Südzucker - Q2 results as expected with guidance maintained; significant uncertainties remain

Davy Research
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As expected, SZU has delivered a strong Q2 result, with operating profit up 29.6% year-on-year (yoy), driven by a significant increase in Sugar segment (+146%). Full-year guidance range has been maintained. However, significant uncertainty remains as to how European sugar processors will adjust to recent market liberalisation. Favourable beet growth will drive campaign days, which may further pressure sugar pricing.