KBC Securities - SYENSQO (SYENS) Syensqo FIRST LOOK: 1Q EBITDA -14%, outlook reiterated but subject to tariff/FX #x07; #x07;

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KBC Securities

Wim Hoste

Syensqo FIRST LOOK: 1Q EBITDA -14%, outlook reiterated but subject to tariff/FX  

1Q underlying EBITDA declined by 14%, being 3% above consensus and 4% above our forecast. FY25 underlying EBITDA of at least € 1.4bn (roughly flat vs FY24) is reiterated although excludes potential tariffs and FX impacts. We remind that Syensqo is looking to divest Oil&Gas and Aroma in an effort to create shareholder value. We still appreciate Syensqo for its solid market positions, strong balance sheet (1.4x leverage) and solid mid to long term growth potential. Valuation is clearly discounted vs peers and prompt us to reiterate our BUY rating.

15/05/2025 1 EN

Underlying

SYENSQO

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BE0974464977 Belgium

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KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Wim Hoste

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Syensqo FIRST LOOK: 1Q EBITDA -14%, outlook reiterated but subject to tariff/FX &#x07; &#x07;

We are a financial services provider for several types of professional clients, each with distinct needs.

Dollar Weakness The impact on our Benelux Coverage

Syensqo - Acquisition of own shares

Syensqo - Acquisition d'actions propres

Brederode 1Q25: NAVps down 1.7%; Weakening Dollar Impacts Private Assets

Galapagos Updated NHL phase 1/2 GLPG5101 data at EHA shows decentralised POC

MaaT Pharma Updated MaaT013 aGvHD EAP data at EHA shows consistent outcomes

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Syensqo FIRST LOOK: 1Q EBITDA -14%, outlook reiterated but subject to tariff/FX