Ladies and gentlemen, welcome to the Symrise quarterly statement Q3 2026 analyst investor call. I am Sergen, the conference call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it is my pleasure to hand over to René Weinberg, Head of Investor Relations. Please go ahead.
Good afternoon, ladies and gentlemen. Welcome to our third quarter 2026 call. Thank you for joining us today. All related documents are available on our website. With me today are our CEO, Jean-Yves Parisot, and our CFO, Olaf Klinger. After the remarks, we will open the line for questions. Now, I hand over the call to Jean-Yves.
Thank you, René. Thank you all for joining us today. Today, I will review our third quarter performance, provide an update on the execution of our ONE Symrise strategy and ONE SYM Transformation, and conclude with our outlook for the full year. Let us begin with the highlights on slide four. We achieved organic sales growth of 5.3% in the third quarter, improving further from Q2 and exceeding expectations. Importantly, growth was predominantly volume-driven with positive contributions across all divisions, demonstrating healthy customer demand and disciplined execution. Food & Beverage and Fragrance continued to perform strongly, while Pet Food and Care & Wellness returned to growth. This broader contribution across our portfolio is encouraging and reinforces the quality of our underlying business. We also completed important portfolio actions and advanced ONE SYM initiatives to strengthen organizational effectiveness, focus our innovation priorities, and support more effective execution.
Our share buyback is also progressing well, reflecting our disciplined approach to capital allocation. The program is expected to be closed by the end of this month. Lastly, the developments reinforce our confidence in delivering the full-year outlook. Let us now look at the sales performance in more detail on slide five. Turning now to slide five. In the third quarter, we delivered sales of more than EUR 1.3 billion. Organic sales increased by 5.3%, with 6.1% volume growth, partially offset by 0.8% negative pricing. This mainly volume-driven performance reflects customer activity and execution alongside more favorable comparables. On portfolio, the negative effect mainly reflects the Terpenes divestment, partly offset by the consolidation of Floral Concept. The divested Terpenes business represents approximately EUR 130 million in annual sales. Due to the transaction structure, the portfolio effect will occur in two stages and extend beyond the usual 12-month period.
After translation headwinds in the first half, FX turned positive in Q3, including a contribution from the U.S. dollar. The Taste, Nutrition & Health segment delivered organic sales growth of 5.2%, comprising 4.8% volume growth and 0.4% positive pricing. Reported sales rose to EUR 790 million, compared with EUR 736 million in the prior year quarter. The Food & Beverage division continued to deliver market-leading mid-single-digit organic sales growth, driven by double-digit growth in Naturals, high single-digit growth in Sweet, and mid-single-digit growth in Savory. Beverages recorded a low single-digit decline, reflecting a challenging comparison base following double-digit growth in the prior year period. The performance reflects broad-based volume growth, technical differentiation, and strong customer execution. The Pet Food division returned to low single-digit organic sales growth, supported by positive volume-driven development in palatability and pet nutrition.
In pet nutrition, volumes improved in Q3 while pricing is normalizing and remained negative, reflecting strategic pricing actions implemented during 2026, as well as customer and product mix. The Scent & Care segment achieved organic sales growth of 5.6%, with volume growth of 8.1% and negative pricing of 2.5%. Reported sales increased to EUR 520 million from EUR 487 million in the prior year quarter. The Fragrance division delivered mid-single-digit organic sales growth. Consumer Fragrance continued to perform strongly with high single-digit growth, while Fine Fragrance returned to low single-digit growth, supported by healthy customer project activity. The Care & Wellness division returned to low single-digit organic sales growth and improved sequentially. Advanced Actives and Probiotics delivered double-digit growth, while UV Filters recorded a double-digit decline.
The Aroma Molecules division maintained its strong momentum with high single-digit organic sales growth against favorable prior year comparables, supported by double-digit growth in Menthol and mid-single-digit growth in Specialty Fragrance Ingredients. All divisions contributed positively in the third quarter, and together with the mainly volume-driven performance, this underscores the breadth of our growth momentum and the underlying strength of our business. Let's now turn to regional highlights on slide six. Asia- Pacific remained our strongest region, delivering organic sales growth of 12.1%. Both segments grew at double-digit rates with particular strength in Food & Beverage, Consumer Fragrance, and Care & Wellness. North America delivered solid growth of 4.8%, driven by Food & Beverage, Fragrance, Aroma Molecules, and Care & Wellness. Latin America achieved growth of 7.4%, supported by Food & Beverage and Pet Food.
