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Interim Group Report
JANUARY – JUNE 2025
FINANCIAL INFORMATION H1 2025
Symrise Group
Sales in € million
Sales by Region in € million
Taste, Nutrition & Health
Sales in € million
Scent & Care
Sales in € million
€ million
H1 2024
H1 2025
Change in %
Gross profit
997.5
1,057.2
6.0
EBITDA
529.8
553.6
4.5
EBITDA margin in %
20.7
21.7
EBIT
365.8
402.9
10.2
EBIT margin in %
14.3
15.8
Depreciation
109.8
97.3
– 11.4
Amortization
54.1
53.4
– 1.5
Financial result
– 42.2
– 34.2
8.0
Earnings before income taxes
323.6
368.8
14.0
Net income1)
239.5
268.2
12.0
Earnings per share2) in €
1.71
1.92
12.0
R & D expenses
– 135.1
– 141.3
4.5
Investments
91.7
94.3
2.8
Business free cash flow in % of sales
8.8
8.8
1 Attributable to shareholders of Symrise AG
2 Undiluted
3 Including lease obligations
4 Annualized EBITDA
5 Not including apprentices and trainees; FTE = full-time equivalent
€ million
H1 2024
H1 2025
Change in %
EBITDA
182.1
189.6
4.1
EBITDA margin in %
18.3
19.2
EBIT
137.1
142.6
4.0
EBIT margin in %
13.8
14.4
1,048
41.0%
536
21.0%
341
13.3%
629
24.6%
EAME
Northern America
Asia/Pacific
Latin America
H1 2024
Portfolio
Organic
growth
FX
H1 2025
3.1%
– 3.2%
– 0.4%
80
– 81
– 0.5%
2,565
2,554
– 10
52
3.3%
– 0.5%
– 49
– 3.1%
1,572
1,564
– 10
– 0.7%
H1 2024
Portfolio
Organic
growth
FX
H1 2025
28
2.9%
– 0.4%
– 3.3%
– 32
993
989
0
0.0%
H1 2024
Portfolio
Organic
growth
FX
H1 2025
Other Key Figures
Dec 31, 2024
H1 2025
Total assets
8,324.7
7,728.9
Equity
4,019.6
3,736.0
Equity ratio in %
48.3
48.3
Net debt (incl. provisions for pensions and similar
obligations)4)
2,343.0
2,535.5
Net debt (incl. provisions for pensions and similar
obligations)3)/EBITDA4) ratio
2.3
2.4
Net debt3)
1,836.3
2,046.4
Net debt3)/EBITDA4) ratio
1.8
1.9
Employees (balance sheet date) FTE 5)
12,718
12,984
€ million
H1 2024
H1 2025
Change in %
EBITDA
347.6
364.0
4.7
EBITDA margin in %
22.1
23.3
EBIT
228.6
260.3
13.9
EBIT margin in %
14.5
16.6
Organic growth of 3.1 % in the first half of 2025
EBITDA margin of 21.7 %, an increase of 100 basis points
year-on-year
Identified recurring cost savings through efficiency improvements
of € 40m in 2025, € 20m realized in H1 as part of the ONE Symrise
Transformation
Seeking strategic alternatives for terpene ingredients business
Updating guidance to reflect the current global demand
environment and execution of ONE Symrise Strategy:
• Moderating 2025 organic growth to 3–5% from 5–7%
• Increasing 2025 EBITDA margin to ~21.5% from ~21%
Symrise AG, a leading global supplier of fragrances, flavorings, cosmetic active ingredients and raw
materials, as well as functional ingredients, continued its profitable growth course in the first half of
2025 and again achieved a substantial increase in profitability especially.
Symrise achieved organic sales growth of 3.1% in the first half of 2025. Both segments contributed to this
positive development. Taking into account portfolio and exchange rate effects, sales growth amounted
to – 0.5% and sales stood at € 2,554 million (H1 2024: € 2,565 million).
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 554 million, an
increase of 4.5% compared to the previous year’s figure of € 530 million. Profitability (EBITDA margin)
was 21.7%, which was significantly higher than the previous year’s figure of 20.7% due to the decrease
in the cost of goods sold, strict cost management and efficiency gains.
The consolidated net income attributable to the shareholders of Symrise AG for the first six months
stood at € 268 million, which was 12.0% higher than the previous year’s figure of € 239 million.
ABOUT SYMRISE
Symrise is a global supplier of fragrances, flavorings,
cosmetic active ingredients and raw materials,
as well as functional ingredients. Its customers
include large, multinational companies, as well
as important regional and local manufacturers of
food, beverages, pet food, perfumes, cosmetics,
personal care products, cleaning products and
laundry detergents.
Its sales of approximately € 5.0 billion in the 2024
fiscal year make Symrise a leading global provider.
Headquartered in Holzminden, Germany, the
Group is represented by more than 100 companies
in Europe, Africa, the Middle East, Asia, the
United States and Latin America.
Symrise works with its customers to develop new
ideas and market-ready concepts for products
that form an indispensable part of everyday life.
Economic success and corporate responsibility
are inextricably linked as part of this process.
Symrise – always inspiring more…
Interim Group Management Report
for the period from January 1 to June 30, 2025
Business Environment
Global growth remains historically subdued in 2025. In the seven years prior to the coronavirus pandemic (2013 to 2019), annual
GDP growth averaged around 3.4%, before successive crises – the financial crisis, Euro debt crisis, COVID-19 pandemic and supply
chain disruptions – turned the trend downward. In 2023 and 2024, growth stabilized at just under 2.8%, which is still more than
half a percentage point below the pre-crisis level.
For 2025, leading institutions are painting a moderately optimistic picture of global economic development. The World Bank is
forecasting economic growth of 2.3%. This expectation is based on declining inflationary pressures, slowly falling interest rates
in the USA, an interest rate pause in the Euro zone and the easing of supply bottlenecks. Added to this is the strong momentum in
future-oriented technologies like AI and renewable energy, flanked by targeted government investment. Headwinds come from
increased geopolitical tensions in the Middle East especially, uncertainty concerning US public debt and the only slow recovery
of the real estate market in China. Overall, growth is expected to recover in 2025 but it will remain below the long-term average.
