WE Soda Q2 2026 Results: What Members Should Know
August 26, 2026
WE Soda released its second-quarter and first-half 2026 financial results on August 26. The report gives us an update on how the company is performing, what is happening with the Westvaco operation, and what WE Soda expects for the rest of the year.
The short version is this: WE Soda is still selling a lot of soda ash, and the company says the production problems at Westvaco have been resolved. However, the company is making less money than it did last year because soda ash prices are weaker and costs remain high.
Here is what members should know.
Sales Are Holding Up, but Profits Are Down
During the first six months of 2026, WE Soda sold 4.43 million metric tons of soda ash and sodium bicarbonate. During the same period last year, it sold 4.58 million tons.
That’s a decrease of only about 3%.
The bigger change is how much money the company is making from those sales.
WE Soda reported $245 million in Adjusted EBITDA for the first half of 2026, compared with $363 million during the same period last year. That’s a 32% decrease.
Adjusted EBITDA is a financial measurement companies use to show the earnings generated by the business before certain expenses and adjustments. Members don’t need to get lost in the accounting behind it. The important point is this:
Sales volume fell about 3%, while Adjusted EBITDA fell 32%.
WE Soda is still moving a significant amount of product, but it is making less money from those sales than it did last year.
There is another number worth understanding. While WE Soda reported $245 million in Adjusted EBITDA, its full financial statements show the company recorded a $110.4 million net loss during the first six months of 2026, compared with a $7.4 million loss during the same period last year. Adjusted EBITDA and net profit measure different things, which is why both numbers can exist at the same time. The net loss includes costs such as interest, taxes, depreciation and other expenses that are treated differently when calculating Adjusted EBITDA.
Cash generated from the company’s operations also declined. WE Soda reported approximately $156 million in net cash generated from operating activities, compared with about $498 million during the first half of 2025.
WE Soda says weaker soda ash pricing, particularly in parts of Asia and Europe, along with higher production, energy and transportation costs, contributed to the decline.
Q2 Shows Some Improvement
The second quarter gives us a better idea of where things are heading.
WE Soda sold 2.34 million metric tons during Q2, essentially the same amount it sold during Q2 last year.
Adjusted EBITDA for the quarter was $131 million, down from $185 million last year.
Free Cash Flow, which is essentially cash generated by the business after certain necessary expenses, was $93 million, compared with $127 million during Q2 2025.
The company also reported that it earned approximately $56 in Adjusted EBITDA per metric ton sold, compared with $79 per ton during the same quarter last year.
Again, the story is fairly straightforward.
WE Soda is selling the product. The bigger challenge right now is how much the company is earning from each ton it sells.
What About Westvaco?
For members here in Wyoming, this is probably the most important part of the report.
Earlier this year, production problems at the Westvaco mine hurt WE Soda’s overall production. Those problems caused the company to lower its expected 2026 production and sales.
WE Soda now says those production disruptions have been fully resolved.
The company also reported that Westvaco operated at or above its originally budgeted production rate during the second quarter.
That’s important.
The weaker financial results we’re seeing aren’t being presented by WE Soda as an ongoing inability to produce at Westvaco. According to the company’s public report, Westvaco has recovered from the problems experienced earlier this year.
WE Soda continues to expect approximately 9.3 million metric tons of sales for 2026.
Why Does WE Soda Keep Talking About Costs?
One theme appears several times throughout the report: cost control.
WE Soda CEO Alasdair Warren said the company is focused on controlling costs, finding savings in freight and transportation, and improving efficiency at its production facilities.
The company says it has also worked to improve shipping routes, make better use of vessels and pass higher energy costs along to customers where its contracts allow.
Members should pay attention when the company talks about “cost discipline” and “efficiencies.”
The Q2 report does not explain exactly what every cost-saving or efficiency measure will mean at individual U.S. operations. Because this article is based strictly on WE Soda’s publicly released report, we’re not going to speculate about what those changes could mean locally.
What we do know is that controlling costs is clearly a major part of WE Soda’s plan for dealing with the weaker soda ash market.
