Suedzucker Ag · XETR:SZU
Suedzucker — Q2 2026 Earnings Presentation
37 slides from Suedzucker's earnings presentation, Oct 9, 2025
Slide 1: Half-Year Financial Report 1st Half Year 2025/26
Half-Year Financial Report 1st Half Year 2025/26 Dr. Stephan Meeder (CFO) Andreas Rothe (Head of Investor Relations) October 09, 2025
Slide 2: Disclaimer
Disclaimer This presentation contains forward looking statements. The statements are based on current assumptions and estimates made by the executive board and information currently available to its members. The forward looking statements are not to be viewed as guarantees of the future developments
Slide 3: Dr. Stephan Meeder and Andreas Rothe
Dr. Stephan Meeder CFO Südzucker AG Andreas Rothe Head of Investor Relations Südzucker AG 3 Südzucker Audio Webcast Q2 2025/26, 09 October 2025 FINANCIAL TRANSPARENCY
Slide 4: Agenda
1 H1 2025/26 at a glance Agenda 4 Südzucker Audio Webcast Q2 2025/26, 09 October 2025 FINANCIAL TRANSPARENCY
Slide 5: Group overview H1 2025/26
Group overview H1 2025/26 Revenues EBITDA Operating Result 4,199 189 42 [5,092] mn € [420] mn € [269] mn € Cashflow Working Capital Net Financial Debt Equity Ratio 67 2.256 1.674 45.1 [343] mn € [2,957] mn € [1,959] mn € [47.2] % 5 Südzucker Audio Webcast Q2 2025/26, 09 October 2025 FINANCIAL TRANSP
Slide 6: Consolidated revenue and earnings: H1 2025/26
Consolidated revenue and earnings: H1 2025/26 Consolidated group revenues (mn €) • Significant decline in group revenues, EBITDA and operating result • Particularly affected segments are Sugar, Special Products, CropEnergies, Starch, but 5.078 5.092 increase in the Fruit segment 4.624 4.199 3.596 •
Slide 7: Consolidated figures for the 1st half of 2025/26
Consolidated figures for the 1st half of 2025/26 Q2 H1 (mn. €) 2025/26 2024/25 +/- in % (*) 2025/26 2024/25 + / – in % Revenues 2.046 2.541 -19,5 4.199 5.092 -17,5 EBITDA 93 190 -51,1 189 420 -55,0 Depreciation -73 -76 -3,9 -147 -151 -2,6 Operating result 20 114 -82,5 42 269 -84,4 Result from restru
Slide 8: Agenda: Development of segments
2 Development of segments Agenda 8 Südzucker Audio Webcast Q2 2025/26, 09 October 2025 FINANCIAL TRANSPARENCY
Slide 9: Overview of segments
Overview of segments Q2 H1 (*) (mn. €) 2025/26 2024/25 +/- in % 2025/26 2024/25 +/- in % Revenues 2.046 2.541 -19,5 4.199 5.092 -17,5 Group EBITDA 93 190 -51,1 189 420 -55,0 Operating result 20 114 -82,5 42 269 -84,4 Revenues 685 1.058 -35,3 1.389 2.134 -34,9 Sugar EBITDA -12 38 -35,3 -46 117 – Oper
Slide 10: Global Sugar Balance
Global Sugar Balance 2022/23: Market with surplus (+0.7 mn t) • Low stock levels remain Global sugar balance per sugar marketing year (SMY) (mn t) Production Consumption Ending Stock 2023/24: Market with surplus (+2.2 mn t) • Further production increase – particularly in 200 Brazil, China and Europe
Slide 11: EU sugar balance and campaigns
EU sugar balance and campaigns EU 27 sugar balance per sugar marketing year (SMY) 2022/23 • Sugar balance significantly in deficit, despite increase in Ukraine imports (high import demand → high import duties) (mn t) Production Import Consumption Export Ending Stock 2023/24 20,0 • Cultivation expans
Slide 12: Sugar segment – development H1 2025/26
Sugar segment – development H1 2025/26 Q2 H1 (mn. €) 2025/26 2024/25 +/- in % 2025/26 2024/25 +/- in % Revenues 685 1.058 -35,3 1.389 2.134 -34,9 EBITDA -12 38 – -46 117 – EBITDA margin -1,8% 3,6% -3,3% 5,5% Depreciation -21 -25 -16,0 -43 -45 -4,4 Operating result -33 13 – -89 72 – Operating margin
Slide 13: Special Products segment – Development H1 2025/26
