Syensqo - Key Themes Ahead of 2Q26 Results

Research evidence excerpt

Syensqo - Key Themes Ahead of 2Q26 Results

NSTEIN FLASHMAIL

30 June 2026

James Hooper

+44 20 7676 6995

European Chemicals james.hooper@bernsteinsg.com

Syensqo Sebastien Afoy

+44 207 762 1032

Rating sebastien.afoy@bernsteinsg.com

Outperform Specialist Sales

Price Target James Brady

+44 20 7762 5272

SYENS.BB 70.00 EUR james.brady@bernsteinsg.com

We regularly hold calls with companies, making sure we are up-to-date with their latest communications. We recently caught up with

Syensqo in the lead up to their 2Q26 reporting, and provide an update of the key themes below.

No change in Q2 messaging: management remain confident in delivering the sequential improvement in EBITDA modelled

by consensus. Progress continues in Specialty Polymers. Senior leadership are spending more time with Electronics customers, so

Syensqo are confident that inventories are being used as a consequence of improving fab capex, with H2 orders to follow. In Auto,

they expect to perform better than negative Western OEM production data, with share gains in batteries and shifts from ICE to PHEV /

BEV supportive. Finally, the dialysis end market remains resilient. Expectations are high in Composite Materials, which benefits in civil

aerospace from high demand and easier comps given the impact of the 2025 Boeing strikes. Technology Solutions is still expected

to perform better in H2, even accounting for reopening delays at Grasberg, while Novecare continues to face some headwinds from

a weaker consumer, particularly in HPC and Coatings. Overall, the company are comfortable with 2Q EBITDA consensus (Bloomberg

€292m, Visible Alpha €294m, Bernstein €290m).

Syensqo remain comfortable with their FY26 EBITDA guide (~€1,100m) and therefore consensus. With the optimism around