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Shisuo Ke Releases 2025 Annual Financial Report

Syensqo9 2026-02-26 19:49:24

Key Performance Highlights for 2025

Net Sales

Net sales of €6.14 billion, impacted by adverse currency effects (-3%) and lower volumes (-3%), with prices remaining stable; the composites business delivered 4% organic growth year-over-year.

Gross profit was €19.01 billion, down 14% year-over-year, primarily due to lower sales volume and adverse foreign exchange effects, with a gross margin of 31%.

Basic EBITDA

EBITDA was 1.21 billion euros, a 12% organic decrease year-on-year, mainly due to lower EBITDA in the specialty polymers and consumer and industrial specialty chemicals businesses, partially offset by structural cost reductions.

Basic EBITDA Margin

The basic EBITDA margin stood at 20%, contracting organically by 210 basis points year-on-year, primarily due to lower sales volume in the specialty polymers business, partially offset by structural cost reductions.

Basic net income

Basic net profit attributable to shareholders of Siasun is 381 million euros.

Cash Flow

Operating cash flow: €779 million; Free cash flow: €356 million.

Increase cash returns to shareholders

Approximately 1.687 million shares have been repurchased, amounting to around €116 million; the Board of Directors will propose a dividend of €1.62 per share for 2025 (payout ratio of 44%) at the Annual General Meeting.

Oil and gas business divestiture

Completed the divestiture of the oil and gas business in January 2026, with an enterprise value of 135 million euros (enterprise value/EBITDA ratio of approximately 7 times), promoting the company's focus on the specialty chemicals strategy.

Mike Radossich

CEO of Siso Group

In 2025, despite a challenging demand environment, we achieved solid cash flow and profit margin performance. These achievements have laid a solid foundation for future development. As the new CEO, my top priority is to identify and drive initiatives that will accelerate growth.

My mission is clear: to accelerate value creation. We are intensifying our execution capability and capital discipline while enhancing the conversion of innovation into growth. We are investing to further strengthen our delivery capacity, and I see numerous opportunities to improve long-term performance growth. Throughout this year, I will continue updating the frameworks and initiatives that foster the company’s future growth.

Outlook for 2026

In 2026, it is expected that macroeconomic and demand uncertainties will persist in most end markets. Against this backdrop, we will prioritize the implementation of measures within our control to accelerate sales growth and improve cash flow.

Looking ahead based on the current demand trend, it is assumed that a broader recovery will not occur throughout the year.

Overall sales are expected to achieve low single-digit growth by 2026, with the composites segment leading the growth, primarily driven by strong demand from commercial aerospace customers and a diversified portfolio of customer programs and applications.

Specialty polymers segment is expected to see a slight increase in sales, mainly driven by the automotive end market; however, the consumer electronics market sales will partially offset the positive factors, mainly due to a significant customer's sales decline and an unfavorable product mix. The planned phase-out of certain products according to the non-fluorinated surfactants strategy will also have an impact. It is expected that these two factors will have an impact of approximately 30 million euros on the underlying EBITDA year-on-year.

Regarding the semiconductor business, although forecasting remains challenging, we expect sales to gradually recover year-on-year, with stronger growth anticipated in the second half of the year. This remains a key growth driver, supported by our market positioning, broad customer coverage, and our long-term understanding of emerging trends in advanced connectivity and AI-related demand.

Consumer and Industrial Specialties business is expected to achieve low single-digit volume growth, driven by the agricultural and home and personal care markets, partially offset by slight price reductions. In the Technology Solutions business, we expect low to mid-single-digit volume growth for mining solutions, considering the temporary shutdown of a customer mine in Indonesia, which is expected to have a negative impact on the first half of the year.

The gross margins of the four core global business units—Specialty Polymers, Composites, Consumer & Industrial Specialties, and Technology Solutions—are expected to remain broadly unchanged from 2025 levels, reflecting the company’s strong value proposition and positioning in specialty chemicals. The Oil & Gas business was divested in early January 2026, and the divestiture of the Fragrance & Functional Chemicals business is underway, with an update expected by the end of the second quarter.

To support profitability, the company's cost-reduction program will continue, aiming to achieve over €200 million in annualized cost savings by the end of 2026. The full-year cost savings are expected to offset the inflationary impact on both fixed and variable costs.

In addition, this outlook includes the impact of euro exchange rate fluctuations, which are expected to have an adverse effect of approximately 40 million euros on EBITDA in 2026.

The full year 2026 outlook is as follows (excluding the divested oil and gas business):

Basic EBITDA

About 1.1 billion euros (1.14 billion euros in 2025)

Operating cash flow

Approximately 700 million euros (779 million euros in 2025)

Capital expenditures

Below €500 million (€563 million in 2025)

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Shisuo Ke Releases 2025 Annual Financial Report

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