1 March to 31 August 2025
Consolidated group revenues
€ 4,199
[5,092] million
EBITDA
€ 189
[420] million
Consolidated group operating result
€ 42
[269] million
Full-year fiscal 2025/26 forecast
Consolidated group revenues
between € 8.3 and 8.7
[2024/25: 9.7] billion
EBITDA
between € 470 and 570
[2024/25: 723] million
Consolidated group operating result
between € 100 and 200
[2024/25: 350] million
OVERVIEW
First half year 2025/26
Revenues by segment
1st half year
Interim management report Economic report | 4 4 | € million | 2025/26 | 2024/25 | + / - in % |
Group results of operations | 4 | Sugar | 1,389 | 2,134 | - 34.9 |
Group financial position | 6 | Special products | 1,076 | 1,145 | - 6.0 |
Group assets | 7 | CropEnergies | 402 | 484 | - 16.9 |
Employees | 9 | Starch | 474 | 505 | - 6.1 |
Sugar segment | 10 | Fruit | 858 | 824 | 4.1 |
Group total 4,199 5,092 - 17.5
TABLE 01
Outlook Risks and opportunities | 18 19 | EBITDA by segment | |||
Corporate governance | 19 | 1st half year | |||
Interim consolidated financial statements | 20 | € million Sugar | 2025/26 - 46 | 2024/25 117 | + / - in % - |
Notes to the interim consolidated | Special products | 115 | 150 | - 23.3 | |
financial statements | 28 | CropEnergies | 4 | 40 | - 90.0 |
Starch | 29 | 43 | - 32.6 | ||
Responsibility statement | 38 | Fruit | 87 | 70 | 24.3 |
Group total 189 420 - 55.0
TABLE 02
Operating result by segment
1st half year | |||
€ million | 2025/26 | 2024/25 | + / - in % |
Sugar | - 89 | 72 | - |
Special products | 71 | 108 | - 34.3 |
CropEnergies | - 13 | 17 | - |
Starch | 5 | 20 | - 75.0 |
Fruit | 68 | 52 | 30.8 |
Group total | 42 | 269 | - 84.4 |
TABLE 03 | |||
Fiscal year 2025/26 forecast
On 21 August 2025, Südzucker adjusted its forecast for fiscal year 2025/26 as follows:
Consolidated group revenues now between € 8.3 and 8.7 (previous forecast: 8.7 to 9.2; 2024/25: 9.7) billion
EBITDA now between € 470 and 570 (previous forecast:
525 to 675; 2024/25: 723) million
Consolidated group operating result now between € 100 and 200 (previous forecast: 150 to 300; 2024/25:
350) million
Capital employed at previous year's level; significant decline in ROCE (2024/25: 5.2 %)
CONTENTS
Overview
First half year 2025/26 Fiscal year 2025/26 forecast
Group figures as of 31 August 2025
3
Special products segment
CropEnergies segment Starch segment
Fruit segment
13
14
16
17
FINANCIAL CALENDAR
Q3 - Quarterly statement
1st to 3rd quarter 2025/26 13 January 2026
Preliminary figures
Fiscal 2025/26 27 April 2026
Press and analysts´ conference
Fiscal 2025/26 21 May 2026
Q 1 - Quarterly statement
1st quarter 2026/27 9 July 2026
Annual general meeting
Fiscal 2025/26 16 July 2026
Q 2 - Half-year financial report
1st half year 2026/27 8 October 2026
Q3 - Quarterly statement
1st to 3rd quarter 2026/27 14 January 2027
OVERVIEW 3
Group figures as of 31 August 2025 | |||
1st half year | |||
2025/26 | 2024/25 | + / - in % | |
Revenues and earnings | |||
Revenues € million | 4,199 | 5,092 | - 17.5 |
EBITDA € million | 189 | 420 | - 55.0 |
EBITDA margin % | 4.5 | 8.2 | |
Operating result € million | 42 | 269 | - 84.4 |
Operating margin % | 1.0 | 5.3 | |
Earnings after tax € million | - 60 | 161 | - |
Cash flow and investments | |||
Cash flow € million | 67 | 343 | - 80.5 |
Investments in fixed assets and intangible assets € million | 219 | 268 | - 18.3 |
Investments in financial assets and acquisitions € million | 3 | 7 | - 57.1 |
Total investments € million | 222 | 275 | - 19.3 |
Performance | |||
Fixed assets and intangible assets € million | 3,596 | 3,590 | 0.2 |
Goodwill € million | 558 | 675 | - 17.3 |
Working capital € million | 2,256 | 2,957 | - 23.7 |
Capital employed € million | 6,455 | 7,268 | - 11.2 |
Capital structure | |||
Total assets € million | 8,498 | 8,936 | - 4.9 |
Shareholders' equity € million | 3,836 | 4,219 | - 9.1 |
Net financial debt € million | 1,674 | 1,959 | - 14.5 |
Equity ratio % | 45.1 | 47.2 | |
Shares | |||
Market capitalization 31 August € million | 2,045 | 2,486 | - 17.7 |
Closing price 31 August € | 10.02 | 12.18 | - 17.7 |
Earnings per share 31 August € | - 0.38 | 0.61 | - |
Cash flow per share 31 August € | 0.33 | 1.68 | - 80.5 |
Average trading volume / day thousands of shares | 360 | 389 | - 7.5 |
Performance Südzucker share 1 March to 31 August % | - 7.6 | - 13.5 | |
Performance SDAX®1 March to 31 August % | 13.4 | - 7.0 | |
Employees (FTE) | 19,116 | 19,475 | - 1.8 |
TABLE 04 | |||
Group results of operations
Revenues, EBITDA and operating result
Group consolidated revenues fell significantly to € 4,199 (5,092) million. Revenues declined in the sugar, special products, CropEnergies and starch segments, but increased in the fruit segment.
Group EBITDA decreased significantly to € 189 (420) million.
The consolidated group operating result declined in the first half of 2025/26 significantly to € 42 (269) million. The substantial deterioration in the sugar, special products, CropEnergies and starch segments was offset by a significant growth in the fruit segment.
Result from operations
The result from operations of € 1 (286) million comprises the operating result of € 42 (269) million, the result from restructuring and special items of € - 33 (13) million and the earnings contribution for companies consolidated at equity of € - 8
(4) million.
Result from restructuring and special items
The result from restructuring and special items amounted to
€ - 33 (13) million and, in addition to the special products segment, was largely due to the sugar segment.
Result from companies consolidated at equity
The result from companies consolidated at equity was mainly attributable to the starch segment alongside the sugar segment and amounted to € - 8 (4) million.
Financial result
The financial result of € - 70 (- 51) million consists of a net interest result of € - 53 (- 49) million and other financial result of € - 17 (- 2) million. The higher interest expense was due to an increase in average interest rates to around 3.7 (3.4) % on average net financial debt of around € 1.9 (2.0) billion as well as higher other interest, which was primarily attributable to pension obligations and the factoring program. The decline in the other financial result compared to the corresponding period of the previous year resulted in particular from exchange rate losses from foreign currency loans of non-euro companies and the complete write-down of an investment in the CropEnergies segment. The intention is to sell this stake during fiscal year 2025/26.
Business performance - Group | |||||||
2nd quarter | 1st half year | ||||||
2025/26 | 2024/25 | + / - in % | 2025/26 | 2024/25 | + / - in % | ||
Revenues | € million | 2,046 | 2,541 | - 19.5 | 4,199 | 5,092 | - 17.5 |
EBITDA | € million | 93 | 190 | - 51.1 | 189 | 420 | - 55.0 |
EBITDA margin | % | 4.5 | 7.5 | 4.5 | 8.2 | ||
Depreciation | € million | - 73 | - 76 | - 3.9 | - 147 | - 151 | - 2.6 |
Operating result | € million | 20 | 114 | - 82.5 | 42 | 269 | - 84.4 |
Operating margin | % | 1.0 | 4.5 | 1.0 | 5.3 | ||
Result from restructuring and special items | € million | - 10 | 15 | - | - 33 | 13 | - |
Result from companies consolidated at equity | € million | - 2 | 2 | - | - 8 | 4 | - |
Result from operations | € million | 8 | 131 | - 93.9 | 1 | 286 | - 99.7 |
Investments in fixed assets and intangible assets | € million | 104 | 155 | - 32.9 | 219 | 268 | - 18.3 |
Investments in financial assets and acquisitions | € million | 3 | 0 | - | 3 | 7 | - 57.1 |
Total investments | € million | 107 | 155 | - 31.0 | 222 | 275 | - 19.3 |
Shares in companies consolidated at equity | € million | 84 | 88 | - 4.5 | |||
Working capital | € million | 2,256 | 2,957 | - 23.7 | |||
Capital employed | € million | 6,455 | 7,268 | - 11.2 | |||
Employees (FTE) | 19,116 | 19,475 | - 1.8 | ||||
TABLE 05 | |||||||
Taxes on income
Earnings before taxes of € - 69 (235) million resulted in taxes on income of € 9 (- 74) million.