What Is the Company Spending Money On?
WE Soda is also being more selective about where it spends money.
The company expects only about $15 million in growth spending during 2026 and says it has delayed projects that aren’t considered essential while market conditions remain difficult.
That’s different from money spent maintaining existing operations.
WE Soda expects approximately $115 million in maintenance spending this year and says that money will remain focused on three areas:
Safety, keeping equipment and facilities in good condition, and maintaining reliable production.
That’s an important commitment for members to keep in mind.
The company may be limiting some growth projects, but its own public report says spending needed for safety, equipment reliability and continued production remains a priority.
WE Soda Is Carrying More Debt
Another area worth watching is debt.
At the end of June, WE Soda reported approximately $2.3 billion in net debt.
The company measures its debt using something called a leverage ratio. WE Soda’s ratio currently stands at 4.1 times, while its long-term goal is to get below 2.5 times.
WE Soda acknowledges that reaching that long-term goal isn’t likely in the near future because of current market conditions.
At the same time, the company reported having more than $400 million in available liquidity, meaning cash and available borrowing capacity it can use if needed.
The company’s full financial statements also say management believes WE Soda has enough resources and liquidity to continue operating and meet its financial obligations for at least the next 12 months. WE Soda says it tested its finances under several scenarios, including what it describes as a severe but plausible downturn, and still expects positive operating cash flow with enough financial room to meet its requirements.
So there is financial pressure, particularly from weaker earnings and higher debt, but the report does not describe a company that has run out of access to cash.
One Number That Stands Out: $942 Million
There’s another number buried deeper in the report that is worth explaining.
WE Soda reports approximately $942 million is owed to it by its parent company and other related companies within the wider Ciner Group.
These are what the financial report calls “related-party non-trading receivables.”
Put much more simply: WE Soda has provided money to related companies, and nearly $1 billion remains owed back to WE Soda.
The amount was approximately $940 million at the end of 2025, so it remained at roughly the same level through the first half of this year.
WE Soda says these balances earn interest, can be called for repayment and that the company’s goal is to reduce the amount over time.
This doesn’t automatically mean something is wrong, but $942 million is a significant amount of money, which makes it worth continuing to follow in future financial reports.
WE Soda Still Expects a Stronger Second Half
Despite weaker results during the first half of the year, WE Soda has not lowered its full-year financial outlook.
For all of 2026, the company still expects approximately:
- 9.3 million metric tons in sales
- $570 million in Adjusted EBITDA
- $400 million in Free Cash Flow
- 3.8x net leverage by the end of the year
That means WE Soda expects the second half of the year to be better than the first.
The company produced $245 million in Adjusted EBITDA during the first half. To reach its $570 million full-year target, it would need approximately $325 million during the second half.
WE Soda says performance during July and August has increased management’s confidence that it can reach its full-year targets.
We’ll get a better idea of whether that improvement continues when the company reports its third-quarter results.
What Should Members Take Away From This?
There are a few things worth remembering.
First, Westvaco appears to have recovered from the production problems experienced earlier this year. That’s good news for the operation and the people who depend on it.
Second, WE Soda is still selling significant amounts of soda ash. Q2 sales volume was essentially unchanged from the same quarter last year.
The bigger problem is profitability. The company is earning considerably less than it did last year because of weaker market conditions and higher costs.
Third, cost control is going to remain a major focus. Members should continue paying attention to what the company means when it talks about efficiency, cost discipline and capital spending.
And finally, this isn’t just about one quarter.
WE Soda says it expects challenging soda ash market conditions to continue through the rest of 2026 and into 2027.
That makes these financial reports worth following.
Our goal isn’t to tell members that every number is good or every number is bad. It’s to understand what our employer is publicly reporting, what is happening in the soda ash market, and what those developments could mean for the people working in our operations.
We’ll continue breaking down WE Soda’s public financial reports as they’re released.
Sources: WE Soda Ltd., Results for the Second Quarter and First Half of 2026, released August 26, 2026, and WE Soda Ltd. Condensed Consolidated Interim Financial Statements for the period ended June 30, 2026.