Symrise, the company dedicated to the flavours and fragrances industry, continued its growth in the first half of 2023. It recorded a 6.8% increase in sales to €2,414 million, driven by organic growth of 8.0%. Both segments, Flavour, Nutrition & Health and Fragrances & Care, contributed positively to this success despite a challenging global economic environment.
EBITDA was € 446 million, with a margin of 18.5%, slightly below the previous year due to cost increases in raw materials, energy and operations. Excluding one-off effects in the Scent & Care segment, normalised EBITDA was EUR 475 million, with a margin of 19.7%.
In the Flavour, Nutrition & Health segment, organic sales growth was 11.4%. The food and beverage business also showed double-digit growth, driven by demand for sweet and savoury products as well as beverage flavourings.
The Fragrances & Care division experienced organic sales growth of 2.4 %. In particular, the Fine Fragrance division experienced a dynamic development, achieving double-digit organic growth. However, the Fragrance Molecules division experienced difficulties due to the market environment and the declining demand for certain fragrance ingredients.
Symrise maintains its position as a diversified and solidly positioned company. CEO Dr. Heinz-Jürgen Bertram highlighted the company's ability to partially offset cost increases through strict cost control and price increases. He also explained in the press release the expansion of production capacities and strategic partnerships that strengthen Symrise's leading position in the pet food and pet care businesses.
The company reaffirms its medium-term goals of growing faster than the relevant market and expects to achieve organic sales growth of 5-7% by 2023, with profitability measured by normalised EBITDA margin of around 20%. In the long term, Symrise aims to increase sales to EUR 5.5 to 6 billion by 2025, maintaining annual growth of 5 to 7 % and profitability of 20 to 23%.
Symrise has demonstrated a strong performance in the first half of 2023, with significant sales growth and a stable market position. Despite economic and cost challenges, the company is optimistic and confident in its ability to maintain its leadership in the flavours and fragrances industry through a sustainable growth strategy.