KBC Securities - SYENSQO (SYENS) Syensqo FIRST LOOK: Weak 4Q performance and disappointing FY26 outlook

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KBC Securities

Wim Hoste

Syensqo FIRST LOOK: Weak 4Q performance and disappointing FY26 outlook

4Q uEBITDA dropped by 20% and was 10% below our forecast and 11% below consensus. FY26 uEBITDA guidance of € 1.1bn represents a 7% drop y/y at similar scope and is c. 15% below our and consensus forecasts, due to a combination of elements (impact from a copper mine shutdown, weaker sales of a smart device customer, the phase out of some fluorosurfactants and a € 40m negative FX impact). We continue to believe valuation is attractive but will have to lower our forecasts significantly.

26/02/2026 1 EN

Underlying

SYENSQO

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BE0974464977 Belgium

Provider

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

Other Reports on these Companies

GlobeNewsWire

Syensqo notifies bondholders of the Redemption Price for its €500 million senior bonds

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March 26, 2026 March 26, 2026 1 EN

GlobeNewsWire

Syensqo successfully completes its LTI Share Buyback Program

Syensqo successfully completes its LTI Share Buyback Program Communiqué de pressePersbericht Regulated Syensqo successfully completes its LTI Share Buyback Program Brussels, Belgium – March 26, 2026 18:00 CET Syensqo is pleased to announce the successful completion of its 2026 LTI Share Buyback Program. The program, on March 23, 2026, was concluded on March 25, 2026. This program, authorized by the Syensqo Board of Directors, was designed to cover current and future obligations under Syensqo’s Long Term Incentive Plans for its employees. Syensqo shares were purchased through intra-g...

March 26, 2026 March 26, 2026 1 EN

KBC Securities

Morning Notes : GLPG NA, GIMB BB, BTLS BB, SYENS BB, EXO NA

: GLPG NA, GIMB BB, BTLS BB, SYENS BB, EXO NA

March 24, 2026 March 24, 2026 1 EN

Morning Notes : ARCAD NA, EXM BB, IBAB BB, SOF BB

: ARCAD NA, EXM BB, IBAB BB, SOF BB

March 27, 2026 March 27, 2026 1 EN

Wim Hoste

Wim Hoste

IBA FIRST LOOK: FY25 REBIT +58%, FY26 guidance of at least 17% growth

IBA reported solid FY25 results, with revenues up 24% to € 620m (kbcse: € 614m), driven by an accelerated backlog conversion and good order intake. However, gross profit margins still contracted by 150bps to 32.2%, driven by negative mix effects from legacy lower margin PT contracts. Nevertheless, as this was already anticipated, the FY25 REBIT of € 27.4m came in above the guidance of at least € 25m and was in line with our forecast. The 2026 guidance calls for a REBIT of at least € 32m (kbcse: € 41.4m), with the improvement expected to be driven by further progress on the Spanish contract. De...

March 27, 2026 March 27, 2026 1 EN

Wim Hoste

Wim Hoste

Tessenderlo Feedback FY25 results conference call

Below are the highlights of the FY25 results conference call. Tessenderlo's FY25 adjusted EBITDA increased by 8.5% to 288.1m, which was 3% below our forecast and 6% below consensus. FY26 guidance calls for adjusted EBITDA in line with 2025 which is also below our and consensus forecasts. Despite the difficult macro economic environment, we remind that the company is generating sizeable FCF which was until recently used to regularly buy back own shares. We consider valuation to be attractive enough from maintaining our Accumulate rating with target price maintained at € 28.

March 26, 2026 March 26, 2026 1 EN

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Syensqo FIRST LOOK: Weak 4Q performance and disappointing FY26 outlook

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

Syensqo notifies bondholders of the Redemption Price for its €500 million senior bonds

Syensqo successfully completes its LTI Share Buyback Program

Morning Notes : GLPG NA, GIMB BB, BTLS BB, SYENS BB, EXO NA

Morning Notes : ARCAD NA, EXM BB, IBAB BB, SOF BB

IBA FIRST LOOK: FY25 REBIT +58%, FY26 guidance of at least 17% growth

Tessenderlo Feedback FY25 results conference call

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