29 August 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 second quarter and first half of 2025.
Alasdair Warren, Chief Executive Officer, WE Soda, commented:
“WE Soda continued to deliver a strong financial and operating performance in the second quarter, contributing to robust results for the first half of the year, with over 6% year-on-year growth in EBITDA that surpassed management expectations and guidance, and was noticeably differentiated versus our industry peers.
“The integration and improved operational performance at our US operations, acquired in February 2025, together with the impact of our global commercial strategy, by focussing on sustainability differentiation that has allowed us to optimise geographic mix and customer segmentation, is yielding significant benefits and reinforces our position as the supplier of choice to many of our largest global customers. This strategy has enabled us to achieve Restricted Group profitability of $105 per metric tonne throughout the first half of the year, ahead of our guidance.
“Our US assets, acquired only six months ago, have outperformed. We have already delivered higher production, improved safety performance and lower costs. The integration process is also yielding significant commercial and other synergies, and we expect this to continue, enabling us to deliver a stronger FY 2025 performance than previously guided. While we remain cautious on market conditions for the second half, we have increased our full-year guidance for the Consolidated Group.
“Despite challenging market conditions globally, through our robust EBITDA performance and capital expenditure discipline, we continue to generate significant Free Cash Flow and, at the half year, we have already reached our year-end leverage target for the Consolidated Group. This positions us to explore refinancing opportunities that will provide greater financial flexibility and support our future growth.”
Q2 2024 |
Q2 2025 |
YoY |
H1 2024 |
H1 2025 |
YoY |
|
Sales Volume (mt million) |
1.27 |
1.27 |
(0.2)% |
2.52 |
2.46 |
(2.2)% |
Netback Revenue ($ million) |
231 |
236 |
+1.8% |
460 |
454 |
(1.3)% |
Adjusted EBITDA ($ million) |
123 |
133 |
+7.8% |
243 |
258 |
+6.4% |
Netback Margin |
53% |
56% |
+3 ppt |
53% |
57% |
+4 ppt |
Free Cash Flow ($ million) |
52 |
88 |
+69% |
156 |
201 |
+29% |
FCF Conversion |
42% |
66% |
+24ppt |
64% |
78% |
+13 ppt |
Capital Expenditure ($ million) |
44 |
36 |
(18)% |
70 |
60 |
(14)% |
Safety Excellence Journey: In the first half, we continued to make progress in advancing our safety culture and practices, reinforcing our goal of achieving zero high consequence lost time incidents, integrating our US operations and delivering a safer workplace for all. During the period, we appointed a Group Head of Health & Safety (H&S), to lead and execute our global H&S strategy to drive stronger and globally consistent H&S governance and compliance, and to elevate H&S standards across our business.
Strong performance: Despite continued challenging market conditions, we have delivered a strong set of first half results with Adjusted EBITDA up over 6% year-on-year at $258 million for the Restricted Group. This has been achieved through the delivery of our global commercial strategy, by focussing on sustainability differentiation that has allowed us to optimise geographic mix and customer segmentation, together with strong operating performance and relentless cost focus at our production facilities and within our global customer supply chain. During H1 2025, Restricted Group sales were 2,462k mt with Adjusted EBITDA at $105 per mt8. Given the challenging and unpredictable geopolitical and macro-economic circumstances, we remain cautious for the second half of the year but are confident that we will exceed current guidance for the Consolidated Group.
US integration: We completed the acquisition of Genesis Alkali, the largest US-based producer of natural soda ash, in February 2025 and WE Soda is now the largest producer of soda ash globally with a current production capacity of 9.5 million metric tonnes per year, and with significant growth potential. We have made excellent progress integrating the acquired businesses within WE Soda, and we are already realising significant operational, commercial and financial synergies.
- Ends -
The management team will host a conference call and audiocast presentation at 14.00 BST, on Friday 29 August 2025.
Presentation materials will be made available at: www.wesoda.com shortly before 14.00 BST on 29 August 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.