| Press release | Communiqué de presse |
Syensqo first quarter 2026 results
Net sales of €1.4 billion, increased 5% sequentially, led by Specialty Polymers and Novecare; Underlying EBITDA of €251 million, increased 6% sequentially, led by Specialty Polymers; Full year 2026 underlying EBITDA outlook unchanged, with capital expenditure lowered by up to €50 million
Brussels, May 15, 2026, 7.00am CET
Q1 2026 Highlights
- Net sales of €1.4 billion reflect stable overall year-on-year volumes, offset by the adverse impact of foreign exchange movements. On a sequential basis, net sales increased 5%, driven by higher volumes led by Specialty Polymers and Novecare, while pricing remained stable;
- Gross profit of €444 million reflects the year-on-year impact of foreign exchange movements on net sales as well as unfavorable product mix, resulting in a gross margin of 31.7%. Compared to the fourth quarter of 2025, gross profit increased by 15% and gross margin expanded by 260 basis points, primarily driven by growth in Specialty Polymers;
- Underlying EBITDA of €251 million decreased 13% organically year-on-year, resulting in an underlying EBITDA margin of 17.9%. On a sequential basis, underlying EBITDA increased 6% driven by Specialty Polymers, Novecare and Composite Materials;
- Underlying profit attributable to Syensqo shareholders of €68 million;
- Operating cash flow of €82 million included the final payment of separation costs of approximately €30 million;
- Capital expenditures1 of €97 million decreased 44% year-on-year;
- Divestment of the Oil & Gas business unit completed in January with net proceeds of approximately €130 million
| Underlying (€ million) | Q1 2026 | Q1 2025 | Q4 2025 | YoY change | YoY organic | QoQ change |
| Net sales | 1,399 | 1,511 | 1,329 | -7.4% | -1.6% | 5.3% |
| Gross profit | 444 | 495 | 387 | -10.4% | – | 14.7% |
| Gross profit margin | 31.7% | 32.8% | 29.1% | -110 bps | – | 260 bps |
| Underlying EBITDA | 251 | 301 | 236 | -16.5% | -13.1% | 6.5% |
| Underlying EBITDA margin | 17.9% | 19.9% | 17.7% | -200 bps | -240 bps | 20 bps |
| Operating cash flow | 82 | 176 | 252 | -53.5% | – | n.m. |
| ROCE (LTM) | 5.8% | 7.1% | 6.2% | -130 bps | – | -40 bps |
1 Including Capex for the new ERP Implementation
Mike Radossich, CEO …