The outlooks for the industrialized countries are more divergent. Higher trade barriers, financial market volatility and global
uncertainty have dampened the growth outlook for the USA for 2025, resulting in a growth expectation of just 1.4%. By contrast,
the Euro zone is expected to expand by only some 0.7% because weak industrial exports, high energy prices and restrained private
consumption are curbing growth. The forecast for Germany predicts stagnating economic growth of around 0.4% in 2025. Devel-
opment in Japan is also expected to stagnate at around 0.7%, while the United Kingdom should be able to grow by just under 1.3%.
The emerging and developing countries are forecast to achieve average growth of around 3.8 %. Despite the slow recovery of the
real estate market, China is expected to grow by only some 4.5% due to the negative impact of restructuring measures and more
stringent climate protection. India remains the growth driver, with expansion of around 6.3% based on private consumption and
infrastructure investment. For South and Southeast Asia overall, growth of around 4.6% is expected, while Latin America remains
stuck on about 2.3% – held back especially by Brazil and Argentina as a result of political turmoil and inflationary pressure.
Symrise has a proven and stable business model with comparatively low risk content. The Group is broadly diversified across all
stages of the value chain – from the procurement of raw materials on the basis of long-term agreements to on-site production in
the sales markets and a global customer structure. Parts of the product portfolio serve to meet basic needs. Our group of companies
is therefore well-equipped to deal with the numerous risks currently affecting the environment and is in a position to quickly and
systematically exploit business opportunities as they arise.
5
Development of the global economy
Change in real gross domestic product
compared to previous year in %
2022
2023
2024e
2025f
2026f
Global
3.3
2.8
2.8
2.3
2.4
Industrialized countries
2.9
1.7
1.7
1.2
1.4
Emerging and developing countries
3.8
4.4
4.2
3.8
3.8
e = estimate
f = forecast
Source: World Bank, Global Economic Prospects, June 2025
Significant Events During the Reporting Period
In the course of the strategic review, portfolio items were identified that are no longer part of the core business.
• Aqua Feed: The aquafeed business specializes in the volarisation of tilapia by-products. Individual sites have been sold or are
being sold.
• Strategic deliberations have been initiated for the terpene ingredients business, which is part of the Aroma Molecules division.
Following the full acquisition of Probi, a leading supplier of probiotic solutions, its integration into the Symrise family is a key
milestone of Symrise’s ONE CARE initiative. The substantiated scientific basis and portfolio of clinically tested probiotic solutions
promote health and well-being.
Group Sales Performance
Sales development of the Symrise Group
€ million
Symrise AG continued on its profitable growth path in the first half of the 2025 fiscal year. Despite the persistently challenging
environment worldwide, Symrise again significantly grew sales organically and increased profitability especially, above all thanks
to consistent cost management and a focus on high-margin products.
In the first half of 2025, the Symrise Group achieved organic sales growth of 3.1 %. Taking into account portfolio and exchange rate
effects, reported sales growth was down 0.5 % from the previous year.
In the first half of 2025, the Taste, Nutrition & Health segment achieved organic sales growth of 3.3 %. Taking into account portfolio
and currency translation effects, the segment’s sales in the reporting currency amounted to € 1,564 million and were thus 0.5 %
below the previous year’s figure (H1 2024 : € 1,572 million). The portfolio effect from the 2024 sale of the British beverage trading
business in the Food & Beverage division had a negative impact of € 10 million on sales development.
2,554 (– 0.5%)
2,565
H1 2025
H1 2024
1,000
1,250
1,500
1,750
2,000
2,250
2,500
2,750
500
750
250
0
Taste, Nutrition & Health
Scent & Care
1,564
1,572
989
993
6
Symrise AG — Interim Group Management Report
In the Food & Beverage division, demand for beverage flavorings particularly developed positively with double-digit organic
growth. Strong growth was recorded in the EAME (Europe, Africa, Middle East), Asia/Pacific and North America regions especially.
The main growth drivers here were the markets in Germany, the USA, China and Nigeria. In the EAME, North America and Latin
America regions, the Naturals business unit also posted single-digit percentage growth. Sales of savory products increased in all
regions. EAME in particular was responsible for high single-digit percentage growth.
In organic terms, the Pet Food division maintained flat organic sales. The Pet Palatability business unit recorded solid growth,
largely from the EAME and Latin America regions. The market environment for the Pet Nutrition business unit remained difficult
and significant growth was achieved in the Asia/Pacific region only.
In the first half of 2025, the Scent & Care segment achieved organic sales growth of 2.9 %. Taking into account currency translation
effects, sales in the first half of 2025 amounted to € 989 million in the reporting currency and were thus 0.4 % below the previous
year’s figure (H1 2024 : € 993 million).
In the first half of 2025, the Fragrance division achieved strong organic growth in all business units. The Fine Fragrances business
unit in particular continued its dynamic development, following its strong performance the previous year with renewed double-digit
percentage organic growth. The growth rates in the EAME and Latin America regions were particularly pronounced. The Consumer
Fragrance business unit also achieved solid single-digit percentage growth, with strong increases in the Latin America and Asia/
Pacific regions. In addition, the Oral Care business unit continued to show positive momentum with single-digit organic growth.
The Aroma Molecules division again continued to develop positively with single-digit organic growth. In particular, the North
America, Asia/Pacific and Latin America regions achieved high growth rates, with the USA, India and Mexico the strongest growth
drivers.
Sales in the Cosmetic Ingredients division experienced lower sales due to high prior-year comparables in sun protection filters.
Thanks to a differentiated product range that includes the Micro Protection products, active ingredients, botanicals and sunscreen
filters, the business unit is strategically well-positioned.
Earnings Situation
Operating result
Despite geopolitical tensions and a challenging market environment, earnings performance in the first half of 2025 was satisfac-
tory overall. Both segments saw positive earnings performance and exceeded the expectations defined at the start of the year. At
Group level, gross profit improved compared to the previous year, increasing by 6.0 % to € 1,057 million (H1 2024 : € 998 million).
