Südzucker (SZU) Q2 25/26 earnings summary

Executive summary

• H1 2025/26 revenues fell 17.5% year-over-year to €4,199 million, with EBITDA down 55% to €189 million and operating profit down 84.4% to €42 million.

• All major segments except Fruit experienced significant revenue and earnings declines, with Sugar and CropEnergies posting operating losses.

• The Fruit segment was the only area with revenue and operating result growth, driven by higher prices and improved margins.

• Full-year group earnings guidance was confirmed after a downward revision in August, with expectations for improvement from Q3 onwards.

• Net loss after tax was €60 million, compared to a profit of €161 million in the prior year; EPS was -€0.38 versus €0.61.

Financial highlights

• Group revenues for H1 were €4.2 billion, down 17.5% year-over-year.

• EBITDA dropped to €189 million; operating profit fell to €42 million from €269 million.

• Cash flow from operating activities was €67 million, down 80.5% year-over-year.

• Net financial debt at end-August was €1.674 billion, stable year-over-year and down 14.5%.

• Equity ratio was 45.1%, compared to 47.2% a year earlier.

Outlook and guidance

• FY 2025/26 revenue expected between €8.3–8.7 billion; EBITDA €470–570 million; operating profit €100–200 million.

• Sugar segment guidance revised downward to an operating loss of €150–250 million.

• CropEnergies and Food segments expected to improve in H2; Special Products and Starch guidance unchanged.

• Fruit segment is forecast to see a moderate revenue increase and slightly higher operating result.

• Net financial debt and capital employed projected to remain stable; CapEx to stay below prior year.