Symrise (SY1) Q4 2024 TU earnings summary

Executive summary

• Achieved 8.7% organic sales growth in 2024, with total sales up 5.7% to €5.0 billion and strong recovery in profitability.

• EBITDA surpassed €1 billion for the first time, rising 14.4% to €1,033 million with a margin of 20.7%.

• Net income increased 40.5% year-over-year to €478 million; EPS rose to €3.42.

• Growth was broad-based across all regions and segments, with Latin America (+15.2%), EAME (+10.9%), and Asia-Pacific (+9.3%) leading.

• Efficiency program delivered €50 million in cost savings, supporting margin improvement.

Financial highlights

• Group sales reached €4,999 million, with a negative €38 million impact from UK business divestiture and €104 million FX headwind.

• Gross profit increased 12.9% to €1.963 billion; gross margin improved by 250 bps to 39.3%.

• EBIT grew 17.4% to €718 million; EBIT margin rose to 14.4%.

• Business Free Cash Flow improved to €680 million (13.6% of sales); operating cash flow rose to €895 million.

• Net debt/EBITDA reduced to 2.3x (including pensions and leases), supporting investment grade rating.

Outlook and guidance

• 2025 targets: organic sales growth of 5–7%, EBITDA margin around 21%, and business free cash flow at ~14% of sales.

• Mid-term (2028) objectives: 5–7% organic CAGR, EBITDA margin 21–23%, and BFCF above 14%.

• Expects to outpace relevant market growth (market: 3–4% CAGR) and anticipates a slightly soft start to 2025 due to high comparables.