Synthomer Plc: 1H26 results ahead of expectations and FY26 guidance raised

研报英文原文证据摘录

Synthomer Plc: 1H26 results ahead of expectations and FY26 guidance raised

C A Z E N O V E Europe Equity Research

04 August 2026

Synthomer Plc Neutral

SYNTS.L, SYNT LN

1H26 results ahead of expectations and FY26 guidance Price (03 Aug 26):89p

raised Price Target (Dec-27):102p

Synthomer (SYNT) has reported 1H26 financial results this morning. Echoing the European Chemicals

ACmessage from the recent 5M26 update (our note here), SYNT has demonstrated Angelina Glazova, CFA

1H26 results ahead of expectations, with cont. op. EBITDA of £97m (10% (44-20) 7134-8379

margin), up 13% YoY in constant currency (CC) and 4% above JPMe. SYNT angelina.glazova@jpmorgan.com

highlighted that, out of the ~£14m YoY increase in cont. op. EBITDA, ~£8m is Chetan Udeshi, CFA

stemming from the company’s self-help measures and growth initiatives, with the (44-20) 7742-7034

remaining £6m driven largely by temporary effects due to the Middle East (ME) chetan.x.udeshi@jpmorgan.com

J.P. Morgan Securities plc

conflict, which the company does not expect to recur in 2H26. 1H26-end net debt

(excl. leases) of £671m came in 3% below JPMe reflecting a less pronounced Specialist Sales contact details:

working capital build up than we had forecast, with ND/EBITDA on a covenant

Sam Edmunds - Specialist Sales -

basis of 4.9x. While SYNT’s 1H26 results were strong, similar to most other EU European Industrials

diversified chemical companies, uncertainty remains on 2H26 outlook, with order (44-20) 7742-8733

book visibility still relatively limited. With this in mind, SYNT has upgraded its sam.edmunds@jpmorgan.com

FY26 guidance to reflect solid 1H26 results, but assuming normalisation in 2H26

with no ME-related tailwinds. SYNT now expects FY26 earnings to be slightly