reassignment / 
Transfer
Termination Training / Coaching 
Required
Verbal Feedback / 
Warning
Written / Feedback 
Warning
Substantiated
2 (3.13%)
9 (14.06%)
12 (18.75%)
9 (14.06%)
5 (7.81%)
Unsubstantiated 
1 (1.19%)
0 (0%)
15 (17.86%)
4 (4.76%)
0 (0%)
3.2.4.	
Communication and training
Solvay’s Code of Business Integrity
Mandatory Code of Business Integrity training, both in person and web-based, is organized for all employees to ensure understanding and to address 
behavioral risks, such as anti-bribery and corruption, conflict of interest and harassment. As part of this training, employees are also trained on the Speak 
Up Helpline. Specific anti-corruption training is tailored to management. Special campaigns to maintain and improve awareness levels in the Group 
are identified and implemented annually. In the period 2021-2022, 98% of the target population was trained on the Code of Business Integrity. Anti-
bribery and anti-corruption training takes place every two years, with a new training course planned for 2023. In the period 2020-2021, 96% of the target 
population was trained on the Anti-Bribery and Anti-Corruption Policy.
Competition Law and Antitrust 
Solvay has a concrete Competition Law Compliance Action Plan, designed to mitigate the specific risks the Group has identified in this field of law. It has 
been in force since 2003 and is updated yearly. In 2022, it covered e-learnings on competition law in general, on activities in trade associations, and on 
the use of the above-mentioned computerized tracking system of meetings with competitors. We also organized ad hoc training for specific high-risk 
target populations. All training courses had participation rates of over 95%.
Anti-Corruption
Anti-bribery and anti-corruption training is now carried out on a two-year cycle for a pre-identified target population. The most recent online training 
course took place in 2021, with 96% of the target population, which includes all employees grade S15 and above, completing the course. The training 
will be rolled out again in 2023.

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Public policy
Solvay pursues a constructive dialogue with governmental and political stakeholders, both to ensure and improve our license to operate and as part 
of our commitment to developing sustainable solutions with partners. This exchange helps us to understand societal trends and anticipate legislative 
and regulatory expectations and developments as well as to advocate for and communicate our views in support of Solvay’s interests. These includes: 
	· Promoting sustainable solutions to act on climate change and facilitate the energy transition: Solvay supports the UN Paris Climate Agreement and 
contributes to implementing it. We therefore argue for the development of a clear and predictable legislative framework that promotes sustainable 
growth while maintaining industry competitiveness and ensuring a balanced transition to a low-carbon economy.
	· Competitiveness: Solvay advocates for a regulatory system that fosters entrepreneurship and industrial innovation by safeguarding or improving 
competitiveness, and that creates highly-skilled jobs worldwide.
	· Environmental and chemical policy: Solvay collaborates with trade associations, public authorities and other stakeholders to develop science- and risk-
based regulations and standards that promote a more sustainable industry and products. 
	· Promoting global trade: as an international company, Solvay recognizes the importance of free trade based on a multilateral and rules-based trading 
system. Reducing trade barriers is essential for economic growth and thus for industrial activity.
	· Geopolitical assessment: Solvay assesses the geopolitical situation in order to better understand the potential impact, in relation to trade, logistics, 
investments and security, on our businesses.
Solvay’s Government Affairs and Country Management Function is responsible for coordinating our relations with government and political officials. In 
line with Solvay’s Code of Business Integrity, and with the aim of ensuring the best possible business environment, the Government Affairs and Country 
Management team works to foster long-term partnerships with public authorities and other relevant stakeholders. They do this by building a transparent 
and constructive dialogue that supports company strategy. 
In our relations with government officials, we commit ourselves to responsible, honest and transparent action based on our values and principles. We are 
committed to ensuring that our dialogue and advocacy complies with our Code of Business Integrity, and the rules and principles set out in our policies. 
Employees involved in relations with government officials have to take mandatory training on business integrity, competition law, and antitrust and anti-
corruption. In addition, we welcome initiatives for greater transparency in the area of interest representation and are listed as a company in the Lobby 
and Transparency registers of the European Commission, the United States, France and Germany.
Solvay’s public policy activities include participation in industry and trade associations, as outlined in section 3.7. Membership of associations. We aim 
to conduct political relations and advocacy with our own staff resources, meaning that relevant contacts and meetings between Solvay and political 
stakeholders are made and held by Solvay representatives in person, and not by agency or partner staff acting on behalf of Solvay.
The Group does not take part in party political activities, nor do we make corporate donations to political parties or candidates. We engage in constructive 
debate with public authorities on subjects of legitimate interest to Solvay, where necessary, but only those employees specifically authorized to do so 
may carry out such activities.
Solvay respects the freedom of our employees to make their own political decisions. Any personal participation or involvement by an employee in the 
political process must be done on an individual basis, on the employee’s own time and at the employee’s personal expense.
3.2.5.	
Animal testing
Solvay provides innovative products for a wide variety of uses and a large number of users. The Group must have a proper understanding of the hazards 
of our products in order to carry out our activities and protect users, the general public, Solvay personnel and the environment. With society continually 
pushing for new, better and safer chemicals and plastics, there is growing demand from both regulatory authorities and the public for product risk and 
hazard assessments. These require testing, both with and without the use of animals.
Testing
To comply with new and existing chemical regulations, or to further consolidate safety data, Solvay commissioned animal tests in 2022. Solvay avoids 
animal testing whenever possible, but in cases in which animal testing is required we commit to conducting studies that treat animals humanely, giving 
them the best care possible, and using all animals responsibly, with great regard for their welfare. In compliance with European cosmetic regulations, 
Solvay does not perform specific testing solely to support cosmetic uses.
Substance-based testing for multiple applications
Solvay carries out tests required for all regulations and applications relating to a given substance just once. We avoid the need for new studies by actively 
advocating for the reuse of data from studies conducted within a given framework, such as REACH, for other registration systems.
Ethical compliance
Solvay’s policy, outlined in the Solvay Animal Care and Use Procedure, is to apply the “3R principles” (Replacement, Reduction and Refinement) in 
each case and to comply with all applicable regulations. All of our studies comply with international standards, such as Organization for Economic 
Cooperation and Development (OECD) guidelines. Regulatory studies are almost exclusively performed by laboratories accredited by the Association 
for Assessment and Accreditation of Laboratory Animal Care International (AAALAC). This worldwide organization sets quality standards for testing 
laboratories and ensures responsible and humane treatment of laboratory animals. Before they start, all studies commissioned by Solvay are subject to 
an ethical assessment at local or national level by the laboratory conducting the study.

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Once a study is underway, Solvay staff monitor the execution and quality of the studies and maintain a continuous qualification and evaluation program 
for the laboratories. A dedicated Solvay corporate committee reviewed the animal testing activities commissioned by Solvay during 2022, verifying 
conformity with the principles and mandatory elements of Solvay’s Animal Care and Use Procedure.
VERTEBRATE ANIMAL TESTS COMMISSIONED BY SOLVAY IN 2022
Number of studies
Number of vertebrates (*)
Registration obligations (EU, China, Korea, US)
19
4925
Additional product safety questions (toxicity, classification)
11
188
Total
30
5113
(*) Includes all animals, including control animals not being exposed to test substances and used as reference.
Regulatory testing
In 2022, 96% of the vertebrate animals (representing 63% of the animal studies) were used to address mandatory requirements from authorities. The 
remaining 4% were used to address additional product safety questions. In total, 5113 vertebrate animals (67% rats, 18% rabbits, 11% fish, 2% guinea 
pigs, 2% mice and 0.1% birds) were used. Solvay did not commission any studies on dogs, cats, pigs or non-human primates. Most vertebrate animals 
(89%) were used in tests required by the EU REACH Regulation, and these studies will also be valid for demonstrating compliance with chemical 
regulations elsewhere in the world. The number of vertebrate animals used in 2022 was half that of 2021.
Drivers for the future
While studies are needed for regulatory and scientific purposes, Solvay continues to strengthen its capabilities and understanding of alternative 
methodologies that do not involve vertebrate animals. 
However, the higher tier animal studies requested by authorities, which required the largest number of animals in 2022, will remain the major driver for 
animal tests in the near future. A significantly higher number of these studies is already ongoing and it is therefore expected that the number of animals 
in 2023 will increase in comparison to 2022. 
Advances in the implementation of non-animal methods and alternative hazard identification strategies are crucial in achieving a reduction in animal 
use for hazard assessment. For instance, the upcoming information requirements for nanomaterials and endocrine disruptors, appears to require more, 
rather than less, animal testing in Europe, and even more if existing studies are systematically challenged and have to be repeated.
3.3.	 Health, safety and environment management 
GRI DISCLOSURE 2-25
MATERIALITY: PRIORITY
SDG 3, 6, 7, 12, 14, 15
3.3.1.	
Definition
Solvay’s health, safety and environment (HSE) management system is aligned with ISO 45001 and ISO 14001 definitions and our Responsible Care Policy. 
Through our Responsible Care Policy, we commit to safeguarding people and the environment, by continuously improving our environmental, health 
and safety performance, the security of our facilities, processes, and technologies, and chemical product safety and stewardship throughout the supply 
chain. This reflects Solvay’s position as a signatory to the ICCA’s Responsible Care Global Charter®.
3.3.2.	
Management approach
Solvay’s HSE strategy relies on the following:
	· An approved HSE management system, which is implemented at every industrial (manufacturing, and research and innovation) site. This includes a 
Responsible Care Policy and a set of risk-based procedures that apply to all areas, including health monitoring, industrial hygiene, occupational safety, 
process safety, transport safety, and environment and product safety. For each domain, a network is organized at Group level to ensure implementation 
of the procedures, compliance with regulations and sharing of good practice.
	· A Product Safety Management System (PSMS), applied in every Global Business Unit.
	· A safety culture approach, which ensures people’s safety, health and well-being. It relies on a safety leadership style, where managers act as mentors 
and demonstrate genuine care for all.
	· A reporting process used to evaluate performance, analyze events, and define short- and long-term improvement plans.

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Industrial sites
Each industrial site: 
	· Implements at least one approved health, safety and/or environment management system, in compliance with Solvay’s Responsible Care Policy. 
	· Sets up a dedicated, systematic regulatory watch mechanism. 
	· Undergoes a compliance audit conducted by an internal or external third party at least once every five years, addressing both regulatory and internal 
requirements.
	· Addresses all identified risks, areas for improvement and gaps in compliance.
Environmental rehabilitation 
Solvay’s Sustainable Environment and Climate (SEC) Department is responsible for managing the environmental liabilities resulting from the Group’s 
industrial and mining activities. SEC helps the sites and GBUs manage their environmental legacy, whether historical or recent, providing them with 
technical expertise and cash management through environmental provisions. Where the local regulations allow it, a risk-based approach is used to 
define management actions. For our operational sites, SEC collaborates with the local HSE team. Our closed sites are managed directly by the SEC team 
on behalf of the relevant GBU. SEC is also responsible and accountable for managing Group environmental provisions. 
3.3.3.	
Indicators
Approved HSE management systems at sites
Of our 109 sites, 90% have a management system in place and have been audited by a third party in the past five years. Sites with fewer than ten people 
or that are not under Solvay’s operational control are excluded.
Three of our sites are certified by ISO 45001, 18 by the American Chemistry Council's Responsible Care Management System (ACC RCMS). Eighteen are 
certified by at least one of ISO 14001 and ACC RCMS 14001, and 54 are certified and have implemented both ISO 45001 and ISO/RC 14000 systems.
Twenty-eight of our sites have another approved management system in place:
	· The Responsible Care Program by Asociación Nacional de la Industria Química (ANIQ) in Mexico. 
	· The Responsible Care Program by Associação Brasileira da Indústria Química (ABIQUIM) in Brazil.
	· The Occupational Safety and Health management system (GB/T 33000-2016) in China.
	· The Occupational Safety and Health Administration Voluntary Protection Programs (OSHA VPP management system) in the US.
At 12 of our sites, we plan to implement a management system by the end of 2023.
Regulatory Watch
Solvay has installed a systematic process for monitoring regulation in all domains – health and safety, process safety, environment and transport safety 
– at 85% of our sites.
3.4.	 Research and innovation
MATERIALITY: PRIORITY
3.4.1.	
Definition
Solvay Research and Innovation (R&I) is the Group’s engine for delivering highly differentiated and valuable innovations that address major human 
challenges associated with resource scarcity, climate change and quality of life. Solvay wants to build a better future by developing innovative, profitable 
and sustainable solutions that turn science and chemistry into business and create value for the Group, our shareholders, our customers and all other 
stakeholders.
3.4.2.	
Management approach
Solvay’s G.R.O.W. strategy led to a redefinition of R&I priorities in 2020. Our priorities are now aligned with the ambitions and mandates of Solvay 
GBUs and Growth Platforms, taking into account their missions and strategic directions. The Chief Technology Officer (CTO) is in charge of all Group 
R&I activities and reports to the CEO. This evolved in 2022, through the strengthening of growth opportunities for the G (Growth) GBUs, and a strong 
reinforcement of efforts to develop new sustainable technologies for the R (Resilient) GBUs. This is fully aligned with the Group’s strategic development, 
namely the separation into two different companies. 
The main missions of the CTO are:
	· to define a vision for innovation and strategy that is aligned across the Group;
	· to drive Group R&I portfolio management and allocation of resources to maximize and accelerate value delivery;
	· to manage talent, efficiency and the implementation of transformational programs within the organization.

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The key guiding principles for Solvay R&I are:
	· Mobilizing to support market megatrends, namely lightweighting, electrification, resource efficiency, healthcare, digitalization and bio-based solutions, 
meeting the priorities of key customers in order to accelerate business growth.
	· Delivering innovation in alignment with our Solvay One Planet sustainability roadmap. 
	· Reinforcing a Group-wide scouting effort to identify and develop new growth opportunities beyond the core of the existing businesses.
	· Deploying a “one R&I” mindset that encourages agility and nurtures a community of talents. 
3.4.3.	
Indicators
2022
2021
2020
Expected revenue from sustainable solutions
%
84
78
77
R&I Effort
€ million
343
298
291
R&I Staff 
FTE
2,150
1,950
1,950
First patent filings
Number
147
181
135
New sales ratio
%
13
14
15
3.4.4.	
Key achievements
Together with customers and partners, Solvay innovates to develop sustainable solutions by addressing the key drivers that will shape our future and 
focusing on the world’s sustainability needs. Solvay also believes in the importance of working with academia, and with other companies or startups, to 
identify new solutions. In total, the Group currently manages more than 100 collaborative innovation projects.
In 2022, our main achievements in R&I are outlined below.
An important growth in sales of new products. 
New product sales increased from €1.4 billion in 2021 to €1.75 billion in 2022, representing 13% of sales. This was driven mainly by volumes of new 
products, resulting from the redeployment of resources under the G.R.O.W. strategy. New products are those introduced less than five years ago.
A significant increase in the portfolio value
The increase in portfolio value was driven by our first three strategic growth platforms moving key projects into the pilot phase and sharing significant 
volumes of samples with customers. These growth platforms focus on batteries, green hydrogen and thermoplastic composites.
Significant progress in our strategic growth initiatives (Platforms)
Important steps were taken to advance our Battery Platform, with the inauguration of our two new pilots at our La Rochelle plant in France, one focused 
on solid state batteries, and the other on new sodium ion battery technology. We also launched an industrial pilot in China, focused on new solvent 
technology for high voltage electrolytes. These new technologies should start impacting businesses as soon as 2025.
Research and innovation for our Green Hydrogen Platform focused on enabling both the dramatically accelerating volume demand growth and the 
diversification of market technologies for the sustainable production, storage and end-usages of GH2. Solvay has been involved in designing new 
collaborative funded projects that are structuring the value chains for GH2 market technologies. 
To consolidate its industrial infrastructure, the Thermoplastic Composite Platform brought a new world-class unidirectional tape plant fully on stream 
in Piedmont, South Carolina, and completed an expansion project at our Anaheim site in California. These industrial assets in the US and our MSAC 
customer engagement center in Brussels put Solvay in a strong position to support the fast growing aerospace and energy markets, as well as numerous 
other opportunities in several different segments. We also broadened our portfolio of unidirectional tapes, with the addition of tapes based on PPS, PPA 
and BioPA. 
These three group strategic initiatives are well on track to deliver additional 3 B€ growth for the group at the 2030 horizon.
Launch of a new strategic growth initiative focused on Renewable Materials and Biotechnology 
We announced our Renewable Materials and Biotechnology (Biomattech) Platform in May 2022. It takes a holistic approach to innovation in the bio-
space, focusing on increasing the use of more renewable and sustainable raw materials, fostering the use of biotechnology combined with chemistry 
and accelerating our transition toward biodegradable-by-design solutions in non-durable chemicals like surfactants or water-soluble polymers. The 
platform aims to generate an additional €500 million in sales in 2030, coming from businesses associated with renewable resources, biotechnology and 
biodegradable solutions, paving the way for Solvay to develop safer chemicals, foster more environmentally-friendly solutions and enhance circularity.
Re-Inventing sustainability of our essential products 
We took major innovation steps to transform our more traditional businesses, to make them more sustainable, leading the way in this field by establishing 
new developments for the future. 
Our soda ash business has engaged in the industrialization of a major new technology to reduce greenhouse gas emissions at our green river plant 
in the US, which will produce results as soon as 2024. We are also reinventing the initial Solvay process for soda ash manufacture, by introducing new 
electrochemistry technology that can significantly reduce overall greenhouse gas emissions for this process.

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In rare earths, we are investing in recycling technologies to produce magnets as an important step toward circularity and the protection of our planet’s 
resources. 
We are introducing a new process to manufacture natural silica, starting from rice husk, and are also working on improving the circularity of silica for the 
tire industry. 
A significant increase in our capabilities in different domains: 
	· Continuous investment in the digitization of our research tools, including automation and robotics, data management and simulation, and artificial 
intelligence.
	· New laboratory capabilities, mainly in Asia, with the addition of a new building to support growth in China at our Shanghai research center, and 
investment in new clean room and dry room capabilities in our Seoul research center to support our growth in the battery and electronic market. We 
also installed new laboratories for our Novecare business in our Indian research center in Vadodara, to support growth in South-East Asia. 
	· Global reinforcement of our research and innovation workforce, adding more than 150 scientists in various fields to support our growth initiatives.
Reinforcement of our open innovation worldwide 
Our open innovation allows us to monitor and drive technological breakthroughs. We do this by:
	· Reinforcing our collaboration with academia worldwide. We continue to be heavily involved in high-level scientific collaborations with top universities 
globally. These collaborations range from direct contracts to longer-term partnerships. In 2022, we reinforced our partnership with the National Institute 
of Advanced Industrial Science and Technology, Tsukuba (AIST) through a scientist exchange agreement. We also reinforced our partnership in China 
with East China University of Science and Technology (ECUST). Our strong involvement in science for the future can be seen in our award of the Solvay 
Prize to Katalin Kalicko, who is one of the key inventors of mRNA vaccine technology, and by the Nobel prize awarded to Carolyn Bertozzi, who received 
the Solvay Prize in 2020.
	· Using Solvay Ventures to strengthen our Key Account Management (KAM) activities, which focus on using external insights, such as identifying customer 
pain points and entrepreneurial solutions, by connecting directly to startups and creating joint development opportunities aligned with Solvay’s 
focus areas. In 2022, we assessed more than 500 new start-ups in the fields of advanced materials and composites, electronics, biotechnology, green 
hydrogen, battery materials and chemical formulations. We added to our portfolio with investments in Plyable, a digital marketplace for composite 
tooling; 9T, which focuses on TPC additive manufacturing; Chengyang, which focuses on distributed electrochemical H2O2 production; and Sofinnova, 
a late stage biotech venture capital fund. Equally significant for Solvay Ventures was the financial return received in 2022 from the sale of two portfolio 
companies, Kumovis and Solid Power. This complemented our strategic return, showing we can not only develop strong partners for Solvay, but also 
be self-sustaining through capital returns, building credibility with entrepreneurs and co-investors.
3.5.	 Supply chain and procurement 
GRI DISCLOSURES 308-1 308-2 407-1 414-1
MATERIALITY: MODERATE
3.5.1.	
Definition
Our supply chain organization accounts for about 2,000 people. Most of them are located in the GBUs, where they are in charge of planning, customer 
care, logistics operations and improvement projects. In addition to this, a small Supply Chain Excellence team is located in Solvay’s Excellence Center. 
We have programs in place to foster continuous improvement in the value chain performance of our GBUs, while also contributing positively to cost and 
cash management, as well as fulfillment at the service of customers.
Our procurement organization consists of about 600 people, located in Corporate Procurement, the GBUs and the Purchasing Service Line support 
teams. Their mission is to source products and services leveraging scale and expertise, and to secure sustainable value creation and supply security to 
directly support Solvay’s G.R.O.W. and One Planet agenda.
3.5.2.	
Management approach
Solvay integrates our Corporate Social Responsibility (CSR) principles and Solvay One Planet ambition into our procurement processes and strategies in 
order to create sustainable business value in collaboration with our suppliers.
Procurement strategy
Procurement resources and capabilities are shared across an international network of category and sourcing managers, and individuals responsible for 
site procurement, all of whom follow a common way of working known as the Solvay global procurement process. 
Our procurement strategies are defined by category experts in collaboration with the GBUs. These strategies are then executed and deployed at global, 
regional or local level, depending on the category specifics and suppliers’ market structure. Our strategies include ESG elements and criteria.

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Core Suppliers
Solvay applies supplier segmentation in order to identify key suppliers, which we refer to as Core Suppliers. Core Suppliers encompass three categories:
	· Strategic Alliances: strategic suppliers at Group level that contribute to Solvay’s growth, market differentiation and innovation.
	· Strategic Partners: suppliers that deliver strategic materials or services to Solvay that can have a possible business impact.
	· Bottlenecks: suppliers that represent a high potential risk to Solvay or the business.
This approach enables Solvay to focus on managing performance, mitigating supply risk and improving relationships, while also forming the basis for 
collaboration and stimulating innovation.
Actions to be performed, such as carrying out a supplier evaluation survey, or requesting a mandatory third-party sustainability assessment, are defined 
according to the type of supplier. Key Account Managers are appointed for some of our Core Suppliers, allowing us to generate additional value and 
mitigate risk through strategic relationships. We have identified 410 suppliers as Core Suppliers. They account for 40% of Solvay spend and 92% of them 
are currently covered by a third party sustainability assessment.
Supplier Engagement Program
We launched our Supplier Engagement Program journey in 2021, with the aim of achieving common sustainability ambitions with our suppliers to create 
shared value for all. This continued into 2022, with a call to our suppliers to submit collaborative projects. More than 20 innovation projects were kicked off 
in 2022, focused on bio-based and recycled sourcing, energy and waste recovery, and decreasing the GHG emissions footprint across our supply chain.
Together for Sustainability initiative
Solvay is a founding and Steering Committee member of Together for Sustainability (TfS), a global procurement-driven initiative that improves the 
sustainability performance of chemical companies and their suppliers. 
The TfS program is based on the UN Global Compact and Responsible Care® principles. It provides a framework and tools – TfS Assessments and TfS 
Audits – that enable TFS member companies to assess, drive and improve the sustainability performance of chemical supply chains through a shared 
infrastructure. TfS assessments are carried out by the initiative’s key partner EcoVadis, a global service provider specialized in sustainability performance 
assessments. For audits, TfS cooperates with a tfs-approved audit company.
In 2022, TfS made significant progress in addressing the challenges of climate change and improving the sustainable supply chain knowledge of the 
chemical industry. This included addressing Scope 3 emissions. Together with members of TfS, we created the first Product Carbon Footprint (PCF) 
Guidelines to enable chemical companies and our suppliers to share and develop high-quality carbon footprint data, which will be an essential tool to 
drive decarbonization initiatives in the industry. In 2022, Solvay used the PCF Guidelines to develop our own PCF software, which is currently at a pilot 
stage. We also called on our top suppliers to collect and share the product carbon footprint of the raw materials they supply.
TfS also rolled out the TfS Academy which contains over 335 exclusive and tailored capability-building contents in multiple languages. Membership in 
TfS grew to 40 in 2022, with the addition of five European, one Chinese and one Japanese member companies during the period. This increased the 
reach and impact on the sustainability performance of chemical supply chains, covering over €400 billion of combined spend.
ESG risk in the Supply Chain
To tackle human rights and environmental impacts across our value chains and to comply with the dynamic regulatory landscape, Solvay has developed 
an ESG risk management approach for our supply chain. It provides a systematic approach for risk identification and risk severity assessment for more 
than 62 upstream value chains, and triggers risk mitigation action plans. Thanks to our due diligence process, 12 suppliers conducted a TfS audit in 2022 
and 2,250 suppliers performed an Ecovadis assessment.
Supplier Code of Business Integrity
Our Supplier Code of Business Integrity is key for the implementation of our Responsible Procurement Policy. It is fully aligned with Solvay’s Code of 
Business Integrity and inspired by the UN Global Compact principles and Responsible Care® practices.
All written procurement contracts must make reference to the Supplier Code of Business Integrity or an acceptable alternative. Suppliers or partners 
are invited to report any breach of Solvay’s ethical policies or Supplier Code of Business Integrity through the Solvay Ethics Helpline. Every report will be 
carefully reviewed by the Ethics and Compliance team, who review the case and conduct an investigation as appropriate.
Solvay is concerned that the trade in tantalum, tin, tungsten and gold, and the metals known as 3TGs that are refined from such minerals and mined in 
certain conflict-affected and high-risk regions, such as the Democratic Republic of the Congo and neighboring countries, may be contributing to human 
rights abuses. We are continuously working to improve our overview on 3TGs included in products, components and materials supplied to Solvay.
We continue to work to verify the integrity of our sourcing, and to support the actions of governments, our customers and suppliers toward achieving 
this aim globally. If our suppliers fail to meet our expectations in this regard, we will take these factors into consideration when making future business 
and sourcing decisions.

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3.5.3.	
Indicators
Ecovadis assessment
One of our main priorities for 2022 was to assess our core suppliers. During the year, a total of 2,250 Solvay suppliers were assessed through EcoVadis. 
These assessments currently cover 376 (92%) of our 410 core suppliers. One of our objectives of the year was to assess our core suppliers as priority. In 
terms of how many of our suppliers are covered by an Ecovadis assessment, Solvay ranks as the fourth best performer among Together for Sustainability 
members.
Supplier Diversity
In 2022, Solvay performed an analysis to assess the diversity status of its supplier database in North America. It revealed that 2.4% of Solvay suppliers 
based in the USA are diversity certified by Coupa, a third party screening database. 
Raw materials
As a large chemical manufacturer, Solvay uses raw materials from a range of suppliers and sources: the overall volume purchased in 2022 was over 4.45 
million metric tons.
NON-BIOSOURCED AND BIOSOURCED RAW MATERIALS – MATERIAL PURCHASED
2022
2021
2020
Mineral products
1,000 metric tons
2,460
2,690
2,370
Biosourced products
1,000 metric tons
180
240
230
Natural gas
1,000 metric tons
840
940
900
Petrochemical
1,000 metric tons
870
950
830
Other raw materials
1,000 metric tons
100
100
120
Total
1,000 metric tons
4,450
4,920
4,450
3.6.	 Main partnerships
SDG 17
IndustriAll Global Union
Building on twenty years of strong industrial relations between IndustriALL and Solvay, we signed an improved Global Framework Agreement (GFA) on 
March 31, 2022. The content of the agreement was strengthened around several important areas, including:
	· Telework rights
	· C190
	· EU due diligence and UN binding treaty – supply chain oversight
	· Just Transition
	· Conflict resolution
	· Maintaining the agreement following the upcoming split of the company
	· Workers' rights to health and safety
	· Skills transfer
	· Battery supply chain
	· US Taskforce Agreement renewed for the duration of the GFA
The four-year agreement includes serious commitments on due diligence along the supply chain. Taking note of the different international standards on 
this issue, including the upcoming EU Directive on corporate sustainability due diligence, the agreement establishes a new working group of workers and 
management to investigate supplier respect for core labor rights and seek remediation where problems are found. Solvay commits to suspend contracts 
with suppliers that fail to remedy human rights and environmental abuses following warnings.

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Ellen MacArthur Foundation
Solvay has been engaged with the Ellen MacArthur Foundation since 2018 to listen and learn from them, to accelerate our transition to a circular 
economy, and to engage with them to promote our leadership in the transition.
Achievements :
	· Solvay joined a call to connect the dots between climate change and biodiversity through a regenerative chemistry by design at the Ellen Macarthur 
Foundation Summit 2022.
	· Solvay partnered with the EMF on its strategic circular design initiative, together with other strategic partners. We also took part in a circular design 
week to embed sustainable and circular design into the innovation organization and drive systemic change across businesses. 
	· Solvay continued to immerse our employees in circular economy learning and development opportunities, with targeted workshops and bespoke 
e-learning Ellen Macarthur Foundation modules. Three cohorts attended the Ellen Macarthur Foundation Circular Economy Exeter University 
masterclass.
Wildlife Habitat Council
As part of our Solvay One Planet goals, we have committed to reduce our pressure on biodiversity by 30% by 2030. To support us in achieving this aim, 
in 2021 we joined the Wildlife Habitat Council (WHC), an international NGO that works with businesses to encourage, promote and certify biodiversity 
conservation. The partnership helps us to better focus our efforts on biodiversity and identify areas for improvement, both at our sites and in collaboration 
with our customers. 
WHC is the only international conservation NGO focused exclusively on the private sector and is a leader in taking bold action for biodiversity conservation 
through partnerships and education. WHC provides a framework for voluntary conservation action on a wide variety of corporate lands, promoting a 
collaborative and comprehensive approach to conservation activities around the world. 
Membership in the WHC helps us to implement conservation projects that are locally relevant, practical and adaptable to any regulatory requirements, 
but which don’t conflict with operations. As part of our partnership, we work to mainstream biodiversity across sectors, in collaboration with our partners 
and sites, taking concrete actions to protect species and habitats and deliver impact through biodiversity restoration and enhancement at a local level.
World Alliance for Efficient Solutions (Bertrand Piccard)
Solvay joined the World Alliance for Efficient Solutions in 2017, created by Solar Impulse founder Bertrand Piccard to promote efficient technologies, 
processes and systems that help improve the quality of life on earth. Alliance members consist of startups, companies, institutions and organizations.
The strong partnership has enabled Solvay to work together with the Solar Impulse Foundation (SIF) to develop sustainable solutions to fight climate 
change. The SIF’s objective was to identify, select and label “1,000 solutions to change the world,” helping to fight climate change and improve the 
quality of life on earth. This was achieved in 2021. 
Twenty-one Solvay solutions have been labeled efficient solutions. In line with our Solvay One Planet goals, these include sustainable solutions for 
batteries, exhaust gas treatments, semiconductor applications, thermoset composites developed for high-volume automotive applications, rare earth-
based formulations, biostimulants for farming and wastewater adsorbents, and benefit various industries such as water, energy and agriculture.
R&I partnerships
Solvay has set up Joint Research Units with the CNRS (National Scientific Research Center) and universities in Bordeaux, France, focused on microfluidics 
and high throughput screening, and in Shanghai, China, focused on organic chemistry and catalysis. Other long-term partnerships established with 
École Polytechnique Fédérale de Lausanne (EPFL) and the National Institute of Advanced Industrial Science and Technology, Tsukuba (AIST), have 
delivered very interesting results on modeling and machine learning. A series of more recent collaborations have also been launched on topics related to 
energy generation and storage, biobased chemistry, advanced polymers and formulations with institutions such as the University of Chicago, Edinburgh 
University and Politecnico Milano.
3.7.	 Membership in associations
GRI DISCLOSURES 2-28
The Group maintains a dialogue with stakeholders and is a member of several associations at global, regional and national levels. Trade associations 
adopt policy positions as close as possible to a consensus. Member companies can still express disagreement in a number of ways, including internal 
discussion within working groups or public stances that differ from those of the trade associations. 
In September 2022, Solvay introduced new guidelines on membership of trade and industry associations. These include that each membership should 
be aligned with our business strategy and our company interests – the association should support Solvay’s business and company interests, and should 
be in alignment with Solvay’s public policy interests. We also review our memberships on a regular basis, to check whether positions taken by associations 
are still aligned with Solvay’s interests. 
Senior Solvay representatives sit on the steering boards of many of the associations we are a member of. We also participate in working groups and 
policy coordination groups. The major association memberships in the regions and countries where Solvay is present are listed below.

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3.7.1.	
International Council of Chemical Associations
Solvay is a member of the International Council of Chemical Associations (ICCA). Solvay’s CEO, Ilham Kadri, is a member of the Board of Directors. 
Through Responsible Care®, which is an essential part of the ICCA’s contribution to the Strategic Approach to International Chemicals Management 
(SAICM), global chemical manufacturers commit to pursuing safe chemical management and performance excellence worldwide. 
3.7.2.	
European Chemical Industry Council 
The European Chemical Industry Council (Cefic) is the forum and the voice of the chemical industry in Europe. Solvay CEO Ilham Kadri is Vice-President 
and Member of the Cefic Board ExCom. The association facilitates dialogue that allows the industry to share its technical expertise with policymakers 
and other stakeholders. Solvay experts provide input on energy, industrial, environmental and research policy, as well as on issues relating to product 
stewardship. Solvay representatives also work with the different Cefic sector groups on specific issues related to individual substances or groups of 
substances. In addition, we play an active role within Cefic in leading a proactive industry response to the need for a more innovative and sustainable 
chemical industry. In 2022, Solvay proactively encouraged Cefic to contribute to the Science Based Targets initiative (SBTi) standards being developed. 
Solvay also participated on behalf of Cefic in the EU Commission high-level roundtable, an active stakeholder platform with business representatives, 
NGOs and academics, on the implementation of the EU Chemicals Strategy for Sustainability. 
3.7.3.	
France Chimie
France Chimie represents chemical sector companies in France in front of public authorities at national, European and international level. Solvay France 
Délégué Général François Pontais is a Member of France Chemie’s Board and ExCom. The association integrates 12 regional federations, representing 
1,200 companies nationwide, and provides expertise and support relating to technical, economic and fiscal legislation, and social and labor affairs. 
Solvay representatives contribute to all key commissions. This includes those concerning competitiveness, with two Solvay sites rated among a pool of 
“unique” sites in France; energy and logistics, which focuses on the decarbonization subsidy plan; and health, safety and environment (HSE). In 2022, 
Solvay actively supported France Chimie positions to further decarbonize the chemical industry and promote the use of renewable energy sources. 
3.7.4.	
Federchimica
Federchimica is the Italian chemical industry association. Our Country Manager in Italy is Vice-President of the association’s Board. Federchimica 
facilitates dialogue with regional and national policymakers and government bodies, by sharing technical expertise and knowledge with policymakers 
and other stakeholders. Solvay experts participating in Federchimica provide input on energy, industrial, environmental and research policy, as well as 
issues relating to product stewardship.
3.7.5.	
American Chemistry Council
The American Chemistry Council (ACC) represents a diverse set of companies engaged in the chemistry business. Solvay sits on the Executive Committee, 
as well as on several Board-level committees that contribute to setting the association’s strategy. Solvay representatives contribute their expertise to the 
ACC’s work on transportation, energy, environment, sustainability, chemical management, process safety, trade and product stewardship issues. Solvay 
experts also provide technical input for activities that focus on product-related issues relevant for Solvay businesses, such as advanced materials and 
sustainable technologies. In 2022, Solvay actively supported the development and implementation of the ACC Sustainability Principles. The chemical 
industry is committed to creating a cleaner, safer and more sustainable future, and has a vitally important role to play in the critical areas of addressing 
climate change, improving air and water quality, and the circularity of our products. Solvay's portfolio, which spans the key sustainability megatrends of 
the future, is well positioned to accelerate progress toward these goals.
3.7.6.	
Brazilian Chemical Industry Association
Solvay works with the Brazilian Chemical Industry Association (ABIQUIM) and its other members to help make Brazil’s chemical industry more competitive 
and sustainable. Solvay is represented on the Board of Directors and in all of ABIQUIM’s key commissions and supported activities. These cover topics 
such as the Chemical Industry Parliamentary Coalition, Responsible Care management, energy and climate change, product stewardship, community 
dialogue, labor, international trade and trade remedies, logistics and supply chain, and innovation.
3.7.7.	
Indian Chemical Council
The Indian Chemical Council (ICC) is the leading industry body representing all segments of the Indian Chemical Industry. Solvay sits on the Executive 
Council of the ICC. The ICC monitors and helps frame industry-specific government legislation, formally interacts with the relevant authorities on policies 
and regulatory matters, and is recognized as the official voice of the Indian Chemical Industry. It also provides a forum for dialogue and debate within 
the chemical industry, channeling and reinforcing the industry’s endeavors to boost development in India. The ICC promotes the Responsible Care® 
initiative and encourages safety, research and development, energy conservation and quality consciousness within the industry by organizing workshops 
and seminars and presenting annual awards recognizing excellence and outstanding contributions to the chemical industry. In 2022, Solvay CEO Ilham 
Kadri provided the keynote speech at the Annual Convention of the ICC, strongly promoting sustainable business models, the need for carbon emissions 
reduction to meet the Paris Agreement targets, the need for increased use of renewable energy in the chemical industry, the use of organic chemicals in 
beauty products, circularity, corporate responsibility and gender equality.

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3.7.8.	
China Petroleum and Chemical Industry Federation
The China Petroleum and Chemical Industry Federation (CPCIF) is a comprehensive national industry organization and the official representative of the 
Chinese chemical industry in the International Chemical Industry Association (ICCA). The CPCIF speaks up for the interests of the industry, while also 
serving as a bridge between businesses and the government in China. Solvay sits on the Executive Board of the Committee of Multinationals (MNC) of 
the CPCIF, which is a CPCIF sub-committee representing nearly 70 multinational companies in China. Solvay is a founding member of this committee, 
which was set up in 2013. Key interests of the committee include, but are not limited to, industrial policies, regulatory demands, chemical management, 
carbon trade, sustainability and innovation. In 2022, Solvay took on the role of executive board member of CPCIF’s multinational companies committee, 
and actively promoted low-carbon practices in the association's Carbon Working Group. We also contributed expertise to the CPCIF to prepare input 
on the central government’s National Development and Reform Commission, aimed at developing China’s carbon system in line with international 
standards.
3.7.9.	
Association of International Chemical Manufacturers
The Association of International Chemical Manufacturers (AICM) represents nearly 70 major multinational companies in the Chinese chemical industry 
active in the manufacture, transportation, distribution and disposal of chemicals. Together with other leading international chemical players in China, 
Solvay helps promote Responsible Care® and other globally-recognized chemical management principles among all stakeholders, advocates cost-
effective, science- and risk-based policies to policymakers, and strengthens the contributions made by the chemical industry to the economy. In 2022, 
Solvay actively promoted the rational implementation of environmental protection and safety administration regulations in AICM, with a focus on 
achieving clarification for the industry development balance while respecting the spirit of the Yangtze River Protection Law.
3.7.10.	 BusinessEurope
BusinessEurope is the leading European business trade association. Its direct members are national business federations, but selected companies may 
participate in BusinessEurope through the Advisory and Support Group (ASG). BusinessEurope and its members campaign on the issues that most 
influence the business performance and growth of European companies, in Europe and globally. Solvay provides input through participation in working 
groups dealing with energy, environment and research, as well as trade policy. Solvay's position on climate is more ambitious than the federation 
position. 
3.7.11.	 European Round Table of Industrialists
The European Round Table of Industrialists (ERT) is a forum that brings together around 50 CEOs of European companies. Solvay CEO Ilham Kadri is 
a member of the Steering Committee of the ERT. Among its activities, the ERT advocates policies to improve European competitiveness, growth and 
employment. In particular, Solvay actively participates in the working groups dealing with energy, trade, competitiveness and innovation, jobs and skills, 
and finance, as well as competition policies. Solvay CFO Karim Hajjar is a member of the ERT Finance Task Force, and sustainable finance is a key part 
of the agenda. In 2022, Solvay focused in particular on promoting the human skills agenda, supporting the creation of new jobs through the transition 
to a more sustainable economy. 
3.7.12.	 World Business Council for Sustainable Development
The World Business Council for Sustainable Development (WBCSD) is a CEO-led organization of over 200 leading businesses working together to 
accelerate the transition to a sustainable world. Solvay has been ​an active member since 2010, and Solvay CEO Ilham Kadri is personally involved. In 2021, 
the WBCSD appointed Ilham Kadri as its new executive committee chair. She is the WBCSD's first female chair in its 26-year history. Solvay CFO Karim 
Hajjar serves as co-chair of the Redefining Value Program. Solvay plays an active role in four of the six programs:
	· Redefining Value Program: Redefining Value helps companies measure and manage risk, gain competitive advantage and seize new opportunities 
by understanding environmental, social and governance (ESG) information. By building collaborations and developing tools, guidance, case studies, 
engagement and education opportunities to help companies incorporate ESG performance into mainstream business and finance systems, the 
ultimate goal is to improve decision-making and external disclosure, eventually transforming the financial system so that it rewards the most sustainable 
companies.
	· Circular Economy: The future of business is circular, and there’s no room for waste in it. Factor 10, the WBCSD's circular economy program, brings 
circularity into the heart of business leadership and practice. It builds a critical mass of engagement within and across businesses to spur the circular 
economy to deliver and scale the solutions needed to build a sustainable world.
	· Climate and Energy: Combating climate change and transforming the energy system are core challenges on the path to a sustainable future for 
business, society and the environment. The Paris Agreement has sent a decisive and global signal that the start of the transition to a thriving, clean 
economy is inevitable, irreversible and irresistible. The WBCSD Climate and Energy Program facilitates interaction on cutting-edge climate and energy 
topics between WBCSD members, their peers and stakeholders as they address critical industry issues and share best practice and solutions.
	· People: Our current society is characterized by a range of dynamic shifts and evolutions. We are faced with a world that is polarizing, a world that 
presents risks and opportunities in the way we work, a world that is on the move and a world in which people are living beyond their means. The People 
program provides solutions that support companies by ensuring that they remain in tune with the needs, rights, goals and aspirations of society against 
the backdrop of this rapidly evolving landscape.
	· Solvay also plays an active role in the WBCSD Chemicals Group. Together with leading chemical company members, ACC and Cefic published the 
SDG Roadmap for the Chemical Sector in 2018. This methodology provides clear guidance on how the chemical sector can contribute to change across 
the spectrum of the SDGs, unlocking their value by acting on key impact opportunities. Notably, Solvay works proactively to accelerate adoption of our 
Sustainable Portfolio Management system across the chemical industry and other sectors.

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3.8.	 Climate risks analysis
3.8.1.	
Transition risks
Scenario analysis
In 2022, we revised our scenario analysis under the following scope:
	· Transition risks.
	· Focusing on the three most exposed business units, based on total emissions (Scope 1, 2 and 3) and exposure to climate sensitive markets, like 
automotive and buildings: Soda Ash, Specialty Polymers and Novecare. These three GBUs represent 52% of Solvay's 2021 sales.
	· Two International Energy Agency (IEA) scenarios: 1.5°C Scenario (IEA Net Zero Emissions Scenario 2021) and 3°C Scenario (IEA Stated Policy Scenario 
2021).
	· Using a leading audit, tax and consulting services company’s tool for climate scenario analyses.
	· Assumptions of price and cost changes, volume changes and adaptation potential (cost pass-through) were taken from the consultant’s models. This 
included price trajectories up to 2050 for oil, coal, gas, CO2, electricity and energy usage in transport, in our own operations and upstream.
	· Analysis of the market dynamics and identification of the essential characteristics of individual sites was based on the consultant and Solvay sector and 
climate expertise, considering products sold in main markets, namely construction, packaging, automotive, oil and gas, home and personal care, food 
and feed, and electronics.
The main conclusions of the scenario analysis were:
	· The soda ash business relies highly on a competitive price advantage. Since prices for raw materials and our own operations will increase in a 1.5°C 
scenario, the scenario analysis concluded that, in the absence of cost pass-through measures, the contribution margin could decrease by up to 16%, 
while additional demand for glass for energy efficient buildings would drive overall profit and sales. Sales could increase to €2.4 billion in the 1.5°C 
scenario and to €2.1 billion in the 3°C scenario, by 2050.
	· The specialty polymers business has the most significant opportunities in a 1.5°C world. Products are expensive and resilient to cost increases and the 
demand for most customer segments would increase. Focusing on increasing production capacities for this GBU should be prioritized in a 1.5°C world. 
Sales could increase to €4.7 billion in the 1.5°C scenario and to €4.3 billion in the 3°C scenario, by 2050.
	· Novecare faces risks relating to vegetable oil imports. This is because vegetable oils from palm oil and other alternatives are highly CO2 emissions 
and water intensive. Shifting to sustainable alternatives is expensive, but it may result in a reputation boost for Solvay and decrease costs for these 
alternatives in the long run. Novecare has the highest weighted CO2 intensity in their supply chain. This should be monitored and suppliers should be 
engaged to reduce Scope 3 emissions. Sales could increase to €2 billion by 2050 in both scenarios.
As stated by the Task Force on Climate-related Financial Disclosures in their Guidance on Scenario Analysis for Non-Financial Companies (2020), 
“scenario analysis helps companies in making strategic and risk management decisions under complex and uncertain conditions such as climate change. 
It allows a company to understand the risks and uncertainties it may face under different hypothetical futures and how those conditions may affect its 
performance, thus contributing to the development of greater strategy resilience and flexibility”. Actual results or future events may differ materially from 
those expressed or implied by such analysis.
Examples of actions decided upon to manage the risks and opportunities identified by the scenario analysis include:
	· Cost pass-through measures, which have already been implemented, as demonstrated by the resilience of Solvay’s financial results during the 2022 
energy crisis.
	· Solvay’s announcement in February 2022 of a PVDF capacity investment in Europe to meet growing EV battery demand. The €300 million investment 
supports a fully integrated and digitalized PVDF operation and will increase capacity at Solvay's site in Tavaux, France to 35 kilotons, making it the 
largest PVDF production site in Europe.
	· Solvay’s announcement in June 2022 that our Changshu site had significantly increased production capacity for Solef® PVDF, demonstrating the 
Group’s commitment to meeting the needs of customers worldwide. The Group has now more than doubled the onsite production volume of our 
high-performance polymer Solef® polyvinylidene fluoride since mid-May 2022.
	· Solvay and Orbia’s announcement in November 2022 that they are creating a Joint Venture in North America to supply critical materials to the battery 
market. The joint venture will create the largest PVDF production facility for battery materials in the region. The total investment is estimated at around 
$850 million, partially funded by a grant to Solvay from the US Department of Energy totaling $178 million.
Product and market related risks
The Sustainable Portfolio Management (SPM) global and systematic assessment helps alert our businesses to sustainability market signals, in particular 
on climate risk and opportunities, to anticipate their impact and develop the right answers in a timely manner. SPM is a robust, fact-based, future-
oriented compass that allows us to take a snapshot of products’ sustainability risks and opportunities in their business environment.
SPM informs us about the contribution Solvay’s products make to sustainability along the value chain considering both:
	· their environmental manufacturing footprint and the associated risks and opportunities – vertical axis – with a quantitative assessment using 21 impact 
indicators;
	· how their applications bring benefits or face challenges from a holistic market perspective – horizontal axis – with a qualitative assessment of social and 
environmental topics covering four main themes, namely health and safety, climate change, resources and opinion leaders.
For more details about SPM, see section 5.1 Product design and life cycle management and the SPM guide published on Solvay’s website.

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Climate change is one of the focus areas for SPM assessment. This involves identifying if a product in a given application brings a climate change benefit 
or challenge. Product-Application Combinations (PACs) that lead to benefits are identified as "climate solutions", while those that pose challenges are 
considered "climate challenges". 
Solvay’s Sustainable Portfolio Management tool classifies a sustainable solution as a product in a given application that makes a significant climate 
change contribution to the customer’s performance while also demonstrating a lower carbon impact in its production phase. In 2022, sales from "climate 
solutions" reached €2.5 billion.
The SPM methodology is also used to identify eligible enabling activities, requested under the Taxonomy’s Delegated Act 2021. For more details about 
Taxonomy reporting, see section 5.1 Product design and life cycle management in the section EU Taxonomy Eligible Activities.
SPM is a key tool for enabling Solvay to integrate the sustainability dimension into strategic and operational decision making in key business processes, 
such as strategy, research and innovation, investment, marketing and sales, and mergers and acquisitions. We also apply the SPM tool to strategic 
projects, using the same logic as for our portfolio, to make sure that these projects are heading toward business solutions that support growth and value 
creation. This makes SPM a key tool for Solvay to identify if an investment, or a strategic or innovation project can be considered a climate transition 
opportunity for Solvay. 
3.8.2.	
Physical risks
Acute
Solvay sites in areas exposed to natural hazards, with loss expectancy, calculated by our insurers, of higher than €10 million (physical damage and 
contribution margin loss): 
	· Eight Solvay sites in 100-year frequency (2% chance per year) flood areas, with a loss expectancy range of €13.7-178 million: Marietta, US; Bernburg, 
Germany; Gunsan, South Korea; Orange Texas, USA; Winona, US; Paulinia, Brazil; Santo André, Brazil; and Torrelavega, Spain.
	· Sixteen Solvay sites in 500-year frequency (0.2% chance per year) flood areas, with a loss expectancy range of €10.3-220.7 million: Willow Island, USA; 
Lock Haven, USA; Pasadena, USA; Alorton, US; Gunsan, South Korea; Dombasle, France; Marietta, US; Bernburg, Germany; Winona, US; Anaheim, US; 
Orange Texas, US; Santo André, Brazil; Rheinberg, Germany; Paulinia, Brazil; Changsu, China; and Torrelavega, Spain.
	· Three sites in a wind exposed area, with a loss expectancy range of €11-14.5 million: Orange Texas, US; Anan, Japan); and Baton Rouge, US. 
	· Solvay has a property damage and business interruption insurance program in place to cover catastrophic risks, and covers smaller losses through 
self-insurance.
	· The flood risk materialized into €3 million in losses at the Torrelavega site in 2008. The freeze risk materialized during the 2021 Texas deep freeze event, 
which impacted 25 Solvay sites and led to €10 million in total losses.
	· The risk is continually assessed throughout the year, with the support of Solvay's Property insurer FM Global and reinsurers, like Swiss Re, based on 
their proprietary flood modeling. Each site with reported insured values greater than €50 million is visited by FM Global loss prevention engineers and 
benchmarked with FM Global's resilience index, which takes into account inherent risks and completion of any recommendations.
	· Based on FM Global's benchmarking, Solvay Corporate Insurance and Prevention proposed an action plan to improve risks to the Executive Leadership 
Team. In 2021, the Executive Leadership Team decided that all sites should reach a minimum of 75% on the Resilience Index by 2025. Each site has 
received a list of recommendations to complete that will enable them to achieve this objective. Recommendations can be related to procedural 
improvements, like developing a flood, freeze, wind or earthquake emergency response plan, or physical improvements, like installing flood barriers, 
or improving levees or earthquake emergency shutdown valves.
	· This Business Resiliency Action Plan has already been successful in some areas. During Hurricane Harvey in the US, for example, ten Solvay sites 
were exposed to flooding but the loss was lower than €1 million in total. Our Deer Park site in Texas is located on an industrial site that suffered very 
significant losses of more than €100 million and weeks of downtime, but due to its preparedness and emergency response plan the Solvay site only 
experienced very minor damage, amounting to €250,000 and a short turnaround period. Torrelavega has also finished a project to improve their flood 
levee, mitigating the 100-year (2% chance per year) flood risk at this location. The loss expectancy will be updated after we perform a new hydraulic 
flood analysis to validate this improvement.
Chronic
Solvay updated our analysis of water scarcity risks in 2019, classed as a chronic climate-related physical risk. To do this we used the database from 
Hoekstra et al. (2016), in conjunction with QGIS, a Free and Open Source Geographic Information System.
Thirty-one Solvay sites are located in areas subject to hydric stress. Eight of these have been identified as having a high business impact. The highest 
annual business interruption value is €400 million.
Of our 138 production sites, 31 (22.5%) are in areas subject to water stress. These sites withdraw a total of 29 million cubic meters of water, out of a total 
of 314 million cubic meters (9.2%) withdrawn by Solvay sites.
Eight sites have been prioritized based on a risk analysis combining three criteria: location; freshwater intake; and business interruption value. These 
sites are: Chao Phraya, Thailand; Chicago Heights, US; Melle, France; Green River, US; Qingdao, China; Devnya, Bulgaria; Spinetta Marengo, Italy; and 
Bernburg, Germany.

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4.	 CLIMATE
4.1.	 Greenhouse gas emissions
4.1.1.	
Definitions
GRI DISCLOSURES 3-3 305-1 305-2 305-3 305-4 305-5 
MATERIALITY: PRIORITY
SDG 13 14 15
Solvay uses the following references to address greenhouse gas emissions:
	· the Guidance for Accounting and Reporting Corporate Greenhouse Gas Emissions (GHG) in the Chemical Sector Value Chain published by the World 
Business Council for Sustainable Development;
	· the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard;
	· the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Standard.
To better reflect our sustainability policy, we decided to use the market-based method to calculate CO2 emissions associated with purchased electricity 
(Scope 2). To comply with Global Reporting Initiative requirements, we apply the following criteria, listed in decreasing order of priority, when selecting 
the CO2 emission factor of each electricity supply contract:
	· Energy attribute certificates: emission factors resulting from specific instruments, such as green energy certificates.
	· Contract-based: the emission factor obtained from contract agreements on specific sources for which there is no emission of specific attributes.
	· Supplier or utility emission rates: the emission factor disclosed as a result of the supplier’s retail mix.
	· Residual mix: if a residual mix is unavailable, grid-average emission factors are used as a proxy.
Location-based: if none of the above factors are available, we use the national emission factor published by national authorities or the International 
Energy Agency. Based on a World Resources Institute (WRI) recommendation, Emissions and Generation Resource Integrated Database (eGRID) 
emission factors published by the United States Environmental Protection Agency are used for the US, instead of the state emission factor. Similarly, grid 
emission factors published by the Ministry of Ecology and Environment are used for China, instead of the state emission factors.
4.1.2.	
Management approach
Solvay has a 2030 objective to reduce Scope 1 and 2 greenhouse gas emissions by 30% in line with a “well below 2°C” trajectory and targets carbon 
neutrality before 2050. Solvay will also not build new coal-powered plants and has committed to phasing out the use of solid fuels (coal and petcoke) 
in energy production by 2030 wherever renewable alternatives exist. In 2022, Solvay has set a 2030 target to reduce by 24% Scope 3 greenhouse gas 
emissions emissions from its top five categories both upstream and downstream in the value chain and representing 90% of the total Scope 3. Early 2023, 
the Science Based Targets Initiative (SBTi) has validated the Solvay 2030 targets with a slight adjustment to reduce Scope 1 and 2 emissions by 31%.
To achieve our targets, we are taking a range of different actions. This includes transforming our energy mix and investing in clean technologies. We 
are developing a growing pipeline of energy climate transition opportunities through collaborations between a dedicated team of experts in energy 
transition and operational teams at our industrial sites. We’re also accelerating energy efficiency initiatives within our plants through our STAR Factory 
program. For greenhouse gas emissions not related to energy, specific task forces have been set up with strong technical support in order to help 
them develop the required clean technologies. In addition, Solvay applies an internal carbon price of €100 per metric ton of CO2 to all greenhouse gas 
emissions in our capital investment decisions worldwide. 
An externally verified greenhouse gas emission reporting system, and responses to rating agencies such as the Carbon Disclosure Project, help the 
Group align our efforts with the magnitude of the greenhouse gas challenges we face.

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4.1.3.	
Indicators 
Solvay’s target is to reduce greenhouse gas emissions by 30% by 2030, compared to the 2018 baseline. 
GREENHOUSE GAS EMISSIONS – TARGET ACHIEVEMENT
Total greenhouse gas emissions (Scope 1 and 2) in 2022
Mt CO2eq
10.3
Total greenhouse gas emissions (Scope 1 and 2) in 2021 - as published
Mt CO2eq
11.0
Variation due to changes in reporting scope (structural changes)
Mt CO2eq
-0
Variation due to changes in methodology or improvements in data accuracy
Mt CO2eq
0.1
Emissions increase or reduction at constant scope year on year
Mt CO2eq
-0.7
Cumulative emissions increase or reduction since 2018 at constant scope
Mt CO2eq
-2.5
Percentage increase or reduction since 2018 at constant scope  
(reference 2018: 12.3 Mt CO2eq) 
%
19
Cumulative emissions increase or reduction since 2017 at constant scope
Mt CO2eq
-2.5
The cumulative emissions reduction since 2017 at constant scope is -2.5 Mt CO2eq. This is in line with our previous objective, to reduce Scope 1 and 2 
greenhouse gas emissions by one million tons in comparison to 2017, by no later than 2025, at constant scope.
Decreased emissions of 0.7 Mt CO2eq in 2022, as compared to 2021, can be explained by lower activity (-0.3 Mt CO2eq), lower energy sales (-0.3 Mt 
CO2eq), an increase in coal consumption due to the exceptional energy situation (+0.1Mt CO2eq), an increase in GHG emissions (+0.2 Mt CO2eq : due 
to higher emissions in Green River and Spinetta) and new GHG reduction projects, including starting to green all our electricity in China with Renewable 
Energy Certificates (RECs) (-0.4 Mt CO2eq).	
GREENHOUSE GAS EMISSIONS (SCOPE 1 and 2)
Units
2022
2021
2020 
Direct and indirect CO2 emissions (Scope 1 and 2)
Mt CO2
8.8
9.7
8.8
Other greenhouse gas emissions according to Kyoto Protocol (Scope 1)
Mt CO2eq
1.5
1.4
1.3
Total greenhouse gas emissions according to Kyoto Protocol
Mt CO2eq
10.3
11.0
10.1
Other greenhouse gas / CO2 emissions not according to Kyoto Protocol (Scope 1)
Mt CO2eq
0.1
0.0
0.0
 
DIRECT GREENHOUSE GAS EMISSIONS (SCOPE 1) 
Units
2022
2021
2020
Methane – CH4
Mt CO2eq
1.07
1.0
0.80
Nitrous oxide – N2O
Mt CO2eq
0.03
0.03
0.02
Sulfur hexafluoride – SF6
Mt CO2eq
0.00
0.00
0.05
Hydro fluoro carbons – HFCs
Mt CO2eq
0.11
0.06
0.03
Perfluorocarbons – PFCs
Mt CO2eq
0.33
0.26
0.38
Nitrogen trifluoride – NF3
Mt CO2eq
0.0
0.0
0.0
Total other greenhouse gas emissions
Mt CO2eq
1.54
1.36
1.28
Carbon dioxide - CO2
Mt CO2 
7.73
8.23
7.6
Total direct emissions
Mt CO2eq
9.27
9.59
8.89
In 2022, direct emissions were 0.32 Mt CO2eq lower than in 2021. The improvement in the reduction of CO2 emissions (-0.50 Mt CO2eq) was partially offset 
by a degradation of GHG emissions other than CO2: +0.06 Mt CO2eq for HFCs and PFCs emissions at Spinetta, +0.07 Mt CO2eq for CH4 emissions at 
Green River, which is linked to an increase in mine activity and +0.06 Mt CO2eq due to changes in methodology for GWP values for all sites .

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INDIRECT CO2 EMISSIONS (SCOPE 2)
Units
2022
2021
2020
Gross market based
Electricity purchased for consumption
Mt CO2
0.3
0.7
0.7
Steam purchased for consumption
Mt CO2
0.7
0.7
0.5
Total indirect CO2 – Gross market-based
Mt CO2 
1.1
1.4
1.2
Gross location based
Electricity purchased for consumption
Mt CO2 
0.8
0.9
0.9
Steam purchased for consumption
Mt CO2
0.7
0.7
0.5
Total indirect CO2 – Gross location based
Mt CO2 
1.5
1.6
1.4
Since implementing the market-based method, we carry out a detailed review of emissions factors for purchased electricity at all of our sites every year. 
In 2022, indirect emissions were 0.1 Mt CO2eq lower than in 2021.
OTHER INDIRECT GREENHOUSE GAS EMISSIONS (SCOPE 3)
Units
2022
2021
2020
Purchased goods and services
Mt CO2eq
5.4
4.9
5.6
Capital goods
Mt CO2eq
2.5
1.8
1.5
Fuel- and energy-related activities
Mt CO2eq
1.3
1.3
1.0
Upstream transportation and distribution
Mt CO2eq 
Included in purchased goods and services
Waste generated in operations
Mt CO2eq
Included in purchased goods and services
Business travel
Mt CO2eq
0.005
0.001
0.002
Employee commuting
Mt CO2eq
0.03
0.03
0.03
Upstream leased assets
Mt CO2eq 
0
0
0
Downstream transportation and distribution
Mt CO2eq
0.7
0.7
0.5
Processing of sold products
Mt CO2eq
3.4
3.2
4.3
Use of sold products
Mt CO2eq
5.1
5.7
8.1
End-of-life treatment of sold products
Mt CO2eq
5.3
7.8
6.9
Downstream leased assets
Mt CO2eq
0
0
0
Franchises
Mt CO2eq
0
0
0
Investments
Mt CO2eq
0.4
0.4
0.9
Total Scope 3 emissions
Mt CO2eq
24.2
25.8
28.8
Scope 3 greenhouse gas emissions are categorized according to the Greenhouse Gas Protocol corporate value chain (Scope 3) accounting and reporting 
standard, and are estimated as follows:
1. Purchased goods and services: we carry out a cradle-to-gate Life Cycle Analysis (LCA) for most of our products, representing 94% of our total turnover. 
The calculated greenhouse gas emissions are extrapolated to reach the totality of our purchases. They include all emissions related to raw material 
extraction and precursor processing, indirect emissions from energy use for these operations, and transport between suppliers and to our plants. 
Note: some Scope 3 subcategories are calculated by difference between on one hand cradle to gate emissions of products and on the other hand with 
the Scope 1, Scope 2, and emissions related to the fuel and energy-related activities of the industrial sites. We have identified that the methodology, 
combining life cycle assessments based on yearly averages and Scope 1 and 2 emissions based on primary data, is limited in accuracy when Scope 1 and 
2 emissions make up a high share of cradle-to-gate assessments and when a high share of the energy produced in some plants is sold to third parties. 
We estimate that the level of the related uncertainty from the methodology affects particularly the subcategories of emissions related to purchased 
goods and services, upstream transportation and distribution and waste generated in operations. Solvay is working on an alignment of its methodology 
to the Guideline developed under the Scope 3 GHG emissions program of Together for Sustainability and released in September 2022. It will address 
the identified limitation in accuracy and allow to rely more on primary data than on generic emissions factors.
2. Capital goods: we have used the emission factors of the WBCSD Guidance for Accounting & Reporting Corporate GHG Emissions in the Chemical 
Sector Value Chain, assuming that capital goods are a mix of concrete and steel.

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3. Fuel- and energy-related activities not included in Scope 1 or Scope 2: they represent GHG emissions that occur during the extraction and transport 
of energy. 
4. Upstream transportation and distribution: this is included in category 1 (see above), purchased goods and services. 
5. Waste generated in operations: this is included in category 1 (see above).
6. Business travel: business travel undertaken by Solvay employees is recorded by our travel agency and monitored by our purchasing department. 
For air and rail travel, travel mileage is recorded. This covers more than 95% of our air and rail travel. The calculated greenhouse gas emissions are 
extrapolated to represent the totality of our travel. For each transportation mode, mileage is converted into CO2 equivalent using emission factors 
from ecoInvent. 
7. Employee commuting: the estimation is based on assuming that all employees commute every day in an average diesel or petrol car. 
8. Upstream leased assets: this is not applicable as we have no upstream leased assets.
9. Downstream transportation and distribution: greenhouse gas emission during transportation of our products from our plants to our customers are 
reported and monitored by our supply chain excellence department. Emissions factors from the European Chemical Industry Council (Cefic) are used 
to calculate total emissions.
10. Processing of sold products; 11. Use of sold products; and 12. End-of-life treatment of sold products: the computation principles for these three 
categories are the same.The emissions due to product processing and transformation by third parties subsequent to sale by Solvay are calculated 
according to product chemical composition and expected chemical reactions likely to generate emissions during the transformation, the usage and 
end-of-life of our product.
13. Downstream leased assets: this is not applicable as Solvay has no leased assets.
14. Franchises: This is not applicable as Solvay has no franchises.
15. Investments: Scope 1 and 2 emissions from non-consolidated entities (that are not consolidated in Solvay’s Scope 1 and 2) are reported according to 
Solvay’s financial interest in these entities, to ensure consistency with our financial statements.
4.1.4.	
Key achievements 
At Solvay’s Spinetta site in Italy, an innovative clean technology developed in-house and commissioned in 2019 with further add-ons led to a decrease of 
1.1 Mt CO2eq in CF4 emissions in 2022, compared to 2018.
At our Rheinberg plant in Germany, a first biomass boiler was commissioned to replace coal firing in 2021, reaching full capacity in 2022. 
At our Green River plant in the US, process equipment allowed us to replace coal with natural gas in 2022.
In 2022, 63 of our sites sourced a share of their electricity supply from renewable energy, such as solar or wind. This represents an additional saving of 
0.28 Mt CO2eq compared to 2021.
4.2.	 Energy
GRI DISCLOSURES 3-3 302-1 302-2 302-3 302-4 
MATERIALITY: PRIORITY
SDG 7 13
4.2.1.	
Definitions
The different components of Solvay’s energy consumption are converted into primary energy sources as follows:
	· fuels, using the net calorific values;
	· steam purchased, taking into account the boiler efficiency reference value for the type of fuel used to generate the steam, for example 90% efficiency 
based on the net calorific value for natural gas;
	· electricity purchased, assuming an average efficiency of 39.5% for all types of power production except for nuclear power (33%), hydro (100%), solar 
(100%) and wind (100%), based on net calorific value (source: International Energy Agency - IEA).
4.2.2.	
Management approach
Solvay has both industrial activities that consume large amounts of energy, such as our synthetic soda ash plants and peroxides business, and industrial 
activities that have a relatively low energy content as a percentage of the sales price, such as fluorinated polymers.

