DSM-Firmenich Ltd
DSFIR
ISIN CH1216478797 / Valor 121647879
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: IndustrialsLatest Results (27.04.2026):
DSM‑Firmenich Ltd — Q4 2025 (reported Feb 12, 2026): The company reported its full‑year 2025 and Q4 2025 results, presenting results on a continuing‑operations basis following the announced divestment of Animal Nutrition & Health (ANH). For FY 2025 continuing operations, sales were €9,034m (flat vs. 2024) with 3% organic growth, adjusted EBITDA of €1,772m (margin 19.6%) and net profit from continuing operations of €342m; for Q4 2025 sales were €2,153m (-4% vs Q4 2024) with 2% organic growth and adjusted EBITDA €408m. The total group result (including discontinued operations) shows sales €12,521m (-2%), adjusted EBITDA €2,279m (+8%) and a reported net loss of €1,039m driven by large non‑cash impairments tied to the ANH divestment.
Sales and organic growth
Continuing operations: FY 2025 sales €9,034m (0% change) with 3% organic growth; Q4 2025 sales €2,153m (-4%) with 2% organic growth. Perfumery & Beauty, Taste, Texture & Health and Health, Nutrition & Care all recorded positive organic growth for the year (around 3–4% for the business units).
Profitability and margins
Adjusted EBITDA (continuing) was €1,772m (+1% vs FY 2024) with a margin of 19.6% (Q4 margin 19.0%). On a Total Group basis Adj. EBITDA rose to €2,279m (+8%) with an 18.2% margin.
Reported net profit and impairments
Net profit from continuing operations was €342m (FY 2024: €359m). The Total Group reported a net loss of €1,039m in 2025, primarily due to an approximate €1.9bn non‑cash impairment related to the classification/divestment of ANH.
ANH divestment and discontinued operations
dsm‑firmenich announced sale of ANH to CVC Capital Partners for an enterprise value of ~€2.2bn (including earn‑out up to €0.5bn), retaining a 20% stake; ANH and other carved‑out activities are classified as Assets Held for Sale and shown as Discontinued Operations in 2025 results.
Synergies and restructuring
The company reports merger synergies on track: ~€175m cost synergies realized to date (including ~€65m in 2025) and ~€175m revenue synergies (including ~€100m in 2025), with remaining revenue‑synergy EBITDA uplift (~€115m) expected through 2027.
Cash flow, working capital and leverage
Adjusted gross operating free cash flow (continuing) was €950m (sales‑to‑cash conversion ~10.5%). Operating working capital year‑end was 28.8% of sales (vs 27.3% prior year). Net debt increased to ~€3.30bn (referenced to Total Group).
Capital allocation — dividend & buybacks
The board will propose a €2.50 per share cash dividend for FY 2025 and announced a new €500m share repurchase programme to start in Q1 2026; the company completed ~€1bn of buybacks in 2025 and retains an investment‑grade focus.
Outlook and investor engagement
A full‑year 2026 outlook will be provided at the Investor Event on March 12, 2026; management highlights innovation‑driven growth, continued synergy delivery, and capital discipline as priorities for 2026.
Sustainability progress
DSM‑Firmenich Ltd reports notable sustainability achievements in 2025: EcoVadis Platinum, CDP double A (Climate & Water), 100% purchased electricity from renewables, and progress on 2030 targets (e.g., reaching 775m people with nutritional interventions in 2025).
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
19640 M
Market cap (USD)
973,098
Daily traded volume (Shares)
97.88 / 96.54
1 day high/low (USD)
52 weeks high/low (USD)
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Ratings & reviews
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