A positive step

研报英文原文证据摘录

A positive step

Equity Research

31 July 2026

Symrise

Q2 delivered a volume-driven beat and management expects

Q3 growth to remain around Q2 levels. Cashflow was a

notable strong point. From here, delivery on a promised Pet SY1G.DE/SY1 GY EQUAL WEIGHT Unchanged

inflection is important as well as demonstrating profitable European Chemicals & NEGATIVE

(not just volume driven) S&C growth. Ingredients Unchanged

Price Target EUR 94.00

raised 7% from EUR 88.00

Price (30-Jul-26) EUR 91.86

Potential Upside/Downside +2.3% 19TH ANNUAL

Source: Bloomberg, Barclays Research

Global Consumer Conference

Boston, 8-10 September 2026 Market Cap (EUR mn) 12839

Shares Outstanding (mn) 139.77

Register Now Free Float (%) 94.88

52 Wk Avg Daily Volume (mn) 0.4

Dividend Yield (%) 1.35

Return on Equity TTM (%) 6.61

Current BVPS (EUR) 27.22

2-4% OSG guidance range increasingly de-risked: Q2 was a clear beat, with OSG accelerating Source: Bloomberg

to 4.5% from 2.0% in Q1, driven by stronger execution across both divisions and broad-based

volume momentum. Management indicated Q3 growth should be broadly in line with Q2, Price Performance Exchange-GER

implying sustained growth around 4-5% despite an unchanged FY26 guide of 2-4%. We came 52 Week range EUR 95.00-64.70

away more confident on the H2 trajectory given accelerating outlook in Care & Wellness,

continued market-leading Food & Beverage growth and a more constructive message on Pet,

where management expects a meaningful improvement through Q3 and Q4. Offsetting the step

up in Pet and C&W, we expect Aroma volumes to normalise somewhat after they likely benefited

from Middle East disruption to some competition. We raise our FY26/FY27 OSG assumptions to

3.6%/4.0% (from 2.9%/3.5%), with the largest revisions in Scent & Care where we now model