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The Group considers it particularly important to swiftly transition our energy consumption toward zero- or low-carbon sources without compromising on 
competitiveness or supply security. We have therefore taken the following strategic initiatives:
	· Creation of a Sustainable Environment and Climate (SEC) Department within Solvay’s Industrial Function to support the development of energy 
transition projects worldwide, taking into account the specifics of each site’s local energy market.
	· Technological leadership in processes and high-performance industrial operations to minimize energy consumption.
	· Diversification and flexible use of the different types and sources of primary energy.
	· Periodic review of the condition of industrial sites’ energy assets and connections.
	· A strategy for supply coverage, with long-term partnerships and medium- to long-term contracts, and price-hedging protection mechanisms when 
needed.
	· In-house market intelligence and direct access to energy markets, including gas hubs, electrical grids, financial spots and future exchanges, when 
possible.
	· Dedicated services aimed at optimizing energy purchasing and helping Global Business Units manage energy and greenhouse gas emissions.
The Group has reduced its overall energy intensity. Key factors in this progress have been the SOLWATT® energy efficiency program rolled out at most 
plants worldwide and the dissemination of technological breakthroughs to improve the overall energy efficiency of our operations. In 2022, the roll-out 
of the STAR Factory program led to an acceleration of our energy efficiency initiatives.
4.2.3.	
Indicators
PRIMARY ENERGY PURCHASE FOR CONSUMPTION FROM NON-RENEWABLE AND RENEWABLE SOURCES
Units
2022
2021
2020
Solid fuels
PJ
28
27
27
Liquid fuels
PJ
0.4
0.4
0.3
Gaseous fuels
PJ
64
71
66
Total non-renewable energy sources
PJ
92
99
93 
Renewable energy sources
PJ
5.6
6.2
5.7
Total fuel consumption
PJ
98
105
99
Note: the accounting methodology was adapted in 2020. Coke and anthracite used as raw materials in chemical reactions have been removed from classification as solid fuels. 
High purity coke or anthracite are required in the chemical reactions of the soda ash production process, as a source of CO2, and cannot be substituted. Historical figures have 
been restated retroactively.
In 2020, we set the target to phase out solid fuels (coal and petcoke) usage in energy production where renewable alternatives exist by 2030. The increase 
of 1 PJ in 2022 compared to 2021 results from the exceptional energy situation. Over a longer period, our solid fuels consumption decreased by 4PJ from 
32PJ in 2019 to 28 PJ in 2022.
Fuel consumption decreased in 2022. This variation is explained mainly by lower activity.
SECONDARY ENERGY PURCHASED FOR CONSUMPTION
Units
2022
2021
2020
Electricity
PJ
17
20
22
Heating
PJ
0
0
0
Cooling
PJ
0
0
0
Steam
PJ
12
13
12
Total
PJ
29
33
34
Secondary energy purchased for consumption decreased in 2022, largely due to lower activity.	
ENERGY SOLD
Units
2022
2021
2020
Electricity
PJ
14
18
17
Heating
PJ
0
0
0
Cooling
PJ
0
0
0
Steam
PJ
12
15
14
Total
PJ
26
33
31
In 2022, the sale of self-generated secondary energy decreased due to the exceptional energy situation.

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TOTAL RENEWABLE ENERGY
Units
2022
2021
2020
Energy produced from renewable energy sources
PJ
5.5
6.2
5.7
Renewable electricity purchased
PJ
3.9
1.6
1.0
Renewable electricity sold
PJ
0
0
0
Total renewable energy
PJ
9.4
7.8
6.7
ENERGY CONSUMPTION OUTSIDE THE ORGANIZATION
The life cycle assessment performed for our Sustainable Portfolio Management analysis makes it possible to estimate cradle-to-gate energy consumption:
Units
2022
2021
2020
Cradle to gate energy consumption
PJ
237
235
246
4.2.4.	
Key achievements
In 2022, we accelerated our shift to renewable energy sources. In China, 100% of our operations are now supplied by renewable electricity. In the US, 
34 of our manufacturing sites are now fully supplied by green electricity, covering the needs of six GBUs. We continued to ramp-up renewable electricity 
purchases for the third consecutive year, with an additional impact of 2.3 PJ in 2022.
In Europe, the biomass boiler at our Rheinberg plant in Germany reached its full potential in 2022.
With the energy crisis, a significant effort was made to improve energy efficiency in 2022. This led to the worldwide deployment of workshops on energy 
efficiency at our sites, the creation of a common database gathering all opportunities and the prioritization of projects to be implemented. Within one 
of our GBUs, we delivered a 7 ktCO2 reduction, resulting from improvements in technologies. In another GBU, we performed steam trap surveys to 
assess steam leakages and replace dysfunctional equipment. We also rolled out onsite squads to perform energy walkthrough audits and identify energy 
savings. At one of our plants, we optimized regulation on a natural gas boiler, leading to better electricity consumption efficiency and a CO2 reduction 
of 0.5kt per year.
In France, one of our sites consumed 119 GWh of biogas, reducing CO2 emission by 22 ktCO2 per year.
4.3.	 Biodiversity
GRI DISCLOSURE 3-3 304-1 304-2 304-3 304-4
MATERIALITY: PRIORITY
SDG 13, 14, 15
4.3.1.	
Definitions
 To assess the sensitivity of Solvay sites toward biodiversity, we use two international reference tools that help us understand and assess biodiversity-
related risks at Solvay’s operational locations:
	· The Integrated Biodiversity Assessment Tool (IBAT), a web-based map and reporting tool developed by the IBAT Alliance (BirdLife International, 
Conservation International), UN Environment Programme World Conservation Monitoring Centre (UNEP-WCMC) and the International Union for 
Conservation of Nature (IUCN). The IBAT tools provide integrated access to three of the world’s most authoritative global biodiversity datasets:
	-
The World Database on Protected Areas (WDPA). The IUCN defines a Protected Area as a “clearly defined geographical space, recognized, 
dedicated and managed, through legal or other effective means, to achieve the long-term conservation of nature with associated ecosystem 
services and cultural values.”
	-
Key Biodiversity Areas (KBAs), which are sites recognized as contributing significantly to the global persistence of biodiversity in terrestrial, 
freshwater and marine ecosystems.
	-
The IUCN Red List of Threatened Species. Vulnerable, endangered and critically endangered species are considered to potentially be on the 
path to global extinction.
	· The Worldwide Fund for Nature (WWF) Biodiversity Risk Filter, a web-based tool covering physical and reputational biodiversity-related risks that may 
affect our operational sites. These risks are evaluated through databases that provide 33 different indicators covering several topics of biodiversity. 
A final score is then calculated for each location, ranging from zero (very low risk) to five (very high risk)

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The calculation of the Solvay Group’s pressure on biodiversity is performed along the value chain, from cradle-to-gate (from resource extraction to 
the factory gate, before it is transported to the consumer), for our entire portfolio of products. This is a global approach that is based on a Life Cycle 
Impact Assessment (LCIA) methodology: the ReCiPe2016 method. This method translates emissions and resource extractions into a limited number of 
environmental impact scores through what are known as characterization factors.
The first step in this method is using emissions from environmental reporting that are linked with the following “midpoint impact categories”:
	· global warming, from CO2 and greenhouse gas emissions, for example;
	· water use;
	· freshwater ecotoxicity;
	· freshwater eutrophication;
	· ozone formation;
	· terrestrial acidification;
	· terrestrial ecotoxicity;
	· marine ecotoxicity;
	· land use.
The potential damage to nature is calculated by connecting the midpoint indicator with an endpoint factor, such as damage to freshwater, marine 
or terrestrial species and natural resources. The unit for measuring ecosystem quality is local relative species loss in terrestrial, freshwater and marine 
ecosystems, respectively, measured over space and time.
4.3.2.	
Management approach
Local biodiversity
We screened 185 operational sites with both the IBAT and WWF tools to assess their biodiversity risks.
On the basis of the results of these analyses, and considering other criteria such as climate change, environmental impact and strategic dimensions, we 
prioritized 30 sites for which to develop a biodiversity roadmap. The first step in the development of the roadmap is to identify a vision for the site based 
on the long-term goals we want to achieve. The second step is to identify all possible actions that would support nature conservation and the restoration 
of biodiversity. This involves identifying all of the stakeholders involved in each action, such as employees, local communities, nature conservation 
associations and universities, as well as defining a timeline, indicators and a budget to complete each action. The final step is to prioritize the actions, 
planification and governance allocation.
The local assessment of the biodiversity-related risks related to Solvay’s operations is fully integrated into the STAR Factory program. All sites involved in 
STAR Factory are developing a biodiversity roadmap as part of the sustainability workstream of the program.
Global biodiversity
As part of Solvay One Planet, we set a target to reduce our pressure on biodiversity by 30% by 2030, as compared to 2018. Using the environmental 
profiles of our products, and looking at their life cycle from raw materials to the gate of our manufacturing sites, we were able to identify the areas of our 
portfolio that put the most pressure on biodiversity. We found that greenhouse gas emissions, freshwater eutrophication, marine ecotoxicity and soil 
acidification represent 90% of the drivers affecting biodiversity. 
As part of our efforts to contribute to biodiversity preservation, Solvay joined the Caisse des Dépôts et Consignations’ Business for Biodiversity (B4B+) 
interest group, which is working on an international Global Biodiversity Score (GBS) as part of a European initiative. Solvay is also a founding member 
of Entreprises pour l’Environnement (EpE), which was created in 1992. This is a think-tank and platform for expertise, bringing together around 60 large 
French and international companies from all sectors of the economy to work together to better integrate the environment into both their strategies and 
their day-to-day management. Within the EpE, Solvay is an active member of the Commission on Biodiversity.
4.3.3.	
Indicators
Local biodiversity
Assessing our 185 operational sites for biodiversity risks using the IBAT and WWF tools revealed that:
	· 112 of the 185 sites (59%) were within 5km of a protected area;
	· 48 of the 185 sites (25%) were within 5km of a Key Biodiversity Area;
	· more than 15,000 vulnerable, endangered and critically endangered species are potentially present within 50km of our sites

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IBAT AND WWF RESULTS FOR 30 PRIORITY SITES
Site
Number of Protected 
areas within 5km
Number of Key 
Biodiversity areas 
within 5km
Number of endangered 
species within 50km
WWF biodiversity-
related risk score
Anan
4
1
154
4.5
Augusta, GA
2
1
36
5
Bad Wimpfen
13
2
85
4.5
Bangpoo
0
1
203
4
Baton Rouge
1
0
26
3.5
Bernburg
8
0
62
4.5
Brussels campus NOH
5
0
50
4.5
Changshu
0
0
104
4.5
Chernevo
6
1
61
3.5
Clamecy
2
0
46
4.5
Dombasle
1
0
55
4.5
Green River, WY
0
0
15
3
La Rochelle
8
1
88
4.5
Linne Herten
3
3
63
4.5
Map Ta-Phut
0
0
183
3.5
Mount Pleasant, TN
0
0
62
4.5
Oestringen
16
1
87
4.5
Oldbury
8
0
44
4.5
Panoli
0
0
128
2.5
Piedmont, SC
1
1
38
4.5
Roha
0
0
158
5
Rosignano
6
0
128
3
Saint Fons Specialités
0
0
69
3.5
Santo Andre Est
1
0
184
4.5
Spinetta Marengo
0
0
67
3.5
Tavaux
4
1
74
4.5
West Deptford, NJ
5
0
90
2.5
Willow Island, WV
1
0
34
4
Wloclawek
3
1
38
4.5
Zhanghjiagang
0
0
105
4.5
Global biodiversity
GLOBAL PRESSURE ON BIODIVERSITY
Units
2022
2021
2020
Species potentially affected
Number
88
93
107
Of which:
Global warming potential
%
50
50
43
Acidification
%
12
11
14
Eutrophication
%
15
15
16
Marine ecotoxicity
%
17
17
16
Other (land use, water, etc.)
%
6
7
11

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Our baseline pressure on biodiversity, from 2018, was 122 species potentially affected. The results for 2022 show that we have decreased our pressure on 
biodiversity by 28%. While new data from suppliers and manufacturing sites, like the source of energy, impacted the calculation of the global pressure 
on biodiversity, the main driver of the progress in 2022 is a decrease of the volume of sales. 
4.3.4.	
Key achievements
Our Paulinia site in Brazil was awarded the Wildlife Habitat Council’s (WHC) Gold Certificate in 2021. This is the highest level of certification awarded by 
the WHC, which is an international organization that promotes biodiversity conservation practices in the private sector. Following several decades of 
work to promote harmonious coexistence with nature, the site has become a hub for wildlife in the region. The certification has given the site a boost to 
continue increasing biodiversity protection and restoration. In 2022, a biologist was hired to conduct two inventories of species. These inventories led 
to the identification of 183 native fauna species, including reptiles, amphibians, insects, mammals and birds. Endangered species were also identified, 
allowing us to plan conservation actions. For example, the puma which was specifically studied in order to help us protect its habitat. 
Our efforts to restore the Cuchia Quarry in Spain also received recognition in 2021. The project won the European Council of Chemical Industry 
Federations (Cefic) award for ecosystem preservation. The quarry supplied our site in Torrelavega with limestone for almost 80 years – from 1927 to 2006. 
Restoration efforts have been underway for the last 30 years, including when the quarry was still in operation.
Biodiversity roadmap development and implementation has progressed well at two other sites: Oldbury and Rosignano.
At Oldbury, a UK site located in the center of the urban West Midlands, the biodiversity roadmap has various objectives: to green several areas after 
dismantling operations; to create suitable habitats connected with surrounding nature corridors; and to connect the site with local communities. The 
commitment of the site manager has enabled the site to implement several projects, with the support of local universities and scientists. In Spring 2022, 
over fifty four-meter-tall trees were planted along the site's principal avenue to create a nature corridor and provide shade for employees. To complement 
this, 300 spring bulbs were then planted in the fall. The planting of the trees and bulbs was a site-wide effort organized by the Site Biodiversity Group. In 
addition to this, the site carried out tree thinning in a small wooded area in early 2022, and installed bird boxes, bug and hedgehog houses, along with 
wildlife cameras to monitor the visitors. Since then, foxes, squirrels, many birds – some of which have nested in the bird boxes – and even sparrow hawks 
have been spotted. 
Other actions taken by the site to protect resources included giving new life to old, disused, textile equipment and transporting some extremely large 
machinery to Bangladesh where it is now running for the first time in many years in a textile mill.
Our Rosignano site is located in the Tuscany region of Italy. Its biodiversity roadmap includes 35 different actions, with a total budget estimated at 
€5 million. Implementation of the roadmap started with several projects on the site and its surroundings.
A lake was built in the 1960s to provide water to the plant and has since become a natural reserve. Now certified as a “Natura 2000” protected area, the 
reserve is also used for educational and scientific projects, including studies by the LIPU bird protection association. The reserve is fully connected with 
the local community in Santa Luce, which recognizes the importance of this reserve for economic, environmental and social activities. 
The project was recognized as a “Nature-based Solution” – defined as a project providing environmental, economic and social benefits – by the IUCN, 
in December 2022. We also presented the projects in Brazil, Spain and Italy, as well as Solvay’s strategy on biodiversity, during a workshop organized 
by the IUCN as part of the COP 15 UN Biodiversity Conference in December 2022. Steve Edwards, IUCN Senior Programme Manager, Enterprise and 
Investment team, Centre for Economy and Finance testified to Solvay’s commitment in biodiversity protection:
“During the recent CBD COP in Montreal, we were really pleased to hear about successful conservation and restoration efforts from Solvay and others 
that go beyond regulatory requirements. We are hopeful that the company will show leadership in conserving nature in the coming years.”
The conference COP15 ended with the adoption of the “Global Biodiversity Framework”, an ambitious programme of targets and recommendations 
relating to biodiversity conservation and restoration. The private sector was included in negotiations and Solvay signed the resulting “Make it mandatory” 
pledge, which requires businesses to measure and report on their impact and dependency on nature.

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5.	 RESOURCES
5.1.	 Product design and life cycle management
GRI DISCLOSURE 3-3 416-1
MATERIALITY: PRIORITY
SDG 12, 13
5.1.1.	
Definitions
Solvay’s Sustainable Portfolio Management focuses on sustainable business solutions. The SPM methodology is designed to boost Solvay’s business 
performance and deliver higher growth, by letting decisionmakers know how our products contribute to sustainability with regard to two factors:
	· The environmental footprint related to their production and associated risks and opportunities, based on cradle-to-gate Life Cycle Assessments (from 
resource extraction to the factory gate, before it is transported to the consumer).
	· How their applications create benefits or challenges from a market perspective, based on a qualitative assessment using a cradle-to-cradle scope.
Life Cycle Assessment (LCA) is a tool for compiling inputs and outputs, along with an evaluation of the potential environmental impacts of a product 
system throughout its life cycle. LCA methodologies follow international standards, namely ISO 14040, ISO 14044 and ISO 14046 norms.
A sustainable solution is defined by Solvay’s Sustainable Portfolio Management tool as a product in a given application that makes a greater social and 
environmental contribution to the customer’s performance and, at the same time, demonstrates a lower environmental impact in its production phase.
5.1.2.	
Management approach
SPM assessments are performed every year in order to capture the most recent signals from the market and cover more than 80% of Group revenue. 
Since its implementation in 2009, the Sustainable Portfolio Management tool has been widely adopted by Solvay Global Business Units and Functions 
to integrate sustainability into their key processes:
	· The Sustainable Portfolio Management profile is an integral part of strategic discussions between Global Business Units and the Executive Committee.
	· The SPM tool is used to evaluate merger and acquisition projects, to determine whether an investment is feasible in light of Sustainable Portfolio 
targets.
	· Investment decisions (capital expenditure above €10 million and acquisitions) made by the Executive Committee or the Board of Directors include a 
sustainability aspect that involves an exhaustive SPM analysis of the potential investment.
	· All research and innovation projects are evaluated using SPM.
	· SPM is used in marketing and sales to engage customers on fact-based sustainability topics, such as climate change action, renewable energy, recycling 
and air quality, with the goal of differentiating and creating value for Solvay and the customer.
Solvay Life Cycle Assessments are managed by a dedicated corporate team with direct links to all business units and services. Having a dedicated LCA 
team makes it possible to maintain a high level of staff competency and coordinate updates of the main methodologies used based on best practice. 
Core LCA activity is based on recognized tools, software and databases, and we also have our own database, specific to Solvay business and innovation 
segments, in material science or battery development for instance.
The LCA team is also called upon to support business activity concerning customer relations, by sharing environmental and LCA data on products 
to enhance understanding and environmental impact assessments along the value chain, from cradle to grave or recycling. Examples include the 
automotive sector, the construction sector and Product Carbon Footprint declarations for our customers.
Taking part in world class Life Cycle Assessment platforms
To maintain a high level of LCA expertise, we participate in the following collaborative platforms:
	· International Reference Centre for the Life Cycle of Products, Processes and Services (CIRAIG): Solvay joined CIRAIG in 2012 as an industrial partner, 
ensuring access to high level research and expertise on Life Cycle Assessment methodologies.
	· Association Chimie du Végétal: Solvay is a member of this association in France focused on the use of bio-sourced materials in chemistry.
	· SCORE Life Cycle Assessment platform: this platform was created in March 2012 to promote collaboration between industrial, institutional and 
scientific actors, and to foster positive developments in environmental quantification methods, particularly in Life Cycle Assessments, to be shared and 
recognized at European and international levels.
	· World Business Council for Sustainable Development (WBCSD): Solvay takes part in Life Cycle Assessment projects and Product Carbon Footprint 
working groups organized by the WBCSD.
	· Roundtable for Product Social Metrics: this association of industry representatives and consultants establishes guidelines for assessing the social 
impacts of industrial product life cycles.

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5.1.3.	
Indicators
In 2022, extensive cradle-to-gate Life Cycle Assessments were performed for 94% of our products, by turnover share, placed on the market, as compared 
to 96% in 2021. Solvay’s LCA team manages a product database representing more than 1,300 different chemicals and materials, which is continuously 
updated to include the most recent industrial or innovation data. As set out in our Solvay One Planet sustainability roadmap, we will continue to shift our 
portfolio toward opportunities that grow our sustainable solutions, with a target of increasing sustainable solutions to 65% of total Group sales by 2030.
REVENUE BREAKDOWN BY SPM HEAT MAP CATEGORIES
Units
2022
2021
2020
Solutions
%
55
50
52
Potentials
%
11
28
27
Transitions
%
16
Challenges
%
7
9
8
Not evaluated
%
11
10
13
In 2022, the proportion of sales from sustainable solutions improved by five percentage points, largely due to the organic growth in the automotive and 
battery market with Specialty Polymers and Silica, in the agro market with Novecare, in air and water treatments with Peroxides and Soda Ash, and better 
market alignment of our solutions toward sustainability with Novecare, Aroma and Technology Solutions. Effective 2022, the CO2 reference price was 
increased from €75 to €100 per metric ton CO2 eq. As a consequence, the value for 2021 has been restated to 50%.
We substitute the Neutral category by two new categories: Transitions and Potentials. The Potentials category mirrors the potential to join the Solutions 
category by acting on the manufacturing environmental footprint which do not have negative nor outstanding sustainability performance, if any. These 
are products that consumers need, but which environmental footprint can be improved. The Transitions category identifies low negative sustainability.
Starting in 2023, the evolution of the increase or decrease in sustainable solutions in percentage of group sales is split between operational performance, 
changes in methodology and new ESG material risks. Operational performance measures progress from operational vulnerability, organic growth in 
sustainable solutions and new sustainable solutions. New ESG material risks covers the evolution of the sustainable solutions score as a result of new 
external material market signals or adaptations to regulation taken into account in SPM assessments. Changes in methodology refers to the evolution of 
new standards for ecoprofiles and changes in shadow costs. 
In 2022, the proportion of sales from sustainable solutions improved by 4.5% (from 50.3% to 54.8%). This increase is accounted for as follows:
	· Operational Performance: +4.5%
	· New ESG Material risks: 0%
	· Changes in methodology: 0% 
SPM SOLUTIONS: SALES BY MAIN IMPACT CATEGORY
 
Units
2022
2021
2020
Climate
€ billion
2.5
1.7
1.6
Resources
€ billion
5.7
3.7
3.2
Better life
€ billion
4.8
3.2
3.1
Total Solutions net sales
€ billion
7.4
5.1
4.7
The total Solutions net sales figure is inferior to the sum of impact categories because products may have multiple impacts. For example, composite 
materials used in planes make the plane lighter, allowing lower greenhouse gas emissions (climate impact), but they also increase the plane’s lifespan 
(resources impact).
EXTERNAL VALIDATION
Since 2009, with the exception of 2019 and 2020, Arthur D. Little (ADL), our partner in developing and improving our SPM methodology, has performed 
an in-depth verification of our market alignment results. In 2022, ADL screened every Product Application Combination in the database and 70 PACs 
were selected for deeper review, covering about 15% of the global turnover.
Discussions with Arthur D. Little revealed that we reach the same conclusion for 57 PACs out of the sample of 70, representing an agreement rate of 81%. 
For ten PACs (14%), Arthur D. Little came to a more negative conclusion than Solvay. From this, six PACs will be subjected to an in-depth investigation in 
2023 before we implement the ADL conclusion in the SPM results. For three PACs (4%), Arthur D. Little reached a more positive conclusion than Solvay.

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5.2.	 EU taxonomy eligible activities
The EU taxonomy (2020/852) is a classification system, establishing a list of environmentally sustainable economic activities. It is intended to play an 
important role in helping the EU scale up sustainable investment and implement the European Green Deal. The EU taxonomy would provide companies, 
investors and policymakers with appropriate definitions under which economic activities can be considered environmentally sustainable. According to 
the new timeline set out in the taxonomy’s Delegated Act 2021, companies published their first taxonomy eligibility report in 2022 and will have to publish 
their first taxonomy eligibility and alignment report in 2023. 
In order to be taxonomy-eligible, an economic activity must contribute substantially to at least one of the six environmental objectives – climate 
mitigation, climate adaptation, water, circular economy, pollution prevention and biodiversity – and do no significant harm to the others. Currently, only 
climate mitigation and climate adaptation are considered. As such, the taxonomy only addresses a limited number of Solvay activities.
In order to be taxonomy-aligned, an economic activity needs first to be eligible as described above, and then fulfill the following criteria: 
	· The economic activity must make a substantial contribution to one or more of the climate and environmental objectives relevant to that activity.
	· The activity should do no significant harm to the other remaining objectives.
	· The activity should fulfill the minimum social safeguard standards based on OECD and UN guidelines.
Our calculation of the share of 2022 Solvay sales eligible for and aligned with the EU taxonomy is based on our best interpretation of the EU taxonomy 
texts, including the 2021 version of Technical Annex of the Taxonomy Report. 
Figures reported for soda ash correspond to our Soda Ash and Derivatives business, which is a mono-technology business, as described on Solvay’s 
website. 
Figures reported for plastics in primary form correspond to our Speciality Polymers business. Solvay’s portfolio of specialty polymers is described on the 
Solvay website.
Enabling economic activities, as referred to in Article 10(1), point (i), of Regulation (EU) 2020/852, do not substantially contribute to climate change 
mitigation on their own. Such activities play a crucial role in the decarbonization of the economy by directly enabling other activities to be carried out at 
a low carbon level of environmental performance. 
We identified eligible enabling activities using our Sustainable Portfolio Management methodology, taking into account product and application 
combinations identified as “climate solutions”, as described above. This enables us to avoid double counting, as double counting is neutralized in the 
Sustainable Portfolio Management reporting of Solutions for each impact category, as described above. Possible double counting between transition 
activities and enabling activities are detailed in the table.
Some of our activities, such as polymer membranes in batteries, or soda ash for glass in double glazing, may be eligible both as transitional and enabling 
activities. We have therefore removed these activities from the total of eligible activities.
The basis on which the turnover, capital expenditure and operating expenditure were calculated is explained in the Financial Statements chapter of this 
report, note F1: revenue and segment information.
Capital expenditures and operating expenditures corresponding to enabling activities are not yet available. The eligible share of investments depends 
on the estimation of the corresponding eligible share of future sales. The allocation rules chosen mean that we estimate that 1% of turnover required 1% 
of capital expenditure and 1% of operational expenditure. 
We also believe that the share of Group capital expenditure dedicated to Research and Innovation should be considered as eligible as it aims to improve 
our product portfolio to become more sustainable. This means that our total eligible capital expenditures is the sum of eligible capital expenditures 
from our transition activities and the estimation of capital expenditures from eligible enabling activities. Similarly the total eligible operating expenses is 
calculated as the sum of eligible operational expenditure from transition activities, the operational expenditures estimated for enabling activities and the 
amount dedicated to the operational expenditures spent on research and development.
Regarding reporting on our aligned activities, our only manufacturing activities eligible as "transition activities" are soda ash and polymers, and these 
are not considered aligned for their turnover as they do not meet the technical criteria. The activities eligible as “enabling activities” were also not 
considered for their turnover as we cannot demonstrate that they fulfill the “do no significant harm” criteria for water, biodiversity, circular economy or 
pollution. However, Solvay has launched our STAR Factory Program, which aims to fully implement our Solvay One Planet at site level. STAR Factory 
will progressively be deployed in all our plants by 2030 and we believe that it will gradually deliver the required data to qualify our activities as aligned.
About the calculation of the share of capital expenditures aligned with the EU taxonomy, we consider the capital expenditures spent on decreasing the 
environmental footprint of our soda ash production plus the amount spent by the Group on Research and Innovation.
Following a similar reasoning, the calculation of operational expenditures aligned with the EU taxonomy mainly considers the share of operational 
expenditures spent on Research and Development. 
The Group works hard to constantly improve our share of economical activities considered eligible for or aligned with the EU taxonomy. We believe that 
STAR Factory and other major programs will deliver on these objectives in the coming years.

EXTRA-FINANCIAL STATEMENTS
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Activities
NACE codes
2022 share
 of sales
2022 share of 
capital 
expenditures
2022 share of 
operational 
expenditures
Eligible as transitional activities
Production of soda ash
C.20.1.3
16.5%
18.6%
16.2%
Manufacture of plastics in primary forms
C.20.1.6
23.2%
33.9%
21.2%
Total eligible as transitional activities
39.7%
52.5%
37.4%
Eligible as enabling activities
3.1. Manufacture of renewable energy technologies
C25 C26 C27 C28
0.1%
0.1%
0.1%
3.4. Manufacture of batteries
C27.2, E38.3.2
2.8%
2.8%
0.1%
of which plastics
2.8%
2.8%
0.1%
3.6. Manufacture of other low carbon technologies
C22.1.1, C22.2.9 
15.1%
15.1%
15.1%
of which soda ash
0.9%
0.9%
0.9%
of which plastics
4.6%
4.6%
4.6%
Research & Innovation
0%
11.4%
7.2%
of which soda ash
0%
0.1%
1.2%
of which plastics
0%
1.7%
2.7%
Total eligible as enabling activities + R&I
18%
19.3%
13%
Total of eligible activities
49.4%
71.8%
50.4%
Aligned as transitional activities
Production of soda ash
C.20.1.3
0%
1.5%
NA
Manufacture of plastics in primary forms
C.20.1.6
0%
4.2%
NA
Total aligned as transitional activities
0%
5.7%
NA
Aligned as R&I activities
Research & Innovation
0%
11.4%
7.2%
of which soda ash
0%
0.4%
1.2%
of which plastics
0%
4.2%
2.7%
Total of aligned activities as R&I activities
0%
11.4%
7.2%
Total of aligned activities
0%
8.3%
7.2%
NA: not available. Work is ongoing to adapt databases to be able to extract capital expenditures and operational expenditures corresponding to 
selected projects, and to allocate the share of the capital expenditures of each project that corresponds with eligibility criteria for enabling activities.

EXTRA-FINANCIAL STATEMENTS
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Economic activities (1)
NACE Code(s) 
(2)
Absolute 
CAPEX
€million
Proportion 
of CAPEX
%
Climate 
change 
mitigation
%
Climate 
change 
adaptation
%
Water and 
marine 
resources
%
Circular 
economy
%
Pollution
%
Biodiversity 
and 
Ecosystems
%
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally 
sustainable activities 
(Taxonomy-aligned)
Production of soda ash
C.20.1.3
190
1.2
NA
NA
NA
NA
NA
NA
Manufacture of plastics in 
primary forms
C.20.1.6
347
2.7
NA
NA
NA
NA
NA
NA
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)
Production of soda ash
C.20.1.3
0
0
0
0
NA
NA
NA
NA
Manufacture of plastics in 
primary forms
C.20.1.6
0
0
0
0
NA
NA
NA
NA
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Production of soda ash
C.20.1.3
190
18.6
Manufacture of plastics in 
primary forms
C.20.1.6
347
33,9
3.1. Manufacture of renewable 
energy technologies
C25, C26, C27, 
C28
1
0,1
3.4. Manufacture of batteries
C27.2, E38.3.2
28
2,8
3.6. Manufacture of other low 
carbon technologies
C22.1.1, 
C22.2.9
154
15,1
Turnover of Taxonomy-eligible but not environmentally sustainable actvities (not Taxonomy-aligned activities) (A.2)
Production of soda ash
C.20.1.3
Manufacture of plastics in 
primary forms
C.20.1.6
3.1. Manufacture of renewable 
energy technologies
C25, C26, C27, 
C28
3.4. Manufacture of batteries
C27.2, E38.3.2
3.6. Manufacture of other low 
carbon technologies
C22.1.1, 
C22.2.9
Total (A.1 + A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
All other activities
Turonver of Taxonomy-non-
eligible activities (B)
Total (A + B)

EXTRA-FINANCIAL STATEMENTS
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Climate 
change 
mitigation
Y/N
Climate 
change 
adaptation
Y/N
Water and 
marine 
resources
Y/N
Circular 
economy
Y/N
Pollution
Y/N
Biodiversity 
and 
Ecosystems
Y/N
Minimum 
safeguards
Y/N
Taxonomy-
aligned 
proportion 
of turnover, 
year N
%
Taxonomy-
aligned 
proportion of 
turnover, year 
N-1
%
Category 
(enabling 
activity or)
E
Category 
(transitional 
activity)
T
Y
Y
NA
NA
NA
NA
NA
0
0
T
Y
Y
NA
NA
NA
NA
NA
0
0
T
Y
Y
NA
NA
NA
NA
NA
0
0
T
Y
Y
NA
NA
NA
NA
NA
0
0
T
16,5
15,4
T
23,2
21,5
T
0,1
0,1
E
2,8
1,7
E
15,1
16
E
49.4
48,7
50.6
51.3
50.6
51.3
100
100

EXTRA-FINANCIAL STATEMENTS
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5.3.	 Circular Economy
SDG 12, 13
5.3.1.	
Definitions 
Circular Economy is a new approach to business that aims to decouple economic growth from consumption of natural resources. Solvay’s Circular 
Economy Business Solution Program is underpinned by a transition to renewable energy sources. It is based on three principles:
	· Shifting our product portfolio to bio-based feedstocks, recycled-based feedstock and CO2-captured based feedstock.
	· Retaining the value of the products and materials currently in use by enabling product recycling (process additives and technology) or recyclability by 
design.
	· Designing products that increase the longevity of reusable materials.
We use the following definitions:
	· Renewable resources: materials that are continually replenished at a rate equal to or greater than the rate of depletion. This includes plant-based 
materials from cultivation and animal-based materials from breeding. To fit in a circular economy, the material should be produced from food waste 
or using regenerative production practices.
	· Renewable energy: energy produced from renewable resources, namely solar, wind, hydroelectric power, biomass or geothermal. Energy provided by 
technological waste, such as solid recovered fuels, is not considered. Sales of energy to third parties are not included. 
	· Products enabling increased durability: products designed to increase the longevity and durability of other products further down in the value chain in 
such a way that encourages longer use than the industry standard and at scale, without compromising circularity at the end of the product’s functional 
life.
	· Products enabling recycling: products designed to increase the recycling yield, with regard to quality and quantity.
The measurement of products based on recycled or renewable materials and renewable energy is weighted by applying a factor of 85% to renewable 
materials and 15% to renewable energy, according to the average manufacturing cost weight. A similar approach has been defined at the research and 
innovation level to monitor the contribution of innovation projects to Solvay’s circularity ambition.
5.3.2.	
Management approach
As a company committed to the transition to a circular economy, we aim to more than double our circular revenues by 2030.
We define circular revenues as revenues generated with products and solutions that meet the following specific requirements:
	· made of bio-based, recycled-based and CO2 captured carbon based raw materials, or produced with renewable energy; 
	· designed to increase the lifespan of end-products, in such a way that encourages longer use than the industry standard in practice and at scale 
(e.g. marketing repair rather than replacement, timeless design with durable material choices) and in such a way that does not compromise circular 
treatment at the end of functional life;
	· innovative with regards to the recycling of materials in closed and open loops, and business models: designed to increase the recycling yield (quantity 
and quality) of the customers products.
The transformation of Solvay into a circular economy model is embedded in our business strategy. We are working individually and with customers, 
suppliers and partners to identify opportunities where the Group can leverage our capabilities.
Our research and innovation project portfolio is screened and prioritized according to the principles of the circular economy and around 20% of our 
innovation budget was attributed to circular innovation in 2022.
Solvay is the Chemical Strategic Partner of the Ellen MacArthur Foundation, contributing to accelerating the transition toward a circular economy. 
Chemistry, as a science and an industry, is a tremendously relevant and powerful enabler of material transformation and re-use.
Indicators
We monitor our progress in circular sales in accordance with the three principles of Solvay’s circular business solutions, outlined above.
Units
2022
2021
2020
Turnover of circular products
%
9
5
5
Turnover of products based on recycled or biobased resources or 
produced with renewable energy
6
5
5
Turnover of products increasing longevity
%
3
n.r.
n.r.
Turnover of products enabling recycling 
%
0
n.r.
n.r.
n.r. (not relevant) these indicators were deployed in 2022.

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The Solvay One Planet KPI “share in circular revenues” is calculated by adding:
	· sales of products increasing longevity in the use phase downstream in the value chain;
	· sales based on recycled or renewable materials (85%) and renewable energy (15%);
	· sales enabling recycling at the end of life downstream in the value chain.
Potential double counting is avoided by considering the above mentioned order of priority.
External assessment
Our Circular Economy performance level is assessed annually using the Circulytics® framework, co-developed with the Ellen MacArthur Foundation.
Circulytics® aims to:
	· measure the entire company’s circularity, not just products and material flows;
	· support decision making and strategy development for circular economy adoption;
	· demonstrate strengths and highlight areas for improvement.
Representatives from the main Solvay Functions and Global Business Units are involved in order to collect relevant information. This process is used as 
an opportunity to develop a circular economy mindset throughout the organization.
A single point of contact is identified to consolidate the data and fill in the questionnaire for assessment. The scorecard and feedback provided by the 
Foundation are shared and discussed at an appropriate level inside the Group.
5.3.3.	
Key achievements
To meet the unmet needs of our customers and to address the transition of our strategic markets in a circular economy, we accelerated our transformation .
We created a growth innovation platform focused on renewable materials and biotechnology to move away from fossil resources and develop sustainable, 
circular products.
We launched new high-performance surfactants in our Mirasoft® range for beauty care applications that are 100 % biobased and biodegradable. By 
developing a regenerative, sustainable chemistry, manufactured using a biotechnology process, we support the development of a bio-circular value 
chain in the personal care industry.
We achieved the ISCC+ certification, an internationally-recognized standard for bio-based and recycled-based materials, at our site in Zhangjiagang, 
China for our Fentamine® DMAPA UP, a bio-circular intermediate for surfactants.
We launched a new range of specialty polymers, the ReCycle MB polymers, made with recycled raw materials in order to reduce the carbon footprint 
of the product and meet our customers’ recycled-content regulatory requirements. Udel® PSU ReCycle MB and Radel® PPSU ReCycle MB, used for 
hemodialysis membranes, will be produced from a recycled-based sulfone monomer in Augusta, Georgia, in the US, also certified ISCC+ in 2022.
5.4.	 Air quality
GRI DISCLOSURES 3-3 305-6 305-7
MATERIALITY: HIGH
SDG 3 15
5.4.1.	
Definitions
Nitrogen oxide (NOx) emissions, conventionally expressed as nitrogen dioxide (NO2), comprise the emissions of nitrogen monoxide (NO) and nitrogen 
dioxide (NO2). NOx are reported due to their impact on acidification. NOx emissions from Solvay’s operations result mainly from the combustion of fossil 
fuels. Emissions of nitrous oxide (N2O) are excluded from this definition, as they have no impact on acidification. The impact of our N2O emissions is taken 
into account when assessing Solvay’s contribution to climate change. 
Sulfur oxide (SOx) emissions, conventionally expressed as sulfur dioxide (SO2), comprise the emissions of sulfur dioxide (SO2) and sulfur trioxide (SO3). 
SOx emissions arise mainly from the combustion of solid and liquid fuels (coal, anthracite or tar…).
According to the EU Solvent Directive 1999/13/EC, Volatile Organic Compounds (VOCs) are compounds with a standard boiling point below or equal 
to 250°C. Non-methane volatile organic compounds (NMVOCs) include all VOCs other than methane. The impact of main methane emissions from 
Solvay’s mining activity at Green River, Wyoming, in the US, is therefore not included here, but is taken into account when calculating our contribution 
to climate change.
Ozone-depleting substances (ODS) are expressed as their summed CFC-11 equivalent, which is defined as the metric tonnes of ODSs weighted by their 
Ozone Depletion Potential (ODP).
5.4.2.	
Management approach
Air quality is managed through the health, safety and environment management systems deployed by our sites, in line with their regulatory requirements. 
Sites report at least on the substances they are allowed to emit according to their exploitation permit. Solvay works in close cooperation with local 
stakeholders to improve air quality at local and regional levels.

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
5.4.3.	
Indicators
ABSOLUTE AIR EMISSIONS
Units
2022
2021
2020
2019
Nitrogen oxides – NOx
metric tons
5,594
5,882
5,587
6,197
Sulfur oxides – SOx
metric tons
3,304
3,449
2,808
2,888
Non-methane volatile organic compounds – NMVOC
metric tons
3,625
3,956
3,286
4,109
Ozone-depleting substances - ODS
metric tons eq. CFC-11
7.6
7.7
Due to some historical corrections, the previously published value for nitrogen oxides in 2021 has been corrected in our database to 5,755mt.
Compared to this value, nitrogen oxides emissions decreased by 161t (2.8 %).
No historical corrections were needed on our sulfur oxides emissions. Compared to 2021, the 2022 emissions dropped by 145mt (4%). This global 
reduction was achieved through a withdrawal from Russian coal and process improvements at our Torrelavega site in Spain.
Due to some important historical corrections, the previously published value for non-methane volatile organic compounds in 2021 has been corrected 
in our database to 3,576mt.
Compared to this value, NMVOC emissions increased slightly by 74mt (2%).
Due to a few historical corrections, the previously published value for ozone-depleting substances in 2021 has been corrected in our database to 7.5 
metric tons eq. CFC-11.
Compared to this value, ODS emissions increased by 0.1 metric tons eq. CFC-11.
5.5.	 Waste
GRI DISCLOSURES 3-3 	306-1 306-2 306-3 306-4 306-5 416-1
MATERIALITY: PRIORITY
SDG 3 6 12 14 15
5.5.1.	
Definitions
Industrial waste is defined as the waste resulting from our regular manufacturing and research activities. It does not include domestic waste or waste from 
demolition or construction projects. Mining waste, which results from the prospecting and extraction of minerals, is reported separately from industrial 
waste. All our waste volumes are expressed as dry matter.
For EU sites, Hazardous Industrial Waste (HIW) is defined according to Appendix III of the Waste Framework Directive (2008/98/EC). For non-EU countries, 
classification follows local legislation.
Non-sustainably treated waste comprises waste that is landfilled or incinerated without energy recovery. It includes the waste with unknown final 
treatment at the time of the reporting.
5.5.2.	
Management approach
For industrial waste, and hazardous industrial waste in particular, Solvay’s focus is on switching to more sustainable disposal methods that avoid landfill 
or incineration without energy recovery and therefore promote material or thermal recovery.
For non-hazardous, mostly mineral, waste, Solvay is launching material recovery initiatives aligned with our ambition to contribute to the circular economy.

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5.5.3.	
Indicators
WASTE PRODUCTION
Units
2022
2021
2020
Non-hazardous industrial waste
1,000 tons*
1,514
1,316
1,457
Hazardous industrial waste
1,000 tons*
81.1
74.8
71.6
Total industrial waste
1,000 tons*
1,595
1,391
1,529
Hazardous industrial waste not treated in a sustainable way
1,000 tons*
15.8
15.9
18.2
Non-hazardous industrial waste not treated in a sustainable way
1,000 tons*
40.7
41.9
51.4
Total industrial waste not treated in a sustainable way
1,000 tons*
56.5
57.8
69.7
Mining waste
1,000 tons*
600
618
637
* Metric tons of dry waste.
Due to some historical corrections, the previously published value for total industrial waste not treated in a sustainable way (NSIW) in 2021 has been 
corrected in our database to 57.3kt of dry waste. Compared to this value, the NSIW for the Group was 0.8kt (1.4%) lower in 2022. 
The main reasons for this global change are summarized as follows:
	· +2.7kt due to a change in calculation method of the suspended solids sent by our Tavaux site to Inovyn’s settling pound.
	· -3kt due to a change of perimeter for the Wastewater Treatment Plant (WWTP) at our Spinetta (CTE) site, where the sludges are excluded from the 
financial perimeter starting in 2022.
	· -0.9kt due to a change of perimeter for the WWTP at our Saintt-Fons SP (GEPEIF) site, where the sludges are excluded from the financial perimeter 
starting in 2022.
	· -0.8kt resulting from the valorization of bottom ashes from the coal boiler at our Torrelavega site in Spain, which are now entirely recovered by the 
cement industry.
	· -0.5kt at our Borger site in the US resulting from significant reductions in polymer scraps and waste solvents losses in production.
5.6.	 Water and wastewater
GRI DISCLOSURES 3-3 303-01 303-02 303-03 303-4 303-5
MATERIALITY: PRIORITY
SDG 3 6 12 15
5.6.1.	
Definitions
Water management encompasses the management of water flows and water quality, from extraction from the natural environment to restitution in the 
same or another part of the environment.
Freshwater withdrawal, measured in millions of cubic meters per year, is the amount of incoming freshwater purchased from third parties, such as drinking 
water from the public network, or pumped by Solvay from the public network (drinking water), from freshwater systems, such as rivers and lakes, and 
from groundwater sources, such as aquifers. Freshwater consumption, also measured in millions of cubic meters per year, is calculated as the sum of 
water lost through evaporation, leakage, and exportation of products and waste. Water purchased or pumped for third parties are included in freshwater 
withdrawals. For example, water that is taken from a river for cooling and returned to it after use counts as freshwater withdrawal but not as freshwater 
consumption.
Areas subject to hydric stress are identified using the database from Hoekstra et al. (2016), in conjunction with QGIS, a Free and Open Source Geographic 
Information System.
Chemical Oxygen Demand (COD) is the amount of oxygen-reducing substances, mainly dissolved organic matter, discharged into aqueous receivers. 
COD is expressed as metric tons of oxygen. In addition to nitrogen and phosphorus species, COD also contributes to aquatic eutrophication.
Our estimation of water consumption for Solvay’s cradle-to-gate production – from resource extraction to the factory gate, before it is transported to 
the consumer – is effectively equivalent to the water consumption of a product. Simply put, it is the amount of water withdrawn, minus the amount of 
water of similar quality released back into the same watershed. This means that the water used in turbines for hydropower and the cooling of water in 
open-loop systems are not included in this indicator. Solvay’s main areas of water consumption are in production, or what is known as industrial water, 
and in irrigation for bio-based raw materials.

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5.6.2.	
Management approach
Solvay has a company-wide approach to water that includes limiting freshwater withdrawal and consumption, particularly in locations subject to hydric 
stress, and ensuring that the water quality remains good in bodies of water in which effluents are discharged, so that the impact on downstream users 
and natural biota is minimized. Specifically, we focus on reducing the impact of freshwater withdrawal and Chemical Oxygen Demand releases. 
The water balance of the Group for 2022 is shown in the table below.
Water input from (Mm3)*
Water discharge to (Mm3)*
Surface water (freshwater)
216
Surface water (freshwater)
237
Surface water (other water)   
0
Surface water (other water)
4
Groundwater (freshwater)    
73
Groundwater (freshwater)
0
Groundwater (other water)   
0.13
Groundwater (other water)
0.63
Sea water                 
83
Sea water
84
Third party (freshwater)
46
Third party (freshwater)
39
Third party (other water)
12
Third party (other water)
55
Other sources
23
All losses
36
TOTAL
453
TOTAL
456
(*) Excluding the H2O2 HPPO plants from Zandvliet (Belgium) and Jubail (Saudi-Arabia), where the secondary cooling circuit is integrated in a primary cooling loop managed by 
the external partner.
5.6.3.	
Indicators 
FRESHWATER WITHDRAWAL
Units
2022
2021
2020
Freshwater withdrawal*
Million cubic meter
330
315
314
Total water withdrawal**
Million cubic meter
537
Water used for process**
Million cubic meter
141
Water used for cooling (once-through)**
Million cubic meter
279
Water used for cooling (closed-loop)**
Million cubic meter
1,130
Water used for other uses (including domestic)
Million cubic meter
6
(*) (*) Excluding the H2O2 HPPO plants from Zandvliet (Belgium) and Jubail (Saudi-Arabia), where the secondary cooling circuit is integrated in a primary cooling loop  
managed by the external partner.
(**) Sum of freshwater and non-freshwater.
The apparent increase of freshwater withdrawal in 2022 is mainly due to a stricter application of internal reporting rules for freshwater pumped by Solvay 
but sold to third parties. From the 330 million cubic meters for 2022, 30 (9%) is sold to third parties. The total freshwater withdrawal at Group level for 2022 
is slightly lower than in 2021 (-1.7 million cubic meters or -0.5%) at constant scope and methodology.
The freshwater intake for our own operations decreased more significantly, from 306 million cubic meters in 2021 to 300 million cubic meters in 2022 
(-2%). From this 300 million cubic meters, 36 million cubic meters (12%) is lost: 21 million cubic meters through evaporation from industrial cooling towers 
and 13 million cubic meters through exportation with aqueous end products, such as hydrogen peroxide. The remaining volume is lost with exported 
wastes or through leakages from underground piping networks.
The table below shows the number and percentage of sites located in areas subject to hydric stress and gives the freshwater withdrawal and freshwater 
consumption for these in 2022 compared to the areas not subject to hydric stress.
2022
Units
Areas subject to 
water stress
Areas not subject 
to water stress
All areas
Number of sites
Number
23*
90
113
Percentage of industrial sites under operational control
%
20.0%
80.0%
100%
Freshwater withdrawal 
Million cubic meters
18.5*
311.5
330
Freshwater consumption 
Million cubic meters
6.6*
29.4
36
(*) For 2022, the sites in areas subject to hydric stress have been determined using the WWF Water Risk Filter. Only sites with a scarcity index above three have been taken 
into account.

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CHEMICAL OXYGEN DEMAND
Units
2022
2021
2020
Chemical oxygen demand (COD)
metric tons O2
4,520
5,735
5,265
Due to some historical corrections, the previously published value for Chemical Oxygen Demand (COD) in 2021 has been corrected in our database to 
5,560 metric tons of O2.
The Group’s 2022 COD release was 1,040 metric tons O2 (-19%) lower than in 2021. This change is mainly due to a better alignment with the financial 
perimeter for the Wastewater Treatment Plants at our Spinetta (CTE) and Saint-Fons (GEPEIF) plants.
WATER CONSUMPTION IN THE VALUE CHAIN
Cradle-to-gate Life Cycle Assessments allow us to estimate water consumption, including in the upstream value chain.
Units
2022
2021
2020
Water consumption including the upstream 
value chain 
Millions cubic meters
188
195
501
For 2021 and 2022, the values reported here are lower due to a change in methodology. The 2021 and 2022 figures correspond to water consumption 
calculated as the difference between intake and discharge, while the previous model used for 2020 measured water intake.
6.	 BETTER LIFE
6.1.	 Employee health and safety 
GRI DISCLOSURES 2-25 3-3 403-1 403-2 403-3 403-4 403-5 403-6 403-7 403-8 403-9 403-10
MATERIALITY: PRIORITY
SDG 3
6.1.1.	
Definitions 
Employee health and safety management encompasses occupational safety, industrial hygiene and occupational health. 
Occupational safety is about preventing work-related injuries. Accidents are mostly linked to falls at the same level, human energy, such as pushing, 
pulling or striking an object, and exposure while opening a line or system. Industrial hygiene management encompasses the assessment, monitoring 
and management of workers’ potential exposures to ergonomic, chemical and physical hazards. Occupational health includes all the preventive actions 
undertaken in order to protect and promote physical and psychological health at work, both collectively and for each individual Solvay employee.
In mid-2020, Solvay began using the OSHA definitions of occupational accidents in order to comply with GRI and enable comparisons outside Solvay. 
These are as follows:
	· Occupational accident: a work-related unexpected and undesirable event resulting in damage or harm, namely injury or illness. Accidents on the way 
to or from home are not considered as work-related unless the worker was traveling for Solvay at the time of the accident. 
	· Lost Time Injury or Illness (LTII): a work-related injury or illness that results in a work interruption of one or more days, not including the day of the 
accident.
	· Lost Time Injury and Illness Rate (LTIIR): the number of LTIIs resulting from an accident per 200,000 work hours.
	· Reportable Injury and Illness (RII): work-related injury or illness resulting from an accident with severity above first aid, according to US OSHA 29 CFR 
1904.
	· Reportable Injury and Illness rate (RIIR): the number of reportable injuries or illnesses per 200,000 work hours.
6.1.2.	
Management approach 
Solvay requirements for implementing management systems on our sites are covered under section 3.3. Health, safety and environment management. 
The occupational health and safety management systems cover all Solvay employees, while external visitors, parcel delivery people and transport drivers 
not performing loading or unloading onsite fall outside the scope. In addition, our safety management system applies to contractors.

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Hazard identification and risk assessments are performed according to Group procedures, which define minimum requirements for methods and the 
hierarchy of controls. They cover the following topics or activities: 
	· chemical hazard communication; 
	· chemical risk assessment and management; 
	· hearing conservation (noise exposure management);
	· prevention of legionellosis; 
	· managing asbestos in buildings and facilities; 
	· respiratory protection equipment;
	· group requirements for occupational health;
	· minimum safety requirements for lifting; 
	· working at height; 
	· working on powered systems; 
	· line breaking; 
	· working in confined spaces; 
	· working in an explosive atmosphere; 
	· lifting; 
	· excavation; 
	· traffic; 
	· personal protective equipment (PPE); 
	· work permits; 
	· management of change (MOC); 
	· contractor management.
All procedures contain training requirements, guidelines and on-boarding presentations for use in implementation on our sites. Quality, evaluations and 
process improvements are ensured through the sites’ management systems. Site reporting processes identify unsafe situations, near-misses, incidents or 
accidents, as well as those cases with potentially high severity, and also set guidelines for investigating incidents and taking corrective actions. 
Industrial hygiene (IH) ensures hazards are identified and eliminated. Risk assessments are performed in collaboration with occupational health experts. 
Occupational physicians perform risk-based medical surveillance, provide advice on improving and adapting working conditions, and promote physical 
and mental health. All these processes contribute to managing and minimizing risks at work.
On the shop floor, workers collaborate with industrial hygienists on risk assessments using SOCRATES (Solvay Occupational Risk Assessment Tool for 
Employees). This tool gives widespread, easy access to IH methods, tools and databases, consistently performs and documents IH risk assessments and 
enhances traceability of an individual’s potential exposures throughout their working life. Workers are informed of their work-related risks by supervisors, 
industrial hygienists and occupational physicians or nurses.
Formal joint management–worker health and safety committees are established on our sites according to country legislation. Solvay also contributes to 
complementary health insurance, for which the terms vary according to the country. 
Initiatives to promote health are taken at site level, in collaboration with local physicians and nurses. Examples of such initiatives include nutritional 
advice, cardiovascular prevention programs, general check-ups and fitness sessions led by trainers. During 2021, multilingual communication campaigns 
strongly promoted Covid-19 vaccination at Group level.
6.1.3.	
Indicators
Improvements in occupational health and safety indicators result from the safety culture approach implemented to protect everyone working at Solvay. 
This approach is explained in the Risk Management chapter of this Annual Integrated Report.
Solvay started recording reportable injuries and illnesses on July 1, 2020.
The reporting scope covers all sites under Solvay’s operational control for which the Group manages and monitors safety performance. This includes our 
manufacturing, research and innovation and administrative sites, as well as a series of closed sites with limited activities, and covers Solvay employees 
and contractors working on these sites.

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NUMBER OF ACCIDENTS
Units
2022
2021
2020
Fatal accidents - Employees
Number
0
0
0
Fatal accidents - Contractors
Number
1
0
0
H-RII - Employees
Number
11
8
6
H-RII - Contractors
Number
5
19
3
H-RII - Employees and contractors
Number
16
27
9
RII - Employees
Number
73
90
-
RII - Contractors
Number
34
41
-
RII - Employees and Contractors
Number
107
131
-
LTII - Employees
Number
33
44
26
LTII - Contractors
Number
23
24
16
LTII - Employees and contractors
Number
56
68
42
Note: RII was introduced in mid-2020. In previous years, definitions of reportables were specific to Solvay and therefore cannot be compared. 
HOURS WORKED 
Units
2022
2021
2020
Work hours - Employees
1,000 hours
42,362
42,967
45,359
Work hours - Contractors
1,000 hours
20,493
18,622
16,577
Work hours - Employees and contractors
1,000 hours
62,855
61,589
61,936
Employees’ work hours are based on the sum of the full time equivalents per country multiplied by the respective country coefficients. These coefficients 
are an average of worked hours per employee per year calculated in 2018 in several countries. For the countries where no coefficient value was calculated, 
as no accurate data was available, the same coefficient of 2,000 hours is applied. Contractors’ work hours are reported monthly by all sites.
ACCIDENT FREQUENCY RATES 
Units
2022
2021
2020
H-RIIR - Employees
Accidents per 200,000 hours worked
0.05
0.04
0.03
H-RIIR - Contractors
Accidents per 200,000 hours worked
0.05
0.2
0.04
H-RIIR - Employees and contractors
Accidents per 200,000 hours worked
0.05
0.09
0.03
RIIR - Employees
0.34
0.42
-
RIIR - Contractors
0.33
0.44
-
RIIR - Employees and Contractors
0.34
0.43
-
LTIIR - Employees
Accidents per 200,000 hours worked
0.16
0.20
0.11
LTIIR - Contractors
Accidents per 200,000 hours worked
0.22
0.26
0.19
LTIIR - Employees and contractors
Accidents per 200,000 hours worked
0.18
0.22
0.14
Note: RIIR was introduced during 2020, making 2021 the first full year of application of the OSHA metrics.
One fatal accident occurred in 2022 in a laboratory at the Piedmont, South Carolina site in the US, when an operator was engulfed in a fire generated by 
a flammable material ignited by a heat gun. The number of high severity accidents, however, decreased significantly in 2022, with a rate of 0.05 compared 
to 0.09 in 2021.
The Group objective of an RIIR below or equal to 0.34 for 2022 was achieved. This marks good progress, improving on the 2021 result of 0.43 despite 
higher production demand.

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This performance is the result of the following actions implemented in 2022:
	· ensuring that not only site but also Group safety results were communicated to front-line workers, in order to increase awareness of the shift in 
performance; 
	· site leadership, including front-line leaders, spending more time in the field;
	· providing support, through physical presence, on selected sites, to help identify risks and provide coaching;
	· re-energizing campaigns relating to the Solvay Life Saving Rules;
	· implementing Competency and Complacency training;
	· sites must share their HSE performance and commitment at Solvay’s Executive Leadership Team meetings.
Industrial hygiene (IH)
A key aspect of our approach to protecting health is the systematic assessment and management of workers’ potential exposure to ergonomic, chemical 
and physical hazards. Global industrial hygiene (IH) procedures define minimum requirements for Solvay’s IH risk assessments and management 
strategies, including the hierarchy of controls. The IH program encompasses:
	· Comprehensive chemical inventories established and reviewed at site level, with screening and priority ranking of substances that carry potential health 
impacts.
	· Solvay Acceptable Exposure Limits (SAELs) developed internally for insufficient or outdated established Occupational Exposure Limits (OELs). 
	· Occupational Exposure Banding (OEB) in cases where no established OEL exists or there is limited toxicological data. Solvay’s OEB approach provides 
a simple, quick and easy-to-understand hazard ranking. 
	· Implementation of SOCRATES, a new global tool, at identified sites. We expect to complete this process by the end of 2022, ensuring: 
	-
widespread and easy access to IH methods, tools, and databases; 
	-
consistent performance and documentation of IH risk assessments;
	-
enhanced traceability of an individual’s potential exposures throughout their working life. 
	· Established KPIs that allow for identification and tracking of the completion of site chemical and noise risk assessments. 
Occupational Health
Key indicators for occupational health are:
	· Occupational diseases: the incidence rate and causes of disease are used to define preventive and corrective actions.
	· Advanced risk-based medical surveillance rate: used to assess that our medical surveillance is effective.
	· Human biomonitoring indicators: used where applicable to assess chemical exposure and suggest preventive actions.
	· Stress prevention and well-being at work (see chapter 6.2.2 of this Annual Integrated Report): used to identify main causal factors and launch action 
plans at site and Group levels.
	· Health promotion: promoting a healthy lifestyle at work and beyond.
RECOGNIZED OCCUPATIONAL ILLNESSES
Units
2022
2021
2020
Occupational illness frequency rate (OIFR)
per million hours worked
0.17
0.23
0.49
OIFR is the total number of recognized occupational illnesses recorded per million hours worked. It covers Solvay workers who are active, retired or have 
left the company and takes into account all recognized occupational diseases, not only short- or mid-latency diseases as reported in previous years. In 
2022, six of the seven recognized occupational diseases were in retired workers, related to past asbestos exposure. One case of musculoskeletal disease 
was found in an active worker.
RECORDABLE OCCUPATIONAL ILLNESSES BY TYPE
Units
2022
2021
2020
Hearing disorders
Number
2
0
3
Musculoskeletal diseases
Number
2
2
5
Other non-carcinogenic diseases
Number
1
1
9
Asbestos-related diseases and cancers
Number
29
17
25
Other cancers
Number
1
1
5
Not specified/Unknown
Number
0
0
0
Total
Number
35
21
47
The figures in the table above relate to recordable work-related illnesses contracted by Solvay employees who are active, retired or have left the company.

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Advanced Risk-Based Medical Surveillance
A site is considered as performing Advanced Risk-Based Medical Surveillance if all the following criteria are fulfilled:
	· The Chemical Risk Assessment completion rate is at least 30%. This is the ratio of the total number of Chemical Risk Assessments, both inhalation and 
dermal, completed by the site within the last five years, to the total number of Chemical Risk Assessments to be conducted based on the Chemical 
Risk Assessment List established by the site.
	· The site regularly communicates identified potential occupational risks to the Medical Service provider.
	· At least 70% of the employees scheduled for Risk-Based Medical Surveillance during the year have completed their medical visit.
In 2022, 57.5% of our manufacturing and research and innovation sites fulfilled all the above criteria, while 49.2% of sites went a step further by fulfilling 
this criteria and achieving Chemical Risk Assessment completion rate of at least 50%.
Human biomonitoring of exposure
Human biomonitoring (HBM) of exposure involves measuring the concentration of a substance or its metabolites in human fluids, such as blood or urine. 
It can be used to assess exposure to specific chemicals and helps to verify whether protective measures are effective. 
In 2022, 19 sites performed HBM of exposure, for 36 different chemicals (substances or groups of substances).
HUMAN BIOMONITORING (HBM) OF EXPOSURE 
Units
2022
2021
2020
Sites performing HBM of exposure
Number
19
19
25
Sites with at least one result above the Biological Limit Value (BLV)
Number 
0
0
1
For sites that had results above the biological limit values, action plans were put in place to reduce the exposure levels.
Health promotion
In 2022, communication material on health promotion was deployed to all our sites. Topics included healthy nutrition, physical activity, sleep and 
recovery, alcohol abuse and tobacco cessation. At 89% of our sites, health and well-being topics were covered during our Health and Safety Days events. 
In addition, survey results show that 90% of our sites report active promotion and support for the health and well-being activities listed in the following 
table: 
Health and well-being topics during the Health and Safety Days
89%
Permanent multidisciplinary committee that sets and follows actions on Well-being at Work
57%
Training sessions on Well-being at Work for employees
62%
Training sessions on Well-being at Work for leaders
48%
Promotion of physical activity
48%
Promotion of balanced nutrition
42%
Promotion of good sleep and recovery
31%
Prevention of cardiovascular risk
34%
Prevention of tobacco consumption
23%
Prevention of addictions
26%
Prevention and screening for cancer
25%
Seasonal flu annual campaign
64%
6.1.4.	
Key achievements
Well-being at work training has been provided to employees on resilience, and to managers on leading with a well-being mindset (see details in chapter 
6.2.2 of this Annual Integrated Report).
New standards on ergonomics have been set by a multidisciplinary working group that included representatives from Industrial Hygiene and Occupational 
Health.

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6.2.	 Employee engagement and well-being
GRI DISCLOSURES 2-30 3-3 401-2 403-4 407-1
MATERIALITY: HIGH
SDG 3 8
6.2.1.	
Definitions
Employee engagement is the level of commitment, passion and loyalty an employee has toward their work, team and company. Solvay believes that 
engagement increases performance through higher productivity and employee retention and that engagement is fostered by fair labor practices and 
well-being at work. 
A constructive relationship with employees and their representatives, built on trust, is considered the basis of fair labor practices at Solvay. This relationship 
reflects the Group’s commitment to respect employees’ fundamental human rights and guarantee their social rights.
Well-being at work is a holistic concept which relates to all aspects of the quality of working life that ensure workers are safe, physically and mentally 
healthy, satisfied, engaged and efficient. It addresses recognition and support, work-life balance, employee growth and development, and good 
communication and collaboration, based on International Labor Organization and World Health Organization definitions. 
6.2.2.	
Management approach
ONE Pulse
Employee engagement is measured through confidential surveys open to all employees. This includes global surveys as well as local initiatives, such as 
“Voice of the People'' surveys. The results of our surveys enable the Group, local management and all operational managers to identify strengths and 
areas where the working environment and employee experience can be improved. 
In 2022, we continued our series of short quarterly surveys, known as One Pulse surveys. Available in 14 languages, the One Pulse surveys enable us 
to listen to the feedback and opinions of Solvay employees around the world. This not only promotes a feedback culture, where everyone can safely 
share their opinions and have open conversations with their team and leaders, but also helps to improve employee experience at work. Our objective 
was to equip leaders at all levels in the organization with insights about the well-being and experience of their team, foster open dialogue and ensure 
continuous improvement throughout the year. 
We also ran the second edition of our anonymous inclusion survey, which we combined for the first time with an extensive group-wide well-being 
diagnosis, based on HERO (HEalthy and Resilient Organizations). HERO is a scientifically-validated model from the positive organizational psychology 
approach developed by the University of Jaume I, Spain. It was well received, with a response rate of more than 64%.
Better Life at Work
Since October 2016, a multidisciplinary Committee on Better Life at Work (BLAW) has been in place to define and promote a well-being at work (WBAW) 
program. It includes occupational physicians and psychologists, human resources experts, health, safety and environment experts, Global Business Unit 
representatives, and sustainable development experts, representing all regions. 
In 2021, a new Better Life at Work program was launched, focused on three pillars: 
	· Governance: a multidisciplinary Better Life at Work Steering Committee, including representatives from our Human Resources (HR), Occupational 
Medicine, Health, Safety and Environment (HSE) and Sustainable Development Functions, and an employee representative. Solvay’s Chief People 
Officer serves as the Sponsor.
	· Observatory: the Better Life at Work Observatory includes indicators gathered from HR and HSE data, the Pulse surveys, and from diagnosis and 
assessment (see below). Managers can consult the indicators in the dashboard.
	· Positive actions: These are defined using the information gathered through the Observatory. In 2022, training sessions on well-being at work were 
provided to employees and managers (see below).
For diagnosis and assessment, we have carried out pilots at three Solvay sites, one each in Europe, the Americas and Asia, in collaboration with the 
University of Jaume I in Spain. In 2022, we completed our diagnosis of the three pilots and applied what we had learnt to the whole Group by carrying 
out a HERODEI survey, which includes wellbeing at work (HERO model) and DEI (Diversity, Equity and Inclusion). This was conducted in November 2022, 
with a participation rate of 64.7% and will help us to assess which risk factors we need to address for well-being at work, as well as the positive factors 
that we can build on to create a sustainable Better Life at Work. A similar approach is being developed in the European H-Work Project, which aims 
to promote mental health in small and medium-sized enterprises and public workplaces, drawing on funding from the European Union’s Horizon 2020 
research and innovation program. 
Managers can easily consult the indicators, which include hard data such as absenteeism, accidentability, turnover and diversity, through the Better Life 
at work dashboard. Made available from the beginning of 2022, this new dashboard complements an existing dashboard that includes all Pulse and 
Survey results existing from March 2021. In 2022, 752 leaders accessed the Better Life dashboard and 102 subscribed to training sessions on how to use it.

