Suedzucker AG: Setting the Agenda

Research evidence excerpt

Suedzucker AG: Setting the Agenda

Equity Research

European Consumer Staples

3 July 2026

Suedzucker AG

Setting the Agenda

First LookSZU will report Q1 on 9th July. A strong start to FY27 should

be driven by ethanol, with Q1 EBITDA guided to increase

significantly. Key debate centres on the durability of ethanol SZUG.DE/SZU GY OVERWEIGHT European Consumer

Staplestailwinds and whether EU sugar prices can inflect on tighter NEUTRAL

Price Target EUR 14.00

acreage and lower yields vs high inventories. Price (02-Jul-26) EUR 10.82

Potential Upside/Downside +29.4%

Source: Bloomberg, Barclays Research

Focus on FY27 guidance: In May, Management reiterated FY27 guidance for slightly lower

revenues YoY and EBITDA of €480–680m, implying a midpoint of €580m and modest growth

versus FY26 (€535m). Our FY27 forecast is ahead of BBG consensus and guidance and assumes a European Consumer Staples

stronger contribution from ethanol, alongside a gradually improving sugar backdrop into Alex Sloane

FY27/28. Key focus on the result will be management’s view on sustainability of ethanol +44 (0)20 3555 0645

tailwinds and potential for any EU sugar price recovery. A pre-release in May had pointed to a alexander.sloane@barclays.com

Barclays, UKstrong start to FY27, with Q1 EBITDA expected to 'increase significantly' YoY from €96m in Q1 26

(Link). We are looking for Q1 EBITDA of €124m. Warren Ackerman

+44 (0)20 3134 1903

Ethanol: a clear near‑term and potentially structural tailwind: Management has guided for a warren.ackerman@barclays.com

significant increase in CropEnergies EBITDA in FY27, driven primarily by higher ethanol pricing, Barclays, UK

partly offset by lower volumes following the Wilton (UK) plant shutdown (though currently some Setu Sharda

de-mothballing not baked into revenue guide).