Südzucker (SZU) Investor presentation summary

Group strategy and business model

• Diversified multinational group with 100 years of history, generating ~60% of revenues from non-sugar activities and leading in European sugar and renewable ethanol markets.

• Strategic focus on plant-based products, sustainability, and profitable growth under the "Get the Power of Plants" initiative.

• Five strategic fields: employees, sustainability, markets/customers, plant-based portfolio, and profitable growth.

• Strong European base with global reach, leveraging diversified segments: Sugar, Special Products, CropEnergies, Starch, and Fruit.

• Majority shareholder is SZVG (64.76%), with a commitment to maintaining investment-grade ratings.

Financial performance and outlook

• FY 2024/25 group revenues reached €9.7bn, with ~80% of EBITDA from non-sugar segments; group EBITDA was €723mn.

• Q1–Q3 2025/26 saw revenues of €6.36bn, EBITDA of €367mn, and an equity ratio of 43.0%, despite declining earnings.

• 2025/26 outlook: revenues €8.3–8.7bn, EBITDA €470–570mn, operating profit €100–200mn, reflecting a challenging sugar market.

• 2026/27 outlook: slight revenue decrease, but moderately higher EBITDA (€480–680mn) expected, with significant improvements in CropEnergies and Special Products.

• Focus on debt reduction, profitability, and sustainable value growth across all segments.

Segment highlights

• Sugar: Revenues €3.88bn in 2024/25; capacity and cost structure optimized, but facing volatile and cyclical markets.

• Special Products: Revenues €2.28bn, EBITDA €288mn; expanded capacities, product range, and market presence.

• CropEnergies: Revenues €959mn, EBITDA €65mn; portfolio broadened to bio-based chemicals, with significant GHG reduction contributions.

• Starch: Revenues €955mn, EBITDA €83mn; focus on cost efficiency, regional strengths, and higher-margin specialties.

• Fruit: Revenues €1.63bn, EBITDA €141mn; emphasis on profitable growth, customer-specific solutions, and global expansion.