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In 2022, well-being at work training was provided to employees on resilience, and to managers on leading with a well-being mindset, in collaboration 
with Empreinte Humaine. Around 1,150 employees attended the live webinars or workshops on resilience, which were available in ten languages, and 
83% found them useful or very useful. All employees now also have access to this content on our intranet. Between October 2022 and the end of March 
2023, workshops on leading with a well-being mindset are provided to leaders in all countries in 13 languages. In 2022, 275 leaders were trained in 
30 sessions, covering topics such as healthy work, healthy leadership and providing healthy support to collaborators. More than 86% of leaders rated the 
workshop very useful. The remaining managers will be trained in 2023.
Regarding labor relations, discussions and activities are held at four levels: site, country, european and Group.
Solvay Global Forum
In 2015, Solvay created a global employee representative body, the Solvay Global Forum, composed of nine employee representatives from the main 
areas where Solvay operates, namely Europe, the US, China, Brazil, India and South Korea. Video conferences are held quarterly, bringing together the 
Solvay Global Forum and the Group’s top management to comment on and discuss the Group’s quarterly results and to keep everyone informed of the 
main new projects. Two agreements have been signed with the Solvay Global Forum: Global Performance Sharing 2022 and Solvay Cares, the latter of 
which extended maternity and co-parent leave to 16 weeks. In December 2021, the Group launched a Global employee shareholding initiative, that the 
Solvay Global forum wished to be an inclusive, simple and meaningful way to create sustainable shared value for all.
The Solvay Shares program is now open to employees around the world, irrespective of their position or grading. Employees get one free share and 
one additional free share for every two shares they own after a lock-in period. By mid-2023, 95% of our employees from 22 countries will be offered the 
possibility to buy shares, and get the same rights as every other shareholder. This program should increase employees’ understanding of the Group’s 
performance, as well as their sense of belonging.
European Works Council
We have been in permanent dialogue with our European Works Council (EWC) for more than 20 years. In 2022, the EWC met physically on three 
occasions and the EWC Secretariat met eleven times, either virtually or physically, with senior Group management, to help steer Solvay’s evolution. The 
main topics discussed were reorganizations, actions taken by the Group to face the consequences of the Ukraine war, the support given to employees 
to cope with high inflation, the evolution of working conditions with the extension of mobile working, the Group Sustainable Development strategy and 
Solvay’s financial results.
Solvay Cares
In February 2017 Solvay signed a global agreement guaranteeing a minimum level of welfare and healthcare protection for all Solvay Group employees 
worldwide. Solvay Cares was fully deployed in 2019 and aims to provide four major benefits:
	· full income protection during parental leave, with 16 weeks for both parents;
	· a minimum coverage of 75% of medical fees in the event of hospitalization or severe illness;
	· disability insurance in the event of lasting incapacity;
	· life insurance, including coverage for the family or partner.
An addendum to the agreement was signed in December 2021, introducing more flexibility for parents to enjoy parental leave according to family 
needs, and adding the Employee Wellbeing Support program, through which we committed to giving all employees access to confidential mental 
health support as from December 2021. From January 2023, globally-aligned standards of the Employee Wellbeing Support Program will apply, ensuring 
coverage not only for the employee, but also for all members of the employee’s household.
The IndustriALL Global Union Framework Agreement
On December 17, 2013, Solvay signed a Corporate Social and Environmental Agreement for the whole Group with IndustriALL Global Union. This 
agreement is based on International Labor Organization standards and the principles of the United Nations Global Compact. It is a tangible expression 
of Solvay’s determination to ensure that basic labor rights and the Group’s social standards in the areas of health, safety and environmental protection 
are respected at all of our sites.
In March 2022, we renewed our Global Framework Agreement with IndustriALL. We strengthened the content of the agreement in several important 
areas, including teleworking rights, EU due diligence and UN binding treaty relating to the supply chain, just transition, skills transfer, and workers’ rights 
to health and safety.
With this renewed and strengthened agreement, Solvay commits to respecting the international social standards defined by the International Labor 
Organization and the principles of the UN Global Compact, including in countries that have not ratified it, as well as the OECD Guidelines for Multinational 
Enterprises. 
The four-year agreement includes serious commitments on due diligence along the supply chain. The agreement establishes a new working group of 
workers and management to investigate suppliers’ respect for core labor rights and seek remediation where problems are found. Solvay commits to 
suspend contracts with suppliers that fail to remedy human rights and environmental abuses following warnings.
In 2022, IndustriALL representatives, together with Solvay management, visited three of our US subsidiaries in order to assess labor relations. It was an 
opportunity to confirm the positive working atmosphere, safety situation and industrial relations, and to identify areas for improvement.

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6.2.3.	
Indicators 
With regard to engagement and well-being at work, three recurring surveys and one special edition on diversity, equity, inclusion (DEI) and well-being 
were launched worldwide between March and November 2022, collecting an average of 13,000 responses or a response rate of around 60%.
Each survey is made up of between ten to 12 questions measuring well-being, safety and other dimensions related to employee experience, such as 
relationships with managers, remote working, Solvay behaviors and workload. 
In the four surveys, employees were asked how they were feeling. The percentage of respondents feeling “OK or better” was over 70% on average, 
remaining relatively stable as compared to last year. In addition to our Employee Assistance Program, Solvay has put together a guide for managers 
to help them better support their teams and a flyer for all employees, available in multiple languages. These provide guidance and suggestions about 
where to turn for help and encouragement, in order to better support those employees who have reported feeling “less than OK”. 
DURING THE LAST FOUR WEEKS, IN GENERAL, HOW HAVE YOU BEEN FEELING?
Units
Sep. 2021
Mar. 2022
Apr. 2022
Sep. 2022
OK or better
%
76
73
72
79
Less than OK
%
24
27
28
21
We also include three engagement questions in our One Pulse survey annually. This revealed that about 75% of employees were satisfied and proud to 
be working at Solvay and that about 70% would recommend the company as a great place to work.  
Employee Representation Indicator
All Solvay employees are covered by a collective agreement. This is the Solvay Cares collective agreement with global employee representative body 
the Solvay Global Forum.
Trade unions are present at a majority of Solvay sites around the world. Union membership is estimated at 20% in Europe, 25% in South America, 30% 
in North America and 70% in Asia.
6.2.4.	
Key achievements 
First Employee Share Purchase Plan launched with high level of subscription 
For the first time in Solvay’s history, the Group offered to employees the opportunity to become a Solvay shareholder by purchasing Solvay shares on 
preferential terms.
The Employee Share Purchase Plan is part of Solvay's employee engagement process. It recorded an exceptional participation rate of close to 28%, well 
above the best in class of 25%, clearly demonstrating the high level of engagement among Solvay employees and their commitment to our future. In total, 
6,105 employees participated, ranging from operators to managers, with an average monthly investment of 180€. Like any other shareholder, Solvay’s 
employees will now have the opportunity to better appreciate the Group’s performance, and experience the risks and rewards of share ownership. 
Our response to the Covid-19 crisis showed that people could work collaboratively from outside the office. As a result, we successfully launched a global 
mobile working policy, which has been deployed across 35 of our administrative sites in 19 countries. More than 7,500 employees are now working in a 
hybrid mode with both remote and onsite work.
During this period we continued to develop the framework used for meeting with our representatives in a hybrid mode. This involved face-to-face 
meetings where possible, but also making use of the flexibility offered by remote communication, especially in cases where a topic justified a shorter 
discussion or needed to be held at shorter notice.
6.3.	 Diversity and inclusion
GRI DISCLOSURES 3-3 405-1 405-2 
MATERIALITY: PRIORITY
SDG 8
6.3.1.	
Definitions
Solvay defines diversity, equity and inclusion in the following way:
	· Diversity: the representation of various identities and differences of individuals in a group.
	· Equity: creating equal access to opportunity by recognizing the existence of advantages for some and barriers for others; promoting justice, impartiality 
and fairness within procedures, processes and distribution of resources by institutions and systems.
	· Inclusion: actively and intentionally engaging people with different identities and enabling them to feel valued, able to fully contribute and be welcomed 
within a given setting.

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Management categories are defined on the basis of the Hay Job Evaluation Methodology:
	· Senior management: Hay points 924 and above.
	· Middle management: Hay points from 531 to 923.
	· Junior management: Hay points from 304 to 530.
6.3.2.	
Management approach
We have identified nine action plans to foster diversity, equity and inclusion by 2025:
Diversity:
	· Accelerate gender parity at all mid and senior levels.
	· Make our workplace more appropriate for people with disabilities.
	· Develop Resource Groups to encourage employees to bring their “whole self” to work.
Equity:
	· Assess if there are undesired pay gaps and close them.
	· Ensure fair recruitment: all mid and senior level job openings to have a shortlist comprising 50% of under-represented groups, including women.
	· Ensure equitable access to career opportunities and development: set up mentor/mentee programs starting with under-represented groups.
Inclusion:
	· Build an inclusive employee experience: set up an Inclusion Index and improve our score.
	· Assessment and development program for Solvay leaders to grow and nurture an inclusive mindset.
	· Build a culture in which individuals feel empowered to speak out or speak up when they experience or witness non-inclusive behaviors.
6.3.3.	
Indicators
At Group level, we have identified five areas of focus for diversity, which receive specific attention and monitoring to ensure consistent improvement 
across the organization:
1.	improving the gender mix at all levels of the organization;
2.	leveraging the generational mix to optimize learning, knowledge and experience;
3.	developing national and cultural talent that mirrors growth opportunities;
4.	enriching the team mix by leveraging experiences and backgrounds;
5.	measuring the ratio of base salary of women to men by management categories in our largest countries of operation.
Country- and site-specific actions are also crafted in response to the local context, through Solvay’s sustainability network and best practices.
WOMEN IN SENIOR + MIDDLE MANAGEMENT
Unit
2022
2021
2020
Senior and Middle management
%
26.5
25.0
24.7
GENDER DIVERSITY BY EMPLOYEE CATEGORY
Units
2022
2021
2020
Women in senior management
%
17
16
15
Women in middle management
%
27
26
26
Women in junior management
%
35
35
34
Women in non-managerial positions
%
19
19
20
Total women in Solvay
%
24
23
24

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AGE GROUP BY EMPLOYEE CATEGORY
Units
2022
2021
2020
Senior management
headcount
303
328
364
Percentage under 30 years old
%
0
0
0
Percentage between 30–49 years old
%
28
29
27
Percentage 50 years old and older
%
72
71
73
Middle management
headcount
2,757
2,697
2,819
Percentage under 30 years old
%
0
0
0
Percentage between 30–49 years old
%
50
48
47
Percentage 50 years old and older
%
50
52
53
Junior management
headcount
5,015
4,743
4,993
Percentage under 30 years old
%
9
8
8
Percentage between 30–49 years old
%
66
65
65
Percentage 50 years old and older
%
25
27
27
Non-managerial
headcount
13,972
13,838
15,487
Percentage under 30 years old
%
13
11
16
Percentage between 30–49 years old
%
54
55
50
Percentage 50 years old and older
%
33
33
34
SOLVAY’S WORKFORCE BY AGE
Units
2022
2021
2020
Under 30 years old
Number
2,230
1,976
2,928
Between 30–49 years old
Number
12,347
12,127
12,425
50 years old and older
Number
7,470
7,503
8,310
Total headcount
Number
22,047
21,606
23,663
According to the above table, the age structure is currently:
	· 34% older than 50;
	· 56% between the ages of 30 and 49;
	· 10% younger than 30.
Solvay performs regular employee surveys, to take the pulse of its workforce. Once per year the survey is dedicated to measuring the feeling of inclusion 
and well-being. We also introduced questions allowing employees to self-identify, so that we could measure if there were any inclusion experience gaps. 
Based on the 2022 survey, which was answered by 64.6% of Solvay’s workforce: 
	· 4% of respondents self identified as having a disability (visible or invisible, such as mental health challenges);
	· 2% of respondents self identified as LGBTQ+;
	· 8% of respondents self identified as a member of an ethnically under-represented group in the country that they live in.
RATIO OF BASIC SALARY OF WOMEN TO MEN BY MANAGEMENT CATEGORY
The table below represents the ratio of unadjusted (without correction for seniority) average pay between male and female employees where the 
average pay of male employees is 1.00:
Country
Junior management
Middle management
Senior management
Belgium
0.96
0.95
1.05
Brazil
0.90
0.94
ND**
China
0.94
1.08
ND**
France
0.95
0.95
0.97
Italy
0.95
0.90
0.87
US
0.94
0.98
0.97
**ND: not disclosed: too few data points in one or two measurement groups to make a statistically meaningful measurement.

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We created a statistically-sound model for computing an “expected salary” by country and job class, against which we measured pay gaps. On that 
basis a pay gap review was conducted for 951 employees that were identified as priority for manual analysis. When the pay gap could not be objectively 
justified by performance, seniority or another objective reason, it led to an off-cycle salary increase, performed in January 2023. This exercise was 
conducted in a gender neutral manner.
6.3.4.	
Key achievements
We set ourselves five priorities in 2022, which all showed very concrete results.
Root DEI in our organization
Our focus was on increasing the sense of accountability in the organization. We achieved this through the creation of an “homogeneity index”, a new 
quarterly measure of the diversity of Solvay entities based on three dimensions: gender, age and nationality. In addition, we included the DEI roadmap 
in the Solvay One Planet part of the Short Term Incentive.
Our DEI and non-discriminatory policy was also updated and published.
Empower Employee Resource Groups (ERGs) to become change agents
There were a lot of activities in this area in 2022, with the launch of the European chapter of X Factor, our ERG empowering women, the launch of ADAPT, 
a brand new ERG for employees with disability, their caregivers and all their allies, and the creation of the Voice of Asia ERG, aimed at establishing mutual 
understanding between Asian and Western cultures.
All of the ERGs also came together during our first virtual ERG Convention, with 300 participants.
The critical role of the ERGs was recognized when our Senior Leadership Team signed a pledge in September 2022, committing, among other things, to 
take part in two ERG-organized events per year.
Offer impactful mentoring and training opportunities
Started in 2021, we continued our significant commitment to send 450 women through “the A Effect”, an external development program designed for 
women. With 300 women participating in 2022, 22% of the targeted population – junior female managers – have now completed the program. We are 
now designing our first survey to measure the impact 18 months after the first cohort started.
External programs are not enough, so we complemented them with a structured mentoring offer, recruiting high level mentors that could serve as 
sponsors. Our focus is on mentees from under-represented groups, starting with women. In 2022, 128 mentees benefited from the formal program, on 
top of more informal mentoring already happening at Solvay.
Finally a custom, four-hour long, inclusive leadership workshop was designed for our leaders, and 38 internal facilitators were certified to provide it. In 
2022, 200 people received this training, and the goal is to reach 500 people by June 2023.
Bring DEI to the shop floor
DEI was the topic of our fourth annual Citizen Day event, providing the perfect opportunity to bring the conversation on DEI to a maximum number 
of employees on the shop floor. It was a tremendous success, with close to 8,900 individuals from 103 sites participating in 320 global or site activities, 
amounting to a total of 14,700 participations, compared to 13,300 for last year’s edition. Employee participation was converted into a €50,000 donation, 
which will be distributed among local charities in the 14 countries with the highest participation.
Reinventing progress
True to our heritage we aim to raise the bar when it comes to the positive social impact of our company. This year, our work on equitable pay has been 
particularly innovative, including voluntary disclosure of our gender pay gaps in our main country of non-hourly population, reporting of pay scales in 
the US on a national level and not only in the states that mandate it; and an internal pay equity exercise, complementing the external exercises already 
done based on comparatio.
Our CEO, Ilham Kadri, has been elected chair of the Business Commission Tackling Inequality group within the WBCSD and the Business 4 Inclusive 
Growth in order to combine the efforts of both groups and maximize their impact.

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6.4.	 Recruitment, development, and retention
GRI DISCLOSURES 2-7 2-8 3-3 401-1 401-2 404-1 404-2 404-3
MATERIALITY: MODERATE
SDG 8
6.4.1.	
Definitions
Recruitment, development and retention provide data linked to talent management. This relates to how Solvay is attracting, retaining and developing 
talent and includes details on career management and access to training, coaching and mentoring that enables each employee to take the lead in 
developing their career and reaching their full potential.
Headcount refers to employees that have a contract with Solvay and are classified as active, as they have a position in the organizational chart. Full-Time 
Equivalent (FTE) corresponds to the working time capacity of active employees. Apprentices, trainees and students are excluded from our figures.
6.4.2.	
Management approach
Recruitment and retention
Of the 2,460 positions recruited externally in 2022, 864 were filled by employees aged below 30. The Group also welcomed 269 apprentices, 53 trainees 
and 226 students. 
Onboarding newcomers
Of all newcomers who joined Solvay in 2022, 94.2% were satisfied with the hiring process and 98% of newcomers were satisfied with their decision to 
join the Group.
Learning and Development
AVERAGE HOURS OF TRAINING PER EMPLOYEE
By management level
Units
2022
2021
2020
Senior manager
hours
10.4
11.6
7.02
Middle manager
hours
12.8
13.3
5.29
Junior manager
hours
13.3
14.8
8.75
Non managerial
hours
12.7
15
14.27
AVERAGE TRAINING HOURS
By gender
Units
2022
2021
2020
Women
hours
11.5
15.2
11.87
Men
hours
14.3
14.5
11.92
Total
12.1
Performance and development cycle
The performance and development cycle applies to the entire managerial population. It is also used by about 4,270 non-managerial employees, 
representing 27% of the non-managerial population. Local performance and development tools and processes are available for the population not 
covered by the performance and development cycle online tool.
6.4.3.	
Indicators
In 2022, Solvay’s total headcount was 22,047 active employees. The number of Full-Time Equivalent (FTE) employees was 21,930. Apprentices, trainees 
and students are excluded from this figure.

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SOLVAY’S WORKFORCE BY REGION
Units
2022
2021
2020
Europe
Number
10,352
10,318
11,428
Women
%
25
25
26
Permanent staff
%
97
96
89
Asia-Pacific and rest of the world
Number
3,985
4,088
4,336
Women
%
26
25
25
Permanent staff
%
78
78
77
North America
Number
5,749
5,129
5,553
Women
%
20
20
21
Permanent staff
%
100
100
100
Latin America
Number
1,961
2,071
2,346
Women
%
20
19
20
Permanent staff
%
94
89
93
Total headcount
Number
2,2047
21,606
23,663
Women
%
24
23
24
Permanent staff
%
94
92
90
SOLVAY’S WORKFORCE 
Units
2022
2021
2020
By contract and by gender
Permanent contract
Number
20,826
20,288
22,925
of which women
%
23
23
24
Temporary contract
Number
1,221
1,320
738
of which women
%
29
29
22
By employment type
Full-time contract
Number
21,592
20,981
22,621
of which women
%
23
22
23
Part-time contract
Number
455
417
524
of which women
%
66
54
70
By employment category
Senior manager
Number
303
328
364
Middle managers
Number
2,757
2,697
2,819
Junior manager
Number
5,015
4,743
4,993
Non managerial
Number
13,972
13,838
15,487
Total headcount
Number
22,047
21,606
23,663

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HIRINGS
Units
2022
2021
2020
By region
Asia and rest of the world
Number
259
203
238
Europe
Number
996
749
847
North America
Number
189
488
273
Latin America
Number
893
151
342
By gender
Male
Number
1,639
1,103
1,081
Female
Number
695
488
532
By age
<30
Number
864
591
959
30–49
Number
1,265
845
597
>49
Number
208
155
129
Total hirings
Number
2,337
1,591
1,700
ALL LEAVES
Units
2022
2021
2020
By region
Asia and rest of the world
Number
270
475
365
Europe
Number
872
771
1,571
North America
Number
694
865
989
Latin America
Number
237
309
652
By gender
Male
Number
1,472
1,724
2,450
Female
Number
600
695
1,123
By age
<30
Number
361
392
1,253
30–49
Number
972
1,064
1,070
>49
Number
740
964
1,253
Total leaves
Number
2,073
2,420
3,577

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
VOLUNTARY LEAVES
Units
2022
2021
2020
By region
Asia and rest of the world
Number
162
236
207
Europe
Number
362
304
591
North America
Number
363
318
205
Latin America
Number
80
57
322
By gender
Male
Number
688
628
828
Female
Number
278
287
497
By age
<30
Number
220
213
594
30–49
Number
601
539
455
>49
Number
146
163
275
Total voluntary leaves
Number
967
915
1,325
6.4.4.	
Key achievements
In 2022, the Solvay Academy focused on accelerating development of the skills needed by Solvay both now and in the future. We also focused on 
expanding the use of learning technologies to offer learning opportunities to all Solvay employees. Some examples include:
Developing key capabilities through our Academies: 
	· The Solvay Leadership Academy was launched in 2022 to develop adaptable, collaborative and human-centered leaders to support Solvay’s growth 
and transformation. Through the Leadership Academy, we offer learning journeys for all levels of leaders, in eight different languages. It is future-
focused and utilizes innovative learning technology to support learning applications. In 2022, 1,215 leaders began their Leadership Academy journey. 
We also developed and leveraged 80 internal Solvay facilitators globally, who helped to facilitate learning through our Performance Accelerator 
Program.
	· The Solvay Sales Academy helps our sales teams to strengthen their skills. Our efforts to continue developing our commercial offensive in 2022 
included rolling out 20 different courses, both e-learning and instructor-led sessions, to more than 900 sales people. 
	· Functional Academies supported the development of technical and functional skills, through e-learning and instructor-led courses.
Helping employees to own and drive their development and career:
	· Solvay offers all employees the opportunity for guided self-reflection and practical resources to accelerate their career through the Career Catalyst 
Program. The program, which was available during 2022, helps employees to shape their career vision and skilling strategies through digital learning 
content and live sessions. 
	· Employees have access to a pool of internal coaches and mentors, and can also develop by contributing to a project.
Leveraging digital learning technology: 
	· In 2022, Solvay employees spent a total of 17,004 hours on developing their skills using the digital learning platform ELearn More. This equates to an 
average of 2.4 hours per person. 
	· Language development remains available to all employees, as well as to their families, through the digital tool Rosetta Stone, which offers 14 languages. 
In 2022, 1,209 employees and their family members made use of this resource.

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6.5.	 Customer welfare
GRI DISCLOSURES 3-3
MATERIALITY: HIGH
SDG 3
6.5.1.	
Definitions
The Net Promoter Score (NPS) is the indicator used to measure customer loyalty for each of Solvay’s Global Business Units. The metric was developed 
by, and is a registered trademark of, Fred Reichfeld, Bain & Company and Satmetrix. GBU scores are consolidated at the Group level through a revenue-
based weighted average.
The Net Promoter Score is calculated based on customer responses to a single question: “How likely is it that you would recommend our company to 
a friend or colleague?” Answers can range from 0 to 10. Those who respond 9 or 10 are called Promoters and considered likely to exhibit value-creating 
behaviors, making positive referrals to other potential customers. Those who respond with a score from 0 to 6 are labeled Detractors and are not 
supportive. Those who give a response of 7 or 8 are labeled Passives. The Net Promoter Score is calculated by subtracting the percentage of Detractors 
from the percentage of Promoters.
Solvay uses the Net Promoter SystemSM methodology to boost customer loyalty by promoting a culture of customer feedback and by developing active 
listening skills at every single touchpoint in the customer journey. The objective is to go far beyond “just a score”, toward a deep transformation of the 
Group by fostering a more customer-centric culture.
The Net Promoter SystemSM is structured around two pillars, allowing us to gather insights at both the strategic and operational levels. The objective of 
the first and more strategic stage is to identify and further reinforce the areas where the Group truly stands out against the competition in order to raise 
customer loyalty and accelerate growth. The second, more operational, stage captures how customers perceive our offer from a day-to-day perspective. 
These key insights trigger tangible action plans – both account-specific and at the GBU level – to bring Solvay closer to our customers and better serve 
them by delivering more suitable and efficient services.
6.5.2.	
Management approach
Since 2014, each GBU has conducted a customer satisfaction survey at least once every two years to check their strategic alignment with the trends in 
their business environment. The aim is to identify and select the right areas for each GBU to focus on, as well as to foster differentiation and accelerate 
growth.
The Net Promoter Score has been selected as the key indicator of customer loyalty for the Group. It is measured at the Global Business Unit level, 
consolidated at the Group level and published annually.
In 2018, Solvay decided to take this approach to the next level by launching the Net Promoter SystemSM, aimed at transforming the work practices of 
the entire frontline population across all GBUs and geographies. This ensures that a customer feedback culture is embedded in our DNA.
The insights gathered from our customers trigger action plans, allowing us to continuously adapt our value proposition to better serve our customers 
and increase our share of wallet.
6.5.3.	
Indicators
In 2022, Solvay focused on getting feedback from our key customers, ensuring their customer experience could be improved at all levels of the 
organization. 
Additionally, 2,300 surveys were sent to Materials customers. For Speciality Polymers, the score was stable compared to 2019, while Composite Materials 
recorded a decrease, mainly due to disruptions in the commercial aviation supply chain as a result of the rebound following the Covid crisis.
The Materials GBU is conducting a root cause analysis and defining an action plan in order to address customers’ key areas of concern and reinforce key 
recommendations.
Units
2022
2021
2020
Solvay’s Net Promoter Score (NPS)
%
26
32
NA
ECOVADIS ASSESSMENT
About 150 customers, representing more than 25% of Solvay’s sales, use EcoVadis to assess Solvay’s performance as a supplier. The EcoVadis sustainability 
assessment methodology is an evaluation of how well a company has integrated the principles of sustainability and Corporate Social Responsibility (CSR) 
into their business and management system.
Solvay is in the top 2% of companies rated by EcoVadis in the manufacture of basic chemicals, fertilizers and nitrogen compounds, plastics and synthetic 
rubber in primary forms industry.

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SOLVAY’S ECOVADIS SCORE
Units
2022
2021
2020
Environment
%
70
70
70
Labor and Human Rights
%
80
80
80
Ethics
%
80
70
70
Sustainable Procurement
%
70
80
80
Overall score
%
75
75
75
6.6.	 Corporate citizenship
GRI DISCLOSURES 3-3 413-1
MATERIALITY: HIGH
SDG 17
Solvay’s Corporate Citizenship program is our guide to making a positive impact on society at large, and our stakeholders: partners; employees; investors; 
local communities; customers; and others. The contributions we make are derived from our technologies, solutions, and innovations, as well as our spirit 
of service and giving. Disclosure of Solvay’s indirect economic impact is provided in this section.
6.6.1.	
Definitions
Solvay remains deeply committed to philanthropic endeavors through our contributions to worldwide societal challenges, supporting projects in three 
distinct areas: Protecting the Planet; Nurturing Innovation; and Fostering Education. Our initiatives in each of these three categories are closely aligned 
with our business, including our active involvement in several flagship endeavors that truly reflect the way we partner with our stakeholders.
6.6.2.	
Management approach
The Corporate Citizenship Steering Committee is composed of five members and chaired by Solvay’s Chief Executive Officer. The Committee gathers 
three times a year, approves budgets and decides on projects costing €50,000 or more. 
Business Programs for Social Needs are programs that generate business value through addressing social needs. These programs fall under the 
governance of the relevant GBU. Examples include the Sustainable Guar Initiative, managed by Novecare, and the Sustainable Vanilla Initiative, managed 
by Aroma.
Site directors are accountable for developing and implementing each site’s societal actions plan. This involves assembling a dedicated working group 
including the site director, HR manager, communication manager,local sustainability correspondent and employee representatives. Employee initiatives 
are encouraged and supported. An example of this is our Citizen Day actions: the concept is proposed by the Corporate Citizenship committee, but 
implemented by the individual sites.
6.6.3.	
Indicators
Citizen Day 2022
Citizen Day gives Solvay employees around the world the opportunity to engage in actions with local communities. The event was created by our CEO, 
Ilham Kadri, in 2019 to reinforce our purpose – we bond people, ideas, and elements to reinvent progress – and encourage employees to act as one 
team for one planet.
Diversity, equity and inclusion (DEI) was the theme of our Citizen Day in 2022. The event provided a unique opportunity for Solvay employees to 
reconnect, raise awareness on this topic and take actions to create more inclusive workplaces and communities.
Key figures from Citizen Day 2022 include:
	· 14,700 participations;
	· 320 activities;
	· 105 participating sites;
	· €50,000 raised and donated to DEI-related NGOs.
Citizen Day activities took place at global, site, team and individual levels, and in both virtual and in-person formats, with many involving partners and 
NGOs. We also encouraged employees to get involved with the local community and speak up against non-inclusive behaviors.

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Local societal actions in 2022
Solvay defines societal actions as “a volunteer activity developed by a site, a business unit, or at corporate level, having a positive societal impact on at 
least one of the United Nations Sustainable Development Goals”. 
In 2022, on the basis of voluntary reporting, 84 sites reported that more than 6,000 participants had participated in societal actions, while noting that an 
employee may have participated in several actions. 
The total amount donated through societal actions is around €235,000, on the basis of a voluntary reporting.
number of sites reporting participation
number of participations
donation (k€)
APAC
14
489
30
EMEA
35
3956
61
LATAM
7
645
80
NAM
28
1053
60
In the Asia Pacific (APAC) zone, in addition to financial support, several actions were dedicated to education, mentoring and training students and 
children.
In the Europe, Middle East and Africa (EMEA) zone, various actions supported homeless people, through food donation, collection of equipment to 
furnish rooms and apartments, clothing donations and donations of primary needs goods.
In the Latin America (LATAM) zone, several actions were focused on providing various donations and gifts at Christmas time.
In the North America (NAM) zone, some plants opened their doors to the local community and students were offered training programmes.
Stop Office Waste Programme
As part of Solvay One Planet, we launched the Stop Office Waste project. The project aims to ensure that Solvay becomes a paperless, single-use plastic 
free and zero food waste company by 2030.
In 2022, 34% of printers were eliminated from offices allowing €462,000 in cost savings. Fifteen sites are now single-use plastic free and 23 sites are 
recycling biodegradable waste.
GirLS are leading the way!
Girls Leading in Science (GirLS) is the name of a special competition initiated by women scientists from Solvay Research and Innovation in Belgium. It 
aims to inspire young people, and more specifically girls, to pursue higher education in a scientific or technological field. 
Conducted in two stages, the competition consists of a pre-selection phase and a final. During pre-selection, 35 students were chosen based on their 
short video submissions, in which they discussed the scientific or technical subject of their choice. Projects were submitted by a total of 12 applications 
(in-group), representing the three regions of Belgium.
For the final, the 2022 contestants had to demonstrate their creativity and scientific skills while, in groups, brainstorming on a fascinating theme: “What 
if the earth let go of its spin around the sun?". The winning team received the prize of having their first-year tuition paid for scientific or technical studies 
at university.

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6.6.4.	
Major projects
Solvay Solidarity Fund support 
In 2022, Solvay continued to support employees and local communities in need through the Solvay Solidarity Fund (SSF), assisting more than 50 projects 
in 14 different countries. Originally set up to help employees cope with hardship caused by the Covid-19 pandemic, the Fund now also addresses other 
kinds of hardship. Our major focus in 2022 was on supporting those affected by the war in Ukraine. We donated around €1.5 million to a number of 
initiatives organized at global and site levels:
	· The SSF supported the Ukraine crisis operation led by the Belgian Red Cross with €1 million, making it possible to strengthen Red Cross international 
operations on Ukrainian soil and logistical support activities in Belgium to benefit people fleeing Ukraine. 
	· BEforUkraine, a Belgian nonprofit, brings humanitarian, material and logistics aid to Ukrainians, both in Ukraine and in Belgium. Money from the Fund 
and employee donations paid for two ambulances with specialized medical equipment.
	· In Hospital No. 6 in Kiev, money from the Fund supported the launch of a training program for medical teams dealing with the treatment of war rapes. 
	· Solvay sites around the globe were encouraged to translate corporate actions into local initiatives using money made available through the SSF. 
Sites worked with their local communities to provide much-needed aid and assistance for relief efforts or to provide more direct support for Ukrainian 
refugees in the local area. Some examples include:
	-
In Rheinberg, Germany, Solvay employees converted apartments located at the site into housing for refugees. 
	-
In Poland, employees worked with the local city hall to identify and collect the items most needed by refugees in the area. 
	-
Employees in Lyon, France, joined the effort, collecting vital aid that was transported to our site in Poland.
Solvay was named as one of the winners of the 2022 CEFIC European Responsible Care Awards in the category of Humanitarian Aid, in recognition of all 
our efforts to help those most affected by the conflict. 
The Science For the Future Solvay Prize
The Science for the Future Solvay Prize recognizes major scientific discoveries with the potential to shape chemistry in the future and advance human 
progress. Created in 2013, this prize perpetuates Ernest Solvay's lifelong support of, and passion for, scientific research. Our objective is to endorse key 
research and highlight the essential role of chemistry, both as a science and an industry, in helping to solve some of the world’s most pressing issues. 
The 2022 Science for the Future Solvay Prize was awarded to Katalin Karikó, Adjunct Professor at the University of Pennsylvania, in the US, and Professor 
at the University of Szeged, in Hungary, for her work on the biochemical modification of synthetically produced messenger RNA (mRNA), which has 
enabled the rapid development of vaccines. Her research was most notably used by Pfizer/BioNTech and Moderna to build Covid-19 mRNA vaccines, 
which have saved many lives. It could also help fight other diseases like cancer, or infection from influenza, malaria or HIV in the future. Professor Karikó 
has dedicated her 40-year career to using RNA as a therapeutic, with chemistry as a key element to modify the mRNA to avoid the risk of rejection by 
the immune system.
CommonLit: making literacy education in the US accessible for everyone
CommonLit is an American nonprofit EdTech organization dedicated to ensuring that all students, regardless of background and socioeconomic status, 
graduate with the reading, writing, communication and problem-solving skills they need to be successful in university and later life. To accomplish this 
goal, CommonLit has developed an innovative digital literacy program that helps teachers advance their students’ literacy through a high-quality digital 
curriculum, analytic dashboards that track student growth and personalized support for students. 
Solvay supports CommonLit’s work with financial commitments made through the Epic Foundation, a global organization connecting nonprofits creating 
solutions to today’s pressing challenges with individuals and businesses who want to drive positive change. This important three-year investment will 
support schools in 55 zip codes in the US, going hand-in-hand with our broader commitment to invest in local communities and support science careers.
CERN: fostering interest in STEM and STEM careers
The CERN-Solvay Education Program was launched in January 2022. Designed to foster interest in science, technology, engineering and mathematics 
(STEM) and STEM careers, the program combines both online and onsite learning at CERN, starting with education content aimed at a global online 
audience and progressing to an opportunity for students to engage more deeply with research at CERN.
The program is part of the education portfolio of Science Gateway, CERN's new flagship project for science education and outreach. The program has 
three levels: 
	· Level 1: Online social media education content.
	· Level 2: Online courses for high school students.
	· Level 3: Onsite international Solvay camp.
SPARKOH!: promoting jobs in STEM fields for high school students
As part of our efforts to encourage younger generations to get involved in STEM subjects, Solvay is supporting SPARKOH!, a science adventure park 
near Mons in Belgium, with the mission to arouse curiosity and get people asking questions about scientific and technological topics relevant to society.
The main focus of Solvay’s support is the museum’s You Tomorrow: the jobs of the future exhibition. Aimed primarily at high school students, this 
exhibition profiles hundreds of jobs in the STEM field and allows visitors to discover the skills needed for these professions in an interactive and engaging 
space.

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RAHS Green Energy Team, a solar car project based STEM initiative
Raisbeck Aviation High School (RAHS) is a nationally ranked public high school in the US, with a STEM curriculum focused on aviation and aerospace. 
The school’s Green Energy Team is an extracurricular immersive experience, in which students use advanced materials and batteries to create a high-
performing solar car to compete in a national-level high school race: the Solar Car Challenge. For the students involved, the Challenge is a unique 
opportunity to gain experience in many different areas, including technical, electrical, mechanical and computer skills, and knowledge of business and 
communication. 
Accompanying the RAHS Green Energy Team as they collaborate on this renewable energy engineering project is fully aligned with our Purpose. The 
team finished first in their category for the third year in a row and with new records to show for it.
Ellen MacArthur Foundation
In January 2018, Solvay and the Ellen MacArthur Foundation signed a three-year Global Partner agreement that gives the Group an opportunity to make 
a difference in accelerating the transition to a circular economy in the chemicals sector.
Sustainable Guar Initiative
Solvay is the world’s leading producer of guar derivatives. Guar is a drought-resistant legume grown in semi-arid areas, predominantly in India. Rajasthan 
accounts for approximately 70% of the country’s production.
Since 2015, Solvay has been spearheading a large-scale development initiative to make guar cultivation more sustainable, while boosting the incomes 
of the farmers who produce it. In collaboration with L’Oreal and Henkel, two of our strategic customers active in personal care, and with the support of 
the NGO TechnoServe, the Sustainable Guar Initiative (SGI) has trained more than 7,000 farmers in Bikaner over four years, and developed more than 
971 kitchen gardens in 36 villages.
The initiative’s primary objective is to encourage sustainable and climate-smart agriculture, increasing farmers’ revenues through good guar cultivation 
practices for seed selection, seed treatment, sowing and pest management. The initiative also empowers women through specific training on hygiene, 
health and nutrition, which enables us to:
	· encourage better nutritional practices by growing vegetables in kitchen gardens in a region where the traditional diet is very limited;
	· improve health and hygiene practices for the women and their children.
The initiative also focuses on agroforestry, with more than 66,000 trees planted to fight sand movement and soil erosion in the fields. In addition to this, 
trees are planted in communities and technical advice is provided, making 12 different types of fruit available to these communities.
As water is a rare resource in Rajasthan, a village pond with a capacity of 15.89 million liters was created, helping 150 households gain increased access 
to drinking water. Rooftop rainwater harvesting systems were also installed, collecting 8,000 liters of water used for the kitchen gardens.
We have also taken additional steps to advance this initiative by embedding blockchain in the SGI program. The roll-out has started and is already 
showing progress. With over 2,000 farmers now registered, blockchain is helping to strengthen the value chain by providing transactional transparency 
and provenance tracking:
1. Transactional transparency: validating each payment made to the farmer with transactional records such as quantity, cost, date, payout, date of 
payment and receipt of payment. The farmer – who is in fact the building block of the SGI – is now officially enfranchised into the supply chain. 
FIGURES [October 2021 to January 2023]
Total transactions = 1,322
Total volume of guar seed purchased = 17,600 Qunitals
Total amount paid to farmers = 103,297,123 INR ($1,291,214)
2. Provenance: the blockchain immutability and provenance engine enables us to prove the “origin” of guar seed for every purchase made. It also 
enables us to maintain tamper-resistant traceability of guar seed right back to each farmer. The guaranteed inclusion of farmers in the process grants 
them the ability to negotiate, proof of sale, proof of payment and bankability.
Farmers lack a recorded account of their finances, which is a barrier to gaining fiscal credibility. A complete history of the transactions conducted with a 
global supply chain on blockchain will significantly improve farmers credit scores over time. It represents a vital first step to achieving a banking identity, 
with easy access to microfinance and access to a favorable credit line with Agro-Input companies.

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6.7.	 Hazardous materials
GRI DISCLOSURES 2-23 3-3 403-7 416-1
MATERIALITY: HIGH
SDG 3 6 12 14 15
6.7.1.	
Definitions
Product stewardship means managing risks throughout a product’s entire life cycle, from the design stage to end of life. Risks include the possibility of 
injury or impact on health for a third party or damage to third party property arising from the misuse of Solvay products in a customer’s plant or use in an 
application for which the product is not designed. Risk management is particularly important for products used in healthcare, food and feed applications.
6.7.2.	
Management approach
Solvay’s Responsible Care policy requires the Group to:
	· Maintain a comprehensive understanding of each product’s hazards, risks and impacts related to all life-cycle steps and intended applications.
	· Manage product knowledge so as to comply with local requirements on product information, while ensuring worldwide consistency.
	· Keep records of all necessary and required product safety information to ensure availability throughout the full life cycle, beyond the commercialization 
period. 
	· Send standardized product safety data sheets to customers along with the first delivery and when required by local regulations. This key information 
is consistently maintained and distributed worldwide for all products to all customers, in compliance with local regulations and in the local languages.
In line with our Responsible Care commitment, we are constantly improving our knowledge of how Solvay products are used and the associated 
risks. The extensive knowledge this represents allows Solvay to characterize and manage risks related to product handling and to prioritize mitigation 
actions related to potential inappropriate use. The management of Safety Data Sheets reflects this commitment to ensuring the information on hazards 
associated with our products is readily available to our employees and customers.
Solvay ensures that our product portfolio complies with all the relevant regional and national chemical regulations such as REACH (Registration, 
Evaluation, Authorization and Restriction of Chemical Substances) in the European Union, UK REACH in the United Kingdom, K-REACH in South Korea, 
KKDIK in Turkey and TSCA in the USA. 
In addition, Solvay has a strategy to decrease the use of Substances of Very High Concern (SVHC) in marketed products and more broadly throughout 
the entire value chain. We focus on the SVHC on the EU REACH authorization list (annex XIV) and EU REACH candidate list, but we also go beyond this, 
following an internal process in our operations worldwide. Specifically, we have set up our own reference list of SVHCs, the Solvay-SVHC and Substance 
Requiring Attention (SRA). This was established in 2015 and includes three categories:
	· Black list Solvay-SVHCs: already undergoing a regulatory phase out process with a known deadline in at least one country or zone, or a restriction for 
uses relevant to Solvay.
	· Red list Solvay-SVHCs: currently included in regulatory lists of substances that could enter into a process of special authorization or restriction in the 
medium term.
	· Yellow list S-SRAs: substances requiring specific attention, such as substances under scrutiny by authorities, NGOs, scientists and industries due to their 
known hazardous properties or potential effects.
Risk studies and Analysis of Safer Alternatives (ASA) for red and black Solvay-SVHCs placed on the market are underway, and substances are replaced 
with safer alternatives where feasible.
New ASA covering newly-identified listed SVHC are being performed within three years. All current Analysis of Safer Alternatives are being reviewed 
every three years.
6.7.3.	
Indicators
SAFETY DATA SHEETS
Solvay currently places over 15,800 products on the market and produces safety data sheets (SDS) in 39 languages, as well as specific SDS for 63 
countries. Product Stewardship programs give adequate information and technical assistance to customers, ensuring a good understanding of products 
and how to safely use and handle them. Each of our Global Business Units are responsible for ensuring that SDS are revised at least once every three 
years, or every time a substance undergoes significant modifications. Solvay manages product information centrally and as legislation continues to 
evolve the Group learns more about the conditions under which products are used, so as to record and assess any associated risks.
To make sure that customers are receiving new and updated Safety Data Sheets, and to limit the quantity of paper printed, Solvay uses an automatic 
system to send SDS by email. In 2022, this automated shipping function was activated for 99.8% of Solvay sales. This automatic delivery of the SDS was 
successful for 90.5% of shipments, where SDS were available for the delivery country and the customer’s email address was also available. When errors 
occurred, SDS were emailed manually.

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PRODUCT REGISTRATION
REACH is an advanced European framework regulation requiring companies to have detailed knowledge of substances, their hazards and risks during 
use. This knowledge must be collected and organized into reliable and systematic safety information that includes all uses and risks incurred along the 
value chain. Solvay fully complies with the extensive REACH requirements for product registrations. We have registered 812 dossiers and are the lead or 
sole registrant for 292 substances. In accordance with the Cefic Action Plan program, we are also dedicated to improving the quality of REACH dossiers.
Regular updates of dossiers are performed according to REACH obligations, either as new information becomes available or at the request of the 
European Chemical Agency (ECHA). In total, we have carried out 751 REACH updates on dossiers, with 91 in 2018, 152 in 2019, 142 in 2020, 236 in 2021 
and 130 in 2022.
In addition, Solvay continues to adapt to new product regulations in many countries, notably to cope with emerging, REACH-like regulations in non-
European countries. More specifically we have:
	· registered 13 dossiers in 2019 and 23 in 2021 in the framework of Korean REACH and identified 22 potential lead dossiers for the next registration 
deadline in 2024; 
	· reported 381 substances or polymers to be registered in the framework of KKDIK Reach Turkey by December 31, 2022 and registered 11 lead dossiers; 
	· reported 5,222 substances in the framework of “existing chemicals” in the Eurasian inventory in 2020-2022; 
	· reported 275 substances in the framework of the National Chemical Inventory (NCI) of Vietnam;
	· submitted 10 substances in the framework of the new Chinese MEE order N°12 in 2022;
	· for UK REACH, Solvay successfully completed 136 grandfathering registrations, four new registrations and 2,003 Downstream User Import Notifications 
(‘DUIN’) within the relevant regulatory deadlines.
SAFER ALTERNATIVES FOR MARKETED PRODUCTS: BEYOND LEGISLATIVE REQUIREMENTS
Solvay is closely monitoring the SVHC on the EU REACH Candidate list and EU REACH Authorization list (annex XIV) by identifying all marketed products 
containing a concentration above 0.1% of those substances, sold not only in the EU but worldwide
We go beyond what is required by regulation, screening our own broader internal reference list of substances of very high concern (Solvay-SVHCs, as 
described above) for our products marketed worldwide. 
Units
2022
2021
2020
All Solvay-SVHCs(1)
present in marketed products above 0.1% on a worldwide scope
Number
121
 133
97
Analysis of safer alternatives required (2)
Number
142
152
130
Of which completed
%
63
45
51
Of which effective replacement achieved
%
36
30
31
(1) According to the black and red Solvay-SVHC lists. SVHCs manufactured by, or forming part of, the composition of products sold by Solvay worldwide.
(2) Analysis of Safer Alternatives for potential substitution for an SVHC. A substance may be present in more than one product.
Analysis of safer alternatives is required and planned for a total of 142 combinations of products and applications. Of the 89 analyses of safer alternatives 
completed as of December 31, 2022, since the start of the program:
	· 32 have led to effective replacement, either through SVHC substitution or reduction below required threshold, or through stopping production. 
	· 28 are ongoing, meaning that an alternative has been identified and discussed with customers for implementation. For example:
	-
strontium chromate and barium chromate: non-chromated alternative products proposed to customers and progressive switch ongoing for 
some identified applications;
	-
sulfolane: reduction below required threshold for some grades.
	· 29 have resulted in no available alternatives, either because no substitute is available, there are regulatory obligations to use SVHC for some applications, 
or because an alternative has not been requested due to the application in the final product. For example:
	-
4.4-Methylenedianiline: for some uses there is no possible substitution as these products are qualified for specific aerospace uses.
SOLVAY’S COMMITMENT TO PHASE OUT SUBSTANCES OF VERY HIGH CONCERN
Solvay has a target to phase out all substances of very high concern present in marketed products at a quantity of more than 0.1% by 2030, whenever 
feasible. 
In 2022, Solvay announced the next step in our commitment to voluntarily phase out the use of fluorosurfactants globally: by 2026 we will manufacture 
nearly 100% of our fluoropolymers without fluorosurfactants, at our Spinetta Marengo site in Italy. One small product line, critical for the semiconductor 
and energy industries and representing less than 1% of production volume, will require further research and development to completely phase out the 
use of fluorosurfactants. A tightly-controlled, closed-loop and zero liquid discharge production process will be used for this production line.
The use of fluorosurfactants as process aids in the manufacturing of some fluoropolymers represents a global challenge for the industry. However, 
since 2019, Solvay has quadrupled our investment in research and innovation to develop new non-fluorosurfactant technologies. In July 2021, Solvay 
successfully discontinued the use of fluorosurfactants in the United States, where different products were able to be converted and qualified by customers.

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As the phase-out of fluorosurfactants is being implemented, Solvay continues to introduce state-of-the-art technologies with the objective of eliminating 
fluorosurfactant emissions from our manufacturing. Solvay recently announced an investment of an additional €40 million in new technology at our 
Spinetta Marengo site to enhance our water treatment systems to ensure the removal of fluorosurfactant emissions to close to 100%, a level known as 
"technical zero".
6.8.	 Critical incident risk management
GRI DISCLOSURE 2-27 3-3
MATERIALITY: HIGH
SDG 3 12 13
6.8.1.	
Definitions
Solvay’s reporting of Process Safety Incidents is aligned with the globally harmonized metrics from the ICCA (International Council of Chemical 
Associations) and Cefic (European Chemical Industry Council). The Process Safety Incident rate (PSI rate) corresponds to the number of Process Safety 
Incidents per 100 Full Time Equivalent employees, including employees and contractors and assuming 2,000 working hours per worker, per year. This 
rate is monitored and enables benchmarking with peers.
Transport Safety Incidents are incidents occurring during the movement of a chemical product such as: 
	· loading or unloading at a Solvay site; 
	· circulating inside a Solvay site in a vehicle, on the way in or out of the site; 
	· circulating on public roads, rail, air, inland waterways or sea; 
	· loading or unloading at an off-site location, if Solvay or a logistics provider contracted by Solvay is performing the loading or unloading.
6.8.2.	
Management approach
Process safety
Process Safety Management is a management system for designing and operating industrial processes that handle large quantities of hazardous 
chemicals. For preventing and controlling incidents in industrial processes, Solvay applies the Process Safety Management Principles on all industrial 
sites, regardless of whether the site is covered by regulatory requirements. 
Key elements are:
	· Completion of Process Hazard Analyses to identify high-risk situations. These are performed on each unit with a unique risk matrix to quantify the risk 
level of every potential accidental scenario, combining severity and probability factors.
	· Activation of an Emergency Response Plan in case of severe incidents on site. Relevant internal and external parties are informed through the application 
of Solvay's crisis management procedure. If needed, the Corporate Crisis Cell (crisis alert duty 24/7) is also activated.
	· Systematic analysis of each incident is carried out as soon as possible, in order to identify root causes and implement preventive actions to avoid similar 
incidents in the future.
	· Central reporting of Process Safety Incidents. The incident severity – medium, high or catastrophic – is assessed by applying internal criteria, including 
consequences onsite or off-site, damage to the immediate vicinity and quantity of spilled material.
	· Publication of process safety bulletins for significant incidents, distributed to all sites. These bulletins are used by the sites as support materials for safety 
talks to increase the process safety knowledge of employees.
Transport safety
The major goal of the Transport Safety Management system is a reduction in incidents that could lead to catastrophic consequences. The main elements 
are :
	· regulatory watch and compliance with applicable transport regulations;
	· training;
	· selection process for Logistics Service Providers, based on hazard and risk assessment;
	· operational management of day-to-day transport operations, including loading and unloading;
	· emergency preparedness and response for levels 1, 2 and 3;
	· incident reporting and investigation;
	· auditing.

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6.8.3.	
Indicators
Process safety
Solvay’s target is to avoid any high or catastrophic severity incidents and to reduce the Process Safety Incident rate.
Units
2022
2021
2020
Process Safety Incident rate
Medium or higher severity incidents per 
200,000 hours worked
0.79
0.9
0.9
Process Safety Incidents with high or catastrophic severity 1
Number
1
0
0
High or catastrophic severity: reversible injuries off-site, or irreversible injuries onsite, or reversible environmental damage off-site, or damage to equipment with direct cost 
above €2 million. Medium severity incident : first aid injuries off-site, reversible injuries onsite, or operating permit limits exceedance, fire, explosion, rupture of a piece of 
equipment with damage above €2,500, or chemical release with amount above the ICCA thresholds. 
Employees’ work hours are based on the sum of the full time equivalents per country multiplied by respective country coefficients. These coefficients are 
an average of worked hours per employee per year calculated in 2018 in several countries. For the countries where no coefficient value was calculated, 
as no accurate data was available, a coefficient of 2,000 hours is applied. Contractors’ work hours are reported monthly by all sites.
In 2022, a Process Safety Incident with high severity (direct cost above €2 million) occurred at our site in Green River, in the US. A fire broke out during 
the night. No one was injured, but significant equipment damage occurred on three centrifuge pumps. The equipment is currently being assessed to 
understand the causes of this incident and the associated prevention actions that must be implemented.
Units
2022
2021
2020
Process Safety Incidents with release to the environment
Number
25
30
26
of which with operating permit exceedance
Number
11
17
14
of which without permit exceedance
Number
14
13
12
This consolidated data is aligned with the scope for headcount for all operational sites, including research and innovation centers with significant chemical process risks, but 
excluding mines, quarries and laboratories without pilot plants.
In 2022, 25 process incidents with release to the environment were reported. Among those, eleven generated reportable cases of having exceeded an 
operating permit limit.
One significant incident with impact on the environment occurred on our site in Bernburg, Germany. A leak of ammoniated brine occurred in a pipe 
connecting two units. The liquid spread on the ground and was collected by the rainwater sewer. The ammoniated brine was discharged into the river 
Saale and about 300 fish died. Immediate and preventive actions have been implemented by the site to prevent this type of event from occurring again.
Transport safety
All medium, high and catastrophic transport safety incidents must be reported in the corporate reporting tool, with a detailed description and 
classification. Root cause analysis, including actions to prevent recurrence and lessons-learned bulletins are mandatory for all high and catastrophic 
severity incidents, and for medium severity incidents resulting in a fire or an explosion, as well as for HSPos (High Severity Potential) Incidents. These 
are low or medium severity incidents or near misses that might have been worse (high or catastrophic) if the circumstances had been slightly different.
TRANSPORT SAFETY INCIDENTS
Units
2022
2021
Medium severity
Number
8
7
High severity
Number
0
0
Catastrophic
Number
1
1
The most severe incident reported in 2022 was:
	· Catastrophic: during a delivery of a Solvay product, a truck driver had an accident with a pick-up which did not yield right of way to the truck. The tractor 
cab burned and the truck driver died.

EXTRA-FINANCIAL STATEMENTS
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7.	 GRI CONTENT INDEX
7.1.	 Statement of use and GRI 1 used
Solvay has reported in accordance with the GRI Standards for the period January 1, 2022 to December 31, 2022.
GRI 1 used: GRI 1 Foundation 2021.    
Applicable GRI Sector Standards: not applicable.
For the Content Index - Essentials Service, GRI Services reviewed that the GRI content index is clearly presented, in a manner consistent with the 
Standards, and that the references for disclosures 2-1 to 2-5, 3-1 and 3-2 are aligned with the appropriate sections in the body of the report.
7.2.	 GRI 2: general disclosures 2021
THE ORGANIZATION AND ITS REPORTING PRACTICES
Disclosure
Location
Omission
2-1 Organizational details
Financial statements: Note F1 Revenue and segment information, page 275
Note F43 List of companies included in the consolidation scope, page 367
2-2 Entities included in the organization’s 
sustainability reporting
Extra-financial statements: 2.1. Reporting frameworks, page 177
Financial statements: Note F43 List of companies included in the 
consolidation scope, page 367
2.3 Reporting period, frequency and contact 
point
Reporting period: from January 1, 2022 to December 31, 2022
Frequency: yearly and aligned on financial reporting
Contact point: investor.relations@solvay.com
Publication date: April 4, 2022
2.4 Restatements of information
Financial Statements: Consolidated Financial Statements: Main events and 
changes in consolidation scope during the year, page 260
Extra-financial statements: 2.1. Reporting frameworks, page 177
2-5 External assurance
Auditor’s report for the extra-financial statements, page 384
ACTIVITIES AND WORKERS
Disclosure
Location
Omission
2-6 Activities, value chain and other business 
relationships
Sustainable Value creation: Value chain
Performance: segments overview, page 102
2-7 Employees
Extra-financial statements: 2.1. Reporting frameworks
Extra-financial statements: 6.4. Recruitment, development and retention, 
page 238
2-8 Workers who are not employees
Extra-financial statements: 6.4. Recruitment, development and retention, 
page 238

EXTRA-FINANCIAL STATEMENTS
252
SOLVAY 2022 ANNUAL INTEGRATED REPORT
GOVERNANCE
Disclosure
Location
Omission
2-9 Governance structure and composition
Corporate Governance Statement: Board of Directors and Board 
Committees, page 116
2-10 Nomination and selection of the highest 
governance body
Corporate Governance Statement: Board of Directors and Board 
Committees, page 116
Charter of Corporate Governance, 
https://www.solvay.com/en/investors/corporate-governance
2-11 Chair of the highest governance body
Corporate Governance Statement: Board of Directors and Board 
Committees, page 116
2-12 Role of the highest governance body in 
overseeing the management of impacts
Charter of Corporate Governance
https://www.solvay.com/en/investors/corporate-governance
2-13 Delegation of responsibility for manag-
ing impacts
Corporate Governance Statement, page 110
2-14 Role of the highest governance body in 
sustainability reporting
At a glance: about this report, page 2
Declaration by the persons responsible, page 392
2-15 Conflicts of interest
Corporate Governance Statement: Functioning of the Board of Directors, 
page 121
Corporate Governance Statement: Introduction, page 112
Charter of Corporate Governance
https://www.solvay.com/en/investors/corporate-governance
2-16 Communication of critical concerns
Corporate Governance Statement: Functioning of the Board of Directors, 
page 121
2-17 Collective knowledge of the highest 
governance body
Corporate Governance Statement: Induction and continuous Board training, 
page 124
2-18 Evaluation of the performance of the 
highest governance body
Corporate Governance Statement: Evaluation, page 123
2-19 Remuneration policies
Corporate Governance Statement: Compensation report, page 130
2-20 Process to determine remuneration
Corporate Governance Statement: Compensation report, page 130
2-21 Annual total compensation ratio
Corporate Governance Statement: Compensation report, page 130
STRATEGY, POLICIES AND PRACTICES
Disclosure
Location
Omission
2-22 Statement on sustainable development 
strategy
For generations to come: Editorial, page 5
2-23 Policy commitments
Extra-financial statements: 3.2. Management of the legal, ethics and 
regulatory framework, page 191
Extra-financial statements: 6.7. Hazardous materials, page 247
2-24 Embedding policy commitments
Extra-financial statements: 6.8. Critical incident risk management, page 249
Extra-financial statements: 3.1 Solvay One Planet Guide, page 190
2-25 Processes to remediate negative impacts
Extra-financial statements: 6.1. Health, safety and environment management, 
page 227
2-26 Mechanisms for seeking advice and 
raising concerns
Extra-financial statements: 3.2. Management of the legal, ethics and 
regulatory framework, page 191
2-27 Compliance with laws and regulations
Extra-financial statements: 3.2. Management of the legal, ethics and 
regulatory framework, page 191
Extra-financial statements: 6.8. Critical incident risk management, page 249
2-28 Membership associations
Extra-financial statements: 3.7. Membership of associations, page 202

EXTRA-FINANCIAL STATEMENTS
253
SOLVAY 2022 ANNUAL INTEGRATED REPORT
STAKEHOLDER ENGAGEMENT
Disclosure
Location 
Omission
2-29 Approach to stakeholder engagement
For generations to come: Editorial, page 5
2-30 Collective bargaining agreements
Extra-financial statements: 6.2. Employee engagement and well-being, 
page  232
7.3.	 GRI 3: material topics 2021
Disclosure
Location 
Omission
3-1 Process to determine material topics
Extra-financial statements: 2.3. Materiality analysis, page 178
3-2 List of material topics
Extra-financial statements: 2.3. Materiality analysis, page 178
MANAGEMENT OF THE LEGAL, ETHICS AND REGULATORY FRAMEWORK (HIGH MATERIALITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 3.2. Management of 
the legal, ethics and regulatory framework, page 
191
GRI 205: Anti-corruption 2016
205-1 Operations assessed for risks 
related to corruption
Risk management: Compliance and business 
integrity, page 161
GRI 205: Anti-corruption 2016
205-2 Communication and training 
about anti-corruption policies and 
procedures
Extra-financial statements: 3.2. Management of 
the legal, ethics and regulatory framework, page 
191
GRI 205: Anti-corruption 2016
205-3 Confirmed incidents of 
corruption and actions taken
Risk management: Litigation, page 172
Extra-financial statements: 3.2. Management of 
the legal, ethics and regulatory framework, page 
191
GRI 206: Anti-competitive 
behavior 2016
206-1 Legal actions for anti-competitive 
behavior, antitrust, and monopoly 
practices
Risk management: Litigation, page 172
GRI 406: Non-discrimination 
2016
406-1 Incidents of discrimination and 
corrective actions taken
Extra-financial statements: 3.2. Management of 
the legal, ethics and regulatory framework, page 
191
GRI 415: Public policy 2016
415-1 Political contributions
Extra-financial statements: 3.2. Management of 
the legal, ethics and regulatory framework, page 
191

EXTRA-FINANCIAL STATEMENTS
254
SOLVAY 2022 ANNUAL INTEGRATED REPORT
GREENHOUSE GAS EMISSIONS (PRIORITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 4.1. Greenhouse gas 
emissions, page 207
GRI 305: Emissions 2016
305-1 Direct (Scope 1) GHG emissions
Extra-financial statements: 4.1. Greenhouse gas 
emissions, page 207
GRI 305: Emissions 2016
305-2 Energy indirect (Scope 2) GHG 
emissions
Extra-financial statements: 4.1. Greenhouse gas 
emissions, page 207
GRI 305: Emissions 2016
305-3 Other indirect (Scope 3) GHG 
emissions
Extra-financial statements: 4.1. Greenhouse gas 
emissions, page 207
GRI 305: Emissions 2016
305-4 GHG emissions intensity
Extra-financial statements: 4.1. Greenhouse gas 
emissions, page 207
GRI 305: Emissions 2016
305-5 Reduction of GHG emissions
Extra-financial statements: 4.1. Greenhouse gas 
emissions, page 207
ENERGY (PRIORITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 4.2. Energy, page 210
GRI 302: Energy 2016
302-1 Energy consumption within the 
organization
Extra-financial statements: 4.2. Energy, page 210
GRI 302: Energy 2016
302-2 Energy consumption outside of 
the organization
Extra-financial statements: 4.2. Energy, page 210
GRI 302: Energy 2016
302-3 Energy intensity
Extra-financial statements: 4.2. Energy, page 210
GRI 302: Energy 2016
302-4 Reduction of energy 
consumption
Extra-financial statements: 4.2. Energy, page 210
BIODIVERSITY (PRIORITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 4.3. Biodiversity, page 
212
GRI 304: Biodiversity 2016
304-1 Operational sites owned, leased, 
managed in, or adjacent
to, protected areas and areas of high 
biodiversity value outside
protected areas
Extra-financial statements: 4.3. Biodiversity, page 
212
GRI 304: Biodiversity 2016
304-2 Significant impacts of activities, 
products and services
on biodiversity
Extra-financial statements: 4.3. Biodiversity, page 
212
GRI 304: Biodiversity 2016
304-3 Habitats protected or restored
Extra-financial statements: 4.3. Biodiversity, page 
212
GRI 304: Biodiversity 2016
304-4 IUCN Red List species and 
national conservation list
species with habitats in areas affected 
by operations
Extra-financial statements: 4.3. Biodiversity, page 
212

EXTRA-FINANCIAL STATEMENTS
255
SOLVAY 2022 ANNUAL INTEGRATED REPORT
PRODUCT DESIGN & LIFECYCLE MANAGEMENT (PRIORITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 5.1. Product design 
and life cycle management, page 216
GRI 416: Customer health and 
safety 2016
416-1 Assessment of the health and 
safety impacts of product and service 
categories
Extra-financial statements: 5.1. Product design 
and life cycle management, page 216
Extra-financial statements: 5.5. Waste, page 224
Extra-financial statements: 6.7. Hazardous 
materials, page 247
GRI 416: Customer health and 
safety 2016
416-2 Incidents of non-compliance 
concerning the health and safety 
impacts of products and services
Risk management: Environmental impacts and 
controversies, page 160
Solvay
Products based on a circular sourcing
Extra-financial statements: 5.3. Circular 
Economy, page 222
AIR QUALITY (HIGH MATERIALITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 5.4. Air quality, 
page 223
GRI 305: Emissions 2016
Disclosure 305-6 Emissions of 
ozone-depleting substances (ODS)
Extra-financial statements: 5.4. Air quality, 
page 223
GRI 305: Emissions 2016
305-7 Nitrogen oxides (NOx), sulfur 
oxides (SOx) and other significant air 
emissions
Extra-financial statements: 5.4. Air quality, 
page 223
Requirement omitted: 
Hazardous air pollut-
ants, Particulate matter
Reason: Information 
unavailable/incomplete
Explanation: sites re-
port data according to 
national requirements; 
this does not allow 
consolidation. There 
is no internationally 
recognized reference 
list or methodology. 
We are working on a 
global list to report on 
and expect to be able 
to report in 2024.
WATER AND WASTEWATER (PRIORITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 5.6. Water and 
wastewater, page 225
GRI 303: Water and effluents 
2018
303-1 Interactions with water as a 
shared resource
Extra-financial statements: 5.6. Water and 
wastewater, page 225
GRI 303: Water and effluents 
2018
303-2 Management of water discharge-
related impacts
Extra-financial statements: 5.6. Water and 
wastewater, page 225
GRI 303: Water and effluents 
2018
303-3 Water withdrawal
Extra-financial statements: 5.6. Water and 
wastewater, page 225
GRI 303: Water and effluents 
2018
303-4 Water discharge
Extra-financial statements: 5.6. Water and 
wastewater, page 225
GRI 303: Water and effluents 
2018
303-5 Water consumption
Extra-financial statements: 5.6 Water and 
wastewater, page 225

