Südzucker Q3 results improve while sugar segment remains under pressure.

Südzucker reported improved third-quarter earnings after a mixed first nine months and reiterated its full-year guidance, while management said the sugar business continued to weigh on results.

Südzucker reported a mixed first nine months of fiscal 2025–26 and said third‑quarter results showed meaningful improvement. Management emphasized ongoing pressure in the sugar segment and noted that non‑sugar activities were stabilizing overall performance. CFO Dr. Stephan Meeder described the nine‑month picture as "mixed." Management reaffirmed its fiscal 2025–26 guidance and referenced initial expectations for fiscal 2026–27. Key figures and details: - First nine months revenue: EUR 6.4 billion, EBITDA: EUR 367 million, operating result: EUR 95 million, cash flow: EUR 179 million. - Net financial debt rose by EUR 181 million to EUR 1.835 billion as of end‑November, with seasonal beet payments cited as a factor. - Fiscal 2025–26 guidance was reaffirmed at group revenue EUR 8.3–8.7 billion and operating result EUR 100–200 million; management said results were slightly below the midpoint of the operating range. - Management referenced initial 2026–27 expectations of slightly lower group revenue and an EBITDA range of EUR 480–680 million. - The sugar segment reported an operating loss of minus EUR 136 million for the first nine months versus minus EUR 23 million a year earlier, attributed to sharply lower sugar prices and reduced volumes. - Meeder outlined market dynamics, citing GlobalData forecasts of a 1.5 million ton global deficit for 2024–25 followed by a projected 3.3 million ton surplus for 2025–26, high ending stocks, and world white sugar prices moving from about EUR 350/ton in summer 2025 to EUR 377/ton at end‑November, with a weaker U.S. dollar also noted. Summary: Management said the third quarter showed meaningful improvement within a nine‑month period that remained below the prior year due primarily to the sugar segment. The company reaffirmed its fiscal 2025–26 guidance and presented initial expectations for 2026–27, while highlighting net financial debt and restructuring as priorities; further company updates were not specified.