Press release
Regulated information March 12, 2024 at 7 a.m. CET

                         Syensqo full-year 2023 results
     MILESTONE YEAR SUCCESSFULLY COMPLETED; EBITDA IN-LINE WITH OUTLOOK AND

ACCELERATION OF INVESTMENTS TO EXTEND LEADERSHIP POSITION & SUPPORT FUTURE VALUE

                                    CREATION
                Fourth quarter 2023              Full year 2023

-------------- -------------------------------- -------------------------------
Underlying
(in EUR 2023 2022 % YoY % organic 2023 2022 % YoY % organic million)
-------------- -------------------------------- -------------------------------
Net sales 1,577 1,930 -18.3% -14.2% 6,834 7,890 -13.4% -10.2%
-------------- -------------------------------- -------------------------------
EBITDA 294 397 -25.9% -20.6% 1,618 1,863 -13.1% -10.0%
-------------- -------------------------------- -------------------------------
EBITDA 18.7% 20.6% -190 bps - 23.7% 23.6% +10 bps -
margin
-------------- -------------------------------- -------------------------------
Operating - - - - 1,275 1,336 -4.6% -
cash flow
-------------- -------------------------------- -------------------------------
Free cash - - - - 448 577 -22.4% -
flow(1)
-------------- -------------------------------- -------------------------------
ROCE - - - - 10.6% 13.7% -310 bps -
(LTM)(2)
-------------- -------------------------------- -------------------------------
FY 2023 Highlights

  * Successfully completed separation from Solvay to create a new independently
    listed speciality chemical leader focused on innovation and growth

* Net sales of EUR6.8 billion decreased by 10% organically versus a record full year 2022, driven by 11% lower volumes and 1% increase in prices. Volumes
were impacted by the more challenging macroeconomic environment and customer

    destocking, partially offset by strong growth in Composite Materials
  * Underlying EBITDA of EUR1.6 billion in-line with full year 2023 outlook;
    EBITDA margin of 23.7% increased by 10 basis points year-on-year, supported
    by strong net pricing
  * Underlying net profit of EUR752 million

* Strong operating cash flow of EUR1.3 billion allowing for an acceleration in

    growth investments to extend leadership position and drive long term
    profitable growth. Free cash flow to shareholders of EUR448 million
  * Strengthened balance sheet  with year end net debt of EUR1.6 billion and
    leverage ratio of 1.0x
  * Return on Capital Employed (ROCE) of 10.6%

* Proposed dividend of EUR1.62 per share (payout ratio of 23%), as announced in

    November 2023, subject to shareholders' approval during the Annual General
    Meeting scheduled for May 23, 2024
  * Launched new and more ambitious sustainability goals, targeting carbon
    neutrality by 2040
  * 50% of 2030 Scope 1, 2 and 3(3) greenhouse gas emissions (GHG) reduction
    targets already achieved

Ilham Kadri, CEO
"2023 was a historic year for Syensqo and I am proud of our achievements. We successfully completed our separation, listed on Euronext Brussels and Paris in December, while meeting our full year EBITDA target, and further strengthening our balance sheet. This was all achieved in the context of a volatile macroeconomic and business environment. We also used our strong cash generation to accelerate the pace of our capital investments in key strategic technologies and platforms, aligned with our mid-term targets.
"Over the last two years, we have significantly outperformed our markets and peer group. While we currently expect a muted recovery in demand in many of our markets during 2024, I have never been more confident in the long-term drivers of our business and our teams' ability to innovate and win new customers to unlock shareholder value."
2024 Outlook
For 2024, we expect the overall demand dynamics across our major end markets to reflect the trends we saw towards the end of 2023, with flattish overall volumes. In addition, the end of customer destocking in a number of our end markets has started to prompt a more stable demand outlook since the start of the year. More specifically, and based on our year-to-date performance, we expect our Q1 2024 underlying EBITDA to increase by approximately 20% versus the
level achieved in Q4 2023.
Full-year underlying EBITDA is currently estimated to be in the range of EUR1.4
billion and EUR1.55 billion. The lower end of range is aligned with current market
dynamics and the annualised EBITDA performance we expect to achieve in Q1 2024.
The higher end of the range assumes a modest year-on-year volume recovery, predominantly in the second half of the year, subject to the overall macroeconomic and demand environments.
Capital expenditures are expected to be in the range of EUR600-EUR650 million as we
prioritise our investments based on the outlook for 2024 and take into account the acceleration of overall spend in 2023. Free Cash Flow is estimated to be in the range of EUR400 million and EUR500 million, excluding the previously announced
c.$180million PFAS payment to the New Jersey Department of Environmental Protection, which is expected to be made during Q2 2024.
Aligned with the mid-term financial targets provided at our recent Capital Markets Day, the Syensqo team is focused on accelerating value creation by delivering superior revenue growth, margin expansion and increasing returns.
Mid-term Financial Targets
Syensqo's mid-term financial targets, as set at our Capital Markets Day, are as follows:

  * Net sales growth: 5% to 7% (2024-2028)
  * Underlying EBITDA Margin (in %): to mid-20s by 2028
  * Return on Capital Employed:  to mid-teens by 2028
              Register to the webcast scheduled at 14:00 CET here
      (https://www.syensqo.com/en/investors/financial-calendar-events-and-
         presentations/webcasts-and-presentations)  -  Financial report
    (https://www.syensqo.com/en/investors/financials/earnings)  -  Financial

calendar (https://www.syensqo.com/en/investors/financial-calendar-events-and-
presentations)
______________________________________________
(1)Free cash flow after payment of net interests, coupons of perpetual hybrid
bonds and dividends to non-controlling interests. This represents the cash flow
available to Syensqo shareholders, to pay its dividend and/or to reduce the net
financial debt.
(2) Return on Capital Employed (LTM = last twelve months)
(3) Focus 5 categories covering at least 70% of the full scope, eligible for
SBTi
Contacts

 Media relations                         Investor relations
 Perrine Marchal                         Sherief Bakr
 +32 478 32 62 72                        +44 7920 575 989
 Laetitia Schreiber                      Bisser Alexandrov
 +32 487 74 38 07                        +33 607 635 280
                                         Imtiyaz Lokhandwala
                                         +1 609 860 3959
 media.relations@syensqo.com             investor.relations@syensqo.com
 (mailto:media.relations@syensqo.com)    (mailto:investor.relations@syensqo.com
                                         )

Safe harbour
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 materialise, 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.
About Syensqo
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.
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.
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