EXTRA-FINANCIAL STATEMENTS
256
SOLVAY 2022 ANNUAL INTEGRATED REPORT
WASTE (PRIORITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 5.6. Water and 
wastewater, page 225
GRI 306: Waste 2020
306-1 Waste generation and significant 
waste-related impacts
Extra-financial statements: 5.5. Waste, page 224
GRI 306: Waste 2020
306-2 Management of significant 
waste-related impacts
Extra-financial statements: 5.5. Waste, page 224
GRI 306: Waste 2020
306-3 Waste generated
Extra-financial statements: 5.5. Waste, page 224
GRI 306: Waste 2020
306-4 Waste diverted from disposal
Extra-financial statements: 5.5. Waste, page 224
GRI 306: Waste 2020
306-5 Waste directed to disposal
Extra-financial statements: 5.5. Waste, page 224
EMPLOYEE HEALTH AND SAFETY (PRIORITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 6.1. Employee health 
and safety, page 227
GRI 403: Occupational health 
and safety 2018
403-1 Occupational health and safety 
management system
Extra-financial statements: 6.1. Employee health 
and safety, page 227
GRI 403: Occupational health 
and safety 2018
403-2 Hazard identification, risk 
assessment and incident investigation
Extra-financial statements: 6.1. Employee health 
and safety, page 227
GRI 403: Occupational health 
and safety 2018
403-3 Occupational health services
Extra-financial statements: 6.1. Employee health 
and safety, page 227
GRI 403: Occupational health 
and safety 2018
403-4 Worker participation, 
consultation and communication on 
occupational health and safety
Extra-financial statements: 6.1. Employee health 
and safety, page 227
Extra-financial statements: 6.2. Employee 
engagement and well-being, page 232
GRI 403: Occupational health 
and safety 2018
403-5 Worker training on occupational 
health and safety
Extra-financial statements: 6.1. Employee health 
and safety, page 227
GRI 403: Occupational health 
and safety 2018
403-6 Promotion of worker health
Extra-financial statements: 6.1. Employee health 
and safety, page 227
GRI 403: Occupational health 
and safety 2018
403-7 Prevention and mitigation of 
occupational health and safety impacts  
directly linked by business relationships 
Extra-financial statements: 6.1. Employee health 
and safety, page 227
GRI 403: Occupational health 
and safety 2018
403-8 Workers covered by an 
occupational health and safety 
management system
Extra-financial statements: 6.1. Employee health 
and safety, page 227
GRI 403: Occupational health 
and safety 2018
403-9 Work-related injuries
Extra-financial statements: 6.1. Employee health 
and safety, page 227
GRI 403: Occupational health 
and safety 2018
403-10 Work-related ill health
Extra-financial statements: 6.1. Employee health 
and safety, page 227

EXTRA-FINANCIAL STATEMENTS
257
SOLVAY 2022 ANNUAL INTEGRATED REPORT
EMPLOYEE ENGAGEMENT AND WELL-BEING (HIGH MATERIALITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 6.2. Employee 
engagement and well-being, page 232
GRI 401: Employment 2016
401-2 Benefits provided to full-time 
employees that are not provided to 
temporary or part-time employees
Extra-financial statements: 6.2. Employee 
engagement and well-being, page 232
Extra-financial statements: 6.4. Recruitment, 
development and retention, page 238
GRI 402: Labor/Management 
Relations 2016
402-1 Minimum notice periods 
regarding operational changes
 
Not applicable: 
the minimum notice 
periods are based 
on local legislations 
and local collective 
agreements.
GRI 407: Freedom of association 
and collective bargaining 2016
407-1 Operations and suppliers 
in which the right to freedom of 
association and collective bargaining 
may be at risk
Extra-financial statements: 6.2. Employee 
engagement and well-being, page 232
DIVERSITY AND INCLUSION (PRIORITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 6.3. Diversity and 
inclusion, page 234
GRI 405: Diversity and equal 
opportunity 2016
405-1 Diversity of governance bodies 
and employees
Extra-financial statements: 6.3. Diversity and 
inclusion, page 234
GRI 405: Diversity and equal 
opportunity 2016
405-2 Ratio of basic salary and remu-
neration of women to men
Extra-financial statements: 6.3. Diversity and 
inclusion, page 234
CUSTOMER WELFARE (HIGH MATERIALITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 6.5. Customer 
welfare, page 242
Net Promoter System
Net Promoter Score
Extra-financial statements: 6.5. Customer 
welfare, page 242
CORPORATE CITIZENSHIP (HIGH MATERIALITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 6.6. Corporate 
citizenship, page 243
GRI 413: Local communities 
2016
413-1 Operations with local community 
engagement, impact assessments and 
development programs
Extra-financial statements: 6.6. Corporate 
citizenship, page 243
GRI 413: Local communities 
2016
413-2 Operations with significant actual 
and potential negative impacts on local 
communities
Risk management: Environmental impacts and 
controversies, page 160

EXTRA-FINANCIAL STATEMENTS
258
SOLVAY 2022 ANNUAL INTEGRATED REPORT
HAZARDOUS MATERIALS (HIGH MATERIALITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 6.7. Hazardous 
materials, page 247
GRI 403: Occupational health 
and safety 2018
403-7 Prevention and mitigation of 
occupational health and safety impacts 
directly linked by business relationships
Extra-financial statements: 6.7. Hazardous 
materials, page 247
Extra-financial statements: 6.1. Employee health 
and safety, page 247
Solvay
Safer alternatives for marketed 
products
Extra-financial statements: 6.7. Hazardous 
materials, page 247
CRITICAL INCIDENT RISK MANAGEMENT (HIGH MATERIALITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 6.8. Critical incident 
risk management, page 249
7.4.	 Moderate materiality topics also included in this report
RECRUITMENT, DEVELOPMENT AND RETENTION (MODERATE MATERIALITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 6.4. Recruitment, 
development and retention, page 238
GRI 401: Employment 2016
401-1 New employee hires and 
employee turnover
Extra-financial statements: 6.4. Recruitment, 
development and retention, page 238
GRI 401: Employment 2016
401-2 Benefits provided to full-time 
employees that are not provided to 
temporary or part- time employees 
Extra-financial statements: 6.4. Recruitment, 
development and retention, page 238
GRI 404: Training and education 
2016
404-1 Average hours of training per 
year per employee
Extra-financial statements: 6.4. Recruitment, 
development and retention, page 238
GRI 404: Training and education 
2016
404-2 Programs for upgrading 
employee skills and transition 
assistance programs
Extra-financial statements: 6.4. Recruitment, 
development and retention, page 238
GRI 404: Training and education 
2016
404-3 Percentage of employees 
receiving regular performance and 
career development reviews
Extra-financial statements: 6.4. Recruitment, 
development and retention, page 238
SUPPLY CHAIN AND PROCUREMENT (MODERATE MATERIALITY)
Source
Disclosure
Location 
Omission
GRI 3: Material Topics 2021
3-3 Management of material topics
Extra-financial statements: 3.5. Supply chain and 
procurement, page 199
GRI 308: Supplier Environmental 
Assessment 2016
308-1 New suppliers that were 
screened using environmental criteria
Extra-financial statements: 3.5. Supply chain and 
procurement, page 199
GRI 308: Supplier Environmental 
Assessment 2016
308-2 Negative environmental impacts 
in the supply chain and actions taken
Extra-financial statements: 3.5. Supply chain and 
procurement, page 199
GRI 407: Freedom of Association 
and Collective Bargaining 2016 
 407-1 Operations and suppliers 
in which the right to freedom of 
association and collective bargaining 
may be at risk 
Extra-financial statements: 3.5. Supply chain and 
procurement, page 199
GRI 414: Supplier social 
assessment 2016
414-1 New suppliers that were 
screened using social criteria
Extra-financial statements: 3.5. Supply chain and 
procurement, page 199

FINANCIAL STATEMENTS
259
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Financial statements
TEM
STA
ENTS
FINAN
CI
AL
260	
Consolidated financial 
statements
260	
Main events and changes in the 
consolidation scope 
262	
Consolidated income 
statement	
263	
Consolidated statement of 
comprehensive income
264	
Consolidated statement of cash 
flows
265	
Consolidated cash flows from 
discontinued operations
265	
Consolidated statement of financial 
position
266	
Consolidated statement of changes 
in equity
268	
Notes to the consolidated 
financial statements
268	
IFRS general accounting policies
273	
Critical accounting judgments and 
key sources of estimation uncertainty
274	
Non-IFRS (underlying) metrics
275	
Notes to the consolidated income 
statement
293	
Notes to the consolidated statement 
of comprehensive income
295	
Notes to the consolidated statement 
of cash flows (continuing and 
discontinued operations)
298	
Notes to the consolidated statement 
of financial position
363	
Miscellaneous notes
374	
Summary financial 
statements of Solvay SA
375	
Balance sheet of Solvay SA 
(summary)
376	
Income statement of Solvay SA 
(summary)
376	
Profit available for distribution
 
259

FINANCIAL STATEMENTS
260
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Financial statements
1.	 CONSOLIDATED FINANCIAL STATEMENTS
Solvay (the “Company”) is a public limited liability company governed by Belgian law and listed on Euronext Brussels and Euronext Paris. The principal 
activities of the Company, its subsidiaries, joint operations, joint ventures and associates (jointly the “Group”) are described in note F1 Revenue and 
Segment Information.
On February 22, 2023, the Board of Directors authorized the consolidated financial statements for issuance. 
MAIN EVENTS AND CHANGES IN THE CONSOLIDATION SCOPE
Separation plan
On March 15, 2022, the Group announced its plans to separate into two independent publicly traded companies:
	· Essential Co would comprise leading mono-technology businesses including Soda Ash, Peroxides, Silica and Coatis, which are reported as the 
Company’s Chemicals segment, as well as the Special Chem business. These businesses generated approximately €6 billion in net sales in 2022.
	· Specialty Co would comprise the Company’s currently reported Materials segment, including its high-growth, high-margin Specialty Polymers, its high-
performance Composites business, as well as the majority of its Solutions segment, including Novecare, Technology Solutions, Aroma Performance, 
and Oil & Gas. These businesses combined generated approximately €8 billion in net sales in 2022. 
Each company would have a tailored capital structure that best supports its value creation objectives. Specialty Co would be committed to a strong 
investment-grade rating. The company would have full financial flexibility at the time of separation to fund its growth plan. Essential Co would maintain 
a prudent financial policy to support cash generation. The current investment grade rating of Solvay SA is intended to be preserved until the separation. 
Solvay SA is committed to offer current USD and EUR senior and hybrid bondholders the option to be transferred to Specialty Co in due time. The 
dividend at the outset is intended to be aligned with Solvay’s current level. 
Under the separation plan, Solvay’s shareholders would retain their current shares of Solvay stock, which will continue to be listed on Euronext Brussels 
and Euronext Paris. The separation would be effected by means of a partial demerger of Solvay whereby the specialty businesses will be spun off to 
Specialty Co. Solvay shareholders at the time of separation would receive shares in Specialty Co pro rata to their shareholding in Solvay ­SA. We expect 
the shares of SpecialtyCo to be listed on Euronext Brussels and Euronext Paris. The Company expects to structure the separation in a manner that would 
be tax efficient for a significant majority of shareholders in key jurisdictions. 
The composition of the Boards and management teams, as well as naming for each company, will be provided at a later date. 
The transaction is subject to general market conditions and customary closing conditions, including final approval by Solvay’s Board of Directors, consent 
of certain financing providers and shareholder approval at an extraordinary general meeting, and is expected to be completed in December 2023. The 
Board of Directors of Solvac, Solvay’s long-standing reference shareholder, has confirmed its support of Solvay’s transaction. Refer to Critical Accounting 
Judgments on the accounting treatment of the separation plan. 
Financial implication of energy price volatility
The volatility in gas and electricity prices experienced by the Group can largely be attributed to the conflict in Ukraine, which has impacted the financial 
statements of Solvay in several ways including: 
	· Increased non-core trading revenues (See note F3 Revenue from non-core activities).
	· Substantial fluctuations in the fair value adjustments of energy-related financial assets and liabilities due to the price volatility in gas and electricity. As 
the fair value adjustments are on sale and purchase contracts of energy, they impact both assets and liabilities (See note F32 Financial instruments).
	· Increased raw material and logistics costs (See note F2 Consolidated income statement by nature).
The Group will continue to monitor the inflationary pressure and manage the impacts on the financial statements. 
Portfolio management 
On May 4, 2022, Solvay announced the acquisition of the 20% minority stake of AGC in the Soda Ash Joint Venture operated in Green River, WY, USA, 
building on its leadership position in trona-based soda ash production. At a cash purchase price of US$ 120 million, this transaction will be significantly 
value accretive to Solvay, with a post-tax cash return on capital in excess of 15%. The transaction was completed on May 4, 2022.

FINANCIAL STATEMENTS
261
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Senior Bonds
On September 1, 2022, Solvay decided to exercise its residual maturity call option on the 2022 €-senior bonds 1.625%, ISIN BE6282459609 (outstanding 
of €377.5 million out of the initial amount of €750 million). The exercise was implemented in accordance with the terms and conditions of the related 
prospectus.
On November 22, 2022, Solvay delivered a notice of early redemption in full to holders of Cytec’s US$ 3.50% senior notes due 2023 guaranteed by Solvay 
with ISIN / CUSIP US23282AJ97 / 232820AJ9 in an outstanding principal amount of US$ 196 million. The redemption was implemented in accordance 
with the terms and conditions of the bonds. The redemption date was January 1, 2023, however, Solvay was discharged from its liability by the paying 
agent on December 30, 2022, when the paying agent received the funds.
CO2 emission rights 
Management practices related to hedging of CO2 exposure were changed in the period, in view of both increased volatility in energy and CO2 markets 
and the plan to separate Solvay SA into two independent groups. Consequently, the Group has reconsidered the conditions of the own use exemption 
and accordingly the related portfolio of CO2 emission rights has been accounted for in accordance with the general requirements of IFRS 9 Financial 
Instruments (IFRS 9) at fair value through profit or loss, and a profit of €322 million was recognized in “other operating gains and losses”. As of July 1, 
2022, the related portfolio of CO2 emission rights has been designated as hedging instruments in a cash flow hedge relationship. (See note F4 Other 
Operating Gains and Losses and F32.B Financial Instruments)

FINANCIAL STATEMENTS
262
SOLVAY 2022 ANNUAL INTEGRATED REPORT
CONSOLIDATED INCOME STATEMENT 
In € million
Notes
2022
2021
Sales 
(F1) 
16,071
11,434
 of which revenue from non-core activities
(F3)
2,645
1,330
 of which net sales
 
13,426
10,105
Cost of goods sold
 
-12,042
-8,508
Gross margin
 
4,029
2,926
Commercial costs
 
-317
-287
Administrative costs
 
-1,088
-946
Research and development costs 
 
-357
-325
Other operating gains and (losses)
(F4)
171
-80
Earnings from associates and joint ventures
(F23)
171
158
Results from portfolio management and major restructuring
(F5)
-105
-133
Results from legacy remediation and major litigations
(F5)
-283
-123
EBIT
 
2,221
1,190
Cost of borrowings 
(F6)
-118
-107
Interest on loans and short term deposits
(F6)
17
9
Other gains and (losses) on net indebtedness
(F6)
3
-4
Cost of discounting provisions
(F6)
40
1
Result from equity instruments measured at fair value
 
-13
6
Profit/(loss) for the year before taxes
 
2,151
1,094
Income taxes
(F7)
-217
-110
Profit/(loss) for the year from continuing operations
 
1,934
985
Profit for the year from discontinued operations
(F8)
0
5
Profit/(loss) for the year
 
1,934
989
attributable to:
 
 
- Solvay share
 
1,905
948
- non-controlling interests
 
29
41
Basic earnings per share from continuing operations (€)
 
18.36
9.11
Basic earnings per share from discontinued operations (€)
 
0.00
0.04
Basic earnings per share (€)
(F9)
18.37
9.15
Diluted earnings per share from continuing operations (€)
 
18.29
9.09
Diluted earnings per share from discontinued operations (€)
 
0.00
0.04
Diluted earnings per share (€)
(F9)
18.30
9.13

FINANCIAL STATEMENTS
263
SOLVAY 2022 ANNUAL INTEGRATED REPORT
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
In € million
Notes
2022
2021
Profit/(loss) for the year
 
1,934
989
Other comprehensive income
 
Gains and (losses) on hedging instruments in a cash flow hedge
(F10)
80
-16
Currency translation differences - Subsidiaries and joint operations
(F10)
284
487
Share of other comprehensive income of associates and joint ventures
(F10)
21
29
Recyclable components
 
384
500
Gains and (losses) on equity instruments measured at fair value through other comprehensive income
(F10)
-25
33
Remeasurements of the net defined benefit liability
(F10)
155
562
Share of other comprehensive income of associates and joint ventures
(F10)
0
0
Non-recyclable components
 
130
594
Income tax relating to recyclable and non-recyclable components
(F10)
-67
-78
Other comprehensive income/(loss), net of related tax effects
(F10)
447
1,017
Comprehensive income/(loss) for the year
 
2,382
2,006
attributable to:
 
- Solvay share
 
2,351
1,956
- non-controlling interests
 
30
50

FINANCIAL STATEMENTS
264
SOLVAY 2022 ANNUAL INTEGRATED REPORT
CONSOLIDATED STATEMENT OF CASH FLOWS
The amounts below include both continuing and discontinued operations.
In € million
Notes
2022
2021
Profit/(loss) for the year
 
1,934
989
Adjustments to profit / (loss) for the year
 
 
- Depreciation, amortization and impairments
(F11)
923
849
- Earnings from associates and joint ventures
(F23)
-171
-158
- Other non-operating and non-cash items
(F12)
43
-113
- Additions and reversals of provisions
(F15)
336
464
- Net financial charges
 
69
94
- Income tax expense/income
(F13)
217
110
Changes in working capital
(F14)
-576
-92
Use of provisions
(F15)
-328
-303
Use of provisions for additional voluntary contributions (pension plans)
(F15)
-155
-236
Dividends received from associates and joint ventures
(F23)
19
129
Income taxes paid (excluding income taxes paid on sale of investments)
(F13)
-305
-233
Cash flow from operating activities
 
2,006
1,499
of which cash flow related to internal portfolio management and excluded from Free Cash Flow
 
-67
-7
Acquisition (-) of subsidiaries
(F16)
0
-22
Acquisition (-) of investments - Other
(F16)
-14
-22
Loans to associates and non-consolidated companies
 
-23
4
Sale (+) of subsidiaries and investments
(F16)
94
169
Acquisition (-) of property, plant and equipment
(F16)
-815
-561
Acquisition (-) of intangible assets
(F16)
-94
-75
Sale (+) of property, plant and equipment and intangible assets
(F16)
21
30
of which cash flow related to the sale of real estate in the context of restructuring/dismantling/reme-
diation
 
11
15
Dividends from equity instruments measured at fair value
 
2
5
Changes in non-current financial assets
 
0
2
Cash flow from investing activities
 
-831
-470
Acquisition (-) / sale (+) of treasury shares
(F30)
7
42
Increase in borrowings
(F33)
248
248
Repayment of borrowings
(F33)
-796
-614
Changes in other financial assets
(F33)
27
-130
Payment of lease liabilities
(F33)
-113
-99
Net interests paid
 
-62
-95
Coupons paid on perpetual hybrid bonds
(F28)
-82
-75
Dividends paid
 
-417
-431
Acquisition of non controlling interests
 
-117
0
Other
(F17)
112
50
Cash flow from financing activities
 
-1,191
-1,104
of which increase/decrease of borrowings related to environmental remediation
 
0
0
Net change in cash and cash equivalents
 
-15
-76
Currency translation differences
 
7
7
Opening cash balance
 
941
1,009
Closing cash balance
(F33)
932
941

FINANCIAL STATEMENTS
265
SOLVAY 2022 ANNUAL INTEGRATED REPORT
CONSOLIDATED CASH FLOWS FROM DISCONTINUED OPERATIONS
In € million
2022
2021
Cash flow from operating activities
 
0
-12
Net change in cash and cash equivalents
 
0
-12
See Note F18 Cash flow from Discontinued Operations
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In € million
Notes
December 31, 2022
December 31, 2021
ASSETS
 
 
 
Intangible assets
(F19)
2,048
2,103
Goodwill
(F20, F24)
3,472
3,379
Property, plant and equipment
(F21)
5,311
4,943
Right-of-use assets
(F22)
474
466
Equity instruments measured at fair value
(F32)
71
114
Investments in associates and joint ventures
(F23)
809
637
Other investments
 
37
42
Deferred tax assets
(F7)
932
779
Loans and other assets
(F32)
466
724
Other financial instruments
(F33)
30
30
Non-current assets
 
13,651
13,216
Inventories
(F25)
2,109
1,745
Trade receivables
(F32)
2,026
1,805
Income tax receivables
 
108
109
Other financial instruments
(F33)
206
229
Other receivables
(F26)
1,629
2,004
Cash and cash equivalents
(F33)
932
941
Current assets
 
7,010
6,833
Total assets
 
20,661
20,049
EQUITY & LIABILITIES
 
 
Share capital
(F28)
1,588
1,588
Share premiums 
 
1,170
1,170
Other reserves
 
7,846
5,982
Non-controlling interests
(F29)
61
112
Total equity
 
10,664
8,851
Provisions for employee benefits
(F31)
1,057
1,574
Other provisions
(F31)
743
724
Deferred tax liabilities
(F7)
558
462
Financial debt
(F33)
2,450
2,576
Other liabilities
 
303
331
Non-current liabilities
 
5,111
5,666
Other provisions
(F31)
297
302
Financial debt
(F33)
510
773
Trade payables
(F32)
2,296
2,131
Income tax payables
 
119
115
Dividends payables
 
165
160
Other liabilities
(F34)
1,499
2,051
Current liabilities
 
4,885
5,531
Total equity and liabilities
 
20,661
20,049

FINANCIAL STATEMENTS
266
SOLVAY 2022 ANNUAL INTEGRATED REPORT
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
 
Equity attributable to equity holders of the parent
In € million
Notes 
Share capital
Share premiums 
Treasury shares
Perpetual hybrid  
bonds
December 31, 2020
 
1,588
1,170
-286
1,786
Profit for the year
 
 
 
 
 
Items of other comprehensive income
(F10)
 
 
 
 
Comprehensive income
 
 
 
 
 
Cost of share based payment plans
 
 
 
 
Dividends
 
 
 
 
Coupons of perpetual hybrid bonds
 
 
 
 
 
Acquisition (-) / sale (+) of treasury shares
 
 
 
54
 
Other
 
 
 
 
 
December 31, 2021
 
1,588
1,170
-232
1,786
Profit for the year
 
 
 
 
 
Items of other comprehensive income
(F10)
 
 
 
 
Comprehensive income
 
 
 
 
 
Cost of share based payment plans
 
 
 
 
 
Dividends
 
 
 
 
 
Coupons of perpetual hybrid bonds
 
 
 
 
 
Acquisition (-) / sale (+) of treasury shares
 
 
 
7
 
Other
 
 
 
 
 
December 31, 2022
 
1,588
1,170
-225
1,786

FINANCIAL STATEMENTS
267
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Equity attributable to equity holders of the parent
Revaluation reserve (fair value)
Retained 
earnings
Currency 
translation 
differences
Equity instruments 
measured at fair 
value through other 
comprehensive income
Cash flow 
hedges
Defined bene-
fit pension plan
Total other 
reserves
Non-controlling 
interests
Total 
equity
4,985
-1,153
12
14
-919
4,439
106
7,304
948
 
 
 
 
948
41
989
 
508
25
-11
486
1,008
9
1,017
948
508
25
-11
486
1,956
50
2,006
8
 
 
 
 
8
 
8
-389
 
 
 
 
-389
-43
-432
-75
 
 
 
 
-75
 
-75
-12
 
 
 
 
42
 
42
2
0
-14
0
12
1
-2
-1
5,467
-645
23
3
-421
5,982
112
8,851
1,905
 
 
 
 
1,905
29
1,934
304
-19
73
88
446
2
447
1,905
304
-19
73
88
2,351
30
2,382
14
 
 
 
 
14
 
14
-403
 
 
 
 
-403
-18
-421
-82
 
 
 
 
-82
 
-82
 
 
 
 
7
 
7
-48
23
0
0
1
-24
-63
-87
6,854
-318
4
76
-332
7,846
61
10,664

FINANCIAL STATEMENTS
268
SOLVAY 2022 ANNUAL INTEGRATED REPORT
2.	 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
IFRS GENERAL ACCOUNTING POLICIES
1.	Basis of preparation
This information was prepared in accordance with European Regulation (EC) 1606/2002 on the application of international accounting standards dated 
July 19, 2002. The Group’s consolidated financial statements for the year ended December 31, 2022 were prepared in accordance with IFRS (International 
Financial Reporting Standards) as published by the International Accounting Standards Board (IASB), and endorsed by the European Union.
The accounting standards applied in the consolidated financial statements for the year ended December 31, 2022 are consistent with those used 
to prepare the consolidated financial statements for the year ended December 31, 2021. The Group has not early adopted any other standards, 
interpretations or amendments that have been issued but is not yet effective.
Standards, interpretations and amendments applicable for the first time in 2022
Below are the standards, interpretations and amendments that became effective as of January 1, 2022 and which are relevant to the Group.
Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37
The amendments specify that when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a 
contract to provide goods or services including both incremental costs (e.g., the costs of direct labor and materials) and an allocation of costs directly 
related to contract activities (e.g., depreciation of equipment used to fulfill the contract and costs of contract management and supervision). General and 
administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The 
application of the amendment did not have more than an insignificant impact on the Group’s consolidated financial statements.
Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 
The amendment prohibits entities from deducting from the cost of an item of property, plant and equipment, any proceeds of the sale of items produced 
while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an 
entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. The application of the amendment did 
not have more than an insignificant impact on the Group’s consolidated financial statements.
IFRS 9 Financial Instruments – Fees in the ’10 per cent’ test for derecognition of financial liabilities
The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially 
different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including 
fees paid or received by either the borrower or lender on the other’s behalf. The application of the amendment did not have more than an insignificant 
impact on the Group’s consolidated financial statements.
In addition to the standards, interpretations and amendments mentioned above, no other standards, interpretations, or amendments applicable for the 
first time in 2022 had more than an insignificant impact on the Group’s consolidated financial statements.
Standards, interpretations and amendments applicable for the first time in 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12 (the “Amendment”). In May 2021, the IASB 
issued the Amendment, which narrowed the scope of the initial recognition exception under IAS 12, so that it no longer applies to transactions that give 
rise to equal taxable and deductible temporary differences. The Amendment should be applied to transactions that occur on or after the beginning of 
the earliest comparative period presented. In addition, at the beginning of the earliest comparative period presented, a deferred tax asset (provided that 
sufficient taxable profit is available) and a deferred tax liability are also recognized for all deductible and taxable temporary differences associated with 
leases and decommissioning obligations. The application of the Amendment is not expected to have more than an insignificant impact on the Group’s 
consolidated financial statements.
Standards, interpretations and amendments applicable for the first time after 2023 
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements 
and which may have an impact on the Group are disclosed below. The Group intends to adopt these new and amended standards and interpretations, 
if applicable, when they become effective.
On September 22, 2022, the IASB issued Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) with amendments that clarify how a seller-
lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. The amendments 
are effective for annual periods beginning on or after January 1, 2024, but are not yet endorsed in the EU. The Group is currently assessing the impact 
the amendments will have on the current accounting practices.

FINANCIAL STATEMENTS
269
SOLVAY 2022 ANNUAL INTEGRATED REPORT
On January 23, 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1) providing a more general approach 
to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date. The amendments aim to promote 
consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with 
an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments were 
originally effective for annual reporting periods beginning on or after January 1, 2022, however, their effective date has been delayed to January 1, 2024 
or later, but is not yet endorsed in the EU. The Group is currently assessing the impact the amendments will have on current practice and whether existing 
loan agreements may require reclassification.
2.	Basis of measurement and presentation
The consolidated financial statements are presented in millions of euros, which is also the functional currency of the parent company.
The preparation of the consolidated financial statements requires the use of estimates and assumptions that have an impact on the application of 
accounting policies and the measurement of amounts recognized in the consolidated financial statements. The areas for which the estimates and 
assumptions are material with respect to the consolidated financial statements are presented in the section Critical accounting judgments and Key 
sources of estimation uncertainty.
3.	Principles of consolidation
3.1. Consolidation scope
3.1.1. General
The consolidated financial statements incorporate the financial statements of the Company, and:
	· entities controlled by the Company (including through its subsidiaries) and that hence qualify as subsidiaries (see 3.1.2. below);
	· arrangements over which the Company (including through its subsidiaries) exercises joint control, and that qualify as joint operations (see 3.1.3. below);
	· arrangements over which the Company (including through its subsidiaries) exercises joint control, and that qualify as joint ventures (see 3.1.4. below);
	· entities over which the Company (including through its subsidiaries) has significant influence and that hence qualify as associates (see 3.1.4. below).
Where necessary, adjustments are made to the financial statements of the investees so as to align their accounting policies with those of the Group.
In accordance with the principle of materiality, certain companies, which are not of a significant size, have not been included in the consolidation scope. 
Companies are deemed not to be significant when, during two consecutive years, they do not exceed any of the three following thresholds in terms of 
their contribution to the Group’s accounts:
	· sales of € 30 million;
	· total assets of € 15 million;
	· headcount of 150 persons.
Companies that do not meet these criteria are, nevertheless, consolidated where the Group believes that they have a potential for rapid development, 
or where they hold shares in other companies that are consolidated based on the above criteria.
In the aggregate, the non-consolidated companies have an immaterial impact on the consolidated financial statements of the Group.
The full list of companies can be obtained at the Company’s head office.
3.1.2. Investments in subsidiaries
A subsidiary is an entity over which the Group has control. Control is achieved when the Group has (a) power over an investee, (b) exposure, or rights, to 
variable returns from its involvement with the investee, and (c) the ability to use its power over the investee to affect the amount of the investor’s returns. 
To assess whether the Group has control, potential voting rights are taken into account. Subsidiaries are fully consolidated. The results of subsidiaries 
acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition and up to the effective 
date of disposal.
Intra-group transactions, balances, income and expenses are eliminated on consolidation.
Non-controlling interests in subsidiaries are presented separately from the Group’s equity. Non-controlling interests are initially measured, either at fair 
value (full goodwill method), or at the non-controlling interests’ proportionate share in the recognized amounts of the acquiree’s identifiable net assets 
(proportionate goodwill method). The choice of measurement is made on an acquisition-by-acquisition basis. Subsequent to the acquisition, the carrying 
amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes 
in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.
Changes in the Group’s equity interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. The carrying amounts 
of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference 
between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly 
in equity.

FINANCIAL STATEMENTS
270
SOLVAY 2022 ANNUAL INTEGRATED REPORT
When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of 
the consideration received and the fair value of any retained interest, and (ii) the previous carrying amount of the assets (including goodwill) and liabilities 
of the subsidiary and any non-controlling interests. Amounts previously recognized in other comprehensive income in relation to the subsidiary are 
accounted for (i.e. Reclassified to profit or loss or transferred directly to retained earnings) in the same manner as would be required if the relevant assets 
or liabilities were disposed of. The fair value of any investment retained in the former subsidiary at the date when control is lost is considered to be the 
fair value on initial recognition for subsequent accounting in accordance with IFRS 9 or, when applicable, the cost on initial recognition of an investment 
in an associate or joint venture in accordance with IAS 28 Investments in Associates and Joint Ventures.
3.1.3. Investments in joint operations
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the 
liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions 
about relevant activities require the unanimous consent of the parties sharing control. In its consolidated financial statements, the Group recognizes 
its contractual share of the joint operations’ assets, liabilities, revenue and expenses, which is generally aligned with the ownership interest in the joint 
operations.
3.1.4. Investments in associates and joint ventures
An associate is an entity over which the Group has significant influence and that is neither a subsidiary, nor an interest in a joint arrangement. Significant 
influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. 
Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about relevant activities require the 
unanimous consent of the parties sharing control.
The results, assets and liabilities of associates and joint ventures are incorporated in the consolidated financial statements using the equity method of 
accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held 
for Sale and Discontinued Operations. Under the equity method, on initial recognition, investments in associates and joint ventures are recognized in 
the consolidated statement of financial position at cost, and the carrying amount is adjusted for post-acquisition changes in the Group’s share of the net 
assets of the associate or joint venture, less any impairment of the value of individual investments. Losses of an associate or joint venture in excess of the 
Group’s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group’s net investment in the 
associate or joint venture) are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf 
of the associate or joint venture.
Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets and (contingent) liabilities of the associate or 
joint venture recognized at the date of acquisition is goodwill. The goodwill is included within the carrying amount of the investment and is assessed for 
impairment as part of that investment. 
Where a Group entity transacts with an associate or joint venture of the Group, profits and losses are eliminated to the extent of the Group’s interest in 
the relevant associate or joint venture.
After application of the equity method, the Group reviews its investments in associates and joint ventures for impairment. At each reporting date, the 
Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the 
Group performs its analysis and calculates any impairment as the difference between the recoverable amount of the associate or joint venture and its 
carrying value, and then recognizes the loss in the consolidated income statement.
4.	Foreign currencies
The individual financial statements of each Group entity are prepared in the currency of the primary economic environment in which the entity operates 
(its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each Group entity are expressed 
in euros (EUR), which is the presentation currency of the Group’s consolidated financial statements.
In preparing the financial statements of the individual entities, transactions in currencies other than the entities’ functional currency are recognized at the 
exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are 
translated at the closing rate. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rate when the fair 
value was measured. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at 
the date of the initial transactions.
Exchange differences are recognized in profit or loss in the period in which they arise except for:
	· exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur 
in the foreseeable future (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive 
income under “currency translation differences”; and
	· exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note F32 Financial instruments and financial risk 
management for hedge accounting policies).

FINANCIAL STATEMENTS
271
SOLVAY 2022 ANNUAL INTEGRATED REPORT
The main exchange rates used are:
Year-end rate
Average rate
1 Euro =
December 31, 2022
December 31, 2021
2022
2021
Brazilian Real
BRL
5.6354
6.3089
5.4391
6.3778
Yuan Renminbi
CNY
7.4199
7.2188
7.0781
7.6275
Pound Sterling
GBP
0.8870
0.8401
0.8526
0.8596
Indian Rupee
INR
88.3019
84.1963
82.6910
87.4271
Japanese Yen
JPY
140.7248
130.4077
138.0176
129.8783
Korean Won
KRW
1,349.6641
1,346.4377
1,357.2278
1,353.6608
Mexican Peso
MXN
20.8811
23.1537
21.1921
23.9889
Russian Ruble
RUB
77.9167
85.3452
73.7161
87.1511
US Dollar
USD
1.0674
1.1327
1.0531
1.1827
5.	Government grants
Government grants are not recognized until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the 
grants will be received.
Government grants relating to the purchase of property, plant and equipment are deducted from the cost of those assets. They are recognized in the 
consolidated statement of financial position at their expected value at the moment of initial recognition. The grant is recognized in profit or loss over the 
depreciation period of the underlying assets as a reduction of depreciation expense.
Other government grants are recognized as income on a systematic basis over the periods in which the related costs, which they are intended to 
compensate, are recognized. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving 
immediate financial support to the Group with no future related costs are recognized in profit or loss in the period in which they become receivable.
6.	Climate Change
In preparing the consolidated financial statements, management has considered the impacts of climate change, particularly in the context of the 
disclosures included in the Risk Report and Extra-financial Statements and the Group’s progression towards the ambitious 2030 goals to reduce scope 1 
and 2 greenhouse gas emissions from our operations by 30%, an annual pace aligned with the Paris Agreement objectives, and to phase-out the use of 
coal for energy where renewable alternatives exist. 
In October 2021, the Group also published its ambitions to become carbon neutral by 2040 for all businesses except Soda Ash, which is targeted to be 
carbon neutral by 2050.
Solvay plans to invest up to €1 billion to reach carbon neutrality by 2040 for all its businesses other than Soda Ash with an additional investment of 
approximately €1 billion identified for Soda Ash to pave its path towards full carbon neutrality for the Group before 2050. These investments will be 
partially supported by non-recourse financing and government subsidies, enabling Solvay to also continue to invest in its growth initiatives. Further 
studies on technology innovation will determine the future investment needs beyond 2040. 
Since 2015 the Group has adopted an internal carbon price and it has imputed that as an input cost into all investment decisions, irrespective of prevailing 
market prices. The internal cost was originally set at €25 per metric ton in 2015, and was doubled to €50 in 2019. In 2021 it was then decided to be raised 
to €100 per metric ton of CO2 with implementation in 2022. This approach ensures that all investments contribute positively to the resilience of the Group 
in the face of climate change risk and are also oriented towards achieving carbon neutrality.

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
In addition to the strategic direction, policies and commitments, it is important to note that Solvay is taking concrete actions aligned with its climate 
change commitments. These are extensively developed in the Sustainability Report. As an example of the Group’s commitment to phase out of coal in 
the Soda Ash business, several projects were initiated comprising:
	· The construction of two waste-wood boilers accounted for as finance leases in Rheinberg, Germany; the first of the two boilers was commissioned in 
2021..
	· In Devnya, Bulgaria, a variety of renewable sources including sunflower husk pellets will be used to power production processes at our largest soda ash 
European site and reduce emissions related to energy production by 20%.
	· Already equipped with a waste to energy power plant since 2006, we recently invested a further €48 million to modernize our gas cogeneration unit in 
Bernburg, Germany, to maintain our low CO2 footprint at the site. 
	· In Italy an energy-efficient gas turbine was built at our Rosignano site. By implementing a cogeneration system that combines heat and power 
generation processes, we were able to keep up standard production capacity with less energy required, lowering the site’s CO2 emissions by 40%.
	· In Green River, Wyoming, USA, our calciners and boilers are switching from coal to gas, a readily-available local resource, which saves 280 kilotons of 
CO2 per year. This is in addition to the new project Solvay launched to deploy a new breakthrough technology that will abate greenhouse gas emissions 
originating from Trona mining operations. This will reduce the site’s greenhouse gas emissions by 28% while growing its capacity. It will also make 
Solvay the first company to implement regenerative thermal oxidation technology to cut emissions from a trona mine.
	· An equity investment at the Dombasle, France, site of which Solvay has a 10% share. The project is valued at approximately €225 million and is financed 
largely through non-recourse debt executed in February 2022 and government subsidies. Included in the investment are two refuse derived fuel boilers.
When such investments are made, the Group verifies the useful life of the assets that are replaced and adjusts the estimated useful life if necessary. For 
2022, no material revisions were needed and there is no indication that any material amounts of existing assets would be impaired as a result of the 
investment plans in other fuel types in the future. 
The Group is also actively working on sourcing its energy needs from more environmentally friendly resources including long-term renewable energy 
generation solutions both onsite and offsite at certain facilities. These include long-term solar and wind power purchase agreements generally accounted 
for as executory own use contracts. In addition, the Group has entered into long-term contracts to purchase Renewable Energy Certificates, which will 
cover almost one quarter of the electricity purchased and consumed in the United States. The latter are recorded in operating expenses.
Management has also considered the impact of climate change in making some key estimates within the consolidated financial statements, including the 
execution of the Solvay One Planet strategy, which is included in the budgets, mid-term plan and long-term forecasts, which are used to:
	· estimate future cash flows used in impairment assessments of the carrying value of non-current assets (such as intangible assets and goodwill) (see 
Note F24 Impairment);
	· estimate future profitability used in the assessment of the recoverability of deferred tax assets (see Note F7.C. Deferred taxes in the consolidated 
statement of financial position), provisions, etc.; 
	· estimate the long-term accounting assumptions, including CO2 emission rights and energy prices for the energy intensive Soda Ash GBU.
The Group’s CO2 emission rights and energy prices (gas/electricity/coal) are an important element of the cost structure, especially for the Soda Ash 
business. The Group has hedged a significant portion of its expected use through 2030. The hedges were taken into consideration in the goodwill 
impairment test performed and the long-term assumptions considered the higher capex required by the energy transition of the business after the 
hedged period. Considering the significant headroom on the Soda Ash CGU, no sensitivity is provided. See Note F24 Impairment. 
The same exercise was done for the other cash generating units and management believes there are no realistic scenarios regarding climate change 
today, which would lead to an impairment of these assets. 
In summary, the Group’s climate change considerations mentioned above did not have a material impact on the financial reporting judgments and 
estimates during the year. Further, the Group concludes that the climate change risk does not impact the going concern assessment for December 2022. 
Additional information can be found in Notes F21 Property, Plant and Equipment, F22 Right-of Use Assets and Lease Obligations and F25 Inventories.

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CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION 
UNCERTAINTY
1. Critical accounting judgments
On March 15, 2022, the Group announced its plan to separate into two independent publicly traded companies, Essential Co and Specialty Co. The 
separation would be effected by means of a partial demerger of Solvay whereby the specialty businesses will be spun off to Specialty Co. 
While the Group is actively taking steps to prepare for the partial demerger and anticipates that the transaction will be completed in December 2023, the 
Group considers the specialty businesses to not meet the criteria under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (IFRS 5) 
to be classified as discontinued operations at December 31, 2022. 
This judgment is taken on the basis that the consent of certain financing providers and the approval of the shareholders has not yet been obtained. These 
approvals are anticipated to occur in the course of 2023. Management will further assess the criteria at each reporting period. 
No other critical accounting judgments have been identified for the year ended December 31, 2022.
2. Key sources of estimation uncertainty
Impairment
The Group performs annual impairment tests on (groups of) CGUs to which goodwill has been allocated, and each time there are indicators that their 
carrying amount might be higher than their recoverable amount. This analysis requires management to estimate the future cash flows expected to be 
generated by the CGUs and a suitable discount rate in order to calculate present value. The recoverable amount is highly sensitive to discount and 
growth rates. 
Further details are provided in note F20 Goodwill and Business Combinations and F24 Impairment.
Deferred tax assets
Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profits will be available against which the losses can 
be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely 
timing and the level of future taxable profits.
The Group has €5,203 million (2021: €6,050 million) of tax losses carried forward for which no deferred tax assets were recognized. These losses relate 
to subsidiaries that have a history of losses, do not expire, and may not be used to offset taxable income elsewhere in the Group. The subsidiaries do 
not have any taxable temporary differences that could partly support the recognition of these losses as deferred tax assets. On this basis, the Group has 
determined that it cannot recognize deferred tax assets on these tax losses carried forward.
Further details are provided in Note F7.C. Deferred taxes in the consolidated statement of financial position and F7.D Other Information.
Defined benefit obligations - General
The actuarial assumptions used in determining the defined benefit obligations at December 31 as well as the annual cost can be found in note F31.A. 
Provisions for employee benefits. All main employee benefits plans are assessed annually by independent actuaries. Discount rates and inflation rates 
are defined centrally by management. The other assumptions (such as future salary increases and expected rates of medical care cost increases) are 
defined at a local level. All plans are supervised by the Group’s central Human Resources department with the help of a central actuary to check the 
reasonableness of the results and ensure consistency in reporting. All assumptions are reviewed at each reporting date.
Further details are provided in note F31.A. Provisions for employee benefits.
Environmental provisions
Environmental provisions are managed and coordinated jointly by the Environmental Rehabilitation department and the Finance department. In case of 
environmental impacts stemming from historical production activities, generally, no provision is recognized for remediation works beyond the 20 years 
due to the inherent high level of uncertainty as to the timing and amount.
The forecasts of expenses are discounted to their present value. The discount rates fixed by geographical area correspond to the average risk-free rate 
on 10-year government bonds or the inflation rate if higher. These rates are set annually by the Finance Department and can be revised based on the 
evolution of economic parameters of the country involved. To reflect the passage of time, the provisions are increased each year at the discount rates 
described above.
Further details are provided in note F31.B. Provisions other than for employee benefits.

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Provisions for litigations
Any significant litigations (post M&A and other, including threat of litigation) are reviewed by Solvay’s in-house lawyers with the support, when appropriate, 
of external counsels at least every quarter together with the Finance and Insurance Departments. This review includes an assessment of the need to 
recognize provisions, disclose contingent liabilities and/or contingent assets. 
Further details are provided in note F31.B. Provisions other than for employee benefits and F36 Contingent assets, liabilities and financial guarantees.
Leases – Identifying whether a contract includes a lease
The Group enters into various contracts to obtain goods and services. Determining whether those contracts include a lease requires judgment. Elements 
that are considered include assessing whether or not there is an identified asset. To make the determination the Group considers whether or not it has 
the right to obtain substantially all of the economic benefit of the asset(s) throughout the period of use. Additionally, the Group assesses the extent of 
its decision-making rights and the existence of any substantive substitution rights. All facts and circumstances relevant to the assessment are considered 
and the identification of a lease is determined with the support of the departments that have the relevant knowledge, and which mainly includes the 
GBU management. Refer to note F22 Right-of-use assets and lease obligations for the leases that were identified by the Group and accounted for in 
accordance with IFRS 16 Leases.
Leases – Assessment of lease term
Determining the lease term requires judgment. Elements that are considered include assessing the probability that early termination options or extension 
options will be exercised. All facts and circumstances relevant to the assessment are considered, and the main ones have been described in note F22 
Right-of-use assets and lease obligations. Lease terms are determined with the support of the departments that have the relevant knowledge, and that 
mainly includes the Purchasing department, and the Facilities department.
NON-IFRS (UNDERLYING) METRICS
In addition to IFRS accounts, Solvay also presents alternative performance indicators to provide a more consistent and comparable indication of the 
Group’s underlying financial performance and financial position, as well as cash flows. These indicators provide a balanced view of the Group’s operations 
and are considered useful to investors, analysts and credit rating agencies as these measures provide relevant information on the Group’s past or future 
performance, position or cash flows. These indicators are generally used in the sector it operates in and therefore serve as a useful aid for investors to 
compare the Group’s performance with its peers.See Glossary for definitions of adjustments (IFRS vs Underlying metrics) and Business Review for more 
information and reconciliation with IFRS figures.

FINANCIAL STATEMENTS
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTES TO THE CONSOLIDATED INCOME STATEMENT
Preliminary comment: consistent with the presentation in the consolidated income statement, the notes to the consolidated income statement as 
presented hereafter do not include the consolidated income statement impacts from discontinued operations that are presented on a separate line. 
Those are disclosed in note F8 Discontinued operations. 
NOTE F1 
REVENUE AND SEGMENT INFORMATION
Accounting policy
IFRS 15 establishes a five-step model to account for revenue arising from contracts with customers:
	· Identify the contract,
	· Identify the performance obligations,
	· Determine the transaction price,
	· Allocate the transaction price to the performance obligations in the contract, and
	· Recognize revenue when or as the Group satisfies a performance obligation.
Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for 
transferring goods or services to a customer. 
Sale of goods: Contracts can be short term (including based only on a purchase order) or long term, some have minimum off-take requirements. 
As the Group is in the business of selling advanced materials and specialty chemicals, contracts with customers generally concern the sale of 
goods. As a result, revenue recognition generally occurs at a point in time when control of the chemicals is transferred to the customer, generally 
on delivery of the goods.
Distinct elements: a good or service that is promised to a customer is distinct if both of the following criteria are met: (a) the customer can benefit 
from the good or service either on its own or together with other resources that are readily available to the customer (i.e. The good or service 
is capable of being distinct); and (b) the Group’s promise to transfer the good or service to the customer is separately identifiable from other 
promises in the contract (i.e. The promise to transfer the good or service is distinct within the context of the contract).
The revenue of the Group consists mainly of sales of chemicals, which qualify as separate performance obligations. Value-added services – mainly 
customer assistance services – corresponding to Solvay’s know-how are rendered predominantly over the period that the corresponding goods 
are sold to the customer. 
Variable consideration: some contracts with customers provide trade discounts or volume rebates. Trade discounts and volume rebates give rise 
to variable consideration under IFRS 15, and are required to be estimated at contract inception and subsequently at each reporting date. IFRS 15 
requires the estimated variable consideration to be constrained to prevent overstatement of revenue. 
Moment of recognition of revenue: revenue is recognized when (or as) the Group satisfies a performance obligation by transferring a promised 
good or service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset. Substantially all revenue 
stems from performance obligations satisfied at a point in time, i.e. The sale of goods. Revenue recognition for those takes into account the 
following:
	· The Group has a present right to payment for the asset;
	· The customer has legal title to the asset;
	· The Group has transferred physical possession of the asset;
	· The customer has the significant risks and rewards of ownership of the asset (in this respect, incoterms are considered); and
	· The customer has accepted the asset.
Products sold to customers generally cannot be returned, other than for performance deficiencies. Customer acceptance clauses are in many 
cases a formality that would not affect the Group’s determination of when the customer has obtained control of the goods. Revenue from services 
is recognized in the period those services have been rendered.
The Group sells its chemicals to its customers, (a) directly, (b) through distributors, and (c) with the assistance of agents. When the Group delivers a 
product to distributors for sale to end customers, the Group evaluates whether that distributor has obtained control of the product at that point in 
time. No revenue is recognized upon delivery of a product to a customer or distributor if the delivered product is held on consignment. Indicators 
of consignment inventory include:
	· The product is controlled by the Group until a specified event occurs, such as the sale of the product to a customer of the distributor or until a 
specified period expires;
	· The Group is able to require the return of the product or transfer the product to a third party (such as another distributor); and

FINANCIAL STATEMENTS
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
	· The distributor does not have an unconditional obligation to pay for the product (although he might be required to pay a deposit).
	· Agents facilitate sales and do not purchase and resell the goods to the end customer. 
Warranties: warranties provide a customer with assurance that the related product will function as the parties intended because it complies 
with agreed-upon specifications. Substantially all warranties do not provide the customer with a service in addition to the assurance that the 
product complies with agreed-upon specifications, and are hence accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and 
Contingent Assets. 
Licensing: In case of performance obligations relation to licensing intellectual property (IP), the Group assesses if it grants a right to access the IP 
as it exists throughout the license period or a right to use the IP as it exists at the point in time at which the license is granted. If the performance 
obligation is to grant a right to access, then the related revenue is recognized over the license period; otherwise, it is recognized at a point in time, 
i.e. when the license period starts or when the customer starts using the IP. The Group assesses if the license provided can be considered as being 
distinct in the context of the contract. If not, the license will have to be bundled with other goods or services provided in the contract. Currently 
the Group grants a right to use IP, which means that revenue recognition occurs at a point in time.
An Operating Segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, 
whose operating results are regularly reviewed by the entity’s chief operating decision maker and for which discrete financial information is 
available. Solvay’s chief operating decision maker is the Chief Executive Officer.
General
Solvay is organized into four Operating Segments: 
	· Materials offer a unique portfolio of high-performance polymers and composite technologies used primarily in sustainable mobility applications. 
Its solutions enable weight reduction and enhance performance while improving CO2 and energy efficiency. Major markets served include next-
generation mobility in automotive and aerospace, healthcare and electronics. 
	· Chemicals host chemical intermediate businesses focused on mature and resilient markets. Solvay is a world leader in soda ash and peroxides and 
major markets served include building and construction, consumer goods and food. Its Silica, Coatis and Rusvinyl businesses are also high quality 
assets with strong positions in their markets. 
	· Solutions offer a unique formulation & application expertise through customized specialty formulations for surface chemistry & liquid behavior, 
maximizing yield and efficiency of the processes they are used in while minimizing the eco-impact. Novecare, Technology Solutions, Aroma, Special 
Chem and Oil & Gas focus on specific areas such as resources (improving the extraction yield of metals, minerals and oil), industrial applications (such 
as coatings) or consumer goods and healthcare (including vanillin and guar for home and personal care). 
	· Corporate & Business Services includes corporate and other business services, such as Group research & innovation or energy services, whose mission 
is to optimize energy consumption and reduce CO2 emissions.

FINANCIAL STATEMENTS
277
SOLVAY 2022 ANNUAL INTEGRATED REPORT
External net sales by cluster 
The Oil & Gas GBU was created on July 1, 2021, regrouping activities that were previously included in Novecare and Technology Solutions. The following 
table presents restated figures for these GBUs since the beginning of 2021.
In € million
2022
2021
Materials
4,075
2,903
Specialty Polymers
3,121
2,173
Composite Materials
954
730
Chemicals
4,496
3,357
Soda Ash & Derivatives
2,221
1,509
Peroxides
773
636
Silica
631
467
Coatis
870
745
Solutions
4,846
3,838
Novecare
1,905
1,547
Special Chem
1,040
840
Technology Solutions
740
560
Aroma Performance
575
473
Oil and Gas
586
418
Corporate & Business Services
9
7
CBS and NBD
9
7
Total
13,426
10,105
There are no individual customers that contribute 10% or more to the Group’s revenue or any individual segment’s revenue in either 2022 or 2021.
Sales by market
Sales by market are presented in the Business Review, see note B1.

FINANCIAL STATEMENTS
278
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Net sales by country and region 
The sales disclosed below are allocated based on the customers’ location.
In € million
2022
%
2021
%
Belgium
230
2%
170
2%
Germany
940
7%
737
7%
Italy
546
4%
431
4%
France
479
4%
363
4%
Netherlands
104
1%
88
1%
Spain
191
1%
144
1%
European Union - Other
706
5%
491
5%
European Union
3,198
24%
2,423
24%
Europe - Other
431
3%
352
3%
United States
3,362
24%
2,496
25%
Canada
170
2%
134
1%
North America
3,532
26%
2,630
26%
Brazil
1,156
9%
813
8%
Mexico
288
2%
215
2%
Latin America - Other
421
3%
280
3%
Latin America
1,865
14%
1,308
13%
Australia
121
1%
90
1%
China
1,533
11%
1,203
12%
Hong Kong
65
0%
42
0%
India
272
2%
240
2%
Indonesia
165
1%
115
1%
Japan
460
3%
340
3%
Russia
14
0%
66
1%
Saudi Arabia
134
1%
128
1%
South Korea
367
3%
301
3%
Thailand
214
2%
175
2%
Turkey
97
1%
74
1%
Other
958
7%
617
6%
Asia and rest of the world
4,400
33%
3,391
34%
Total
13,426
100%
10,105
100%

FINANCIAL STATEMENTS
279
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Information per segment 
2022 - In € million
Materials
Chemicals
Solutions
Corporate 
& Business 
Services
Group 
Total
Income statement items
 
 
 
 
 
Net sales (including inter-segment sales)
4,078
4,552
4,857
9
13,496
 - Inter-segment sales
-3
-56
-10
0
-70
Net sales
4,075
4,496
4,846
9
13,426
Revenue from non-core activities
109
948
42
1,546
2,645
Gross margin
1,561
1,085
1,303
80
4,029
Depreciation and amortization
363
261
207
93
923
Earnings from associates and joint ventures
9
153
7
2
171
Underlying EBITDA(1)
1,290
1,188
944
-194
3,229
EBIT
2,221
Net financial charges
 
 
 
 
-70
Income taxes
 
 
 
 
-217
Profit for the year from discontinued operations
 
 
 
 
0
Profit/(loss) for the year
 
 
 
 
1,934
December 31, 2022 - In € million
Materials
Chemicals
Solutions
Corporate 
& Business 
Services
Group 
Total
Statement of financial position and other items
 
 
 
 
 
Capital expenditures
400
284
242
96
1,022
Investments
0
2
0
12
15
Working capital
 
 
 
 
 
Inventories
853
541
693
21
2,108
Trade receivables
513
677
607
229
2,026
Trade payables
510
757
514
515
2,296
(1) Underlying EBITDA is a key performance indicator followed by management and includes other elements than those presented above (see Business Review section for 
reconciliation of Underlying with IFRS figures).

FINANCIAL STATEMENTS
280
SOLVAY 2022 ANNUAL INTEGRATED REPORT
2021 - In € million
Materials
Chemicals
Solutions
Corporate 
& Business 
Services
Group 
Total
Income statement items
 
 
 
 
 
Net sales (including inter-segment sales)
2,912
3,395
3,844
7
10,157
 Inter-segment sales
-9
-38
-6
0
-53
Net sales
2,903
3,357
3,838
7
10,105
Revenue from non-core activities
19
433
30
848
1,330
Gross margin
1,102
838
986
0
2,926
Depreciation and amortization
313
174
266
95
848
Earnings from associates and joint ventures
8
141
7
2
158
Underlying EBITDA(1)
879
1,009
701
-232
2,356
EBIT
1,190
Net financial charges
 
 
 
 
-96
Income taxes
 
 
 
 
-110
Profit for the year from discontinued operations
 
 
 
 
5
Profit/(loss) for the year
 
 
 
 
989
December 31, 2021 - In € million
Materials
Chemicals
Solutions
Corporate 
& Business 
Services
Group 
Total
Statement of financial position and other items
 
 
 
 
 
Capital expenditures
250
212
172
101
736
Investments
1
1
32
11
44
Working capital
 
 
 
 
 
Inventories
684
425
607
28
1,745
Trade receivables
382
563
577
283
1,805
Trade payables
379
676
515
560
2,131
(1) Underlying EBITDA is a key performance indicator followed by management and includes other elements than those presented above (see Business Review section for 
reconciliation of Underlying with IFRS figures).

FINANCIAL STATEMENTS
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
NON-CURRENT ASSETS, CAPITAL EXPENDITURES AND INVESTMENTS BY COUNTRY AND REGION 
In € million
Non-current assets
Capital expenditures and investments
December 31, 2022
%
December 31, 2021
%
2022
%
2021
%
Belgium
288
2%
272
2%
-32
3%
-22
3%
Germany
438
4%
400
3%
-55
5%
-44
6%
Italy
655
5%
626
5%
-125
12%
-111
14%
France
2,876
24%
2,764
24%
-242
23%
-178
23%
Spain
130
1%
134
1%
-13
1%
-16
2%
European Union - Other
314
3%
319
3%
-37
4%
-39
5%
European Union
4,702
38%
4,516
39%
-504
49%
-409
52%
Europe - Other
150
1%
159
1%
-20
2%
-17
2%
United States
5,273
43%
5,047
43%
-348
34%
-201
26%
Canada
175
1%
177
2%
-12
1%
-7
1%
North America
5,448
45%
5,225
45%
-360
35%
-208
27%
Brazil
277
2%
218
2%
-34
3%
-27
3%
Latin America - Other
22
0%
19
0%
-5
1%
-5
1%
Latin America
299
2%
238
2%
-39
4%
-32
4%
Russia
432
4%
293
3%
0
0%
0
0%
Thailand
91
1%
99
1%
-5
0%
-5
1%
China
588
5%
598
5%
-79
8%
-90
12%
South Korea
73
1%
77
1%
-7
1%
-4
1%
India
233
2%
240
2%
-8
1%
-5
1%
Singapore
3
0%
36
0%
-3
0%
-3
0%
Japan
19
0%
18
0%
-3
0%
-3
0%
Other
186
2%
185
2%
-6
1%
-3
0%
Asia and rest of the world
1,624
13%
1,547
13%
-112
11%
-113
15%
Total
12,223
100%
11,684
100%
-1,036
100%
-779
100%
Non-current assets are those other than deferred tax assets, loans and other assets, and other financial instruments. Capital expenditures and investments 
include acquisitions of property, plant and equipment, right-of-use assets, intangible assets and investments in subsidiaries and other investments (joint 
operations, joint ventures and associates). Both exclude discontinued operations.

FINANCIAL STATEMENTS
282
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F2	
CONSOLIDATED INCOME STATEMENT BY NATURE
In € million
Notes
2022
2021
Net sales
(F1) 
13,426
10,105
Revenue from non-core activities
(F3)
2,645
1,330
Raw materials, utilities and consumables used
 
-8,578
-5,910
Changes in inventories
 
300
424
Personnel expenses
 
-2,262
-2,002
Wages and direct social benefits
 
-1,689
-1,469
Employer's contribution for social insurance
 
-399
-286
Pensions and insurance benefits
 
-121
-98
Other personnel expenses
 
-54
-148
Amortization, depreciation and impairment
(F11)
-923
-849
Other variable logistics expenses
 
-1,057
-776
Other fixed expenses
 
-1,161
-1,017
Addition and reversal of provisions (excluding employee benefit provisions)
(F31)
-257
-323
Significant income related to prior years
(F4) 
0
97
M&A costs and gains and losses on disposals
(F5)
-83
-47
Earnings from associates and joint ventures
(F23)
171
158
EBIT
 
2,221
1,190
In 2022 the Italian government provided approximately €78 million in indirect tax credits to minimize the impact of escalating energy costs on the Group. 
The indirect tax credits are intended to compensate up to a maximum of 40% of energy-related costs if such costs increased by 30% or more when 
compared to prior years. The tax credits were accounted for in accordance with IAS 20 Government Grants and recognized as a reduction of energy costs 
in the consolidated income statement.  The majority of the credits were received in Q4, 2022.
M&A costs and gains and losses on disposals for 2021 exclude a portion of PIS/COFINs (see note F4 Other operating gains and losses).
NOTE F3	
REVENUE FROM NON-CORE ACTIVITIES
This revenue primarily comprises commodity and utility third party transactions, non-core licensing transactions, and other revenue, considered to not 
correspond to Solvay’s core business. The increase compared to 2021 is mainly related to higher gas and electricity prices.

FINANCIAL STATEMENTS
283
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F4 
OTHER OPERATING GAINS AND LOSSES
In € million
2022
2021
Start-up and preliminary study costs
-24
-11
Capital gains/losses on sales of property, plant and equipment and intangible assets
5
12
Net foreign exchange gains and losses
0
1
Amortization of intangible assets resulting from PPA
-146
-147
PIS/COFINs credits recognition
 
61
Gain on CO2 hedge management
322
 
Other
13
5
Other operating gains and losses
171
-80
In 2022, the gain of €322 million relates to the change in accounting treatment of the entire portfolio of CO2 emission rights following the reconsideration 
of the IFRS 9 own use exemption (see note F32.B).
A Supreme Court ruling in Brazil issued in August 2021 conferred the right to recover Federal indirect tax on sales, so-called “PIS/COFINs”, to a number 
of companies, including Solvay. As a result of that ruling, a total gain of €97 million related to operations from 2003 to the present date was quantified 
and assessed as recoverable before tax of €(26) million. Of that, €36 million were recognized under “Results from portfolio management and major 
restructuring” mainly as the relevant period pre-dated the Groups’ acquisition of Rhodia in August 2011 (see note F5 Results from Portfolio Management 
and Major Restructurings, Legacy Remediation and Major Litigations – included in line “M&A costs and gains and losses on disposals”).  The remaining 
€61 million were recorded as "Other operating gains & losses" as the period related to operations subsequent to August 2011 and still in Solvay’s 
perimeter. This amount has been substantially recovered mainly through the offset of income tax payments in 2022.
NOTE F5	
RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGS,  
LEGACY REMEDIATION AND MAJOR LITIGATIONS
Accounting policy
Results from portfolio management and major restructurings include:
	· gains and losses on the sale of subsidiaries, joint operations, joint ventures, and associates that do not qualify as discontinued operations;
	· acquisition costs of new businesses;
	· one-off operating costs related to internal management of portfolio (carve-out of major lines of businesses);
	· gains and losses on the sale of real estate not directly linked to an operating activity;
	· restructuring charges driven by portfolio management and by major reorganizations of business activities, including impairment losses resulting 
from the shutdown of an activity or a plant; 
	· impairment losses (reversals) resulting from testing of CGUs. 
Results from legacy remediation and major litigations include:
	· the remediation costs not generated by on-going production facilities (shut-down of sites, discontinued productions, previous years’ pollution); 
and
	· the impact of significant litigations.

FINANCIAL STATEMENTS
284
SOLVAY 2022 ANNUAL INTEGRATED REPORT
RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURING
In € million
2022
2021
Restructuring costs and impairment
-23
-122
Impairment
16
58
Restructuring costs
-39
-181
M&A costs and gains and losses on disposals
-83
-11
Results from portfolio management and major restructuring
-105
-133
In 2022, impairment includes the reversal of impairment losses in the Special Chem CGU for Fluor Gases in Europe for €37 million, impairment losses of 
other non-performing assets for €(9) million and impairment losses on other investments for €(11) million. 
The 2022 increase in M&A costs is mainly explained by the costs incurred for the ongoing separation plan of the Solvay Group. For the movement in 
restructuring and remediation costs please refer to the note F31.B. Provisions other than for employee benefits.
In 2021, restructuring costs relate mainly to the new simplification program of the support functions for €157 million. The impairments include the 
impairment reversal of the joint venture Rusvinyl for €66 million and impairment losses of other non-performing assets for €(8) million. 
In 2021, the M&A costs and gains and losses on disposals include a €36 million gain related to PIS/COFINs (see note F4 Other operating gains and 
losses).
RESULTS FROM LEGACY REMEDIATION AND MAJOR LITIGATIONS
In € million
2022
2021
Major litigations
-100
-26
Remediation costs and other costs related to non-ongoing activities
-183
-97
Results from legacy remediation and major litigations
-283
-123
For the movement in litigation costs please refer to the note F31.B. Provisions other than for employee benefits.
In 2022 remediation costs increased versus last year mainly due to a €93 million provision recorded in Q3, 2022 related to per- and polyfluoroalkyl 
substances (PFAS). See note F31.B Provisions other than for employee benefits. 
NOTE F6	
NET FINANCIAL CHARGES
Accounting policy
Interest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the 
acquisition, construction and production of qualifying assets (see note F21 Property, Plant and Equipment).
Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness 
are presented in “Other gains and losses on net indebtedness”, with the exception of changes in fair value of derivative financial instruments 
that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter 
affects profit or loss.

