KBC cuts Syensqo as confidence needs to be rebuilt post-results

Syensqo NV

02/03/2026 07:39

** KBC Securities downgrades Belgian specialty chemicals firm Syensqo SYENS.BR to "accumulate" from "buy" following a disappointing FY26 earnings outlook

** The brokerage notes the FY26 underlying EBITDA guidance of EUR 1.1 bln ($1.29 billion) is 15% below forecasts, prompting KBC to cut its own 2026-2028 estimates by up to 16%

** KBC states "it will take some time to rebuild confidence after the FY26 outlook disappointment" and cuts its PT  by more than 22% to EUR 70 per share

** The broker says the weak outlook is attributed to intense competition, pricing pressure in key units like specialty polymers, and a negative fx impact of around EUR 40 mln

** A bright spot is the composites unit, which is expected to see growth resume as issues with its large customer Boeing BA.N are gradually resolved, KBC adds

** Syensqo shares lost  about 38% in value last week following the results announcement

** Among 19 analysts covering Syensqo, 12 rate the stock "strong buy"/"buy"​ and seven "hold" - LSEG data

($1 = 0.8524 euros)

(Reporting by Clement Martinot)

((Clement.Martinot@thomsonreuters.com;))