DAVY VIEW

We attended a sell-side briefing with Symrise CEO Dr Heinz-Jürgen Bertram in London. We would describe the tone as cautiously optimistic. Initial commentary on 2024 suggests an ambition for organic sales growth in the 5-7% range and EBITDA margin around 20% – with the beginning of 2024 not materially different from H2-23. In this report we summarise the briefing and revisit key themes from the recent Capital Markets Day (CMD) in France. We continue to recommend the shares.