FINANCIAL STATEMENTS
285
SOLVAY 2022 ANNUAL INTEGRATED REPORT
In € million
2022
2021
Cost of borrowings
-96
-89
Interest expense on lease liabilities
-21
-19
Interest on loans and short term deposits
17
9
Other gains and losses on net indebtedness
3
-4
Net cost of borrowings
-98
-103
Cost of discounting provisions
-19
-47
Impact of change of discount rate on provisions
59
48
Result from equity instruments measured at fair value
-13
6
Net financial charges
-70
-96
Details are included in note F33 Net indebtedness.
The net cost of borrowings variance is mainly explained by:
Higher cost of borrowings: 
	· €(11) million related to a fee to implement committed fully undrawn credit facilities of €2.9 billion as a back-up facility to ensure potential liquidity needs 
in the context of the separation plan. 
	· €(4) million due to the foreign exchange conversion effect of the cost of borrowings in USD transaction currency. 
	· €8 million savings related to the continuing efforts to repay debt, including the early repayment of € 377.5 million on the € 750 million senior bond in 
September 2022.   
Higher interest income on loans and deposits (higher volumes and an increase in interest rates).
Other gains and losses on net indebtedness from €(4) million for 2021 to €3 million for 2022, largely attributable to currency swaps (interest element). In 
2021, the loss of €(4) million was mainly linked to € (6) million related to the early repayment of €372.5 million on the €750 million senior bond in December 
2021.
The cost of discounting provisions relates to post-employment benefits (€(2) million) and to environmental provisions (€(17) million) and its decrease is 
largely attributable to the evolution of the applicable discount rates (see also note F31 Provisions).

FINANCIAL STATEMENTS
286
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F7
INCOME TAXES IN THE INCOME STATEMENT AND THE STATEMENT OF FINANCIAL POSITION
Accounting policy
Current taxes
The current tax payable is based on taxable profit of the year. Taxable profit differs from profit as reported in the consolidated income statement 
because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s 
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred taxes
Deferred taxes are recognized for temporary differences between the carrying amounts of assets and liabilities in the consolidated financial 
statements and their corresponding tax bases used in the computation of taxable profit.
Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be 
available against which those deductible temporary differences can be utilized.
Deferred tax liabilities are generally recognized for all taxable temporary differences. 
No deferred tax liabilities are recognized following the initial recognition of goodwill. In addition, no deferred tax assets or liabilities are recognized 
with respect to the initial recognition of an asset or liability in a transaction which is not a business combination and affects neither accounting 
profit nor taxable profit.
Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, joint operations, joint 
ventures, and associates, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that 
the temporary difference will not reverse in the foreseeable future. 
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient 
taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at 
each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to 
be recovered. Deferred tax assets other than tax loss carryforwards are analyzed on a case by case basis, taking into account all relevant facts 
and circumstances. For example, a zero taxable profit, after deducting the amounts paid to retirees under a defined benefit plan and for which a 
deductible temporary difference existed, can justify the recognition of the underlying deferred tax assets. Recognition of deferred tax assets for 
tax loss carryforwards requires a positive taxable profit during the year that enables the utilization of tax losses that originated in the past. Because 
of uncertainties inherent to predicting such positive taxable profit, recognition of deferred tax assets from tax loss carryforwards is based on a case 
by case analysis, which is usually based on five-year profit forecasts, except with respect to any financial company for which ten-year financial profit 
forecasts are considered highly predictable and are consequently used. 
The corporate tax reporting team, which monitors the Group deferred tax positions, is involved in assessing deferred tax assets.
Further details are provided in note F7.C.

FINANCIAL STATEMENTS
287
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is 
realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement 
of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of 
the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current tax assets and liabilities are offset when there is a legally enforceable right to set off the recognized amounts and when the Group intends 
to settle its current tax assets and liabilities on a net basis.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and 
when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a 
net basis.
Current and deferred taxes for the period
Current and deferred taxes for the period are recognized as an expense or income in profit or loss, except when they relate to items that are 
recognized outside profit or loss (whether in other comprehensive income or directly in equity), in which case the tax is also recognized outside 
profit or loss, or when they arise from the initial accounting for a business combination. In the case of a business combination, the tax effect is taken 
into account in the accounting for the business combination.
Exception to the above, as from January 1, 2019, the Group applies the amendments to IAS 12, that apply to the income tax consequences of 
dividends recognized on or after the beginning of the earliest comparative period, i.e. January 1, 2018. In 2018, the income tax consequences 
of the coupons on perpetual hybrid bonds classified as equity were recognized in equity. As a result of the adoption of the amendment, those 
income tax consequences are now recognized in profit or loss.
F7.A.	
Income taxes
The income taxes (net expense) recognized in the consolidated income statement increased by €(107) million in 2022 compared to 2021. The income 
taxes (net expense) recognized in other comprehensive income decreased by €10 million in 2022 compared to 2021, mainly due to the movement in 
employee benefit provisions (see note F31.A Provisions for employee benefits).
In € million
2022
2021
Current taxes related to current year
-360
-236
Provisions for tax litigations
21
-1
Other current taxes related to prior years (a)
-18
0
Current taxes
-357
-237
Changes in unrecognized deferred tax assets (b)
177
127
Deferred tax income on amortization of PPA step-ups
35
37
Deferred tax impact of changes in the nominal tax rates
0
-2
Deferred taxes related to prior years (a)
38
3
Changes in deferred tax assets O&G US (c)
105
15
Other deferred taxes (d)
-214
-52
Deferred taxes
141
127
Income taxes recognized in the consolidated income statement
-217
-110
Income taxes on items recognized in other comprehensive income
-66
-77
The current taxes (net expense) related to the current year increased by €(121) million due to higher taxable profits in countries with high effective tax 
rates slightly offset by the reversal of provisions for tax litigation in Spain and in the US.
(a) The current and deferred taxes related to prior years (€20 million) derive mainly from the changes in deferred taxes (primarily on foreign income book 
to tax basis) in the United States (€21 million). 
(b) In 2022, the change in unrecognized deferred tax assets amounts to €177 million resulting mainly from a revision of the forecasts of utilization of tax 
losses carried forward in the holding companies (€170 million).
 (c) The deferred tax assets on the goodwill and other tangible and intangible assets for Oil & Gas in the United States were written-down in the US tax 
unit in 2020. Based on a reassessment of recoverability of these deferred tax assets at the end of 2022, the write-down of the deferred tax assets was 
reversed (€15 million in 2021 and €105 million in 2022).

FINANCIAL STATEMENTS
288
SOLVAY 2022 ANNUAL INTEGRATED REPORT
(d) Other deferred taxes:
In 2022, the other deferred income taxes (€(214) million) included:
	· The utilization of tax losses carried forward for €(109) million;
	· The tax impact of the recognition of the CO2 forward purchase contracts for €(75) million (see note F32 Financial instruments and Financial risk 
management);
	· The use of deferred taxes related to the Brazilian PIS/COFINs credits recognized in 2021 for €20 million;
	· Other net increases and reversals of other temporary differences for €(50) million of which €(32) million in provisions other than employee benefits.
Developments in International Taxation
The Organization for Economic Co-operation and Development (OECD) initiative to combat base erosion and profit shifting (BEPS) has led to the 
development of a number of measures which countries plan to introduce. These include the Pillar Two initiative, focused on the introduction of a 
global minimum corporate tax rate, with the possibility of top-up taxes being introduced in cases where jurisdictions do not comply with the minimum 
tax rate. The Group is currently assessing the accounting implications and the jurisdictions that could give rise to additional taxation as a result of the 
implementation of the Pillar 2 Model Rules in national laws, which is not expected to be material for the Group.
F7.B. Reconciliation of the income tax expense
The effective income tax expense has been reconciled with the theoretical tax expense obtained by applying to the pre-tax profit of each Group entity 
the nominal tax rate prevailing in the country in which it operates.
In € million
2022
2021
Profit/(Loss) for the year before taxes
2,151
1,094
Earnings from associates and joint ventures
171
158
Profit/(Loss) for the year before taxes excluding earnings from associates and joint ventures
1,980
936
Reconciliation of the tax income/(expense)
 
 
Total tax income/(expense) of the Group entities computed on the basis of the respective local nominal rates
-546
-284
Weighted average nominal rate
28%
30%
Tax effect of changes in nominal tax rates
0
-2
Changes in unrecognized deferred tax assets
177
127
Tax effect of permanent differences
26
37
Gain and losses with no tax expense and income
6
10
US taxes disconnected from profit for the year before taxes
-15
-9
Changes in deferred tax assets O&G US
105
15
Provisions for tax litigations
21
-1
Other tax effect of current and deferred tax adjustments related to prior years
19
3
Tax effect on distribution of dividends
-8
-6
Effective tax income/(expense)
-217
-110
Effective tax rate
10%
10%
The weighted average nominal rate slightly decreased from 2021 (30%) to 2022 (28%) mainly due to the decrease of the withholding taxes on dividends. 
The high nominal tax rate is mainly due to elevated earnings in countries with higher nominal tax rates (e.g. Brazil, Italy).

FINANCIAL STATEMENTS
289
SOLVAY 2022 ANNUAL INTEGRATED REPORT
F7.C.	
Deferred taxes in the consolidated statement of financial position
2022 - In € million
Opening 
balance
Recognized 
in income 
statement
Recognized 
in other com-
prehensive 
income
Exchange 
rate 
effect
Other 
acquisition 
/ disposal
Other
Closing 
balance
Temporary differences
Employee benefits obligations
289
7
-68
5
 
1
234
Provisions other than employee benefits
208
-42
 
9
0
0
175
Property, plant and equipment
-225
7
 
-15
0
-1
-234
Intangible assets
-274
96
 
-17
0
 
-196
Right-of-use assets
-74
-4
 
-2
0
0
-81
Lease liabilities
75
4
 
3
 
0
82
Goodwill
3
56
 
-1
 
 
58
Other temporary differences
20
-84
1
-3
0
0
-66
Tax losses
263
109
 
3
0
 
375
Tax credits
33
-7
 
1
 
 
27
Total (net amount)
318
141
-66
-18
0
0
374
2021 - In € million
Opening 
balance
Recognized 
in income 
statement
Recognized 
in other com-
prehensive 
income
Exchange 
rate effect
Other 
acquisition 
/ disposal
Transfer 
to assets 
held for 
sale
Closing 
balance
Temporary differences
Employee benefits obligations
403
-12
-104
2
-5
5
289
Provisions other than employee benefits
204
-4
 
6
-1
2
208
Property, plant and equipment
-262
27
32
-19
2
-5
-225
Intangible assets
-311
65
 
-24
-4
-274
Right-of-use assets
-74
4
 
-3
1
-2
-74
Lease liabilities
76
-4
 
3
-1
1
75
Goodwill
3
 
 
 
 
3
Other temporary differences
26
-4
-4
2
20
Tax losses
209
50
 
5
-3
3
263
Tax credits
27
5
 
1
 
 
33
Total (net amount)
301
127
-77
-27
-10
3
318

FINANCIAL STATEMENTS
290
SOLVAY 2022 ANNUAL INTEGRATED REPORT
The significant components of the deferred tax assets and deferred tax liabilities at the end of 2022 and 2021 are as follows:
In € million
2022
Deferred tax 
assets
Deferred tax 
liabilities
Net deferred 
taxes before 
write-down
Write-down of 
deferred tax 
assets (unrecog-
nized portion)
Net deferred 
taxes
Employee benefits obligations
328
-94
234
0
234
Provisions other than employee benefits
241
-66
174
1
175
Property, plant and equipment
69
-275
-207
-28
-234
Intangible assets
261
-381
-120
-76
-196
Right-of-use assets
0
-82
-81
0
-81
Lease liabilities
80
2
82
0
82
Goodwill
58
0
58
0
58
Other
175
-238
-63
-3
-66
Temporary differences
1,211
-1,133
76
-105
-29
Operational losses
1,479
0
1,479
-1,187
292
Non-operational losses
308
0
308
-225
83
Tax losses
1,787
0
1,787
-1,412
375
Tax credits carried forward
81
1
81
-55
27
Netting deferred taxes
-575
575
0
0
0
Deferred taxes
2,504
-557
1,945
-1,572
374
In € million
2021
Deferred tax 
assets
Deferred tax 
liabilities
Net deferred 
taxes before 
write-down
Write-down of 
deferred tax 
assets (unrecog-
nized portion)
Net deferred 
taxes
Employee benefits obligations
413 
-123
290 
-1
 289 
Provisions other than employee benefits
244 
-38
 206 
1 
208 
Property, plant and equipment
118 
-314
-195
-30
-225
Intangible assets
107 
-385
-277
 3 
-274
Right-of-use assets
0 
 -74
 -74
-74
Lease liabilities
77 
-1
75 
75 
Goodwill
3 
3 
3 
Other
105 
-78
27 
-7
 20 
Temporary differences
1,068 
-1,012
56 
-34
22 
Operational losses
1,566 
1,566 
-1,398
169 
Non-operational losses
331 
331 
-237
95 
Tax losses
1,898 
1,898 
-1,635
263 
Tax credits carried forward
78 
78 
-45
33 
Netting deferred taxes
-551
551 
Deferred taxes
2,492 
-461
2,031 
-1,713
318

FINANCIAL STATEMENTS
291
SOLVAY 2022 ANNUAL INTEGRATED REPORT
The total offset deferred taxes of €374 million at year-end 2022 are €56 million higher than in 2021. The main changes in 2022 are related to the following 
items:
	· deferred tax assets on employee benefit obligations: €234 million at year-end 2022 - €55 million lower than in 2021, explained by the decrease of post-
employment benefits obligations following an increase of the discount rates;
	· deferred tax liabilities on provisions other than employee benefits: €176 million at year-end 2022 - €32 million lower than in 2021;
	· deferred tax liabilities on intangible assets: €(196) million at year-end 2022 - €78 million lower than in 2021. The decrease in these liabilities in 2022 mainly 
reflects: 
	-
exchange rate impacts of €(18) million;
	-
the tax impact of €35 million of amortization in the consolidated income statement of the step-up of intangible assets resulting from Purchase 
Price Allocation;
	-
the reversal of the write-off of the deferred taxes on intangible assets for Oil & Gas in the United States for €49 million.
	· deferred tax liabilities on goodwill: €58 million at year-end 2022 - €55 million higher than in 2021 due to the reversal of the write-off of the deferred taxes 
on goodwill for Oil & Gas in the United States;
	· deferred taxes on operational and non-operational tax losses: €374 million at year-end 2022 - €112 million higher than in 2021 mainly due to: 
	-
the revision of the forecasts of utilization of tax losses carried forward in the holding companies (€170 million);
	-
the newly created or utilized deferred tax on tax losses for €(109) million;
	-
the recognition of deferred tax assets on losses up to €45 million in Luxembourg considering an increase of the taxable temporary differences 
in the same Tax Group.
	· deferred tax assets on other temporary differences: €(66) million at year-end 2022 - €86 million lower than in 2021 mainly due to the recognition of the 
CO2 emission rights contracts for €(75) million and the taxable temporary differences in Luxembourg for €(45) million offset by the use of deferred taxes 
related to the Brazilian PIS/COFINs credits recognized in 2021 for €20 million and the changes in deferred taxes (mainly on foreign income book to tax 
basis) in the United States for €21 million. 
At year-end 2022, €(56) million for deferred tax liabilities on unremitted earnings were recognized in the Other Temporary differences. An amount of € 32 
million was not recognized because the Group controls the timing of the reversal of the temporary differences and it is probable that they will not reverse 
in the foreseeable future.
Recognized deferred taxes for which utilization depends on future taxable profits in excess of the profit arising from the reversal of existing taxable 
temporary differences within entities that have suffered a tax loss in either current or preceding years in the related tax jurisdiction, amount to €134 million. 
This recognition is supported by favorable expectations of future taxable profits.
F7.D. Other information
For the majority of the Group’s tax loss carryforwards, no deferred tax assets have been recognized. The unrecognized tax losses are mainly located in 
countries where they can be carried forward indefinitely. 
The tax losses carried forward generating deferred tax assets are given below by expiration date.
In € million
2022
2021
Within 1 year
0
15
Within 2 years
1
16
Within 3 years 
1
2
Within 4 years 
0
2
Within 5 or more years 
12
28
No time limit
1,402
974
Total of losses carried forward which have generated recognized deferred tax assets
1,417
1,037
Tax losses carried forward for which no deferred tax assets were recognized
5,203
6,050
Total of tax losses carried forward
6,620
7,087
The tax losses carried forward of € 1,417 million (€1,037 million in 2021) have generated deferred tax assets for € 374 million (€263 million in 2021). 
The increase of tax losses carried forward which have generated deferred tax assets, is largely due to the revised forecast for the holding company in 
France.

FINANCIAL STATEMENTS
292
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F8	
DISCONTINUED OPERATIONS 
Accounting policy
A discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale (see note F27 Assets 
held for sale), and which:
	· represents a separate major line of business or geographical area of operations;
	· is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or
	· is a subsidiary acquired exclusively with a view to resale.
A component of the Group consists of operations and cash flows, which can be clearly distinguished operationally and for financial reporting 
purposes, from the rest of the Group.
In the consolidated statement of comprehensive income, the consolidated statement of cash flows, and disclosures, discontinued operations are 
re-presented for prior periods presented.
In 2021 the discontinued operation concerns post-closing warranties related to the disposal of the Pharma business.
NOTE F9
EARNINGS PER SHARE
Accounting policy
The basic earnings per share are obtained by dividing profit for the year by the weighted average number of ordinary shares outstanding during 
the reporting period. The weighted average number of ordinary shares excludes the treasury shares held by the Group over the reporting period.
The diluted earnings per share are obtained by dividing profit for the year, adjusted for the effects of dilutive potential ordinary shares, by the 
weighted average number of ordinary shares, also adjusted by the number of dilutive potential ordinary shares attached to the issuance of share 
options. 
The number of dilutive potential ordinary shares is calculated for the weighted average number of share options outstanding during the reporting 
period as the difference between the average market price of ordinary shares during the reporting period and the exercise price of the share 
option. Share options have a dilutive effect only when the average market price is above the exercise price (share options are “in the money”).
For the purpose of calculating diluted earnings per share, there were no adjusting elements to the profit for the year (Solvay share).
Basic and diluted amounts per share for discontinued operations are presented in the consolidated income statement.
Number of shares (in units)
2022
2021
Weighted average number of ordinary shares (basic)
 
103,744,461
 
103,527,423
Dilution effect
 
398,745
 
260,419
Weighted average number of ordinary shares (diluted)
 
104,143,206
 
103,787,842
2022
2021
Basic
Diluted
Basic
Diluted
Profit/(loss) for the year (Solvay share) including discontinued operations (in € 
thousands)
1,905,416
1,905,416
947,738
947,738
Profit/(loss) for the year (Solvay share) excluding discontinued operations (in € 
thousands)
1,905,150
1,905,150
943,177
943,177
Earnings per share (including discontinued operations) (in €)
18.37
18.30
9.15
9.13
Earnings per share (excluding discontinued operations) (in €)
18.36
18.29
9.11
9.09
Full data per share, including dividend per share, can be found in the Business Review section.

FINANCIAL STATEMENTS
293
SOLVAY 2022 ANNUAL INTEGRATED REPORT
The average market price during 2022 was € 91.15 per share (2021: € 106.01 per share). The following share options were out of the money, and therefore 
antidilutive for the period presented, but could potentially dilute basic earnings per share in the future (see note F30 Share-based payments):
Antidilutive share options per plans
Date 
granted
Exercise 
price (in €)
Number of share 
options granted
Number of share 
options outstanding
2015
February 25, 2015
114.51
346,617
332,409
2017
February 23, 2017
111.27
316,935
308,450
2018 - 1
February 27, 2018
113.11
400,704
391,280
2018 - 2
July 30, 2018
108.38
72,078
72,078
2019
February 27, 2019
97.05
438,107
429,103
2020
February 26, 2020
95.80
405,670
395,164
2021
February 24, 2021
95.58
265,433
259,001
Total
 
2,245,544
2,187,485
NOTES TO THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
NOTE F10	
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Accounting policy
In accordance with IAS 1 Presentation of Financial Statements, the Group elected to present two statements, i.e. a consolidated income statement 
immediately followed by a consolidated statement of comprehensive income.
The components of other comprehensive income (OCI) are presented before related tax effects with one amount shown for the aggregate 
amount of income tax relating to those components. Tax impacts are further disclosed in this note.

FINANCIAL STATEMENTS
294
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Presentation of the tax effect relating to each item of other comprehensive income
Note: the below table presents the total other comprehensive income items for the aggregate of the shares of Solvay and the non-controlling interests.
 
2022
 
In € million
Before-tax 
amount
Tax expense 
(-)/income
Net of tax 
amount
Effective portion of gains and losses on hedging instruments in a cash flow hedge
304
-7
297
Recycling to the income statement
-225
 
-225
Gains and losses on hedging instruments in a cash flow hedge (see note F32)
79
-7
72
Currency translation differences arising during the year
285
 
285
Recycling of currency translations differences relating to foreign operations disposed of  in 
the year
-1
 
-1
Other movement of currency translation differences (NCI) relating to foreign operations 
0
 
0
Currency translation differences - Subsidiaries and joint operations
284
 
284
Share of other comprehensive income of associates and joint ventures
22
 
22
Recyclable components
385
-7
377
Gains and losses on equity instruments measured at fair value through other comprehensive 
income
-25
6
-19
Remeasurements of the net defined benefit liability (see notes F7 & F31)
155
-66
89
Non-recyclable components
130
-60
70
Other comprehensive income/(loss)
515
-67
447
 
2021
 
In € million
Before-tax 
amount
Tax expense 
(-)/income
Net of tax 
amount
Effective portion of gains and losses on hedging instruments in a cash flow hedge
71
5
76
Recycling to the income statement
-87
 
-87
Gains and losses on hedging instruments in a cash flow hedge (see note F32)
-17
5
-11
Currency translation differences arising during the year
432
 
432
Recycling of currency translations differences relating to foreign operations disposed of in the 
year
47
 
47
Other movement of currency translation differences (NCI) relating to foreign operations 
8
 
8
Currency translation differences - Subsidiaries and joint operations
487
 
487
Share of other comprehensive income of associates and joint ventures
29
 
29
Recyclable components
500
5
505
Gains and losses on equity instruments measured at fair value through other comprehensive 
income
33
-8
25
Remeasurements of the net defined benefit liability (see notes F7 & F31)
562
-75
487
Non-recyclable components
594
-83
512
Other comprehensive income/(loss)
1,094
-78
1,017
The €33 million gain on equity instruments measured at fair value through other comprehensive income mainly relates to a Solvay Ventures investment 
that was listed in Q4 of 2021.

FINANCIAL STATEMENTS
295
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Currency translation differences
Accounting policy
For the purpose of presenting consolidated financial statements at the end of each reporting period, the assets and liabilities of the Group’s 
foreign operations are expressed in euros using closing rates. Income and expense items are translated at the average exchange rates for the 
period except when the impact of applying the average rate is materially different from applying the spot rate at the respective transactions’ dates, 
in which case the latter is applied. Exchange differences arising, if any, are recognized in other comprehensive income as “currency translation 
differences”.
Currency translation differences are reclassified from equity to profit or loss, on:
	· a disposal of the Group’s entire interest in a foreign operation, or a partial disposal involving loss of control over a subsidiary that includes a 
foreign operation. In this case, all of the accumulated exchange differences in respect of that operation attributable to the Group are reclassified 
to profit or loss. Any exchange differences that have previously been attributed to non-controlling interests are derecognized, but they are not 
reclassified to profit or loss;
	· a partial disposal of an interest in a joint arrangement or an associate that includes a foreign operation, when the retained interest is a financial 
asset. In this case, all of the accumulated exchange differences in respect of that operation attributable to the Group are reclassified to profit 
or loss;
	· a partial disposal of an interest in a joint venture or an associate that includes a foreign operation and that continues to be accounted for as a 
joint venture or an associate. In this case, a proportionate share of the accumulated exchange differences is reclassified to profit or loss. 
In case of a partial disposal of a subsidiary (i.e. No loss of control) that includes a foreign operation, the proportionate share of accumulated 
exchange differences is reattributed to non-controlling interests and is not recognized in profit or loss. 
In case of (a) a capital decrease of a subsidiary without loss of control, or (b) a capital decrease of an equity method investee or a joint operation 
without modification of the share of equity interest held in that investee, then no accumulated exchange differences are reclassified from equity 
to profit or loss. 
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation 
and translated into the Group’s presentation currency at the closing rate.
The total currency translation gain amounts to € 304 million in 2022, and only relates to the Group’s share (2021: gain of € 508 million). They are linked to 
the revaluation of the US dollar (€260 million) (2021: €331 million), Chinese Renminbi (€(40) million) (2021: €83 million), the Brazilian Real (€38 million) (2021: 
€11 million), the Russian ruble (€22 million) (2021: €21 million), compared to the Euro.
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
(CONTINUING AND DISCONTINUED OPERATIONS)
NOTE F11	
DEPRECIATION, AMORTIZATION AND IMPAIRMENTS
In 2022 total depreciation, amortization and impairment losses (reversal) amount to €923 million (€849 million in 2021), of which: 
Straight-line depreciation and amortization of € 948 million (€906 million in 2021) for continuing operations recorded in: 
	· Cost of goods sold € 604 million (€564 million in 2021),
	· Administrative costs € 85 million (€82 million in 2021),
	· Research and development costs € 96 million (€100 million in 2021),
	· Other € 163 million (€160 million in 2021), including € 146 million (€147 million in 2021) for PPA amortization (see note F4 Other operating gains and 
losses);
In 2022, the impairments include the impairment reversal of Special Chem assets for €37 million (see note F24 Impairment) and impairment losses of 
other non-performing assets for €(9) million.

FINANCIAL STATEMENTS
296
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F12	
OTHER NON OPERATING AND NON CASH ITEMS
The other non-operating and non-cash items for 2022 of €43 million (€(113) million in 2021) relate mainly to non-cash capital gains and other results for 
M&A deals. 
NOTE F13	
INCOME TAXES IN THE STATEMENT OF CASH FLOWS
Income tax expense in 2022 amounts to €217 million (€110 million in 2021), all of which was from continuing operations. 
Income tax paid in 2022 amounts to €305 million (€233 million in 2021), all of which was from continuing operations. The income tax paid has increased 
compared to previous years due to increased profits mainly in China, the US and Italy.
The major components of Income taxes are discussed in note F7 Income taxes in income statement and statement of financial position. 
NOTE F14	
CHANGES IN WORKING CAPITAL
In € million
2022
2021
Inventories
-300
-427
Trade receivables
-193
-459
Trade payables
115
775
Other receivables/payables
-198
20
Changes in working capital
-576
-92
Of which discontinued operations
0
-5
Changes in working capital in 2022 result mainly from sales growth despite working capital disciplines and from the non-cash impact of the change in 
accounting treatment of the portfolio of CO2 emission rights.	
NOTE F15	
ADDITIONS, REVERSALS AND USE OF PROVISIONS
Additions and reversals on provisions in 2022 amount to €336 million (€464 million in 2021) and concern mainly employee benefits €63 million (€ 46 million 
in 2021), restructuring €32 million (€184 million in 2021) and environment for €177 million (€90 million in 2021).
Use of provisions in 2022 amount to €(328) million (€(303) million in 2021) and concerns mainly employee benefits €(101) million (€(89) million in 2021), 
environment €(90) million (€(61) million in 2021) and restructuring €(106) million (€(118) million in 2021).
In 2022, use of provisions for additional voluntary contributions in pension plans relates to €(155) million in Germany.
See note F31 Provisions for more information.

FINANCIAL STATEMENTS
297
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F16	
CASH FLOWS FROM INVESTING ACTIVITIES –  
ACQUISITION/DISPOSAL OF ASSETS AND INVESTMENTS
2022 - In € million
Acquisitions
Disposals
Total
Investments 
-14
95
81
Subsidiaries
 
95
95
Other
-14
 
-14
Property, plant and equipment/Intangible assets
-909
21
-888
Total
-923
116
-807
2021 - In € million
Acquisitions
Disposals
Total
Total investments 
-44
169
125
Subsidiaries
-22
169
147
Other
-22
 
-22
Property, plant and equipment/Intangible assets
-637
30
-606
Total
-681
200
-481
2022
The other acquisitions (€ (14) million) mainly relate to several investments of the Corporate Venturing portfolio (New Business Development). 
The disposal of subsidiaries (€95 million) mainly relates to the proceeds after taxes related to the final price adjustments for the disposal of the Barium 
Strontium business and the joint venture with Chemicals Products Corporation, the Polyamide business and the disposal of the Novecare Alkoxylation 
plant in Singapore.
The acquisition of property, plant and equipment and intangible assets (€(909) million) includes the following main projects:
	· Specialty Polymers: Polyvinylidene Fluoride (PVDF) capacity increase in Tavaux (France) and Changshu (PRC)
	· Soda Ash & Derivatives: Soda ash capacity increase in Green River (USA)
	· Novecare: internalization of IRIS intermediate chemical production in Melle (France)
	· Technology Solutions: Aldoxime capacity increase in Mount Pleasant (USA)
	· Aroma performance: internalization of natural vanillin purification in Saint Fons (France)
	· Specialty Polymers: DCDPS monomer capacity increase in Augusta (USA)
	· Specialty Polymers: Udel polysulfone capacity increase in Marietta (USA)
	· Soda Ash & Derivatives: methane emissions abatement in Green River (USA)
2021
The acquisition of subsidiaries (€ (22) million) mainly relates to the acquisition of a seed coating business from Bayer.
Other acquisitions mainly relate to the investment in Shinsol Advanced Chemicals Corporation and in equity instruments measured at fair value.
The disposal of subsidiaries (€169 million) mainly relates to the proceeds after taxes from:
	· the sodium chlorate business line and related assets in Povoa, Portugal;
	· the fluorine chemicals assets in Onsan, South Korea; 
	· the sodium percarbonate business line and related assets in Bad Hönningen, Germany;
	· the Barium Strontium business and the joint venture with Chemical Products Corporation (CPC);
	· the Process Materials business; 
	· the amphoterics surfactants activities; and
	· the surfactants and anti-oxidants business in Rasal, India.
The acquisition of property, plant and equipment and intangible assets (€(636) million) relates to various projects: 
	· Soda Ash: coal energy phase-out in Green River (USA);
	· Aroma performance: internalization of natural vanillin purification in Saint Fons (France);
	· Specialty Polymers: water treatment in Spinetta (Italy);
	· Specialty Polymers: Tecnoflon capacity expansion in Spinetta (Italy);
	· Specialty Polymers: Polyvinylidene Fluoride (PVDF) capacity increase in Changshu (PRC);
	· Composite Materials: new production unit dedicated to thermoplastic composites in Piedmont, South Carolina (USA);
	· Soda Ash & Derivatives: new production unit dedicated to Bicarbonate in Devnya (Bulgaria);
	· Specialty Polymers: Polyvinylidene Fluoride (PVDF) capacity increase in Tavaux (France).

FINANCIAL STATEMENTS
298
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F17	
OTHER CASH FLOWS FROM FINANCING ACTIVITIES
The €112 million of other cash flows from financing activities in 2022 mainly relate to margin calls on hedging instruments as part of Energy Services’ 
activities for €128 million.
The €50 million of other cash flows from financing activities in 2021 mainly relate to margin calls on hedging instruments as part of Energy Services’ 
activities for €108 million and to the payment of the EBRD option (€(52) million) to purchase the EBRD shares in the Solvay holding of the RusVinyl Joint 
Venture.
For trading in futures of different commodities (CO2, power, gas, coal), Energy Services uses brokers. These deals are subject to margin calls. To cover the 
credit risk of the counterparty, brokers pay a margin call to Solvay in case the instrument is in the money for Solvay. If the instrument is out of the money 
for Solvay, Solvay pays a margin call to the brokers. The margin calls are presented as part of financial debt (see note F33 Net indebtedness). Cash flows 
from margin calls are recognized as financing cash flows that fluctuate with the fair value of the instrument. The actual settlement of these commodity 
derivatives is net of margin calls and the gross amount (including margin calls that are reclassified from financing cash flows) is recognized in operating 
cash flows.
NOTE F18	
CASH FLOW FROM DISCONTINUED OPERATIONS
The 2021 cash flow from discontinued operations amounts to €(12) million related to the Pharma business and Polyamides. 
NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION
NOTE F19	
INTANGIBLE ASSETS
Accounting policy
An intangible asset is an identifiable non-monetary asset without physical substance. It is identifiable when it is separable, i.e. Is capable of being 
separated or divided from the Group, or when it arises from contractual or other legal rights. An intangible asset shall be recognized if, and only if:
(a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group; and
(b) the cost of the asset can be measured reliably.
Intangible assets acquired or developed internally are initially measured at cost. The cost of an acquired intangible asset comprises its purchase 
price, import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, and any directly attributable cost of 
preparing the asset for its intended use. Subsequent expenditure on intangible assets is capitalized only if it is probable that it will increase the 
future economic benefits associated with the specific asset. Other expenditure is expensed as incurred.
After initial recognition, intangible assets are measured at cost less accumulated amortization and impairment losses, if any.
Intangible assets are amortized on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any. The 
estimated useful lives, residual values and amortization methods are reviewed at each year-end, and any changes in estimates are accounted for 
prospectively.
Patents and trademarks
2-20
years
Software
3-5 
years
Development expenditures
2-5 
years
Customer relationships
5-29
years
Other intangible assets - Technologies
5-20
years
Amortization expense is included in the consolidated income statement within cost of goods sold, administrative costs, research and development 
costs and other operating gains and losses.
The asset is tested for impairment if (a) there is a trigger for impairment, and (b) annually for projects under development (see note F24 Impairment).

FINANCIAL STATEMENTS
299
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Intangible assets are derecognized from the consolidated statement of financial position on disposal or when no future economic benefits are 
expected from their use or disposal. The gain or loss arising from the derecognition of an intangible asset is recognized in profit or loss at the 
moment of derecognition.
Research and development costs
Research costs are expensed in the period in which they are incurred.
Development costs are capitalized if, and only if, all the following conditions are fulfilled:
	· the cost of the asset can be reliably measured;
	· the technical feasibility of the product has been demonstrated;
	· the product or process will be placed on the market or used internally;
	· the assets will generate future economic benefits (a potential market exists for the product or, where it is to be used internally, its future utility 
has been demonstrated);
	· the technical, financial and other resources required to complete the project are available.
Development costs comprise employee expenses, the cost of materials and services directly attributable to the projects, and an appropriate share 
of directly attributable fixed costs including, and where applicable, borrowing costs. The intangible assets are amortized as from the moment they 
are available for use, i.e. When they are in the location and condition necessary for them to be capable of operating in the manner intended by 
management. Development costs, which do not satisfy the above conditions are expensed as incurred.
Patents, trademarks and customer relationships
Those intangible assets have mainly been acquired through business combinations. Customer relationships consist of customer lists.
Other intangible assets
Other intangible assets mainly include technology acquired separately or in a business combination.

FINANCIAL STATEMENTS
300
SOLVAY 2022 ANNUAL INTEGRATED REPORT
In € million
Development 
costs
Patents and 
trademarks
Customer 
relationships
Other 
intangible 
assets
Total
Gross carrying amount
 
 
 
 
 
December 31, 2020
464
1,620
1,856
661
4,601
Additions
48
4
 
23
75
Disposals and closures 
-9
-21
 
-4
-33
Increase through business combinations
0
0
 
7
7
Currency translation differences
12
79
117
49
257
Other
1
2
 
4
7
December 31, 2021
517
1,686
1,973
739
4,914
Additions
67
3
 
24
94
Disposals and closures 
-22
-16
 
-5
-43
Increase through business combinations
0
0
 
0
0
Currency translation differences
7
60
93
22
183
Other
7
11
 
-15
3
December 31, 2022
577
1,744
2,066
765
5,152
Accumulated amortization
 
 
 
 
 
December 31, 2020
-173
-930
-824
-531
-2,459
Amortization
-65
-104
-82
-13
-264
Impairment
0
5
0
-5
0
Disposals and closures 
8
21
 
4
32
Currency translation differences
-3
-36
-36
-42
-116
Other
0
-3
 
-2
-5
December 31, 2021
-233
-1,047
-941
-590
-2,812
Amortization
-63
-97
-90
-14
-265
Impairment
0
0
0
0
0
Reversal of impairment
0
0
 
8
8
Disposals and closures 
22
16
 
5
43
Currency translation differences
-2
-26
-29
-21
-78
Other
0
0
 
0
0
December 31, 2022
-277
-1,155
-1,061
-611
-3,104
Net carrying amount
 
 
 
 
 
December 31, 2020
291
690
1,032
129
2,140
December 31, 2021
283
638
1,031
149
2,102
December 31, 2022
300
589
1,005
154
2,048
Intangibles mainly relate to the intangibles acquired through the acquisitions of Rhodia and Cytec. The average remaining useful life of Cytec’s assets is 
10 years.

FINANCIAL STATEMENTS
301
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F20	
GOODWILL AND BUSINESS COMBINATIONS
Accounting policy
General
Acquisitions of subsidiaries are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate 
of the fair values (at the date of acquisition) of assets transferred and liabilities incurred or assumed, and equity instruments issued by the Group 
in exchange for control of the acquiree. Acquisition-related costs are recognized in profit or loss as incurred.
Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, 
measured at its acquisition-date fair value. Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify 
as measurement period adjustments (see below). All other subsequent changes in the fair value of contingent consideration classified as an asset 
or liability are accounted for in accordance with relevant IFRSs, generally through profit or loss.
Where a business combination is achieved in stages, the Group’s previously held interests in the acquired entity are remeasured to fair value at 
the acquisition date (i.e. The date the Group obtains control) and the resulting gain or loss, if any, is recognized in profit or loss. Amounts arising 
from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified 
to profit or loss, where such treatment would be appropriate if that interest were disposed of.
The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations 
are recognized and measured at their fair value at the acquisition date, except that:
	· deferred tax assets or liabilities, and liabilities or assets related to employee benefit arrangements are recognized and measured in accordance 
with IAS 12 Income Taxes, and IAS 19 Employee Benefits, respectively;
	· liabilities or equity instruments related to the replacement by the Group of an acquiree’s share-based payment awards are measured in 
accordance with IFRS 2 Share-based Payment; and
	· assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued 
Operations are measured in accordance with that Standard.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group 
reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement 
period (see paragraph below), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances 
that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date.
The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and 
circumstances that existed as of the acquisition date, and does not exceed twelve months.
Goodwill
Goodwill arising in a business combination is recognized as an asset at the date that control is obtained (the acquisition date). Goodwill is 
measured as the excess of the sum of:
(a) the consideration transferred;
(b) the amount of any non-controlling interests in the acquiree; and
(c) in a business combination achieved in stages, the acquisition date fair value of the previously held equity interest in the acquiree, over the share 
acquired by the Group in the fair value of the entity’s identifiable net assets at the acquisition date.
Goodwill is not amortized but is tested for impairment on an annual basis, and more frequently if there are any impairment triggers identified.
For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-generating units) in 
accordance with IAS 36 Impairment of Assets.
A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash 
inflows from other group(s) of assets.

FINANCIAL STATEMENTS
302
SOLVAY 2022 ANNUAL INTEGRATED REPORT
These tests consist of comparing the carrying amount of the assets or (groups of) CGUs with their recoverable amount. The recoverable amount 
of an asset or a (group of) CGU(s) is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of the CGU is less 
than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the 
other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized on goodwill shall not 
be reversed in a subsequent period.
Assets held for sale include their related goodwill.
On disposal of an operation within a CGU to which goodwill has been allocated, the goodwill associated with the operation disposed of is 
included in the determination of the profit or loss on disposal. It is measured on the basis of the relative values of the operation disposed of and 
the portion of the CGU retained, unless another method better reflects the goodwill associated with the operation disposed of.
Goodwill – overview
In € million
Total
December 31, 2020
3,265
Currency translation differences
115
Disposals
-1
December 31, 2021
3,379
Currency translation differences
94
December 31, 2022
3,472
In 2022 and 2021, the currency translation differences mainly relate to goodwill expressed in US dollars.
Goodwill by (groups of) CGU(s) 
Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from that business combination.
 
2022
 
 
In € million
At beginning of 
the period
Disposals
Currency translation 
differences
At the end of 
the period
Operating segments - Groups of CGUs
 
 
 
 
Materials
341
 
 
341
Chemicals
121
 
 
121
Solutions
264
 
 
264
(Groups of) CGUs
 
 
 
 
Composite Materials
555
 
37
591
Novecare
553
12
565
Technology Solutions
690
 
43
734
Special Chem
210
 
0
210
Specialty Polymers
179
 
1
181
Soda Ash and Derivatives
162
 
 
162
Coatis
82
 
 
82
Silica
72
 
 
72
Aroma Performance
49
 
 
49
Energy Services
50
 
 
50
Hydrogen Peroxide Europe
21
 
 
21
Hydrogen Peroxide Mercosul
14
 
 
14
Hydrogen Peroxide Nafta
7
 
 
7
Hydrogen Peroxide Asia
11
 
0
11
Total goodwill
3,379
0
94
3,472

FINANCIAL STATEMENTS
303
SOLVAY 2022 ANNUAL INTEGRATED REPORT
2021
In € million
At beginning of 
the period
Disposals
Currency translation 
differences
At the end of 
the period
Operating segments - Groups of CGUs
Materials
341
 
 
341
Chemicals
121
 
 
121
Solutions
264
 
 
264
(Groups of) CGUs
Composite Materials
509
 
46
555
Novecare
542
-1
13
553
Technology Solutions
636
 
54
690
Special Chem
210
 
0
210
   Specialty Polymers
177
 
2
179
Soda Ash and Derivatives
162
 
 
162
Coatis
82
 
 
82
Silica
72
 
 
72
Aroma Performance
49
 
 
49
Energy Services
50
 
 
50
Hydrogen Peroxide Europe
21
 
 
21
Hydrogen Peroxide Mercosul
14
 
 
14
Hydrogen Peroxide Nafta
7
 
 
7
Hydrogen Peroxide Asia
11
 
0
11
Total goodwill
3,265
-1
115
3,379
See note F24 Impairment.

FINANCIAL STATEMENTS
304
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F21	
PROPERTY, PLANT AND EQUIPMENT
Accounting policy
General
Property, plant and equipment are tangible items that:
	· are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and
	· are expected to be used during more than one period.
The items of property, plant and equipment owned by the Group are recognized as property, plant and equipment when the following conditions 
are satisfied:
	· it is probable that the future economic benefits associated with the asset will flow to the Group;
	· the cost of the asset can be measured reliably.
Items of property, plant and equipment are initially measured at cost. The cost of an item of property, plant and equipment comprises its purchase 
price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the 
manner intended by management. If applicable, the cost comprises borrowing costs during the construction period.
After initial recognition, items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses, if any. 
Items of property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. The components of an item of 
property, plant and equipment with different useful lives are depreciated separately. Land is not depreciated. The estimated useful lives, residual 
values and depreciation methods are reviewed at each year end, also taking into account the potential impact of climate change including the 
execution of the Solvay One Plant Strategy (see Note Climate Change in the IFRS general accounting policies). Any changes in estimates are 
accounted for prospectively.
Buildings
30-40 
years
IT equipment
3-5 
years
Machinery and equipment
10-20 
years
Transportation equipment
5-20 
years
Depreciation expense is included in the consolidated income statement within cost of goods sold, administrative costs, and R&D costs.
The asset is tested for impairment if there is a trigger for impairment (see note F24 Impairment).
Items of property, plant and equipment are derecognized from the consolidated statement of financial position on disposal or when no future 
economic benefits are expected from their use or disposal. The gain or loss arising from the derecognition of an item of property, plant and 
equipment is recognized in profit or loss at the moment of derecognition.
Subsequent expenditure
Subsequent expenditure related to items of property, plant and equipment is capitalized only if it is probable that it will increase the future 
economic benefits associated with the specific asset. Other expenditure is expensed as incurred. Subsequent expenditure incurred for the 
replacement of a component of an item of property, plant and equipment is only recognized as an asset when it satisfies the recognition criteria 
mentioned above. The carrying amount of replaced items is derecognized.
Repair and maintenance costs are recognized in the consolidated income statement as incurred.
Regarding its industrial activity, Solvay incurs expenditure for major repairs over several years for most of its sites. The purpose of this expenditure 
is to maintain the proper working order of certain installations without altering their useful life. This expenditure is considered as a specific 
component of the item of property, plant and equipment and is depreciated over the period during which the economic benefits are expected 
to be obtained, i.e. the major repairs’ intervals.

FINANCIAL STATEMENTS
305
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Dismantling and restoration costs
Dismantling and restoration costs are included in the cost of an item of property, plant and equipment if the Group has a legal or constructive 
obligation to dismantle or restore. They are depreciated over the useful life of the items to which they pertain.
Generally, Solvay’s obligation to dismantle and/or restore its operating sites is only likely to arise upon the discontinuation of a site’s activities. A 
provision for dismantling of discontinued sites or installations is recognized when there is a legal obligation (due to a request or injunction from 
the relevant authorities), or when there is no technical alternative than to dismantle, so to ensure the safety compliance of the discontinued sites 
or installations.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take 
a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are 
substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from 
the borrowing costs eligible for capitalization.
All other borrowing costs are recognized in profit or loss in the period in which they are incurred.

FINANCIAL STATEMENTS
306
SOLVAY 2022 ANNUAL INTEGRATED REPORT
In € million
Land and 
buildings
Fixtures and 
equipment
Other tan-
gible assets
Property, plant and equipment 
under construction
Total
Gross carrying amount
 
 
 
 
 
December 31, 2020
2,819
9,699
414
405
13,337
Additions
18
88
13
452
571
Disposals and closures
-16
-101
-29
0
-146
Increase through business combinations
4
2
0
0
7
Currency translation differences
101
348
13
24
486
Other
15
151
7
-193
-20
December 31, 2021
2,941
10,187
418
688
14,235
Additions
28
103
8
715
854
Disposals and closures
-28
-132
-19
0
-179
Increase through business combinations
0
0
0
0
0
Currency translation differences
44
206
8
15
273
Other
35
284
11
-385
-55
December 31, 2022
3,021
10,648
425
1,033
15,128
Accumulated depreciation
 
 
 
 
 
December 31, 2020
-1,478
-6,813
-329
 
-8,620
Depreciation
-73
-436
-27
 
-535
Impairment
-5
-4
0
 
-9
Reversal of impairment
1
0
0
 
1
Disposals and closures 
12
101
29
 
143
Currency translation differences
-43
-226
-10
 
-278
Other
5
2
0
 
7
December 31, 2021
-1,580
-7,375
-337
 
-9,291
Depreciation
-80
-464
-27
 
-570
Impairment
0
-6
0
 
-6
Reversal of impairment
8
21
0
 
29
Disposals and closures 
26
130
19
 
175
Currency translation differences
-25
-151
-7
 
-183
Other
3
26
0
 
30
December 31, 2022
-1,648
-7,818
-351
 
-9,816
Net carrying amount
 
 
 
 
 
December 31, 2020
1,342
2,886
85
405
4,717
December 31, 2021
1,361
2,813
81
688
4,943
December 31, 2022
1,373
2,830
75
1,033
5,311
The line “Other” mainly includes changes following portfolio transactions and reclassification of property, plant and equipment under construction to 
the appropriate categories when they are ready for intended use. 
Cash flows related to major investments are disclosed in note F16 Cash flows from investing activities – acquisition/disposal of assets and investments.

FINANCIAL STATEMENTS
307
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F22 
RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS
Accounting policy
Definition of a lease 
At inception of a contract, which generally coincides with the date the contract is signed, the Group assesses whether a contract is, or contains, a 
lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange 
for consideration.
An asset is typically identified by being explicitly specified in a contract. However, an asset can also be identified by being implicitly specified at 
the time that the asset is made available for use by the customer. If the supplier has a substantive substitution right, then the asset is not identified. 
A substantive substitution right means that (a) the supplier has the practical ability to substitute the asset throughout the period of use, and (b) 
would economically benefit from doing so. 
To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether, throughout the period of 
use, it has: 
	· the right to obtain substantially all of the economic benefits from use of the identified asset; and
	· the right to direct the use of the identified asset. This is generally the case when the Group has the decision-making rights regarding how and 
for what purpose the asset is used. 
The Group’s leased assets relate mainly to buildings, transportation equipment, and industrial equipment.
Lease term
The Group determines the lease term as the non-cancellable period of a lease, together with both:
	· periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option; and
	· periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option.
In its assessment, the Group considers the impact of the following factors (non-exhaustive):
	· contractual terms and conditions for the optional periods, compared with market rates;
	· significant leasehold improvements undertaken (or expected to be undertaken) over the term of the contract;
	· costs relating to the termination of the lease, including relocation costs, costs of identifying another underlying asset suitable for the Group’s 
needs, costs of integrating a new asset into the Group’s operations, and termination penalties;
	· the importance of that underlying asset to the Group’s operations, including the availability of suitable alternatives; 
	· conditionality associated with exercising the option (i.e. When the option can be exercised only if one or more conditions are met), and the 
likelihood that those conditions will exist; and
	· past practice.
Right-of-use asset and lease liability
The Group recognizes a right-of-use asset and a lease liability at the lease commencement date, which is the date that the lessor makes the asset 
available for use by the Group except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. 
The right-of-use assets are presented separately in the consolidated statement of financial position, and the lease liabilities are presented as part 
of financial debt.

FINANCIAL STATEMENTS
308
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Right-of-use asset
The right-of-use asset is initially measured at cost, which comprises:
	· the amount of the initial measurement of the lease liability;
	· any lease payments made at or before the commencement date, less any lease incentive received; and
	· any initial direct costs incurred by the Group.
After the commencement date, the right-of-use asset is measured at cost less any accumulated depreciation and any accumulated impairment 
losses. Right-of-use assets are depreciated using the straight-line depreciation method, from the commencement date to (a) the end of the useful 
life of the underlying asset, in case the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the lease 
contains a purchase option that the Group is reasonably certain to exercise, or (b) the earlier of the end of the useful life and the end of the lease 
term, in all other cases. 
Lease liability
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using 
the interest rate implicit in the lease or, if that rate cannot be readily determined, the respective Group entity’s incremental borrowing rate. Lease 
payments included in the measurement of the lease liability comprise the following:
	· fixed payments, less any lease incentives receivable; 
	· variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
	· amounts expected to be payable by the Group under residual value guarantees;
	· the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and
	· payments of penalties for early terminating the lease, if the Group is reasonably certain to exercise an option to early terminate the lease.
Service components (e.g. Utilities, maintenance, insurance, …) are excluded from the measurement of the lease liability. 
After the commencement date, the lease liability is measured by:
	· increasing the carrying amount to reflect interest on the lease liability;
	· reducing the carrying amount to reflect the lease payments made; and
	· remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect the impact from a revised index or rate.
Leasing of Palladium
The Group uses palladium, a precious metal, for certain of its operations. Next to purchasing this palladium, the Group also enters into various 
“leasing” agreements with financial institutions that give the Group the right to use palladium for a certain period and then return it at the end 
of the “lease”. Based on our analysis of these agreements, these contracts are not in the scope of IFRS 16 Leases or IFRS 9 Financial Instruments. 
Due to the lack of clear IFRS guidance, the Group applied judgment to determine whether these rights and obligations shall be accounted for on 
a gross or a net basis. Considering that the Group bears no price risk during the ‘lease’ term and is not in full control of the asset (in accordance 
with the IFRS Conceptual Framework), the Group believes a net presentation gives a better view on the economic substance of the transaction. 
As a result, only accruals are recorded for the production losses and regeneration costs and the “lease” fee is recognized within cost of sales. At 
the end of 2022, the total (gross) value of palladium leased still to be returned amounted to €59 million (end of 2021: €50 million) valued at the 
year-end closing rate.

FINANCIAL STATEMENTS
309
SOLVAY 2022 ANNUAL INTEGRATED REPORT
In € million
Land
Buildings
Transpor-
tation 
equipment
Industrial 
equipment
Other tangible 
assets
Total
Gross carrying amount
 
 
 
 
 
 
December 31, 2020
18
227
207
159
9
620
Additions
0
29
23
82
1
134
Disposals and closures
0
-1
-3
0
0
-4
Currency translation differences
0
9
11
7
0
27
Other
0
3
10
3
1
17
Transfer to assets held for sale
0
0
0
0
0
1
December 31, 2021
19
266
248
251
11
795
Additions
0
8
46
27
5
86
Disposals and closures
0
-38
-28
-11
-3
-79
Currency translation differences
0
7
8
5
0
21
Other
0
7
15
5
1
28
Transfer to assets held for sale
0
0
0
0
0
0
December 31, 2022
19
250
289
279
16
852
Accumulated depreciation
 
 
 
 
 
 
December 31, 2020
-2
-77
-83
-47
-6
-215
Depreciation
-1
-36
-42
-26
-3
-107
Impairment
0
1
3
0
0
4
Currency translation differences
0
-4
-5
-3
0
-11
December 31, 2021
-4
-115
-127
-75
-8
-329
Depreciation
-1
-33
-46
-34
-3
-117
Impairment
0
-3
0
0
0
-3
Disposals and closures 
0
38
28
11
3
79
Currency translation differences
0
-3
-4
-2
0
-9
December 31, 2022
-5
-115
-148
-100
-9
-378
Net carrying amount
 
 
 
 
 
 
December 31, 2020
16
150
124
112
4
405
December 31, 2021
15
151
121
176
3
466
December 31, 2022
14
134
141
178
6
474
The Group primarily leases buildings that include office buildings, and warehouses. Those leases are generally long-term leases and may include 
extension options. 
Next, the Group leases transportation equipment that mainly consists of railcars and containers to transport the Group’s products. 
Industrial equipment mainly relates to utility assets. In 2022, additions include €27 million for industrial equipment, €23 million for railcars and €17 million 
for containers.
Lease contracts generally are negotiated by the local teams, and contain a wide range of different terms and conditions. Many lease contracts contain 
extension options and/or early termination options to provide the Group with operational flexibility. Such options are taken into account when 
determining the lease term and the lease liability when it is reasonably certain that they will be exercised. 
If the Group exercised its extension options not currently included in the lease liability, the present value of additional payments would amount to 
€ 100 million at December 31, 2022 (€143 million at December 31, 2021). 
Lease contracts signed not yet commenced amount to €137 million at December 31, 2022 (€135 million for 2021) and mainly relate to a second waste 
wood boiler, steam turbine and auxiliaries in Germany, industrial equipment in France and rail cars in the United States. 
Total cash outflows for leases amount to €134 million for 2022, of which €113 million related to payment of lease liabilities and €21 million of interest 
expenses. Information on the corresponding lease liabilities (€519 million) can be found in the note F33 Net indebtedness. Information on the finance 
expense related to lease liabilities can be found in note F6 Net financial charges.

FINANCIAL STATEMENTS
310
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F23	
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
The list of associates and joint ventures is available in the note F40 List of companies included in the consolidation scope.
The associates and joint ventures not classified as held for sale/discontinued operations are accounted for under the equity method of accounting.
In € million
December 31, 2022
 
December 31, 2021
Associates
Joint 
ventures
Total
 
Associates
Joint 
ventures
Total
Investments in associates and joint ventures
18
790
809
 
18
619
637
Earnings from associates and joint ventures
1
170
171
 
2
157
159
INVESTMENTS IN ASSOCIATES
In € million
2022
2021
January 1
18
16
Profit for the year
1
2
Dividends received
-1
-2
Currency translation differences 
0
1
December 31
18
18

FINANCIAL STATEMENTS
311
SOLVAY 2022 ANNUAL INTEGRATED REPORT
The tables below present the summary of the statement of financial position and income statement of the associates as if they were proportionately 
consolidated.
In € million
December 31, 2022
December 31, 2021
Statement of financial position
 
 
Non-current assets
14
14
Current assets
17
16
Cash and cash equivalents
3
3
Non-current liabilities
2
2
Non-current financial debt
1
1
Current liabilities
11
10
Current financial debt
2
2
Investments in associates
18
18
 
 
 
Income statement
2022
2021
Sales 
39
33
Depreciation and amortization
1
-1
Interest on loans and short term deposits
0
0
Profit for the year from continuing operations
2
2
Profit for the year
2
2
 
 
 
Total comprehensive income
2
3
 
 
 
Dividends received
1
1
INVESTMENTS IN JOINT VENTURES
In € million
2022
2021
January 1
619
479
Additions
0
8
Capital increase / (decrease)
-5
0
Profit for the year
170
157
Dividends received
-18
-127
Currency translation differences 
24
34
Impairment reversal
0
67
Other 
1
1
December 31
790
619
In 2022 and 2021, the currency translation differences mainly relate to the evolution of the Russian ruble, of the Brazilian real and of the Indian rupee 
compared to the euro. 
In 2021, the impairment reversal of €67 million and the dividend received of €127 million mainly concern the joint venture Rusvinyl.
In accordance with IFRS 11 Joint Arrangements, the Group has assessed whether the changes in the legal and operating environment of Russia have 
impacted the ability to exercise its joint control over Rusvinyl. There are no changes in facts and circumstances that may significantly limit the Group’s 
ability to exercise its rights or governance with respect to Rusvinyl.

FINANCIAL STATEMENTS
312
SOLVAY 2022 ANNUAL INTEGRATED REPORT
The tables below present the summary of the statement of financial position and income statement of the material joint ventures as if they were 
proportionately consolidated.
December 31, 
2022
Rusvinyl 
OOO
Peroxidos 
do Brasil 
Ltda
Strata - 
Solvay 
Advanced 
Material 
JV
Shandong 
Huatai 
Interox 
Chemical 
Co. Ltd
Hindustan 
Gum & 
Chemicals 
Ltd
Aqua 
Pharma 
Group
EECO 
Holding 
and sub- 
sidiaries
Shinsol 
Advanced 
Chemicals
Cogenera-
tion Rosi-
gnano
In € million
 
 
 
 
 
 
 
 
 
Ownership 
interest
50%
69,40%
50%
50%
50%
50%
33,3%
51,0%
25,4%
Operating  
Segment
Chemi-
cals
Chemicals
Materials
Chemicals
Solutions
Chemicals
Corporate 
& Business 
Services
Solutions
Corporate 
& Business 
Services
Statement of 
financial position
 
 
 
 
 
 
 
 
 
Non-current 
assets
334 
73 
35 
4 
5
15 
9
 
4
Current assets
147 
89 
10 
12 
153
9 
13
8
2
Cash and cash 
equivalents
113 
39 
9 
9 
138
6 
4
8
2
Non-current 
liabilities
30 
6 
-0 
- 
5
1 
6
 
3
Non-current 
financial debt
6 
3 
-0 
0 
0
0 
6
 
3
Current liabilities
20 
38 
1 
5 
7
2 
7
 
0
Current financial 
debt
1 
7 
-
0 
0
0 
6
 
0
Investments in 
joint ventures
431
118
43
11
146
21
9
8
3
 
 
 
 
 
 
 
 
 
2022 income 
statement
 
 
 
 
 
 
 
 
 
Sales 
304
145
12
20
37
15
0
 
0
Depreciation and 
amortization
-27
-5
0
0
-1
-2
-1
 
-1
Cost of 
borrowings 
-7
0
0
0
0
0
-1
 
0
Interest on loans 
and short-term 
deposits
7
4
0
0
6
0
0
 
0
Income taxes
-29
-16
0
-1
-1
-1
-1
 
0
Profit for the 
year from 
continuing 
operations
117
33
9
2
6
1
2
 
0
Profit for the 
year
117
33
9
2
6
1
2
 
0
Other 
comprehensive 
income
22
9
0
0
-8
0
0
 
 
Total 
comprehensive 
income
138
42
9
2
-2
0
0
 
0
Dividends 
received
0
12
0
2
2
-1
0
 
0
Other comprehensive income mainly comprises the currency translation differences.

FINANCIAL STATEMENTS
313
SOLVAY 2022 ANNUAL INTEGRATED REPORT
December 31, 
2021
Rusvinyl 
OOO
Peroxidos 
do Brasil 
Ltda
Strata - 
Solvay 
Advanced 
Material 
JV
Shandong 
Huatai 
Interox 
Chemical 
Co. Ltd
Hindus-
tan Gum 
& Chemi-
cals Ltd
Aqua 
Pharma 
Group
EECO Hold-
ing and sub-
sidiaries
Shinsol 
Advanced 
Chemicals
Cogenera-
tion Rosi-
gnano
In € million
 
 
 
 
 
 
 
 
 
Ownership
 interest
50%
69,40%
50%
50%
50%
50%
33,3%
51,0%
25,4%
Operating 
Segment
Chemi-
cals
Chemicals
Materials
Chemicals
Solutions
Chemicals
Corporate 
& Business 
Services
Solutions
Corporate 
& Business 
Services
Statement of 
financial position
 
 
 
 
 
 
 
 
 
Non-current 
assets
324 
61 
29 
4 
5
16 
10
 
5
Current assets
82 
58 
10 
12 
156
12 
15
8
4
Cash and cash 
equivalents
57 
25 
10 
9 
138
6 
2
8
3
Non-current 
liabilities
50 
7 
0 
-
5
4 
8
 
4
Non-current 
financial debt
30 
4 
0 
0 
0
0 
8
 
4
Current liabilities
64 
26 
3 
5 
8
1 
9
 
1
Current financial 
debt
39 
4 
-
0 
0
0 
8
 
1
Investments in 
joint ventures
292
87
36
11
149
23
8
8
4
 
 
 
 
 
 
 
 
 
2021 income 
statement
 
 
 
 
 
 
 
 
 
Sales 
276
88
13
22
22
18
0
 
0
Depreciation and 
amortization
-22
-4
0
-1
-1
-2
-1
 
-1
Cost of 
borrowings 
-7
0
0
0
0
0
-1
 
0
Interest on loans 
and short-term 
deposits
2
1
0
0
7
0
1
 
0
Income taxes
-28
-11
0
-1
-2
-1
0
 
0
Profit for the 
year from con-
tinuing opera-
tions
111
26
9
2
5
1
1
 
0
Profit for the 
year
111
26
9
2
5
1
1
 
0
Other 
comprehensive 
income
21
2
0
1
8
2
0
 
 
Total 
comprehensive 
income
132
28
9
3
14
3
0
 
0
Dividends re-
ceived
103
15
0
1
2
-1
0
 
0
Other comprehensive income mainly comprises the currency translation differences.

FINANCIAL STATEMENTS
314
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F24	
IMPAIRMENT 
Accounting policy
General
At the end of each reporting period, the Group reviews whether there is any indication that assets have suffered an impairment loss. If any such 
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not 
possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset 
belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are allocated to individual CGUs, or otherwise 
they are allocated to the smallest group of CGUs for which a reasonable and consistent allocation basis can be identified.
The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows 
are discounted to their present value using a pre-tax discount rate.   Future cash flows are adjusted for risks not incorporated into the discount rate. 
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is 
reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.
When an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable 
amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined (net of amortization 
or depreciation) had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized 
immediately in profit or loss. An impairment loss recognized for goodwill shall not be reversed in a subsequent period.
Assets other than non-current assets held for sale
In accordance with IAS 36 Impairment of Assets, the recoverable amount of property, plant and equipment, intangible assets, right-of-use assets, 
CGUs or groups of CGUs, including goodwill, and equity method investees corresponds to the higher of their fair value less costs of disposal, and 
their value in use. The latter equals the present value of the future cash flows expected to be derived from each asset, CGU or group of CGUs, 
and equity method investees and is determined using the following inputs:
	· business plan approved by management based on growth and profitability assumptions, taking into account past performances, forecast 
changes in the economic environment and expected market developments, including opportunity and risks resulting from climate change 
(taking into account the Solvay One Planet strategy - see note Climate change in the IFRS general accounting policies) and environmental 
regulations such as products phasing out. For further details, refer to the Risk Management Section. Such business plan generally covers 
five years, unless management is confident that projections over a longer period are reliable;
	· consideration of a terminal value determined based on the cash flows obtained by extrapolating the cash flows of the last years of the business 
plan referred to above, affected by a long-term growth rate deemed appropriate for the activity and the location of the assets;
	· discounting of expected cash flows at a rate determined using the weighted average cost of capital formula.
Discount rate
Weighted average cost of capital (WACC) was computed using the same methodology applied in previous years after extensive benchmarking 
with Peers:
	· A short term WACC of 6.6% was utilized in 2022 (5.1% in 2021) to discount the expected cash flows of the initial four years, computed based on 
prevailing discount rates;
	· A long term WACC of 6.5% was utilized in 2022 (6.8% in 2021) to discount the expected cash flows of the fifth year and the Terminal Value, and 
is a rolling 8-year average of historical short term WACCs. 
These WACCs are in the low range of the observed Peers’ WACC estimates.

