28 May 2025
WE Soda Ltd (“the Company” and, together with its subsidiaries, “WE Soda”), the world’s largest producer of soda ash, announces its results for the first quarter of 2025.
Alasdair Warren, Chief Executive Officer, WE Soda, commented:
“I am pleased to report that our first quarter performance was consistent with our guidance, driven by strong operating performance, disciplined cost management and a more stable price environment.
We have strengthened our balance sheet, maintained a strong liquidity position and we continue to generate material Free Cash Flow, positioning WE Soda favourably in comparison with our industry peers. We are delighted with the rapid integration of Alkali which has exceeded expectations following the completion of this acquisition in late February, unlocking significant potential from the combined businesses.
WE Soda remains operationally and financially resilient and we maintain our full-year guidance, despite the potential for market headwinds in the second half of the year driven by geopolitical and macro-economic uncertainties."
| Q1 2024 | Q1 2025 | YoY | |
| Sales Volume (mt million) | 1.25 | 1.19 | (4.1)% |
| Netback Revenue ($ million) | 229 | 219 | (4.5)% |
| Adjusted EBITDA ($ million) | 120 | 126 | +4.9% |
| Netback Margin | 52% | 58% | +6 ppt |
| Free Cash Flow ($ million) | 105 | 113 | +8% |
| FCF Conversion | 87% | 90% | +3 ppt |
| Capital Expenditure ($ million) | 26 | 24 | (6.8)% |
Safety Excellence Journey: We remain committed to delivering a safer workplace for all. We continued to make good progress in Q1 2025 to improve our safety practices, working towards our objective of zero high consequence lost time incidents.
Solid performance: Demand and pricing has remained relatively stable and consistent with Q4 2024. During Q1 2025, Restricted Group sales were 1,194k mt and Adjusted EBITDA per mt was $105. However, we remain cautious for the second half of the year given unpredictable geopolitical and macro-economic factors that could have a negative impact on market dynamics in certain regions.
Alkali integration: We completed the acquisition of Genesis Alkali (“Alkali”), the largest US-based producer of natural soda ash, on 28 February 2025. Although in its early stages, the integration of Alkali’s operations, including ANSAC and its associated global logistics network, is progressing well. As we combine and optimise the production operations, global networks, customer relationships and supply chains of both businesses, we are already seeing significant operational and financial synergies that we expect will be realised throughout this year and beyond.
- Ends -
The management team will host a conference call and audiocast presentation at 14.00 BST, on 28 May 2025.
Presentation materials will be made available at: www.wesoda.com shortly before 14.00 BST on 28 May 2025.
If you would like to view the presentation via live audiocast, please click through the link below:
If you would like to join via live conference call, please register using the link below:
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]
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.