Symrise : Corporate Report 2023

Responsibility	is in
Corporate Report 2023	our nature
Sharing Values

K E Y F I G U R E S O F T H E G R O U P								20191		2020		20212			20223		2023
Business
Sales	€ million	3,408		3,520		3,826			4,618		4,730
EBITDA	€ million			701		742		814			922		9035
EBITDA margin	in %			20.6		21.1		21.3			20.0	19.15
EBIT	€ million			472		488		559			630		6115
EBIT margin	in %			13.8		13.8		14.6			13.6		12.95
Net income	€ million	296		307		375			406	340
Balance sheet total (as of December 31)	€ million			5,953		5,940	6,673		7,783	7,846
Capital ratio (as of December 31)	in %			41.3		39.8		48.7		46.4		47.0
Investments (without M&A)	€ million			182		159		174			270		270
Net debt (incl. pension provisions and
similar obligations (as of December 31))	€ million	2,222		2,029	1,964		2,692		2,666
Research and development expenses	€ million			213		212		221		254	266
Operating cash flow	€ million			547		636		522			360		720
Capital Market
Shares issued as of balance sheet date	millions			135.4		135.4		139.8			139.8		139.8
Share price at end of fiscal year (Xetra® closing price)	in €			93.80		108.40		130.30			101.70		99.64
Market capitalization at end of fiscal year	€ million	12,703		14,680		18,212			14,208		13,927
Earnings per share	in €	2.20		2.27		2.74			2.91	2.44
Dividend per share	in €			0.95		0.97		1.02			1.05	1.104
1 Figures normalized for transaction and integration costs as well as one-off valuation	3 Excluding impairment of the associated company Swedencare
effects related to business combinations and restated due to finalization of purchase	4 Proposal
price allocation for ADF/IDF	5 Adjusted for one-time effects
2 Figures adjusted for the final purchase price allocation for Giraffe Foods
O U R F I V E G O A L D I M E N S I O N S										2021		2022		2023		Goal 2025
Business
Organic sales growth								in %		9.6		11.4			7.9		5.0 -7.0 (CAGR)7
EBITDA margin1								in %	21.3		20.0		19.1		20.0-23.0
Footprint (environment)
Improvement in eco-efficiency of greenhouse gas emissions (Scope 1+2) 2	in %		11.3		10.4			4.4		6.6 p. a.
Reduction in absolute greenhouse gas emissions (Scope 3)								in %	4.0	6.6			2.4	3.0 p. a.
Improvement in eco-efficiency of chemical oxygen demand in wastewater 2	in %		34.8		11.2			10.7		4.0 p. a.
Improvement in eco-efficiency of hazardous waste 2								in %		2.2	3.8			-6.3	4.0 p. a.
Water use 3								in %		7.2		-4.3			-30.9		-3.0 p. a.
Innovation
Sales with new product developments 4								in %	16.7		15.1			15.0		> 15.0
Sourcing
Suppliers rated according to sustainability criteria								in %		73 5		87 5			100 8		100
Sustainable sourcing of strategic biological raw materials								in %	84		88			95		100
Care (employees)
Women in the first management level								in %		20.0	16.0			13.5		30.0
Women in the second management level								in %		38.0	37.0			37.9		45.0
Accident frequency								MAQ		3.8 6		2.8 6			2.3		< 1.5

1	2022 excluding impairment of the associated company Swedencare;	6	MAQ = work accidents (>1 lost day) x 1 million/working hours;
	2023 adjusted for one-time effects		industry-leading occupational safety as of 2025
2	All figures relative to the value added	7	CAGR: compound annual growth rate
3	At production sites in regions with water stress (= Egypt, India, Mexico, Spain, Chile)	8	Based on the German Supply Chain Due Diligence Act (LkSG),
4	Relative to market launch in the past three years		all suppliers were subjected to a risk assessment
5	Based on 80 % (until 2021) or 90 % (from 2022) of the procurement volume

Responsibility is in

our nature

Symrise is successful because we have looked for years at not only what we pro- duce, but also how we produce. We assumed responsibility at a very early stage. For the climate and the environment, for our suppliers and employees, and for good corporate governance.

We play an active role because we know that we are just one link in a long value chain that begins with nature and does not stop with consumers by any means. We can remain in business only if we keep the well-being of all in mind.

About

Symrise

We offer sustainable solutions for healthy diets for people and animals as well as innovative body-care products. We always keep the well-being of people in mind as we work and carefully monitor the special wishes and needs of consumers. We enter new business fields as part of this process and integrate our traditional strengths in all aspects of fragrance and aroma into the trends of today and tomorrow. Our integrated corporate strategy lays the groundwork for long-term value creation - it is the way that we have been profitably and successfully growing for years.

2	S Y M R I S E A G

Symrise Reporting 2023

				20
Responsibility	is in			23
Sharing Values	our nature					Financial Report 2023
Corporate Report 2023
CO R P O R AT E R E P O R T			F I N A N C I A L R E P O R T
About our company -	Group Management Report -
facts, reports, insights	Consolidated­ Financial Statements (IFRS) -
					Corporate Governance

20

23

20 20

23 23

Einzelabschluss		Sustainability Record		Remuneration Report 2023
der Symrise AG		(GRI)

S E P A R A T E F I N A N C I A L	G R I S U S TA I N A B I L I T Y	R E MU N E R AT I O N R E P O R T
S T A T E M E N T S	R E CO R D (P D F )	for the 2023 fiscal year
Management Report and Annual	Sustainability reporting includ-	in accordance with
Financial Statements of Symrise AG	ing separate­	nonfinancial report in	Section 162 of the German Stock
according to HGB (German	accordance­	with Section 289b of the	Corporation Act (AktG)
Commercial­	Code) standards	German Commercial Code (HGB)

