Synthomer Half-Year 2023

Revenue (6.9)% to £1,075.3m vs H2 2022
– Group volume vs H1 22 declined significantly, driven by destocking,
subdued end-market demand and increased competition in some base
chemicals – but has stabilised sequentially vs H2 22
– Price/mix principally reflects pass through of moderating raw materials
prices
• Continuing EBITDA £72.0m (6.7% margin)
– Moderating raw material prices and cost focus in period helped stabilise
margin sequentially
– Feb 2023 Laminates, Films and Coated Fabrics (LFCF) divestment shown
as discontinued – H1 2023 Total Group EBITDA £74.5m

Coatings & Construction Solutions (CCS): Robust pricing and margins despite lower volumes, with trading improving over the period.

Adhesive Solutions (AS): Low demand, specialities outperforming; programme ongoing to improve performance. Speciality products delivering more resilient pricing and volumes
relative to base products, which are experiencing greater competition
– Moderating raw material prices were offset by energy prices and
supply chain, distribution and other challenges.

Health & Protection and Performance Materials (HPPM): Cash/cost focused given current medical glove market dynamics. Unprecedented global oversupply of medical gloves reflecting elevated
stock levels and new capacity following COVID-19 pandemic
– EBITDA (50.2)% at £11.3m vs H2 2022, reflecting greater proportion
fixed cost base and pricing environment. Performance Materials (PM)’: Greater pricing pressure than speciality businesses as raw material
prices moderate.