Earnings after tax
Of earnings after tax totaling € - 60 (161) million, € - 62
(142) million was attributable to Südzucker AG shareholders and € 2 (19) million to other non-controlling interests, which mainly relate to the co-owners of the AGRANA Group.
Earnings per share
Earnings per share amounted to € - 0.38 (0.61). The calculation is based on the time-weighted average of 204.1 (204.1) million shares outstanding. Südzucker AG shareholders' share of net earnings after tax is adjusted for the entitlements of hybrid capital investors in order to calculate earnings per share. These claims amounted to € 15 (17) million for the reporting period.
Income statement | ||||||
2nd quarter | 1st half year | |||||
€ million | 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 and special items | - 10 | 15 | - | - 33 | 13 | - |
Result from companies consolidated at equity | - 2 | 2 | - | - 8 | 4 | - |
Result from operations | 8 | 131 | - 93.9 | 1 | 286 | - 99.7 |
Financial result | - 38 | - 28 | 35.7 | - 70 | - 51 | 37.3 |
Earnings before tax | - 30 | 103 | - | - 69 | 235 | - |
Taxes on income | 5 | - 36 | - | 9 | - 74 | - |
Earnings after tax | - 25 | 67 | - | - 60 | 161 | - |
of which attributable to Südzucker AG shareholders | - 32 | 59 | - | - 62 | 142 | - |
of which attributable to other non-controlling interests | 7 | 8 | - 12.5 | 2 | 19 | - 89.5 |
Earnings per share (€) | - 0.20 | 0.25 | - | - 0.38 | 0.61 | - |
TABLE 06 | ||||||
Group financial position
Cash flow
Cash flow reached € 67 million after € 343 million in the corresponding prior-year period, in line with the decline in operating result.
Working capital
Cash inflow from the decrease in working capital of € 197 million was recorded in the reporting period - following a cash outflow of € 31 million from the increase in working capital in the same period of the previous year. This was due in particular to the sale of sugar inventories and the offsetting beet payments. In addition, the factoring program launched in fiscal 2024/25 led to a reduction in working capital.
Investments in fixed assets and intangible assets Südzucker Group's investments in fixed assets and intangible assets totaled € 219 (268) million.
Investments in financial assets and acquisitions
Investments in financial assets totaled € 3 (7) million.
Other cash flows from investing activities
Other cash flows from investing activities of € 17 million in the reporting period were mainly attributable to payments for short-term financial assets, which were offset by proceeds from the sale of 49 % of the shares in S.C. A.G.F.D. Tandarei s.r.l., Tăndărei, Romania. Cash inflows of € 74 million in the same period of the previous year related to the repayment of short-term financial assets and, in the second quarter of 2024/25, to the inflow from the sale of the dressing and sauce business of Richelieu Foods Inc., Braintree, USA, in the special products segment. Richelieu is a company belonging to the Freiberger division.
Increases in stakes held in subsidiaries / capital buyback (-)
The increase in stakes held in subsidiaries / capital buyback (-) of €- 670 (- 2) million in the reporting period related to the repayment of the hybrid bond issued by Südzucker in summer 2005 as part of the buyback offer as a component of equity. Full repayment was made as part of the termination notice and was completed on 30 June 2025.
Cash flow | ||||||
2nd quarter | 1st half year | |||||
€ million | 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 | - |
Gain (-) / Loss (+) on disposal of items included in non-current assets and of securities | - 8 | - 18 | - 55.6 | - 9 | - 21 | - 57.1 |
I. Cash flow from operating activities | 264 | 2 | > 100 | 255 | 291 | - 12.4 |
Investments in fixed assets and intangible assets (-) | - 104 | - 155 | - 32.9 | - 219 | - 268 | - 18.3 |
Investments in financial assets and acquisitions (-) | - 3 | 0 | - | - 3 | - 7 | - 57.1 |
Total investments | - 107 | - 155 | - 31.0 | - 222 | - 275 | - 19.3 |
Other cash flows from investing activitites | 28 | 65 | - 56.9 | - 17 | 74 | - |
II. Cash flow from investing activities | - 79 | - 90 | - 12.2 | - 239 | - 201 | 18.9 |
Repayment (-) / refund (+) of financial liabilities | - 44 | 286 | - | - 56 | 112 | - |
Increases in stakes held in subsidiaries / capital buyback (-) | - 393 | 0 | - | - 670 | - 2 | > 100 |
Decrease in stakes held in subsidiaries / capital increase (+) 0 | - 1 | 0 | - | 692 | 0 | - |
Dividends paid (-) | - 83 | - 230 | - 63.9 | - 95 | - 242 | - 60.7 |
III. Cash flow from financing activities | - 521 | 56 | - | - 129 | - 132 | - 2.3 |
Change in cash and cash equivalents (total of I., II. and III.) | - 336 | - 32 | > 100 | - 113 | - 42 | > 100 |
Other change in cash and cash equivalents | - 7 | - 3 | > 100 | - 8 | - 2 | > 100 |
Decrease (-) / Increase (+) in cash and cash equivalents | - 343 | - 35 | > 100 | - 121 | - 44 | > 100 |
Cash and cash equivalents at the beginning of the period | 848 | 296 | > 100 | 626 | 305 | > 100 |
Cash and cash equivalents at the end of the period | 505 | 261 | 93.5 | 505 | 261 | 93.5 |
TABLE 07 |
Decrease in stakes held in subsidiaries / capital increase (+)
The decrease in stakes held in subsidiaries / capital increase (+) of € 692 (0) million was attributable to the full payment -after deduction of costs - of the hybrid bond issued in May 2025 with a nominal volume of € 700 million. Südzucker AG issued a new hybrid bond worth € 700 million through its wholly owned Dutch subsidiary Südzucker International Finance B.V. It has no maturity date, includes an initial regular call option for Südzucker after 5.25 years and a coupon of
5.95 % p. a. until the first reset date. The proceeds will be used for general corporate purposes, including the refinancing of the subordinated hybrid bond of € 700 million issued in summer 2005, which also has a variable interest rate.
Dividend distributions
Shareholders approved a dividend of 0.20 (0.90) €/share or
€ 41 (184) million at the annual general meeting of Südzucker AG on 17 July 2025. Together with the dividend to shareholders of AGRANA Beteiligungs-AG and CropEnergies AG, dividends paid totaled € 95 (242) million.
Development of net financial debt
The cash inflow from operating activities of € 255 million in the first half of 2025/26 includes, in particular, the cash flow of € 67 million and a decrease in working capital with a cash inflow of € 197 million. Investments totaled € 222 million and dividends paid amounted to € 95 million. The total cash outflow led to an increase in net financial debt of € 20 million from € 1.654 million on 28 February 2025 to € 1.674 million
on 31 August 2025.
Group assets
Non-current assets
Non-current assets dropped by € 28 million to € 4,489 (4,517) million. The decrease in intangible assets to € 731 (869) million was mainly due to the non-scheduled depreciation of the sugar CGU's goodwill at the end of fiscal year 2024/25. The increase in the carrying amount of fixed assets to € 3,424 (3,397) million was primarily caused by expansion investments. This increase was offset by the complete write-down of the British ethanol plant Ensus UK Limited from the end of fiscal year 2024/25. The rise in other assets to € 334
(251) million was primarily due to the increased other assets included therein, which reflect a positive market value from the valuation of the climate protection agreement concluded with the Federal Ministry for Economic Affairs and Climate Action in fiscal 2024/25.
Current assets
Current assets dropped by € 410 million to € 4,009 (4,419) million.
Inventories recorded a decline of € 218 million to € 2,016 (2,234) million, which - in addition to lower sugar inventories - resulted primarily from significantly reduced sugar production costs for the 2024 campaign. The significant decrease in trade receivables by € 518 million to € 935 (1,453) million was mainly caused by the factoring program launched during fiscal 2024/25, in addition to declining revenues.
Other assets rose by € 326 million to € 1,058 (732) million - in addition to an increase in investments in securities - in particular as a result of the increase in cash and cash equivalents. The rise in cash and cash equivalents is primarily related to the cash inflow from the issuance of the 2025/32 bond in January 2025 with a nominal volume of € 500 million and a coupon of 4.125 % p. a.
Equity
Equity fell to € 3,836 (4,219) million in the reporting period with Südzucker AG shareholders' equity decreasing to € 2,437 (2,807) million. Other non-controlling interests decreased to
€ 704 (758) million.
In the reporting period, hybrid equity in the amount of € 695 (654) million exclusively comprises the issue proceeds from the hybrid bond issued in May 2025 less the costs incurred and related taxes. The previous year's disclosure related to the hybrid bond issued in summer 2005, which was refinanced by the new hybrid bond and fully repaid by 30 June 2025.
With total assets down by € 438 million to € 8,498 (8,936) million, equity ratio reached 45.1 (47.2) %.
