Communiqué de presse
Persbericht
Syensqo third quarter 2025 results
Underlying EBITDA of €326 million, resilient margin performance; Strong cash generation with FCF of €250 million in Q3; Agreement to divest Oil & Gas, advancing pure play specialty strategy
Brussels, November 6, 2025, 7.00am CET
Q3 2025 Highlights
Net sales of €1.52 billion impacted by unfavourable year-on-year foreign exchange movements (-5%), lower volumes (-1%); Strong year-on-year growth in Technology Solutions;
Gross profit of €484 million decreased by 15% year-on-year, primarily driven by lower volumes and unfavorable foreign exchange movements, resulting in gross margin of 31.9%; On a sequential basis, gross margin was unchanged;
Underlying EBITDA of €326 million decreased by 10% year-on-year organically, primarily due to lower underlying EBITDA in Specialty Polymers and Novecare partially offset by structural cost savings; On a sequential basis, underlying EBITDA decreased by 3%;
Underlying EBITDA margin remains resilient, expanded 40 basis points sequentially to 21.5%, primarily driven by Specialty Polymers;
Underlying net profit, Syensqo share of €110 million;
Operating cash flow of €331 million; Free cash flow of €250 million;
Agreement to divest the Oil & Gas business unit for an enterprise value of €135 million, or c.7x EV/EBITDA
Underlying (€ million)
Q3 2025
Q3 2024
Q2 2025
YoY change
YoY organic
QoQ change
9M 2025
9M 2024
YoY change
YoY organic
Net sales
1,517
1,633
1,586
-7.1%
-2.5%
-4.4%
4,722
4,965
-4.9%
-2.5%
Gross profit
484
572
506
-15.3%
-
-4.3%
1,504
1,737
-13.4%
-
Gross profit margin
31.9%
35.0%
31.9%
-310 bps
-
0 bps
31.9%
35.0%
-310 bps
-
Underlying EBITDA
326
374
335
-12.8%
-9.8%
-2.7%
973
1,114
-12.7%
-11.1%
Underlying EBITDA margin
21.5%
22.9%
21.1%
-140 bps
-170 bps
40 bps
20.6%
22.4%
-180 bps
-200 bps
Operating cash flow
331
210
20
57.9%
-
n.m.
526
496
6.0%
-
Free cash flow
250
27
-67
n.m.
-
n.m.
220
65
n.m.
-
Cash conversion (LTM)
76%
69%
72%
690 bps
-
370 bps
76%
69%
690 bps
-
ROCE (LTM)
6.5%
8.1%
6.9%
-160 bps
-
-40 bps
6.5%
8.1%
-160 bps
-
Dr. Ilham Kadri, CEO "The third quarter saw us deliver a resilient margin and strong free cash flow generation in a challenging macroeconomic environment. Our strong value proposition, and continued focus on what we can control drove another quarter of sequential EBITDA margin improvement. In addition, we have continued to execute our pure play specialty strategy with the recently announced divestment of the Oil & Gas business at an attractive valuation.
"For the balance of the year we continue to see a slower recovery in volumes and have adjusted our full year outlook accordingly, broadly aligned with consensus expectations.
"Finally, it has been the privilege of my career to serve Syensqo and its exceptional people for the past seven years. Together, we raised our ambitions, navigated crises, accomplished the historic demerger with Solvay, and launched one of the industry's most innovative specialty companies. I want to express my deepest gratitude to every team member, whose dedication and belief made this transformation possible. As Syensqo steps boldly into its next chapter, I thank you for your passion, resilience, and the spirit of exploration that continues to shape our shared future. With deep gratitude for the trust and partnership of the investor and analyst community, the best is yet to come."
2025 Outlook For the fourth quarter, we expect macroeconomic and demand weakness to continue across most of our end markets given evolving tariff and geopolitical dynamics. Over the course of the year, these external factors have seen customers adapting to broader demand uncertainty. For example, we see a slower recovery in Electronics volumes in the second half of the year, as customers manage their shorter-term inventories. In addition, we now expect the previously flagged destocking at a major civil aerospace customer to continue throughout 2025. Nevertheless, strong underlying demand in both civil aerospace and space & defence applications is expected to support strong growth in Composite Materials in 2026 and beyond.
We continue to benefit from cost saving initiatives and are accelerating initiatives to further strengthen our foundations for longer-term growth, targeting more than €200 million of run rate savings by the end of 2026. As demonstrated in our strong third quarter performance, cash flow generation remains a key area of focus and we will continue to take actions to mitigate volume uncertainty.
Our full year 2025 outlook, which also takes into account a further strengthening of the Euro against our major trading currencies, is now as follows:
Underlying EBITDA of approximately €1.25 billion
Capital Expenditures to be below €600 million
Free Cash Flow of approximately €325 million
From a cashflow perspective, 2025 includes outflows related to the separation from Solvay and the final year of material investments related to the expansion of the Tavaux site in France, which are not expected to repeat in 2026.More detailed information ...
