Quick Take: Syensqo 2Q26 - Strong execution in Materials to start rebuilding credibility

研报英文原文证据摘录

Quick Take: Syensqo 2Q26 - Strong execution in Materials to start rebuilding credibility

30 July 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 78.00 EUR james.brady@bernsteinsg.com

Quick Take: Syensqo 2Q26 - Strong execution in Materials to start

rebuilding credibility

Syensqo’s 2Q26 was a strong set of results. We highlighted earlier in the week that Specialty

Close Date 29 Jul 2026

Polymers growing again was key to rebuilding credibility, and management delivered (organic

SYENS.BB Close Price (EUR) 71.45

+2.3%, see Syensqo: Unlocking a SotP valuation - Raising our PT to €78). While one quarter

Price Target (EUR) 78.00

of growth is not enough to erase the prior 2 years, we note that management have spent time

Upside/(Downside) 9%

reorganising the business and invested in commercial execution, which hopefully leads to

52-Week Range 82.12/41.76

sustained success. Composite Materials continues to be strong thanks to Civil Aerospace, and

EDME 1,601.43

we expect that to continue after the multi-year agreement signed with Airbus. Performance

FYE Dec

& Care (P&C) also performed well, driven by Technology Solutions (TS), which saw strong

Div Yield 2.3%

volumes in mining solutions. This led to management slightly upgrading FY guidance, ahead

Market Cap (EUR) (M) 7,380

of our expectations, from EBITDA of c.€1.1bn to €1.1bn+, based on their confidence in

EV (EUR) (M) 9,433

the volume outlook (including electronics). We reiterate our view that if management can

sustainably grow again in Materials and realise value from P&C, there still considerable upside Performance YTD 1M 6M 12M