First-quarter sales at Solvay (Brussels; www.solvay.com) climbed 28.8% to EUR 3.05 bn, with double-digit growth in every business and all regions driven by higher pricing and volume growth.

Record underlying EBITDA of EUR 712 mn was 22.1% higher as price gains more than offset inflationary cost increases. EBITDA growth at the two plastics-relevant segments – Materials and Chemicals – rose 25.6% and 16.4%, respectively. Underlying net profit of EUR 369 mn expanded 54%. The Materials segment sales advanced 27.6% to EUR 879 mn, driven equally by strong demand and significant price increases.

Related: Solvay plans to split into two units

The Specialty Polymers sub-segment sales climbed 31.4%, reflecting continued strong demand in automotive, batteries, medical devices, and electronics markets. The Composite Materials sub-segment sales were up 16.7%. The Aerospace market continues its recovery, driven by higher production of single-aisle aircraft, yet continues to face supply-chain challenges.

The Chemicals segment sales jumped 31.5% to EUR 1.04 bn, thanks solely to price. The Coatis business had the fastest sales growth, at 42.1%, benefiting from the continued momentum that was evident in the second half of 2021.

Solvay upgraded its full-year 2022 targets, and now expects underlying EBITDA to grow by “mid to high single-digits” versus the previous target of “mid single-digits” growth (see Plasteurope.com of 10.03.2022).