Symrise (SY1) Q2 2026 earnings summary

Executive summary

• H1 2026 organic sales growth was 2.0%, with reported sales of €2,539 million, and Q2 organic growth accelerated to 4.5%, led by strong rebounds in North America (+9.6%) and Asia Pacific (+12.3%).

• Adjusted EBITDA reached €553 million (21.8% margin), down 1.9% year-over-year, impacted by reinvestment, logistics, and raw material costs.

• Adjusted business free cash flow rose to €347 million (13.7% of sales), up 450 bps year-over-year, reflecting disciplined working capital and CapEx management.

• The ONE SYM Transformation program accelerated efficiency, portfolio quality, and growth, with strategic acquisitions and divestments sharpening the portfolio.

• Net income attributable to shareholders was €265 million, down 1.2% year-over-year; EPS was €1.91.

Financial highlights

• Gross profit was €1,049 million, gross margin stable at 41.3%.

• Adjusted EBIT was €412 million, margin at 16.2%, nearly flat year-over-year.

• Cash flow from operating activities rose to €297 million, up €116 million year-over-year.

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

• Employees increased to 12,936 FTEs as of June 30, 2026.

Outlook and guidance

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

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

• Midterm targets for 2028: 5–7% organic sales CAGR, EBITDA margin 21–23%, and free cash flow margin above 14%.