The gross margin of 41.4 % was also higher than the previous year’s figure (H1 2024 : 38.9 %). The reduction of 4.5% in the cost of
goods sold to € 1,497 million made a key contribution to the positive earnings performance. An improvement in material usage
was offset by increased manufacturing costs. Compared to the previous year, selling and marketing expenses increased by a slight
2.1 %. R&D expenses were € 141 million, 4.5 % above the previous year’s figure. At 5.5 %, the R&D ratio was almost level with the
figure for the first half of 2024 ( 5.3 %). Administration expenses totaled € 169 million and were 4.9 % higher than in the previous
year (H1 2024 : € 161 million). The increase was mainly attributable to the targeted investments in IT and Human Resources and to
transformation costs in connection with the ONE Symrise strategy. The change in other operating income resulted primarily from
a decrease in government subsidies and a change in the recognition of the reversal of provisions. The decrease in other operating
expenses was largely due to the impairment of an unrecoverable claim relating to a legal dispute that was decided in Symrise’s
favor in the 2023 fiscal year and recognized in the first half of 2024.
7
In the first six months of 2025, the Group generated earnings before interest, taxes, depreciation and amortization (EBITDA) of
€ 554 million. As a result, EBITDA for the current fiscal year was € 24 million, or 4.5%, higher than the previous year’s EBITDA
(H1 2024: € 530 million). The Group’s profitability (EBITDA margin) was 21.7 %, an increase of 1.0 percentage point compared to
the previous year’s EBITDA margin (H1 2024: 20.7% ). This increase was mainly attributable to profitable sales, favorable material
usage and cost savings resulting from the efficiency program.
In the first six months of the current year, earnings before interest and taxes (EBIT) amounted to € 403 million. A year earlier, EBIT
was € 366 million. Thus, EBIT in the current fiscal year is 10.0% above the previous year’s figure. The EBIT margin was 15.8% , up
from 14.3 % in the first half of 2024.
Earnings Overview
€ million/%
In the reporting period, EBITDA of the Taste, Nutrition & Health segment amounted to € 364 million (H1 2024 : € 348 million),
which was 4.7 % above the previous year’s level. The increase was mainly attributable to the reduction in the cost of goods sold
and the improved efficiency gains. The EBITDA margin was 23.3 %, which was higher than the previous year’s figure of 22.1 %.
In the first half of 2025, the Scent & Care segment generated EBITDA of € 190 million, which represented an increase of € 8 mil-
lion compared to the previous year’s figure of € 182 million. The segment’s EBITDA margin in the current fiscal year was 19.2 %,
0.9 percentage points higher than the previous year’s figure of 18.3 %.
20.7%
21.7%
14.3%
15.8%
529.8
553.6
365.8
402.9
EBITDA
EBITDA
EBIT
EBIT
Margin
Margin
0
H1 2024
H1 2025
H1 2024
H1 2025
200
400
600
8
Symrise AG — Interim Group Management Report
Financial result
The financial result for the first six months of 2025 was € – 34 million and therefore improved by € 8 million compared to the
result for the same period of the previous year ( € – 42 million). This was mainly due to the higher interest income from demand
deposits and short-term time deposits and to the lower interest expense for pension obligations and borrowings, offset by higher
foreign currency losses compared to the previous year.
Taxes
In the first half of 2025, income tax expense amounted to € 98 million. This corresponds to a tax rate of 26.7 % (previous year: 25.3 %).
Consolidated net income and earnings per share
The consolidated net income attributable to the shareholders of Symrise AG for the first six months of 2025 amounted to
€ 268 million, which was € 29 million higher than the previous year’s figure of € 239 million. Earnings per share rose to € 1.92 in
the first half of 2025, up from € 1.71 in the same period of the previous year (+ 12.0% ).
Cash flow
At € 181 million, cash flow from operating activities for the first half of 2025 was € 107 million lower than in the previous year
( € 288 million). The change resulted from higher income taxes paid and valuation effects relating to foreign currency liabilities.
Business free cash flow1 in the first six months of the current fiscal year amounted to € 226 million and 8.8 % as a percentage of
sales, which was level with the previous year’s figure.
Financial Position
Over the course of the first half of 2025, Symrise repaid current financial liabilities of € 92.0 million on a net basis.
Net debt increased by € 210 million compared to the reporting date of December 31, 2024, to € 2,046 million. The ratio of net
debt including lease liabilities to EBITDA2 thus amounts to 1.9 . Including pension obligations and lease liabilities, net debt stood
at € 2,535 million, which corresponds to a ratio of net debt (including lease liabilities and provisions for pensions and similar
obligations) to EBITDA of 2.4 .
Employees
As of June 30, 2025, the Group employed 12,984 people (full-time employees not including trainees and apprentices) worldwide.
In comparison to December 31, 2024 ( 12,718 ), this represents an addition of 266 full-time employees.
Opportunities and Risk Report
No risks in accordance with Section 91 (2) of the German Stock Corporation Act (AktG) that could endanger the continued existence
of the Symrise Group can be identified at present.
A detailed discussion of the opportunities and risks as well as a description of the risk management system can be found in the
Group management report 2024 (see the Corporate Report 2024 on pages 58 et seq.). The statements made there remain essen-
tially unchanged.
The business activities of the two Russian Symrise Group companies must be viewed on a differentiated basis. Whereas the eco-
nomic activities of the Rogovo plant, close to Moscow, can still be continued, especially to fulfill international contracts, the plant
in Shebekino, close to the border with Ukraine, has been affected repeatedly and indirectly by the conflict. Ongoing fighting in
Russia’s Belgorod region means that there is a risk that the region may be evacuated repeatedly and temporarily by the government
of the Russian Federation. This may result in temporary disruptions to production. It is currently not possible to predict with any
certainty the extent to which the further development of the conflict could impact business activities at the Shebekino plant.
Symrise is monitoring the situation continuously and will take suitable action if the need arises.
1 The business free cash flow is defined as EBITDA minus investments (including cash effects from leasing) plus/minus changes in working capital.
