Südzucker (SZU) investor relations material

Executive summary

• H1 2025/26 performance was weak, with group revenues down 17.5% year-over-year to €4,199 million, EBITDA down 55% to €189 million, and operating profit down 84.4% to €42 million.

• All major segments except Fruit experienced significant revenue and earnings declines, with Sugar and CropEnergies posting operating losses.

• The Fruit segment was the only area with revenue and operating result growth, driven by higher prices and improved margins.

• Net loss after tax was €60 million, compared to a profit of €161 million in the prior year; EPS was -€0.38 versus €0.61.

• Q3 is expected to be a turning point, with improvements anticipated in several segments.

Financial highlights

• EBITDA for H1 2025/26 was €189 million, down from €420 million year-over-year; operating result fell to €42 million from €269 million.

• Cash flow from operating activities was €67 million, down 80.5% year-over-year.

• Investments in fixed and intangible assets totaled €219 million, down 18.3% year-over-year.

• Net financial debt stood at €1,674 million, stable year-over-year but up €20 million since February 2025.

• Equity ratio was 45.1%, compared to 47.2% a year earlier.

Outlook and guidance

• Full-year 2025/26 revenue forecast is €8.3–8.7 billion, EBITDA €470–570 million, and operating profit €100–200 million.

• Sugar segment is forecasted to post an operating loss of €150–250 million.

• Food and crop energy segments expected to improve; Fruit segment forecast to see moderate revenue and operating result growth.

• CapEx to remain below prior year; net financial debt projected stable.

• Group guidance confirmed, with expectations slightly below midpoint.