Fair Value: €13.5 – – – – – Rating: Neutral Moderate start into the new financial year expected In April, Südzucker already indicated that Q1 results, which will be reported on Thursday, should fall short of last year’s performance but that this is within its guidance for the full year. We expect to see an 11% decline in group sales and an operating profit of EUR30m (EUR155m in Q1 24/25). We anticipate some improvements from this level in the coming quarters and a full year operating profit around the mid-point of the company’s guidance. We stick to our Neutral rating.