Non-current liabilities
Non-current liabilities dropped by € 346 million to € 2,504 (2,850) million. Provisions for pensions and similar obligations decreased to € 717 (785) million; the valuation was carried out on 31 August 2025 at a market interest rate of 4.25 (3.70) %, which was higher compared to the previous year's reporting date.
Non-current financial liabilities were down € 289 million to
€ 1,405 (1,694) million overall as a result of the reclassification of promissory note loans to current financial liabilities due to their maturity and the repayment of bank loans. The reclassification of the 2017/2025 bond maturing on 28 November 2025 with a nominal volume of € 500 million to current financial liabilities was offset by the 2025/2032 bond issued in January 2025 with a nominal volume of € 500 million.
Other liabilities, which mainly comprise other provisions, deferred tax liabilities and other liabilities, were slightly above the previous year's level at € 382 (371) million. The decrease in deferred tax liabilities was largely balanced out by the increase in other liabilities. Since the end of the 2024/25 financial year, these have included the deferred item for the positive market value from the valuation of the climate protection agreement concluded in fiscal 2024/25, which is reported under non-current other assets.
Current liabilities
Current liabilities climbed by € 291 million to € 2,158 (1,867) million.
Balance sheet | |||
€ million | 31 August 2025 | 31 August 2024 | + / - in % |
Assets | |||
Intangible assets | 731 | 869 | - 15.9 |
Fixed assets | 3,424 | 3,397 | 0.8 |
Remaining assets | 334 | 251 | 33.1 |
Non-current assets | 4,489 | 4,517 | - 0.6 |
Inventories | 2,016 | 2,234 | - 9.8 |
Trade receivables | 935 | 1,453 | - 35.7 |
Remaining assets | 1,058 | 732 | 44.5 |
Current assets | 4,009 | 4,419 | - 9.3 |
Total assets | 8,498 | 8,936 | - 4.9 |
Liabilities and shareholders´ equity | |||
Equity attributable to shareholders of Südzucker AG | 2,437 | 2,807 | - 13.2 |
Hybrid equity | 695 | 654 | 6.3 |
Other non-controlling interests | 704 | 758 | - 7.1 |
Total equity | 3,836 | 4,219 | - 9.1 |
Provisions for pensions and similar obligations | 717 | 785 | - 8.7 |
Financial liabilities | 1,405 | 1,694 | - 17.1 |
Remaining liabilities | 382 | 371 | 3.0 |
Non-current liabilities | 2,504 | 2,850 | - 12.1 |
Financial liabilities | 938 | 645 | 45.4 |
Trade payables | 652 | 639 | 2.0 |
Remaining liabilities | 568 | 583 | - 2.6 |
Current liabilities | 2,158 | 1,867 | 15.6 |
Total liabilities and equity | 8,498 | 8,936 | - 4.9 |
Net financial debt | 1,674 | 1,959 | - 14.5 |
Equity ratio in % | 45.1 | 47.2 | |
TABLE 08 | |||
Current financial liabilities rose by € 293 million to € 938 (645) million. The increase results mainly from the reclassification of the promissory note loans and the 2017/2025 bond with a nominal volume of € 500 million from non-current financial liabilities; this bond is due for repayment on
Employees
The number of employees in the group (full-time equivalent) at the end of the reporting period was slightly above the previous year at 19,116 (19,475).
28 November 2025. The previous year's disclosure also
included commercial paper issued in the amount of
€ 220 million.
Trade payables increased slightly to € 652 (639) million; the liabilities to beet growers included in this figure totaled € 12
(18) million.
Other debt, comprising other provisions, tax liabilities, other liabilities and negative market values of derivatives, dropped by € 15 million to € 568 (583) million. The reduction was partly due to the decrease in tax liabilities and the personnel liabilities included in other liabilities.
Net financial debt
Net financial debt fell by € 285 million to € 1,674 (1,959) million compared to the previous year's reporting date.
Employees by segment at balance sheet date
31 August | 2025 | 2024 | + / - in % |
Sugar | 6,222 | 6,620 | - 6.0 |
Special products | 5,398 | 5,363 | 0.7 |
CropEnergies | 537 | 532 | 0.9 |
Starch | 998 | 1,210 | - 17.5 |
Fruit | 5,961 | 5,750 | 3.7 |
Group total | 19,116 | 19,475 | - 1.8 |
TABLE 09 |
SUGAR SEGMENT
Markets
World sugar market
For the 2024/25 sugar marketing year (1 October 2024 to 30 September 2025), the market research company S&P Global Commodity Insights (S&P Global) expects in its September 2025 world sugar balance estimate a deficit of
4.6 million tonnes of sugar due to declining production, particularly in India and Brazil, and increasing consumption.
S&P Global anticipates a surplus of 2.2 million tonnes of sugar for the 2025/26 sugar marketing year, which started on 1 October 2025, as a result of rising production mainly in India and ongoing consumption growth. Based on a further increase in production, particularly in Brazil, S&P Global is again projecting a surplus of 2.3 million tonnes for the 2026/27 sugar marketing year.
Commission projects higher consumption than in the previous year, export volumes continue to surpass imports.
The EU Commission expects a significant decline in cultivation area for the 2025/26 sugar marketing year, which has been running since 1 October 2025. Thus, the EU Commission expects production (including isoglucose) to decline to 15.9 (17.0) million tonnes. Import and export volumes are almost balanced.
The price for sugar (food and non-food, ex factory) published by the EU Commission fell significantly to 619 €/t at the start of the 2024/25 sugar marketing year in October 2024. Since then, it has continued to fall, reaching 550 €/t at the start of the 2025/26 fiscal year in March 2025. In July 2025 (latest available publication), it stood at 534 €/t. There are significant regional price differences between the deficit and surplus
regions within the EU.
World market sugar prices
1 September 2022 to 31 August 2025, London, nearest forward trading month, white value
Legal and political environment
800
750
700 650
600
550 500
450
400
350
USD/t
€/t
2022 2023 2024 2025
D I AG R AM 01
Agreement on revision of the EU-Ukraine Association Agreement
In early June 2025, the EU reduced the quota for duty-free imports from Ukraine back to the level of the original 2014 Association Agreement - 20,070 tonnes of sugar per year. Later that month, the EU Commission and Ukraine reached an agreement on a revised version of the Association Agreement. The revised agreement proposes increasing the annual sugar tariff quota from 20,070 tonnes to 100,000 tonnes. The EU Council has not yet made its decision regarding this revised agreement. If it has already entered into force by the end of 2025, it will be applied on a pro-rata basis, covering seven-twelfths of the new quota for that year.
EU Commission presents proposals for ratifying the EU-Mercosur and EU-Mexico agreements
On 3 September 2025, the EU Commission submitted its proposals to the EU Council for the signing and conclusion of
The world market price for white sugar was about 500 €/t at the start of the 2025/26 financial year. It initially rose to around 520 €/t, but subsequently declined to about 390 €/t over the course of the fiscal year. At the end of August 2025, the world market price for white sugar was 423 €/t.
EU sugar market
For the 2024/25 sugar marketing year, the EU Commission is forecasting a moderate increase in beet cultivation area in the EU 27 and a rise in sugar production (including isoglucose) to
17.0 (16.1) million tonnes. Even though the European
the EU-Mercosur partnership agreement and a modernized EU-Mexico global agreement. This marked the end of the "legal scrubbing" phase, during which the agreements were converted into formal legal texts.
For both agreements, the EU Commission initiated the so-called "splitting" approach, under which the trade-related elements are separated from the broader agreement and may enter into force as interim trade agreements. Only the approval of the EU Council (by qualified majority) and the EU Parliament (by simple majority) is required for these interim agreements, as the EU has exclusive authority in trade matters.
Ratification of the full agreements still requires approval from all national parliaments of the member states.
If the interim trade agreements enter into force, the following new import quotas will apply for entry into the EU:
Mercosur agreement:
Brazil: For 180,000 tonnes per year under the existing CXL import quota, the duty will be reduced from 98 €/t to zero.
Duty-free import of 10,000 tonnes of raw cane sugar per
year for refining.
Mexico agreement:
Annual import of 30,000 tonnes of raw cane sugar for refining at a reduced duty of 49 €/t. This tariff quota will
be phased in over a three-year period.
Furthermore, there have been no material changes to the legal and political general conditions in the reporting period than those outlined on pages 37 and 38 of the 2024/25 annual report (consolidated management report, economic report, sugar segment).
Business performance
Revenues and operating result
The sugar segment's revenues declined significantly to
€ 1,389 (2,134) million in the first half of 2025/26. The drop is mainly attributed to a significant reduction in sugar prices. Additionally, the export volumes notably declined.
During the first half of fiscal 2025/26, the sugar segment recorded an operating loss of € - 89 (72) million, This significant deterioration in results was mainly caused by the sharp downturn in sugar prices and decreasing sales volumes. Even the considerable reduction in production costs during the 2024 campaign was not enough to compensate for the significant drop in prices.
