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

9 July 2026

Suedzucker AG

Post Results Agenda

First LookManagement sounded incrementally more constructive on

sugar pricing as hot, dry weather threatens the EU's FY26/27

14.1mt crop forecast. Ethanol remains a key earnings driver, SZUG.DE/SZU GY OVERWEIGHT European Consumer

Stapleswhile unchanged EBITDA guidance despite a revenue NEUTRAL

Price Target EUR 14.00

upgrade reflects prudence around harvest visibility and rising Price (08-Jul-26) EUR 11.04

costs. Potential Upside/Downside +26.8%

Source: Bloomberg, Barclays Research

Sugar outlook slightly more constructive: Management struck a more constructive tone on

European Consumer Staplessugar pricing. The EU Commission's latest FY26/27 14.1mt (16.6mt for FY25/26) sugar production

Alex Sloane

forecast is broadly in line with expectations and already reflects lower planted acreage, but

+44 (0)20 3555 0645

importantly assumes normal harvesting conditions. Beet development was tracking well alexander.sloane@barclays.com

through June following favourable planting conditions and adequate rainfall. However, the Barclays, UK

recent hot and dry weather across Europe has increased downside risk to yields, particularly in

Warren Ackerman

France where aphid pressure and yellow virus remain concerns. Management believes a weaker-

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than-expected European crop could become supportive for sugar prices, while also highlighting warren.ackerman@barclays.com

potential weather-related risks from El Niño in key producing regions such as India and Barclays, UK

Thailand. On the commercial side, roughly one-third of FY26/27 sugar volumes have now been

Setu Sharda

contracted. While contract pricing remains broadly flat versus previous discussions,