Syensqo 1Q beat with a good mix. FY guidance reiterated, supported by positive 2Q order momentum

研报英文原文证据摘录

Syensqo 1Q beat with a good mix. FY guidance reiterated, supported by positive 2Q order momentum

J P M O R G A N Europe Equity Research

15 May 2026

Syensqo Overweight

SYENS.BR, SYENS BB

1Q beat with a good mix. FY guidance reiterated, Price (14 May 26):€58.80

supported by positive 2Q order momentum Price Target (Dec-27):€67.50

Our Take: 1Q bar was low as estimates were cut significantly after much lower than European Chemicals

ACexpected 1Q/FY26 guidance given earlier at the time of FY25 results. Chetan Udeshi, CFA

Notwithstanding this, 1Q print will likely be seen as reassuring with 5% beat on adj (44-20) 7742-7034

EBITDA vs. JPMe/company consensus with FCF also better than JPMe. The earnings chetan.x.udeshi@jpmorgan.com

mix is also better with a 7% adj EBITDA beat in Materials, the key business, driven Angelina Glazova, CFA

by a sequential recovery in Specialty Polymers sales. Notably, there is a 9% beat on (44-20) 7134-8379

gross profit vs. JPMe with gross margin (GM) 150bps better than JPMe and up 260bps angelina.glazova@jpmorgan.com

J.P. Morgan Securities plc

QoQ (but down 110bps YoY); implying that sequential net pricing has likely

stabilized and was better than JPMe with some of this beat on gross profit offset by Specialist Sales contact details:

higher opex. Company has reiterated FY26 guidance and is noting a better line of sight

Sam Edmunds - Specialist Sales -

to achieving this guidance today based on a broad-based recovery in orders through European Industrials

1Q, which has improved further in 2Q, especially in the specialty polymers business. (44-20) 7742-8733

These comments should be seen as reassuring, given there has been some market sam.edmunds@jpmorgan.com

skepticism on the ability of the company to achieve FY guide, with the focus likely