Südzucker (SZU) Investor presentation summary

Group overview and market environment

• Diversified business model with leading positions in sugar, bioethanol, starch, fruit, and special products; 100 production facilities and ~19,200 employees worldwide.

• Group revenues for 2023/24 reached €10.3 bn, with 60% from non-sugar activities; strong presence in the EU and global markets.

• Market volatility and cyclicality have increased, especially in sugar and ethanol prices, driven by global supply-demand dynamics and regulatory changes.

• The environment remains challenging due to geopolitical factors, supply chain disruptions, and fluctuating energy markets, impacting earnings.

Financial performance and capital structure

• 9M 2024/25 revenues declined 4% to €7.5 bn; EBITDA fell 55% to €502 mn; operating result dropped 73% to €236 mn.

• Net financial debt at €1,713 mn, equity ratio at 44%; cash flow for 9M 2024/25 was €368 mn, down from €917 mn prior year.

• Successful €500 mn bond issuance in January 2025 (7-year maturity, 4.125% coupon); investment grade ratings maintained but outlook revised to negative.

• Liquidity reserves remain strong at €2.2–2.5 bn, supported by undrawn credit lines and cash equivalents.

Segment performance (9M 2024/25)

• Sugar: Revenues stable at €3.1 bn, but operating result turned negative due to sharp price declines and high production costs.

• Special products: Revenues down 6% to €1.7 bn; operating result slightly up due to higher margins despite lower volumes.

• CropEnergies: Revenues fell 16% to €711 mn; operating result dropped 87% to €8 mn, mainly from lower ethanol prices.

• Starch: Revenues down 13% to €724 mn; operating result down 59% to €24 mn, affected by lower prices and a flood-induced shutdown.

• Fruit: Revenues up 4% to €1.2 bn; operating result up 14% to €75 mn, driven by higher volumes and improved margins in fruit preparations.