EAME recorded more moderate growth of 1.7%, with positive contributions from Food & Beverage and Fragrance. Our regional performance further underscores the broad-based nature of our growth with strong momentum in Asia- Pacific and North America, complemented by an increasing contribution from Latin America. Turning now to slide seven. I would like to highlight several examples of how we are investing in growth, innovation, and customer value creation across Symrise. At group level, we are strengthening our digital and AI capabilities. Our new digital and AI hub in Chennai complements our existing hub in Barcelona and supports the scaling of data product, AI-enabled process automation, and global platform integration. We have also expanded Symvision AI into an end-to-end innovation platform. By combining consumer insight and proprietary sensory with artificial intelligence, we can accelerate the journey from trend identification and concept development to the final product.
In Taste, Nutrition & Health, the Magnum Ice Cream Company awarded Symrise Core Strategic Supplier status from 2027 onwards, recognizing our innovation capabilities, technical expertise, and sustainable vanilla sourcing. We are also advancing our strategy of championing chicken across Food & Beverage and Pet Food, as we recently announced our investment in advanced technology at our Food & Beverage site in Berric in France, expand capacity and flexibility, giving customers across regions reliable access to a broad portfolio of chicken taste and nutritional solutions. In Scent & Care, the new Lautier 1795 site in Grasse expands our premium natural fragrance capabilities. Together with Floral Concept, it connects local expertise, sourcing, and production with Symrise's global fragrance platform. Our Circular Hydrolite Recycling Project also received the worldwide L'Oréal Energy Award. The project supports reliable supply and lowers the carbon intensity of ingredients used in everyday cosmetic applications.
Together, these examples demonstrate how focused investments, innovation, and strategic customer partnerships support future growth across Symrise. Turning now to slide nine. Our strategy remains unchanged, but we are progressing from design towards execution. ONE Symrise defines where we play and how we win. ONE SYM translates those priorities into action across portfolio management, innovation, commercial execution, efficiency, and digitalization. Building on organizational changes already underway, our focus is on discipline implementation and directing resources toward our strategic priorities. The broader, mainly volume-driven growth delivered in the third quarter reinforces the progress we are making. We are strengthening our capabilities, sharpening our strategic focus, and positioning Symrise to deliver durable, profitable growth. Let me start with our recent portfolio actions on slide 10. Our objective is to improve portfolio quality by focusing capital and resources on innovation-led businesses with attractive growth, margin, and cash generation potential.
We closed the Terpene divestment in September, enabling us to concentrate on businesses where Symrise has stronger differentiation and a clear right to win. We also completed the acquisition of Floral Concept. Together with Maison Lautier, it strengthened our premium natural platform, expands our capabilities in Fine Fragrance, and increases our relevance to high-end fragrance customers. We are investing organically as well, including the planned capacity expansion for Aroma Molecules in India to support growth and global cost competitiveness. Our approach is very consistent. Divest businesses with limited strategic fit, strengthen our position in businesses where we have differentiated capabilities, and invest in attractive long-term growth opportunities. We are doing this while maintaining balance sheet strength and disciplined capital allocation. Turning to slide 11. We are evolving our Scent & Care segment to reflect the distinct growth drivers across our portfolio.
Going forward, Scent & Care will comprise three focus divisions: Scent, Care & Wellness, and Aroma Specialties. Within Scent, we are creating a dedicated natural ingredient business unit, bringing together Floral Concept and Maison Lautier. Their complementarity capabilities give us a stronger platform for premium natural fragrance ingredients and strengthen our relevance for customers seeking differentiated, high-quality natural solutions. Following the Terpene divestments, we are also repositioning Aroma Molecules as Aroma Specialties, with a clearer focus on Specialty Ingredients and improving the efficiency and competitiveness of the remaining portfolio. These changes align our organization with our portfolio priorities, establish clearer accountability, and enable us to focus on innovation, resources, and capital on the opportunities with the greatest strategic potential. Slide 12 provides you more detail on Aroma Specialties. The Terpenes divestment creates the opportunity to reposition Aroma Specialties around a clearer strategic ambition.
