Quarterly Statement - First to third quarter 2024/25

Dr. Stephan Meeder (CFO), Nikolai Baltruschat (Head of IR)

14 January 2025

Agenda

Financial Highlights 9M 2024/25

Development of Segments

Income statement

Cash flow statement

Balance sheet

Outlook FY 2024/25

Appendix

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Südzucker Audio Webcast Q3 2024/25, 14 January 2025

FINANCIAL TRANSPARENCY

Group income statement

rd 3

(mn €)

2024/25

Revenues

2.374

EBITDA

82

EBITDA margin

3,5%

Depreciation

-115

Operating result

-33

Operating margin

-1,4%

Result from restructuring/special items

-85

Result from companies consolidated at equity

0

EBIT

-118

Net earnings attributable to shareholders

-119

Earnings per share (€)

-0,62

Cash flow

25

Investments in fixed assets and intangible assets

149

Working Capital

Capital Employed

Net financial debt

Employees

quarter

2023/24

+ / - in %

2024/25

2.701

-12,1

7.466

385

-78,7

502

14,3%

6,7%

-117

-1,7

-266

268

-

236

9,9%

3,2%

-17

> 100

-72

3

-100,0

4

254

-

168

171

-

23

0,80

-

-0,01

325

-92,3

368

129

15,5

417

2.541

6.833

1.713

19.853

st

rd

1

-3

quarter

2023/24

+ / - in %

7.779

-4,0

1.124

-55,3

14,4%

-264

0,8

860 -72,6

11,1%

-18

> 100

1

> 100

843

-80,1

531

-95,7

2,49

-

917

-59,9

328

27,1

3.142

-19,1

7.273

-6,0

1.620

5,7

19.655

1,0

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Südzucker Audio Webcast Q3 2024/25, 14 January 2025

FINANCIAL TRANSPARENCY

Financial Highlights - 9M 2024/25

Revenues

7.5 (7.8) bn

Sugar:

3.1 (3.1) bn €

Non-sugar:

4.4 (4.7) bn €

EBITDA

502 (1,124) mn

Sugar:

81

(629) mn €

Non-sugar:

421

(495) mn €

Operating Result

236 (860) mn

Sugar:

-23 (525) mn €

Non-sugar:

259 (335) mn €

Cash flow

368 (917) mn

Working Capital

2,541 (3,142) mn

Net Financial Debt

1,713 (1,620) mm

Equity ratio

44 (46) %

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Südzucker Audio Webcast Q3 2024/25, 14 January 2025

FINANCIAL TRANSPARENCY

Overview segments - 9M 2024/25

Group

Sugar

Non-

sugar

Special

products

Crop-

Energies

Starch

Fruit

(mn €)

Revenues EBITDA Operating result

Revenues EBITDA Operating result

Revenues EBITDA Operating result

Revenues EBITDA Operating result

Revenues EBITDA Operating result

Revenues EBITDA Operating result

Revenues EBITDA Operating result

rd 3

2024/25 2.374 82 -33

970 -36 -95

1.404 118 62

559 66 44

227 2 -9

219 16 4

399 34 23

quarter

2023/24

%

2024/25

2.701

-12,1

7.466

385

-78,7

502

268

-

236

1.155

-16,0

3.104

206

-

81

145

-

-23

1.546

-9,2

4.362

179

-34,1

421

123

-49,6

259

609

-8,2

1.704

76

-13,2

216

55

-20,0

152

283

-19,8

711

38

-94,7

42

27

-

8

266

-17,7

724

31

-48,4

59

19

-78,9

24

388

2,8

1.223

34

-

104

22

4,5

75

st

rd

1

-3

quarter

2023/24

%

7.779

-4,0

1.124

-55,3

860

-72,6

3.106

-0,1

629

-87,1

525

-

4.673

-6,7

495

-14,9

335

-22,7

1.818

-6,3

212

1,9

150

1,3

848

-16,2

94

-55,3

61

-86,9

828

-12,6

92

-35,9

58

-58,6

1.179

3,7

97

7,2

66

13,6

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Südzucker Audio Webcast Q3 2024/25, 14 January 2025

