Symrise (SY1) Q4 2025 earnings summary

Executive summary

• Achieved organic sales growth of 2.8% in 2025, with reported revenues of €4,929 million, despite adverse FX and portfolio effects, and delivered strong profitability with adjusted EBITDA up 4.6% to €1,081 million and margin expansion of 120 bps to 21.9%.

• Core flavor and fragrance businesses showed resilience, with strong performance in non-alcoholic beverages, Naturals, Savory, and capacity expansions in key regions, outperforming market growth in core segments.

• Efficiency initiatives delivered €50 million in incremental profit, exceeding targets, and the company completed the acquisition of Probi, integrating it into the new Care & Wellness division.

• Strategic transformation and portfolio optimization, including divestments of Terpenes and Aqua Feed businesses, and the launch of a new Care & Wellness division, supported durable growth.

• Record adjusted business free cash flow of €780 million (15.8% margin), and the launch of a €400 million share buyback program further strengthened financial flexibility.

Financial highlights

• Organic sales grew 2.8% year-over-year, driven by 2.2% volume growth and 0.6% pricing; FX was a significant headwind, reducing sales by €194 million, with a reported decline of 1.4%.

• Adjusted EBITDA margin expanded by 120 basis points to 21.9%, with €50 million in cost savings and efficiency gains; adjusted EBITDA reached €1,081 million.

• Adjusted business free cash flow reached €780 million, with a record margin of 15.8%, up 220 basis points.

• Adjusted EPS for 2025 was €3.67, up 7.2% year-over-year; reported EPS was €1.78 due to non-cash impairments.

• 16th consecutive dividend increase proposed, to €1.25 per share (+4.2% year-over-year).

Outlook and guidance

• 2026 organic sales growth expected in the range of 2.0%-4.0%, with adjusted EBITDA margin of 21.5%-22.5% and business free cash flow margin above 14%.

• Q1 2026 organic sales expected to decline low single digits year-over-year due to tough comparables and macro uncertainty, with growth expected to accelerate in the second half.

• Midterm targets reaffirmed: annual organic sales growth of 5%-7%, EBITDA margin of 21%-23%, and business free cash flow margin above 14% for 2025-2028.