Result from restructuring and special items
The result from restructuring and special items totaled € - 30
(0) million and mainly comprised the social plans for the closure of AGRANA's sugar production facilities in Leopolds-dorf, Austria, and Hrušovany, Czech Republic; AGRANA announced the closure of both plants in March 2025. In
Business performance - Sugar segment | |||||||
2nd quarter | 1st half year | ||||||
2025/26 | 2024/25 | + / - in % | 2025/26 | 2024/25 | + / - in % | ||
Revenues | € million | 685 | 1,058 | - 35.3 | 1,389 | 2,134 | - 34.9 |
EBITDA | € million | - 12 | 38 | - | - 46 | 117 | - |
EBITDA margin | % | - 1.8 | 3.6 | - 3.3 | 5.5 | ||
Depreciation | € million | - 21 | - 25 | - 16.0 | - 43 | - 45 | - 4.4 |
Operating result | € million | - 33 | 13 | - | - 89 | 72 | - |
Operating margin | % | - 4.8 | 1.2 | - 6.4 | 3.4 | ||
Result from restructuring and special items | € million | - 11 | - | - | - 30 | 0 | - |
Result from companies consolidated at equity | € million | - 1 | - | - | - 1 | - 1 | - |
Result from operations | € million | - 45 | 13 | - | - 120 | 71 | - |
Investments in fixed assets and intangible assets | € million | 55 | 86 | - 36.0 | 111 | 143 | - 22.4 |
Investments in financial assets and acquisitions | € million | 0 | 0 | - | 0 | 0 | - |
Total investments | € million | 55 | 86 | - 36.0 | 111 | 143 | - 22.4 |
Shares in companies consolidated at equity | € million | 27 | 27 | - | |||
Working capital | € million | 2,199 | 2,896 | - 24.1 | |||
Capital employed | € million | 2,860 | 3,379 | - 15.4 | |||
Employees (FTE) | 6,222 | 6,620 | - 6.0 | ||||
TABLE 10 | |||||||
addition, AGRANA incurred expenses related to restructuring measures. Additional expenses were incurred in the second quarter of fiscal 2025/26 due to the introduction of a voluntary severance program in the administrative segment in Germany.
Result from companies consolidated at equity
The result from companies consolidated at equity totaled
€ - 1 (- 1) million.
Beet cultivation and 2025 campaign
In general, the climatic conditions in most regions positively influenced the growth of beets. In Germany, emergency approvals for selected plant protection products in areas impacted by Syndrome Basses Richesses (SBR) have shown effectiveness in combating cicadas. The extent to which SBR
and Stolbur will influence overall yield performance continues to be uncertain. The campaign already started at the Drochia plant (Moldova) at the end of August and will last between 80 and 160 days, depending on the location. Due to a significant reduction in cultivation areas, sugar production is expected to be lower than in the previous year.
Investments in fixed assets and intangible assets
Investments in fixed assets in the sugar segment totaled
€ 111 (143) million. The main projects are:
Implementation of the switch from coal to gas as the primary energy source at the Zeitz location in Germany
and the Strzelin site in Poland.
Expansion of the loading area and the sugar silo at the Wabern location in Germany.
SPECIAL PRODUCTS SEGMENT
Business performance
Revenues and operating result
The special products segment's revenues declined to € 1,076 (1,145) million. Compared to the previous year, this reflects a moderate decline which is mainly due to the fact that Riche-lieu's dressing and sauce business in the US was sold in the second quarter of 2024/25, resulting in a loss of corresponding sales. Sales volumes overall showed a predominantly declining trend.
The operating result fell significantly to € 71 (108) million. The downturn can be attributed to an overall decline in sales volumes and significantly higher costs.
Result from restructuring and special items
The result from restructuring and special items of € - 4
(16) million was primarily attributable to expenses related to the closure of a production site of the US pizza manufacturer Richelieu Foods Inc., Wheeling, Illinois, where intermediate
products were produced. The positive contribution to earnings in the previous year resulted from the sale of Richelieu's dressing and sauce business in the USA.
Investments in fixed assets and intangible assets
Investments in the special products segment totaled € 45
(59) million. The main projects are:
BENEO division:
Start-up of the new production facility for the extrac-
tion of vegetable protein concentrates at the Offstein location in Germany.
Expansion of Palatinit production capacities at the Offstein location in Germany.
Freiberger division:
Process optimizations aimed at lowering production costs
are being implemented at the Wheeling site in the US.
Planning has commenced for expanding production capacity at the Berlin site in Germany.
Business performance - Special products segment | |||||||
2nd quarter | 1st half year | ||||||
2025/26 | 2024/25 | + / - in % | 2025/26 | 2024/25 | + / - in % | ||
Revenues | € million | 522 | 566 | - 7.8 | 1,076 | 1,145 | - 6.0 |
EBITDA | € million | 49 | 71 | - 31.0 | 115 | 150 | - 23.3 |
EBITDA margin | % | 9.4 | 12.5 | 10.7 | 13.1 | ||
Depreciation | € million | - 22 | - 20 | 10.0 | - 44 | - 42 | 4.8 |
Operating result | € million | 27 | 51 | - 47.1 | 71 | 108 | - 34.3 |
Operating margin | % | 5.2 | 9.0 | 6.6 | 9.4 | ||
Result from restructuring and special items | € million | 0 | 17 | - 100.0 | - 4 | 16 | - |
Result from companies consolidated at equity | € million | 0 | 0 | - | 0 | 0 | - |
Result from operations | € million | 27 | 68 | - 60.3 | 67 | 124 | - 46.0 |
Investments in fixed assets and intangible assets | € million | 19 | 30 | - 36.7 | 45 | 59 | - 23.7 |
Investments in financial assets and acquisitions | € million | 0 | 0 | - | 0 | 0 | - |
Total investments | € million | 19 | 30 | - 36.7 | 45 | 59 | - 23.7 |
Shares in companies consolidated at equity | € million | 0 | 0 | - | |||
Working capital | € million | 520 | 560 | - 7.1 | |||
Capital employed | € million | 1,960 | 2,016 | - 2.8 | |||
Employees (FTE) | 5,398 | 5,363 | 0.7 | ||||
TABLE 11 | |||||||
CROPENERGIES SEGMENT
Markets
Ethanol markets
According to estimates made by market research company S&P Global Commodity Insights (S&P Global), ethanol production in the EU 27 and the UK is expected to reach 7.8 (7.9) million m³ in the 2025 calendar year. S&P Global expects domestic consumption to rise slightly to 11.0 (10.9) million m³ and anticipates that net imports will climb to 3.3 (2.9) million m³. It is still unclear what additional effects may result from the trade agreement between the U.S. and the UK.
Ethanol prices in Europe dropped in the first half of 2025/26 from around 675 €/m³ at the beginning of March 2025 to around 610 €/m³ at the end of August 2025. On average, ethanol prices were around 620 (700) €/m³. After a marked drop in prices in the first quarter triggered by the announcement of the trade agreement between the U.S. and the UK, a modest upward trend was recorded during the second quarter. European ethanol prices were underpinned by the exclusion of ethanol from the U.S.-EU trade agreement as well as by stronger seasonal demand in the summer months.
Grain markets
According to the International Grains Council, world grain production (excluding rice) is expected to remain slightly above the previous years level of 2,321 (2,311) million tonnes in the 2024/25 grain marketing year (1 July 2024 to 30 June 2025). Grain consumption is also expected to increase to 2,342 (2,326) million tonnes. As a result, grain inventories are likely to fall to 584 (605) million tonnes.
For the EU 27, the EU Commission expects production to decline to 255 (268) million tonnes in the 2024/25 grain marketing year. Consumption is anticipated to rise to 259
(257) million tonnes. Inventories are therefore expected to fall to 37 (44) million tonnes.
European wheat prices at Euronext in Paris fell during the first half of 2025/26 - from around 215 €/t at the beginning of March 2025 to around 190 €/t at the end of August 2025. Wheat prices averaged about 205 (220) €/t. The weaker price development primarily reflected strong harvest yields in key export countries combined with a significant drop in EU grain exports.
Legal and political environment
US tariff policy
On 2 April 2025, US President Donald Trump announced sweeping tariffs on imports into the United States. In response, on 24 July 2025, the EU published a list of additional tariffs on various US goods - including an additional 30 % tariff on ethanol. Following a political agreement between the US and the EU to resolve the dispute, the additional tariffs were suspended until further notice. The negotiated settlement between the US and the EU does not include any tariff relief for US ethanol imports into Europe.
