Symrise (SY1) Q4 2024 earnings summary

Executive summary

• FY 2024 sales reached €4,999m, up 8.7% organically and 5.7% in reporting currency; EBITDA rose 14.4% to €1,033m, exceeding €1bn for the first time.

• Net income increased 40.5% to €478m, while adjusted EBITDA margin recovered to 20.7%, up 160 bps; Business Free Cash Flow reached €680m, or 13.6% of sales.

• Broad regional presence and a diversified portfolio supported growth amid inflation, geopolitical changes and currency headwinds.

Financial highlights

• Sales were €4,999m versus €4,730m in 2023; organic growth was 8.7%, including 0.6% from hyperinflation, while FX reduced sales by €104m and portfolio effects by €38m.

• Gross profit rose 12.9% to €1,963m; gross margin expanded 250 bps to 39.3%.

• EBITDA increased 14.4% to €1,033m; EBIT rose 17.4% to €718m.

• Net income attributable to shareholders increased 40.5% to €478m; EPS rose 40.5% to €3.42.

Outlook and guidance

• FY 2025 targets: organic sales growth of 5%-7%, EBITDA margin of ~21%, and Business Free Cash Flow of ~14% of sales.

• Management expects a softer start from high comparables but reaffirmed full-year growth ambition; growth is expected to be two-thirds volume and one-third pricing.

• Medium-term targets through 2028: organic sales growth CAGR of 5%-7%, EBITDA margin of 21%-23%, and Business Free Cash Flow above 14% of sales; M&A is an additional topline driver.

• Efficiency initiatives will support profitability, alongside continued investment in restructuring, customer R&D, innovation and quality.