Südzucker expects significant year-on-year earnings growth also in the third quarter

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November 15, 2023 (press release) –

Following a continued positive development, Südzucker AG expects group operating result in the third quarter of fiscal 2023/24 (1 September to 30 November 2023) to be significantly higher than the previous year's level (Q3 2022/23: operating result: EUR 220 million). The improvement in group operating result is largely driven by the sugar segment.

Due to the expected positive development in the third quarter, Südzucker confirms the forecast for the full financial year 2023/24, which was last raised on 12 October 2023. Südzucker expects group revenues of EUR 10.0 to 10.5 (2022/23: 9.5) billion. Group EBITDA is expected to be between EUR 1.3 and 1.4 (2022/23: 1.1) billion and group operating result between EUR 900 and 1,000 (2022/23: 704) million.

The Ukraine war, which has continued from the start of fiscal year 2022/23 to the present day, has generally intensified the already existing high volatility in the target markets and price increases in the procurement markets, particularly in the raw materials and energy sectors. Moreover, further market distortions may arise in the EU as a result of the duty free access granted to agricultural imports from Ukraine. Despite currently lower volatility, the economic and financial ramifications, the security of supply and the duration of this temporary exceptional situation - with regard to the further course of fiscal 2023/24 and also fiscal year 2024/25 - remain difficult to assess.

The figures for the third quarter of the 2023/24 financial year will be published on 11 January 2024.

Mannheim, 15 November 2023, 12:50 CET/CEST

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