Belgian chemicals group Syensqo reported first-quarter core earnings above market expectations on Thursday, and said its technology solutions division offset weaker performance in the speciality polymers business.
However, it said that macroeconomic concerns and the related demand uncertainty meant it needed to accelerate its restructuring and cost cutting measures, which would include a reduction of around 200 jobs. Through these efforts, it aims to deliver run rate savings of more than 200 million euros ($224 million) by the end of 2026.
“The start of the year has also seen increased uncertainty from ongoing tariff and global trade tensions … the broader consequences on end demand and the global economy remain unknown,” CEO Ilham Kadri said in a statement.
Syensqo’s underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 15.1% organically to 311 million euros, but beat analysts’ average forecast of 301 million provided by the company.
The group confirmed its 2025 guidance, excluding the direct impact of tariffs and foreign currency exchange movements. ($1 = 0.8932 euros)
(Reporting by Dimitri Rhodes and Olivier Cherfan in Gdansk, editing by Milla Nissi-Prussak)