Symrise (SY1) Q2 2026 earnings summary

Executive summary

• H1 2026 organic sales growth was 2.0%, with sales at €2.539 billion; Q2 organic growth accelerated to 4.5%, led by strong performance in North America and Asia Pacific.

• Adjusted EBITDA reached €553 million (21.8% margin), down 1.9% year-over-year due to reinvestment in transformation and higher logistics/raw material costs.

• Cash generation was strong, with adjusted business free cash flow up 47% year-on-year to €347 million (13.7% of sales).

• The ONE SYM Transformation program advanced from planning to implementation, accelerating efficiency and organic growth.

• Strategic portfolio sharpening included the planned acquisition of Floral Concept and divestments of Aqua Feed and Terpenes businesses.

Financial highlights

• Gross profit was €1.049 billion, gross margin stable at 41.3% year-over-year.

• Adjusted EBITDA margin was 21.8%, down 30 bps year-over-year, mainly due to higher logistics costs and reinvestment.

• Adjusted business free cash flow margin rose to 13.7%, up 450 bps year-over-year.

• Net debt increased to €2.3 billion, with net leverage ratio at 2.2x adjusted EBITDA; equity ratio improved to 49.2%.

• Earnings per share were €1.91, slightly below H1 2025.

Outlook and guidance

• Full-year 2026 outlook reaffirmed: organic sales growth of 2–4%, adjusted EBITDA margin of 21.5–22.5%, and adjusted business free cash flow margin above 14%.

• Q3 organic sales growth expected to be similar to Q2, supported by transformation acceleration and strong project pipeline.

• Midterm target of 5–7% organic sales CAGR by 2028 remains unchanged.

• Guidance is underpinned by resilient end markets, robust innovation pipeline, and moderating FX headwinds.