We are sharpening the focus of the business around two strategic pillars. Essential ingredients, where technology and scale underpin cost competitiveness, and signature ingredients, where innovation, intellectual property, and application expertise drive differentiation and higher value creation. Our objective is to build a more focused, specialty-driven business with a stronger margin on growth profile. Building on our broad access to more than 1,000 customers, we will prioritize high-impact specialty ingredients where our capabilities give us a clear right to win. At the same time, we are working to create a more flexible global production network, strengthen cost competitiveness, and expand in attractive markets. Together, these priorities will help us further enhance competitiveness and improve profitability over time, consistent with our objective to improve efficiency and reinvest for growth. Turning now to slide 13.
I will highlight how we are translating our ONE SYM Transformation priorities into tangible progress by generating structural efficiencies and deliberately reinvesting a portion of these savings to accelerate future growth. We are advancing operational excellence across our global operations and procurement activities through greater standardization, digitalization, and coordination across the group. At the same time, we are replacing fragmented solutions with scalable capabilities. Let me provide one example of how we are combining greater efficiency with targeted investment in future growth. We have expanded Symvision AI from an individual digital solution into an end-to-end innovation platform, combining our proprietary sensory and consumer intelligence with AI across the product development process. This enables our teams to identify consumer preferences more effectively, turn these insights into product concepts, and accelerate development for our customers. The common platform also allows us to share expertise across divisions and scale innovation across Symrise.
We are reinvesting part of efficiencies to strengthen our data and AI capabilities, including the new digital and AI hub in India, alongside the existing hub in Barcelona. Together, the hubs will provide shared expertise, platforms, and capabilities across the group. This example demonstrate ONE SYM in action, replacing fragmented solution with scalable group-wide capabilities, improving efficiency, and reinvesting a portion of the benefits into innovation and future growth. These initiatives enhance our ability to move faster, serve customer more effectively, and generate greater operating leverage over time. Please turn now to slide 15. Let me conclude with our outlook. We reaffirm our full year 2026 guidance. We continue to expect organic sales growth of 2%-4%, an adjusted EBITDA margin of 21.5%-22.5%, and an adjusted business free cash flow margin above 14%.
Following the strong third quarter, we expect organic sales growth to moderate sequentially in the fourth quarter. Organic sales growth will remain below the third quarter level, reflecting more change in prior year comparables. We continue to see healthy underlying customer activity, and we expect full-year organic sales growth near the midpoint of our guidance range. We expect adjusted EBITDA margin in the lower half of our guidance range, reflecting targeted investment in IT, innovation, organizational capabilities, and people. We are reinvesting a portion of the efficiency gains to reinforce our competitiveness and support durable and profitable growth. We are balancing this investment with disciplined margin management and a continued focus on cash conversion. Our midterm targets also remain unchanged, supported by execution of our ONE SYM strategy and ONE SYM Transformation. With that, we are happy to take your questions.
Ladies and gentlemen, we will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. In the interest of time, please limit yourself to two questions. Anyone with a question may press star and one at this time. The first question comes from Alex Sloane. Please go ahead.
Yeah. Hi, good afternoon. Two questions from me, please. The first one, just in terms of the Q4 organic guidance. I would be interested, does it just purely reflect other comparatives in terms of the sequential moderation, or has there been any sort of meaningful pull forward of customer demand into Q3, do you think? Just in terms of that Q4 run rate, rather, what needs to happen next year for that run rate to improve to the 5%-7% medium- term target? That's the first one. The second one, just in terms of the margin guidance that you have slightly clarified today. Consensus already was below the midpoint of 22%. By sort of now pointing explicitly to the lower half, should we interpret that as you being more comfortable towards the bottom end of the range?
If so, can you help us understand how much of that potential year-on-year margin decline reflects deliberate reinvestment that you have talked about versus maybe cost inflation that you are finding more challenging to pass on through price? Thank you.
Okay, thanks a lot, Alex. I will answer the two questions. The first one is regarding Q4 organic guidance. We definitely did a very good Q3. That is the first thing. The second thing is there is no slowdown of the demand in front of us. The demand is there. We are in strong underlying market, and we are in very resilient market. The trend is there. As explained, the comparables in Q3 were easier than in Q4. That' s a very mathematical aspect where we are anticipating with comparables impact on the growth. But there is no market slowdown, and there is no demand slowdown. We have a very active portfolio. We have a very strong intimacy with the customer, and the signs are more positive than ever. Regarding Q3 and next year, the trend is there. We do not change our midterm guidance.
