Synthomer Plc: Material upside to 1H26 expectations but unlikely to drive 2H estimates higher

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Synthomer Plc: Material upside to 1H26 expectations but unlikely to drive 2H estimates higher

C A Z E N O V E Europe Equity Research

22 June 2026

Synthomer Plc Neutral

SYNTS.L, SYNT LN

Material upside to 1H26 expectations but unlikely to Price (19 Jun 26):115p

drive 2H estimates higher Price Target (Dec-27):102p

Synthomer (SYNT) has issued a scheduled trading update for Jan-May 2026 (5M26). European Chemicals

ACWhile the company had already seen a YoY uptick in earnings in 1Q26, driven largely Chetan Udeshi, CFA

by self-help measures, 2Q26 performance improved further, supported by some (44-20) 7742-7034

tailwinds from the Middle East (ME) conflict, with 2Q26 volume, margin and chetan.x.udeshi@jpmorgan.com

EBITDA growth tracking above the company’s expectations. Based on this update, Angelina Glazova, CFA

we believe there is potential upside to our published 1H adj EBITDA of £83m (+7% (44-20) 7134-8379

YoY), with something around £90-95m looking more likely. While some of the 2Q angelina.glazova@jpmorgan.com

J.P. Morgan Securities plc

upside may be due to pre-buying by customers on supply concerns due to the conflict,

SYNT hasn’t seen a material deterioration in June volumes, though the July order Specialist Sales contact details:

book looks modestly weaker than 2Q trends. The company continues to expect YoY

Sam Edmunds - Specialist Sales -

earnings progress in FY26, but it has also noted uncertainty around the duration of the European Industrials

earnings uplift seen over 2Q26, given the evolving situation in ME. With this in mind, (44-20) 7742-8733

it is unlikely that there will be a material change to the Bloomberg consensus for adj sam.edmunds@jpmorgan.com

EBITDA of £167m (+22% YoY). The company has also announced a sale agreement