Solvay was not able to decouple from the lower overall demand across the chemicals industries, but the company is well positioned to defend its margins at the group level. This allowed the management to confirm its FY guidance with a somewhat more upbeat view on FCF. This may look like an easy task given that >50% has already been booked, but the second semester could become challenging. The revenue line was a -2.9% miss to the consensus although the adjusted EBITDA was a +3.2% beat.