I am myself following very carefully the top line every month with every division, with our segments leader. There are a lot of wins in the bank. There are a lot of news which is showing that the customer in all our reference markets are really also coming back. The customer portfolio in our reference market are shifting, and we are also shifting, when it's necessary, from big account to mid-size accounts, when it's necessary, from a region to another one. We all know that we have to invest now in Middle East. I am keeping my guidance for next year. Regarding your second question, margin. The margin is also linked to the top line. The top line is there. We said initially that the bottom of the guidance for the EBITDA should correspond to the bottom of the guidance of the sales.
We are guiding for a midpoint for the sales. We are guiding for a midpoint for the EBITDA. We mentioned lower end because we are careful. We have also some headwinds. We have the tariff. We have also some raw material increase, oil-based products, PG. There are some things also we are really compensating with an acceleration of our efficiencies. I will also answer to you, we are playing for delivering the short-term guidance, i.e. between 21.5% and 22.5% adjusted EBITDA. Meanwhile, we are accelerating this transformation. Means we are accelerating not only the efficiency deliveries, but also the way we are reinvesting for guaranteeing strongly that we will come back quickly in the 5%-7% organic sales growth.
The next question comes from Lisa de Neve from Morgan Stanley. Please go ahead.
Hi. Thank you for taking my two questions. I would like to follow up from the margin question just now from Alex. You have stated that you are sort of accelerating your reinvestments into the business to drive growth in future years. Can we talk a little bit about the moving parts about how we think about the 2027 margin and to which extent, how should we think about your efficiencies, and your transformation program playing into this? That's my first question. Secondly, is on Pet Food. Can you share what drove the improvement in the third quarter for Pet Food? To which extent was this driven by the order book shift that happened from the second to the third quarter in pet palatability? How should we think about the Pet Food growth algorithm from here into the fourth quarter and 2027?
Have you delivered any sort of new business wins in this segment? Would be keen to get some color on that. Thank you.
So thank you, Lisa. Regarding question one, about the margin question. First, I would like to emphasize that we really made a very strong 2024, 2025 performance. We moved from 19% EBITDA to 21.8%. We gained 280 basis points where we are really focusing on efficiency without reinvesting so much in top line. Now, we suffered last year like everybody on the top line. That's the reason why we have decided to reinvest. Coming back to now the efficiency, a big piece of the efficiency is coming from procurement. As I mentioned, we are buying more than EUR 2 billion raw materials, more than EUR 1 billion indirect. We have now a centralized organization. The leader is based in U.S. We had a team meeting last week, and we are really checking a lot of points, KPIs, and belief points, and we are really on good track there.
The second big efficiency levers is operational excellence. We are more than 80 plants. We are a very strong central operational excellence team, and we start to see the impact of this team. All in all, the efficiencies are continued to be delivered. Regarding end of the year, I told you we are to arbitrate between delivering the efficiencies and reinvesting. For 2027, the trend will be the same. We'll continue to deliver cost savings, cost avoidance, even cost-cutting where it's necessary, and we will continue to invest in the top line. The trend is there, and the objective is to go back to the 23% as soon as we can in term of EBITDA margin. Regarding your question about Pet Food. Pet Food is a very strong, resilient market. The Pet Food population continue to grow substantially.
The Pet Food customers are growing after there are some shifts of market share between different customers. We are doing top-to-top meeting with the big accounts. We are accelerating the growth and the prospection, i.e., sales excellence in the small regional customer, also private labels, which are gaining substantial market share in Pet Food. So we are continuing to build strong partnership with the key accounts, and we are continuing to increase our market share in the other part of the customer portfolio. The order book is strong. There is no reason to see any kind of slowdown. So the trend is good, and the growth is back. Growth is back both in palatability and nutrition. We are still some price decrease effect, adjustment price decrease effect in nutrition, which are offset by the volume growth.
And today, the trend is really positive, and it also make me confidence to not change the guidance for all Symrise, going back to 5%-7% growth, taking into account that Pet Food has always been a growth driver, and there is no reason Pet Food not to continue to be a growth driver for Symrise.
The next question comes from Ed Hockin from JP Morgan. Please go ahead.
