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Syensqo first quarter 2024 results

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Improved year-on-year volume momentum in Q1 2024; Underlying EBITDA of €363 million with strong sequential margin improvement to 22.3% & full year 2024 outlook reiterated


  • 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 conversion1 of 89%; Free cash flow2 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
Earnings Q1 2024

“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”.

Ilham Kadri, CEO of Syensqo

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.


1 Cash conversion: ((Underlying EBITDA +/- Changes in working capital - Sustenance  Capex) / Underlying EBITDA)

2 Free cash flow to Syensqo shareholders: Free cash flow after payment of net interests, coupons of perpetual hybrid bonds, dividends to non-controlling interests and capital injections and capital reimbursements from/to non-controlling interests

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Syensqo first quarter 2024 results


Syensqo Q1 2024 Results - Media Presentation


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.

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 in 30 countries.

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.