Symrise (SY1) Q3 2024 TU earnings summary

Executive summary

• 9M 2024 organic sales growth reached 11.1%; reported sales rose 5.9% to €3,823.8m, while Q3 organic growth was 10.2%.

• Taste, Nutrition & Health and Scent & Care both delivered double-digit organic growth amid challenging global conditions.

Financial highlights

• 9M sales rose from €3,609.8m to €3,823.8m, reflecting 11.1% organic growth, -0.8% portfolio effects and -4.4% FX.

• Hyperinflation contributed 2.3% to 9M growth; organic growth excluding hyperinflation was 8.8%.

• Segment revenue was €2,349.1m for Taste, Nutrition & Health and €1,474.7m for Scent & Care.

Outlook and guidance

• FY 2024 organic sales growth guidance is ~7%, excluding hyperinflation effects; the full-year hyperinflation contribution is expected to fall to ~1%.

• Long-term organic growth expectation remains 5%–7% CAGR, with a 20%–23% EBITDA margin expectation.

• Q4 is expected to be the softest quarter; December order flow is unpredictable, while robust demand is expected for the rest of 2024.