Symrise has announced it has generated sales of € 4,730 million in the 2023 fiscal year, an increase of 2.4 % in the reporting currency. Excluding portfolio and currency translation effects, organic sales growth amounted to 7.9 %. At a total of € 903.5 million, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) were € 18.0 million lower than the previous year’s figure of € 921.5 million1. This corresponds to a margin of 19.1 % (2022: 20.0 %1).
Related: Symrise Recognized with "A" Grade in 2023 Supplier Engagement Rating
Symrise AG is planning to raise the dividend for the 14th time in succession. At the Annual General Meeting on May 15, 2024, the Executive Board and Supervisory Board will propose increasing the dividend to € 1.10 per share (2022: € 1.05).
Report Highlights
- Group sales increase by 2.4 % to € 4,730 million (2022: € 4,618 million); organic growth of 7.9 %
- Adjusted EBITDA of € 903 million slightly below previous year’s figure (2022: € 922 million1)
- Adjusted EBITDA margin of 19.1 %
- Symrise plans 14th consecutive dividend increase
- Symrise reaffirms long-term profitable growth course
- Preparations for the announced change of leadership at the end of March are going to plan.
Heinz-Jürgen Bertram, chief executive officer of Symrise AG stated, “2023 was again a successful year of growth for Symrise. The ongoing geopolitical crises, rising operating costs and high volatility in our core markets had a negative effect on our profitability. We reacted quickly and immediately initiated measures to improve the cost situation. We enhanced our portfolio very positively through targeted acquisitions and strategic partnerships. For this reason, our outlook for 2024 is correspondingly optimistic. Symrise is ideally positioned for the future. Now is the right moment to pass on to Jean-Yves Parisot, so he can shape the next chapter of our success story.”
Jean-Yves Parisot, member of the Executive Board and incoming chief executive officer of Symrise AG, explained, “We will build on Symrise’s great potential and continue our targeted approach to developing our company. At the same time, we will give the utmost priority to serving our customers’ needs. That is what has made Symrise great and will continue to shape the company’s future success.”
Looking Ahead
For 2024, Symrise is reaffirming its long-term growth and profitability goals. The forecast long-term growth of the relevant market is around 3 % to 4 % worldwide. Symrise's expected long-term growth of 5 % to 7 % (CAGR) remains unchanged and is also anticipated to be achieved in 2024. The company aims to generate sales of € 5.5 billion to 6.0 billion by the end of 2025 and of € 7.5 billion to € 8.0 billion by 2028.
The Financial Report 2023 of Symrise AG can be accessed on the company’s website at https://www.symrise.com/investors/financial-results/.
1Excluding impairment of the associated company Swedencare