FINANCIAL TRANSPARENCY

Agenda

Financial Highlights 9M 2024/25

Development of Segments

Income statement

Cash flow statement

Balance sheet

Outlook FY 2024/25

Appendix

7

Südzucker Audio Webcast Q3 2024/25, 14 January 2025

FINANCIAL TRANSPARENCY

Sugar balance world*

(mn t)

Production

Consumption

Ending Stock

186.2

187.4

190.4

192.9

195.1

183.9

189.0

193.1

192.9

191.9

65.5

66.5

69.2

69.2

67.4

2021/22

2022/23

2023/24

2024/25e

2025/26e

35.2 %

36.4 %

35.9 %

34.6 %

35.5 %

Stocks to use ratio in %

* accordingtos&pglobal, December 2024

2021/22: Market deficit (-5.7mn t)

  • Third deficit year in a row

2022/23: Market with slight surplus (+1.0 mn t)

  • Higher production, particularly in Brazil
  • Low stock level remains

2023/24: Market with significant lower surplus

(+2.7 mn t; expected so far +5.2 mn t)

  • Further production increase, particularly in Brazil, China and Europe
  • Rising stock

2024/25e: Market now balanced

(+/- 0 mn t; expected so far +3.9 mn t)

  • Further production increase (particularly Thailand)
  • Stable stock on a low level

2025/26e: Market with deficit (-1.8mn t)

  • Increase in consumption with stable production

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Südzucker Audio Webcast Q3 2024/25, 14 January 2025

FINANCIAL TRANSPARENCY

Sugar prices development

€/t

1200

1100

1000

900

800

700

600

500

400

300

200

EU Price reporting (ex-works price)

EU Spot Price (delivered)

World market price (fob)

Campaign 2023:

  • Slight increase in cultivation area
  • Sugar production ~ 16 mn t
  • Largely stable prices

Campaign 2024:

  • Moderate increase in cultivation area
  • Sugar production ~ 17 mn t
  • EU net-exporter
  • Massive price decrease in light of higher harvest expectations

Campaign 2025e:

  • Moderate cultivation area restriction expected

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Südzucker Audio Webcast Q3 2024/25, 14 January 2025

FINANCIAL TRANSPARENCY

Sugar segment - Development 9M 2024/25

3

rd

quarter

st

rd

quarter

1

-3

(mn €)

2024/25

2023/24

+/- in %

2024/25

2023/24

+ / - in %

Revenues

970

1.155

-16,0

3.104

3.106

-0,1

EBITDA

-36

206

-

81

629

-87,1

EBITDA margin

-3,7%

17,8%

2,6%

20,3%

Depreciation

-59

-61

-3,3

-104

-104

-

Operating result

-95

145

-

-23

525

-

Operating margin

-9,8%

12,6%

-0,7%

16,9%

Revenues

On previous year's level. The significantly higher sales volumes were no longer able to offset the falling prices. Prices in the EU fell more and more sharply over the course of the fiscal year and dropped again significantly at the beginning of the new SMY 2024/25. Also the increased exports to the international market put pressure on our average sales prices.

Operating Result

Negative result. For the first time with an operating loss in Q3 and thus negative overall after nine months. The decline was mainly caused by the drastic price decline. The significant increase in production costs in the 2023 campaign has also had a negative impact since the beginning of the FY. In Q3, stocks with the high production costs from the 2023 campaign were still being sold at prices that had fallen significantly again at the beginning of the new sugar marketing year, which had an above-average impact on Q3.

© Shutterstock.com/Food Impressions

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Südzucker Audio Webcast Q3 2024/25, 14 January 2025

FINANCIAL TRANSPARENCY

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Südzucker AG published this content on January 14, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 14, 2025 at 06:31:03.470.