Südzucker (SZU) Q2 2027 earnings summary

Executive summary

• H1 revenue was €4,188m, down 0.3% YoY; operating EBITDA rose 60.3% to €303m from €189m, and net income was €61m versus a €60m loss.

• Higher earnings in Special Products, CropEnergies and Starch, plus a smaller Sugar loss, drove the improvement; Fruit EBITDA declined slightly.

• Efficiency and cost-reduction measures introduced over the prior 12 months began to benefit operating performance.

Financial highlights

• Q2 revenue rose 4.1% to €2,130m; operating EBITDA increased 80.6% to €168m from €93m, and Q2 net income was €41m versus a €25m loss.

• H1 operating result was €153m versus €42m; EPS was €0.09 versus -€0.38, and earnings before tax were €97m versus a €69m loss.

• H1 operating cash flow rose 72.9% to €441m; working capital declined to €2,038m from €2,256m.

• Restructuring and special items contributed €6m in H1 versus a €33m expense YoY; depreciation was €150m versus €147m.

Outlook and guidance

• FY 2026/27 revenue guidance was raised to €8.3–8.7bn from €8.1–8.5bn; operating EBITDA guidance increased to €540–680m from €480–680m.

• With capital employed expected to remain stable, ROCE is forecast to rise significantly from 2.7% in FY 2025/26.

• Sugar revenue is expected to decline moderately; operating EBITDA guidance is -€60m to €40m, with lower cultivation and yields reducing output and sales volumes.

• Special Products EBITDA is expected to grow moderately, CropEnergies EBITDA to rise significantly, Starch EBITDA to be moderately higher, and Fruit EBITDA to remain at prior-year level.