Synthomer: Portfolio & trading momentum improving

Research evidence excerpt

Synthomer: Portfolio & trading momentum improving

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Hold Synthomer 22 June 2026

Forecast Change

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 19 Jun 2026 (GBP) 114.60

SYNTS.L SYNTS LN LSE SYNTS

Price Target (GBP) 92.00

Chemicals

ADR ISIN 52-week range (GBP) 116.00 - 17.80

Bulk

SYHMY US87165P1021

Portfolio & trading momentum

Valuation & Risks improving

Kevin Fogarty

Accelerating trading momentum Research Analyst

The AGM trading update confirms delivery of strong revenue and EBITDA growth +44-20-7545-4619

during Q1 26, combined with improved margin delivery relative to Q1 25, in line with

management's expectations. Additionally, the update highlights an acceleration in Key changes

trading momentum in April and May, helped by an ‘in region for region’ model that TP 62.00 to 92.00 ↑ 48.4%

is benefitting from supply chain volatility during the Iran conflict. Source: Deutsche Bank

Price/price relative

Coatings & Construction Solutions the key driver

Improved Coatings and Construction Solutions delivery has shaped strong growth

in volumes, revenue & EBITDA during the first five months of 2026, combined with 500

a stable performance in Adhesive Solutions and a slow start in HPPM. 0

-500

2024 2025 2026

Confidence in delivering progress in 2026 unchanged

The strong H1 trading performance, combined with the self-help measures Synthomer – (Rebased)

undertaken during 2025, supports management's unchanged expectations to Performance (%) 1m 3m 12m

deliver YoY progress in 2026, despite the volatile geopolitical environment.

340.

Absolute 8.7 4.9

Portfolio improvement scope significant, but timing uncertain FTSE ALL SHARE INDEX 0.6 3.5 16.9