Synthomer (SYNT) Trading update summary

2025 performance and 2026 trading update

• 2025 revenue expected at approximately £1.74bn with EBITDA between £135-138m, reaffirming previous guidance.

• Positive free cash flow and improved EBITDA margin achieved through cost reduction and operational execution.

• Net debt to EBITDA ratio at 4.7-4.8x, comfortably within covenant requirements; liquidity stands at £385m.

• Early 2026 trading aligns with expectations, with momentum building and increased sales volumes in several product areas.

• Pricing adjustments are offsetting higher raw material and energy costs following geopolitical events in Iran.

Refinancing and divestment programme

• Constructive progress in discussions to amend covenants and extend debt maturities due in H2 2027.

• Divestment programme is advancing in parallel with refinancing efforts.

• No current intention to issue new equity; focus remains on debt refinancing and asset sales.

• Largest shareholder, KLK, continues to support the strategy and operational delivery.

• 2025 results will be published in late April 2026, following completion of refinancing discussions.

Operational resilience and strategic focus

• Joint venture operations and supply chains in the Middle East remain robust despite regional conflict.

• Ongoing self-help actions are expected to drive further year-on-year progress in 2026.