2 EBITDA for the past 12 months
9
Symrise did not acquire any further shares in Swedencare AB during the reporting period. As a result of the capital increases exe-
cuted by Swedencare AB, in which Symrise did not participate, Symrise’s stake decreased to 40.84%. If Symrise were to make further
such share purchases and Symrise AG would be obliged to fully consolidate Swedencare AB as a result, this first-time consolidation
would have effects on the net assets, financial position and results of operations. The fair valuation of all Symrise’s investments and
shares in associated companies, including Swedencare AB, is subject to continuous monitoring. The impairment of an investment
cannot be ruled out if it fails to deliver the business performance underlying the valuation or the measurement parameters change.
Since March 2023, the European Commission and the antitrust authorities of other countries (including the USA and the United
Kingdom) have been investigating Symrise and some of its competitors for alleged antitrust violations. Symrise is cooperating
fully and has provided the antitrust authorities with all the documents that have been requested for review. In Symrise’s opinion,
these documents contain no evidence that Symrise was involved in anti-competitive agreements. In May 2023, Symrise lodged
an appeal at the General Court of the European Union (EGC) against the search conducted by the European Commission. The
company considers the search to have been unlawful on the grounds of various points of law. The EGC denied this appeal in its
ruling on April 30, 2025. In formal terms, the search had been lawful. The ruling does not state that there had actually been any
anti- competitive agreements. The United Kingdom’s antitrust authority ended its investigation of Symrise effective May 19, 2025.
Symrise remains convinced that it did not participate in any anti-competitive agreements.
The tariffs on imports to the USA announced by the new US administration could have an impact on Symrise’s business in the
country. However, this will depend on the exact outcome of the ongoing global tariff negotiations with the new US government.
In general, Symrise manufactures in the USA for the market there and is therefore able to meet most of the demand from US pro-
duction volumes. However, depending on the final nature of the tariffs, all imports could be affected, thus directly impacting
the prices of the raw materials and intermediate products that Symrise needs for the manufacture of its various products in the
USA. Based on this assumption, unit costs per product would increase and Symrise would have to raise its local prices in the USA
in order to sustain its current margins. At the present time, it is not possible to gauge the extent to which this increase could be
implemented for customers in the USA. Moreover, the tariffs would also impact intercompany sales in the USA. The situation is
being monitored and analyzed on an ongoing basis by the Executive Board and senior management. Adaptation measures will be
implemented if necessary. Symrise assumes that the US administration’s new tariff policy will not have any material impact on
the company’s business.
Depending on the further development of events, the continuing and dynamic conflicts in the Middle East could impact Symrise’s
supply chains if attacks resume on cargo ships transiting the Horn of Africa and the Red Sea. This would lead to the continued use
of alternative shipping routes and prolong the general delivery times of raw materials and goods to Europe. In this case, shipping
companies would pass their additional costs on to their customers. Moreover, the possible closure of the Straits of Hormuz by
Iran would drive up global energy market costs. In this scenario, Symrise would be impacted by the resulting effects because of
its global presence.
10
Symrise AG — Interim Group Management Report
Outlook
Symrise continues to expect to grow faster than the relevant market, which is projected to grow 2 to 3% in 2025 based on revised
estimates globally. Taking into account a more challenging than expected global demand environment and transformation efforts,
we are updating our annual guidance as follows:
• Moderating organic growth outlook to 3 to 5% versus the prior expectation of 5 to 7%.
• Increasing EBITDA margin outlook from ~21% to ~21.5%.
• Reiterating Business free cash flow as a percent of sales of ~14%.
• Introducing annual cost savings of € 40 million.
Symrise also reaffirms 2028 mid-term targets, aiming for an organic growth of 5 to 7% (CAGR), an EBITDA margin in the range of
21 to 23% and a Business free cash flow of more than 14%.
11
SYMRISE AG, HOLZMINDEN
Condensed Consolidated Interim Financial Statements
as of June 30, 2025
CONSOLIDATED INCOME STATEMENT
€ thousand
H1 2024
H1 2025
Sales
2,565,314
2,553,748
Cost of goods sold
– 1,567,784
– 1,496,505
Gross profit
997,530
1,057,243
Selling and marketing expenses
– 350,424
– 357,795
Research and development expenses
– 135,118
– 141,264
Administration expenses
– 160,889
– 168,823
Other operating income
26,019
16,521
Other operating expenses
– 14,517
– 6,722
Result of companies accounted for using the equity method
3,191
3,778
Income from operations/EBIT
365,792
402,938
Financial income
6,966
11,150
Financial expenses
– 49,166
– 45,334
Financial result
– 42,200
– 34,184
Earnings before income taxes
323,592
368,754
Income taxes
– 81,884
– 98,495
Consolidated net income
241,708
270,259
of which attributable to shareholders of Symrise AG
239,458
268,161
of which attributable to non-controlling interests
2,250
2,098
Earnings per share (€)
diluted and basic
1.71
1.92
12
Symrise AG — Condensed Consolidated Interim Financial Statements
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
€ thousand
H1 2024
H1 2025
Consolidated net income
241,708
270,259
of which attributable to shareholders of Symrise AG
239,458
268,161
of which attributable to non-controlling interests
2,250
2,098
Items that may be reclassified subsequently to the consolidated income statement
Exchange rate differences resulting from the translation of foreign operations1)
36,707
– 361,325
Cash flow hedge
– 690
– 14
Share of other comprehensive income of companies accounted for using the equity method
– 5,430
– 3,158
Income taxes payable on these components
– 120
160
Items that will not be reclassified to the consolidated income statement
Remeasurement of defined benefit pension plans and similar obligations
17,660
20,210
Change in the fair value of financial instruments measured through other comprehensive income
– 156
– 95
Income taxes payable on these components
– 5,121
– 5,863
Other comprehensive income
42,850
– 350,085
Total comprehensive income
284,558
– 79,826
of which attributable to shareholders of Symrise AG
282,640
– 80,300
of which attributable to non-controlling interests
1,918
474
1) The exchange rates for the most important currencies relevant to the Symrise Group are presented in note 2.1.
The exchange rate differences resulting from the translation of foreign operations compared to the previous year’s figures resulted mainly from the US Dollar.
