In the first half of Tereos' financial year (April 2024 – September 2024), revenues amounted to €3,226 million, down 11% compared to H1 23/24. This is explained by a drop in prices in Europe for sweeteners and for starch products compared to the same period in the previous year – a year when results reached record levels. Revenues for the Sugar and Renewable Europe division amounted to €1,230 million in H1 24/25, down 5% at current exchange rates from €1,298 million in H1 23/24. The division’s adjusted EBITDA reached €193 million in H1 24/25, up 18% at current exchange rates from €164 million in H1 23/24. The division’s recurring EBIT was €152 million in H1 24/25, versus €127 million in H1 23/24. The annual B2B sugar contracting campaign for 2024/25 in Europe was concluded at an average price close to €530 per tonne. The negotiated prices followed a downwards trend during the contracting period (July–October), going from around €700 to around €450 per tonne and ending the period at a level close to export parity. The significant drop in the average price compared to the previous campaign (€860 per tonne) can be explained by the high level of imports, particularly from Ukraine, and by the sharp increase in beet areas in Europe for the 2024/25 campaign. The situation could change for next year, with announcements by several European producers pointing to a potential decrease in beet areas.