FY 2025 Trading Statement and 2026 Guidance

6 February 2026

WE Soda Ltd (the “Company” and, together with its subsidiaries, “WE Soda”), the world’s largest producer of soda ash, releases a trading statement for FY 2025 Results and provides 2026 guidance.

Alasdair Warren, Chief Executive Officer, WE Soda, commented:

“The soda ash market in 2025 was characterised by continuing macroeconomic uncertainty and weakening supply-demand balances globally, which also impacted our trading in the fourth quarter of the year. Despite these external headwinds, I am pleased to report in this Trading Statement that WE Soda maintained resilient margins and delivered a strong performance for the year.

“Unaudited management accounts for the Restricted Group show FY 2025 Adjusted EBITDA of $505-515 million, up 1-2% year-on-year. This equates to profitability of $100 per metric tonne (“mt”), in line with management guidance. In addition, given the strong contribution from our US operations, proforma Consolidated EBITDA for FY 2025 is expected to be $705-715 million.

“We have now completed our annual sales negotiations for 2026 deliveries. During 2026, we expect the challenging market conditions to persist, with weaker pricing in Asia mainly due to excess supply, and lower prices in Europe impacted by changes to EU ETS legislation. Our expectation is that we will produce and sell 9.5 million mt of products globally, achieve consolidated EBITDA of around $570 million and generate Free Cash Flow of around $400 million.

“As we outlined at our Capital Markets Day in early December, if the EU ETS is implemented incorrectly, this will effectively subsidise the use of synthetic soda ash produced in the EU to the detriment of non-EU natural soda ash imports. This would distort competition and incentivise higher-carbon alternatives, which would be contrary to the directive’s stated environmental objectives and open to legal challenge. We are seeking to work constructively with the EU Commission and remain optimistic that provisions within the regulation, that should prevent this distortion from taking place, will ultimately be enforced.

“As we move through 2026 and into 2027, we expect that supply-demand balances will tighten as global economic recovery gains traction, and this, combined with the strong structural growth of sustainable applications and the expected rationalisation of higher-cost synthetic capacity, will support improved pricing. WE Soda is uniquely positioned to capture the benefits of these market changes, as and when they occur.

“I look forward to presenting the detail of our Full Year IFRS audited results on Thursday 30 April 2026 and discussing the progress of our business this year.”

Full Year 2025 Preliminary Results (Unaudited)

WE Soda presents its preliminary results (based on unaudited management estimates) for the year ended 31 December 2025 for the Restricted and Consolidated Groups, delivering Adjusted EBITDA of $100 per mt for the Restricted Group and $76 per mt for the Consolidated Group, respectively, in line with management expectations.

For the Restricted Group, FY 2025 production volumes were flat year-on-year at 5.1 million mt, in line with management expectations, but sales volumes were slightly below expectations mainly due to the scheduling of shipments around year end. Preliminary estimates show Adjusted EBITDA of $505-515 million, in line with guidance, an increase of 1-2%.

For the proforma Consolidated Group, the strong performance of our US assets during the period following our acquisition on 28 February 2025, is expected to deliver proforma FY 2025 Adjusted EBITDA of $705-715 million and Free Cash Flow of $510-525 million.

Following weaker trading conditions in the fourth quarter, we expect our year-end 2025 Net Leverage Ratio to be approximately 3.3x and to maintain financial liquidity of more than $400 million.

- Ends -

Enquiries

WE Soda
Chris Perry, Head of Investor Relations and Communications
+44 (0)208 148 5456
[email protected]

Sodali & Co (Public Relations adviser to WE Soda)
Peter Ogden
+44 (0)207 250 1446
[email protected]

For more information, please visit: www.wesoda.com

About WE Soda

WE Soda is the world’s largest producer of soda ash and one of the world’s largest producers of sodium bicarbonate. Our purpose is “to responsibly produce essential ingredients for a sustainable future” and sustainability is integrated into everything we do. We produce soda ash with the lowest CO₂e emissions intensity within our industry and we believe that we have the lowest impact on nature and the environment. For more information, please visit www.wesoda.com.