13
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
€ thousand
December 31, 2024
June 30, 2025
ASSETS
Current assets
Cash and cash equivalents
709,492
369,708
Trade receivables
938,113
1,020,855
Inventories
1,283,310
1,248,393
Other assets and receivables
125,056
122,235
Income tax assets
40,488
38,519
Assets held for sale
9,829
3,196
3,106,288
2,802,906
Non-current assets
Intangible assets
2,730,838
2,535,802
Property, plant and equipment
1,749,839
1,640,859
Other assets and receivables
49,049
65,860
Investments in companies accounted for using the equity method
616,910
598,675
Deferred tax assets
71,784
84,802
5,218,420
4,925,998
TOTAL ASSETS
8,324,708
7,728,904
14
Symrise AG — Condensed Consolidated Interim Financial Statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
€ thousand
December 31, 2024
June 30, 2025
LIABILITIES
Current liabilities
Trade payables
504,313
424,304
Borrowings
861,181
974,944
Lease liabilities
35,887
33,554
Other provisions
6,888
17,334
Other liabilities
376,108
291,974
Income tax liabilities
138,241
136,155
Liabilities directly associated with assets held for sale
2,586
625
1,925,204
1,878,890
Non-current liabilities
Borrowings
1,490,497
1,267,895
Lease liabilities
158,219
139,704
Other provisions
34,288
34,157
Provisions for pensions and similar obligations
506,669
489,088
Other liabilities
7,240
7,201
Deferred tax liabilities
182,944
175,927
2,379,857
2,113,972
TOTAL LIABILITIES
4,305,061
3,992,862
EQUITY
Share capital
139,772
139,772
Capital reserve
2,180,722
2,180,722
Reserve for remeasurements (pensions)
– 108,529
– 94,182
Cumulative translation differences
– 89,925
– 454,183
Retained earnings
1,862,249
1,944,380
Other reserves
– 3,109
– 3,238
Symrise AG shareholders’ equity
3,981,180
3,713,271
Non-controlling interests
38,467
22,771
TOTAL EQUITY
4,019,647
3,736,042
LIABILITIES AND EQUITY
8,324,708
7,728,904
15
CONSOLIDATED STATEMENT OF CASH FLOWS
€ thousand
H1 20241)
H1 2025
Consolidated net income
241,708
270,259
Result of companies accounted for using the equity method
– 3,191
– 3,778
Income taxes
81,884
98,495
Interest result
37,070
27,891
Depreciation, amortization and impairment of non-current assets
163,976
150,694
Gains (–)/losses (+) from the sale of subsidiaries
0
1,720
Dividends from companies accounted for using the equity method
1,279
1,496
Other non-cash expenses and income
17,098
– 22,114
Increase (–)/decrease (+) in trade receivables
– 172,055
– 134,621
Increase (–)/decrease (+) in inventories
13,585
– 32,843
Increase (–)/decrease (+) in other assets
– 15,369
– 16,794
Increase (+)/decrease (–) in trade payables
– 43,870
– 59,237
Increase (+)/decrease (–) in other liabilities
38,246
19,948
Increase (+)/decrease (–) in provisions for pensions
– 4,001
– 4,593
Income taxes paid
– 68,674
– 115,552
Cash flow from operating activities
287,686
180,971
Payments for business combinations, minus cash equivalents acquired, for subsequent contingent purchase
price components as well as for investments in companies accounted for using the equity method
– 48,026
0
Proceeds from the sale of a subsidiary, minus cash and cash equivalents disposed of
3,129
0
Payments for investing in intangible assets, property, plant and equipment, as well as for non-current
financial assets
– 115,652
– 108,788
Proceeds from the disposal of non-current assets
1,912
2,462
Interest received
1,603
1,112
Cash flow from investing activities
– 157,034
– 105,214
Proceeds from bank and other borrowings
12,020
10,419
Redemption of bank and other borrowings
– 31,628
– 102,465
Interest paid
– 21,583
– 27,626
Dividends paid by Symrise AG
– 153,749
– 167,726
Dividends paid to non-controlling interests
– 2,593
– 2,584
Acquisition of non-controlling interests
– 176
– 91,723
Principal portion of lease payments
– 15,213
– 16,535
Cash flow from financing activities
– 212,922
– 398,240
Net change in cash and cash equivalents
– 82,270
– 322,483
Effects of changes in exchange rates
113
– 15,924
Loss on the net monetary position
– 2,475
– 1,662
Total changes
– 84,632
– 340,069
Cash and cash equivalents as of January 1
393,026
709,917
Cash and cash equivalents as of June 30
308,394
369,848
of which assets held for sale
134
140
1) Starting with the consolidated financial statements as of December 31, 2024, interest received is disclosed in the cash flow from investing activities and not in the cash flow from financing activities. The figure for
H1 2024 has been restated accordingly to improve comparability to H1 2025.
16
Symrise AG — Condensed Consolidated Interim Financial Statements
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
€ thousand
Share
capital
Capital
reserve
Reserve for
remeasurements
(pensions)
Cumulative
translation
differences
Retained
earnings
Other
reserves
Symrise AG
shareholders’
equity
Non-
controlling
interests
Total equity
January 1, 2024
139,772
2,180,722
– 110,285
– 161,900
1,581,019
1,944
3,631,272
54,928
3,686,200
Total comprehensive
income
–
–
12,539
31,258
239,458
– 615
282,640
1,918
284,558
Dividends paid
–
–
–
–
– 153,749
–
– 153,749
– 2,593
– 156,342
Other changes
–
–
–
– 17
– 37
–
– 54
– 99
– 153
June 30, 2024
139,772
2,180,722
– 97,746
– 130,659
1,666,691
1,329
3,760,109
54,154
3,814,263
€ thousand
Share
capital
Capital
reserve
Reserve for
remeasurements
(pensions)
Cumulative
translation
differences
Retained
earnings
Other
reserves
Symrise AG
shareholders’
equity
Non-
controlling
interests
Total equity
January 1, 2025
139,772
2,180,722
– 108,529
– 89,925
1,862,249
– 3,109
3,981,180
38,467
4,019,647
Total comprehensive
income
–
–
14,347
– 362,679
268,161
– 129
– 80,300
474
– 79,826
Dividends paid
–
–
–
–
– 167,726
–
– 167,726
– 2,584
– 170,310
Other changes
–
–
–
– 1,579
– 18,304
–
– 19,883
– 13,586
– 33,469
June 30, 2025
139,772
2,180,722
– 94,182
– 454,183
1,944,380
– 3,238
3,713,271
22,771
3,736,042
17
NOTES
1. General information
The condensed consolidated interim financial statements as of June 30, 2025, for Symrise Aktiengesellschaft (Symrise AG, here-
after also referred to as “Symrise”) were approved for submission to the Supervisory Board’s Auditing Committee and subsequent
publication by a resolution of the Executive Board on July 22, 2025.