In contrast, the trade agreement signed between the UK and the US on 8 May 2025 provides for a duty-free tariff rate quota (TRQ) of 1.4 million m³ of ethanol per year for imports from the US into the UK. The TRQ has been in effect since 30 June 2025. Duty-free imports from the US pose an existential threat to the UK ethanol industry. As a result, and in light of failed negotiations with the British government, Associated British Foods plc (ABF) announced in mid-August 2025 that it would close its ethanol plant in Hull, UK, effective 31 August 2025. CropEnergies subsidiary Ensus UK Limited, based in Wilton, UK, remains in talks with the British government regarding possible support measures.
Germany - Implementation of the Revised Renewable Energy Directive (RED III)
On 20 June 2025, the Federal Ministry for the Environment published a draft bill to further develop the greenhouse gas (GHG) quota system, which includes the implementation of RED III. Details are provided in the Q1 2025/26 quarterly statement on page 13. The legislative process is expected to begin in the fall of 2025.
EU Commission presents proposals for ratifying the EU-Mercosur agreement
The current status of the ratification process for the EU-Mercosur agreement is discussed in the section "Legal and political framework" within the "sugar segment" of this report.
Furthermore, there have been no material changes to the legal and political general conditions in the reporting period than those outlined on page 46 of the 2024/25 annual report (consolidated management report, economic report, CropEnergies segment).
Business performance
Revenues and operating result
CropEnergies segment's revenues fell significantly to € 402
(484) million. The decline is primarily attributable to significantly lower sales volumes, mainly resulting from both scheduled and unscheduled maintenance work carried out due to technical issues. Moreover, the development was further weighed down by lower prices for renewable ethanol as well as for food and feed products.
An operating result of € - 13 (17) million was recorded in the reporting period.
Investments in fixed assets and intangible assets
Investments in the CropEnergies segment totaled € 37
(37) million. The main projects are:
Construction of a production plant for renewable ethyl acetate at the Zeit location in Germany.
Preparation of the switch from coal to gas as the primary
energy source at the Zeitz location in Germany.
Investments in financial assets and acquisitions Investments in financial assets totaled € 1 (7) million. Investments in financial assets in the prior-year period related to the acquisition of the business activities of EthaTec GmbH, Weselberg, Germany, by CE Advanced Bioenergies GmbH, Weselberg, Germany.
Business performance - CropEnergies segment | |||||||
2nd quarter | 1st half year | ||||||
2025/26 | 2024/25 | + / - in % | 2025/26 | 2024/25 | + / - in % | ||
Revenues | € million | 196 | 253 | - 22.5 | 402 | 484 | - 16.9 |
EBITDA | € million | 0 | 22 | - 100.0 | 4 | 40 | - 90.0 |
EBITDA margin | % | 0.0 | 8.7 | 1.0 | 8.3 | ||
Depreciation | € million | - 8 | - 11 | - 27.3 | - 17 | - 23 | - 26.1 |
Operating result | € million | - 8 | 11 | - | - 13 | 17 | - |
Operating margin | % | - 4.1 | 4.3 | - 3.2 | 3.5 | ||
Result from restructuring and special items | € million | 2 | 0 | - | 1 | - 1 | - |
Result from companies consolidated at equity | € million | 0 | 0 | - | 0 | 0 | - |
Result from operations | € million | - 6 | 11 | - | - 12 | 16 | - |
Investments in fixed assets and intangible assets | € million | 15 | 22 | - 31.8 | 37 | 37 | - |
Investments in financial assets and acquisitions | € million | 1 | 0 | - | 1 | 7 | - 85.7 |
Total investments | € million | 16 | 22 | - 27.3 | 38 | 44 | - 13.6 |
Shares in companies consolidated at equity | € million | 0 | 4 | - 100.0 | |||
Working capital | € million | 140 | 141 | - 0.7 | |||
Capital employed | € million | 528 | 569 | - 7.2 | |||
Employees (FTE) | 537 | 532 | 0.9 | ||||
TABLE 12 | |||||||
STARCH SEGMENT
Business performance
Revenues and operating result
The starch segment recorded a moderate decline in revenues to € 474 (505) million, due to an overall decline in prices and sales volumes.
At € 5 (20) million, operating result was significantly lower than last year. The decline in earnings was mainly driven by higher raw material costs, lower overall sales volumes and reduced sales prices. By contrast, a positive effect in the reporting period came from an insurance payment for flood damage sustained in autumn 2024 in Pischelsdorf, Austria.
Result from companies consolidated at equity
The result from companies consolidated at equity of € - 7
(5) million mainly related to the pro rata result from the
starch and ethanol activities of the Hungarian Hungrana Group. This joint venture's earnings were impacted by factors including corn prices, which were significantly higher than in the same period of the previous year.
Investments in fixed assets and intangible assets
Investments in fixed assets in the starch segment totaled € 6
(12) million. The main projects are:
Implementation of various waste heat recovery and energy efficiency measures at the Aschach and Gmünd
sites in Austria.
Expansion of production capacity for roller-dried technical specialty starches at the Gmünd location in Austria.
Business performance - Starch segment | |||||||
2nd quarter | 1st half year | ||||||
2025/26 | 2024/25 | + / - in % | 2025/26 | 2024/25 | + / - in % | ||
Revenues | € million | 229 | 255 | - 10.2 | 474 | 505 | - 6.1 |
EBITDA | € million | 14 | 25 | - 44.0 | 29 | 43 | - 32.6 |
EBITDA margin | % | 6.1 | 9.8 | 6.1 | 8.5 | ||
Depreciation | € million | - 12 | - 11 | 9.1 | - 24 | - 23 | 4.3 |
Operating result | € million | 2 | 14 | - 85.7 | 5 | 20 | - 75.0 |
Operating margin | % | 0.9 | 5.5 | 1.1 | 4.0 | ||
Result from restructuring and special items | € million | - 1 | 0 | - | 0 | 0 | - |
Result from companies consolidated at equity | € million | - 1 | 2 | - | - 7 | 5 | - |
Result from operations | € million | - | 16 | - 100.0 | - 2 | 25 | - |
Investments in fixed assets and intangible assets | € million | 4 | 7 | - 42.9 | 6 | 12 | - 50.0 |
Investments in financial assets and acquisitions | € million | 2 | 0 | - | 2 | 0 | - |
Total investments | € million | 6 | 7 | - 14.3 | 8 | 12 | - 33.3 |
Shares in companies consolidated at equity | € million | 57 | 57 | - | |||
Working capital | € million | 66 | 174 | - 62.1 | |||
Capital employed | € million | 360 | 498 | - 27.7 | |||
Employees (FTE) | 998 | 1,210 | - 17.5 | ||||
TABLE 13 |
FRUIT SEGMENT 1
Business performance
Revenues and operating result
The fruit segment recorded a rise in revenues to € 858 (824) million. The enhancement is attributable to significantly higher prices for both fruit juice concentrates and fruit preparations.
The operating result rose significantly to € 68 (52) million. The margin increased while overall sales volumes remained stable, thereby boosting the earnings contribution.
Investments in fixed assets and intangible assets
Investments in fixed assets in the fruit segment totaled € 20
(17) million. The main projects are:
Capacity expansion in Jacona, Mexico.
Expansion of fruit preparations capacities in Akbou,
Algeria.
Business performance - Fruit segment | |||||||
2nd quarter | 1st half year | ||||||
2025/26 | 2024/25 | + / - in % | 2025/26 | 2024/25 | + / - in % | ||
Revenues | € million | 414 | 409 | 1.2 | 858 | 824 | 4.1 |
EBITDA | € million | 42 | 34 | 23.5 | 87 | 70 | 24.3 |
EBITDA margin | % | 10.1 | 8.3 | 10.1 | 8.5 | ||
Depreciation | € million | - 10 | - 9 | 11.1 | - 19 | - 18 | 5.6 |
Operating result | € million | 32 | 25 | 28.0 | 68 | 52 | 30.8 |
Operating margin | % | 7.7 | 6.1 | 7.9 | 6.3 | ||
Result from restructuring and special items | € million | 0 | - 2 | - 100.0 | 0 | - 2 | - 100.0 |
Result from companies consolidated at equity | € million | 0 | 0 | - | 0 | 0 | - |
Result from operations | € million | 32 | 23 | 39.1 | 68 | 50 | 36.0 |
Investments in fixed assets and intangible assets | € million | 11 | 10 | 10.0 | 20 | 17 | 17.6 |
Investments in financial assets and acquisitions | € million | 0 | 0 | - | 0 | 0 | - |
Total investments | € million | 11 | 10 | 10.0 | 20 | 17 | 17.6 |
Shares in companies consolidated at equity | € million | 0 | 0 | - | |||
Working capital | € million | 355 | 421 | - 15.7 | |||
Capital employed | € million | 747 | 806 | - 7.3 | |||
Employees (FTE) | 5,961 | 5,750 | 3.7 | ||||
TABLE 14 |
1The fruit segment, which includes the fruit preparations and fruit juice concentrate businesses managed exclusively by AGRANA, was renamed by AGRANA in its reporting as of the first quarter of 2025/26 from "Fruit" to "Food and Beverage Solutions. Content and data for the segment remain identical.
