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SYENSQO - First Quarter 2024 Results



Brussels, May 16, 2024, 6:45 a.m. CEST


Underlying (€ million)Q1 2024Q1 2023YoY reportedYoY organicQ4 2023QoQ reported
Net sales 1,624 1,813 -10.4% -8.3% 1,577 3.0%
EBITDA 363 473 -23.4% -20.4% 294 23.3%
EBITDA margin 22.3% 26.1% -380 bps - 18.7% 370 bps
Operating cash flow 244 412 -40.9% - n.a. -
Cash conversion (LTM) (1) 88.7% n.a. - - n.a. -
Free cash flow (2) 157 255 -38.1% - n.a. -
ROCE (LTM) 9.6% n.a. - - n.a. -

Q1 2024 Highlights

  • Net sales of €1.6 billion increased by 3% sequentially with improved volume momentum, most notably in Novecare and Specialty Polymers. On a year-on year basis, net sales decreased by 8% organically versus a record Q1 2023, driven by lower volumes (2%) and decrease in prices (6%), most notably in the Consumer & Resources segment and Specialty Polymers. 
  • Underlying EBITDA of €363 million increased by 23% sequentially, in-line with prior outlook 
  • EBITDA margin of 22.3% increased by approximately 370 basis points sequentially, driven by gross margin improvements in all businesses, most notably in Composite Materials, Specialty Polymers and Novecare, reflecting the quality of our offering and strong control of operations and pricing
  • Underlying net profit of €156 million 
  • Operating cash flow of €244 million, resulting in cash conversion of 89%; Free cash flow of €157 million
  • Balance sheet: net debt reduced to €1.5 billion (versus €1.6 billion at the end of 2023) and leverage ratio of 1.0x

Dr. Ilham Kadri, CEO

“In addition to meeting our outlook for the first quarter, I am encouraged by the improved momentum we have seen since the start of the year. We saw strong margin expansion, with sequential improvements in volumes and net sales in both Materials and Consumer & Resources.. However, it is still too early to call it a trend, and we therefore reiterate our full year outlook.
“Our first five months as Syensqo have seen us ensure a smooth transition for our customers, while further sharpening our innovation and commercial priorities, fully aligned with their needs and the unique value we offer. In addition we announced new and ambitious partnerships, launched new disruptive technologies to advance our leadership positions in aerospace, electric vehicles and specialty coatings, as well as making a bolt-on investment in high value dermocosmetics to enhance our portfolio in the consumer market”.

2024 Outlook 

While our first quarter 2024 results benefited from improved volume momentum, supporting the strong sequential increase in underlying EBITDA, the pace of a broader macroeconomic recovery remains unclear. As a result, we reiterate our previous full year 2024 outlook ranges as follows:

  • Underlying EBITDA to be in the range of €1.4 billion and €1.55 billion; 
  • Capital expenditures to be in the range of  €600-€650 million; 
  • Underlying Free Cash Flow in the range of €400 million and €500 million, excluding the previously announced $180 million PFAS payment to the New Jersey Department of Environmental Protection, which was made in April 2024

As demonstrated by our performance in the first quarter of 2024, we confirm that we saw the inflection in our quarterly underlying EBITDA performance in the fourth quarter of 2023. We expect this positive momentum in underlying EBITDA to continue in the second quarter of 2024, aligned with current consensus expectations.  

As previously indicated, second  quarter net debt will include cash outflows related to the PFAS settlement as well as €172 million related to the dividend payment on May 31, 2024, subject to shareholder approval at the Annual General Meeting on May 23, 2024.

Safe harbor

This press release may contain forward-looking information. Forward-looking statements describe expectations, plans, strategies, goals, future events or intentions. The achievement of forward-looking statements contained in this press release is subject to risks and uncertainties relating to a number of factors, including general economic factors, interest rate and foreign currency exchange rate fluctuations, changing market conditions, product competition, the nature of product development, impact of acquisitions and divestitures, restructurings, products withdrawals, regulatory approval processes, all-in scenario of R&I projects and other unusual items. Consequently, actual results or future events may differ materially from those expressed or implied by such forward-looking statements. Should known or unknown risks or uncertainties materialize, or should our assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly update or revise any forward-looking statements.

About Syensqo 

Syensqo is a science company developing groundbreaking solutions that enhance the way we live, work, travel and play. Inspired by the scientific councils which Ernest Solvay initiated in 1911, we bring great minds together to push the limits of science and innovation for the benefit of our customers, with a diverse, global team of more than 13,000 associates. 
Our solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices and health care applications. Our innovation power enables us to deliver on the ambition of a circular economy and explore breakthrough technologies that advance humanity.

Media relations

Nathalie van Ypersele  
+32 478 20 10 62 

Perrine Marchal
+32 478 32 62 72

Laetitia Schreiber
+32 487 74 38 07
Investor Relations

Sherief Bakr
+44 7920 575 989

Bisser Alexandrov
+33 6 07 63 52 80

Imtiyaz Lokhandwala
+1 609 860 3959


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