Suedzucker AG: Post Results Agenda

研报英文原文证据摘录

Suedzucker AG: Post Results Agenda

Equity Research

European Consumer Staples

21 May 2026

Suedzucker AG

Post Results Agenda

First LookShare price weakness reflects no upgrade and higher

leverage, but risks to guidance skew to the upside. Potential

upside stems from under-embedded ethanol strength and SZUG.DE/SZU GY OVERWEIGHT European Consumer

Staplespotential EU sugar price upside if harvest is tighter. NEUTRAL

Price Target EUR 15.00

Price (20-May-26) EUR 11.78

Suedzucker FY26/27 outlook – stable EBITDA with asymmetric sugar price risk: Suedzucker Potential Upside/Downside +27.3%

is guiding FY26/27 EBITDA in a €‑60m to +€40m range, implying broadly flat earnings at the Source: Bloomberg, Barclays Research

midpoint YoY. Management highlighted a tightening fundamental backdrop, with a global deficit

and cumulative ~20% reduction in EU acreage over two years, but noted that high ending stocks European Consumer Staples

and stabilised low EU prices are capping near-term recovery. The base case remains for flat Alex Sloane

pricing, but upside risk emerges if harvest is tighter given the reduced acreage, leaving the +44 (0)20 3555 0645

outlook increasingly dependent on crop outcomes. The German sugar tax remains a potential alexander.sloane@barclays.com

demand overhang, although the 12‑month suspension of inward processing is a near-term Barclays, UK

offset. Warren Ackerman

+44 (0)20 3134 1903

CropEnergies FY26/27 outlook – pricing-led EBITDA recovery with structural tailwinds: warren.ackerman@barclays.com

Management is guiding for a significant increase in EBITDA, driven primarily by higher ethanol Barclays, UK

pricing, partly offset by lower volumes following the Wilton (UK) plant shutdown (though

Setu Shardacurrently some de-mothballing not baked into revenue guide).