28 November 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 third quarter of 2025.
Alasdair Warren, Chief Executive Officer, WE Soda, commented:
“WE Soda has continued to deliver a strong financial and operating performance in the third quarter of 2025, with Restricted Group Adjusted EBITDA of $128 million, up 2.9% year-on-year. This has enabled the Company to achieve profitability of $105 per metric tonne for a third consecutive quarter.
“The performance of our US operations has continued to exceed expectations, with further improvements in safety, production efficiency and operating costs. Our sustainability-led commercial strategy remains a key differentiator, enabling us to optimise our geographic sales mix whilst also strengthening our relationships with major global customers. Overall, this has contributed to Consolidated Adjusted EBITDA of over $500 million for the first nine months of this year.
“We have generated $138 million in Free Cash Flow in the third quarter of 2025, and $421 million in the first nine months, reinforcing our robust financial position. Our full year guidance for 2025 remains unchanged for the Consolidated WE Soda Group and our guidance for the Restricted Group has been revised slightly downwards. This is mainly due to our planned acquisition of a controlling interest in SAISA being delayed until after the year end.
“The impact of changes to the EU Emissions Trading System (ETS) legislation, together with persistent macroeconomic uncertainty and weak supply-demand balances globally, are impacting our trading during the fourth quarter. These weak market conditions are likely to persist and, as a result, we are cautious on the outlook for 2026.
“WE Soda will be hosting a Capital Markets Day on Wednesday 3 December 2025 where we will be setting out our commercial and operating strategy, launching our new Sustainability Plan, discussing our third quarter results and providing additional context around current trading and outlook. Further details for this event can be found below.”
Q2 2024 |
Q3 2025 |
YoY |
9M 2025 |
9M 2025 |
YoY |
|
Sales Volume (mt million) |
1.24 |
1.21 |
(2.4)% |
3.76 |
3.68 |
(2.2)% |
Netback Revenue ($ million) |
233 |
235 |
+0.9% |
693 |
689 |
(0.6)% |
Adjusted EBITDA ($ million) |
124 |
128 |
+2.9% |
367 |
386 |
+5.2% |
Netback Margin |
53% |
54% |
+1 ppt |
53% |
56% |
+3 ppt |
Free Cash Flow ($ million) |
106 |
98 |
(8)% |
262 |
298 |
+14% |
FCF Conversion |
85% |
76% |
(9)ppt |
71% |
77% |
+6 ppt |
Capital Expenditure ($ million) |
23 |
34 |
+46% |
93 |
94 |
+1% |
Q3 2025 combined soda ash and sodium bicarbonate sales volumes were lower by 2.4% at 1.21 million metric tonnes (“mt”) (Q3 2024: 1.24 million mt), with 9M 2025 sales volumes decreasing by 2.2% to 3.68 million mt (9M 2024: 3.76 million mt). This is in line with our FY 2025 guidance of 5.1 million mt for the Restricted Group, taking into account the timing of planned maintenance shutdowns and the production forecast for the balance of the year.
Q3 2025 Netback Revenue increased by 0.9% to $235 million (Q3 2024: $233 million), driven by a slight improvement in netback prices. Overall, in 9M 2025, Netback Revenue was broadly in line with sales volumes, with a decrease of 0.6% to $689 million (9M 2024: $693 million).
Q3 2025 Adjusted EBITDA increased by 2.9% to $128 million (Q3 2024: $124 million) contributing to an increase of 5.2% in 9M 2025 to $386 million (9M 2024: $367 million), consistent with the increases seen in H1 2025. Overall, cash costs were favourably impacted by lower energy costs, partially offset by slightly higher inland transportation costs and other Turkish Lira denominated expenses.
Profitability per tonne has therefore remained consistent with an Adjusted EBITDA per mt8 of $105 in the first three quarters of 2025, and above our guidance for FY 2025.
Netback Margin for Q3 2025 increased by 1 ppt year-on-year to 54% (Q3 2024:53%) and by 3 ppt to 56% for 9M 2025 (9M 2024: 53%). This is consistent with recent quarters and in line with the improvement seen in 9M 2025 Adjusted EBITDA.
Maintenance capital expenditure for 9M 2025 decreased by 10% to $48.3 million, in-line with FY 2025 guidance (9M 2024: $53.7 million which was elevated due to the drilling of new wells at Eti Soda). Growth and other capital expenditure increased by 20% to $45.7 million (9M 2024: $38.1 million). Total Capital Expenditure slightly increased year-on-year by 2% for the 9M 2025 period.
In 9M 2025, Free Cash Flow increased by 14% to $298 million (9M 2024: $262 million) largely driven by a 69% increase in Q2 2025 to $88 million (Q2 2024: $52 million) marginally offset by lower cashflows in Q3 2025 of $98 million (Q3 2024: $106 million). This was mainly due to better EBITDA performance, lower Maintenance Capital Expenditure and lower tax payments. Q3 FCF Conversion decreased 9 ppt to 76% (Q3 2025: 85%) and increased by 6 ppt to 77% for 9M 2025 (9M 2024: 71%).
Restricted Group Net Debt as at 30 September 2025 was $1,655 million (YE 2024: $1,482 million), equivalent to a Restricted Group Net Leverage Ratio of 3.2x, compared to 2.9x as at 31 December 2024 and 3.3x immediately post-closing of the Genesis Alkali acquisition.
With the weaker market conditions in the fourth quarter, we have revised our year-end 2025 Restricted Group Net Leverage Ratio target to approximately 3.3x (having previously guided to a 3.0x year-end target). Our capital allocation policy remains unchanged, with a targeted Net Leverage Ratio range of 1.5 - 2.5x, and achieving this target remains a key objective.
At 30 September 2025, our Restricted Group cash balance was $149 million (YE 2024: $252 million) and we had $252 million of unused revolving credit facilities, which together provide over $400 million in financial liquidity.
- Ends -
On the afternoon of Wednesday 3 December, we are hosting a Capital Markets Day in London and we look forward to welcoming all those that have registered to attend.
If you would like to register for the live stream, please click 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.