Symrise Earnings: Solid Organic Growth Momentum and Upbeat Outlook Send Shares Higher

Wide-moat Symrise reported solid organic sales growth of 7.9% for 2023, ahead of our 7.3% forecast and Vara consensus of 7.2%. Adjusted EBITDA of EUR 903 million for 2023 is 2% lower than the prior year and corresponds to an EBITDA margin of 19.1%—at the lower end of the 19%-19.5% guidance the company outlined in December 2023. Some one-offs, primarily related to the Colonel Island production plant disruption, weighed on earnings, with the company reporting a 16% decline in EPS to EUR 2.44.