2. Accounting policies
2.1 Basis of preparation of the interim financial statements
Symrise has prepared its condensed consolidated interim financial statements as of June 30, 2025, in accordance with the Inter-
national Financial Reporting Standards (IFRS) and their related interpretations (IFRIC) published by the International Accounting
Standards Board (IASB) as mandatorily applicable within the European Union (EU). The condensed consolidated interim financial
statements have been prepared in compliance with International Accounting Standard (IAS) 34 “Interim Financial Reporting.”
Accordingly, the condensed consolidated interim financial statements do not provide the full information and disclosures that
are required in the consolidated financial statements for the full fiscal year and the condensed consolidated interim financial
statements should therefore be read in conjunction with the consolidated financial statements as of December 31, 2024.
The following table shows the changes in exchange rates against the Euro for the most important currencies relevant to the
Symrise Group:
Closing rate = € 1
Average rate = € 1
Currency
December 31, 2024
June 30, 2025
H1 2024
H1 2025
Brazilian Real
BRL
6.397
6.407
5.495
6.290
Canadian Dollar
CAD
1.489
1.602
1.468
1.540
Chinese Renminbi
CNY
7.558
8.411
7.799
7.933
British Pound
GBP
0.827
0.857
0.855
0.842
Japanese Yen
JPY
162.739
169.557
164.505
162.180
Mexican Peso
MXN
21.531
22.176
18.509
21.801
US Dollar
US$
1.036
1.174
1.081
1.094
Due to rounding, small differences may arise in this report when total amounts are disclosed or percentages are calculated.
2.2 Accounting policies
The same accounting policies that were used in preparing the consolidated financial statements as of December 31, 2024, which
are described in detail in the Notes section of that report under note 2, were also used for this report.
In deviation from the accounting policies for income taxes in accordance with IAS 12 “Income Taxes” applied in the report as
of December 31, 2024, the tax position in the interim report is calculated in accordance with IAS 34.30 (c) using an estimated
income tax rate for the full fiscal year applied to the half-year results. The rate used in the interim report as of June 30, 2025, is
26.7% ( June 30, 2024 : 25.3%).
The amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates”: Lack of Exchangeability to be applied as of the
2025 fiscal year do not have a material effect on the consolidated interim financial statements of Symrise AG.
3. Scope of consolidation
The number of companies included in the Symrise Group’s financial statements as of the reporting date is 111 ( December 31, 2024 :
111), of which 101 ( December 31, 2024 : 101) are fully consolidated. As the result of its establishment, one company has been added
to the scope of consolidation; one company was removed in the course of the divestment of the Aqua Feed business.
Two joint ventures are still accounted for using the equity method. The number of associated companies accounted for using the
equity method also remained unchanged at eight.
18
Symrise AG — Condensed Consolidated Interim Financial Statements
4. Significant events during the reporting period
Investment in Probi AB, Lund, Sweden
In the first half of 2025, Symrise AG acquired the remaining shares in Probi AB, Lund, Sweden, in the context of a squeeze-out
procedure. As of June 30, 2025, Symrise holds 100% of the shares in Probi AB, Lund, Sweden. The company is thus fully included
in the scope of consolidation. The acquisition of the outstanding shares resulted in a decrease in retained earnings as a positive
difference of € 18.9 million. The decrease in non-controlling interests amounted to € 15.2 million.
Divestment of the Aqua Feed business
In the 2024 fiscal year, in the context of portfolio optimization and the stronger focus on profitability, the Executive Board of
Symrise AG decided to divest the Aqua Feed line of additives for aquafeed products that is assigned to the Taste, Nutrition & Health
segment. Associated with this is the divestment of two subsidiaries in Costa Rica and Ecuador. The subsidiary in Costa Rica has
since been divested, with closing of the transaction on June 30, 2025. The sale of the company resulted in a loss of € 1.7 million,
which is recognized in other operating expenses. The disposal group now consists only of the subsidiary in Ecuador, the sale
of which is to be concluded soon. As of the reporting date, an impairment loss of € 3.1 million is recognized on property, plant
and equipment, € 2.2 million of which is allocated to the cost of goods sold, € 0.5 million to selling and marketing expenses and
€ 0.4 million to administration expenses.
Investment in Swedencare AB, Malmö, Sweden
In the context of continuously monitoring the recoverability of the investment in Swedencare AB, Malmö, Sweden, an impairment
test was performed again as of June 30, 2025, by discounting the estimated future cash flows. A weighted average cost of capital
of 8.28% ( December 31, 2024 : 7.98%) was applied; the remaining measurement parameters were unchanged. On the basis of this
calculation, Symrise concluded that the investment in Swedencare AB, Malmö, Sweden, was recoverable as of the reporting date.
5. Segment information
The customers of Symrise include large multinational groups in addition to important regional and local manufacturers of food,
beverages, pet food, perfumes, cosmetics, personal care products, cleaning products and laundry detergents.
Sales are recognized at a specific point in time, and the resulting receivables are due within one year.
Business activity in the Taste, Nutrition & Health and Scent & Care segments is characterized by consistent sales development,
which is subject to only marginal seasonal fluctuations.
€ thousand
H1 2024
H1 2025
Sales
2,565,314
2,553,748
Taste, Nutrition & Health
1,572,127
1,564,369
Scent & Care
993,187
989,379
EBITDA
529,768
553,632
Taste, Nutrition & Health
347,632
364,027
Scent & Care
182,136
189,605
Depreciation, amortization and impairment of non-current assets
– 163,976
– 150,694
Taste, Nutrition & Health
– 118,986
– 103,691
Scent & Care
– 44,990
– 47,003
EBIT
365,792
402,938
Taste, Nutrition & Health
228,646
260,335
Scent & Care
137,146
142,603
Financial result
– 42,200
– 34,184
Earnings before income taxes
323,592
368,754
19
For further details on the development of the two segments, please refer to the interim Group management report.