FINANCIAL STATEMENTS
315
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Long-term growth rates
The long-term growth rates used in 2022 are based:
	· on the comprehensive review of the entire business portfolio performed in 2019 with the definition of the G.R.O.W. Strategy when each CGU was 
assigned to one of three agile business segments that became effective as from 2020: Materials, Chemicals and Solutions, with different growth 
opportunities, consistent with the long term growth rates of the market they serve and the Group competitive position in those markets; and
	· on the long term growth potential for Composite Materials and Technology Solutions assessed during the 2020 impairment test which remain 
very strong.
After reassessment of the long-term growth prospects the Group concluded that the prior year rates are still applicable and were thus set at:
	· 2% for the Specialty Polymers CGU and 3% for the Composite Materials CGU;
	· 0% in the Segment Chemicals, except for Soda Ash and Peroxides, for which a 1% rate was set; and
	· 1% for the other CGUs in the Segment Solutions (excluding Technology Solutions, for which 1.5% was used, and Oil & Gas).
Other key assumptions are specific to each CGU (utility price, volumes, margin, etc.) and are based on approved budgets and mid-term plans. 
Impairment Test 2022
The impairment tests performed at CGU level at December 31, 2022, were based on the budget 2023 approved by the Board and the Mid Term Plan 
2024-2026 which reflect the economic rebound after the COVID crisis and the results of the structural cost saving measures adopted by the Group. They 
did not lead to any impairment of assets, as the recoverable amounts of the (groups of) CGUs were higher than their carrying amounts. More specifically, 
the difference between the (groups of) CGUs’ value in use and their carrying amount (headroom) represented in all cases more than 10% of their carrying 
amount. As a result, for these (groups of) CGUs, a reasonable change in a key assumption relating to the recoverable amount for which the (groups 
of) CGUs is based, would not result in an impairment loss. For comparability purposes the sensitivity analysis to WACC and long term growth rates 
assumptions for Composite Materials and Technology Solutions are presented.
Composite Materials
In € billion
December 31, 2022
Assumptions:
 
Discount rate = 6.5%
 
Long term growth rate = 3%
Sensitivity to: 
Impact on recoverable amount
Revised headroom
Discount rate -1%
1.7
3.3
Discount rate +1%
-0.9
0.8
Long term growth rate -1%
-0.8
0.8
Long term growth rate +1%
1.5
3.2
In € billion
December 31, 2021
Assumptions:
 
Discount rate = 6.8%
 
Long term growth rate = 3%
Impact on recoverable amount
Revised headroom
Discount rate -1%
1.3
2.4
Discount rate +1%
-0.7
0.4
Long term growth rate -1%
-0.6
0.5
Long term growth rate +1%
1.0
2.1

FINANCIAL STATEMENTS
316
SOLVAY 2022 ANNUAL INTEGRATED REPORT
The table below shows the break-even analysis for the headroom of Composite Materials:
Discount rate
Long term growth rate
Base rate
Break-even rate
Base rate
Break-even rate
December 31, 2022
6.5%
8.9%
3.0%
0.2%
December 31, 2021
6.8%
8.6%
3.0%
0.6%
Technology Solutions
In € billion
December 31, 2022
Assumptions:
 
Discount rate = 6.5%
Long term growth rate = 1.5%
Sensitivity to: 
Impact on recoverable amount
Revised headroom
Discount rate -1%
0.7
1.6
Discount rate +1%
-0.4
0.5
Long term growth rate -1%
-0.4
0.6
Long term growth rate +1%
0.6
1.5
In € billion
December 31, 2021
 
Assumptions:
 
 
Discount rate = 6.8%
 
Long term growth rate = 1.5%
Sensitivity to: 
Impact on recoverable amount
Revised headroom
Discount rate -1%
0.5
0.9
Discount rate +1%
-0.3
0.1
Long term growth rate -1%
-0.3
0.2
Long term growth rate +1%
0.4
0.8
The table below shows the break-even analysis for the headroom of Technology Solutions:
Discount rate
Long term growth rate
Base rate
Break-even rate
Base rate
Break-even rate
December 31, 2022
6.5%
9.2%
1.5%
-2.1%
December 31, 2021
6.8%
8.3%
1.5%
0.3%
Other small groups of assets (Solutions)
In 2022, following the improvement in performance after the industrial reorganization of some production sites in the Special Chem CGU for Fluor Gases 
in Europe, the impairment loss booked in 2020, after the COVID-19 crisis has been reversed (€37 million; Operating Segment: Solutions)
Rusvinyl equity investment
Rusvinyl is a Russian joint venture in chlorovinyls (included in the Chemicals Segment) in which Solvay holds a 50% equity interest, together with Sibur 
who holds the remaining 50% equity interest.
Russia's actions in Ukraine combined with the Group decision to suspend the dividends distribution from our Rusvinyl joint venture have been considered 
as a trigger for an impairment test.

FINANCIAL STATEMENTS
317
SOLVAY 2022 ANNUAL INTEGRATED REPORT
As a result, the Group performed an impairment test in Q2 and Q4, 2022 based on Dividend Discount Models prepared for different business scenarios, 
considering the following key assumptions: 
	· 0% long term growth rate, to reflect the long term impacts of the conflict on economic growth in Russia, 
	· dividends stream would resume from 2027, assuming a long lasting conflict and sanctions against Russia, 
	· a long term WACC used for the Terminal Value which reflects pre-crisis levels and a long term uncertainty premium. 
The carrying amount of the Rusvinyl equity investment at the end of Q4 2022 was €431 million, based on the closing exchange rate of 77.9 RUB/EUR. 
The results of the impairment test indicated that no such impairment existed. 
NOTE F25	
INVENTORIES
Accounting policy
Cost of inventories includes the purchase, conversion and other costs incurred in bringing the inventories to their present location and condition. 
The cost of inventories is determined by using the weighted average cost method. 
Inventories are measured at the lower of purchasing cost (raw materials and merchandise) or production cost (work in progress and finished goods) 
and net realizable value. Net realizable value represents the estimated selling price, less all estimated costs of completion and the estimated costs 
necessary to make the sale.
CO2 emission rights
With respect to the mechanism set up by the European Union to encourage manufacturers to reduce their greenhouse gas emissions, carbon 
dioxide (CO2) emission rights are granted to the Group for free. The Group is also involved in Clean Development Mechanism (CDM) under the 
Kyoto protocol. Under these projects, the Group has deployed facilities in order to reduce greenhouse gas emissions at the relevant sites in return 
for Certified Emission Reductions (CER).
In the absence of any IFRS regulating the accounting treatment of CO2 emission rights, the Group applies the Trade/Production model, according 
to which CO2 emission rights are presented as inventories if they will be consumed in the production process within the next 12 months, or as 
derivatives if they are held for trading. Energy Services is involved in CO2 emission rights’ trading, arbitrage and hedging activities. The net income 
or expense from these activities is recognized in “other operating gains and losses” (a) for the industrial component, where Energy Services sells 
the excess CO2 emission rights generated by Solvay or where a Group deficit is recognized, as well as (b) for the trading component, where Energy 
Services acts as a trader/broker with respect to those CO2 emission rights. 
In light of its centralized CO2 emission rights’ portfolio management, for emission rights that are substitutable between subsidiaries, the Group’s 
financial statements reflect the Group’s net position. If this net position is negative, a provision is recognized, measured based on the market price 
of the CO2 emission rights at reporting date. 
Energy savings certificates (ESCs)
Energy savings certificates are presented as inventory items in Finished goods. They are measured at weighted average cost. As their cost is not 
separately identifiable, and as they are a by-product, they are measured at their net realizable value upon initial recognition.
In € million
December 31, 2022
December 31, 2021
Finished goods
1,352
1,156
Raw materials and supplies
838
661
Work in progress
21
20
Total
2,211
1,837
Write-downs
-102
-92
Net total 
2,109
1,745
The CO2 emission rights amount to €57 million at the end of 2022. €16 million are included in the inventories (for 2022 obligations) and €41 million are 
reported under Other non-current assets (for obligations after 2022). See Note F32 Financial Instruments for further details on CO2 hedging.
Inventory write-downs are included in cost of goods sold in the consolidated income statement.

FINANCIAL STATEMENTS
318
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F26	
OTHER RECEIVABLES (CURRENT)
In € million
December 31, 2022
December 31, 2021
VAT and other taxes
398
321
Advances to suppliers
149
189
Financial instruments – operational
929
1,326
Insurance premiums
31
38
Loan receivables
43
28
Other
78
102
Other current receivables
1,628
2,004
Financial instruments – operational includes held for trading and cash flow hedge derivatives (see note F32.A. Overview of financial instruments). 
NOTE F27	
ASSETS HELD FOR SALE
Accounting policy
A disposal group is a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly 
associated with those assets that will be transferred in the transaction. The group includes goodwill acquired in a business combination if the 
group is a cash-generating unit to which goodwill has been allocated, or if it is an operation within such a cash-generating unit.
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction 
rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is 
available for immediate sale in its present condition. For a sale to be highly probable, management should be committed to a plan to sell the 
asset (or disposal group), an active program to locate a buyer and complete the plan should be initiated, the asset (or disposal group) should be 
actively marketed at a price which is reasonable in relation to its current fair value, the sale should be expected to be completed within one year 
from the date of classification, and actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will 
be made or that the plan will be withdrawn.
When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified 
as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former 
subsidiary after the sale.
Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less 
costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. Depreciation of such assets 
is discontinued as from their classification as held for sale. Prior period consolidated statements of financial position are not restated to reflect the 
new classification of a non-current asset (or disposal group) as held for sale.
At the end of 2022 and 2021 there are no assets classified as held for sale.

FINANCIAL STATEMENTS
319
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F28
EQUITY
Accounting policy
Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issuance of new share capital are directly recognized in equity as a deduction, net of tax, from the 
equity issuance proceeds.
Reserves
The reserves include:
	· treasury shares;
	· perpetual hybrid bonds that qualify as equity absent any unavoidable contractual obligation to repay the principal and interest of the perpetual 
hybrid bonds (no maturity, interest is payable annually but can be deferred indefinitely at the issuer’s discretion);
	· retained earnings;
	· currency translation differences from the consolidation process relating to the translation of the financial statements of foreign operations 
prepared in a non-euro functional currency to the euro presentation currency;
	· the impacts of the fair value remeasurement of equity instruments measured at fair value through other comprehensive income;
	· the impacts of the fair value remeasurement of financial instruments documented as hedging instruments in cash flow hedges;
	· actuarial gains and losses related to defined benefit plans.
Non-controlling interests
Those represent the share of non-controlling interests in the net assets and comprehensive income of subsidiaries of the Group, and corresponds 
to the interests in subsidiaries that are not held by the Company or its subsidiaries.
NUMBER OF SHARES (IN UNITS)
December 31, 2022
December 31, 2021
Shares issued and fully paid
105,876,416
105,876,416
Treasury shares held
2,107,752
2,236,739
The treasury shares held by the Group have been deducted from consolidated shareholders’ equity. 
Perpetual hybrid bonds
To strengthen its capital structure, Solvay issued undated deeply subordinated perpetual bonds (“perpetual hybrid bonds”) of €1.8 billion as per the 
following table: 
In € million
Issuance date
Nominal value
%
Annual coupon
First call / reset date
Hybrid bond NC10
November 12, 2013
500
5.425%
27
November 12, 2023
Hybrid bond NC8.5
December 2, 2015
500
5.869%
29
June 3, 2024
Hybrid bond NC5.25*
December 4, 2018
300
4.250%
13
March 4, 2024
Hybrid bond NC5.5*
September 2, 2020
500
2.500%
13
March 2, 2026
* with 3 months call option at par
All perpetual hybrid bonds are classified as equity absent any unavoidable contractual obligation to repay the principal and interest of the perpetual 
hybrid bonds, specifically:
	· No maturity, yet the issuer has a call option at every reset date to redeem the instrument;
	· At the option of the issuer, interest payments can be deferred indefinitely.
The coupons related to the perpetual hybrid bonds are recognized as equity transactions and are deducted from equity upon declaration (see 
consolidated statement of changes in equity). These coupons amount to €82 million in 2022 (€75 million in 2021).

FINANCIAL STATEMENTS
320
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Should Solvay have elected not to pay any interest to the perpetual hybrid bond holders, then any payment of dividends to the ordinary shareholders or 
repayment of ordinary shares would trigger a contractual obligation to pay previously unpaid interests to the perpetual hybrid bond holders. 
Tax impacts related to the perpetual hybrid bonds are recognized in profit or loss.
NOTE F29
NON-CONTROLLING INTERESTS 
The amounts disclosed below are fully consolidated amounts and do not reflect the impacts from elimination of intragroup transactions.
At the end of 2022, the following subsidiaries have non-controlling interests totaling €40 million (out of a total of €61 million). 
In € million
Zhejiang Lansol
Solvay Hengchang 
Zhangjiagang Special 
Chem 
Non-controlling ownership interest
45%
30%
Statement of financial position
 
 
Non-current assets
28
17
Current assets
47
72
Non-current liabilities
2
1
Current liabilities
17
34
Income statement
 
 
Sales 
93
168
Profit for the year
9
36
Other comprehensive income
-3
-3
Total comprehensive income
6
32
Dividends paid to non-controlling interests 
0
6
Share of non-controlling interest in the profit for the year
4
11
Accumulated non-controlling interests
24
16
During 2022 the Group purchased the remaining outstanding ownership interest in Solvay Soda Ash (20% for US$ 120 million) and Solvay Special Chem 
Japan (33% for €3.55 million) with the difference between the consideration paid and the net book value of the non-controlling interest being recorded 
as a component of equity (loss of €88 million on the purchase of Solvay Soda Ash and a gain of €9.5 million on the purchase of Special Chem Japan).
At the end of 2021, the following subsidiaries have non-controlling interests totaling €93 million (out of a total of €112 million).

FINANCIAL STATEMENTS
321
SOLVAY 2022 ANNUAL INTEGRATED REPORT
In € million
Zhejiang 
Lansol
Solvay Special 
Chem Japan
Solvay Soda 
Ash 
Solvay Hengchang 
Zhangjiagang 
Special Chem 
Non-controlling ownership interest
45%
33%
20%
30%
Statement of financial position
 
 
 
 
Non-current assets
28
17
285
18
Current assets
37
19
75
70
Non-current liabilities
2
1
19
0
Current liabilities
15
2
79
44
Income statement
 
 
 
 
Sales 
80
63
309
136
Profit for the year
5
3
135
21
Other comprehensive income
4
-1
-8
3
Total comprehensive income
9
2
127
25
Dividends paid to non-controlling interests 
3
1
34
1
Share of non-controlling interest in the profit for the year
2
1
27
6
Accumulated non-controlling interests
21
11
49
12

FINANCIAL STATEMENTS
322
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F30
SHARE-BASED PAYMENTS
Accounting policy
Solvay has set up compensation plans, including equity-settled and cash-settled share-based compensation plans.
In its equity-settled plans, the Group receives services as consideration for its own equity instruments (namely through the issuance of share 
options). The fair value of services rendered by employees in consideration for the granting of equity-instruments represents an expense. This 
expense is recognized on a straight-line basis in the consolidated income statement over the vesting periods relating to these equity-instruments 
with the recognition of a corresponding adjustment in equity. The fair value of services rendered is measured based on the fair value of the equity-
instruments on the grant date. It is not subsequently remeasured. At each reporting date, the Group re-estimates the number of share options 
likely to vest. The impact of the revised estimates is recognized in profit or loss against a corresponding adjustment in equity.
In its cash-settled plans, the Group acquires services by incurring a liability to transfer to its employees rendering those services amounts that are 
based on the price (or value) of equity instruments (including shares or share options) of the Group (namely through the issuance of performance 
share units). The fair value of services rendered by employees in consideration for the granting of share-based payments represents an expense. 
This expense is recognized on a straight-line basis in the consolidated income statement over the vesting periods relating to these share-based 
payments with the recognition of a corresponding adjustment in liabilities. At each reporting date, the Group re-estimates the number of options 
likely to vest, with the impact of the revised estimates recognized in profit or loss. The Group measures the services acquired and the liability 
incurred at the fair value of the liability. Until the liability is settled, the Group remeasures the fair value of the liability at the end of each reporting 
period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period.
Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood 
of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market 
performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated 
service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to 
an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do 
not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting 
condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other 
performance and/or service conditions are satisfied. 
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details 
are given in Note F9 Earnings per share).

FINANCIAL STATEMENTS
323
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Stock Option Plan
In 2022, the Board of Directors offered to executive staff (17 beneficiaries) a share option plan with a view to incentivize long-term value creation delivered 
through the transformation of the Group. The plan is an equity-settled share-based plan. All of the managers involved subscribed to the options offered 
to them in 2022 with an exercise price of €84.34 representing the average stock market price of the share for the 30 days prior to the offer. 
Share option plans
2022
2021
2020
2019
2018 - 2
2018 - 1
Number of share options granted and still outstanding at December 31, 
2021
 
265,433
395,164
429,103
72,078
391,280
Granted share options
386,867
Forfeitures of rights and expiries
-6,432
Share options exercised
Number of share options at December 31, 2022
386,867
259,001
395,164
429,103
72,078
391,280
Share options exercisable at December 31, 2022
72,078
391,280
Exercise price (in €)
84.34 
 95.58
95.58
97.05
108.38
113.11
Fair value of options at measurement date (in €)
16.47
23.32
15.23
17.77
20.81
19.10
2017
2016
2015
2014
Number of share options granted and still outstanding at December 31, 
2021
308,450
521,095
332,565
204,787
Granted share options
Forfeitures of rights and expiries
-156
-658
Share options exercised
 
-23,250
-204,129
Number of share options at December 31, 2022
308,450
497,845
332,409
Share options exercisable at December 31, 2022
308,450
497,845
332,409
Exercise price (in €)
111.27
 75.98
 114.51
101.14
Fair value of options at measurement date (in €)
23.57
 17.07
24.52
22.79
2022
2021
Number of share 
options
Weighted average 
exercise price
Number of share 
options
Weighted average 
exercise price
January 1
2,919,955
104.54
3,394,908
103.63
Granted during the year
386,867
84.34
265,433
95.58
Forfeitures of rights and expiries during the year
-7,246
96.49
-152,403
104.56
Exercised during the year
-227,379
98.57
-587,983
95.25
December 31
3,072,197
102.45
2,919,955
104.54
Exercisable at December 31
1,602,062
 
1,366,897
 
In 2022, the share options resulted in an expense of €5 million, which was calculated by third parties according to the Monte Carlo simulation, and 
recognized in the consolidated income statement as part of administrative costs. 
The valuation of the stock option plan of 2022 is based on:
	· the price of the underlying asset (Solvay share): €78 at September 29, 2022;
	· the time outstanding until option maturity: exercisable from January 1, 2026 until December 31, 2027, taking into account the fact that some of them 
will be exercised before the option maturity;
	· the option exercise price: €84.34;
	· the risk-free return: 2.38% (on average);
	· the average volatility of the underlying yield, estimated based on the option price: 32.8%;
	· an average dividend yield of 2.76%;
	· the achievement of a target market capitalization.

FINANCIAL STATEMENTS
324
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Weighted average remaining contractual life of the share option plans:
In years
2022
2021
2014
0.2
2015
0.2
1.2
2016
1.2
2.2
2017
2.2
3.2
2018-1
3.2
4.2
2018-2
3.6
4.6
2019
4.2
5.2
2020
5.2
6.2
2021
6.1
7.1
2022
5.0
 
Performance Share Units Plan (PSU)
In 2022, the Board of Directors offered to executive staff a Performance Share Unit Plan, with the objective of promoting long-term success and to 
increase the focus on sustainable performance for the benefit of the Solvay Group and its stakeholders. All the managers involved subscribed to the PSU 
offered to them in 2022 with a grant date fair value of €90.61 representing the average stock market price of the share for the 30 days prior to the offer. 
The PSU plan 2022 is an equity-settled share-based plan with a 3-year vesting period, after which shares will be issued, if vesting conditions are met.
The PSU plans of 2021 and 2020 are cash-settled plans with a 3-year vesting period, after which a cash settlement will take place, if vesting conditions 
are met.
Performance share 
units
Plan 2022
Plan 2021
Plan 2020
Number of PSUs
196,605
194,130
236,802
Grant date
17/05/2022
23/02/2021
25/02/2020
Vesting date
01/01/2025
01/01/2024
01/01/2023
Vesting period
17/05/2022 to 31/12/2024
31/03/2021 to 31/12/2023
31/03/2020 to 31/12/2022
Performance  
conditions
40% of the initial granted PSUs are 
subject to the achievement of Year 
over Year Underlying EBITDA growth 
target for each of the 3 (2022, 2023, 
2024) performance years ending on 
December 31, 2024
40% of the initial granted PSUs are 
subject to the achievement of Year 
over Year Underlying EBITDA growth 
target for each of the 3 (2021, 2022, 
2023) performance years ending on 
December 31, 2023
40% of the initial granted PSUs are sub-
ject to the achievement of Year over 
Year Underlying EBITDA growth target 
for each of the 3 (2020, 2021, 2022) per-
formance years ending on December 
31, 2022
40% of the initial granted PSUs are sub-
ject to the sustained and /or improved 
ROCE % of the Company for each of 
the 3 (2022, 2023, 2024) performance 
years
40% of the initial granted PSUs are sub-
ject to the sustained and /or improved 
ROCE % of the Company for each of 
the 3 (2021, 2022, 2023) performance 
years
40% of the initial granted PSUs are sub-
ject to the sustained and /or improved 
ROCE % of the Company for each of 
the 3 (2020, 2021, 2022) performance 
years
20% of the initial granted PSUs are 
subject to the reduction of GHG abso-
lute emissions during the same 3 years 
(2022, 2023, 2024) 
20% of the initial granted PSUs are 
subject to the reduction of GHG abso-
lute emissions during the same 3 years 
(2021, 2022, 2023) 
20% of the initial granted PSUs are 
subject to the reduction of GHG abso-
lute emissions during the same 3 years 
(2020, 2021, 2022) 
Achievement of the plan is measured 
for each separate performance year. 
The score achieved for each individual 
year is acquired definitively, whatever 
the achievement of the other years
Achievement of the plan is measured 
for each separate performance year. 
The score achieved for each individual 
year is acquired definitively, whatever 
the achievement of the other years
Achievement of the plan is measured 
for each separate performance year. 
The score achieved for each individual 
year is acquired definitively, whatever 
the achievement of the other years
Validation of perfor-
mance conditions
By the Board of Directors
By the Board of Directors
By the Board of Directors
For the PSU plan 2022, the participants who are also members of the Executive Leadership Team (including the CEO) on the grant date must achieve an 
additional performance condition. If achievement of the performance conditions outlined in the above table is positive (above 0), delivery of the PSUs is 
subject to further adjustment based on the Total Shareholder Return (TSR) performance of the Group in comparison to the TSR of the Stoxx 600 index 
companies for the period equal to the Performance Period.

FINANCIAL STATEMENTS
325
SOLVAY 2022 ANNUAL INTEGRATED REPORT
In 2022, the impact on the consolidated income statement regarding PSUs (net of hedging – see note F32 Financial Instruments) amounts to a cost of 
€ (20) million, compared to a cost of € (17) million in 2021. Included in the 2022 PSU cost is €6 million related to the new equity-settled plan. The carrying 
amount of the PSU liabilities for the 2021 and 2020 cash-settled plans amounts to €39 million at the end of 2022, compared to €31 million at the end of 
2021.
At December 31, 2022, there were 192,828 PSUs outstanding for the 2022 equity settled plan and 180,816 and 200,941 for the 2021 and 2020 cash-settled 
plans, respectively.
Restricted Share Units (RSU)
In 2022, the Board of Directors offered to executive staff a Restricted Share Unit Plan, with the objective of promoting long-term success and to increase 
the focus on sustainable performance for the benefit of the Solvay Group and its stakeholders. All the managers involved subscribed to the RSU offered 
to them in 2022 with a grant date fair value of €90.61 representing the average stock market price of the share for the 30 days prior to the offer. 84,353 
RSUs were granted. The Restricted Share Units is an equity-settled share-based plan with a vesting date of December 31, 2024, after which shares will be 
issued, if vesting conditions are met. At December 31, 2022, there are 82,732 RSUs outstanding. 
In 2022, the impact on the consolidated income statement of the RSUs amounts to a cost of €2 million. 
The PSUs and RSUs have been hedged by Solvay with 360,000 call options with a strike price at €86.24 maturing on September 29, 2023. See note F32 
Financial Instruments.
Employee Stock Purchase Plan (ESPP)
In September 2022, Solvay launched its first employee share purchase plan. By participating in the plan, employees have the opportunity to purchase 
Solvay Group shares on preferential terms. 27.7% of employees subscribed to the plan offered to them in 2022 with a grant date fair value of €82.85 
representing the average stock market price of the share for the 30 days prior to the offer. These employees will receive one free Solvay Group share 
for joining the plan as well as one matching share for every two shares purchased. The ESPP is an equity-settled share-based plan with a vesting date of 
September 30, 2024, after which the free and matching shares will be issued, if vesting conditions are met.
At December 31, 2022, 79,455 shares are expected to be granted to the employees. The impact on the consolidated income statement of the ESPP 
amounts to a cost of €1 million.
The ESPP has been hedged by Solvay with 80,500 call options with a strike price at €78.91 maturing on September 29, 2023.
NOTE F31
PROVISIONS
In € million
Employee benefits
Restructuring
Environment
Litigation
Other
Total
December 31, 2021
1,574
191 
648 
62 
126
2,600
Additions
63
32
194
54
33
377
Reversals of unused amounts
0
0
-17
-10
-13
-41
Uses
-101
-106
-90
-8
-24
-328
Use of provisions for additional voluntary contri-
butions (pension plans)
-155
 
 
 
 
-155
Increase/decrease through discounting
 3
0
-42
1
0
-39
Remeasurements
-351
0
0
0
0
-351
Currency translation differences
16
2
13
3
1
34
Acquisitions and changes in consolidation scope
0
0
0
0
0
0
Disposals
0
0
0
0
0
0
Other
8
0
-3
-4
0
0
December 31, 2022
1,057
119
702
 97
123
2,097
Of which current provisions
0
81
108
52
57 
297
The provisions decreased by €(503) million in 2022, of which €(517) million for Employee benefits, €(72) million for Restructuring, partially offset by an 
increase of €54 million for Environment and €35 million for Litigation. 
Employees benefit includes other long-term benefits and termination benefits.

FINANCIAL STATEMENTS
326
SOLVAY 2022 ANNUAL INTEGRATED REPORT
For employee benefits, the deleveraging of €(517) million is explained as follows:
	· payments (uses) for €(101) million, and voluntary contributions of €(155) million to pension funds to deleverage and de-risk;
	· net new liabilities (additions and reversals) for €63 million;
	· remeasurements, resulting from the changes in assumptions related to the gross liability for €(1,067) million (mainly due to changes in discount rates);
	· return on plan assets increasing the liability by €631 million, of which €(85) million in deduction of “Increase through discounting” and €716 million in 
increase of “Remeasurements” for the assets return exceeding the discount rate, which excludes the impact of remeasurements on the plan assets 
surplus (€(195) million); 
	· net increase through discounting for €3 million for the unwinding of the discount rate on the gross liability; 
	· other increases in the employee benefit obligations for €109 million mainly due to the reclassification of the amounts recognized in asset surplus and 
currency translation differences. 
Restructuring, environmental and litigation - see note F31.B Provisions other than employee benefits.
The movements in Other provisions mainly relate to post-closing adjustments resulting from M&A warranties as well as indemnities for environmental 
remediation.
Management expects provisions (other than employee benefits) to be used (cash outlays) as follows:
In € million
up to 5 years
between 5 and 10 years
beyond 10 years
Total
Total provisions for environment
361
 96
245
702
Total provisions for litigation
92
5
97
Total provisions for restructuring and other
226
16
241
December 31, 2022
679
116
245
1,040

FINANCIAL STATEMENTS
327
SOLVAY 2022 ANNUAL INTEGRATED REPORT
1. F31.A. Provisions for employee benefits
Accounting policy
General
The Group’s employees are offered various post-employment benefits, other long-term employee benefits, and termination benefits as a result of 
legislation applicable in certain countries, and contractual agreements entered into by the Group with its employees or constructive obligations.
The post-employment benefits are classified as defined contribution or defined benefit plans.
Defined contribution plans
Defined contribution plans involve the payment of fixed contributions to a separate entity, and release the employer from any subsequent 
obligation, as this separate entity is solely responsible for paying the amounts due to the employee. The expense is recognized when an employee 
has rendered services to the Group during the period.
Defined benefit plans
Defined benefit plans concern all plans other than defined contribution plans, and include:
	· post-employment benefits: pension plans, other post-employment obligations and supplemental benefits such as post-employment medical 
plans.
Taking into account projected final salaries on an individual basis, post-employment benefits are measured by applying a method (projected unit 
credit method) using assumptions involving discount rate, life expectancy, turnover, wages, annuity revaluation and medical cost inflation. The 
assumptions specific to each plan take into account the local economic and demographic contexts.
The discount rates are interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and 
that have terms to maturity approximating the terms of the related pension obligation.
The amount recognized under post-employment obligations corresponds to the difference between the present value of future obligations and 
the fair value of the plan assets funding the plan, if any. If this calculation gives rise to a deficit, an obligation is recognized in liabilities. Otherwise, 
a net asset limited to the lower of the surplus in the defined benefit plan and the present value of any future plan refunds or any reduction in future 
contributions to the plan is recognized. Therefore the amount at which such an asset is recognized in the statement of financial position may be 
subject to a ceiling.
The defined benefit cost consists of service cost and net interest expense (based on discount rate) on the net liability or asset, both recognized in 
profit or loss, and remeasurements of the net liability or asset, recognized in other comprehensive income.
Service cost consists of current service cost, past service cost resulting from plan amendments or curtailments and settlement gains or losses.
The interest expenses arising from the reverse discounting of the benefit obligations, the financial income on plan assets (determined by 
multiplying the fair value of the plan assets by the discount rate) as well as interest on the effect of the asset ceiling are recognized on a net basis 
in the net financial charges (cost of discounting of provisions).
Remeasurements of the net liability or asset consist of:
	· actuarial gains and losses on the benefit obligations arising from experience adjustments and/or changes in actuarial assumptions (including the 
effect of changes in the discount rate) recognized in other comprehensive income;
	· Changes as a consequence of plan amendments, recognized in profit or loss; 
	· the return on plan assets (excluding amounts in net interest) and changes in the limitation of the net asset recognized.
Other long-term employee and termination benefits
Other long-term employee benefits related to long service benefits granted to employees according to their seniority in the Group. Termination 
benefits include early pension plans. Other long-term employee and termination benefits are accounted for in the same way as post-employment 
benefits but remeasurements are fully recognized in the net financial charges during the period in which they occur.
The actuarial calculations of the main post-employment obligations and other long-term benefits are performed by independent actuaries.

FINANCIAL STATEMENTS
328
SOLVAY 2022 ANNUAL INTEGRATED REPORT
OVERVIEW 
In € million
December 31, 2022
December 31, 2021
Post-employment benefits
873
1,371
Other long-term benefits
136
153
Termination benefits
49
50
Total employee benefits
1,057
1,574
POST-EMPLOYMENT BENEFITS
A. Defined contribution plans
For defined contribution plans, Solvay pays contributions to publicly or privately administered pension funds or insurance companies. For 2022, the 
expense amounts to €59 million compared to €56 million for 2021. 
B. Defined benefit plans
Defined benefit plans can be either funded via outside pension funds or insurance companies (“funded plans”) or financed within the Group (“unfunded 
plans”). Unfunded plans have no plan assets dedicated to them. 
The net liability results from the net of the provisions and the asset plan surplus.
In € million
December 31, 2022
December 31, 2021
Provisions
873
1,371
Asset plan surplus
-62
-248
Net liability
810
1,123
 
 
 
 
2021
2021
Operational expense
44
19
Finance expense
14
13
The operating expense includes current service cost for €38 million (€43 million in 2021) (see also B.3.). 
B.1. Management of risks
Over recent years, the Group has reduced its exposure to defined benefit plan obligations stemming from future services by converting existing plans 
into pension plans with a lower risk profile (hybrid plans, cash balance plans and defined contribution plans) or by closing them to new entrants.
Solvay continuously monitors its risk exposure, focusing on the following risks:
Asset volatility
Equity instruments, even though expected to outperform corporate bonds in the long-term, create volatility and risk in the short-term. To mitigate this 
risk, the allocation to equity instruments is monitored using Assets and Liabilities Management techniques, to ensure it remains appropriate given the 
respective schemes’ and Group’s long term objectives.
Changes in bond yields
A decrease in corporate bond yields will increase the carrying amount of the plans’ liabilities. For funded schemes this impact will be partially offset by 
an increase in the fair value of the plan assets.
Corporate bond yields are highly dependent on global and local market situations, the decisions of central banks and the political situation. Events that 
are currently impacting the financial markets are:
	· the war in Ukraine and its geopolitical consequences;
	· high inflation due to increasing energy prices;
	· quantitative tightening applied by central banks to combat rising inflation.
Consequently, yields in the major currency zones (Eurozone, the UK, and the US) have increased compared to 2021 (see Actuarial assumptions used in 
determining the liability). The result is a decrease in the Group's defined benefit obligations in 2022.

FINANCIAL STATEMENTS
329
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Inflation risk
The defined benefit obligations are linked to inflation, and as a result, higher inflation will lead to an increase in the benefit obligation (although, in most 
cases, caps on the level of inflationary increases are in place to protect against extreme inflation). A limited part of the assets are either unaffected by or 
only partially correlated with inflation, meaning that an increase in inflation will also increase the plans’ net liabilities.
The inflation rate in each country is based on the Global Economic Consensus Forecast (GCF) with the exception of the UK, where the information is 
derived from the Bank of England. Long-term inflation assumptions have increased slightly in the Eurozone in comparison to 2021. In the UK, the outlook 
for the retail price index and consumer price index remains unchanged from 2021. The long-term inflation rate in the US, which is also based on the GCF, 
remains unchanged compared to 2021. (See Actuarial assumptions used in determining the liability)
Life expectancy
The majority of the schemes’ obligations are to provide benefits for the life of the member. Increases in life expectancy will therefore increase the plans’ 
liabilities.
Regulatory risk
Especially with respect to funded plans, the Group is exposed to the risk of external funding following regulatory constraints. This should not impact the 
defined benefit obligation but could expose the Group to a potential significant cash outlay.
B.2. Description of obligations
The provisions have been set up to cover post-employment benefits granted by most Group companies in line, either with local rules and /or with 
established practices, which generate constructive obligations.
The largest post-employment plans in 2022 are in the United Kingdom, the United States, France, Germany and Belgium. These five countries represent 
94% of the total defined benefit obligations and represent 95% of the total recognized plan assets.
December 31, 2022
 
In € million
Defined bene-
fit obligations
In %
Recognized 
plan assets
Net liability/
(asset)
In %
Ratio plan assets 
on defined benefit 
obligations
of which asset surplus 
recognized in the 
balance sheet
United Kingdom
1,045
27%
 
1,031
14
2%
99%
0
United States
1,097
29%
 
984
113
14%
90%
0
France
722
19%
 
309
414
51%
43%
32
Germany
399
10%
 
201
198
24%
50%
0
Belgium
328
9%
 
330
-2
0%
101%
23
Other countries
209
6%
 
136
73
9%
65%
7
Total
3,801
100%
 
2,990
810
100%
79%
62
December 31, 2021
 
In € million
Defined bene-
fit obligations
In %
Recognized 
plan assets
Net liability/
(asset)
In %
Ratio plan assets 
on defined benefit 
obligations
of which asset surplus 
recognized in the 
balance sheet
United Kingdom
1,618
32%
 
1,678
-60
-5%
104%
76
United States
1,315
26%
 
1,230
86
8%
93%
66
France
953
19%
 
372
582
52%
39%
50
Germany
516
10%
 
70
446
40%
14%
Belgium
384
8%
 
405
-21
-2%
105%
51
Other countries
229
5%
 
139
90
8%
61%
5
Total
5,016
100%
 
3,893
1,123
100%
78%
248
United Kingdom
Solvay sponsors a few defined benefit plans in the United Kingdom; the largest one is the Rhodia Pension Fund (the Fund). This is a final salary funded 
pension plan, with entitlement to accrue a percentage of salary per year of service. It was closed to new entrants in 2003 and replaced by a defined 
contribution plan.
Broadly, about 8% of the liabilities are attributable to current employees, 28% to former employees and 64% to current pensioners.

FINANCIAL STATEMENTS
330
SOLVAY 2022 ANNUAL INTEGRATED REPORT
The Fund functions and complies with UK legislation under a large regulatory framework. The Pensions Regulator has a risk-based approach to regulation 
and a code of practice, which provides practical guidance to trustees and employers of defined benefit schemes on how to comply with the scheme 
funding requirements. In accordance with UK legislation, the Fund is subject to Scheme Specific Funding, which requires that pension plans are funded 
prudently.
The Fund is governed by a Board of Trustees. They manage the Fund with prudent and fair judgment. The Trustees determine the liabilities used for 
Statutory Funding Objectives based on prudent actuarial and economic assumptions. Any shortfall or deficit once these liabilities have been deducted 
from the Fund’s assets must be reduced by additional contributions and in a time frame determined in accordance with the employer’s ability to pay and 
the strength of covenant or contingent security being offered by the employer.
The Fund is subject to a triennial valuation cycle for funding purposes. This valuation is performed by the scheme actuary in line with UK regulations and 
is discussed between the Trustees and the sponsoring employer to agree the valuation assumptions and a funding plan. The last completed valuation 
was as of July 1, 2021, which established a fixed contribution rate of pensionable pay for active members plus a deficit recovery plan, which aims to fully 
fund the scheme’s technical provisions by the end of 2027 in accordance with local regulations. 
The guarantee provided by Solvay (£ 330 million) is based on local regulations and exceeds the recognized liability – See note F36 Contingent assets, 
liabilities and financial guarantees for more information. 
France
Solvay sponsors several defined benefit plans in France. The largest plans are the French compulsory retirement indemnity plan and three closed top 
hat plans. Indeed, as required by the “Loi Pacte”, the open top hat plan (so called “ARS”) was closed at the end of 2019 and replaced by a defined 
contribution plan. 
The main plan is for all former Rhodia employees who contributed to the plan prior to its closure in the 1970s. It offers a full benefit guarantee based on 
the end-of-career salary; more than 99% of the liabilities are attributable to current pensioners. This plan is partially funded.
In accordance with French legislation, adequate guarantees have been provided.
United States
Solvay sponsors five defined benefit pension plans in the United States (two qualified plans and three non-qualified plans). A qualified plan is an 
employer-sponsored retirement plan that qualifies for special tax treatment under Section 401(a) of the Internal Revenue Code. At this moment all 
defined benefit plans are closed to new entrants where newly hired employees are eligible to participate in a defined contribution plan. Note that both 
qualified defined benefit pension plans are funded while the three non-qualified defined benefit pension plans are unfunded. The qualified plans make 
up the vast majority of the pension liabilities as of December 31, 2022.
Solvay's plans are in compliance with local laws regarding audited financial statements, governmental filings, and Pension Benefit Guaranty Corporation 
insurance premiums where applicable. The plans are reviewed and monitored locally by fiduciary committees for purposes of plan investments and 
administrative matters.
For the US qualified plans, Solvay’s contributions take into account minimum (tax-deductible) funding requirements as well as maximum tax deductible 
contributions, both regulated by the tax authorities.
Certain eligible participants may elect to receive their pension in a single lump sum payment instead of a monthly payment.
Broadly, about 24% of the liabilities are attributable to current employees, 11% to former employees for whom benefit payments have not yet commenced 
and 65% to current pensioners.
In 2022, in the United States Solvay contributed to two multiemployer pension plans under collective bargaining agreements that cover certain of its 
union-represented employees. Each of the multiemployer plans is a defined benefit pension plan. None of the multiemployer plans provide an allocation 
of its assets, liabilities, or costs among contributing employers. None of the multiemployer plans provides sufficient information to permit Solvay, or 
other contributing employers, to account for the multiemployer plan as a defined benefit plan. Accordingly, the company accounts for its participation 
in each of the multiemployer plans as if they were a defined contribution plan. For multiemployer plans, during 2022 and 2021, the annual contributions 
paid were less than €1 million.
Germany
Solvay sponsors various defined benefit plans in Germany. The largest plans are a closed final-pay plan and an open cash balance plan. Broadly, about 
70% of the liabilities are attributable to current pensioners. These plans are partially funded; an additional voluntary contribution of €155 million to the 
Contractual Trust Agreement was paid in 2022.

FINANCIAL STATEMENTS
331
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Belgium
Solvay sponsors two defined benefit plans in Belgium. These are funded pension plans. The plan for executives has been closed since the end of 
2006, and the plan for the White and Blue collars has been closed since 2004. The past service benefits provided under these plans continue to be 
adapted each year considering annual salary increase and inflation (“Dynamic management”). In accordance with market practice in Belgium, because 
of favorable retirement lump sum taxation, most benefits are paid as lump sum. 
Furthermore, Solvay sponsors two open defined contribution plans, classified as defined benefit plans for accounting purposes due to the minimum 
guarantees explained hereafter. These are funded pension plans which are open since the beginning of 2007 for the one in favor of the executives and 
since the beginning of 2005 for the one in favor of the White and Blue collars. Participants may choose to invest their contributions amongst four different 
investment funds (from “Prudent” to “Dynamic”). However, regardless of their choices, the Belgian law foresees that the employer must guarantee a 
return on employer contribution and on personal contribution, creating that way a potential liability for the Group. Since 2016 the return has been fixed 
at 1.75% for both types of contributions, at the minimum of the range provided by law since January 1, 2016 (1.75% to 3.75%). At the end of 2022, net 
liability recognized in the consolidated statement of financial position concerning these plans is not material.
Solvay’s plans are administered through the Solvay Pension Fund that operates in compliance with local laws regarding minimum funding, investments 
principles, audited financial statements, governmental filings, and governance principles. The Pension Fund is managed through a General Assembly 
and a Board of Directors delegating day-to-day activities to an operational committee.
Solvay sponsors a few other smaller pension plans. All these plans are insured.
Other Plans
The majority of the obligations relate to pension plans. In some countries (mainly the United States), there are also post-employment medical plans, 
which represent 4% (4% in 2021) of the total defined benefit obligation.
B.3. Financial impacts
Changes in net liability 
In € million
2022
2021
Net amount recognized at beginning of period
 
1,123
 
1,975
Net expense recognized in P&L - Defined benefit plans
 
58
 
33
Actual employer contributions / direct actual benefits paid
 
-227
 
-292
Acquisitions and disposals
 
0
 
-1
Remeasurements before impact of asset ceiling
 
-157
 
-564
Change in the effect of the asset ceiling limit on remeasurements
 
2
 
2
Reclassifications
 
2
 
-56
Currency translation differences
 
9
 
25
Net amount recognized at end of period
 
810
 
1,123
Remeasurements including the impact of asset ceiling €(155) million comprise:
	· the unfavorable investment return on plan assets (excluding interests reported in the consolidated income statement) for €910 million;
	· increase in discount rates €(1,150) million mainly in the United States, United Kingdom, Brazil and Eurozone;
	· increase in inflation rate €60 million for Eurozone;
	· other remeasurements due to changes in the other financial assumptions, demographic and experience effects €25 million.

FINANCIAL STATEMENTS
332
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Net expense
In € million
2022
2021
Current service costs
38
43
Past service costs (including curtailments and settlements)
1
-26
Service costs
40
17
Interest cost
99
66
Interest income
-85
-53
Net interest
14
13
Administrative expenses paid
5
3
Net expense recognized in P&L - Defined benefit plans
58
33
Remeasurements recognized in other comprehensive income
-155 
-562
The service costs and administrative expenses of these benefit plans are recognized within cost of sales, administrative costs, research & development 
costs or operating gains and losses and results from legacy remediation, and the net interest is recognized as a finance expense.
In 2022 the Group’s current service costs amount to €38 million (€43 million in 2021), of which €27 million (€32 million in 2021) related to funded plans and 
€11 million (€11 million in 2021) related to unfunded plans. 
Net liability
In € million
December 31, 2022
December 31, 2021
Defined benefit obligations - Funded plans
3,477
4,468
Fair value of plan assets at end of period
-2,995
-3,896
Deficit for funded plans
482
573
Defined benefit obligations - Unfunded plans
323
548
Deficit / surplus (-)
805
1,120
Amounts not recognized as asset due to asset ceiling (recognized in other comprehensive 
income) 
4
2
Net liability (asset)
810
1,123
Provision recognized
873
1,371
Asset recognized
-62
-248

FINANCIAL STATEMENTS
333
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Changes in defined benefit obligations
In € million
2022
2021
Defined benefit obligation at beginning of period
 
5,016
5,436
Current service costs
 
38
43
Past service costs (including curtailments)
 
1
-26
Interest cost
 
99
66
Employee contributions
 
4
4
Settlements
 
0
-2
Acquisitions and disposals (-)
 
0
-8
Remeasurements in other comprehensive income
 
-1,067
-422
Actuarial gains and losses due to changes in demographic assumptions
 
-26
-36
Actuarial gains and losses due to changes in financial assumptions
 
-1,100
-322
Actuarial gains and losses due to experience
 
59
-64
Actual benefits paid
 
-324
-302
Currency translation differences
 
32
225
Reclassification and other movements
 
2
1
Defined benefit obligation at end of period
 
3,800
5,016
Defined benefit obligations - Funded plans
 
3,477
4,468
Defined benefit obligations - Unfunded plans
 
323
548
Changes in the fair value of plan assets
In € million
2022
2021
Fair value of plan assets at beginning of period
 
3,896
3,461
Interest income
 
85
53
Remeasurements in other comprehensive income
 
-910
142
Return on plan assets (excluding amounts in net interests including on asset 
surplus)
 
-910
142
Employer contributions
 
227
292
Employee contributions
 
4
4
Administrative expenses paid
 
-5
-3
Acquisitions / Disposals (-)
 
0
-7
Settlements
 
0
-2
Actual benefits paid
 
-324
-302
Currency translation differences
 
-23
200
Reclassification and other movements
 
0
57
Fair value of plan assets at end of period
 
2,995
3,896
Actual return on plan assets (including on asset surplus)
 
-825
195
In 2022, the total return on plan assets, i.e. including interest income, is a loss of €825 million against €195 million gain in 2021.
In 2022, the Group’s cash contributions amount to €227 million (€292 million in 2021), of which €42 million (€29 million in 2021) of mandatory contributions 
to funds, €155 million (€236 million in 2021) of voluntary cash contributions, and €30 million (€27 million in 2021) of direct benefits payments. 
In 2022, the voluntary cash contributions were made to improve the funding level of the Germany pension plans (€155 million) and increase de-risking 
with the additional plans assets.

FINANCIAL STATEMENTS
334
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Except for any significant change in the regulatory environment (see “regulatory risk” above), the Group’s mandatory cash contributions and direct 
benefits payments in 2023 are expected to be approximately €71 million.
Categories of plan assets
December 31, 2022
December 31, 2021
Equities
20%
23%
Bonds
74%
62%
Properties and infrastructures
3%
3%
Cash and cash equivalents
2%
5%
Others
1%
6%
Total
100%
100%
With respect to the invested assets, it should be noted that these assets do not contain any direct investment in Solvay shares or in property or other 
assets occupied or used by Solvay. This does not exclude Solvay shares being included in mutual investment fund type investments.
Changes in asset ceiling 
In € million
2022
2021
Effect of the asset ceiling limit at beginning of period
 
2
Change in the effect of the asset ceiling limit on remeasurements
 
2
2
Effect of the asset ceiling limit at end of period
 
4
2
Actuarial assumptions used in determining the liability
Some of the retirement plans that Solvay has in place provide annuity payments that are adjusted on a regular basis to mitigate the effects for cost of 
living increases. 
The salary growth assumption is used to determine what will be the salary at the end of the career of the individuals, as the defined benefit plans take 
into account the last salary of the individuals. This assumption includes impacts of both inflation and merit increases.
The pension growth assumption defines the expected future adjustments for these annuity payments. The plan defines how these annuity payments will 
be adjusted, and might be linked to inflation. Pension growth assumptions mainly apply for the defined benefit retirement plans in the United Kingdom, 
France and Germany.
The long term inflation assumption is presented separately as salary growth and pension growth assumptions encompass more variables than inflation. 
Eurozone
UK
USA 
2022
2021
2022
2021
2022
2021
Discount rates 
3.75%
1.00%
4.75%
2.00%
5.00%
2.75%
Expected rates of future salary increases 
2.00% - 4.25%
1.75% - 4.00%
2.50% - 3.00%
2.50% - 3.00%
3.00% - 3.50%
3.00% - 3.50%
Inflation
2.00% - 2.50%
1.75% - 2.00%
3.00%
3.00%
2.50%
2.50%
Expected rates of pension growth 
0.00% - 2.50%
0.00% - 2.00%
2.80%
2.85%
NA
NA

FINANCIAL STATEMENTS
335
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Actuarial assumptions used in determining the annual cost
Eurozone
UK
USA
2022
2021
2022
2021
2022
2021
Discount rates 
1.00%
0.25%
2.00%
1.25%
2.75%
2.25%
Expected rates of future salary 
increases 
1.75% - 4.00%
1.75% - 3.75%
2.50% - 3.00%
2.00% - 2.75%
3.00% - 3.50%
3.00% - 3.50%
Inflation
1.75% - 2.00%
1.50% - 1.75%
3.00%
2.75%
2.50%
2.00%
Expected rates of pension growth 
0.00% - 2.00%
0.00% - 1.75%
2.80%
2.70%
NA
NA
Actuarial assumptions regarding future mortality are based on recent country specific mortality tables. These assumptions translate at January 1, 2022 
into an average remaining life expectancy in years for a pensioner retiring at age 65:
In years
 
Belgium
France
Germany
United  
Kingdom
United 
States
Retiring at the end of the 
reporting period
 
 
 
 
 
 
Male
 
19
25
20
20
21
Female
 
22
28
24
23
22
Retiring 20 years after the end of the reporting period
Male
 
20
28
23
21
22
Female
 
24
31
26
24
24
For most countries the mortality assumptions reflect actual scheme experience and/or Solvay’s expectations in terms of future mortality improvements.
The actuarial assumptions used in determining the employee benefits obligation at December 31 are based on the following employee benefits liabilities 
durations:
Eurozone
United Kingdom
United States
Duration in years
11.1
14.2
9.0
Sensitivities on the defined benefits obligation for the post-employment benefits
Each sensitivity amount is calculated assuming that all other assumptions are held constant. The economic factors and conditions often affect multiple 
assumptions simultaneously.
Sensitivity to a change of percentage in the discount rates: 
In € million
0.25% increase
0.25% decrease
Eurozone
-35
37
United Kingdom
-34
36
United States
-23
24
Others
-4
4
Total
-96
101

FINANCIAL STATEMENTS
336
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Sensitivity to a change of percentage in the inflation rates:
In € million
0.25% increase
0.25% decrease
Eurozone
34
-33
United Kingdom
28
-27
United States
0
0
Others
2
-2
Total
64
-62
Sensitivity to a change of percentage in salary growth rates:
In € million
0.25% increase
0.25% decrease
Eurozone
5
-5
United Kingdom
2
-1
United States
0
0
Others
0
0
Total
7
-6
Sensitivity to a change of one year on mortality tables – The table shows impacts when the age of all beneficiaries increases or decreases by one year:
In € million
Age correction +1 year
Age correction -1 year
Eurozone
-62
64
United Kingdom
-48
48
United States
-28
28
Others
-5
5
Total
-143
145

FINANCIAL STATEMENTS
337
SOLVAY 2022 ANNUAL INTEGRATED REPORT
F31.B. Provisions other than for employee benefits 
Accounting policy
General
Provisions are recognized when (a) the Group has a present obligation (legal or constructive) as a result of a past event, (b) it is probable that the 
Group will be required to settle the obligation, and (c) a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the 
reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is 
material, the amount is the present value of expenditures required to settle the obligation. Impacts of changes in discount rates are generally 
recognized in the financial result.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized 
as an asset if it is virtually certain that reimbursement will be received when the Group settles the obligation.
Restructurings
A restructuring provision is recognized when the Group has developed a detailed formal plan for the restructuring and has raised a valid 
expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those 
affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those 
amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.
Environmental remediation costs
Environmental liabilities are mainly related to non-ongoing activities (shut-down sites, discontinued activities or divested activities where Solvay 
maintains certain commitments) and, to a lower extent, to ongoing activities (see comments below).
An environmental provision is recognized, in accordance to IAS 37, when there is a current legal or constructive obligation resulting from past 
events which will result in a probable outflow of resources (expenses / cash outs) to settle it and for which a reliable estimate of such outflows and 
timing can be made.
The environmental expenses encompass, but are not limited to, the following key matters 
	· Sampling and analytical costs for soil and ground water monitoring
	· Cost related to dismantling when required to meet a remediation or permit obligation
	· Asbestos removal when obligated by regulation
	· Environmental investigations and studies (Risk Assessments, Phase I and II soil and groundwater) 
The closing amount of the environmental provisions is based on the net present value of the future cash flows needed, for current and future 
years, to settle remediation obligations. Forecast expenditures are based on external consultant estimates, where appropriate and possible. 
Future expenditures are forecast and revised biannually and validated quarterly by Solvay finance and suitably qualified industrial experts led by 
the Group Environmental Rehabilitation Director and benefit from inputs of legal department staff for the evolution of Environmental Regulations.
In the absence of probable obligations, a contingent liability may be disclosed to represent the future possible liability. In some cases, contingent 
liabilities cannot be quantified. See Note F36 Contingent assets, liabilities and financial guarantees.
Restructuring provisions
In 2022, these provisions amount to €119 million, compared with €191 million at the end of 2021.
The provisions at the end of 2022 mainly relate to the restructuring charges for the simplification of all support functions in the frame of the Group’s 
simplification and transformation program, including the strategic transformation measures.

FINANCIAL STATEMENTS
338
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Environmental provisions
These provisions amount to € 702 million at the end of 2022, compared with € 648 million at the end of 2021, and pertain to:
	· mines and drilling operations to the extent that legislation and/or operating permits in relation to quarries, mines and drilling operations contain 
requirements to pay compensation to third parties. Most of these provisions, based on local expert advice, can be expected to be used over a 1-20 year 
horizon and amount to € 125 million;
	· the dismantling of the last mercury electrolysis activities was completed in 2019. The remaining provisions related to those activities will be used for the 
management of contamination of soil and groundwater, mostly over the next 20 years;
	· lime dikes (settling ponds related mainly to soda ash plant), dump at sites and third party dump sites (linked to several industrial activities). These 
provisions have an horizon of 1 to 20 years;
	· various types of pollution (organic, inorganic) coming from miscellaneous chemical productions; these provisions mainly cover discontinued activities 
or closed plants. Most of these provisions have a horizon of 1 to 20 years;
	· Solvay Specialty Polymers made significant progress toward determining the scope of remedial activities pertaining to the per- and polyfluoroalkyl 
substances (PFAS) related to the West Deptford, New Jersey site. Due to recent technical studies and in cooperation with the local authorities, 
Solvay was able to reasonably estimate future expenses to address this remediation. As a consequence, a corresponding provision of €93 million was 
recognized in Q3 2022. The resulting cash outflows are expected to occur over a minimum 20 year period with 50% of the outflows occurring within the 
next 2 years.  This provision reduces, though does not eliminate, the associated contingent liabilities previously reported.
The variation of Environmental provisions also were impacted from the revised assumptions of higher inflation rates, partially offset by the impact of 
higher discount rates reducing the present value of the overall liability by €(59) million. This effect, combined with the unwinding of the opening liabilities 
for €17 million resulted in a net decrease of €(42) million related to discounting. The estimated amounts are discounted based on the probable date of 
settlement, and are periodically adjusted to reflect the passage of time.
The breakdown of the environmental provisions and related uses for the main Countries/Regions is reported here below:
December 31, 2022
December 31, 2021
In € million
Provisions
In %
Provisions
 ongoing 
activities
Use of 
provisions
Provisions
In %
Provisions 
ongoing 
activities
Use of 
provisions
France
145
21%
1
-24
152
24%
-13
Germany
112
16%
7
-5
117
18%
7
-4
Rest of Europe
144
21%
5
-15
161
25%
5
-14
North America
226
32%
0
-37
151
23%
-24
Rest of the world
74
11%
0
-8
66
10%
-6
Total
702
100%
12
-90
648
100%
13
-61
Provisions for litigation
Provisions for litigation refer to indirect tax and legal exposures. They amount to € 97 million in 2022 (€62 million in 2021). The balance at the end of 2022 
relates to indirect tax risks (€ 11 million) and legal claims (€ 86 million).
Other provisions
Other provisions relate to the shutdown or disposal of activities and amount to € 123 million in 2022, compared with € 126 million at the end of 2021.

FINANCIAL STATEMENTS
339
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F32	
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
Accounting policy
General
Financial assets and liabilities are recognized when, and only when Solvay becomes a party to the contractual provisions of the instrument. 
Amortized cost is the amount at which the financial asset or financial liability is measured at initial recognition minus the principal repayments, 
plus or minus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity 
amount and, for financial assets, adjusted for any loss allowance. The effective interest rate is the rate that exactly discounts estimated future cash 
payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of a financial asset or to the 
amortized cost of a financial liability. When calculating the effective interest rate, the Group estimates the expected cash flows by considering 
all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the 
expected credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the 
effective interest rate, transaction costs, and all other premiums or discounts.
Financial assets
Trade receivables are initially measured at their transaction price, if they do not contain a significant financing component, which is the case for 
substantially all trade receivables. Other financial assets are initially measured at fair value plus, in the case of a financial asset not at fair value 
through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. 
A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year.
All recognized financial assets will subsequently be measured at either amortized cost or fair value under IFRS 9 Financial Instruments. Specifically:
	· a debt instrument that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows 
that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for 
impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option;
	· a debt instrument that (i) is held within a business model whose objective is achieved both by collecting contractual cash flows and selling 
financial assets and (ii) has contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on 
the principal amount outstanding, is measured at fair value through other comprehensive income (FVTOCI), unless the asset is designated at 
FVTPL under the fair value option. Upon derecognition, the cumulative gains and losses previously recognized in other comprehensive income 
are reclassified to profit or loss;
	· all other debt instruments are measured at FVTPL;
	· all equity investments are measured in the consolidated statement of financial position at fair value, with gains and losses recognized in profit or 
loss except that if an equity investment is not held for trading, nor contingent consideration recognized by an acquirer in a business combination, 
an irrevocable election can be made at initial recognition to measure the investment at FVTOCI, with dividend income recognized in profit or 
loss. This classification is determined on an instrument-by-instrument basis. Upon derecognition, the cumulative gains or losses previously 
recognized in other comprehensive income are reclassified to retained earnings. 
	· Equity investments in partnerships of investment funds are measured in the consolidated statement of financial position at fair value with gains 
and losses recognized in profit or loss. Based on the analysis of the characteristics of these funds the Group determined that they were not 
eligible for the FVTOCI option and therefore are accounted for at FVTPL. 
For instruments quoted in an active market, the fair value corresponds to a market price (level 1). For instruments that are not quoted in an active 
market, the fair value is determined using valuation techniques including reference to recent arm’s length market transactions or transactions 
involving instruments which are substantially the same (level 2), or discounted cash flow analysis including, to the greatest possible extent, 
assumptions consistent with observable market data (level 3). However, in limited circumstances, cost of equity instruments may be an appropriate 
estimate of their fair value. That may be the case if insufficient more recent information is available to measure fair value, or if there is a wide range 
of possible fair value measurements and cost represents the best estimate of fair value within that range.

FINANCIAL STATEMENTS
340
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Impairment of financial assets
The impairment loss of a financial asset measured at amortized cost is calculated based on the expected loss model, representing the weighted 
average of credit losses with the respective risks of a default occurring as the weights. Expected credit losses are based on the difference 
between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an 
approximation of the original effective interest rate.
For trade receivables that do not contain a significant financing component (i.e. substantially all trade receivables), the loss allowance is measured 
at an amount equal to lifetime expected credit losses. Those are the expected credit losses that result from all possible default events over the 
expected life of those trade receivables, using a provision matrix that takes into account historical information on defaults adjusted for the forward-
looking information per customer. The Group considers a financial asset in default when contractual payments are 60 days past due. However, 
in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is 
unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial 
asset is fully impaired when there is no reasonable expectation of recovering the contractual cash flows.
Impairment losses are recognized in the consolidated income statement, except for debt instruments measured at fair value through other 
comprehensive income. In this case, the allowance is recognized in other comprehensive income.
Financial liabilities
Financial liabilities are initially measured at fair value minus, in the case of a financial liability not at fair value through profit or loss, transaction costs 
that are directly attributable to the issue of the financial liability. Subsequently, they are measured at amortized cost, except for:
	· financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, are subsequently measured at fair 
value;
	· financial guarantee contracts. After initial recognition, guarantees are subsequently measured at the higher of the expected losses and the 
amount initially recognized.
Derivative financial instruments
A derivative financial instrument is a financial instrument or other contract within the scope of IFRS 9 Financial Instruments with all three of the 
following characteristics:
	· its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index 
of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific 
to a party to the contract (sometimes called the ‘underlying’);
	· it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be 
expected to have a similar response to changes in market factors;
	· it is settled at a future date.
The Group enters into a variety of derivative financial instruments (forward, future, option, collars and swap contracts) to manage its exposure to 
interest rate risk, foreign exchange rate risk, and commodity risk (mainly utility and CO2 emission rights price risks).
As explained above, derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently 
remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in income or expense, unless the 
derivative is designated and effective as a hedging instrument. The Group designates certain derivatives as hedging instruments of the exposure 
to variability in cash flows with respect to a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss 
(cash flow hedges).
A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial 
liability. Derivative instruments (or portions of them) are presented as non-current assets or non-current liabilities if the remaining maturity of the 
underlying settlements is more than twelve months after the reporting period. Other derivative instruments (or portions of them) are presented 
as current assets or current liabilities.

FINANCIAL STATEMENTS
341
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Hedge accounting
The Group designates certain derivatives and embedded derivatives, in respect of interest rate risk, foreign exchange rate risk, Solvay share price 
risk, and commodity risk (mainly utility and CO2 emission rights price risks), as hedging instruments in a cash flow hedge relationship.
At the inception of the hedge relationship, there is a formal designation and documentation of the hedging relationship and the Group’s risk 
management objective and strategy for undertaking the hedge. So to apply hedge accounting: (a) there is an economic relationship between 
the hedged item and the hedging instrument, (b) the effect of credit risk does not dominate the value changes that result from that economic 
relationship, and (c) the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group 
actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The requirement under (a) above that an economic relationship exists means that there is an expectation that the value of the hedging instrument 
and the value of the hedged item will systematically change in the opposite direction in response to movements in either the same underlying (or 
underlyings that are economically related in such a way that they respond in a similar way to the risk that is being hedged).
Cash flow hedges
The effective portion of changes in the fair value of hedging instruments that are designated in a cash flow hedge is recognized in other 
comprehensive income. 
The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.
As long as cash flow hedge qualifies, the hedging relationship is accounted for as follows:
a) the separate component of equity associated with the hedged item (cash flow hedge reserve) is adjusted to the lower of the following (in 
absolute amounts):
(i) the cumulative gain or loss on the hedging instrument from inception of the hedge; and
(ii) the cumulative change in fair value (present value) of the hedged item (i.e. The present value of the cumulative change in the hedged 
expected future cash flows) from inception of the hedge.
b) the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge (i.e. The portion that is offset by the 
change in the cash flow hedge reserve calculated in accordance with (a)) is recognized in other comprehensive income;
c) any remaining gain or loss on the hedging instrument (or any gain or loss required to balance the change in the cash flow hedge reserve 
calculated in accordance with (a)) is hedge ineffectiveness that is recognized in profit or loss.
d) the amount that has been accumulated in the cash flow hedge reserve in accordance with (a) is accounted for as follows:
(i) if a hedged forecast transaction subsequently results in the recognition of a non-financial asset or a non-financial liability, the Group removes 
that amount from the cash flow hedge reserve and includes it directly in the initial cost or other carrying amount of the asset or the liability. This 
is not a reclassification adjustment and hence it does not affect other comprehensive income;
(ii) for cash flow hedges other than those covered by i), that amount is reclassified from the cash flow hedge reserve to profit or loss as a 
reclassification adjustment in the same period or periods during which the hedged expected future cash flows affect profit or loss (for example, 
in the periods that interest income or interest expense is recognized or when a forecast sale occurs);
(iii) however, if that amount is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, 
it immediately reclassifies the amount that is not expected to be recovered into profit or loss as a reclassification adjustment.
Most hedged items are transaction related. The time value of options, forward elements of forward contracts, and foreign currency basis spreads 
of financial instruments that are hedging the items affect profit or loss at the same time as those hedged items. 
Hedge accounting is discontinued prospectively when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying 
criteria (after taking into account any rebalancing of the hedging relationship, if applicable). This includes instances when the hedging instrument 
expires or is sold, terminated or exercised. 
When the Group discontinues hedge accounting for a cash flow hedge it accounts for the amount that has been accumulated in the cash flow 
hedge reserve as follows:
	· if the hedged future cash flows are still expected to occur, that amount remains in the cash flow hedge reserve until the future cash flows occur. 
However, if that amount is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, it 
immediately reclassifies the amount that is not expected to be recovered into profit or loss as a reclassification adjustment; 
	· if the hedged future cash flows are no longer expected to occur, that amount is immediately reclassified from the cash flow hedge reserve to 
profit or loss as a reclassification adjustment. A hedged future cash flow that is no longer highly probable to occur may still be expected to occur.

FINANCIAL STATEMENTS
342
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Fair value hedges
The gain or loss on the hedging instrument shall be recognized in profit or loss (or other comprehensive income, if the hedging instrument hedges 
an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income).
The hedging gain or loss on the hedged item shall adjust the carrying amount of the hedged item (if applicable) and be recognized in profit 
or loss. If the hedged item is a financial asset (or a component thereof) that is measured at fair value through other comprehensive income, the 
hedging gain or loss on the hedged item shall be recognized in profit or loss. However, if the hedged item is an equity instrument for which an 
entity has elected to present changes in fair value in other comprehensive income, those amounts shall remain in other comprehensive income. 
When a hedged item is an unrecognized firm commitment (or a component thereof), the cumulative change in the fair value of the hedged item 
subsequent to its designation is recognized as an asset or a liability with a corresponding gain or loss recognized in profit or loss.