		Responsibility	is in
		Corporate Report 2023	our nature
		Sharing Values

CO R P O R AT E R E P O R T A N D

S H O R T E N E D F I N A N C I A L R E P O R T

Online at:

symrise.com/corporatereport/2023/index.html

1. 40
   Responsibility is in our nature

p. 54

As holistically as possible

p. 84

Less CO2 with the same effect

p. 74

Great benefit for the future

4

1. 70
   Bring on the future

p. 92

From service provider to strategic business partner

Table of Contents

6 Editorial of the Executive Board

Our company

1. GRI declaration, publications

1. Our company
2. Sharing values

1. Our purpose

1. Our integrated corporate strategy

1. Our impact
2. Our resources
3. Our results
4. Our value creation
5. Our application areas/business units
6. 2023 track record and 2025 goals

1. Sustainability management

1. Making sustainability measurable

1. Highly rated

Magazine

40 Responsibility is in our nature - Interview with Dr. Heinz-Jürgen Bertram

46 Sustainability is deeply rooted - Interview with Bernhard Kott

1. The cornerstone of a global enterprise

1. As holistically as possible

1. Waste-free& degradable

1. Commitment on all levels

1. Bring on the future

1. Great benefit for the future

1. Healthy development

1. Less CO2 with the same effect

1. From service provider to strategic business partner - Interview with Dr. Stephanie Coßmann

1. From the field to the laboratory and back

1. Higher, faster, farther

1. Facets of sustainability

From the Group Management Report & Consolidated Financial Statements

1. Symrise at a glance
2. 2023 Highlights

1. From the Group Management Report

1. Economic report

1. Outlook

1. Consolidated Income Statement
2. Consolidated Statement of Financial Position

1. Imprint

Dear readers,	and
	friends of Symrise,

Dr. Heinz-Jürgen Bertram,

CEO

Dr. Stephanie Coßmann,

President Human Resources & Legal

Taking responsibility is becoming ever more important, especially in times of crisis. In our private lives, this means taking care of our family and friends, and increasingly also looking after ourselves and achieving a healthy work-life balance.

In a professional context, we are responsible for our work but also for the way we treat the people we work with. Companies have a responsibility too - toward their stakeholders but also toward the world around them. This is particularly true for Symrise: We benefit from the environment and from biodiversity since most of our products are of natural origin. This means that acting sustainably is the way to continue our commercial success - another responsibility.

This responsible approach is serving us well, and we achieved another good result in the past fiscal year. Despite the geopolitical upheaval impacting our supply chains, and despite high inflation and exchange rate effects that more than halved our organic growth, we increased our sales by 7.9 %. This was the 18th successive year of growth. We again outperformed our 5 % to 7 % target for sales growth, putting us in an industry-leading position.

All segments played their part in this success. Sales in the Taste, Nutrition & Health segment were up by

9.3 % in organic terms. In the Scent & Care segment, the figure was 5.6 %. High growth was also seen for Food & Beverage, for example. Pet Food sales, too, were up sharply, posting double-digit growth in percentage terms. In the Scent & Care segment, the dynamic trend continued particularly in Fine Fra- grances, Cosmetic Ingredients, Micro Protection and Sun Protection.

This ongoing positive development was thanks to our three-pillar strategy: growth, efficiency and port- folio. Building on this strategy, we have been the first in the industry to diversify our business model in recent years, making us less vulnerable to crises and economic fluctuations. Where it makes sense, we have added to our core business areas of flavor and fragrances. In 2008, around 10 % of our sales came from products outside our traditional fields. Today, it is already more than 30 %. In 2028, we want these products to account for half of our sales, and we have also defined new medium-term targets for that same year. We intend to generate product sales of

• 7.5 to 8 billion, while at the same time maintaining our margin. Our broad regional presence, and a customer base ranging from small regional companies to global corporations, will help us achieve this.

6	S Y M R I S E A G

Olaf Klinger,

CFO

Dr. Jörn Andreas,

President Scent & Care

Dr. Jean-Yves Parisot,

President Taste, Nutrition & Health

Our commitment to greater sustainability is also bearing fruit. We are on course to achieve the target of net zero emissions (Scope 1+2) in 2030. In this way, we are actively supporting the principles of responsible management in the United Nations Global Compact. Our commitment is also reflected in the many awards we have received for our sustainability efforts.

Together with our approximately 13,000 employees, we are excited about the year ahead, which is a very special one for our company. Exactly a century and a half ago, in 1874, Wilhelm Haarmann and Ferdinand Tiemann made a discovery. Working in Holzminden, they developed a process for synthesizing vanillin using the sap of conifer wood. Haarmann went on to establish the company Haarmann & Reimer, which in 2003 merged with Dragoco, another long-

standing Holzminden business, to create Symrise. The founders embodied the qualities we want to continue: They took responsibility - for themselves, their employees and all other stakeholders. We, the members of the Executive Board team, feel deeply honor-bound to this tradition. This commitment will not waver one bit under the board leadership of Jean-Yves Parisot, who will succeed Heinz-Jürgen Bertram as CEO. Building on our strong foundation and inspired by a culture that has evolved during more than 150 successful years in business, we will continue to shape our industry and sustainably and successfully operate our company. You can read about how we have put this ambition into practice over the past year in our Corporate Report 2023.

The Executive Board of Symrise AG

C O R P O R A T E R E P O R T 2 0 2 3

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Our company