DSM-Firmenich Ltd

DSFIR

Equity

ISIN CH1216478797 / Valor 121647879

Euronext - Euronext Amsterdam (2025-12-24)

EUR 68.87-0.09%

DSM-Firmenich Ltd
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About company

DSM‑Firmenich Ltd is a corporate combination created by Royal DSM and Firmenich in 2023 that brings together DSM’s nutrition-ingredients business and Firmenich’s flavors-and-fragrances capabilities into a single global supplier of ingredients and sensory solutions. The company develops, manufactures and sells vitamins, micronutrients, enzymes, cultures and other nutritional and functional ingredients alongside flavors, fragrance compounds and taste‑modulation technologies, serving food and beverage manufacturers, consumer-packaged‑goods companies, the pharmaceutical and dietary‑supplement sectors, and personal‑care producers. Its operations combine application and formulation support, regulatory and technical services, R&D in ingredient and sensory science, and global manufacturing and distribution channels to deliver tailored ingredient systems and sensory solutions to industrial customers.

Summarized from source with an LLMView SourceSector: Industrials

Top-line and margin

H1 2025 sales €6,510m (+3% reported; +7% organic). Adjusted EBITDA €1,260m (+29% vs H1 2024) with an adjusted EBITDA margin of 19.4% (Q2 margin 18.9%). Core adj. EPS 1.92 (H1 core adj. net profit €537m).

Profit & IFRS metrics

IFRS EBITDA €1,387m and IFRS net profit (group) €541m in H1. Basic EPS €1.94. Net debt at June 30, 2025 was €2,459m (IFRS basis).

Business‑unit performance (high level)

Perfumery & Beauty: modest volume recovery in perfumery, weakness in sun filters (P&B sales €1,989m; adj. EBITDA margin ~22.0%). Taste, Texture & Health: strong across flavors and ingredients (sales €1,686m; adj. EBITDA margin ~20.1%). Health, Nutrition & Care: steady recovery, 6% organic growth (sales €1,072m). Animal Nutrition & Health: strong reported performance partly driven by temporary vitamin price effects (ANH sales €1,751m; large adj. EBITDA uplift vs prior year).

One‑offs, synergies and vitamin effect

H1 included about €125m Adjusted EBITDA from a temporary vitamin price effect (management estimates ~€150m for FY). Synergies and the vitamin transformation program contributed ~€95m to H1 Adjusted EBITDA (€45m synergies realized in H1). APM adjustments also included a €291m book profit on the Feed Enzymes sale.

Cash flow, working capital and capex

Adjusted gross operating free cash flow was €215m in H1, with sales‑to‑cash conversion 3.3% (impacted by timing and one‑offs; target >10% for full year). H1 cash capex €401m. Operating working capital ~€3,827m (OWC ~29.6% of annualized sales).

Capital allocation & corporate actions

Completed sale of Feed Enzymes stake to Novonesis for €1.5bn (closed June 2, 2025). €1bn share buyback launched April 1, 2025 and accelerated with ~40% executed by July 30; completion targeted by Jan 30, 2026. ANH separation/exit process is advancing.

Outlook

Management reiterates and updates FY‑2025 guidance to Adjusted EBITDA of around €2.4bn (includes estimated temporary vitamin price effect and deconsolidation impacts). Company remains focused on 2025 strategic plan targets: organic growth acceleration and further synergy and transformation contributions.

Sustainability & strategic targets

New People.Planet.Progress sustainability program launched; company reached 100% renewable electricity in H1. Mid‑term financial targets remain: organic sales growth 5–7% and adj. EBITDA margin 22–23%, with cash‑to‑sales conversion >10%.

Summarized from source with an LLMView Source

Key figures

-29.0%1Y

%3Y

%5Y

Performance

21.5%1Y

24.6%3Y

24.6%5Y

Volatility