Sales by region (point of delivery)
€ thousand
H1 2024
H1 2025
EAME
1,035,602
1,048,031
North America
647,786
629,378
Asia/Pacific
524,514
535,601
Latin America
357,412
340,738
Total
2,565,314
2,553,748
6. Additional information on financial instruments and the measurement of fair value
Information on financial instruments according to category
Value recognized under IFRS 9
December 31, 2024
€ thousand
Carrying amount
Amortized cost
Fair value
through other
comprehensive
income
Fair value through
profit or loss
Fair value
ASSETS
Financial assets measured at amortized cost (FAAC)
1,656,701
1,656,701
–
–
1,656,701
Cash
556,939
556,939
–
–
556,939
Cash equivalents
141,338
141,338
–
–
141,338
Trade receivables
938,113
938,113
–
–
938,113
Other financial assets
20,311
20,311
–
–
20,311
Financial assets measured at fair value through
other comprehensive income (FVOCI)
1,349
–
1,349
–
1,349
Equity instruments
1,349
–
1,349
–
1,349
Financial instruments measured at fair value
through profit or loss (FVTPL)
29,867
–
–
29,867
29,867
Cash equivalents
11,215
–
–
11,215
11,215
Securities
802
–
–
802
802
Equity instruments
17,346
–
–
17,346
17,346
Derivative financial instruments without hedge
relationship
504
–
–
504
504
Derivative financial instruments with hedge
relationship
2,416
n.a.
n.a.
n.a.
2,416
LIABILITIES
Financial liabilities measured at amortized cost
(FLAC)1)
2,979,706
2,979,706
–
–
2,849,097
Trade payables
504,313
504,313
–
–
504,313
Borrowings
2,351,678
2,351,678
–
–
2,221,069
Other financial liabilities2)
123,715
123,715
–
–
123,715
Financial instruments measured at fair value
through profit or loss (FVTPL)
4,365
–
–
4,365
4,365
Derivative financial instruments without hedge
relationship
3,709
–
–
3,709
3,709
Other financial liabilities
656
–
–
656
656
Derivative financial instruments with hedge
relationship
852
n.a.
n.a.
n.a.
852
1) Excluding lease liabilities
2) Including refund obligations in accordance with IFRS 15
20
Symrise AG — Condensed Consolidated Interim Financial Statements
Value recognized under IFRS 9
June 30, 2025
€ thousand
Carrying amount
Amortized cost
Fair value
through other
comprehensive
income
Fair value through
profit or loss
Fair value
ASSETS
Financial assets measured at amortized cost (FAAC)
1,406,540
1,406,540
–
–
1,406,540
Cash
339,503
339,503
–
–
339,503
Cash equivalents
21,276
21,276
–
–
21,276
Trade receivables
1,020,855
1,020,855
–
–
1,020,855
Other financial assets
24,906
24,906
–
–
24,906
Financial assets measured at fair value through
other comprehensive income (FVOCI)
1,284
–
1,284
–
1,284
Equity instruments
1,284
–
1,284
–
1,284
Financial instruments measured at fair value
through profit or loss (FVTPL)
28,250
–
–
28,250
28,250
Cash equivalents
8,929
–
–
8,929
8,929
Securities
802
–
–
802
802
Equity instruments
16,262
–
–
16,262
16,262
Derivative financial instruments without hedge
relationship
2,257
–
–
2,257
2,257
Derivative financial instruments with hedge
relationship
334
n.a.
n.a.
n.a.
334
LIABILITIES
Financial liabilities measured at amortized cost
(FLAC)1)
2,715,649
2,715,649
–
–
2,640,615
Trade payables
424,304
424,304
–
–
424,304
Borrowings
2,242,839
2,242,839
–
–
2,167,805
Other financial liabilities2)
48,506
48,506
–
–
48,506
Financial instruments measured at fair value
through profit or loss (FVTPL)
3,434
–
–
3,434
3,434
Derivative financial instruments without hedge
relationship
2,844
–
–
2,844
2,844
Other financial liabilities
590
–
–
590
590
Derivative financial instruments with hedge
relationship
1,398
n.a.
n.a.
n.a.
1,398
1) Excluding lease liabilities
2) Including refund obligations in accordance with IFRS 15
The following describes the hierarchy levels pursuant to IFRS 13 “Fair Value Measurement” for financial instruments that are mea-
sured at fair value on a recurring basis. For an explanation of the individual hierarchy levels, please refer to note 2.5 of the 2024
consolidated financial statements.
In the reporting period, equity instruments classified at fair value through other comprehensive income exclusively comprise the
listed investment in Blis Technologies Limited, Dunedin, New Zealand (€ 1.3 million; December 31, 2024 : € 1.4 million), which
is allocated to Level 1.
The cash equivalents and securities classified at fair value through profit or loss are assigned to Level 2 and the equity instruments
to Level 3. The valuation and thus the present value of the expected benefit of the investments measured at fair value through
profit or loss in Level 3 are generally based on a discounted cash flow calculation. Equity instruments are measured primarily
using the relevant corporate planning and individual discount rates. For two investments, the valuation in Level 3 is based on a
venture capital method.
21
Other financial liabilities measured at fair value through profit or loss allocated to Level 3 include contingent purchase price obli-
gations from the acquisition of (further) shares in companies. Unchanged from the previous year is an obligation from the subse-
quent acquisition of further shares in Wing Biotechnology Co. Ltd., Shanghai, China. Subsequent measurement gains and losses
on contingent purchase price obligations are recognized in other operating income and expenses from the date of finalization of
the purchase price allocation relating to the business combination. Fair value changes arising as effects of interest accrued are
recognized in the financial result.