OUTLOOKGroup
The Group's forecast was adjusted on 21 August 2025.
We expect consolidated group revenues in fiscal 2025/26 between € 8.3 and 8.7 (previous forecast: 8.7 to 9.2; 2024/25: 9.7) billion. Group EBITDA is anticipated to range from € 470 to 570 (previous forecast: 525 to 675; 2024/25: 724) million. We expect the consolidated operating result to be between
€ 100 and 200 (previous forecast: 150 to 300; 2024/25: 350) million. We expect capital employed to remain roughly at the previous year's level. Based on the expected deterioration in the operating result, we see a significant decline in ROCE (2024/25: 5.2 %).
Overall, it remains difficult to assess the economic and financial impact of the current geopolitical and global economic situation on the future business performance of the Südzucker Group.
Sugar segment
Due to the reduction in beet cultivation areas, we continue to expect sugar production and sales volumes to decline in the current 2025/26 fiscal year. However, the better-than-ex-pected growing conditions are leading to a smaller-than-ex-pected decline in production. The drop in sugar prices already seen in 2024/25 will continue to have an impact until fall 2025. The 2025/26 sugar marketing year, which began in October 2025, is expected to remain challenging overall. In total, we are thus expecting significant decrease in revenues (2024/25: € 3.9 billion).
The sugar segment's operating result is below previous expectations due to the continuing challenging market environment. The earnings forecast has been revised to a range between € - 150 and - 250 (previous forecast: € - 100 to - 200; 2024/25: € - 13) million. Despite lower production costs, the sharp decline in sugar prices seen in fiscal year 2024/25 has led to a significant decline of operating profit in the first half of 2025/26. In light of the still difficult market environment, we also expect an operating loss in the second half of the fiscal year as well.
Special products segment
The special products segment anticipates an increase in sales volumes and prices for the 2025/26 fiscal year, which will be offset by the loss of volumes at Richelieu due to the sale of its dressing and sauce business in fiscal 2024/25. As a result, revenues are now expected to remain at the previous year's level (previous forecast: moderate increase in revenues; 2024/25:
€ 2.3 billion). We currently expect the operating result to decline significantly due to an anticipated rise in costs (previous forecast: moderate decline; 2024/25: € 203 million).
CropEnergies segment
For the 2025/26 financial year, CropEnergies now anticipates revenues to be significantly below the prior-year level, reflecting lower average ethanol prices compared with the previous year as well as technical challenges following a scheduled maintenance shutdown (previous forecast: slight decline in revenues; 2024/25: € 959 million). At the same time, net raw material costs have decreased year-on-year, and prices for renewable ethanol on the European market have recently started to rise again. Accordingly, we expect the operating result to be in line with the previous year (previous forecast: significant decline; 2024/25: € 22 million).
Starch segment
With sales volumes expected to remain stable and prices to decline, the starch segment anticipates revenues for fiscal year 2025/26 to be at the previous year's level (2024/25:
€ 1.0 billion). Raw material costs are also expected to rise. As a result, we expect a significant decline in the operating result (2024/25: € 36 million).
Fruit segment
Following a successful previous year in the fruit segment, we forecast a moderate increase in revenues for the 2025/26 financial year, with stable volumes and moderately rising prices (2024/25: € 1.6 billion), driven by both fruit preparations and fruit juice concentrates. Although we expect costs to increase, we now anticipate the operating result to to come in slightly above the previous year's level (previous forecast: at the prior year`s level; 2024/25: € 102 million).
RISKS AND OPPORTUNITIESSüdzucker Group is exposed to macroeconomic, industry-specific and business risks and opportunities. Information about the group's risk management system, risks and potential opportunities is provided in the 2024/25 annual report under "Risk and opportunity report " on pages 59 to 69.
Taking into account all known facts, we have not identified any risks, either individually or as a whole, that threaten the continued existence of Sudzucker Group.
CORPORATE GOVERNANCEDr. Theresa von Fugler was appointed to the executive board of Südzucker AG as Chief Commercial Officer (CCO) effective 1 October 2025; her mandate has been set for a term of three years. Hans-Peter Gai's appointment was extended by five years until 31 October 2030. Effective 1 October 2025, the executive board responsibilities were reorganized.
Dr. Niels Pörksen, CEO and Labor Director
Human Resources, Communication,
Strategy and M & A, Audit, Risk & Compliance, Sugar (Südzucker),
Agriculture & Raw Material
Stephan Büttner, COO (CEO AGRANA)
Fruit, Juice, Starch, Sugar (AGRANA)
Dr. Theresa von Fugler, CCO
Sustainability & Environment,
Special Products (BENEO, PortionPack), Commercial Excellence, Innovation & Marketing
Hans-Peter Gai, COO
Digital & IT, Development & Services, Operational & Technical Excellence, Special Products (Freiberger), CropEnergies, Artificial Intelligence
Dr. Stephan Meeder, CFO
Finance & Investor Relations, Controlling, Procurement, Legal & Tax
INCOME STATEMENT | ||||||
1 March to 31 August 2025 | ||||||
2nd quarter | 1st half year | |||||
€ million | 2025/26 | 2024/25 | + / - in % | 2025/26 | 2024/25 | + / - in % |
Revenues | 2,046 | 2,541 | - 19.5 | 4,199 | 5,092 | - 17.5 |
Change in work in progress and finished goods inventories and internal costs capitalized | - 349 | - 642 | - 45.6 | - 765 | - 1,274 | - 40.0 |
Other operating income | 34 | 45 | - 24.4 | 66 | 67 | - 1.5 |
Cost of materials | - 1,076 | - 1,155 | - 6.8 | - 2,169 | - 2,309 | - 6.1 |
Personnel expenses | - 305 | - 307 | - 0.7 | - 624 | - 608 | 2.6 |
Depreciation | - 74 | - 76 | - 2.6 | - 150 | - 151 | - 0.7 |
Other operating expenses | - 266 | - 277 | - 4.0 | - 548 | - 535 | 2.4 |
Result from companies consolidated at equity | - 2 | 2 | - | - 8 | 4 | - |
Result from operations | 8 | 131 | - 93.9 | 1 | 286 | - 99.7 |
Financial income | 12 | 6 | 100.0 | 40 | 34 | 17.6 |
Financial expense | - 50 | - 34 | 47.1 | - 110 | - 85 | 29.4 |
Earnings before tax | - 30 | 103 | - | - 69 | 235 | - |
Taxes on income | 5 | - 36 | - | 9 | - 74 | - |
Earnings after tax | - 25 | 67 | - | - 60 | 161 | - |
of which attributable to Südzucker AG shareholders | - 32 | 59 | - | - 62 | 142 | - |
of which attributable to other non-controlling interests | 7 | 8 | - 12.5 | 2 | 19 | - 89.5 |
Earnings per share (€) | - 0.20 | 0.25 | - | - 0.38 | 0.61 | - |
TABLE 15 | ||||||
1 March to 31 August 2025
2nd quarter | 1st half year | |||||
€ million | 2025/26 | 2024/25 | + / - in % | 2025/26 | 2024/25 | + / - in % |
Earnings after tax | - 25 | 67 | - | - 60 | 161 | - |
Market value of hedging instruments (cash flow hedge) after deferred taxes | - 23 | - 20 | 15.0 | - 36 | 15 | - |
