Südzucker (SZU) investor relations material

Executive summary

• Revenues declined 4.4% year-over-year to €2,058 million in Q1 2026/27, with significant drops in sugar, CropEnergies, and starch segments, while special products and fruit remained stable.

• Operating EBITDA rose 40.6% to €135 million, with margin improving to 6.6% from 4.5%, driven by improved results in CropEnergies and starch, and cost reductions in sugar.

• Net income improved to €20 million from a loss of €35 million in Q1 2025/26.

• Operating result more than doubled to €62 million, with operating margin up to 3.0%.

• Successful refinancing included a €400 million corporate bond and reduction of the sustainability bond to €179 million.

Financial highlights

• Operating EBITDA: €135 million (up from €96 million year-over-year); margin increased to 6.6% from 4.5%.

• Revenues: €2,058 million (down from €2,153 million year-over-year).

• Net financial debt increased to €1,855 million from €1,755 million year-over-year.

• Equity ratio improved to 44.3% from 42.9% year-over-year.

• Cash flow from operating activities was €2 million, up from -€9 million year-over-year.

Outlook and guidance

• Full-year 2026/27 revenues forecasted between €8.1–8.5 billion, with operating EBITDA expected between €480–680 million.

• ROCE projected to improve significantly from 2.7% in 2025/26.

• Segment outlooks: Sugar and CropEnergies anticipate moderate revenue declines; starch to remain stable; fruit and special products to see moderate growth.

• Net financial debt and capital employed expected to remain stable year-over-year.

• Economic and geopolitical uncertainties may impact future performance.