Special Products segment – Development H1 2025/26 Q2 H1 (mn. €) 2025/26 2024/25 +/- in % 2025/26 2024/25 +/- in % Revenues 522 566 -7,8 1.076 1.145 -6,0 EBITDA 49 71 -31,0 115 150 -23,3 EBITDA margin 9,4% 12,5% 10,7% 13,1% Depreciation -22 -20 10,0 -44 -42 4,8 Operating result 27 51 -47,1 71 108 -34
Slide 14: CropEnergies segment – Entwicklung H1 2025/26
CropEnergies segment – Entwicklung H1 2025/26 Q2 H1 (mn. €) 2025/26 2024/25 +/- in % 2025/26 2024/25 +/- in % Revenues 196 253 -22,5 402 484 -16,9 EBITDA 0 22 -100,0 4 40 -90,0 EBITDA margin 0,0% 8,7% 1,0% 8,3% Depreciation -8 -11 -27,3 -17 -23 –26,1 Operating result -8 11 – -13 17 – Operating margi
Slide 15: Starch segment – development H1 2025/26
Starch segment – development H1 2025/26 Q2 H1 (mn. €) 2025/26 2024/25 +/- in % 2025/26 2024/25 +/- in % Revenues 229 255 -10,2 474 505 -6,1 EBITDA 14 25 -44,0 29 43 -32,6 EBITDA margin 6,1% 9,8% 6,1% 8,5% Depreciation -12 -11 9,1 -24 -23 4,3 Operating result 2 14 -85,7 5 20 -75,0 Operating margin 0,
Slide 16: Fruit segment – development H1 2025/26
Fruit segment – development H1 2025/26 Q2 H1 (mn. €) 2025/26 2024/25 +/- in % 2025/26 2024/25 +/- in % Revenues 414 409 1,2 858 824 4,1 EBITDA 42 34 23,5 87 70 24,3 EBITDA margin 10,1% 8,3% 10,1% 8,5% Depreciation -10 -9 11,1 -19 -18 5,6 Operating result 32 25 28,0 68 52 30,8 Operating margin 7,7% 6
Slide 17: Agenda: Income statement
3 Income statement Agenda 17 Südzucker Audio Webcast Q2 2025/26, 09 October 2025 FINANCIAL TRANSPARENCY
Slide 18: Income statement (I)
Income statement (I) Q2 H1 (mn €) 2025/26 2024/25 +/- in % 2025/26 2024/25 +/- in % Revenues 2.046 2.541 -19,5 4.199 5.092 -17,5 Operating result 20 114 -82,5 42 269 -84,4 Result from restructuring/special items -10 15 – -33 13 – Result from companies consolidated at equity -2 2 – -8 4 – Result from
Slide 19: Income statement (II)
Income statement (II) Q2 H1 (mn. €) 2025/26 2024/25 +/- in % 2025/26 2024/25 +/- in % Earnings before tax -30 103 – -69 235 – Taxes on income 5 -36 – 9 -74 – Net earnings -25 67 – -60 161 – of which attributable to other non-controlling 7 8 -12,5 2 19 -89,5 Earnings of the shareholders of Südzucker
Slide 20: Agenda: Cashflow
4 Cashflow Agenda 20 Südzucker Audio Webcast Q2 2025/26, 09 October 2025 FINANCIAL TRANSPARENCY
Slide 21: Cashflow
Cashflow Q2 H1 (mn €) 2025/26 2024/25 +/- in % 2025/26 2024/25 + / – in % Cash flow 31 165 -81,2 67 343 -80,5 Increase (-) / Decrease (+) in working capital 241 -145 – 197 -31 – Investments in fixed assets and intangible assets Sugar segment 55 86 -36,0 111 143 -22,4 Special products segment 19 30 -
Slide 22: Agenda: Balance sheet
Agenda 5 Balance sheet 22 Südzucker Audio Webcast Q2 2025/26, 09 October 2025 FINANCIAL TRANSPARENCY
Slide 23: Balance sheet
Balance sheet (mn. €) 31. August 2025 28. February 2025 r Aug. 25 31. August 2024 r Aug. 25 vs. Feb. 25 vs. Aug. 24 Assets Non-current assets 4.489 4.469 20 4.517 -28 Current assets 4.009 5.027 -1.018 4.419 -410 Total assets 8.498 9.496 -998 8.936 -438 Liabilities and equity Total equity 3.836 4.026
Slide 24: Agenda: Outlook FY 2025/26
Agenda 6 Outlook FY 2025/26 24 Südzucker Audio Webcast Q2 2025/26, 09 October 2025 FINANCIAL TRANSPARENCY
Slide 25: Outlook for 2025/26 (I) – Group key figures
Outlook for 2025/26 (I) – Group key figures Revenues Operating Result 2024/25 2025/26e 2024/25 2025/26e Sugar 3.9 bn € -13 mn € -150 mn € to -250 mn € Special Products 2.3 bn € ➔ 203 mn € CropEnergies 1.0 bn € 22 mn € ➔ Starch 1.0 bn € ➔ 36 mn € Fruit 1.6 bn € 102 mn € Group 9.7
Slide 26: Outlook for 2025/26 (II) – Group key figures
