Südzucker (SZU) DZ BANK Equity Conference presentation summary

Group overview and market position

• Operates globally with a diversified business model across sugar, special products, CropEnergies, starch, and fruit segments; 100 production facilities and ~19,200 employees worldwide.

• Group revenues for 2023/24 reached €10.3 billion, with non-sugar segments contributing 60%.

• Holds leading market positions in Europe and globally in sugar, bioethanol, functional food, pizza, and fruit preparations.

• Majority shareholder is SZVG (63%), with stock listed on the SDAX and a sustainable investment grade rating.

Financial performance H1 2024/25

• Group revenues stable at €5.1 billion; EBITDA and operating result declined sharply to €420 million and €269 million, respectively.

• Net financial debt increased to €1,959 million; equity ratio at 47%.

• Cash flow dropped to €343 million, with working capital at €2,957 million.

• All segments except fruit saw significant declines in operating results, with sugar and CropEnergies most affected.

Segment developments H1 2024/25

• Sugar: Revenues up 9.4% to €2.13 billion, but operating result fell 81% due to lower EU prices and higher production costs.

• Special products: Revenues down 5.3%, but operating result up 13.7% driven by higher margins and some volume growth.

• CropEnergies: Revenues down 14.3%, operating result halved due to lower ethanol prices despite higher volumes.

• Starch: Revenues down 10.1%, operating result down 48.7% as price declines outpaced cost savings.

• Fruit: Revenues up 4.2%, operating result up 18.2% on higher volumes and improved margins in fruit preparations.