Investment Highlights

WE Soda is the largest producer of natural soda ash and, we believe, the fastest growing producer of natural soda ash and one of the lowest cost producers of soda ash in the world

We benefit from a modern, well invested asset base and the most environmentally friendly and sustainable production process within our industry.

Operates in a large, steady and growing market...

Large, global market with steady, non-cyclical volume growth

Clean, simple product

Resilient industrial end markets and no meaningful substitution risk

Tightening supply-demand balances, within disciplined supply additions

Robust price growth, driven by supply-demand and forecast to continue

... with significant operating advantages...

Largest natural soda ash producer globally

Modern, efficient, well-invested assets

By far the lowest cost natural soda ash producer globally

Barriers to entry: access to Trona and solution extraction 'know-how'

We export to ~80 countries around the world

... best-in-class ESG credentials...

Cleanest and most environmentally-friendly production

By far the lowest CO₂ energy/water consumption and waste, compared with other production methods

Gold EcoVadis (sustainability) and A-grade CDP (environmental) ratings

Multiple social projects supporting the communities in which we operate

Strong governance, with balanced Board

... and an exceptional financial profile...

Exceptional EBITDA margins and growth

'Right-way' FX exposure, low price volatility

100% of WE Soda’s sales are in hard currency: c.50% USD, c.50% EUR

~80% average Cash Conversion during last 3 years

Low leverage: 1.6x LTM June 2023 net debt/adj. EBITDA

... with significant upside potential

We believe that we are growing faster than any other soda ash producer

Kazan Soda (Turkey) expansion project: additional 900k mtpa by by Q1 2026

Pacific Soda (US): +~2.7-5.4 mtpa by YE 2027

West Soda (US): +~2.5-3.0 mtpa (initially) before 2030

All numbers are as of 6 October 2023

Investment Highlights