DSM-Firmenich Ltd

Latest Results (29.01.2026):

DSM-Firmenich Ltd — H1 2025 (includes Q2 2025): The company reported a strong first half of 2025 with net sales of €6,510m (+3% y/y; organic +7%), Adjusted EBITDA of €1,260m (+29%) and an Adjusted EBITDA margin of 19.4%. Net profit (group) was €541m and core adjusted net profit rose to €537m (+47%). Management closed the sale of the Feed Enzymes business for €1.5bn (2 June 2025), launched a €1bn share buyback (≈40% executed by 30 July, completion accelerated to 30 Jan 2026), and updated FY2025 guidance to Adjusted EBITDA around €2.4bn (includes temporary vitamin price effects and deconsolidation impacts).

Key financials

Sales: €6,510m (H1 2025) vs €6,298m (H1 2024). Organic sales growth 7%. Adjusted EBITDA €1,260m (H1 2025) vs €976m (H1 2024). Core adjusted net profit €537m (up 47%). IFRS net profit €541m; basic EPS €1.94.

Profitability & margins

Adjusted EBITDA margin 19.4% (H1). Adjusted EBIT €680m and core adjusted EBIT €823m. Improvements driven by organic growth, realized merger synergies (~€95m contribution from synergies and vitamin program in H1) and cost programs, partly offset by FX headwinds and deconsolidation effects.

Cash flow, liquidity & debt

Adjusted gross operating free cash flow €215m (H1) with sales-to-cash conversion 3.3% (timing effects and higher short-term employee rewards impacted H1; group expects stronger H2 and full-year cash-to-sales >10%). Cash and equivalents €2,821m; reported net debt €2,459m (IFRS).

Shareholder returns

€1bn share buyback started 1 April 2025; ~40% executed by 30 July and completion accelerated to 30 January 2026. Dividend actions and ongoing buyback are part of capital allocation alongside portfolio tuning.

Business unit snapshot (H1 / Q2 2025)

Perfumery & Beauty: sales €1,989m (‑1%) with Perfumery strong, Beauty (sun filters) weak. Taste, Texture & Health: sales €1,686m (+3%; organic +6%) with good synergies. Health, Nutrition & Care: sales €1,072m (‑2%) but organic growth 6% and margin improvement. Animal Nutrition & Health: sales €1,751m (+14%; organic +18%) — strong underlying performance supported by temporary vitamin price effects (≈€125m EBITDA impact in H1, ≈€40m in Q2).

Strategic actions & portfolio

Sale of Feed Enzymes completed for €1.5bn (2 June 2025). ANH exit process advancing toward separation/carve‑out. Company tracking integration synergies target ~€350m (€165m realized so far) and expects ~€100m contribution to Adjusted EBITDA in 2025 from synergies; vitamin transformation program targeted to deliver ~€200m total (≈€150m realized since start; ~€50m realized in H1 2025).

Outlook & guidance

FY2025 Adjusted EBITDA guidance around €2.4bn — guidance reflects volatile FX, an estimated €150m temporary vitamin price effect (≈€125m recognized in H1) and a pro‑rata deconsolidation impact of ~€40m from the Feed Enzymes divestment.

One-offs and APM considerations

H1 Adjusted measures reflect material APM adjustments including a €291m book profit on Feed Enzymes sale, merger-related costs, restructuring (~€30m), impairments (~€21m) and other items. Readers should note APM adjustments when comparing with IFRS metrics.

Sustainability & non-financials

Launched People.Planet.Progress sustainability program; achieved 100% renewable electricity sourcing in H1; progress on Scope 1/2 and Scope 3 reductions and responsible‑sourcing program rollout. Non-financial targets and improvements are part of the strategic narrative but do not alter financial guidance.