FINANCIAL STATEMENTS
343
SOLVAY 2022 ANNUAL INTEGRATED REPORT
The following table presents the financial assets and liabilities as current or non-current according to their classification under IFRS 9.
December 31, 2022
December 31, 2021
In € million
Classification
Carrying amount
Carrying amount
Non-current assets - Financial instruments
 
464
553
Equity instruments measured at fair value through 
other comprehensive income
Financial assets measured at fair value through 
other comprehensive income
24
51
Equity instruments measured at fair value through 
profit or loss
Financial assets measured at fair value through 
profit or loss
47
62
Loans and other non-current assets (excluding 
pension fund surpluses and long-term inventory 
balance)
Financial assets measured at amortized cost
197
252
Financial instruments - Operational
 
196
187
Held for trading
Held for trading
130
108
Derivative financial instruments designated in a 
cash flow hedge relationship
Cash-flow hedge 
66
79
Current assets - Financial instruments
 
4,093
4,300
Trade receivables
Financial assets measured at amortized cost
2,026
1,805
Other financial instruments
 
206
229
Other marketable securities >3 months
Financial assets measured at amortized cost
43
70
Currency swaps
Held for trading
1
4
Other current financial assets
Financial assets measured at amortized cost
162
155
Financial instruments - Operational
 
929
1,326
Held for trading
Held for trading
553
1,101
Derivative financial instruments designated in a 
cash flow hedge relationship
Cash-flow hedge 
376
225
Cash and cash equivalents
Financial assets measured at amortized cost
932
941
Total assets - Financial instruments
 
4,557
4,853
Non-current liabilities - Financial instruments
 
2,753
2,907
Financial debt
 
2,450
2,576
Bonds
Financial liabilities measured at amortized cost
1,994
2,112
Other non-current debts
Financial liabilities measured at amortized cost
42
55
Lease liabilities IFRS 16 - Non-current portion
Lease liabilities measured at amortized cost
413
408
Other liabilities
Financial liabilities measured at amortized cost
112
153
Financial instruments - Operational
 
192
178
Held for trading
Held for trading
146
107
Derivative financial instruments designated in a 
cash flow hedge relationship
Cash-flow hedge 
46
71
Current liabilities - Financial instruments
 
3,646
4,414
Financial debt
 
510
773
Short-term financial debt
Financial liabilities measured at amortized cost
397
673
Currency swaps
Held for trading
2
3
Lease liabilities IFRS 16 - Current portion
Lease liabilities measured at amortized cost
111
97
Trade payables
Financial liabilities measured at amortized cost
2,296
2,131
Financial instruments - Operational
 
676
1,350
Held for trading
Held for trading
492
1,118
Derivative financial instruments designated in a 
cash flow hedge relationship
Cash-flow hedge 
183
232
Dividends payables
Financial liabilities measured at amortized cost
165
160
Total liabilities - Financial instruments
 
6,399
7,320

FINANCIAL STATEMENTS
344
SOLVAY 2022 ANNUAL INTEGRATED REPORT
In 2021 and 2022, long-term CO2 inventory balances reported are not financial assets and hence are not included in the table above. They are presented 
as other non-current assets. 
F32.A. Overview of financial instruments
The following table gives an overview of the carrying amount of all financial instruments by category as defined by IFRS 9. 
Financial Instruments
December 31, 2022
December 31, 2021
In € million
Carrying amount
Carrying amount
Fair value through profit or loss
731
1,275
Held for trading (financial instruments - operational - see note F26)
683
1,209
Held for trading (other financial instruments - see note F33, table Changes in financial 
debt)
1
4
Equity instruments measured at fair value through profit or loss
47
62
Financial assets measured at amortized cost
3,360
3,223
Financial assets measured at amortized cost (including cash and cash equivalents, 
trade receivables, loans and other current/non-current assets except pension fund 
surpluses and long-term inventory balance)
3,360
3,223
Financial assets measured at fair value through other comprehensive income
466
356
Derivative financial instruments designated in a cash flow hedge relationship (see note 
F26)
442
304
Equity instruments measured at fair value through other comprehensive income
24
51
Total financial assets
4,557
4,853
Fair value through profit or loss
-641
-1,228
Held for trading (financial instruments - operational - see note F34)
-639
-1,225
Held for trading (financial debt - see note F33, table Changes in financial debt)
-2
-3
Financial liabilities measured at amortized cost
-5,005
-5,284
Financial liabilities measured at amortized cost (excluding dividends payable and IFRS 
16 lease liabilities)
-4,841
-5,124
Dividends payables
-165
-160
Lease liabilities measured at amortized cost
-524
-505
Lease liabilities IFRS16 measured at amortized cost
-524
-505
Financial Liabilities measured at fair value through other comprehensive income
-229
-304
Derivative financial instruments designated in a cash flow hedge relationship (see note 
F34)
-229
-304
Total financial and lease liabilities
-6,399
-7,320
The category “Held for trading” contains derivative financial instruments that are used for management of foreign currency risk, interest rate risk, utility 
and CO2 emission rights price risks, index and Solvay share price. Contracts which have been documented as hedging instruments (hedge accounting 
under IFRS 9 Financial Instruments) or which meet the exemption criteria for own use are not included in the category “Held for trading”. Equity 
instruments measured at fair value through OCI and through profit or loss pertain to Solvay’s New Business Development (NBD) activity: the Group has 
built a Corporate Venturing portfolio, which consists of direct investments in start-up companies and of investments in venture capital funds. If the Group 
does not have significant influence or joint control, the investments are measured at fair value according to the valuation guidelines published by the 
European Private Equity and Venture Capital Association. The impacts of the direct investments are recognized in other comprehensive income while 
the venture capital funds are generally recognized through profit and loss.

FINANCIAL STATEMENTS
345
SOLVAY 2022 ANNUAL INTEGRATED REPORT
F32.B. Fair value of financial instruments
Valuation techniques and assumptions used for measuring fair value.
Accounting policy
Quoted market prices are available for financial assets and financial liabilities with standard terms and conditions that are traded on active markets. 
The fair values of derivative financial instruments are equal to their quoted prices, if available. In case such quoted prices are not available, the fair 
value of the financial instruments is determined based on a discounted cash flow analysis using the applicable yield curve derived from quoted 
interest rates matching maturities of the contracts for non-optional derivatives. Optional derivatives are fair valued based on option pricing 
models, taking into account the present value of probability weighted expected future payoffs, using market reference formulas.
The fair values of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on 
discounted cash flow analysis.
Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)
In € million
December 31, 2022
December 31, 2021
Carrying 
amount
Fair value
Carrying  
amount
Fair value
Non-current assets - Financial instruments
 
197
197
 
252
252
Loans and other non-current assets (except pension fund sur-
pluses and long-term inventory balance)
 
197
197
 
252
252
 
 
 
 
 
Non-current liabilities - Financial instruments
 
-2,148
-1,994
 
-2,321
-2,465
Bonds
 
-1,994
-1,830
 
-2,112
-2,256
Other non-current debts
 
-42
-42
 
-55
-55
Other liabilities
 
-112
-112
 
-153
-153
 
The carrying amounts of current financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term to maturity.
Financial instruments measured at fair value in the consolidated statement of financial position
The table “Financial instruments measured at fair value in the consolidated statement of financial position” provides an analysis of financial instruments 
that, subsequent to their initial recognition, are measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is 
observable. Financial instruments, classified as held for trading and as hedging instruments in cash flow hedges are mainly grouped into Levels 1 and 2. 
They are fair valued based on forward pricing and swap models using present value calculations. The models incorporate various inputs including foreign 
exchange spot and interest rates of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and forward 
rate curves of the underlying commodity. The equity instruments measured at fair value through OCI and through profit and loss are presented within 
Level 1 and 3. The fair value of the instruments presented under Level 3 is measured based on the guidelines recommended by The International Private 
Equity and Venture Capital Valuation (IPEV). 
In accordance with the Group internal rules, the responsibility for measuring the fair value level resides with (a) the Treasury department for the non-
utility derivative financial instruments, and the non-derivative financial liabilities, (b) the Sustainable Development and Energy department for the utility 
derivative financial instruments and (c) the Finance department for non-derivative financial assets.
The Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input 
that is significant to the fair value measurement as a whole) at the end of each reporting period. During the year, no such transfers have occurred.

FINANCIAL STATEMENTS
346
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Financial instruments measured at fair value in the consolidated statement of financial position
December 31, 2022
In € million
Level 1
Level 2
Level 3
Total
Held for trading
483
200
683
Foreign currency risk
5
5
Utility risk
466
188
654
CO2 risk
17
4
21
Solvay share price
2
2
Index
2
2
Equity instruments measured at fair value through profit or loss
47
47
New Business Development
47
47
Cash flow hedges
184
259
442
Foreign currency risk
20
20
Utility risk
44
236
280
CO2 risk
140
2
142
Solvay share price
Equity instruments measured at fair value through other 
comprehensive income
24
24
New Business Development
24
24
Total assets
667
459
71
1,197
 
Held for trading
-275
-366
-640
Foreign currency risk
-3
-3
Utility risk
-275
-313
-588
CO2 risk
-46
-46
Solvay share price
-1
-1
Index
-2
-2
Cash flow hedges
-127
-102
-229
Foreign currency risk
-7
-7
Utility risk
-103
-93
-195
CO2 risk
-24
-2
-26
Solvay share price
-1
-1
Total liabilities
-401
-468
-869
In 2022, the fair value of the financial instruments to manage the utility risk remains significant due to the unprecedented rise in the prices of power and 
gas. In Q2 2022, management practices related to the hedging of CO2 risk exposure were changed in view of both increased volatility in Energy and 
CO2 markets and the separation plan.  Consequently, the own use accounting exemption was reconsidered and the related portfolio of CO2 emission 
rights was accounted for in accordance with the general rules of IFRS 9 at fair value through profit or loss and a profit of €322 million was recognized. 
Subsequently, on July 1, 2022, the related portfolio has been designated as hedging instruments in a cash flow hedge relationship.

FINANCIAL STATEMENTS
347
SOLVAY 2022 ANNUAL INTEGRATED REPORT
December 31, 2021
In € million
Level 1
Level 2
Level 3
Total
Held for trading
773
439
 
1,212
Foreign currency risk
 
7
 
7
Utility risk
769
429
 
1,198
CO2 risk
4
4
Solvay share price
 
2
 
2
Index
 
2
 
2
Equity instruments measured at fair value through profit or loss
 
 
62
62
New Business Development
 
 
62
62
Cash flow hedges
38
266
 
304
Foreign currency risk
 
5
 
5
Utility risk
38
260
 
298
Solvay share price
 
1
 
1
Equity instruments measured at fair value through
other comprehensive income
35
 
17
51
New Business Development
35
 
17
51
Total assets
846
705
79
1,630
 
 
 
 
 
Held for trading
-620
-608
 
-1,228
Foreign currency risk
 
-4
 
-4
Utility risk
-620
-598
 
-1,217
CO2 risk
0
-4
 
-5
Index
 
-2
 
-2
Cash flow hedges
-232
-72
 
-304
Foreign currency risk
 
-13
 
-13
Utility risk
-232
-59
 
-291
Total liabilities
-852
-679
 
-1,531

FINANCIAL STATEMENTS
348
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Movements of the period
Reconciliation of level 3 fair value measurements of financial assets and liabilities.
December 31, 2022
At fair value through profit  
or loss
At fair value through other 
comprehensive income
Total
In € million
Equity instruments
Equity instruments
 
January 1
62
17
79
Total gains or losses
- Recognized in profit or loss
-15
-15
- Recognized in other comprehensive income
8
8
Acquisitions
-1
-1
-2
Capital decreases
Transfers out of level 3
December 31
47
24
70
December 31, 2021
At fair value through profit  
or loss
At fair value through other  
comprehensive income
Total
In € million
Equity instruments
Equity instruments
 
January 1
55
11
66
Total gains or losses
 
 
 
- Recognized in profit or loss
1
 
 
- Recognized in other comprehensive income
 
1
1
Acquisitions
6
7
13
Capital decreases
0
0
-1
Transfers out of level 3
 
-2
-2
December 31
62
17
79
Derivatives for utilities, CO2 and commodities
 
 
 
 
2022
Amounts recognized in the statement of 
financial position
Amounts by counterparty
€ in million
Non-
current
Current
Total
Market 
cleared
Negotiated 
with EFET/
ISDA 
counterparties
Other
Total
Cash flow hedges
66
356
422
Held for trading
130
545
675
Total assets
196
901
1,097
727
276
94
1,097
Cash flow hedges
-46
-176
-222
Held for trading
-146
-488
-634
Total liabilities
-192
-664
-856
-448
-100
-308
-856
EFET = European Federation of Energy Traders (EFET), ISDA = International Swaps and Derivatives Association

FINANCIAL STATEMENTS
349
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Derivatives for utilities, CO2 and commodities
 
 
 
 
2021
Amounts recognized in the statement of 
financial position
Amounts by counterparty
€ in million
Non-
current
Current
Total
Market 
cleared
Negotiated 
with EFET/
ISDA 
counterparties
Other
Total
Cash flow hedges
79
218
298
Held for trading
108
1,093
1,201
Total assets
187
1,312
1,499
891
390
218
1,499
Cash flow hedges
-71
-219
-291
Held for trading
-107
-1,116
-1222
Total liabilities
-178
-1,335
-1,513
-931
-143
-439
-1,513
EFET = European Federation of Energy Traders (EFET), ISDA = International Swaps and Derivatives Association
 
The amounts of these financial instruments are significant as they are presented gross in accordance with IAS 32. However, the credit risk remains limited 
considering that:
	· Most instruments are negotiated with market cleared counterparties; 
	· Very low risk is associated with counterparty members of the European Federation of Energy Traders or of the International Swaps and Derivatives 
Association, with high credit ratings (A-1/A+).
No significant credit value adjustment is reflected in these derivatives’ fair market value.

FINANCIAL STATEMENTS
350
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Income and expenses of financial instruments recognized in the consolidated income statement and in other comprehensive 
income
In € million
2022
2021
Recognized in the consolidated income statement
 
Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship
 
 
Foreign currency risk
-31
9
Utility risk
238
78
Changes in the fair value of financial instruments held for trading
 
Utility risk
259
88
CO2 risk
2
-4
Recognized in the gross margin
468
170
Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship
 
Foreign currency risk
Solvay share price
Changes in the fair value of financial instruments held for trading
 
CO2 risk
188
Solvay share price
-2
2
Gains and losses (time value) on derivative financial instruments designated in a cash flow hedge relationship
 
Foreign currency risk
Foreign operating exchange gains and losses
0
1
Recognized in other operating gains and losses
186
3
Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship
 
Foreign currency risk
0
1
Recognized in results from portfolio management and reassessments
0
1
Net interest expense
-79
-80
Financial charge on lease liabilities
-21
-19
Other gains and losses on net indebtedness (excluding gains and losses on items not related to financial 
instruments)
 
Foreign currency risk
-4
-1
Interest element of financial instruments
10
8
Others
-3
-7
Recognized in charges on net indebtedness (*)
-97
-100
Dividends from equity instruments measured at fair value through other comprehensive income
-13
6
Total recognized in the consolidated income statement
544
80
 (*) The note F6 Net Financial Charges shows an amount of €(98) million for 2022 (€(103) million for 2021) reported under “Net cost of borrowings”. This amount includes € (1) 
million for 2022 (€ (3) million for 2021) of financial expenses not related to financial instruments that are excluded in this table from the line item “Recognized in charges on net 
indebtedness”.
The loss on highly probable sales in foreign currency recognized in gross margin for €(31) million and the gain recognized on utility instruments for 
€ 238 million are the result of the recycling of gains and losses of derivative financial instruments designated in a cash flow hedge relationship. The loss of 
€(31) million is mainly due to the hedging of the US$ currency and the gain on utility for €238 million is mainly related to gas procurement for € 450 million, 
coal for €55 million, partially offset by a loss on power procurement for €(267) million. 
The change in fair value of financial instruments held for trading recognized in gross margin is explained by:
	· a gain of €259 million (€88 million in 2021) mainly due to the price increase of gas and electricity; 
	· a gain of €2 million (a loss of €(4) million in 2021) mainly due to the price variation of CO2;
The gain of €186 million (a gain of €3 million in 2021) recognized in other operating gains and losses is mainly explained by the CO2 emission rights, 
previously considered under the “own use” exemption. The remaining amounts are related to changes in fair value of equity swaps for long-term 
incentives.

FINANCIAL STATEMENTS
351
SOLVAY 2022 ANNUAL INTEGRATED REPORT
In the caption other gains and losses on net indebtedness, the gain of €10 million (€8 million for 2021) is related to the interest element of financial 
derivatives (forward points). The other costs decreased from €(7) million in 2021 to €(3) million in 2022. In 2022, these costs included €(2) million related to a 
loan write-off. In 2021, these costs include €(6) million related to the early repayment of €372.5 million on the €750 million senior bond in December 2021.
Income and expenses on financial instruments recognized in other comprehensive income include the following:
In € million
Cash flow hedges
Foreign currency 
risk
Interest rate risk
Commodity risk
Risk on Solvay 
share price
Total
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
January 1
-7
16
7
2
2
1
17
Recycling from other comprehensive 
income of derivative financial 
instruments designated in a cash flow 
hedge relationship
31
-9
 
 
-257
-78
 
 
-226
-87
Effective portion of changes in fair value 
of cash flow hedge
-10
-14
 
 
317
85
-1
306
71
December 31
13
-7
67
7
1
2
81
1
Conventionally, (+) indicates an increase and (-) a reduction in equity.
F32.C. Capital management
See 2 Capital, shares and shareholders in respect of capital in the Corporate Governance statement chapter of this annual report.
The Group manages its funding structure with the objective of safeguarding its ability to continue as a going concern, optimizing the return for 
shareholders, maintaining an investment-grade rating, and minimizing the cost of debt. 
The capital structure of the Group consists of equity (including perpetual hybrid bonds (see note F28 Equity) and of net debt (see note F33 Net 
indebtedness). Perpetual hybrid bonds are nevertheless considered as debt in the Group’s Underlying metrics. 
Besides the statutory minimum equity funding requirements that apply to the Company’s subsidiaries in the different countries, Solvay is not subject to 
any additional legal capital requirements. 
The Treasury department reviews the capital structure on an ongoing basis under the authority and the supervision of the Chief Financial Officer. As 
appropriate, the Legal department is involved to ensure compliance with legal and contractual requirements.
F32.D. Financial risk management
The Group is exposed to market risk from movements in foreign exchange rates, interest rates and other market prices (utility prices, CO2 emission 
rights prices and equity prices). The Group’s senior management oversees the management of these risks and is supported by the Treasury department 
(non-commodity risks) and Solvay Sustainable Development and Energy department that advise on financial risks and the appropriate financial risk 
governance framework for the Group. Both departments provide assurance to the Group’s senior management that the Group’s financial risk activities 
are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group’s 
policies and risk objectives. Solvay uses derivative financial instruments to hedge clearly identified foreign exchange, interest rate, index, utility price and 
CO2 emission rights price risks (hedging instruments). All derivative activities for risk management purposes are carried out by specialist teams that have 
the appropriate skills, experience and supervision. However, the required criteria to apply hedge accounting are not met in all cases.
Furthermore, the Group is also exposed to liquidity risks and credit risks.
Foreign currency risks
The Group is a multi-specialty chemical company with operations worldwide, and hence undertakes transactions denominated in foreign cur-
rencies. Consequently, the Group is exposed to exchange rate fluctuations. In 2022, the Group was mainly exposed to US dollar, Chinese yuan, 
Brazilian real and Japanese yen. 
To mitigate its foreign currency risk, the Group has defined a hedging policy that is essentially based on the principles of financing its activities 
in local currency and hedges the transactional exchange risk at the time of invoicing (risk which is certain). The Group constantly monitors its ac-
tivities in foreign currencies and hedges, where appropriate, the exchange rate exposures on expected cash flows (risk which is highly probable). 
Exchange rate exposures are managed within approved policy parameters utilizing forward foreign exchange contracts or, when appropriate, 
other derivatives like currency options. 
In the course of 2022, the €/US$ exchange rate moved from 1.1326 at the start of January to 1.0674 at the end of December (from 1.2270 to 
1.1326 in 2021). 
A fluctuation of (0.10) to the US$/€ exchange rate, would generate in 2022 about €180 million (€120 million for 2021) variation to the EBITDA. 51% of

FINANCIAL STATEMENTS
352
SOLVAY 2022 ANNUAL INTEGRATED REPORT
this variation is at conversion level and 49% at transaction level, the latter being mostly hedged. EBITDA is the key non-IFRS metric for operational 
performance as defined in the glossary.
At the end of 2022, a strengthening of the US dollar vs euro would increase the net debt by approximately €87 million (€79 million in 2021) per 0.10 US$/€ 
fluctuation. Conversely, a weakening of the US dollar vs euro would decrease the net debt by approximately €72 million (€66 million in 2021) per 
0.10 US$/€ fluctuation.
The Group’s currency risk can be split into two categories: translation and transactional risk.
Translation risk
The translation exchange risk is the risk affecting the Group’s consolidated financial statements related to investees operating in a currency other than 
the EUR (the Group’s presentation currency). 
During 2022 and 2021, the Group did not hedge the currency risk of foreign operations.
Transactional risk
The transactional risk is the exchange risk linked to a specific transaction, such as a Group entity buying or selling in a currency other than its functional 
currency.
To the largest extent possible, the Group manages the transactional risk on receivables and borrowings centrally and locally when centralization is not 
possible.
The choice of borrowing currency depends mainly on the opportunities offered by the various markets. This means that the selected currency is not 
necessarily that of the country in which the funds will be invested. Nonetheless, operating entities are financed essentially in their functional currencies.
In emerging countries, it is not always possible to borrow in local currency, either because funds are not available in local financial markets, or because the 
financial conditions are too onerous. In such a situation, the Group has to borrow in a different currency. Nonetheless, the Group considers opportunities 
to refinance its borrowings in emerging countries with local currency debt.
Derivatives are initially recognized at fair value at the date a derivative contract is entered into and are classified into the two categories described below:
Held for trading
The transactional risk is managed either by spot or forward contracts. Unless documented as hedging instruments (see above), derivative financial 
instruments are classified as held for trading.
In 2022, the notional amounts transacted to manage the transactional risk are:
	· a short position of €(666) million (compared to €(660) million in 2021);
	· a long position of €343 million (compared to €605 million in 2021). 
In 2021, the long position was explained by the need to convert US$ into € for the early repayment of €372.5 million on the €750 million senior bond in 
December 2021.
The following table details the notional amounts of the Group’s derivatives contracts outstanding at the end of the period:
In € million
Notional amount (1)
Fair value assets
Fair value liabilities
December 31
2022 
2021 
2022 
2021 
2022 
2021 
Held for trading long position
343
605
1
3
-1
-2
Held for trading short position
-666
-660
4
4
-2
-2
Total
-323
-55 
5
7
-3
-4
(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered). 
Cash flow hedge
The Group uses derivatives to hedge identified foreign exchange rate risks. It documents those as hedging instruments unless it hedges a recognized 
financial asset or liability when generally no cash flow hedge relationship is documented. Most hedges are transaction related.
At the end of 2022, the Group had mainly hedged highly probable sales in foreign currencies (short position) in a nominal amount of US$ 839 million 
(€786 million) and JP¥ 15,902 million (€113 million). All cash flow hedge contracts that exist at the end of December 2022 will be settled within the next 12 
months, and will impact profit or loss during that period.

FINANCIAL STATEMENTS
353
SOLVAY 2022 ANNUAL INTEGRATED REPORT
The following table details the notional amounts of Solvay’s derivatives contracts outstanding at the end of the period:
NOTIONAL AMOUNTS
December 31, 2022
In € million
Notional 
amount of 
the  
instrument (1)
Notional 
amount of 
the risk expo-
sure (1)
Percentage 
of exposure 
hedged
 
Average hedge 
exchange rate 
per risk category
Cash flow 
hedge 
reserve
Fair value of the  
hedging instrument
 
 
 
 
 
Equity
Assets
Liabilities
Cash flow hedges - 
Forecasted sales and 
purchases (3)
JPY/EUR
-71
-147
48%
139.17
0
1
1
JPY/USD
-42
-87
48%
(2)
132.47
-1
1
2
Total JPY
-113
-234
-1
1
2
USD/BRL
-187
-285
66%
(2)
5.28
3
3
0
USD/CNY
-157
-353
45%
(2)
6.82
-1
1
2
USD/EUR
-340
-674
50%
1.05
8
10
2
USD/MXN
-66
-135
49%
(2)
21.01
3
3
0
USD/THB
-36
-79
45%
34.69
1
1
0
Total USD
-786
-1,525
14
19
5
Total
-899
-1,759
13
20
7
(1) Long/(short) positions.
(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2023.
(3) The Hedging instruments are located in the line item: "Other Receivables" and "Other Liabilities" in the statement of financial position.
Hedge relationships are seldom perfect. Therefore, ineffectiveness could  arise with the result that changes in the fair value or cash flows of the hedged 
item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could 
potentially affect the hedging relationship during its term are listed below:
	· A reduction in the amount of the forecast sales resulting in quantity or notional amount differences – the hedged item and hedging instrument are 
based on different quantities or notional amounts.
	· A significant change in the credit risk of parties.
	· Timing differences – the hedged item and hedging instrument occur or are settled at different dates.
In 2022, no hedge ineffectiveness was recognized in the consolidated income statement.
December 31, 2021
In € million
Notional 
amount of 
the instru-
ment (1)
Notional 
amount of the 
risk exposure (1)
Percentage 
of exposure 
hedged
 
Average hedge 
exchange rate 
per risk category
Cash flow 
hedge 
reserve
Fair value of the  
hedging instrument
 
 
 
 
 
Equity
Assets
Liabilities
Cash flow hedges - Forecasted sales and purchases (3) 
JPY/EUR
-45
-110
41%
 
130.80
1
JPY/USD
-31
-64
48%
(2)
111.66
1
1
Total JPY
-76
-174
 
 
 
1
1
USD/BRL
-146
-194
75%
(2)
5.26
USD/CNY
-122
-225
54%
(2)
6.58
3
3
USD/EUR
-314
-634
50%
 
1.18
12
12
USD/MXN
-40
-89
45%
(2)
21.73
2
2
USD/THB
-20
-44
45%
 
32.51
1
1
Total USD
-642
-1,187
 
 
 
17
4
13
Total
-718
-1,361
 
 
 
18
5
13
(1) Long/(short) positions.
(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2022.
(3) The Hedging instruments are located in the line item: "Other Receivables" and "Other Liabilities" in the statement of financial position.

FINANCIAL STATEMENTS
354
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Interest rate risks
See the Financial risk in the Management of risks section of this annual report for additional information on the interest rate risks management.
Interest rate risk is managed at Group level.
The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. Interest rate risk is 
managed at Group level by maintaining an appropriate mix between fixed and floating rate borrowings.
Interest rate exposure by currency is summarized below:
In € million
December 31, 2022
December 31, 2021
Currency
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
Financial debt
 
 
 
 
 
 
EUR
-1,642
-32
-1,673
-1,923
-18
-1,941
USD
-1,153
-11
-1,163
-1,246
-23
-1,269
BGN
0
-33
-33
0
-4
-5
SAR
0
0
0
 
-18
-18
INR
-11
-6
-17
-39
0
-39
KRW
-19
-7
-26
-21
-1
-22
THB
-12
0
-12
-11
0
-11
BRL
-12
0
-12
-9
-2
-11
Other
-22
-1
-23
-28
-4
-32
Total
-2,870
-90
-2,959
-3,277
-71
-3,349
Cash and cash equivalents 
 
 
 
 
 
 
EUR
 
201
201
 
206
206
USD
 
320
320
 
458
458
CAD
 
53
53
 
5
5
THB
 
28
28
 
36
36
SAR
 
11
11
 
15
15
BRL
 
177
177
 
53
53
CNY
 
22
22
 
35
35
KRW
 
7
7
 
7
7
JPY
 
30
30
 
33
33
Other
 
83
83
 
93
93
Total
 
932
932
 
941
941
Other financial instruments
 
 
 
 
 
 
CNY
 
43
43
 
70
70
EUR
 
185
185
 
160
160
SAR
 
4
4
 
21
21
Other
 
4
4
 
8
8
Total
 
236
236
 
259
259
 
 
 
 
 
 
 
Total
-2,870
1,078
-1,791
-3,277
1,128
-2,149

FINANCIAL STATEMENTS
355
SOLVAY 2022 ANNUAL INTEGRATED REPORT
At the end of 2022, approximately €2.87 billion of the Group’s gross debt was at fixed-rate, and is largely comprised of:
	· Senior EUR Bonds for a total of €1,100 million maturing in 2027 and 2029 (carrying amount of €1,094 million);
	· Remaining portion (US$ 163 million) of the US$ Senior Bonds 2025 of US$ 250 million (carrying amount of €152 million);
	· Senior US$ Bond for a total of US$ 800 million (carrying amount of €748 million);
	· IFRS 16 lease liability for a total of €524 million (carrying amount of €524 million).
The floating rate debts that are subject to interest rate swaps are discussed below. 
The impact of interest rate volatility at the end of 2022 compared to 2021 is the following:
Sensitivity to a + 100bp movement in 
EUR market interest rates
Sensitivity to a - 100bp movement 
in EUR market interest rates
In € million
2022
2021
2022
2021
Profit or loss
-1
0
1
0
The sensitivity to interest rates’ volatility remains insignificant at the end of 2022 compared to 2021 as the floating rate debt is very limited.
Interest rate risk hedged by instrument accounted for as held for trading
In € million
Notional amount
Fair value assets
Fair value liabilities
December 31
2022
2021
2022
2021
2022
2021
Held for trading
0
18
Total
0
18
The notional amount reported in 2021 under “held for trading” is mainly explained by a cross currency swap contracted in May 2017 and settled in the 
course of 2022 to mitigate the volatility (forex and interest rate) of the external financing set up for the Group’s HPPO joint operation (Saudi Hydrogen 
Peroxide Company) 50/50 with Sadara in Saudi Arabia (notional amount €18 million corresponding to 50%). 
Interest rate risk hedged by instrument accounted for as a hedging instrument in a cash flow hedge
In 2022, there are no outstanding interest rate instruments accounted for under cash flow hedges. 
Other market risks
— Utility and CO2 price risks
The Group purchases a large portion of its coal, gas and electricity needs in Europe and the United States based on fluctuating liquid market indices. 
Moreover, the Group purchases raw materials with a price formula referring to market indices (e.g. benzene). In order to reduce the cost volatility, 
the Group has developed a policy for exchanging variable price against fixed price through derivative financial instruments. Most of these hedging 
instruments can be documented as hedging instruments of the underlying purchase contracts. Utility purchase contracts at fixed price with a physical 
delivery for use in the Group's operations are qualified as own use contracts and constitute a natural hedge. Those have not been included in this note. 
Similarly, the Group's exposure to CO2 price is partially hedged by forward purchases of European Union Allowances (EUA). In 2021, forward purchases 
with physical delivery for use in the Group's operations were qualified as own use contracts (not derivatives). In 2022, in view of both increased volatility 
in energy and CO2 markets and the plan to separate Solvay SA into two independent groups, the Group reconsidered the conditions of the own use 
exemption. Accordingly the entire portfolio of CO2 emission rights forward purchases has been accounted for at the end of Q2 2022 in accordance with 
the general rules of IFRS 9, and a profit of €322 million has been classified as “Other operating gains and losses”. Subsequently, on July 1, 2022, the 
related portfolio has been designated as hedging instruments in a cash flow hedge relationship.
Finally, some exposure to gas, coal and electricity prices may arise from the production of electricity on Solvay sites (mostly from cogeneration units in 
Europe), which can be hedged by means of forward purchases and forward sales or optional schemes. In this case, cash flow hedge accounting is applied.
Financial hedging of utility and CO2 emission rights price risks is managed centrally by Energy Services on behalf of the Group entities.
Energy Services also carries out trading transactions with respect to utility and CO2.

FINANCIAL STATEMENTS
356
SOLVAY 2022 ANNUAL INTEGRATED REPORT
The following tables detail the notional principal amounts and fair values of utility and CO2 derivative financial instruments outstanding at the end of the 
reporting period:
Held for trading
Notional amount of 
the instrument (1)
Notional amount of the instrument 
(in units)
Fair value of the 
instrument - Asset
Fair value of the 
instrument - Liability
December 31
2022
2021
2022
2021
2022
2021
2022
2021
In € million (except where indicated)
Coal
 
Tons
 
Power
922
1,189
7,318,874
21,005,859
MWh
307
764
-306
-781
Standard Quality Gas
619
613
13,372,959
27,701,363
MWh
347
434
-282
-437
CO2
10
11
707,550
206,294
Tons
21
4
-46
-5
Total
1,550
1,813
 
 
675
1,202
-634
-1,223
(1) The hedging instruments are located in the line item: "Other Receivables" and "Other Liabilities" in the consolidated statement of financial position.
The amounts presented in the tables hereafter include hedging needs of the GBUs of the Group that are sourced through Energy Services, and not the 
full Group utility hedging needs.
 
December 31, 2022
Cash flow  
hedge
Notional 
amount 
of the 
instru-
ment (1) 
Notional 
amount of 
the instru-
ment (in 
units)
 
No-
tional 
amount 
of the 
risk ex-
posure
Notional 
amount 
of the risk 
exposure (in 
units)
 
Percen-
tage of 
expo-
sure 
hedged
Average 
hedge 
price 
per risk 
catego-
ry
 
Cash 
flow 
hedge 
re-
serve
Fair value 
of the in-
strument 
- Asset
Fair 
value 
of the 
instru-
ment 
- Lia-
bility
In € million (except where indicated) 
Benzene
Coal
Power
154
1,078,973
MWh
702
3,505,469
MWh
31%
132
EUR/
MWh
71
40
-111
Standard Quality 
Gas
330
13,525,810
MWh
1,650
34,722,420
MWh
39%
33
EUR/
MWh
-156
240
-84
CO2
368
5,440,050
Tons
1,150
24,096,508
Tons
45%
61
EUR/Tons
152
142
-26
Total
899
67
422
-221
(1) The hedging instruments are located in the line item: "Other Receivables" and "Other Liabilities" in the consolidated statement of financial position.
 
December 31, 2021
Cash flow hedge
Notional 
amount 
of the 
instru-
ment (1) 
Notional 
amount of 
the instru-
ment (in 
units)
 
No-
tional 
amount 
of the 
risk ex-
posure
Notional 
amount 
of the risk 
exposure (in 
units)
 
Percen-
tage 
of ex-
posure 
hedged
Average 
hedge 
price 
per risk 
catego-
ry
 
Cash 
flow 
hedge 
re-
serve
Fair 
value 
of the 
instru-
ment - 
Asset
Fair 
value 
of the 
instru-
ment - 
Liability
In € million (except where indicated) 
Benzene
1
1,477
Tons
1
1,479
Tons
100%
556
EUR/ton
Coal
17
243,000
Tons
62
702,041
Tons
35%
77
USD/ton
5
6
-1
Power
154
2,506,335
MWh
607
3,591,600
MWh
70%
62
EUR/MWh
-270
1
-271
Standard Quality 
Gas
254
13,648,389
MWh
954
24,096,508
MWh
57%
19
EUR/MWh
273
291
-18
Total
426
 
 
1,625
 
 
 
 
 
8
298
-290
(1) The hedging instruments are located in the line item: "Other Receivables" and "Other Liabilities" in the consolidated statement of financial position.

FINANCIAL STATEMENTS
357
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Hedge relationships are seldom perfect. Therefore, ineffectiveness could  arise with the result that changes in the fair value or cash flows of the hedged 
item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could 
potentially affect the hedging relationship during its term are listed below:
	· A reduction in the amount of the forecast sales resulting in quantity or notional amount differences – the hedged item and hedging instrument are 
based on different quantities or notional amounts.
	· A significant change in the credit risk of parties.
	· Timing differences – the hedged item and hedging instrument occur or are settled at different dates.
	· In 2022, no hedge ineffectiveness was recognized in the consolidated income statement.
In the wake of the European energy crisis impacting gas consumption in several countries and due to the European Union's sanctions on the sourcing of 
gas and coal from Russia, the Group revised the expected activity of several of its cogeneration units in Europe in Q3 2022 with a view to both preserving 
business continuity and reducing gas consumption. These developments triggered the need to reassess the probability and conditions of future energy 
consumption at each site when updating the Cash Flow Hedge (CFH) documentation. As part of this reassessment, the Group identified certain hedges 
for which the underlying future energy purchases are no longer highly probable (but still expected to occur) or subject to modified purchasing conditions, 
resulting in those hedges ceasing to meet the qualifying criteria for CFH accounting during Q3 2022. The discontinuation of hedge accounting resulted 
in a favorable €39 million accumulated mark-to-market that will remain in Other Comprehensive Income with future recycling to the consolidated income 
statement as the underlying transactions occur (€18 million in 2022, €18 million in 2023).
Fair value hedge
On December 31, 2022, the Group covers a part of its CO2 emission rights in inventory by forward sales of CO2 emission rights to a related party. The 
Group qualifies this hedging strategy as Fair value hedge. The change in fair value of forward sales are accounted in profit and loss, concomitantly with 
the revaluation of the CO2 emission rights held in inventory.
The Group has established a 1:1 hedge ratio for the underlying risk of the forward sales of CO2 emission rights to the related party that is identical to the 
hedged risk component. 
The impact of the hedging instrument on the statement of financial position as at December 31, 2022 is, as follows:
December 31, 2022
 
 
Carrying amount
Balance sheet 
line item (s)
Change in fair value used for 
calculating hedge ineffectiveness
 
Notional
Assets
Liabilities
 
Assets
Liabilities
 
In Tons
In € million
In € million
 
In € million
Fair Value 
Hedge
 
 
 
 
 
 
 
CO2 emission 
rights forwards
86,500
1
 
-6
Financial 
instrument
 
-6
December 31, 2022
 
Carrying amount
Balance sheet 
line item (s)
Change in fair value used for  
calculating hedge ineffectiveness
 
Notional
Assets
Liabilities
 
Assets
Liabilities
In Tons
In € million
In € million
In € million
Fair Value 
Hedge
 
 
 
 
 
 
 
CO2 emission 
rights forwards
86,500
-1
7
 
Inventories
6
 
The sensitivities of commodity derivative financial instruments as of December 31, 2022 are presented below.
The sensitivities were defined based on the price levels and volatility levels of each commodity. These assumptions do not constitute an estimation of 
future market prices and the sensitivities presented are not representative of future changes in Solvay's equity and results.

FINANCIAL STATEMENTS
358
SOLVAY 2022 ANNUAL INTEGRATED REPORT
 
December 31, 2022
 
Price change
Other comprehensive income
Profit or loss
In € million
Natural gas
 +10€/MWh 
-109
- 
Natural gas
 -10€/MWh 
109 
- 
Electricity
 +30€/MWh 
32 
 1 
Electricity
 -30€/MWh 
 -32
 -1
CO2 Emission rights
 +5€/T 
28 
 -
CO2 Emission rights
 -5€/T 
-28
 -
Performance Share Units Plan (PSU) risk on Solvay share price
In order to neutralize the volatility of the Solvay share price, which will impact the liability valuation relating to the cash settled PSU plans (with related 
employer charges), the Group entered into equity swaps covering approximately 100% of the risk. In 2022, a liability of €39 million, recognized for 2020 
and 2021 PSU plans (in 2021, €24 million for the 2020 and 2021 PSU plans) corresponds to the best estimate of the amount due at maturity.
Credit risk
See the Financial risk in the Management of risks section of this annual report for additional information on credit risk management. 
The Group continuously monitors the credit risk of important business partners. 
The Group engages in transactions only with financial institutions with a good credit rating. The Group monitors and manages exposures to financial 
institutions within approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default. For financial guarantees, see note 
F36 Contingent assets, liabilities and financial guarantees.
The Group recognizes expected credit losses on all of its trade receivables: it applies the simplified approach and recognizes lifetime expected losses 
on all trade receivables, using a provision matrix in order to calculate the lifetime expected credit losses for trade receivables, using historical information 
on defaults adjusted for the forward-looking information. 
The Group classifies the customers and their related receivables in various rating classes, based on the risks’ grading attributed to the customers and 
on the aging balance of receivables. As such, for all receivables overdue below six months, the Group considers percentages within a range between 
0.005% and 4.204%, depending on the rating class. For all receivables overdue in excess of six months, the Group considers a rate of 50% or of 100%, 
depending on the rating class. The customer’s grading is reviewed annually for customers assessed as low risk profile, and every six months for customers 
assessed as higher risk profile. 
There is no significant concentration of credit risk at Group level because the receivables’ credit risk is spread over a large number of customers and 
markets.
The ageing of trade receivables, financial instruments - operational, loans and other non-current assets is as follows:
December 31, 2022
 
 
With expected loss allowance, not credit-impaired
In € million
Total
Credit-
impaired
not past 
due
less than 
30 days 
past due
between 30 
and 60 days 
past due
between 60 and 
90 days past due
more than 90 
days past due
Trade receivables
2,098
68
1,986
33
6
1
3
Trade receivables - allowance
-72
-67
-2 
0
 
 
-2
Trade receivables - net
2,026
1
1,984
33
6
1
1
Financial instruments - 
operational
1,125
 
1,125
 
 
 
 
Loans and other non-current assets
312
12
300
0
 
 
 
Loans and other non-current assets 
- allowance
-11
-11
 
 
 
 
 
Loans and other non-current 
assets - net
301
0
300
0
0
0
0
Total
3,452
1
3,410
33
6
1
1
The Loans and other non-currents assets do not include the long-term inventory balance.

FINANCIAL STATEMENTS
359
SOLVAY 2022 ANNUAL INTEGRATED REPORT
December 31, 2021
 
With expected loss allowance, not credit-impaired
In € million
Total
Credit-im-
paired
not past 
due
less than 
30 days 
past due
between 30 
and 60 days 
past due
between 60 
and 90 days 
past due
more than 
90 days 
past due
Trade receivables
1,857
50
1,765
36
2
1
3
Trade receivables - allowance
-51
-49
-2
 
 
 
-1
Trade receivables - net
1,805
2
1,763
36
2
1
2
Financial instruments - operational
1,513
 
1,513
 
 
 
 
Loans and other non-current assets
511
11
500
0
 
 
 
Loans and other non-current assets - 
allowance
-11
-11
 
 
 
 
 
Loans and other non-current assets 
- net
500
0
500
0
0
0
0
Total
3,818
2
3,776
36
2
1
2
The table below presents the allowances on trade receivables:
In € million
2022
2021
January 1
-51
-39
Additions
-22
-19
Uses
2
5
Reversal
1
2
Currency translation differences
-2
0
December 31
-72
-51
Liquidity risk
See the Financial risk in the Management of risks section of this annual report for additional information on the liquidity risk management.
Liquidity risk relates to Solvay’s ability to service and refinance its debt (including notes issued) and to fund its operations.
This depends on its ability to generate cash from operations and not to overpay for acquisitions.
The Finance Committee gives its opinion on the appropriate liquidity risk management for the Group’s short, medium and long term funding and 
liquidity management requirements.
The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring 
forecasts and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
The Group staggers the maturities of its financing sources over time in order to limit amounts to be refinanced each year.
The following tables detail the Group’s remaining contractual maturity for its financial liabilities with contractual repayment periods. 
The tables have been prepared using the discounted cash flows of financial liabilities, based on the earliest date on which the Group can be required 
to pay.

FINANCIAL STATEMENTS
360
SOLVAY 2022 ANNUAL INTEGRATED REPORT
The following tables present discounted amounts (carrying amounts):
In € million
December 31, 2022
Outflows of cash
Total
Within one year 
In year two 
In years three to five 
Beyond five years 
Trade payables
2,296
2,296
 
 
 
Dividends payables
165
165
 
 
 
Financial instruments - operational
867
675
 20
172
 
Other non-current liabilities
99
 
59
26
14
Financial debt
2,435
399
10
1,423
604
Leasing debt
524
111
90
160
164
Total
6,386
3,646
178
1,781
782
In € million
December 31, 2021
Outflows of cash
Total
Within one year 
In year two 
In years three to five 
Beyond five years 
Trade payables
2,131
2,131
 
 
 
Dividends payables
160
160
 
 
 
Financial instruments - operational
1,528
1,350
10
168
 
Other non-current liabilities
153
 
25
78
49
Financial debt
2,844
676
187
873
1,108
Leasing debt
505
97
70
159
179
Total
7,320
4,413
292
1,278
1,336
The following tables present undiscounted amounts (nominal value):
In € million
December 31, 2022
Outflows of cash
Total
Within one year 
In year two 
In years three to five 
Beyond five years 
Trade payables
2,296
2,296
 
 
 
Dividends payables
165
165
 
 
 
Financial instruments - operational
867
675
 20
172
 
Other non-current liabilities
99
 
59
26
14
Financial debt
2,444
399
9
1,428
608
Leasing debt
524
111
90
160
164
Total
6,395
3,646
178
1,786
785
Interests on financial debt and lease liabilities
321
78
73
122
48
Total outflows of cash
6,717
3,724
251
1,908
833
€ million
31 December 2021
Outflows of cash
Total
Within one year 
In year two 
In years three to five 
Beyond five years 
Trade payables
2,131
2,131
 
 
 
Dividends payables
160
160
 
 
 
Financial instruments - operational
1,528
1,350
10
168
 
Other non-current liabilities
153
 
25
78
49
Financial debt
2,856
677
188
877
1,115
Leasing debt
505
97
70
159
179
Total
7,333
4,414
293
1,282
1,343
Interests on financial debt and lease liabilities
379
86
74
158
62
Total outflows of cash
7,712
4,500
367
1,439
1,405

FINANCIAL STATEMENTS
361
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Trade payables include €172 million (2021: €198 million) due to suppliers that have signed up for a supply chain financing program, under which the 
suppliers can elect to receive a discounted early payment from the partner bank rather than being paid in line with the agreed payment terms. If the 
option is taken, the Group’s liability is assigned by the supplier to the partner bank. The value of the Group's liability remains unchanged. The Group 
assesses each arrangement against indicators to determine if the liabilities which suppliers have sold to the partner bank under the supplier financing 
scheme continue to meet the definition of trade payables or should be classified as financial debt. On December 31, 2022 and 2021, the liabilities met 
the criteria of Trade Payables.
Solvay’s liquidity amounts to €6.7 billion including €932 million of cash and cash equivalents on the statement of financial position and € 5.8 billion of 
committed fully undrawn credit facilities (€2.9 billion term loan in the context of the separation plan, €2 billion multilateral RCF due 2024, and €0.9 billion 
bilateral RCF, largely multi-year) unused at the end of December 2022.
In addition, Solvay has access to a Belgian Treasury Bill program for €1.5 billion and, alternatively, to a US commercial paper for US$ 500 million (no 
outstanding balance for both on December 31, 2022). The two programs are covered by back-up credit lines. 
NOTE F33
NET INDEBTEDNESS
The Group’s net indebtedness is the balance between its financial debts and other financial instruments, and cash and cash equivalents.
In € million
December 31, 2022
December 31, 2021
Financial debt
2,959
3,349
Cash and cash equivalents
-932
-941
Other financial instruments
-236
-259
Net indebtedness
1,791
2,149
The decrease in the net indebtedness is mainly due to the strong free cash flow generation.  
Solvay Investment Grade rating is Baa2/P2 (stable outlook) with Moody’s and BBB/A2 (negative outlook) with Standard & Poor’s (upon the Solvay 
announcement of March 15, 2022 indicating the plans to separate itself into two independent companies).
Financial debt: main borrowings 
December 31, 2022
December 31, 2021
In € million (except where indicated)
Nominal 
amount
Coupon
Maturity
Secured
Amount 
at a
mortized 
cost
Fair 
value
Amount at 
amortized 
cost
Fair 
value
Senior € notes
 
1.625%
2022
No
 
 
377
382
Senior US$ note Cytec Industries Inc. (issuance 
US$ 400 million)
 
3.5%
2023
No
 
 
172
177
Senior US$ note Cytec Industries Inc. (issuance 
US$ 250 million)
153
3.95%
2025
No
152
147
143
153
Senior US$ notes (144A;US$ 800 million)
750
4.45%
2025
No
748
721
704
769
Senior € notes
500
2.75%
2027
No
497
482
497
564
Senior € notes
600
0.500%
2029
No
597
479
596
593
Total
 
 
 
 
1,994
1,829
2,489
2,638
There are no instances of default on the above-mentioned financial debts. There are no financial covenants, neither on Solvay SA, nor on any of the 
Group’s holding companies.
In 2022, the senior EUR bond (€378 million) was fully repaid in September as well as the Cytec bond (US$ 196 million) in December.

FINANCIAL STATEMENTS
362
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Other financial instruments
In € million
December 31, 2022
December 31, 2021
Non-current other financial instruments
30
30
Current other financial instruments
206
229
Currency swaps
1
4
Other marketable securities > 3 months
43
70
Other current financial assets
162
155
Other financial instruments
236
259
The other marketable securities > 3 months include the bank drafts position.
The other current financial assets mainly include margin calls of Energy Services for instruments with a negative fair value, and represent collateral for 
the obligations. 
Cash and cash equivalents
In € million
December 31, 2022
December 31, 2021
Cash
630
620
Term deposits
303
320
Cash and cash equivalents 
932
941
By their nature, the carrying amount of cash and cash equivalents is equal to, or a very good proxy of, its fair value. 
Changes in financial debt and in other financial instruments arising from financing activities
2021
2022
In € million
 Total 
 Cash flows 
from 
increase of 
borrowings 
 Cash flows 
from 
repayment 
of 
borrowings 
 Changes 
in foreign 
exchange 
rates 
Changes 
in other 
current 
financial 
assets 
 Other in 
financing 
cash 
flows 
 Transfer 
from non-
current to 
current 
Payment 
of lease 
liabilities 
Other 
 Total 
Bonds
2,112 
3
65
-186
1,994
Other non-current debts
55 
24
-32
2
-9
3
42
Long term leasing debt
409 
10
-125
119
413
Non-current financial 
debt
2,576 
27
-32
77
-320
121
2,450
Current financial debt
773 
222
-764
3
128
320
-113
-59
510
Total financial debt
3,350 
248
-796
80
128
-113
63
2,960
Other non-current 
financial instruments
-30 
-30
Currency swaps 
-4 
3
-1
Other marketable
 securities > 3 months
-70 
1
26
-43
Other current financial 
assets
-155 
-2
1
-5
-162
Other financial 
instruments
-229 
-1
27
-2
-206
Total cash flow
-310 
248
-796
79
27
128
-113
61
-366
The financial debt decreased from €3,350 million at the end of 2021 to €2,960 million at the end of 2022.

FINANCIAL STATEMENTS
363
SOLVAY 2022 ANNUAL INTEGRATED REPORT
The non-current financial debt decreased by €(127) million, mainly resulting from: 
	· the transfer to current financial debt for €(320) million (mainly explained by the Cytec bond US$ 196 million early repayment in December 2022 for 
€(186) million and IFRS 16 leases for €(125) million);
	· the change in foreign exchange rates for €77 million (significant impact of €65 million on senior bonds in USD);
	· €119 million in “Other” mainly relates to leases that commenced during the year, as well as lease modifications.
The current financial debt decreased by €(263) million, mainly in short term financial debt:
	· the repayment in September 2022 of €(378) million for the remaining portion of the €750 million bonds and the Cytec bond US$ 196 million early 
repayment in December 2022 for €(186) million;
	· the transfer from non-current financial debt to current for €320 million (mainly explained by the Cytec bond US$ 196 million early repayment in 
December 2022 for €186 million and IFRS 16 leases for €125 million);
	· the increase and decrease of borrowings is mainly explained by the issuance of commercial paper in June 2022 for €80 million, fully repaid in 
September 2022; and by short-term financing needs in Bulgaria and India;
	· the increase of €128 million of margin calls on hedging instruments as part of Energy Services’ activities; 
	· the repayment of short term lease obligations under IFRS 16 of €(113) million. 
The other financial instruments decreased by €23 million, mainly for the collateral related to the margin calls on energy services (see note F33 Net 
indebtedness), following the increase in the energy and gas prices. 
NOTE F34
OTHER LIABILITIES (CURRENT)
In € million
December 31, 2022
December 31, 2021
Wages and benefits debts
371
303
VAT and other taxes
184
153
Social security
51
58
Financial instruments - operational
676
1,350
Insurance premiums
15
19
Advances from customers
97
91
Other
106
76
Other current liabilities
1,499
2,051
Financial instruments – operational include held for trading and cash flow hedge derivatives (see note F32.A. Overview of financial instruments). 
MISCELLANEOUS NOTES
NOTE F35
COMMITMENTS TO ACQUIRE PROPERTY, PLANT AND EQUIPMENT  
AND INTANGIBLE ASSETS
In € million
December 31, 2022
December 31, 2021
Commitments to acquire property, plant and equipment and intangible assets
457
301
The amount mainly relates to commitments for the acquisition of property, plant and equipment. The increase in 2022 over the prior year is mainly 
explained by the planned purchase of the new Solvay Group headquarters in Belgium as well as the acquisition of industrial equipment for the extension 
of the Tavaux site in France.

FINANCIAL STATEMENTS
364
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F36
CONTINGENT ASSETS, LIABILITIES AND FINANCIAL GUARANTEES
Accounting policy
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or nonoccurrence 
of one or more uncertain future events not wholly within the control of the Group.
Contingent assets are not recognized in the consolidated financial statements since this may result in the recognition of income that may never 
be realized. However, when the realization of income is virtually certain, then the related asset is not a contingent asset and its recognition is 
appropriate. 
Contingent assets are assessed continually to ensure that developments are appropriately reflected in the consolidated financial statements. If 
it has become virtually certain that an inflow of economic benefits will arise, the asset and the related income are recognized in the consolidated 
financial statements of the period in which the change occurs. If an inflow of economic benefits has become probable, the Group discloses the 
contingent asset.
A contingent liability is:
(a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or 
more uncertain future events not wholly within the control of the Group; or
(b) a present obligation that arises from past events but is not recognized because:
(i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or
(ii) the amount of the obligation cannot be measured with sufficient reliability
Contingent liabilities are not recognized in the consolidated financial statements, except if they arise from a business combination. They are 
disclosed unless the possibility of an outflow of economic benefits is remote.
Financial guarantees are contracts that require the Group to make specified payments to reimburse the holder for a loss it incurs because a 
specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument.
In order to avoid double counting, only guarantees in excess of liabilities recognized or disclosures made elsewhere in the Group's consolidated 
financial statements are disclosed in this note.  Regarding financial guarantees, all financial guarantees of the Group are presented in this note.
In € million
December 31, 2022
December 31, 2021
Contingent assets
91
91
Financial guarantees Rusvinyl
0
83
Guarantees for pensions
378
348
Environmental contingent liabilities
315
301
Contingent liabilities
693
733
Contingent Asset
Following an arbitration procedure that began in 2012, on June 22, 2021 the ICC Arbitration Court in Geneva (CH) issued a partial award in favor of Solvay 
Specialty Polymers Italy SpA, ordering Edison S.p.A. (Edison) to pay €91.632 million for the losses, damages and costs incurred up to the end of 2016 in 
relation to certain environmental issues at the Spinetta Marengo and Bussi sites, previously owned and operated by (Mont)Edison SpA and Ausimont 
SpA. A further phase of the arbitration proceeding, expected to end in 2024, will define the quantification of the additional losses, damages and costs 
from 2017 onwards, as well as the interests applicable to the amount awarded and the costs of litigation, to be reimbursed to Solvay Specialty Polymers 
Italy SpA. No income was recognized during either 2021 or 2022 in relation to the partial award, pending Edison’s appeals against the enforcement of 
the partial award.
On January 23, 2023, the Group received a favorable ruling from the Court of Appeal of Milan which rejected Edison's appeal against the enforcement 
of the partial award, making it definitively enforceable in Italy.  On February 8, 2023, Edison settled the €91.632 million partial award in full with Solvay.

FINANCIAL STATEMENTS
365
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Contingent Liabilities
The financial guarantees related to Rusvinyl, the joint venture with SIBUR for the operation of a PVC plant in Russia were released in Q3 2022 following 
the full repayment of Rusvinyl financial debt. 
The guarantees for pensions are related to the main UK Pension Funds (€358 million) – See note F31.B.2. Description of obligations. Such corresponds 
to the amount by which the guarantee exceeds the recognized pension liability (as at December 31, 2022) or the recognized plan assets surplus as at 
(December 31, 2021). This guarantee applies to the pension liability measured based on a local UK regulatory basis (prudential basis) plus an allocation 
for market risk, which is higher when compared to the IAS 19 methodology. The probability of the guarantees being called is considered to be highly 
remote.
Contingent liabilities of €315 million above relate to environmental remediation matters that can be estimated with sufficient reliability.
Generally, in line with good business practice, we are not reporting any pending or threatened proceeding, which has not matured, and where the 
probability of existing or future exposure is unlikely or uncertain, where financial impact is not estimable and for which we are not able to quantify 
contingent liabilities.
In the United States, Solvay Specialty Polymers USA, LLC (SpP) is a defendant in 35 separate individual and class action lawsuits relating to its historical 
use of per- and polyfluoroalkyl substances (PFAS). The vast majority of these cases (30) are pending in the federal and state courts in the state of New 
Jersey, in the US, and the majority (27) are claims by private plaintiffs seeking medical monitoring or compensation for alleged personal injury or other 
alleged economic loss. Three (3) of the cases involve civil claims by separate US state governmental authorities—New Jersey, Michigan and Illinois—
seeking various damages for alleged violations of state environmental laws, including natural resource damages. The State of New Jersey also seeks the 
environmental cleanup of PFAS pollution allegedly caused by a single operating facility of the subsidiary in New Jersey. Two (2) cases relate to allegations 
that contamination from the same operating facility caused contamination to a local municipal well. Finally, three (3) of the cases allege that products 
purchased from the subsidiary caused contamination elsewhere. 
Overall, the number of these cases remains low in comparison to other industry participants. Solvay continues to dispute the merits of these claims and 
defend itself accordingly. In all of these cases, the plaintiffs have the burden of proof against all defendants. 
See note F31.B Provisions Other than Employee Benefits for additional information. 
In Italy, there are several pending litigations:
	· (a) With reference to the Rosignano industrial site, certain criminal preliminary investigations continue to be pending before the Criminal Court of 
Livorno regarding the alleged contamination of certain areas outside the site; 
	· (b) With regard to the Spinetta industrial site, in December 2022 the Public Prosecutor Office of the Court of Alessandria closed the preliminary 
investigations started at the end of 2020 regarding certain alleged environmental violations of two Solvay managers. The Public Prosecutor Office 
should decide to request the dismissal of this provisional charge or alternatively the case should go to trial by the end of Q1, 2023;
	· (c) With regard to the Bussi industrial site, sold by Solvay in 2016 with the surrounding area sold in 2018, an administrative litigation is pending in relation 
to the identification of the polluter of the industrial site. 
Based on the overall assessment, including compliance with applicable laws and regulations and the unlikely or uncertain probability of existing or future 
exposure, as well as undefined financial impact, which is not estimable at this time, no additional provisions have been recorded in association with these 
litigations and contingent liabilities cannot be quantified.
NOTE F37
RELATED PARTIES
Balances and transactions between Solvay SA and (a) its subsidiaries and (b) its joint operations for the Group’s share of the respective joint operations, 
which are related parties of Solvay SA, have been eliminated in consolidation and are not disclosed in this note. Details of transactions between the 
Group and other related parties are disclosed below.

FINANCIAL STATEMENTS
366
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Sale and purchase transactions 
In € million
Sale of goods
Purchase of goods
2022
2021
2022
2021
Associates
20
13
-38
-34
Joint ventures
31
22
-20
-16
Other related parties
91
70
-98
-56
Total
142
106
-157
-107
In € million
Amounts owed by related parties
Amounts owed to related parties
December 31
2022
2021
2022
2021
Associates
1
4
5
Joint ventures
1
1
Other related parties
15
16
28
8
Total
15
16
34
14
Loans to related parties
In € million
December 31, 2022
December 31, 2021
Loans to associates
2
0
Loans to other related parties
54
24
Total
55
24
Loans from other related parties
-4
-4
Compensation of key management personnel
Key management personnel is composed of all members of the Board of Directors and members of the Executive Leadership Team.
Amounts due in respect of the year (compensation) and obligations existing at the end of the year in the consolidated statement of financial position:
In € million
December 31, 2022
December 31, 2021
Wages, charges and short-term benefits
4
3
Long-term benefits
1
1
Cash-settled share-based payments liability
4
3
Total
9
7
Expenses of the year:
In € million
2022
2021
Wages, charges and short-term benefits
-11
-10
Termination benefit
-5
Long-term benefits
-2
-2
Share-based payments expenses
-5
-4
Total
-18
-21
Excluding employer social charges and taxes. 
Please refer to the Compensation Report for further details.

FINANCIAL STATEMENTS
367
SOLVAY 2022 ANNUAL INTEGRATED REPORT
NOTE F38
DIVIDENDS PROPOSED FOR DISTRIBUTION 
The Board of Directors will propose to the “General Shareholders’ Meeting” a gross dividend of €4.05 per share.
Taking into account the dividend advance payment distributed in January 2023 of € 1.54 per share, the dividends proposed for distribution, but not yet 
recognized as a distribution to equity holders amount to € 266 million.
NOTE F39
EVENTS AFTER THE REPORTING PERIOD
Accounting policy
Events after the reporting period which provide evidence of conditions that existed at the end of the reporting period (adjusting events) are 
recognized in the consolidated financial statements. Events indicative of conditions that arose after the reporting period are non-adjusting events 
and are disclosed in the notes if material.
Edison
Solvay received compensation of €91.632 million after decisions by the International Chamber of Commerce's arbitration tribunal, the Swiss Supreme 
Court, and the Milan Court of Appeal, all of which ruled in favor of Solvay. The outcome follows more than 10 years of legal proceedings in relation to 
Solvay’s claims of environmental breaches by Edison, a subsidiary of EDF, in the context of Solvay's acquisition of the Italian company Ausimont in 2002.
The compensation relates to costs, losses and damages suffered by Solvay up to the end of 2016. Additional arbitration procedures are currently ongoing 
regarding costs, losses and damages suffered by Solvay from January 2017 onwards. Solvay is confident in the merits of its claim for additional significant 
compensation for damage in this second phase and expects proceedings to conclude in 2024.
Rusvinyl
On February 6, 2023, the Group announced that it is in advanced negotiations to divest its stake in Rusvinyl, an independent 50/50 joint venture in 
Russia, to its joint venture partner, Sibur. In addition to the recently obtained preliminary clearance from Russian governmental authorities, the potential 
transaction is still subject to several other regulatory approvals.
The Group considers that the Rusvinyl joint venture does not meet the criteria under IFRS 5 Non-current Assets Held for Sale and Discontinued 
Operations to be classified as held for sale at December 31, 2022 nor at the date of authorization of these consolidated financial statements. 
NOTE F40
LIST OF COMPANIES INCLUDED IN THE CONSOLIDATION SCOPE
The Group consists of Solvay SA and a total of 304 investees.
Of these 304 investees, 152 are fully consolidated, 7 are proportionately consolidated and 23 are accounted for under the equity method, whilst the other 
122 do not meet the criteria of significance.
In accordance with the concept of materiality, certain companies (Other Investments), which are insignificant, have not been included in the consolidation 
scope. They are measured at cost and tested for impairment on an annual basis, which is considered a good proxy of their fair value. For more information, 
refer to Principles of consolidation.

FINANCIAL STATEMENTS
368
SOLVAY 2022 ANNUAL INTEGRATED REPORT
List of companies entering or leaving the consolidation scope
Companies entering the consolidation scope
Country
Company
Comments
PORTUGAL
Solvay Biotecnologia Portugal LDA, Carnaxide
New company
LUXEMBOURG
Renestia S.A., Capellen
New company
UNITED KINGDOM
Oldbury Energy Solutions UK Ltd, Oldbury
Meets the consolidation criteria
UNITED STATES
Energy Solutions US LLC, Breckenridge, TX
Meets the consolidation criteria
Companies leaving the consolidation scope
Country
Company
Comments
LATVIA
Solvay Business Services Latvia SIA, Riga
Liquidated
UNITED KINGDOM
Penso Holdings Ltd, Coventry
Liquidated
UNITED STATES
Solvay Soda Ash Expansion JV, Houston, Texas
Merged into American Soda LLC
 
Solvay Soda Ash Joint Venture, Houston, Texas
Merged into American Soda LLC

FINANCIAL STATEMENTS
369
SOLVAY 2022 ANNUAL INTEGRATED REPORT
List of subsidiaries
Indicating the percentage holding.
The percentage of voting rights is very close to the percentage holding. 
ARGENTINA
Solvay Argentina SA, Buenos Aires 
100
Solvay Quimica SA, Buenos Aires 
100
AUSTRALIA
 
Cytec Asia Pacific Holdings Pty Ltd, Baulkham Hills
100
Cytec Australia Holdings Pty Ltd, Baulkham Hills
100
Solvay Interox Pty Ltd, Banksmeadow
100
AUSTRIA
 
Solvay Österreich GmbH, Wien
100
BELGIUM
 
Carrières les Petons S.P.R.L., Walcourt
100
Solvay Chemicals International S.A., Brussels
100
Solvay Chimie S.A., Brussels 
100
Solvay Participations Belgique S.A., Brussels 
100
Solvay Pharmaceuticals S.A. - Management Services, Brussels
100
Solvay Specialty Polymers Belgium SA / NV, Brussels
100
Solvay Stock Option Management S.P.R.L., Brussels
100
BRAZIL
 
Cogeracao de Energia Electricica Paraiso SA, Brotas
100
Rhodia Brasil SA, Sao Paolo 
100
Rhodia Poliamida Brasil Ltda , Sao Paolo 
100
Rhopart-Participacoes Servidos e Comercio Ltda, Sao Paolo 
100
BULGARIA
 
Solvay Bulgaria EAD, Devnya 
100
CANADA
 
Cytec Canada Inc, Niagara Falls Welland
100
Solvay Canada Inc, Toronto
100
CHINA
 
Cytec Industries Co. Ltd, Shanghai
100
Cytec Engineered Materials Co. Ltd, Shanghai
100
Liyang Solvay Rare Earth New Material Co., Ltd, Liyang City
96.3
Rhodia Hong Kong Ltd , Hong Kong
100
Solvay (Shanghai) International Trading Co., Ltd, Shanghai
100
Solvay (Shanghai) Ltd, Shanghai 
100
Solvay (Zhangjiangang) Specialty Chemicals Co. Ltd, Suzhou
100
Solvay (Zhenjiang) Chemicals Co., Ltd, Zhenjiang New area
100
Solvay Chemicals (Shanghai) Co. Ltd, Shanghai
100
Solvay China Co., Ltd , Shanghai
100
Solvay Fine Chemical Additives (Qingdao) Co., Ltd, Qingdao
100
Solvay Hengchang (Zhangjiagang) Specialty Chemical Co., Ltd, Zhangjiagang City
70
Solvay Lantian (Quzhou) Chemicals Co., Ltd, Zhejiang
55
Solvay Specialty Polymers (Changshu) Co. Ltd, Changshu
100
Zhuhai Solvay Specialty Chemicals Co Ltd, Zhuhai City
100
CHILE
 
Cytec Chile Ltda, Santiago
100
FINLAND
 
Solvay Chemicals Finland Oy, Voikkaa
100

FINANCIAL STATEMENTS
370
SOLVAY 2022 ANNUAL INTEGRATED REPORT
FRANCE
 
Cogénération Tavaux SAS, Paris
33.3
Rhodia Chimie S.A.S. , Aubervilliers
100
Rhodia Energy GHG S.A.S. , Puteaux
100
Rhodia Laboratoire du Futur S.A.S. , Pessac
100
Rhodia Operations S.A.S. , Aubervilliers
100
Rhodia Participations S.N.C. , Courbevoie
100
Rhodianyl S.A.S. , Saint-Fons
100
Solvay - Opérations - France S.A.S., Paris
100
Solvay Energie France S.A.S., Paris 
100
Solvay Energy Services S.A.S. , Puteaux
100
Solvay Finance S.A., Paris
100
Solvay France S.A. , Courbevoie
100
GERMANY
 
Cavity GmbH, Hannover 
100
Cytec Engineered Materials GmbH, Oestringen
100
European Carbon Fiber GmbH , Kelheim
100
Horizon Immobilien AG, Hannover
100
Salzgewinnungsgesellschaft Westfalen GmbH & Co KG, Hannover
65
German limited partnership, which makes use of the exemptions offered by Section 264(b) of the German Commercial 
Code, not to publish their annual financial statements.
 
