Tear Sheet: SNF Group

For the nine months ended Sept. 30, 2024, SNF Group reported EBITDA of €676 million, just under a 1% decline on the same period in 2023. This modest decrease was due to rising production and administrative costs, but the solid performance underpins steady demand from key end markets such as water treatment and oil recovery. Although we anticipate a modest dip in EBITDA in the fourth quarter due to seasonal factors such as destocking, reducing selling prices, and demand coupled with operational slowdowns, we expect the company?s S&P Global Ratings-adjusted EBITDA to exceed €840 million by year-end 2024, just below the record high of €853 million in 2023. This projection suggests an adjusted funds from operations (FFO)-to-debt ratio of 40%-45%

...December 17, 2024 S&P Global Ratings projects that SNF Group, a leading French chemical producer, will maintain strong financial flexibility and ample rating headroom for the full year 2024, thanks to its solid operating performance. For the nine months ended Sept. 30, 2024, SNF Group reported EBITDA of 676 million, just under a 1% decline on the same period in 2023. This modest decrease was due to rising production and administrative costs, but the solid performance underpins steady demand from key end markets such as water treatment and oil recovery. Although we anticipate a modest dip in EBITDA in the fourth quarter due to seasonal factors such as destocking, reducing selling prices, and demand coupled with operational slowdowns, we expect the company's S&P Global Ratings-adjusted EBITDA to exceed 840 million by year-end 2024, just below the record high of 853 million in 2023. This projection suggests an adjusted funds from operations (FFO)-to-debt ratio of 40%-45% for 2024, well above...

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