Syensqo: Q1 beat supports recovery confidence

Research evidence excerpt

Syensqo: Q1 beat supports recovery confidence

Equity Research

European Chemicals & Ingredients

15 May 2026

Syensqo

Q1 beat supports recovery

confidence First Look

Q1 EBITDA beat (+5%) is a positive after Q4-led weakness. FY SYENS.BR/SYENS BB EQUAL WEIGHT

NEGATIVEguidance unchanged, but improving order book and Q1 as EuropeanIngredientsChemicals &

trough increase confidence. Recovery to build through 2026 Price Target EUR 71.00

with mixed end-market trends. Expect share price to open Price (14-May-26) EUR 58.80 Potential Upside/Downside +20.7%

Source: Bloomberg, Barclays Researchpositively today.

Q1 beat vs expectations seen as a positive inflection after weak Q1 guidance at Q4: Q1 European Chemicals & Ingredients

EBITDA of €252m came in c.+5% ahead of consensus and company guidance, broadly at par Katie Richards

+44 (0)20 3555 0315with Q4 levels (€238m), which we view as a clear positive in the context of the sharp de-rating

kathryn.richards@barclays.com

post Q4 results on weak Q1 expectations. The beat was driven by stronger performance in

Barclays, UK

Specialty Polymers and Performance & Care, despite higher than expected Corporate & Business

Services costs. Importantly, underlying EBITDA improved sequentially (+6% QoQ), indicating a Anil Shenoy

+91 (0)22 6175 2487solid recovery trajectory exiting Q1 despite a softer start to the year and still challenging YoY

anil.shenoy@barclays.com

compares.

FY guidance unchanged, but Q1 beat and improving order book de-risk delivery: While full- Alex Sloane

year guidance was left unchanged (c.€1.1bn EBITDA and c.€700m operating cash flow), we +44 (0)20 3555 0645

expect investor confidence in delivery to improve following the Q1 beat and constructive alexander.sloane@barclays.com

forward commentary.