Tereos announces 65% increase in Q3 EBITDA, CEO departure, and debt stability

Tereos, the French sugar and ethanol production group, has announced that its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the third quarter increased by 65% to €223 million at constant exchange rates, driven by higher sales volumes and prices, according to Reuters.

Tereos, the second largest sugar producer in the world, has confirmed its goal of achieving annual EBITDA between €600 million and €700 million by the end of September 2022.

On Tuesday, Tereos announced that CEO Philippe de Raynal is leaving the group and will be temporarily replaced by CFO Gwenael Ellis.

De Raynal became the second CEO to leave the group in just over a year.

Tereos reported that its net debt as of December 2021 was €2.524 billion, which is a stable level compared to March 31 due to positive cash flow from operations.

This is less than the €2.7 billion a year earlier.

Last month, Tereos raised €350 million through the issuance of bonds maturing in 2027, which will be used to repay existing debt.