Südzucker (SZU) Investor 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.

• Achieved €10.3 bn in revenues in FY 2023/24, with 60% from non-sugar segments.

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

• Maintains a sustainable investment grade rating and is listed on the SDAX.

• Revenue distribution is 46% EU (excluding Germany), 30% Germany, and 24% rest of world.

Financial performance H1 2024/25

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

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

• Cash flow dropped to €343 mn from €592 mn in the prior year.

• Working capital decreased to €2,957 mn.

• Earnings per share fell to €0.61 from €1.69.

Segment performance H1 2024/25

• Sugar: Revenues up 9.4% to €2.13 bn, but operating result down 81.1% due to higher production costs and falling EU prices.

• 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 down 50% 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 sales volumes and improved margins in fruit preparations.