Thank you very much for taking my questions. Actually, the first one is a bit of a follow-on to the previous question on Pet Food, because traditionally had been high single- digit, low double- digit growth driver for the business. It' s now appreciated it's back into growth, but is for a while been flattish kind of zone. So how much of this is the end market? What do you see on the end markets volume growth rate versus, I am thinking back to your Capital Markets Day several years ago now in Brittany, that was about extending your pet business more into pet health, supplementation, pet care adjacencies. I am wondering for your Pet Food business over the medium- term, how much are you thinking about extensions beyond palatants and nutrition and whether or not you think palatants and nutrition may be more mature growth categories today than maybe pre-pandemic.
My second question please is on the raw materials inflation and how you are pricing for that. So in your pricing that remains negative in Q3, I guess if you strip out the negativity from UV Filters and from Aroma Molecules, how is the pricing, and also nutrition, how is the pricing in the rest of the business, performing? As you are looking into 2027, to what degree are you expecting a cost step up and that we should expect the raw materials inflation and also the pricing element to be more forceful in 2027 than maybe it has been in 2026? Thank you.
Thanks, Ed. Two good questions. Regarding Pet Food, the end market is dynamic. Our customers are continuing to invest. Our customers just also announced their results, and they are good results regarding the pet business. We are very close to these customers. On every region, the market is dynamic. The volume is there. The volume growth is there, like pre-pandemic. The main difference is that during the pandemic, the volume was increasing, and during the pandemic and the raw material crisis, the prices were increasing. We are back to normality, and the growth is back. The growth is back, and we are also to follow the growth. We are investing. We invested recently in Brazil. We invested recently in Mexico. We are investing in Australia. We are also coming back to CapEx investment, which is a very good signal.
Regarding the maturity of our business, we are not only investing for palatability, but you know that we invested quite a lot in nutrition, and the nutrition market is also a growing market. We adjust the price, but really now the prices are adjusted. When we see a price effect, it's really offsetting very, on a small magnitude, our growth. Palatability and nutrition are back to growth, both price and volume. Price, still negative in nutrition, but it will come back in the future, coming back to price increase. Your second question is very interesting regarding raw materials and regarding what if we put out some UV Filters or nutrition or something like that. First, even if we are selling specialties, it's very important for us to pass through the cost. The cost pass-through is very important growth driver is our model.
You see our model, normally we speak about 2/3 volume, 1/3 price. Sometimes it's totally different, but we are still in mind, 2/3 volume, 1/3 price. Now, we have some negative pricing, which are very well explained, and there are three main prices. The first one is nutrition, but we're at the end of a pricing adjustment. The second one is Menthol, where also we are in a regularization of the market and the volume is growing, and we have a lot of competitive edge also on this market, and we are running after competitiveness mainly through better access to raw material. The last one is UV Filters, and I admit that UV Filters, even if it's a growing business, by the way, it is, because it's a growing business that there are some aggressive competition.
Price decrease is still there, and price decrease could continue, but this price decrease will not have a significant impact on the whole Symrise organization. Conclusion, the price challenges are very well identified, are very different, and regarding the raw material, whatever is happening on the raw material or tariff, by the way, of inbound logistic also, cost, we are very keen to also be close to our customer to pass through a reasonable way this cost increase. It's a very disciplined way. We are now managing the profitability at the gross profit levels.
The next question comes from Martin Roediger from Kepler Cheuvreux. Please go ahead.
Yes. Thanks for taking my two questions. In particular on Aroma Molecules, high single-digit organic growth in Q3. I understand you have been aggressive in pricing to gain volumes in account of your competitors, especially in Menthol. If so, how do you find the right balance between volume and pricing? Because I assume the profitability effect from price cuts is negative and certainly more severe for your EBITDA margin than the positive profitability effect from gaining volumes. That is my first question. The second question is on the M&A effects, in Q3. The disposal of Terpenes to Mutares is the dominating part, but it is out of your portfolio for just September, and the acquisition of Floral Concept is tiny. My question is, did the Terpenes business, with its EUR 130 million annual sales, have a very different seasonality over the individual quarters? Thank you.
Okay. Thanks for these two questions, Martin. Regarding Aroma Molecules, we are not buying volumes. The question is really to make very sure that when we do a price adjustment, we are compensating the effect on production competitiveness. I explained today we are working a lot on the capacity utilization. What is costing a lot of money is under absorption. We are working also a lot on procurement, on raw material access, strategic raw material access on some key materials for Aroma Molecules. It is not because we are doing price decrease that we are making margin decrease. We are working a lot on the operational excellence and working a lot to preserve our gross profit. Very strong work done on that in Aroma Molecules.