The valid forward exchange rates are used as the valuation rates for the mark-to-market valuation of currency forward contracts in
Level 2 for currency forwards. These are established by the interest difference of the currencies involved while accounting for term
duration. The fair values were not adjusted for the components of counterparty-specific risk (credit valuation adjustment – CVA/
debt valuation adjustment – DVA) and the liquidity premium for the respective foreign currency (cross currency basis spread –
CCBS) for reasons of materiality. The determination of fair values for forward exchange contracts is unchanged. The fair value of
interest rate swaps in Level 2 is determined as the present value of the estimated future cash flows. Estimates of future cash flows
from variable interest payments are based on quoted swap rates, future prices and interbank interest rates. The estimated cash
flows are discounted using an adequate yield curve. The fair value estimate is adjusted for credit risk, which reflects the Group’s
and the counterparty’s credit risk; this is calculated based on credit spreads derived from credit default swaps or bond prices. There
were no transfers between the levels during the reporting period.
The fair values of borrowings are determined as the present values of future payments relating to these financial liabilities based
on the corresponding valid reference interest rates and are adjusted by a corresponding credit spread (risk premium). The deter-
mination of the fair values of other financial instruments is unchanged. This did not cause any considerable deviations between
their carrying amount and fair value.
7. Events after the reporting date
Reduction in the corporate tax rate
In connection with the Law for a Tax-Based Emergency Investment Program to Strengthen Germany as a Business Location (Gesetz
für ein steuerliches Investitionssofortprogramm zur Stärkung des Wirtschaftsstandorts Deutschland) adopted by Germany’s Federal
Council (Bundesrat) on July 11, 2025, and the associated successive reduction in the corporate tax rate from the 2028 assessment
period, the deferred taxes of the German Symrise Group companies must be remeasured. This does not affect the balance sheet
items as of June 30, 2025. As a result, the company expects a future one-time tax expense in the low single-digit million Euro range.
Holzminden, Germany, July 22, 2025
Symrise AG
The Executive Board
Dr. Jean-Yves Parisot
Olaf Klinger
Dr. Stephanie Coßmann
Walter Ribeiro
22
Symrise AG — Condensed Consolidated Interim Financial Statements
Responsibility Statement
To the best of our knowledge and in accordance with the applicable reporting principles for the half-year reporting, the consoli-
dated interim financial statements of the Symrise Group give a true and fair view of the net assets, financial position and results
of operations of the Group, and the Group interim management report includes a fair review of the development and performance
of the business and the position of the Group, together with a description of the principal opportunities and risks associated with
the expected developments of the Group for the remainder of the fiscal year.
Holzminden, Germany, July 22, 2025
Symrise AG
The Executive Board
Dr. Jean-Yves Parisot
Olaf Klinger
Dr. Stephanie Coßmann
Walter Ribeiro
23
Review Report
TO SYMRISE AG, HOLZMINDEN
We have reviewed the condensed consolidated interim financial statements – comprising the consolidated income statement, the
consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement
of cash flows, the consolidated statement of changes in equity and selected explanatory notes – and the interim group manage-
ment report of Symrise AG, Holzminden, for the period from January 1, 2025 to June 30, 2025, which are part of the half-year
financial report pursuant to § [Article] 115 WpHG (“Wert papierhandelsgesetz”: German Securities Trading Act). The preparation
of the condensed consolidated interim financial statements in accordance with the IFRS applicable to interim financial reporting
as adopted by the EU and of the interim group management report in accordance with the provisions of the German Securities
Trading Act applicable to interim group management reports is the responsibility of the parent Company’s executive directors. Our
responsibility is to issue a review report on the condensed consolidated interim financial statements and on the interim group
management report based on our review.
We conducted our review of the condensed consolidated interim financial statements and the interim group management report
in accordance with German generally accepted standards for the review of financial statements promulgated by the Institut der
Wirtschaftsprüfer (Institute of Public Auditors in Germany) (IDW). Those standards require that we plan and perform the review
so that we can preclude through critical evaluation, with moderate assurance, that the condensed consolidated interim financial
statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting
as adopted by the EU and that the interim group management report has not been prepared, in all material respects, in accordance
with the provisions of the German Securities Trading Act applicable to interim group management reports. A review is limited
primarily to inquiries of company personnel and analytical procedures and therefore does not provide the assurance attainable
in a financial statement audit. Since, in accordance with our engagement, we have not performed a financial statement audit, we
cannot express an audit opinion.
Based on our review, no matters have come to our attention that cause us to presume that the condensed consolidated interim
financial statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim financial
reporting as adopted by the EU nor that the interim group management report has not been prepared, in all material respects, in
accordance with the provisions of the German Securities Trading Act applicable to interim group management reports.
Hanover, July 23, 2025
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
Michael Reuther
Dr. Thomas Ull
Wirtschaftsprüfer
Wirtschaftsprüfer
(German Public Auditor)
(German Public Auditor)
24
Financial Calendar
October 28, 2025
Trading Statement January – September 2025
Imprint
Publisher
Symrise AG
Mühlenfeldstrasse 1
Corporate Communications
37603 Holzminden
Germany
T + 49 55 31 90 – 0
F + 49 55 31 90 – 16 49
Concept, Design and Realization
3st kommunikation GmbH, Mainz, Germany
Translation
Leinhäuser Language Service GmbH, Unterhaching, Germany
Printing
AC medienhaus GmbH, Wiesbaden, Germany
The German version of this Interim Report is legally binding. German and English online versions are available at www.symrise.com.
The current version of the Interim Report is available on the website.
Disclaimer
This document contains forward-looking statements, which are based on the current estimates and assumptions by the cor-
porate management of Symrise AG. Forward-looking statements are characterized by the use of words such as expect,
intend, plan, predict, assume, believe, estimate, anticipate, and similar formulations. Such statements are not to be under-
stood as in any way guaranteeing that those expectations will turn out to be accurate. Future performance and the results
actually achieved by Symrise AG and its affiliated companies depend on a number of risks and uncertainties, and may,
therefore, differ materially from the forward-looking statements. Many of these factors are outside Symrise’s control and
cannot be accurately estimated in advance, such as the future economic environment and the actions of competitors
and others involved in the marketplace. Symrise neither plans nor undertakes to update any forward-looking statements.
© 2025 Symrise AG
25
Symrise AG
Mühlenfeldstrasse 1
37603 Holzminden
Germany
www.symrise.com
