Syensqo (SYENS) AGM 2024 summary

Opening remarks and agenda

• Welcomed shareholders to the first meeting as an independent company, celebrating the journey to independence and key milestones like the Euronext listing.

• Expressed gratitude to shareholders, founding families, and new investors for their support and trust.

• CEO Dr. Ilham Kadri opened the meeting, emphasizing the company's mission to explore, create, and advance humanity through innovation and sustainability.

• Highlighted the company's unique value proposition, combining legacy with a startup mindset and a purpose-driven approach.

Financial performance review

• Achieved 2023 net sales of EUR 6.8 billion and EBITDA of EUR 1.6 billion with a 23.7% margin; operating cash flow reached EUR 1.3 billion and cash conversion was 85%.

• Composite materials grew 15% due to strong aviation demand.

• Q1 2024 net sales were EUR 1.62 billion, EBITDA EUR 363 million, and cash conversion 89%.

• Maintained a strong balance sheet with a leverage ratio of 1x, net debt reduced to EUR 1.7 billion, and investment-grade credit ratings.

• Top quartile performance among direct peers in sales, EBITDA growth, and ROCE improvement over the past two years.

Board and executive committee updates

• Introduced CFO Christopher Davis, who joined in September and contributed to roadshows and financial strategy.

• 60% of the Board of Directors and 30% of the Executive Committee are women, with a goal of gender parity in management by 2033.