Outlook for 2025/26 (II) – Group key figures 2024/25 2025/26e EBITDA 723 mn € 470-570 mn € Depreciation 373 mn € ~Previous year Investments Fixed Assets 574 mn € < previous year Capital Employed 6,701 mn € ~Previous year ROCE 5.2 % Net Financial Debt 1,639 mn € ~Previous year Equity Ratio 42.4 %
Slide 27: Q&A
Q&A 27 Südzucker Audio Webcast Q2 2025/26, 09 October 2025 FINANCIAL TRANSPARENCY
Slide 28: Appendix
Appendix 28 Südzucker Audio Webcast Q2 2025/26, 09 October 2025 FINANCIAL TRANSPARENCY
Slide 29: Sugar segment – Development H1 2025/26
Sugar segment – Development H1 2025/26 At a glance Revenues 2024/25 Outlook 2025/26e Op. Result 2024/25 Outlook 2025/26e 3,876 mn € -13 mn € -150 bis -250 mn € Q1 Q2 H1 (mn €) 2025/26 2024/25 + / – in % 2025/26 2024/25 +/- in % 2025/26 2024/25 + / – in % Gross revenues 757 1.141 -33,7 734 1.124
Slide 30: Special Products segment – Development H1 2025/26
Special Products segment – Development H1 2025/26 At a glance Revenues 2024/25 Outlook 2025/26e Op. Result 2024/25 Outlook 2025/26e 2,275 mn € ➔ 203 mn € Q1 Q2 H1 (mn €) 2025/26 2024/25 + / – in % 2025/26 2024/25 +/- in % 2025/26 2024/25 + / – in % Gross revenues 558 584 -4,5 526 570 -7,7 1.084
Slide 31: Segment CropEnergies – Development H1 2025/26
Segment CropEnergies – Development H1 2025/26 At a glance Revenues 2024/25 Outlook 2025/26e Op. Result 2024/25 Outlook 2025/26e 959 mn € 22 mn € ➔ Q1 Q2 H1 (mn €) 2025/26 2024/25 + / – in % 2025/26 2024/25 +/- in % 2025/26 2024/25 + / – in % Gross revenues 229 251 -8,8 211 279 -24,4 440 530 -17,
Slide 32: Starch segment – Development H1 2025/26
Starch segment – Development H1 2025/26 At a glance Revenues 2024/25 Outlook 2025/26e Op. Result 2024/25 Outlook 2025/26e 955 mn € ➔ 36 mn € Q1 Q2 H1 (mn €) 2025/26 2024/25 + / – in % 2025/26 2024/25 +/- in % 2025/26 2024/25 + / – in % Gross revenues 261 269 -3,0 252 271 -7,0 513 540 -5,0 Consol
Slide 33: Fruit segment – Development H1 2025/26
Fruit segment – Development H1 2025/26 At a glance Revenues 2024/25 Outlook 2025/26e Op. Result 2024/25 Outlook 2025/26e 1,629 mn € 102 mn € Q1 Q2 H1 (mn €) 2025/26 2024/25 + / – in % 2025/26 2024/25 +/- in % 2025/26 2024/25 + / – in % Gross revenues 445 415 7,2 415 410 1,2 860 825 4,2 Consolid
Slide 34: Liquidity profile end of period
Liquidity profile end of period (mn €) Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 Q2 2025/26 Net financial debt -1.959 -1.713 -1.654 -1.755 -1.674 Cash & Cash equivalents / securities 381 363 744 1.016 668 Gross financial debt -2.340 -2.076 -2.398 -2.771 -2.342 Long-term financial debt -1.631 -1.05
Slide 35: Successful modernization of our financial instruments
Successful modernization of our financial instruments As of 1 July 2025 Financial toolbox successfully (in mn €) modernized 500 Already refinanced ▪ 400 mn € factoring agreement in Jan. 2025 400 500 ▪ 800 mn € syndicated credit line 81 40 166 ▪ 500 mn € bond; term 7 years 92 83 34 50 (2025/2032); co
Slide 36: Maturity profile of major financial liabilities at a glance
Maturity profile of major financial liabilities at a glance As of 1 July 2025 2027/2030 Syndicated loans 1,165 mn € 2025/2026 Bullet loans, 121 mn € 2025/26/27/28/29 Promissory notes, 424 mn € NOV 2025 1.00 % - Bond 2017/2025, 500 mn € OCT 2027 5.125% - Bond 2022/2027, 400 mn € JAN 2032 4.125 % - Bo
Slide 37: Investor Relations
Investor Relations CALENDAR 13. January 2026 Q3 – Quarterly statement fiscal 2025/26 27. April 2026 Preliminary figures fiscal 2025/26 21. May 2026 Annual press and analyst conference fiscal 2025/26 CONTACT July 9th, 2026 Q1 – Quarterly statement fiscal 2026/27 Andreas Rothe Head of Investor Relatio