Synthos'operating performance improved in first-half 2026, supported by volume growth, a more favorable product mix, and recovering profitability in insulation materials, resulting in stronger earnings and positive free operating cash flow (FOCF) generation. We further expect capital expenditure (capex) to decline materially following the completion of major growth projects, supporting FOCF of about Polish zloty (PLN) 500 million in 2026 and a reduction in S&P Global Ratings-adjusted debt to EBITDA to 2.6x-2.8x (3.8x in 2025), which we view as strong for the rating. We therefore affirmed our'BB'long-term issuer credit rating on Synthos S.A. and affirmed our'BB'issue rating on the existing €600 million senior secured notes. The stable outlook reflects our expectation that improving profitability, lower