Solvay Chemicals GmbH, Hannover 
100
Solvay Fluor GmbH, Hannover 
100
Solvay Flux GmbH, Hannover 
100
Solvay GmbH, Hannover 
100
Solvay Specialty Polymers Germany GmbH, Hannover
100
Solvin GmbH & Co. KG - PVDC, Rheinberg
100
Solvin Holding GmbH, Hannover
100
INDIA
 
Solvay Specialities India Private Limited, Mumbai 
100
INDONESIA
 
PT. Cytec Indonesia, Jakarta
100
IRELAND
 
Solvay Finance Ireland Unlimited, Dublin
100
ITALY
 
Solvay Chimica Italia S.p.A., Milano 
100
Solvay Energy Services Italia S.r.l., Bollate
100
Solvay Solutions Italia S.p.A., Milano
100
Solvay Specialty Polymers Italy S.p.A., Milano
100
JAPAN
 
Nippon Solvay KK, Tokyo
100
Solvay Japan K.K., Tokyo
100
Solvay Nicca Ltd, Tokyo
60
Solvay Special Chem Japan Ltd, Anan City
100
Solvay Specialty Polymers Japan KK, Minato Ku-Tokyo 
100
LUXEMBOURG
 
Cytec Luxembourg International Holdings Sarl, Strassen
100
Renestia S.A., Capellen
100
Solvay Chlorovinyls Holding S.a.r.l., Luxembourg 
100
Solvay Finance (Luxembourg) SA, Luxembourg
100
Solvay Hortensia S.A., Luxembourg 
100
Solvay Luxembourg S.a.r.l., Luxembourg
100

FINANCIAL STATEMENTS
371
SOLVAY 2022 ANNUAL INTEGRATED REPORT
MEXICO
 
Cytec de Mexico S.A. de C.V., Jalisco
100
Solvay Fluor Mexico S.A. de C.V., Ciudad Juarez 
100
Solvay Mexicana S. de R.L. de C.V., Monterrey
100
NETHERLANDS
 
Cytec Industries B.V., Vlaardingen
100
Rhodia International Holdings B.V., Den Haag
100
Solvay Chemicals and Plastics Holding B.V., Linne-Herten
100
Solvay Chemie B.V., Linne-Herten
100
Solvay Solutions Nederland B.V., Klundert
100
Solvin Holding Nederland B.V., Linne-Herten
100
NEW ZEALAND
 
Solvay New Zealand Ltd, Auckland
100
PERU
 
Cytec Peru S.A.C., Lima
100
POLAND
 
Solvay Poland Sp. z o.o., Gorzow Wielkopolski
100
PORTUGAL
 
Solvay Biotecnologia Portugal LDA, Carnaxide
100
Solvay Business Services Portugal Unipessoal Lda, Carnaxide
100
Solvay Peroxidos Portugal Unipessoal LDA , Povoa
100
RUSSIA
 
Solvay Vostok OOO, Moscow
100
SINGAPORE
 
Rhodia Amines Chemicals Pte Ltd, Singapore
100
Solvay Fluor Holding (Asia-Pacific) Pte. Ltd., Singapore
100
Solvay Specialty Chemicals Asia Pacific Pte. Ltd., Singapore
100
SOUTH KOREA
 
Cytec Korea Inc, Seoul
100
Solvay Chemical Services Korea Co. Ltd, Seoul
100
Solvay Silica Korea Co. Ltd, Incheon
100
Solvay Specialty Polymers Korea Company Ltd, Seoul
100
SPAIN
 
Solvay Quimica S.L., Barcelona 
100
SWITZERLAND
 
Solvay Vinyls Holding AG, Bad Zurzach 
100
THAILAND
 
Solvay Asia Pacific Company Ltd, Bangkok
100
Solvay (Bangpoo) Specialty Chemicals Ltd, Bangkok
100
Solvay (Thailand) Ltd, Bangkok
100
Solvay Peroxythai Ltd, Bangkok
100
TURKEY
 
Solvay Istanbul Kimya Limited Sirketi, Istanbul
100
UNITED ARAB EMIRATES
 
Cytec Nibras llc, Al Ain
100
UNITED KINGDOM
 
Advanced Composites Group Investments Ltd, Heanor
100
Cytec Engineered Materials Ltd, Wrexham
100
Cytec Industrial Materials (Derby) Ltd, Heanor
100
Cytec Industrial Materials (Manchester) Ltd, Heanor
100
Cytec Industries UK Holdings Ltd, Wrexham
100

FINANCIAL STATEMENTS
372
SOLVAY 2022 ANNUAL INTEGRATED REPORT
McIntyre Group Ltd, Watford
100
Oldbury Energy Solutions UK Ltd, Oldbury
100
Rhodia Holdings Ltd, Watford 
100
Rhodia International Holdings Ltd, Oldbury
100
Rhodia Limited, Watford 
100
Rhodia Organique Fine Ltd, Watford 
100
Rhodia Overseas Ltd, Watford 
100
Rhodia Pharma Solutions Holdings Ltd, Cramlington
100
Rhodia Pharma Solutions Ltd, Cramlington
100
Rhodia Reorganisation, Watford 
100
Solvay Interox Ltd, Warrington
100
Solvay Solutions UK Ltd, Watford 
100
Solvay UK Holding Company Ltd, Warrington
100
Umeco Composites Ltd, Heanor
100
Umeco Ltd, Heanor
100
UNITED STATES
 
American Soda LLC, Houston, TX 
100
Ausimont Industries, Inc., Wilmington, Delaware
100
CEM Defense Materials LLC, Tempe Arizona
100
Cytec Engineered Materials Inc., Princeton New Jersey
100
Cytec Global Holdings Inc., Princeton New Jersey
100
Cytec Industrial Materials (ok) Inc., Tulsa Oklahoma
100
Cytec Industries Inc, Princeton New Jersey
100
Cytec Korea Inc., Princeton New Jersey
100
Cytec Technology Corp., Princeton New Jersey
100
Energy Solutions US LLC, Breckenridge, Texas
100
Garret Mountain Insurance Co., Burlington Vermont
100
Rocky Mountain Coal Company, LLC, Houston, Texas
100
Solvay America Holdings, Inc., Houston, Texas
100
Solvay America Inc., Houston, Texas
100
Solvay Chemicals, Inc., Houston, Texas
100
Solvay Finance (America) LLC, Houston, Texas
100
Solvay Fluorides, LLC., Greenwich, Connecticut
100
Solvay Holding Inc., Princeton, New Jersey
100
Solvay India Holding Inc., Princeton, New Jersey
100
Solvay Specialty Polymers USA, LLC, Alpharetta, Georgia
100
Solvay USA INC., Princeton, New Jersey
100
URUGUAY
 
Zamin Company S/A, Montevideo
100

FINANCIAL STATEMENTS
373
SOLVAY 2022 ANNUAL INTEGRATED REPORT
List of joint operations
Indicating the percentage holding. 
AUSTRIA
Solvay Sisecam Holding AG, Wien 
75
BELGIUM
 
BASF Interox H2O2 Production N.V., Brussels
50
BULGARIA
 
Solvay Sodi AD, Devnya
73.5
NETHERLANDS
 
MTP HP JV C.V., Weesp
50
MTP HP JV Management bv, Weesp
50
SAUDI ARABIA
 
Saudi Hydrogen Peroxide Co, Jubail
50
THAILAND
 
MTP HP JV (Thailand) Ltd, Bangkok
50
List of companies consolidated by applying the equity method of accounting
Indicating the percentage holding. 
Joint ventures
AUSTRALIA
Aqua Pharma Australia Pty Ltd, Armidale
50
BELGIUM
 
EECO Holding SA, Brussels
33.3
BRAZIL
 
Peroxidos do Brasil Ltda, Sao Paulo
69.4
CANADA
 
Aqua Pharma Inc, Saint John
50
CHILE
 
Aqua Pharma Chile Spa, Puerto Montt
50
CHINA
 
Shandong Huatai Interox Chemical Co. Ltd, Dongying
50
INDIA
 
Hindustan Gum & Chemicals Ltd, New Delhi
50
IRELAND
 
Aqua Pharma Ireland Ltd, Dublin
50
ITALY
 
Cogeneration Rosignano S.r.l., Rosignano
25.4
Cogeneration Spinetta S.p.a., Bollate
33.3
NORWAY
 
Aqua Pharma Group A.S., Lillehammer
50
Aqua Pharma A.S., Lillehammer
50
Haugaland Shipping A.S., Haugesund
50
RUSSIA
 
Rusvinyl OOO, Moscow
50
TAIWAN
 
Shinsol Advanced Chemicals Corporation, New Taipei
51
UNITED ARAB EMIRATES
 
Strata - Solvay Advanced Materials Joint-Venture LLC, Al Ain
50

FINANCIAL STATEMENTS
374
SOLVAY 2022 ANNUAL INTEGRATED REPORT
UNITED KINGDOM
 
Aqua Pharma Technical Ltd, Inverness
50
Aqua Pharma Ltd, Inverness
50
UNITED STATES
 
Aqua Pharma U.S. Inc, Kirkland
25
Associates
CHINA
Qingdao Hiwin Solvay Chemicals Co. Ltd, Qingdao
30
FRANCE
 
GIE Chime Salindres, Salindres
50
INDONESIA
 
Solvay Manyar P.T., Gresik
50
MEXICO
 
Silicatos y Derivados S.A. DE C.V., Estado de Mexico
20
3. SUMMARY FINANCIAL STATEMENTS OF SOLVAY SA
The annual financial statements of Solvay SA are presented in summary format below. In accordance with the Belgian Companies Code, the annual 
financial statements of Solvay SA, the management report and the statutory auditor’s report will be filed with the National Bank of Belgium.
These documents are also available free of charge on the internet or upon request sent to:
Solvay SA
Rue de Ransbeek 310
B – 1120 Brussels
The balance sheet of Solvay SA at the end of the year 2022 presented below is based on a dividend distribution of € 4.05 per share.
At the end of 2022, Solvay SA has still one Branch, Solvay S.A. Italia (Viale Lombardia 20, 20021 Bollate, Italy). 
The accounts of Solvay SA are prepared in accordance with Belgian generally accepted accounting principles. 
The main activities of Solvay SA consist of holding and managing a number of investments in Group companies and of financing the Group’s activities 
from the bank and bond markets. Solvay SA also has a Group internal factoring activity without recourse. As a result, Solvay SA owns and manages 
Group’s trade receivables from customers based in Europe and in Asia. It manages the research center at Neder-Over-Heembeek (Brussels, Belgium) 
and a very limited number of commercial activities not undertaken through subsidiaries.

FINANCIAL STATEMENTS
375
SOLVAY 2022 ANNUAL INTEGRATED REPORT
BALANCE SHEET OF SOLVAY SA (SUMMARY)
In € million
December 31, 2022
December 31, 2021
ASSETS
 
 
Fixed assets
11,438
11,309
Start-up expenses and intangible assets
117
123
Tangible assets
73
70
Financial assets
11,248
11,116
Current assets
4,508
4,074
Inventories
3
11
Trade receivables
1,000
830
Other receivables
2827
2,538
Short-term investments and cash equivalents
656
680
Accrued income and deferred charges
22
15
Total assets
15,946
15,383
SHAREHOLDERS' EQUITY AND LIABILITIES 
 
Shareholders' equity 
9,021
8,995
Capital
1,588
1,588
Share premiums
1,200
1,200
Reserves
1,982
1,982
Net income carried forward 
4,250
4,225
Provisions and deferred taxes 
230
188
Financial debt 
2,429
2,803
- due in more than one year 
1,922
2,421
- due within one year 
507
382
Trade payables 
147
128
Other liabilities
4,081
3,239
Accrued charges and deferred income
38
29
Total shareholders' equity and liabilities
15,946
15,383
The total assets increase (€563 million) is resulting from:
	· the increase of Financial assets (€132 million) due to Investments made (€72 million) mainly in the context of the Spin-off project and additional long 
term loans to affiliates (€60 million); 
	· the increase of trade receivables (€170 million) factored due to the significant 2022 sales growth of the different activities at Solvay Group level;
	· the other receivables increase (€289 million) mainly linked to the increase of the current accounts with subsidiaries.
The Shareholders equity increase (€25 million) is due to the result of the year (€454 million) and the dividend to be distributed in 2023 (€(429) million). 
The financial debt totals €2,429 million compared to €2,803 million at the end of 2021. The decrease of €(374) million is essentially due to the reimbursement 
of the senior bonds expiring in 2022 (€377 million): 
Other liabilities increase by €842 million due to an increase of current accounts vis-à-vis affiliates. Payable for dividend (€429 million) is slightly higher than 
last year (€+21 millions).

FINANCIAL STATEMENTS
376
SOLVAY 2022 ANNUAL INTEGRATED REPORT
INCOME STATEMENT OF SOLVAY SA (SUMMARY)
In € million
2022
2021
Sales 
141
51
Other operating income 
1,141
1,368
Operating expenses 
-1,154
-991
Operating profit / (loss)
128
428
Financial income and expenses
338
105
Profit / (loss) for the year before taxes 
466
533
Income taxes 
-12
-1
Profit / (loss) for the year
454
532
Profit / (loss) for the year available for distribution 
454
532
In 2022, the net result for the year of Solvay SA is a profit amounting to €454 million, compared with a profit of €532 million in 2021.
This result includes:
	· The operating result amounting to €128 million, compared with an operating profit of €428 million in 2021. This decrease is mainly driven by the 
provision reversal of €350 million in 2021 in order to partially offset an impairment done on the UK subsidiaries subsequently to a capital increase of UK 
entities for €410 million;
	· Financial gain and losses (€338 million) impacted in 2022 by dividends received for €421 million and financial net interests (€(90million)); 
	· In 2021, Financial gain and losses amounting to €105 million were explained for a part by dividends received from affiliates (€470 million) and the capital 
gain on the intragroup sale of Solvay Specialty Korea (€47 million) and for a part by financial net interest charges (€(73 million)) and net impairment 
losses/reversal on shares ((€345 million)).
PROFIT AVAILABLE FOR DISTRIBUTION
In € million
2022
2021
Profit / (loss) for the year available for distribution 
454
532
Carried forward 
4,225
4,101
Total available to the General Shareholders' Meeting
4,679
4,633
Appropriation 
 
Gross dividend 
429
408
Carried forward 
4,250
4,225
Total 
4,679
4,633

DECLARATIONS
377
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Declarations:
Auditor’s reports and
Declaration by the 
persons
responsible
DEC
LA
RA
TIONS
378	
Auditor’s reports
392	
Declaration by the persons 
responsible
393	
Glossary

DECLARATIONS
378
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Besloten vennootschap 
Société à responsabilité limitée 
RPR Brussel - RPM Bruxelles - BTW-TVA BE0446.334.711-IBAN N° BE71 2100 9059 0069 
*handelend in naam van een vennootschap:/agissant au nom d'une société 
A member firm of Ernst & Young Global Limited 
 
 
 
 
 
 
 
 
  
 
EY Bedrijfsrevisoren 
EY Réviseurs d’Entreprises 
De Kleetlaan 2 
B - 1831 Diegem 
Tel: +32 (0) 2 774 91 11 
ey.com 
Independent auditor’s report to the general meeting of Solvay SA for the 
year ended 31 December 2022 
 
In the context of the statutory audit of the Consolidated Financial Statements) of Solvay SA (the 
“Company”) and its subsidiaries (together the “Group”), we report to you as statutory auditor. This 
report includes our opinion on the consolidated statement of financial position as at 31 December 
2022, the consolidated income statement, the consolidated statement of comprehensive income, the 
consolidated statement of changes in equity and the consolidated statement of cash flows for the year 
ended 31 December 2022 and the disclosures (all elements together the “Consolidated Financial 
Statements”) as well as our report on other legal and regulatory requirements. These two reports are 
considered one report and are inseparable. 
We have been appointed as statutory auditor by the shareholders’ meeting of 10 May 2022, in 
accordance with the proposition by the Board of Directors following recommendation of the Audit 
Committee and following recommendation of the workers’ council. Our mandate expires at the 
shareholders’ meeting that will deliberate on the Consolidated Financial Statements for the year ending 
31 December 2024. We performed the audit of the Consolidated Financial Statements of the Group for 
the first time. 
Report on the audit of the Consolidated Financial Statements 
Unqualified opinion 
We have audited the Consolidated Financial 
Statements of Solvay SA, that comprise of the 
consolidated statement of financial position as at 
31 December 2022, the consolidated income 
statement, the consolidated statement of 
comprehensive income, the consolidated 
statement of changes in equity and the 
consolidated statement of cash flows for the year 
ended 31 December 2022, and the disclosures, 
which show a consolidated balance sheet total of 
€ 20.661 million and of which the consolidated 
income statement shows a profit for the year of 
€ 1.934 million.  
In our opinion, the Consolidated Financial 
Statements give a true and fair view of the 
consolidated  net equity and financial position as 
at 31 December 2022, and of its consolidated 
results for the year then ended, prepared in 
accordance with the International Financial 
Reporting Standards as adopted by the European 
Union (“IFRS”) and with applicable legal and 
regulatory requirements in Belgium. 
Basis for the unqualified opinion 
We conducted our audit in accordance with 
International Standards on Auditing (“ISA’s”) 
applicable in Belgium. In addition, we have applied 
the ISA's approved by the International Auditing 
and Assurance Standards Board (“IAASB”) that 
apply at the current year-end date and have not 
yet been approved at national level. Our 
responsibilities under those standards are further 
described in the “Our responsibilities for the audit 
of the Consolidated Financial Statements” section 
of our report. 
We have complied with all ethical requirements 
that are relevant to our audit of the Consolidated 
Financial Statements in Belgium, including those 
with respect to independence.  
We have obtained from the Board of Directors and 
the officials of the Company the explanations and 
information necessary for the performance of our 
audit and we believe that the audit evidence we 
have obtained is sufficient and appropriate to 
provide a basis for our opinion. 
Other matter 
The Company's consolidated financial statements 
for the year ended 31 December 2021 were 
audited by another statutory auditor who 
expressed an unqualified opinion on these 
consolidated financial statements on 18 March 
2022.

DECLARATIONS
379
SOLVAY 2022 ANNUAL INTEGRATED REPORT
 
Audit report dated 23 March 2023 on the Consolidated Financial Statements 
of Solvay SA as of and 
for the year ended 31 December 2022 (continued) 
 
2 
Key audit matters 
Key audit matters are those matters that, in our 
professional judgment, were of most significance 
in our audit of the Consolidated Financial 
Statements of the current reporting period.  
These matters were addressed in the context of 
our audit of the Consolidated Financial 
Statements as a whole and in forming our opinion 
thereon, and consequently we do not provide a 
separate opinion on these matters. 
Defined benefit obligations 
Description of the key audit matter 
 
The defined benefit obligations mainly relate to 
post-employment pension plans and amount to  
€ 810 million as at 31 December 2022, and are  
disclosed in note F31 of the Consolidated 
Financial Statements. It consists of gross defined 
benefit obligations (€ 3.800 million) offset 
partially by plan assets (€ 2.990 million). The 
largest plans in 2022 are in the United Kingdom, 
France, the United States, Germany, and Belgium 
and  represent 94% of the total defined benefit 
obligations of the Group. 
This area is important to our audit because of the 
magnitude of the amounts, management’s 
judgment involved in determining actuarial 
assumptions (more in particular discount rates 
and inflation rates) and plan assets’ fair values and 
the technical expertise required to evaluate these 
obligations and properly reflect the impacts in the 
Consolidated Financial Statements in accordance 
with IAS 19 “Employee Benefits”. 
Summary of the procedures performed  
 
• 
We obtained an understanding of the Group 
estimation process to evaluate the defined-
benefit obligations and plan assets as well as 
the related management review controls; 
• 
We assessed and performed a walkthrough of 
the design of the controls established by the 
Group to manage the underlying participant 
data and to ensure that the amendments to 
the plans are properly and timely reflected in 
the Consolidated Financial Statements; 
• 
We reconciled, on a sample basis, the fair 
value of the plan assets to external 
confirmations; 
• 
We assessed the expertise, independence and 
integrity of the external actuaries engaged by 
the Group; 
• 
With the assistance of our internal actuarial 
specialists, we assessed the actuarial report 
prepared by the external actuaries engaged 
by the Group to ensure that the main changes 
to the plans were properly considered in the 
actuarial calculations; 
• 
We compared, on a sample basis, the input 
data used for the calculation of the provisions 
by the external actuary (such as population, 
age, years of service, wage,…) with source 
information of the human resources 
department of the Group; 
• 
We assessed the appropriateness of the key 
actuarial assumptions (discount rates and 
inflation rates) with the assistance of our 
internal actuarial specialists; 
• 
We validated that the actuarial calculations 
are properly recorded in the Consolidated 
Financial Statements in accordance with 
IAS19; 
• 
We assessed the roll-forward of the provisions 
to understand the changes in the valuation of 
the provisions compared to last year; 
• 
We assessed the adequacy and completeness 
of the disclosures presented in the note F31 
of the Consolidated Financial Statement based 
on the requirements of IAS19. 
Impairment of goodwill and other non-
current assets of the CGU’s Technology 
Solutions, Composite Materials and Oil & 
Gas 
Description of the key audit matter 
 
Following the Group’s past acquisitions, significant 
goodwill has arisen, amounting to € 3.472 million 
as at 31 December 2022, which represents 17% 
of the consolidated total assets and includes  
€ 734 million of goodwill for Technology Solutions 
and € 591 million for Composite Materials.

DECLARATIONS
380
SOLVAY 2022 ANNUAL INTEGRATED REPORT
 
Audit report dated 23 March 2023 on the Consolidated Financial Statements 
of Solvay SA as of and 
for the year ended 31 December 2022 (continued) 
 
3 
As described in notes F20 (Goodwill and business 
combinations) and F24 (Impairment), the 
Company reviews the carrying amounts of its cash 
generating units (“CGU’s”) annually or more 
frequently if impairment indicators are present. 
The impairment assessment involves a 
comparison of the estimated value in use of the 
CGU to its carrying amount. The assessment is a 
judgmental process which requires estimates 
concerning the projected future cash flows 
associated with the CGU, the weighted average 
cost of capital (“WACC”) and the growth rate of 
revenue and costs to be applied in determining 
the value in use.  
This area is important to our audit because of the 
magnitude of the amounts, the judgments, and 
the technical expertise required to perform the 
impairment testing of long-term assets.  
Summary of the procedures performed 
• 
We obtained an understanding of the Group 
impairment testing and processes; 
• 
We evaluated and challenged management 
determination of CGU's and allocation of 
goodwill to those CGU’s for the purpose of 
impairment testing; 
• 
We assessed the methodology, clerical 
accuracy, long term growth rate and discount 
rate, by comparison to (i) peer-group 
information, (ii) the Group’s cost of capital and 
(iii) relevant risk factors; 
• 
We tested the reasonableness of projected 
cash flows considering the Group’s historic 
forecasting accuracy and compared these 
projections with the long-term plan as 
adopted and approved by the Board of 
Directors, including with respect to the impact 
of climate change and the alignment with the 
Solvay One Planet objectives; 
• 
We included our internal valuation specialist 
on our team to analyze and test the valuation 
model and the abovementioned critical 
assumptions used in the valuation model; 
• 
We analyzed and tested the sensitivity 
analysis prepared by management, to 
understand the impact of reasonable changes 
in the key assumptions on the available 
headroom for the three CGU’s;  
• 
We assessed the Group reconciliation of the 
value in use derived from the impairment 
tests to the market capitalization; 
• 
We considered additional impairment or 
reversal of impairment indicators and triggers 
by reading minutes of the board of directors’ 
meetings, and we held regular discussions 
with the management and the audit 
committee;   
• 
We assessed the appropriateness and 
completeness of the disclosures in the Notes 
to the Consolidated Financial Statements in 
accordance with IAS 36. 
Responsibilities of the Board of Directors 
for the preparation of the Consolidated 
Financial Statements 
The Board of Directors is responsible for the 
preparation of the Consolidated Financial 
Statements that give a true and fair view in 
accordance with IFRS and with applicable legal 
and regulatory requirements in Belgium and for 
such internal controls relevant to the preparation 
of the Consolidated Financial Statements that are 
free from material misstatement, whether due to 
fraud or error. 
As part of the preparation of Consolidated 
Financial Statements, the Board of Directors is 
responsible for assessing the Company’s ability to 
continue as a going concern, and provide, if 
applicable, information on matters impacting 
going concern, The Board of Directors should 
prepare the financial statements using the going 
concern basis of accounting, unless the Board of 
Directors either intends to liquidate the Company 
or to cease business operations, or has no realistic 
alternative but to do so. 
Our responsibilities for the audit of the 
Consolidated Financial Statements 
Our objectives are to obtain reasonable assurance 
whether the Consolidated Financial Statements 
are free from material misstatement, whether due 
to fraud or error, and to express an opinion on 
these Consolidated Financial Statements based on 
our audit. Reasonable assurance is a high level of

DECLARATIONS
381
SOLVAY 2022 ANNUAL INTEGRATED REPORT
 
Audit report dated 23 March 2023 on the Consolidated Financial Statements 
of Solvay SA as of and 
for the year ended 31 December 2022 (continued) 
 
4 
assurance, but not a guarantee that an audit 
conducted in accordance with the ISA’s will always 
detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and 
considered material if, individually or in the 
aggregate, they could reasonably be expected to 
influence the economic decisions of users taken 
on the basis of these Consolidated Financial 
Statements. 
In performing our audit, we comply with the legal, 
regulatory and normative framework that applies 
to the audit of the Consolidated Financial 
Statements in Belgium. However, a statutory 
audit does not provide assurance about the future 
viability of the Company and the Group, nor about 
the efficiency or effectiveness with which the 
board of directors has taken or will undertake the 
Company's and the Group’s business operations. 
Our responsibilities with regards to the going 
concern assumption used by the board of 
directors are described below. 
As part of an audit in accordance with ISA’s, we 
exercise professional judgment and we maintain 
professional skepticism throughout the audit. We 
also perform the following tasks: 
• 
identification and assessment of the risks of 
material misstatement of the Consolidated 
Financial Statements, whether due to fraud or 
error, the planning and execution of audit 
procedures to respond to these risks and 
obtain audit evidence which is sufficient and 
appropriate to provide a basis for our opinion. 
The risk of not detecting material 
misstatements resulting from fraud is higher 
than when such misstatements result from 
errors, since fraud may involve collusion, 
forgery, intentional omissions, 
misrepresentations, or the override of 
internal control; 
• 
obtaining insight in the system of internal 
controls that are relevant for the audit and 
with the objective to design audit procedures 
that are appropriate in the circumstances, but 
not for the purpose of expressing an opinion 
on the effectiveness of the Company’s 
internal control; 
• 
evaluating the selected and applied 
accounting policies, and evaluating the 
reasonability of the accounting estimates and 
related disclosures made by the Board of 
Directors as well as the underlying 
information given by the Board of Directors; 
• 
conclude on the appropriateness of the Board 
of Directors’ use of the going-concern basis of 
accounting, and based on the audit evidence 
obtained, whether or not a material 
uncertainty exists related to events or 
conditions that may cast significant doubt on 
the Company’s or Group’s ability to continue 
as a going concern. If we conclude that a 
material uncertainty exists, we are required to 
draw attention in our auditor’s report to the 
related disclosures in the Consolidated 
Financial Statements or, if such disclosures 
are inadequate, to modify our opinion. Our 
conclusions are based on audit evidence 
obtained up to the date of the auditor’s 
report.  However, future events or conditions 
may cause the Company to cease to continue 
as a going-concern; 
• 
evaluating the overall presentation, structure 
and content of the Consolidated Financial 
Statements, and evaluating whether the 
Consolidated Financial Statements reflect a 
true and fair view of the underlying 
transactions and events. 
We communicate with the Audit Committee within 
the Board of Directors regarding, among other 
matters, the planned scope and timing of the 
audit and significant audit findings, including any 
significant deficiencies in internal control that we 
identify during our audit.  
Because we are ultimately responsible for the 
opinion, we are also responsible for directing, 
supervising and performing the audits of the 
subsidiaries. In this respect we have determined 
the nature and extent of the audit procedures to 
be carried out for group entities. 
We provide the Audit Committee within the Board 
of Directors with a statement that we have 
complied with relevant ethical requirements 
regarding independence, and to communicate 
with them all relationships and other matters that 
may reasonably be thought to bear on our 
independence, and where applicable, related 
safeguards.

DECLARATIONS
382
SOLVAY 2022 ANNUAL INTEGRATED REPORT
 
Audit report dated 23 March 2023 on the Consolidated Financial Statements 
of Solvay SA as of and 
for the year ended 31 December 2022 (continued) 
 
5 
From the matters communicated with the Audit 
Committee within the Board of Directors, we 
determine those matters that were of most 
significance in the audit of the Consolidated 
Financial Statements of the current period and 
are therefore the key audit matters.  We describe 
these matters in our report, unless the law or 
regulations prohibit this.
Report on other legal and regulatory requirements
Responsibilities of the Board of Directors  
The Board of Directors is responsible for the 
preparation and the content of the Board of 
Directors’ report on the Consolidated Financial 
Statements. 
Responsibilities of the auditor  
In the context of our mandate and in accordance 
with the additional standard to the ISA’s 
applicable in Belgium, it is our responsibility to 
verify, in all material respects, the Board of 
Directors’ report on the Consolidated Financial 
Statements, the non-financial information 
attached to the Board of Directors’ report, as well 
as to report on these matters. 
Aspects relating to Board of Directors’ 
report  and other information included in 
the annual report 
In our opinion, after carrying out specific 
procedures on the Board of Directors’ report, the 
Board of Directors’ report is consistent with the 
Consolidated Financial Statements and has been 
prepared in accordance with article 3:32 of the 
Code of companies and associations.  
In the context of our audit of the Consolidated 
Financial Statements, we are also responsible to 
consider whether, based on the information that 
we became aware of during the performance of 
our audit, the Board of Directors’ report and 
other information included in the annual report, 
being: 
• 
Strategy 
• 
Sustainable value creation  
contain any material inconsistencies or contains 
information that is inaccurate or otherwise 
misleading. In light of the work performed, there 
are no material inconsistencies to be reported. 
The non–financial information required by article 
3:32, § 2, of the Code of companies and 
associations has been included in the annual 
report. The Company has prepared the Group’s 
non-financial information based on the reporting 
guidelines of the Global Reporting Initiative 
standards (“GRI”). However, in accordance with 
article 3:80 § 1, 5° of the Code of companies and 
associations, we do not express any opinion on 
the question whether this non-financial 
information has been established in accordance 
with the GRI framework. As requested by the 
Company, we have issued a separate reasonable 
and limited assurance report on a selection of 
value chain, environmental, and social Key 
Performance Indicators (“KPI’s”) in accordance 
with the International Standard on Assurance 
Engagements ISAE 3000.  We do not express any 
assurance on the KPI’s not covered by our 
separate reasonable and limited assurance 
report. 
Independence matters 
Our audit firm and our network have not 
performed any services that are not compatible 
with the audit of the Consolidated Financial 
Statements and have remained independent of 
the Company during the course of our mandate.  
The fees related to additional services which are 
compatible with the audit of the Consolidated 
Financial Statements as referred to in article 3:65 
of the Code of companies and associations were 
duly itemized and valued in the notes to the 
Consolidated Financial Statements (chapter 
corporate governance). 
European single electronic format 
(“ESEF”) 
In accordance with the standard on the audit of 
the conformity of the financial statements with 
the European single electronic format 
(hereinafter "ESEF"), we have carried out the 
audit of the compliance of the ESEF format with 
the regulatory technical standards set by the 
European Delegated Regulation No 2019/815 of

DECLARATIONS
383
SOLVAY 2022 ANNUAL INTEGRATED REPORT
 
Audit report dated 23 March 2023 on the Consolidated Financial Statements 
of Solvay SA as of and 
for the year ended 31 December 2022 (continued) 
 
6 
17 December 2018 (hereinafter: "Delegated 
Regulation"). 
The board of directors is responsible for the 
preparation, in accordance with the ESEF 
requirements, of the consolidated financial 
statements in the form of an electronic file in 
ESEF format (hereinafter 'the digital consolidated 
financial statements') included in the annual 
financial report available on the portal of the 
FSMA (https://www.fsma.be/en/data-portal).  
It is our responsibility to obtain sufficient and 
appropriate supporting evidence to conclude that 
the format and markup language of the digital 
consolidated financial statements comply in all 
material respects with the ESEF requirements 
under the Delegated Regulation.  
Based on the work performed by us, we conclude 
that the format and tagging of information in the 
digital consolidated financial statements of Solvay 
SA per 31 December 2022 included in the annual 
financial report available on the portal of the 
FSMA (https://www.fsma.be/en/data-portal) are, 
in all material respects, in accordance with the 
ESEF requirements under the Delegated 
Regulation. 
Other communications.  
• 
This report is consistent with our 
supplementary declaration to the Audit 
Committee as specified in article 11 of the 
regulation (EU) nr. 537/2014. 
Diegem, 23 March 2023  
 
EY Réviseurs d’Entreprises SRL 
Commissaire 
Représentée par 
 
 
 
 
 
Marie Kaisin * 
Partner  
* Agissant au nom d'une SRL 
 
Ref: 23/MK/0019

DECLARATIONS
384
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Besloten vennootschap 
Société à responsabilité limitée 
RPR Brussel - RPM Bruxelles - BTW-TVA BE0446.334.711-IBAN N° BE71 2100 9059 0069 
*handelend in naam van een vennootschap:/agissant au nom d'une société 
A member firm of Ernst & Young Global Limited 
 
 
 
 
EY Bedrijfsrevisoren 
EY Réviseurs d’Entreprises 
De Kleetlaan 2 
B - 1831 Diegem 
Tel: +32 (0) 2 774 91 11 
ey.com 
Independent auditor’s assurance report on sustainability indicators 
 
 
Scope  
We have been engaged by Solvay SA to perform a Reasonable assurance engagement on Solvay SA’s 
sustainability indicators listed in Appendix A (also the “Reasonable assurance indicators”) and a 
Limited assurance engagement, on Solvay SA’s sustainability indicators listed in Appendix B (also the 
“Limited assurance indicators”), of the extra-financial section of accompanying annual report 2022 
(the “Report”) for the period from 1 January 2022 to 31 December 2022. The sustainability indicators 
in Appendix A and B are the “Subject Matter”. 
Other than as described in the preceding paragraph, which sets out the scope of our engagement, we 
did not perform assurance procedures on the remaining sustainability information included in the 
Report, and accordingly, we do not express an opinion on this information. 
Criteria applied by Solvay SA 
In preparing the Subject Matter, Solvay SA applied own reporting criteria, based on elements of the 
Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), World Economic 
Forum (WEF), Task force on Climate-related Financial Disclosures (TCFD) and the Greenhouse Gas 
Protocol Corporate Accounting and Reporting Standard, as disclosed in the Report (also the “Criteria”).   
Solvay SA’s responsibilities 
Solvay’s management is responsible for selecting the Criteria, and for presenting the Subject Matter in 
accordance with that Criteria, in all material respects. This responsibility includes establishing and 
maintaining internal controls, adequate records and making estimates that are relevant to the 
preparation of the Subject Matter, such that it is free from material misstatement, whether due to 
fraud or error.  
 
Our independence and quality control 
We have maintained our independence and confirm that we have met the requirements of the Code of 
Ethics for Professional Accountants issued by the International Ethics Standards Board for 
Accountants, and have the required competencies and experience to conduct this assurance 
engagement. 
  
EY also applies International Standard on Quality Control 1, “Quality Control for Firms that Perform 
Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements”, 
and accordingly maintains a comprehensive system of quality control including documented policies 
and procedures regarding compliance with ethical requirements, professional standards and applicable 
legal and regulatory requirements.

DECLARATIONS
385
SOLVAY 2022 ANNUAL INTEGRATED REPORT
 
2 
Our responsibilities and procedures performed related to the reasonable assurance report  
 
Our responsibility is to express an opinion on the Reasonable assurance indicators (included in 
Appendix A) based on the evidence we have obtained. We conducted our reasonable assurance 
engagement in accordance with the International Standard for Assurance Engagements Other Than 
Audits or Reviews of Historical Financial Information (“ISAE 3000”), issued by the International 
Auditing and Assurance Standards Board.  
A reasonable assurance engagement in accordance with ISAE 3000 involves performing procedures to 
obtain evidence about the Reasonable assurance indicators. The nature, timing and extent of the 
procedures selected depend on our judgment, including the assessment of the risks of material 
misstatement, whether due to fraud or error, in the Reasonable assurance indicators. In making those 
risk assessments, we considered internal control relevant to Solvay’s preparation of the Reasonable 
assurance indicators.  
 
Our procedures included amongst others: 
• 
Obtaining an understanding of the reporting processes for the Subject Matter; 
• 
Performing walkthroughs of the reporting processes at the group level and on site level based on 
our scoping; 
• 
Assessing the appropriateness of the Criteria in terms of its relevance, completeness, reliability, 
impartiality and clarity; 
• 
Evaluating the consistent application of the Criteria; 
• 
Interviewing relevant staff at the local level responsible for reporting of the Subject Matter; 
• 
Interviewing management and relevant staff at the corporate level responsible for consolidating 
and carrying out internal control procedures on the Subject Matter; 
• 
Interviewing relevant staff responsible for reporting the Subject Matter in the Report;  
• 
Determining the nature and extent of the audit procedures for the locations contributing to the 
Subject Matter. Based on the site scoping, 15 sites were visited to evaluate the design and 
implementation of data reporting processes related to the Subject Matter; 
• 
In respect of the audit of the data, performing tests of details on the Subject Matter using internal 
and external documentation, and reconciling the Subject Matter with the underlying records;  
• 
Performing an overall analytical review of the data and trends in the Subject Matter at 
consolidated level as well as on site level; 
• 
Evaluating the overall presentation of the Subject Matter in the Report. 
 
We also performed other procedures as we considered necessary in the circumstances. 
 
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our 
reasonable assurance opinion.

DECLARATIONS
386
SOLVAY 2022 ANNUAL INTEGRATED REPORT
 
 
 
 
 
 
3 
Our responsibilities and procedures performed related to the limited assurance report  
Our responsibility is to express a limited assurance conclusion on the Limited assurance indicators 
listed in Appendix B, based on the evidence we have obtained. We conducted our limited assurance 
engagement in accordance with International Standard for Assurance Engagements Other Than Audits 
or Reviews of Historical Financial Information (“ISAE 3000”), issued by the International Auditing and 
Assurance Standards Board.  
 
A limited assurance engagement undertaken in accordance with ISAE 3000 involves assessing the 
suitability of Solvay’s use of the Criteria as the basis for the preparation of the Limited assurance 
indicators, assessing the risks of material misstatement whether due to fraud or error, responding to 
the assessed risks as necessary in the circumstances, and evaluating the overall presentation of the 
Limited assurance indicators.  
 
A limited assurance engagement is substantially less in scope than a reasonable assurance engagement 
in relation to the risk assessment procedures, including an understanding of internal control, and the 
procedures performed in response to the assessed risks. 
 
A limited assurance engagement consists of making inquiries, primarily of persons responsible for 
preparing the Subject Matter and related information, and applying analytical and other appropriate 
procedures. A higher level of assurance, i.e. reasonable assurance, would have required more 
extensive procedures. 
 
Our procedures included amongst other: 
 
• 
Obtaining an understanding of the reporting processes for the Subject Matter; 
• 
Assessing the appropriateness of the Criteria in terms of its relevance, completeness, reliability, 
impartiality and clarity; 
• 
Evaluating the consistent application of the Criteria; 
• 
Interviewing relevant staff at local level responsible for reporting of the Subject Matter; 
• 
Interviewing management and relevant staff at the corporate level responsible for consolidating 
and carrying out internal control procedures on the Subject Matter; 
• 
Interviewing relevant staff responsible for reporting the Subject Matter in the Report;  
• 
Performing an overall analytical review of the data and trends in the Subject Matter at 
consolidated level as well as on site level; 
• 
Evaluating the overall presentation of the Subject Matter in the Report. 
 
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our 
limited assurance conclusion.

DECLARATIONS
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4 
Opinion and Conclusion 
 
Opinion on the Reasonable assurance engagement 
In our opinion, the Reasonable assurance indicators for the period from 1 January 2022 to 31 
December 2022 are presented, in all material respects, in accordance with the Criteria.  
 
 
Conclusion on the Limited assurance engagement 
Based on our review, nothing has come to our attention that causes us to believe that the Limited 
assurance indicators for the period from 1 January 2022 to 31 December 2022 are not prepared, in all 
material respects, in accordance with  the Criteria. 
 
Diegem, 23 March 2023 
 
EY Réviseurs d’Entreprises SRL 
Represented by 
 
 
 
 
Marie Kaisin* 
Partner 
* Acting on behalf of an SRL 
 
Ref: 23/MK/0021

DECLARATIONS
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
 
 
 
 
 
 
5 
Appendix A: Reasonable assurance indicators 
 
 
Domain 
Topic 
KPI 
Level of 
Assurance 
CLIMATE 
GHG emissions 
GHG reductions achieved compared to last year (at 
constant scope and constant GHG accounting 
methodology)  
Reasonable 
GHG emissions 
Direct CO2 emissions (Scope 1)  
Reasonable 
GHG emissions 
Indirect CO2 emissions (Scope 2)  
Reasonable 
GHG emissions 
Other greenhouse gas emissions not according to 
Kyoto (Scope 1)   
Reasonable 
GHG emissions 
Other greenhouse gas emissions according to Kyoto 
Protocol (Scope 1)  
Reasonable 
GHG emissions 
Total direct and indirect emissions (Scopes 1 & 2)  
Reasonable 
GHG emissions 
Scope 3 emissions – all categories  
Reasonable 
Energy 
Phase-out of coal use in total energy production  
Reasonable 
Biodiversity 
Pressure of Solvay products on biodiversity  
Reasonable 
RESOURCES 
Water & wastewater 
Freshwater withdrawal  
Reasonable 
Waste & hazardous 
materials 
Non-hazardous industrial waste  
Reasonable 
Waste & hazardous 
materials 
Hazardous industrial waste  
Reasonable 
Waste & hazardous 
materials 
Total industrial waste  
Reasonable

DECLARATIONS
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
 
 
 
 
 
 
6 
Waste & hazardous 
materials 
Non-hazardous industrial waste not treated in a 
sustainable way  
Reasonable 
Waste & hazardous 
materials 
Hazardous industrial waste not treated in a 
sustainable way  
Reasonable 
Waste & hazardous 
materials 
Total industrial waste not treated in a sustainable way  
Reasonable 
Waste & hazardous 
materials 
Mining waste  
Reasonable 
Sustainable business 
solutions 
Product portfolio assessed  
Reasonable 
Sustainable business 
solutions 
Sustainable business solutions  
Reasonable 
BETTER LIFE 
Employee health & 
Safety (occupational 
safety – OS) 
RIIR - Reportable Injuries and Illnesses Rate  
Reasonable 
Employee health & 
Safety (occupational 
safety – OS) 
LTIIR – Lost Time Injuries and Illnesses Rate  
Reasonable 
Employee health & 
Safety (occupational 
safety – OS) 
Fatal accidents of Solvay employees and contractors  
Reasonable 
Diversity & inclusion 
Total headcount  
Reasonable 
Diversity & inclusion 
Percentage of women in the Group  
Reasonable 
Diversity & inclusion 
Percentage of women in senior and middle 
management  
Reasonable

DECLARATIONS
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
 
 
 
 
 
 
7 
Appendix B: Limited assurance indicators 
 
Domain 
Topic 
KPI 
Level of 
Assurance 
CLIMATE 
Energy 
Primary Energy consumption  
Limited 
Circular economy 
Percentage of sales aligned with circular economy 
principles  
Limited 
RESOURCES 
Water & wastewater 
Chemical oxygen demand (COD)  
Limited 
Waste & hazardous 
materials 
Substance of very high concern (SVHC) according to 
REACH criteria present in products sold  
Limited 
Waste & hazardous 
materials 
Percentage of completion of Analysis of Safer 
Alternatives program for marketed substances  
Limited 
Air quality 
Nitrogen oxides emissions – NOx  
Limited 
Air quality 
Sulphur oxides emissions – SOx  
Limited 
Air quality 
Non-methane volatile organic compounds emissions – 
NMVOC  
Limited 
Air quality 
Ozone depleting substances - ODP 
Limited 
 
 
 
 
 
 
Diversity & inclusion 
Headcount by employee category (senior manager, 
middle manager, junior manager, non-manager)  
Limited 
Process accident & 
safety (PS) 
Process safety incident rate  
Limited 
Process accident & 
safety (PS) 
Number of incidents (Medium, High, Catastrophic)  
Limited 
Process accident & 
safety (PS) 
Number of incidents (Medium, High, Catastrophic) with 
environmental consequences  
Limited

DECLARATIONS
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
 
 
 
 
 
 
8 
 
 
 
 
 
 
BETTER LIFE 
Process accident & 
safety (PS) 
Number of incidents (Medium, High, Catastrophic) with 
environmental consequences in which the limits of the 
operating permit were exceeded 
Limited 
Customer welfare 
Solvay’s Net Promoter Score (NPS)  
Limited 
Employee 
Engagement and 
wellbeing 
Coverage by collective agreement  
Limited 
Management of the 
legal ethics and 
Regulatory 
framework 
Total claims made  
Limited 
Management of the 
legal ethics and 
Regulatory 
framework 
Total claims closed including cases for which there was 
insufficient information or cases that were misdirected 
or referred 
Limited 
Management of the 
legal ethics and 
Regulatory 
framework 
Unsubstantiated claims among resolved cases  
Limited 
Management of the 
legal ethics and 
Regulatory 
framework 
Substantiated claims among resolved cases  
Limited

DECLARATION BY THE PERSONS RESPONSIBLE
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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Declaration  
by the persons responsible
The Board of Directors hereby declares that, to the best of its knowledge:
	· The financial statements, prepared in accordance with International Financial Reporting Standards (“IFRS”), give a true and fair view of the assets, 
liabilities, financial position, and earnings of the issuer and of the entities included in the consolidation;
	· The extra-financial statements are prepared in accordance with the GRI standards and the Integrated Reporting Framework;
	· The management report includes an accurate review of the business developments, earnings, and financial position of the issuer and of the entities 
included in the consolidation, as well as a description of the main risks and uncertainties that these entities face.
Ilham Kadri
President of the Executive Leadership Team and CEO, 
Director
Nicolas Boël
Chairman of the Board of Directors

GLOSSARY
393
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Glossary
Additional voluntary contributions related to employee benefits plan
Contributions to plan assets in excess of mandatory contributions to employee benefits plans. These payments are discretionary and are driven by the 
objective of value creation. These voluntary contributions are excluded from free cash flow as they are deleveraging in nature as a reimbursement of 
debt. 
Adjustments
Each of these adjustments made to the IFRS results is considered to be significant in nature and/or value. Excluding these items from the profit metrics 
provides readers with relevant additional information on the Group’s underlying performance over time because it is consistent with how the business’ 
performance is reported to the Board of Directors and the Executive Committee. These adjustments consist of:
	· Results from portfolio management and major restructurings;
	· Results from legacy remediation and major litigations;
	· Amortization of intangible assets resulting from Purchase Price Allocation (PPA) and inventory step-up in gross margin;
	· Net financial results related to changes in discount rates, coupons of hybrid bonds deducted from equity under IFRS and debt management impacts 
(mainly including gains/(losses) related to the early repayment of debt;
	· Adjustments of equity earnings for impairment gains or losses and unrealized foreign exchange gains or losses on debt;
	· Results from equity instruments measured at fair value;
	· Gains and losses, related to the management of the CO2 hedges not accounted for as Cash Flow Hedge, deferred in adjustments until the maturity of 
the economic hedge;
	· Tax effects related to the items listed above and tax expense or income of prior years;
	· All adjustments listed above apply to both continuing and discontinuing operations, and include the impacts on non-controlling interests.
Basic earnings per share
Net income (Solvay’s share) divided by the weighted average number of shares, after deducting own shares purchased to cover stock option programs.
Capital expenditure (capex)
Cash paid for the acquisition of tangible and intangible assets presented in cash flows from investing activities, and cash paid on the lease liabilities 
(excluding interests paid), presented in cash flows from financing activities. This indicator is used to manage capital employed in the Group.
Cash conversion
Is a ratio used to measure the conversion of EBITDA into cash. It is defined as (Underlying EBITDA + Capex from continuing operations) / Underlying 
EBITDA.
CARECHEM 
Carechem 24 is a multilingual telephone advice service providing access to a team of trained responders 24 hours a day, 365 days a year. Carechem 
24 provides companies all over the world with emergency product support during a hazardous materials incident.
CFROI
Cash Flow Return On Investment measures the cash returns of Solvay’s business activities. Movements in CFROI levels are relevant indicators for showing 
whether economic value is being added, though it is accepted that this measure cannot be benchmarked or compared with industry peers. The definition 
uses a reasonable estimate (management estimate) of the replacement cost of assets and avoids accounting distortions, e.g. for impairments. It is 
calculated as the ratio between recurring cash flow and invested capital, where:
	· Recurring cash flow = Underlying EBITDA + (Dividends from associates and joint ventures – Underlying Earnings from associates and joint ventures) + 
Recurring capex + Recurring income taxes;
	· Invested capital = Replacement value of goodwill & fixed assets + Net working capital + Carrying amount of associates and joint ventures;
	· Recurring capex is normalized at 2,3% of the Replacement value of fixed assets net of Goodwill;
	· Recurring income taxes are normalized at 28% of (Underlying EBIT – Underlying Earnings from associates and joint ventures) in 2022 (was 27% in 2021).
CGU
Cash-generating unit.
Code of conduct
Solvay is committed to responsible behavior and integrity, taking into account the sustainable growth of its business and its good reputation in the 
communities in which it operates.

GLOSSARY
394
SOLVAY 2022 ANNUAL INTEGRATED REPORT
CTA
Currency Translation Adjustment.
Diluted earnings per share
Net income (Solvay’s share) divided by the weighted average number of shares adjusted for effects of dilution. 
Discontinued operations
Component of the Group which the Group has disposed of or which is classified as held for sale, and:
	· Represents a separate major line of business or geographical area of operations;
	· Is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; 
	· Is a subsidiary acquired exclusively with a view to resale.
Dividend yield (net)
Net dividend divided by the closing share price on December 31.
Dividend yield (gross)
Gross dividend divided by the closing share price on December 31.
DJ STOXX
Dow Jones Stoxx is a European stock index composed of the 665 most important European shares.
DJ EURO STOXX
Dow Jones Euro Stoxx is a pan-European stock index which includes the 326 most important shares of the general Dow Jones index, belonging to eleven 
countries of the Eurozone.
EBIT
Earnings before interest and taxes. Performance indicator that is a measure of the Group’s operating profitability irrespective of the funding’s structure.
EBITDA
Earnings before interest and taxes, depreciation and amortization. The Group has included EBITDA as an alternative performance indicator because 
management believes that the measure provides useful information to assess the Group’s operating profitability as well as the Group’s ability to generate 
operating cash flows. 
Eco-profile
A description of the magnitude and significance of the environmentally relevant inputs and outputs (including, as appropriate, raw materials, intermediate 
products, emissions and waste) associated with a product throughout its lifecycle.
Environmental protection agency
The U.S. Environmental Protection Agency (EPA or USEPA) is an agency of the United States federal government which was created for the purpose of 
protecting human health and the environment by writing and enforcing regulations based on laws passed by Congress.
Equity per share
Equity (Solvay share) divided by the number of outstanding shares at year end (issued shares - treasury shares).
EURONEXT
Global operator of financial markets and provider of trading technologies.
Free cash flow
Cash flows from operating activities (excluding cash flows linked to acquisitions or disposals of subsidiaries, cash outflows of Voluntary Pension Contributions, as 
they are deleveraging in nature as a reimbursement of debt and cash flows related to internal management of portfolio such as one-off external costs of internal 
carve-out and related taxes...), cash flows from investing activities (excluding cash flows from or related to the acquisitions and disposals of subsidiaries), and 
other investments, and excluding loans to associates and non-consolidated investments, and recognition of factored receivables), payment of lease liabilities, 
and increase/decrease of borrowings related to environmental remediation. Prior to the adoption of IFRS 16, operating lease payments were included within 
free cash flow. Following the application of IFRS 16, because leases are generally considered to be operating in nature, free cash flow incorporates the payment 
of the lease liability (excluding the interest expense). Excluding this item in the free cash flow would result in a significant improvement of free cash flow 
compared to prior periods, whereas the operations themselves have not been affected by the implementation of IFRS 16. It is a measure of cash generation, 
working capital efficiency and capital discipline of the Group.

GLOSSARY
395
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Free cash flow to solvay shareholders
Free cash flow after payment of net interests, coupons of perpetual hybrid bonds and dividends to non-controlling interests. This represents the cash 
flow available to Solvay shareholders, to pay their dividend and/or to reduce the net financial debt.
Free cash flow conversion
Calculated as the ratio between the free cash flow to Solvay shareholders of the last rolling 12 months (before netting of dividends paid to non-controlling 
interest) and underlying EBITDA of the last rolling 12 months.
FTSEUROFIRST 300
The FTSEurofirst 300 Index tracks the equity performance across the region of the 300 largest companies ranked by market capitalization in the 
FTSE Developed Europe Index.
GBU 
Global business unit. 
Gearing ratio
Underlying net debt / total equity.
GRI
GRI (Global Reporting Initiative) is the independent, international organization that helps businesses and other organizations take responsibility for their 
impacts, by providing them with the global common language to communicate those impacts. GRI provides the world’s most widely used standards for 
sustainability reporting – the GRI Standards.
HPPO
Hydrogen peroxide propylene oxide, a new technology to produce propylene oxide using hydrogen peroxide.
ICCA
International Council of Chemistry Associations.
IFRS
International Financial Reporting Standards.
Integrated reporting
This is a process founded on integrated thinking, which results in a periodic integrated report by an organization about value creation over time and 
related communications regarding aspects of value creation.
ISO 9001
The ISO 9001 standard defines a set of requirements for the establishment of a system of quality management in an organization, whatever its size and 
activity.
ISO 14001
The ISO 14001 family addresses various aspects of environmental management. It provides practical tools for companies and organizations looking to 
identify and control their environmental impact and constantly improve their environmental performance.
ISO 14040
The ISO 14040 standard covers life cycle assessment (LCA) studies and life cycle inventory (LCI) studies.
ISO 26 000
The ISO 26000 is a global standard which provides guidelines for organizations that wish to operate in a socially responsible manner. The standard was 
published in 2010 after five years of negotiations among a large number of stakeholders worldwide. Representatives of governments, NGOs, industry, 
consumer groups, and the world of work were involved in its development. It therefore represents an international consensus.
LCA
Life Cycle Assessment.
Leverage ratio
Net debt / underlying EBITDA of the last 12 months. Underlying leverage ratio = underlying net debt / underlying EBITDA of the last 12 months.

GLOSSARY
396
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Loss prevention process
Loss prevention aims at maintaining production flow and profitability of the plants by providing risk mitigation. It also contributes to increasing the 
protection of people and the environment.
LTII
Lost Time Injury or Illness: A Work Related Injury or Illness that results in a work interruption of one or more days, not including the day of the accident.
LTIIR
Lost Time Injury and Illness Rate: number of Lost Time Injury and Illnesses resulting from accident per 200,000 work hours.
Mandatory contributions to employee benefits plans
For funded plans, contributions to plan assets corresponding to amounts required to be paid during the respective period, in accordance with agreements 
with trustees or regulation, as well as, for unfunded plans, benefits paid to beneficiaries.
Materiality
Organizations are faced with a wide range of topics on which they could report. The relevant topics are those that may reasonably be considered 
important for reflecting the organization’s economic, environmental, and social impacts, or influencing the decisions of stakeholders, and therefore 
potentially merit inclusion in an annual report. Materiality is the threshold at which topics become sufficiently important that they should be reported.
Natural currency hedge
A natural currency hedge is an investment that reduces the undesired risk by matching cash in and outflows.
Near miss
accident or collision narrowly avoided.
Net cost of borrowings
Cost of borrowings netted with interest on loans and short-term deposits, as well as other gains (losses) on net indebtedness.
Net financial debt (IFRS)
(IFRS) net debt = Non-current financial debt + current financial debt – cash & cash equivalents – other financial instruments (current and non-current). 
Underlying net debt reclassifies as debt 100% of the hybrid perpetual bonds, considered as equity under IFRS. It is a key measure of the strength of the 
Group’s financial position and is widely used by credit rating agencies.
Net financial charges
Net cost of borrowings, and costs of discounting provisions (namely, related to post-employment benefits and Health Safety and Environmental liabilities).
Net pricing
The difference between the change in sales prices versus the change in variable costs.
Net sales
Sales of goods and value added services corresponding to Solvay’s know-how and core business. Net sales exclude Revenue from non- core activities.
Net working capital
Includes inventories, trade receivables and other current receivables, netted with trade payables and other current liabilities.
Occupational accident 
Accident which occurred during the execution of a work contract with Solvay. Accidents on the way to/from home are not considered as work related 
except if at the time of the accident, the worker was traveling for Solvay.
OCI
Other Comprehensive Income.
OECD
Organisation for Economic Co-operation and Development.
OHSAS 18001
OHSAS 18001 is an international occupational health and safety management system specification.

GLOSSARY
397
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Open innovation
Innovation that is enriched with outside expertise, through partnerships with the academic world and by shareholdings in start-ups, either directly or via 
investment funds.
Operational deleveraging
Reduction of liabilities (net debt or provisions) through operational performance only, i.e. excluding impacts from acquisitions and divestitures, as well as 
remeasurement impacts (changes of foreign exchange, inflation, mortality and discount rates).
Organic growth
Growth of Net sales or underlying EBITDA excluding scope changes (related to small M&A not leading to restatements) and forex conversion effects. 
The calculation is made by rebasing the prior period at the business scope and forex conversion rate of the current period.
OSHA
United States Occupational Safety and Health Administration.
PA 
Polyamide, Polymer type.
PP
Unit of percentage points, used to express the evolution of ratios.
PPA
Purchase Price Allocation (PPA) accounting impacts related to acquisitions, primarily for Rhodia and Cytec.
Pricing power
The ability to create positive net pricing.
PSM
Process safety management.
PSU
Performance Share Unit.
Product stewardship
A responsible approach in managing risks throughout the entire life cycle of a product, from the design stage to the end of life.
Research & innovation
Research & development costs recognized in the income statement and as capital expenditure before deduction of related subsidies, royalties and 
depreciation and amortization expense. It measures the total cash effort in research & innovation, regardless of whether the costs were expensed or 
capitalized.
Research & innovation intensity
Ratio of research & innovation / net sales.
PVC 
Polyvinyl chloride, Polymer type.
REACH
REACH is the European Community Regulation on chemicals and their safe use (EC 1907/2006). It deals with the registration, evaluation, authorization, 
and restriction of chemical substances. The law entered into force on June 1, 2007.
Responsible care®
Responsible Care® is the global chemical industry’s unique initiative to improve health, environmental performance, enhance security, and to 
communicate with stakeholders about products and processes.
Result from legacy remediation and major litigations
It includes:
	· The remediation costs not generated by on-going production facilities (shut-down of sites, discontinued productions, previous years’ pollution), and
	· The impact of significant litigations.

GLOSSARY
398
SOLVAY 2022 ANNUAL INTEGRATED REPORT
Results from portfolio management and major restructuring
It includes:
	· Gains and losses on the sale of subsidiaries, joint operations, joint ventures, and associates that do not qualify as discontinued operations;
	· Acquisition costs of new businesses;
	· One-off operating costs related to internal management of portfolio (carve-out of major lines of businesses); 
	· Gains and losses on the sale of real estate not directly linked to an operating activity;
	· Restructuring charges driven by portfolio management and by major reorganization of business activities, including impairment losses resulting from 
the shutdown of an activity or a plant;
	· Impairment losses resulting from testing of Cash Generating Units (CGUs).
It excludes non-cash accounting impact from amortization and depreciation resulting from the purchase price allocation (PPA) from acquisitions.
Revenue from non-core activities
Revenues primarily comprising commodity and utility trading transactions and other revenue, considered to not correspond to Solvay’s know-how and 
core business.
RII
Reportable Injury & Illness: work related injury or illness resulting from an accident with severity above first aid, according to US OSHA 29 CFR 1904.
RIIR
Reportable Injury & Illness rate): number of reportable injury or illness per 200,000 work hours.
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.
ROE
Return on equity.
Safety data sheets
Safety Data Sheets are the main tool for ensuring that manufacturers and importers communicate enough information along the supply chain to allow 
safe use of their substances and mixtures.
SAELs
Solvay Acceptable Exposure Limits
SBTI
Science Based target initiative
SDG
United Nations Sustainable Development Goals.
Seveso regulations
The Control of Major Accident Hazards Involving Dangerous Substances Regulations. These regulations (often referred to as “COMAH Regulations” or 
“Seveso Regulations”) give effect to European Directive 96/82/EC. They apply only to locations where significant quantities of dangerous substances 
are stored.
SOCRATES
Global tool for industrial hygiene management.
SOLVAY WAY
Launched in 2013 and aligned with ISO 26000, Solvay Way is the sustainability approach of the Group. It integrates social, societal, environmental, and 
economic aspects into the Company’s management and strategy, with the objective of creating value shared by all of its stakeholders. Solvay Way is 
based on an ambitious and pragmatic framework serving as a tool of both measurement and progress. Solvay Way lists 49 practices – practices that 
reflect the Solvay Way’s 22 commitments and are structured on a four-level scale (launch, deployment, maturity, performance).
SOP
Stock Option Plan.

GLOSSARY
399
SOLVAY 2022 ANNUAL INTEGRATED REPORT
SPM
The Sustainable Portfolio Management tool is integrated into the Solvay Way framework (linked to five practices). It serves as a strategic tool for 
developing information on our portfolio and analyzing the impacts of sustainability megatrends on our businesses.
SVHC
Substance of Very High Concern (SVHC) is a chemical substance, the utilization of which within the European Union has been proposed to become 
subject to legal authorization under the REACH regulation.
TCFD
Task Force on Climate-related Financial Disclosure.
Underlying
Underlying results are deemed to provide a more comparable indication of Solvay’s fundamental performance over the reference periods. They are 
defined as the IFRS figures adjusted for the “Adjustments” as defined above. They provide readers with additional information on the Group’s underlying 
performance over time as well as the financial position and they are consistent with how the business’ performance and financial position are reported 
to the Board of Directors and the Executive Committee.
Underlying net debt
Underlying net debt reclassifies as debt 100% of the perpetual hybrid bonds, considered as equity under IFRS.
Underlying tax rate
Income taxes / (Result before taxes – Earnings from associates & joint ventures – interests & realized foreign exchange results on RusVinyl joint venture) 
– all determined on an Underlying basis. The adjustment of the denominator regarding associates and joint ventures is made as these contributions are 
already net of income taxes. This provides an indication of the tax rate across the Group.
Voluntary pension contributions
Contributions to plan assets in excess of Mandatory Contributions to employee benefits plans. These payments are discretionary and are driven by the 
objective of value creation. These voluntary contributions are excluded from free cash flow as they are deleveraging in nature as a reimbursement of 
debt. 
WACC
Weighted Average Cost of Capital.
Velocity
Total number of shares traded during the year divided by the total number of listed shares, using the Euronext definition.
Velocity adjusted by free float
Velocity adjusted as a function of the percentage of the listed shares held by the public, using the Euronext definition.
WBCSD
World Business Council for Sustainable Development.
YOY
Year on year comparison.

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SOLVAY 2022 ANNUAL INTEGRATED REPORT
Shareholders’diary
MAY 4, 2023
First quarter 2023 results
MAY 9, 2023
Ordinary General Shareholders’ meeting
MAY 15, 2023
Ex-coupon date
MAY 17, 2023
Final dividend: payment date
AUGUST 3, 2023
First half 2023 results
NOVEMBER 3, 2023
Nine months 2023 results
Layout, concept and production: WordAppeal, France / Printing: Cousto, Belgium / Publication management: Solvay Communications
Credits: @Solvay, The Nanok expedition, Franky Verdickt, Solvay / Didier Vandenbosch, JM Byl, Solvay Heritage Collection, Revillard, J.KIEFFER PUETZ, 
Shutterstock / asharkyu, Unsplash
Ce rapport est également disponible en français. Dit jaarverslag is ook beschikbaar in het Nederlands. 
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Celebrating 160 years of Solvay
This year, we kicked off our 160th anniversary celebration, which gives us the chance to look back at our 160-year legacy, while appreciating the value of passing it on.  
In fact, that’s the theme of the anniversary: “For generations to come.”
Since Solvay was founded in 1863, we have reinvented ourselves time and again, while always maintaining our relentless passion for human progress and business performance. 
Our project to create two new, independent companies is not the end of our story, but the beginning of an exciting new chapter,  
inspired and enabled by Solvay’s 160-year history of reinventing progress. 
SOLVAY SA
Rue de Ransbeek, 310 — 1120 Brussels, Belgium
+32 2 264 2111
www.solvay.com