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Südzucker : Q2 Half-year financial report 2025/26
Südzucker : Q2 Half-year financial report
About this update from Suedzucker Ag
Half-year financial report First half year 2025/26 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 ECONOMIC REPORT 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 1 The 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. OUTLOOK Group 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 OPPORTUNITIES Südzucker 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 GOVERNANCE Dr. 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 STATEMENT OF COMPREHENSIVE INCOME 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 STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 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 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 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