Symrise (SY1.GR): Sunshine and shadows

Research evidence excerpt

Symrise (SY1.GR): Sunshine and shadows

3 August 2026

Victoria Nice, CFA

+44 20 7762 5862

European Food victoria.nice@bernsteinsg.com

Symrise AG Callum Elliott, CFA, ACA

+44 20 7676 7183

Rating callum.elliott@bernsteinsg.com

Market-Perform James Hooper

Price Target +44 20 7676 6995

james.hooper@bernsteinsg.com

SY1.GR 99.00 EUR

Henry Dennis

+44 20 7676 6776

henry.dennis@bernsteinsg.com

Symrise 2Q headline OSG reported last Thursday was a pretty decent 4.5%. However as

Close Date 31 Jul 2026

we said on the day, we think there were a number of puts and takes in the release that on

SY1.GR Close Price (EUR) 89.12

balance leave us still uncertain on when the company will be able to return to sector leading

Price Target (EUR) 99.00

growth (like the 7% delivered over the last decade). We think the market is reaching a similar

Upside/(Downside) 11%

conclusion, with the share price having unwound its initial positive reaction. This compares to

52-Week Range 95.00/64.70

DSM-Firmenich who reported on the same day and has held onto its strong gains.

EDME 1,611.67

On one hand, Symrise very strong Food & Beverage end market sales of high mid-single FYE Dec

digit was likely sector leading (/ on par with DSFIR 6% OSG in its equivalent division) due to Div Yield 1.4%

some notable contract wins. It is pleasing to see that North America (as well as APAC) was Market Cap (EUR) (M) 12,465

called out as an area of strength for the company. Our concern for Symrise Food & Beverage EV (EUR) (M) 14,313

portfolio as laid out in our initiation (link) stems from its relatively narrower focus on the Performance YTD 1M 6M 12M

traditional flavours business which means we see it as less well positioned vs some peers Absolute (%) 29.5 (2.2) 28.5 13.7

to benefit from key reformulation trends.