On the second thing, Aroma Molecules, we are moving from Aroma Molecules to Aroma Specialties, going to much more differentiated product where the price pressure will not be so high. Even if the price pressure are high, we have a very strong cost competitiveness. The second type of, these are the specialties. Regarding the signature, there are also some products where we have a very strong IP, where the price pressure is really not there, where we can also have a very significant pricing power. Regarding your second question about disposal of Terpenes, it will have a significant impact. Yes, it will not be fully compensated by Floral Concept. You will see, I say the portfolio will go beyond 12 months because also there are some distribution aspects on this disposal of Terpenes. A distribution in U.S., outside of U.S.
I will not go into details, but it will have an impact on the top line. What is very important to understand also, the disposal of Terpenes is not only very relative in term of profitability, de-risking ourselves in term of raw material, improving our ROCE because of less CapEx put on the table. This disposal is also strengthening our way to keep our competitive advantage because we are very strong, core supply agreement with Mutares, you mentioned Mutares. At the end of the day, there is no big seasonality on this product, and we will compensate quite rapidly, I should say organically, but okay, perhaps we can imagine other ways in the future. But organically, we are also accelerating Aroma Molecules profitability and growth, and we just announced recently the investment in Globalide, which is a key molecule for all the musk industry.
The next question comes from Nicola Tang from BNP Paribas. Please go ahead.
Hi, René. Thanks for taking the question. Wanted to start in terms of top-line trends. Jean-Yves, I heard you mention that the signs are more positive than ever. I was wondering if you could be more specific on which end markets and which geographies are the most dynamic and what you're seeing in terms of brief frequency and size and sort of customer launch activity. Then the second question, just in terms of the refined margin guidance, could you give any more color on the profitability expectations by division? Is the reinvestment falling more in one division than the other, or the cost efficiencies falling in one division more than the other? I think I remember H1, the bigger margin headwind on a year-on-year basis was in Scent & Care.
Is it fair to assume for the full year, there's more headwinds in Scent & Care than in TN&H? Thank you.
Thank you, Nicola. We are growing across the different activities and across the different regions. What we see, the trends are good for us in different categories. If I start with Food & Beverage, we have very good trends in Beverages, very good trends in all what is a healthy food, functional food. We are in functional food now for years, and we see that our FMCG customers are investing more and more in added-value products through the functional food. Today, it becomes a kind of standard to really have healthy food. It is a big trend where we see across the Food & Beverage market. The second trend is also linked to the naturality of our products. There are also more and more awareness of the market to go to natural products.
That's the reason why we invested, and that's a good transition to go from flavor to fragrance. We invested in Floral Concept for premium naturals. There are also more and more customers who want really to have some naturals components in their compounds. It's across flavor and fragrances, and it is across the different regions. Even in APAC now, we have more and more people, the category of people with purchasing power. Even if economically, the situation everywhere is difficult, there is more and more polarization of the customer. Customer having the purchasing power and customer really buying the very low end. The idea is we need to play the two buckets. Regarding Pet Food, there were a lot of questions about Pet Food. We see also Pet Food dynamics.
Again, there are a lot of demand from different customers for repositioning their offer, and we see also a good trend in cat, a good trend in wet, a good trend in natural-based solution, a good trend in nutritional balanced diets. We do a top-to-top meeting where we are also working a lot with our customer for helping them to adapt their offers. This is also a top-line trend, which is very evident for us in Pet Food and where we are very well- positioned with our offer also growing in pet nutrition and in food protection. We invest also in some specific peptides. Now, what about Aroma Molecules? Because you ask that more or less everywhere. Aroma Molecules, we invest in fast-growing molecules.
Globalide is a very good example, and we continue to invest in the signatures, in the product really where we have a very strong IP. To finish, Care & Wellness. It's a EUR 0.5 billion business, which is growing today nicely, penalized by the UV price decrease, the UV price decrease. That's today penalizing. But we see a very healthy underlying growth in micro protection, in Health Actives, in Probiotics. In Probiotics, we did a very good Q3. The trend is also very important in term of compound solution in healthy solutions. Care & Wellness is not only selling Health Actives micro protection UV Filters, we are also proposing a combined solution, synergistic, holistic solution for healthy aging or any kind of new type of product for your gut or skin. These are the trends everywhere, and our portfolio are very dynamic. Cost efficiency.