Market value of debt instruments (securities) after deferred taxes | 1 | 1 | - | 1 | 1 | - |
Exchange differences on net investments in foreign operations after deferred taxes | - 3 | - 3 | - | - 16 | - 4 | > 100 |
Foreign currency translation differences / hyperinflation | - 26 | - 20 | 30.0 | - 83 | - 1 | > 100 |
Share from companies consolidated at equity | - 1 | 1 | - | - 3 | 4 | - |
Income and expenses to be recognized in the income statement in the future | - 52 | - 41 | 26.8 | - 137 | 15 | - |
Market value of equity instruments (securities) after deferred taxes | 0 | 0 | - | 0 | 1 | - 100.0 |
Remeasurement of defined benefit pension plans and similar obligations after deferred taxes | 25 | - 13 | - | 61 | - 8 | - |
Share from companies consolidated at equity | 0 | 0 | - | 0 | 0 | - |
Income and expenses not to be recognized in the income statement in the future | 25 | - 13 | - | 61 | - 7 | - |
Other comprehensive result | - 27 | - 54 | - 50.0 | - 76 | 8 | - |
Comprehensive income | - 52 | 13 | - | - 136 | 169 | - |
of which attributable to Südzucker AG shareholders | - 51 | 16 | - | - 112 | 149 | - |
of which attributable to other non-controlling interests | - 1 | - 3 | - 66.7 | - 24 | 20 | - |
TABLE 16 |
2nd quarter | 1st half year | |||||
€ million | 2025/26 | 2024/25 | + / - in % | 2025/26 | 2024/25 | + / - in % |
Earnings after tax | - 25 | 67 | - | - 60 | 161 | - |
Depreciation and amortization of intangible assets, fixed assets and other investments (+) | 76 | 76 | - | 152 | 151 | 0.7 |
Decrease (-) / Increase (+) in non-current provisions and (deferred) tax liabilities and increase (-) / decrease (+) in deferred tax assets | - 25 | 8 | - | - 50 | 23 | - |
Other income (-) / expenses (+) not affecting cash | 5 | 14 | - 64.3 | 25 | 8 | > 100 |
Cash flow | 31 | 165 | - 81.2 | 67 | 343 | - 80.5 |
Decrease (-) / Increase (+) in current provisions | - 15 | 3 | - | 1 | - 17 | - |
Increase (-) / Decrease (+) in inventories, receivables and other assets | 380 | 663 | - 42.7 | 810 | 1,366 | - 40.7 |
Decrease (-) / Increase (+) in liabilities (excluding financial liabilities) | - 124 | - 811 | - 84.7 | - 614 | - 1,380 | - 55.5 |
Increase (-) / Decrease (+) in working capital | 241 | - 145 | - | 197 | - 31 | - |
Gain (-) / Loss (+) on disposal of items included in non-current assets and of securities | - 8 | - 18 | - 55.6 | - 9 | - 21 | - 57.1 |
I. Cash flow from operating activities | 264 | 2 | > 100 | 255 | 291 | - 12.4 |
Investments in fixed assets and intangible assets (-) | - 104 | - 155 | - 32.9 | - 219 | - 268 | - 18.3 |
Investments in financial assets and acquisitions (-) | - 3 | 0 | - | - 3 | - 7 | - 57.1 |
Total investments | - 107 | - 155 | - 31.0 | - 222 | - 275 | - 19.3 |
Cash received on disinvestments (+) | 14 | 65 | - 78.5 | 14 | 65 | - 78.5 |
Cash received on disposal of non-current assets (+) | 9 | 1 | > 100 | 13 | 5 | > 100 |
Cash paid (-) / received (+) for the purchase / sale of other securities | 5 | - 1 | - | - 44 | 4 | - |
II. Cash flow from investing activities | - 79 | - 90 | - 12.2 | - 239 | - 201 | 18.9 |
2nd quarter | 1st half year | |||||
€ million | 2025/26 | 2024/25 | + / - in % | 2025/26 | 2024/25 | + / - in % |
Repayment (-) / Issuance (+) of commercial papers | 0 | 220 | - 100.0 | 0 | 220 | - 100.0 |
Repayment (-) of lease liabilities | - 8 | - 10 | - 20.0 | - 15 | - 18 | - 16.7 |
Other repayment (-) / Refund (+) of financial liabilities | - 36 | 76 | - | - 41 | - 90 | - 54.4 |
Repayment (-) / Refund (+) of financial liabilities | - 44 | 286 | - | - 56 | 112 | - |
Increases in stakes held in subsidiaries / capital buyback (-) | - 393 | 0 | - | - 670 | - 2 | > 100 |
Decrease in stakes held in subsidiaries / capital increase (+) 0 | - 1 | 0 | - | 692 | 0 | - |
Dividends paid (-) | - 83 | - 230 | - 63.9 | - 95 | - 242 | - 60.7 |
III. Cash flow from financing activities | - 521 | 56 | - | - 129 | - 132 | - 2.3 |
Change in cash and cash equivalents (total of I., II. und III.) | - 336 | - 32 | > 100 | - 113 | - 42 | > 100 |
Change in cash and cash equivalents | ||||||
due to exchange rate changes | - 7 | - 3 | > 100 | - 8 | - 2 | > 100 |
due to changes in entities included in consolidation / other | 0 | 0 | - | 0 | 0 | - |
Decrease (-) / Increase (+) in cash and cash equivalents | - 343 | - 35 | > 100 | - 121 | - 44 | > 100 |
Cash and cash equivalents at the beginning of the period | 848 | 296 | > 100 | 626 | 305 | > 100 |
Cash and cash equivalents at the end of the period | 505 | 261 | 93.5 | 505 | 261 | 93.5 |
Dividends received from companies consolidated at equity / other participations | 1 | 1 | - | 2 | 1 | 100.0 |
Interest receipts | 4 | 5 | - 20.0 | 10 | 10 | - |
Interest payments | - 19 | - 19 | - | - 30 | - 36 | - 16.7 |
Income taxes paid | - 12 | - 58 | - 79.3 | - 35 | - 75 | - 53.3 |
TABLE 17 |
€ million | 31 August 2025 | 31 August 2024 | + / - in % |
Assets | |||
Intangible assets | 731 | 869 | - 15.9 |
Fixed assets | 3,424 | 3,397 | 0.8 |
Shares in companies consolidated at equity | 84 | 88 | - 4.5 |
Other investments | 5 | 10 | - 50.0 |
Securities | 21 | 20 | 5.0 |
Other assets | 105 | 47 | > 100 |
Deferred tax assets | 119 | 86 | 38.4 |
Non-current assets | 4,489 | 4,517 | - 0.6 |
Inventories | 2,016 | 2,234 | - 9.8 |
Trade receivables | 935 | 1,453 | - 35.7 |
Other assets | 352 | 333 | 5.7 |
Current tax receivables | 58 | 39 | 48.7 |
Securities | 143 | 99 | 44.4 |
Cash and cash equivalents | 505 | 261 | 93.5 |
Current assets | 4,009 | 4,419 | - 9.3 |
Total assets | 8,498 | 8,936 | - 4.9 |
€ million | 31 August 2025 | 31 August 2024 | + / - in % |
Liabilities and equity | |||
Equity attributable to shareholders of Südzucker AG | 2,437 | 2,807 | - 13.2 |
Hybrid equity | 695 | 654 | 6.3 |
Other non-controlling interests | 704 | 758 | - 7.1 |
Total equity | 3,836 | 4,219 | - 9.1 |
Provisions for pensions and similar obligations | 717 | 785 | - 8.7 |
Other provisions | 166 | 182 | - 8.8 |
Financial liabilities | 1,405 | 1,694 | - 17.1 |
Other liabilities | 80 | 9 | > 100 |
Tax liabilities | 6 | 5 | 20.0 |
Deferred tax liabilities | 130 | 175 | - 25.7 |
Non-current liabilities | 2,504 | 2,850 | - 12.1 |
Other provisions | 64 | 59 | 8.5 |
Financial liabilities | 938 | 645 | 45.4 |
Trade payables | 652 | 639 | 2.0 |
Other liabilities | 452 | 454 | - 0.4 |
Current tax liabilities | 52 | 70 | - 25.7 |
Current liabilities | 2,158 | 1,867 | 15.6 |
Total liabilities and equity | 8,498 | 8,936 | - 4.9 |
Net financial debt | 1,674 | 1,959 | - 14.5 |
Equity ratio in % | 45.1 | 47.2 | |
TABLE 18 |
1 March to 31 August 2025
€ million | Issued subscribed capital | Nominal value own shares | Capital reserve | Other reserves |
1 March 2024 | 204 | 0 | 1,615 | 1,174 |
Net earnings | 142 | |||
Other comprehensive result | - 7 | |||
Comprehensive income | 135 | |||
Distributions | - 184 | |||
Claim hybrid investors | - 23 | |||
Increase in stakes held in subsidiaries | 0 | 0 | 0 | |
Basis adjustment | ||||
Other changes | 0 | 0 | 0 | 5 |
31 August 2024 | 204 | 0 | 1,615 | 1,107 |
1 March 2025 | 240 | 0 | 1,615 | 859 |
Net earnings | - 62 | |||
Other comprehensive result | 62 | |||
Comprehensive income | 0 | |||
Distributions | - 41 | |||
Claim hybrid investors | - 20 | |||
Increase in stakes held in subsidiaries | 0 | 0 | - 16 | |
