Suedzucker AG: Setting the Agenda

Research evidence excerpt

Suedzucker AG: Setting the Agenda

Equity Research

European Consumer Staples

15 May 2026

Suedzucker AG

Setting the Agenda

First LookSZU reports FY26 results on 21st May. Having provided prelim

figures, the focus is on FY27 outlook, where improving

ethanol fundamentals provide some upside risk to current SZUG.DE/SZU GY OVERWEIGHT European Consumer

Staplesguidance in our view. While sugar fundamentals are also NEUTRAL

Price Target EUR 15.00

improving, any recovery here is likely to be entirely H2 Price (14-May-26) EUR 11.76

weighted. Potential Upside/Downside +27.6%

Source: Bloomberg, Barclays Research

With FY26 EBIT already pre-released, focus shifts to the FY27 outlook: in April, Südzucker

European Consumer Staplesreported preliminary FY26 (Mar–Feb 26) operating profit of €163m, ahead of both Bloomberg

Alex Sloane

consensus (€140m) and the midpoint of guidance (€150m), with full results due on 21 May.

+44 (0)20 3555 0645

Management reiterated FY27 guidance for slightly lower revenues YoY and EBITDA of €480–680m alexander.sloane@barclays.com

implying a midpoint of €580m and modest YoY growth versus FY26 (€535m) (Link). This guidance Barclays, UK

sits below both Bloomberg consensus (€634m) and Barclays (€740m), with our forecast

Warren Ackerman

reflecting a stronger contribution from ethanol and an improving sugar backdrop into FY27/28.

+44 (0)20 3134 1903

warren.ackerman@barclays.comA recent pre-release again reaffirmed guidance and pointed to a strong start to FY27, with Q1

Barclays, UK

EBITDA expected to 'increase significantly' YoY from €96m in Q1 26 (Link). While FY27 guidance

was reiterated , current fundamentals suggest upside risk in our view, particularly as ethanol Setu Sharda

earnings momentum builds into FY27. + 91 (0)22 6175 1934

setu.sharda@barclays.com