Where are the efficiencies going? Everywhere, Nicola. Everywhere, because the main part of our efficiencies are in procurement and in operational excellence. It' s really affecting positively all the business units and the divisions we have across the border. There is no one positive impact or more than another one. It' s really a corporate improvement, which is exactly the benefit of ONE Symrise and ONE SYM Transformation, really to benefit to the company and to have really a leverage of our scale across all the business units.
There are no more questions at this time. I would now like to turn the conference back over to Jean-Yves Parisot for any closing remarks.
Thank you for your questions.
Sorry, Mr. Parisot. Sorry for the interruption. We have a last-minute question registration from Victoria Nice from Bernstein. Would you like to take the last question as well?
Yeah. We are still on time, and with pleasure.
Okay. We take the question from Victoria Nice from Bernstein. Please go ahead.
Hi. Thank you very much for taking the question. I just wondered if you could help me understand the sequential deceleration in pricing in TN&H and what is really driving that and how to think about Q4. I guess related to that, was there any incremental price reset in pet nutrition? Because we probably could have expected greater growth in pet overall given the swing back from palatability. Unless palatability underlying is maybe a bit weaker outside of this, I would just like to understand the dynamics between those two divisions a bit better. Then the midterm seems quite clear, but just can you run through again how you are thinking about pet into Q4 and then into next year explicitly, please? Thank you.
Okay. I am not sure I understood very well your sequential question in TN&H. Can you repeat your first question?
Yeah. We have pricing in TN&H at 0.4%, which is slower than the first half. Wondering what's going on there.
Okay. The pricing, in Q3, in TN&H, I should say is positive, and the pricing will continue to be positive. It's difficult to give you an answer about the sequential impact on the pricing, but the pricing in TN&H globally is positive. We have a very nice pricing effect in Food & Beverage. We are selling differentiated offer. We have a pricing power. In Pet Food, we are also facing a price increase, offset partially by nutrition. But the price increase is really there. That's from the TN&H. Regarding the different dynamics between the two divisions, the two divisions in TN&H are, again, growing quite well. If we compare with the market performance across the different competitors, we are definitely the fastest-growing company in Food & Beverage.
We are definitely a key player in Pet Food, and we are more than catching the market growth. Our underlying market are growing volume-wise, and on this volume, we are growing through cost pass-through and also differentiation, under both divisions. Regarding the future of pet, the trend of pet, as I told, the market is very resilient. We are very close to the market. We are deeply connected with the customers, deeply connected with the customers who are really building the trends. More and more deeply connected with the local, regional, and private label and digital natives. It is a market where we are very, very close to the market itself. There are other markets which are more atomized, more scattered. But in Pet Food, we are very, very close. For us, it's a key competitive edge to really recover when the market is growing.
We have all in-house for growing more than the market. Also, because we are extending our offer. The key success factor also for the growth of Pet Food is to enlarge from palatability to nutrition to food protection, to what I call healthy solutions. There are also a lot of solutions we are building today with customers. We do more and more open innovation, and it makes me also confident for the future growth of pet within Symrise.
Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Jean-Yves Parisot for any closing remarks.
I thank all of you for these questions. I would like to finish my call with three messages. Organic first. Organic sales growth improved further in the third quarter. Performance was predominantly volume-driven with positive contributions across a broader range of businesses and regions. Organic sales growth is there. Second, we continue to make meaningful progress in advancing our strategy. We have sharpened the portfolio, established a more focused organizational structure, and are investing a portion of our efficiency gains into innovation and commercial capabilities that support future growth. The second message, we are gaining efficiencies and we are protecting short-term, but we are also building mid, long-term for improving and even accelerating the top-line goals. Third, our third-quarter performance reinforces our confidence in delivering the full-year outlook.
We remain focused and executing with discipline, investing selectively and directing our resources toward opportunities where Symrise has a clear right to win. Backed by our strategy, disciplined capital allocation, and investment-grade balance sheet, we are a very good position to deliver a durable and profitable growth and to create long-term value for our shareholders. The third message is definitely that thanks to our transformation, thanks to our people, thanks to the commitment of our teams who believe in the way we are really wanting to build the future competitive edge of Symrise, we are very confident to rebuild the growth and also increase substantially the profitability. That being said, I thank all of you for your interest in Symrise, and we look forward to speaking with you again in the near future. Thanks, all.
Ladies and gentlemen, the conference is now over. You may all disconnect your lines. Goodbye.