Symrise: Look for +3.5% Q2 OSG

研报英文原文证据摘录

Symrise: Look for +3.5% Q2 OSG

urrent BVPS (EUR) 26.61

Source: Bloomberg

fragrance and consumer fragrance.

Overall, we modestly trim our Q2 OSG forecast to +3.5% from +3.7% on a slightly slower pace of Price Performance Exchange-GER

recovery in Pet. For FY26, however, we nudge our OSG forecast higher to +2.9% from +2.8%, 52 Week range EUR 96.44-64.70

driven by improved H2 volume assumptions, partly offset by softer pricing expectations as a

result of de-escalation in the Middle East.

Margin backdrop improved: We forecast H1 adjusted EBITDA margin of 21.7% (c.30bps lower

YoY on an underlying basis), reflecting some assumed lag in recovering higher energy and freight

costs with pricing. Looking to FY26, while the margin outlook remains somewhat of a moving

target based on raw material volatility, we see a more favourable inflation backdrop following

Source: IDC

recent Middle East de-escalation and oil price decline, alongside increasing management Link to Barclays Live for interactive charting

confidence in reducing the lag between cost inflation and price recovery. As a result, we raise

our FY26e adjusted EBITDA margin forecast by c.40bps to 21.5%, which drives a c.3.5% upgrade

European Chemicals & Ingredients

to our FY26 EPS estimate.

Alex Sloane

+44 (0)20 3555 0645Long-term investor interest in Ingredients rebuilding: Ingredients have moved back onto

alexander.sloane@barclays.com

long-term investors’ radar into Q2, supported by more constructive conference messaging on

Barclays, UK

near-term momentum and Q3 visibility. Macro headwinds have eased, with Middle East de-

Setu Sharda

+ 91 (0)22 6175 1934

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies setu.sharda@barclays.com

covered in its research reports.