Basis adjustment | ||||
Other changes | 0 | 0 | 0 | 5 |
31 August 2025 | 204 | 0 | 1,615 | 786 |
Other equity accounts
Exchange | |||||||||
differences on | Accumulated | Share from | |||||||
Market value of | Market value of | net investments | exchange | companies | Equity of | Other non- | |||
hedging instruments | debt instruments | in foreign | differcences / | consolidated | Südzucker | controlling | |||
(cash flow hedge) | (securities) | operations | hyper-inflation | at equity | shareholders | Hybrid capital | interests | Total equity | |
- 23 | - 4 | 3 | - 105 | - 18 | 2,846 | 654 | 773 | 4,273 | |
142 | 19 | 161 | |||||||
11 | 1 | - 4 | 4 | 2 | 7 | 1 | 8 | ||
11 | 1 | - 4 | 4 | 2 | 149 | 20 | 169 | ||
- 184 | - 23 | - 35 | - 242 | ||||||
- 23 | 23 | 0 | |||||||
0 | 0 | 0 | 0 | 0 | 0 | 0 | - 2 | - 2 | |
14 | 14 | 2 | 16 | ||||||
5 | 0 | 0 | 5 | ||||||
2 | - 3 | - 1 | - 101 | - 16 | 2,807 | 654 | 758 | 4,219 | |
11 | - 1 | 8 | - 63 | - 16 | 2,617 | 654 | 755 | 4,026 | |
- 62 | 2 | - 60 | |||||||
- 28 | 1 | - 17 | - 67 | - 1 | - 50 | - 26 | - 76 | ||
- 28 | 1 | - 17 | - 67 | - 1 | - 112 | - 24 | - 136 | ||
- 41 | - 20 | - 28 | - 89 | ||||||
- 20 | 20 | 0 | |||||||
0 | 0 | 0 | 0 | 0 | - 16 | 41 | 0 | 25 | |
5 | 5 | 1 | 6 | ||||||
5 | 0 | 0 | 5 | ||||||
- 12 | 0 | - 9 | - 130 | - 17 | 2,437 | 695 | 704 | 3,836 | |
TABLE 19 | |||||||||
Segment report | ||||||
2nd quarter | 1st half year | |||||
€ million | 2025/26 | 2024/25 | + /- in % | 2025/26 | 2024/25 | + /- in % |
Südzucker Group | ||||||
Gross revenues | 2,138 | 2,654 | - 19.4 | 4,388 | 5,314 | - 17.4 |
Consolidation | - 92 | - 113 | - 18.6 | - 189 | - 222 | - 14.9 |
Revenues | 2,046 | 2,541 | - 19.5 | 4,199 | 5,092 | - 17.5 |
EBITDA | 93 | 190 | - 51.1 | 189 | 420 | - 55.0 |
EBITDA margin | 4.5 % | 7.5 % | 4.5 % | 8.2 % | ||
Depreciation | - 73 | - 76 | - 3.9 | - 147 | - 151 | - 2.6 |
Operating result | 20 | 114 | - 82.5 | 42 | 269 | - 84.4 |
Operating margin | 1.0 % | 4.5 % | 1.0 % | 5.3 % | ||
Result from restructuring and special items | - 10 | 15 | - | - 33 | 13 | - |
Result from companies consolidated at equity | - 2 | 2 | - | - 8 | 4 | - |
Result from operations | 8 | 131 | - 93.9 | 1 | 286 | - 99.7 |
Investments in fixed assets including intangible assets | 104 | 155 | - 32.9 | 219 | 268 | - 18.3 |
Investments in financial assets and acquisitions | 3 | 0 | - | 3 | 7 | - 57.1 |
Total investments | 107 | 155 | - 31.0 | 222 | 275 | - 19.3 |
Shares in companies consolidated at equity | 84 | 88 | - 4.5 | |||
Working capital | 2,256 | 2,957 | - 23.7 | |||
Capital employed | 6,455 | 7,268 | - 11.2 | |||
Employees | 19,116 | 19,475 | - 1.8 | |||
Sugar segment | ||||||
Gross revenues | 734 | 1,124 | - 34.7 | 1,491 | 2,265 | - 34.2 |
Consolidation | - 49 | - 66 | - 25.8 | - 102 | - 131 | - 22.1 |
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 | - 4.8 % | 1.2 % | - 6.4 % | 3.4 % | ||
Result from restructuring and special items | - 11 | 0 | - | - 30 | 0 | - |
Result from companies consolidated at equity | - 1 | 0 | - | - 1 | - 1 | 0.0 |
Result from operations | - 45 | 13 | - | - 120 | 71 | - |
Investments in fixed assets including intangible assets | 55 | 86 | - 36.0 | 111 | 143 | - 22.4 |
Investments in financial assets and acquisitions | 0 | 0 | - | 0 | 0 | - |
Total investments | 55 | 86 | - 36.0 | 111 | 143 | - 22.4 |
Shares in companies consolidated at equity | 27 | 27 | 0.0 | |||
Working capital | 1,175 | 1,661 | - 29.3 | |||
Capital employed | 2,860 | 3,379 | - 15.4 | |||
Employees | 6,222 | 6,620 | - 6.0 | |||
2nd quarter | 1st half year | |||||
€ million | 2025/26 | 2024/25 | + /- in % | 2025/26 | 2024/25 | + /- in % |
Special products segment | ||||||
Gross revenues | 526 | 570 | - 7.7 | 1,084 | 1,154 | - 6.1 |
Consolidation | - 4 | - 4 | 0.0 | - 8 | - 9 | - 11.1 |
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 | - 34.3 |
Operating margin | 5.2 % | 9.0 % | 6.6 % | 9.4 % | ||
Result from restructuring and special items | 0 | 17 | - 100.0 | - 4 | 16 | - |
Result from companies consolidated at equity | 0 | 0 | - | 0 | 0 | - |
Result from operations | 27 | 68 | - 60.3 | 67 | 124 | - 46.0 |
Investments in fixed assets including intangible assets | 19 | 30 | - 36.7 | 45 | 59 | - 23.7 |
Investments in financial assets and acquisitions | 0 | 0 | - | 0 | 0 | - |
Total investments | 19 | 30 | - 36.7 | 45 | 59 | - 23.7 |
Shares in companies consolidated at equity | 0 | 0 | - | |||
Working capital | 520 | 560 | - 7.1 | |||
Capital employed | 1,960 | 2,016 | - 2.8 | |||
Employees | 5,398 | 5,363 | 0.7 | |||
CropEnergies segment | ||||||
Gross revenues | 211 | 279 | - 24.4 | 440 | 530 | - 17.0 |
Consolidation | - 15 | - 26 | - 42.3 | - 38 | - 46 | - 17.4 |
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 margin | - 4.1 % | 4.3 % | - 3.2 % | 3.5 % | ||
Result from restructuring and special items | 2 | 0 | - | 1 | - 1 | - |
Result from companies consolidated at equity | 0 | 0 | - | 0 | 0 | - |
Result from operations | - 6 | 11 | - | - 12 | 16 | - |
Investments in fixed assets including intangible assets | 15 | 22 | - 31.8 | 37 | 37 | 0.0 |
Investments in financial assets and acquisitions | 1 | 0 | - | 1 | 7 | - 85.7 |
Total investments | 16 | 22 | - 27.3 | 38 | 44 | - 13.6 |
Shares in companies consolidated at equity | 0 | 4 | - 100.0 | |||
Working capital | 140 | 141 | - 0.7 | |||
Capital employed | 528 | 569 | - 7.2 | |||
Employees | 537 | 532 | 0.9 |
2nd quarter | 1st half year | |||||
€ million | 2025/26 | 2024/25 | + /- in % | 2025/26 | 2024/25 | + /- in % |
Starch segment | ||||||
Gross revenues | 252 | 271 | - 7.0 | 513 | 540 | - 5.0 |
Consolidation | - 23 | - 16 | 43.8 | - 39 | - 35 | 11.4 |
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 | 0.9 % | 5.5 % | 1.1 % | 4.0 % | ||
Result from restructuring and special items | - 1 | 0 | - | 0 | 0 | - |
Result from companies consolidated at equity | - 1 | 2 | - | - 7 | 5 | - |
Result from operations | 0 | 16 | - 100.0 | - 2 | 25 | - |
Investments in fixed assets including intangible assets | 4 | 7 | - 42.9 | 6 | 12 | - 50.0 |
Investments in financial assets and acquisitions | 2 | 0 | - | 2 | 0 | - |
Total investments | 6 | 7 | - 14.3 | 8 | 12 | - 33.3 |
Shares in companies consolidated at equity | 57 | 57 | 0.0 | |||
Working capital | 66 | 174 | - 62.1 | |||
Capital employed | 360 | 498 | - 27.7 | |||
Employees | 998 | 1,210 | - 17.5 | |||
Fruit segment | ||||||
Gross revenues | 415 | 410 | 1.2 | 860 | 825 | 4.2 |
Consolidation | - 1 | - 1 | 0.0 | - 2 | - 1 | 100.0 |
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 % | 6.1 % | 7.9 % | 6.3 % | ||
Result from restructuring and special items | 0 | - 2 | - 100.0 | 0 | - 2 | - 100.0 |
Result from companies consolidated at equity | 0 | 0 | - | 0 | 0 | - |
Result from operations | 32 | 23 | 39.1 | 68 | 50 | 36.0 |
Investments in fixed assets including intangible assets | 11 | 10 | 10.0 | 20 | 17 | 17.6 |
Investments in financial assets and acquisitions | 0 | 0 | - | 0 | 0 | - |
Total investments | 11 | 10 | 10.0 | 20 | 17 | 17.6 |
Shares in companies consolidated at equity | 0 | 0 | - | |||
Working capital | 355 | 421 | - 15.7 | |||
Capital employed | 747 | 806 | - 7.3 | |||
Employees | 5,961 | 5,750 | 3.7 | |||
TABLE 20 |