Results for the Full Year and Fourth Quarter 2025

28 April 2026

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 full year and the fourth quarter 2025.

Alasdair Warren, Chief Executive Officer commented:

“I am pleased to report that WE Soda maintained resilient margins and delivered a strong financial performance in 2025, despite a challenging market backdrop with continuing macroeconomic uncertainty, weak supply-demand balances and generally weak pricing globally, and unwelcome revisions to the EU Emissions Trading Scheme.

“Proforma Consolidated EBITDA for FY 2025 was $710 million, equivalent to $77 per metric tonne (“mt”). We also delivered robust Free Cash Flow of $517 million and ended the year with global liquidity of over $400 million and consolidated net leverage of 3.3x. This performance reflects the successful integration of our Alkali acquisition, which we completed in February 2025, as well as operational improvements across our global manufacturing facilities, which were in line or slightly better than our expectations. These achievements delivered group-wide production and sales of more than 9.3 million mt of soda ash, sodium bicarbonate and specialty products, combined.

“To maintain our strong liquidity position and pro-actively manage our debt maturity profile, in February 2026 we successfully issued a further $250 million of senior notes due 2031 via a private placement and used the proceeds to partially repay our Revolving Credit Facility (“RCF”). Then, in April 2026, we entered into a new $385 million RCF maturing in March 2031, fully replacing the previous RCF.

“In addition, recent developments in the Middle East have increased energy prices in most markets globally. While these headwinds will inevitably raise cash production costs and are likely to negatively impact global economic recovery in 2026, our lower energy intensity and our ability to pass on some of the impact through market pricing and contractual adjustments leaves us less exposed than many of our synthetic peers.

“Operational challenges at our Westvaco facility caused a non-recoverable net production loss of approximately 120k mt during Q1 2026 and, as a result, we have reduced our FY 2026 Consolidated Group production and sales guidance to 9.4 million mt. As we progress through 2026, we believe that the current challenging market conditions are likely to persist, with weak pricing in key regions and increased cash production costs and costs to serve impacting our financial performance. We will provide an update with our Q1 results at end May, but the current market conditions present a downside risk to our previous financial guidance.

“We remain focussed on operational and financial discipline, reducing capex and seeking further synergies and value from the integration and optimisation of our global manufacturing and supply chain operations, whilst also growing our specialty products portfolio. We believe that our advantaged assets and geographic diversification leave us better positioned to navigate the current headwinds than our peers, and they will also allow us to capture opportunities when market conditions improve and supply-demand balances tighten.

“Today we will publish our fourth integrated annual report which showcases our business, sets out our 2025 achievements and demonstrates how sustainability underpins everything we do. Please visit www.wesoda.com to read the report or download a copy.

“I look forward to discussing our 2025 performance and 2026 outlook on our conference call at 2pm this afternoon.”

Full Year 2025 Summary

2025 results for the year ended 31 December 2025 delivered Adjusted EBITDA of $101 per mt for the Restricted Group and $77 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 due to the scheduling of shipments around year end. Adjusted EBITDA of $509 million and Free Cash Flow of $379 million are slightly ahead of guidance, and up around 1-2% versus 2024.

For the proforma Consolidated Group, the strong performance of our US assets during the period following our acquisition of Alkali on 28 February 2025, delivered proforma FY 2025 Adjusted EBITDA of $710 million, Free Cash Flow of $517 million and year-end 2025 financial liquidity of more than $400 million with a Net Leverage Ratio of 3.3x.

Q4 2025 Summary

For the Restricted Group, Q4 2025 production volumes were up by 6% year-on-year at 1.37 million mt, with Adjusted EBITDA of $123 million and Free Cash Flow of $81 million. While in line with management expectations, they were down 9% and 26% respectively versus 2024, reflecting weaker trading conditions, which have continued into 2026.

For the proforma Consolidated Group, Q4 2025 results include Alkali, delivering proforma Q4 2025 Adjusted EBITDA of $164 million, Free Cash Flow of $96 million.

Balance Sheet

With a strong balance sheet and robust liquidity position, the Group’s consolidated Net Debt was $2.2 billion at 31 December 2025, compared to $1.5 billion at 31 December 2024. The WE Soda Restricted Group Net Debt⁸ was $1.7 billion at 31 December 2025, resulting in a Net Leverage Ratio of 3.3x (31 December 2024: 2.9x). Our capital allocation policy continues to target a Net Leverage Ratio within the range of 1.5x to 2.5x, and we remain focused on returning to this range over time, albeit given the challenging trading conditions this is unlikely to occur until 2027, at the earliest.

On 24 February 2026, WE Soda Investments Holding Plc successfully issued $250 million of senior notes via a private placement. The proceeds were used to partially repay $248 million of the existing Revolving Credit Facility (“RCF”) on 6 March 2026. Subsequently, on 23 April 2026, WE Soda Ltd entered into a new $385 million Revolving Credit Facility maturing in March 2031, fully replacing the previous RCF and providing additional flexibility to support the Group’s general corporate purposes.

2026 Outlook

FY 2026 will be impacted by the weaker trading conditions that we have observed so far this year and which are expected to continue, mainly driven by continuing weak supply-demand balances and weak pricing in key export regions. Higher energy prices are also expected to negatively impact global economic recovery. Against this backdrop, we have already seen over 1 million mtpa of permanent soda ash capacity closures from our higher cost competitors in the US and Europe, and more are expected.

During Q1 2026 we experienced production disruptions at our Westvaco mine which resulted in a net (non-recoverable) loss of approximately 120 kmt of production and sales. For the Consolidated Group for FY 2026, we now expect to produce and sell approximately 9.4 million mt of products (previously 9.5 million mt).

The impact of higher energy prices will impact our cash production costs and cost to serve, presenting downside risk to our previous FY 2026 financial guidance. We expect to be able to pass on some of the impact through market pricing and contractual adjustments, and we will provide updated financial guidance with our Q1 2026 financial results at the end of May 2026.

Given the ongoing weak trading conditions, 2026 will focus on operational and financial discipline, including the deferral of certain capital expenditures, materially reducing FY 2026 Growth Capex to only approximately $15 million, with maintenance capex expected to be approximately $115 million.

2025 Annual Report

Our 2025 Annual Report was issued today and can be accessed here. It highlights our three defining strengths of Scale, Sustainability, and Service, while showcasing our business performance and our key 2025 achievements, including our financial results and operational progress.

The full financial statements, together with accompanying notes and the auditor’s report, are included in the document. We invite all stakeholders to visit the website to read the report or download a copy.

2026 Key Dates

- Ends -

Audiocast details

The management team will host a conference call and audiocast presentation at 14.00 BST, on Tuesday 28 April 2026.

Presentation materials will be made available at: www.wesoda.com shortly before the start of the event.

Audiocast and conference call registration:

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:

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]

IMPORTANT INFORMATION

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FCA/ICMA stabilisation applies.

This announcement is directed only at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129, as amended, with respect to the European Economic Area, as defined in the Prospectus Regulation (EU) 2017/1129, as amended (the “EU Prospectus Regulation”). In the United Kingdom, this announcement is directed only at persons who are “professional clients” as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms a part of UK law by virtue of the European Union (Withdrawal) Act 2018. This announcement must not be acted on or relied on in any member state of the EEA or the United Kingdom by persons who are not qualified investors. Any investment or investment activity to which this announcement relates is available only to qualified investors in any member state of the EEA or the United Kingdom.

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