Symrise Q226 Preview: Organic sales improvement to JPMe +3.0%

研报英文原文证据摘录

Symrise Q226 Preview: Organic sales improvement to JPMe +3.0%

J P M O R G A N Europe Equity Research

09 June 2026

Symrise Overweight

SY1G.F, SY1 GR

Q226 Preview: Organic sales improvement to JPMe Price (08 Jun 26):€75.60

+3.0% Price Target (Dec-27):€100.00

We update our model ahead of Symrise’s Q2/H126 results on 30th July, on the back European Food Producers and

of recent industry data and discussion with the company. With easing Household & Personal Care

comparatives, solid Food & Beverages and Fragrances development and Products

progressively improving pet and cosmetic ingredients, we expect Q2 organic Edward G Hockin AC

growth to improve to +3.0% (vs prior JPMe +2.5%). This should also be supported (44-20) 7742-6937

by some pricing improvement (though more so in H2). By division, we expect this edward.hockin@jpmorgan.com

to be led by Taste, Nutrition & Health +3.9%, with Scent & Care +1.6%. As such, Celine Pannuti, CFA

we raise slightly our LFL 26E to +2.7% from +2.5%, though make limited change (44-20) 7134-7123

celine.pannuti@jpmorgan.com

to EPS - continuing to expect EBITDA margins to be down modestly to 21.7% for

European Chemicals

the year with a similar -20bps trend in H1. Net-net, an improved Q2 should reassure

on a trajectory to 4%+ in H226, with re-accelerating topline helpful after 18m of Chetan Udeshi, CFA

deceleration. We continue to see Symrise valuation at 17x PE 27E and 10x EV/ (44-20) 7742-7034

chetan.x.udeshi@jpmorgan.com

EBITDA 27E as attractive for structural MT growth compounding at improved J.P. Morgan Securities plc

margin and FCF generation since organizational and operational enhancements

made to the business in the past two years. Specialist Sales contact details:

Olivia Petronilho - Specialist Sales -

• Q2/H126 Preview.