dsm-firmenich Q1 2025 trading update

Kaiseraugst (Switzerland), Maastricht (Netherlands), April 30, 2025

Key figures

Dimitri de Vreeze, CEO, commented: “We are pleased to report a strong performance in the first quarter, with significant growth across our businesses and the effective execution of our strategic plan, including our comprehensive cost and revenue synergy programs.

With our broad exposure to key market trends in Nutrition, Health and Beauty, we deliver innovative solutions which provide critical performance to essential everyday consumer products. Our unique portfolio positions us well to operate in the current uncertain macro environment and mitigate effects from tariffs.

Our strong first-quarter performance, our focus on innovation-led growth, and the €200 million contribution from our self-help programs support our full-year 2025 outlook of at least €2.4 billion in Adjusted EBITDA, based on current business conditions.”

2025 Plan

• Acceleration of innovation and creation-led organic sales growth
• Delivery of further cost and sales synergies of about €100 million to Adjusted EBITDA
• Completion of the vitamin transformation program, with a contribution of about €100 million to Adjusted EBITDA
• Exiting Animal Nutrition & Health and completing the tuning of our portfolio as announced at the 2024 CMD
• Strengthening our sustainability leadership for People and Planet

Outlook 2025

For the group, we estimate a full-year Adjusted EBITDA of at least €2.4 billion, which now includes an about €150 million contribution from the temporary vitamin price effect from a supply disruption in the vitamin market (of which €85 million was recorded in Q1) and a (pro-rata) deconsolidation effect of about €40 million of Adjusted EBITDA owing to the divestment of the Feed Enzymes business.

Share buyback program

dsm-firmenich intends to repurchase ordinary shares with an aggregate market value of €1 billion and reduce its issued capital. This program started on April 1, 2025 for an initial €500 million and will be increased to €1 billion upon the completion of the sale of dsm-firmenich’s stake in the Feed Enzymes Alliance. This program is targeted to be completed by Q2 2026.

Q1 2025

dsm-firmenich had a good start to the year, recording 8% organic sales growth in Q1 with positive contributions across all businesses, driving a further improvement in financial performance.

• Perfumery & Beauty: strong growth in Perfumery, and weak performance in Beauty due to suncare.
• Taste, Texture & Health: strong performance in both Taste and Ingredients Solutions, supported by sales synergies.
• Health, Nutrition & Care: continued recovery of Dietary Supplements and Early Life Nutrition, driving strong growth.
• Animal Nutrition & Health: strong underlying performance, supported by temporary vitamin price effects.

Adjusted EBITDA excluding the temporary vitamin price effect increased 22%, driven by strong organic sales growth, synergies, and the vitamin transformation program. These improvement programs contributed about €45 million year-on-year in Adjusted EBITDA. Including the about €85 million temporary vitamin price effect, Adjusted EBITDA rose 40%.

The Adjusted EBITDA margin improved to 19.9%.

Notes to this trading update

The reported financial data in this trading update have not been audited.

A PDF version of this press release can be found here.

The presentation to investors is available here.

Financial calendar

May 6, 2025: Annual General Meeting

July 31, 2025: Publication of dsm-firmenich H1 2025 financial results

October 30, 2025: Publication of dsm-firmenich Q3 2025 trading update

Additional information

Today dsm-firmenich will hold a webcast for investors and analysts at 9:00 am CEST. Details on how to access this call can be found on www.dsm-firmenich.com.

For more information

Media relations

Robin Roothans

tel. +41 (0)79 280 03 96

e-mail media@dsm-firmenich.com

Investor relations

Dave Huizing

tel. +31 (0)88 425 7306

e-mail investors@dsm-firmenich.com

About dsm-firmenich

As innovators in nutrition, health, and beauty, dsm-firmenich reinvents, manufactures, and combines vital nutrients, flavors, and fragrances for the world’s growing population to thrive. With our comprehensive range of solutions, with natural and renewable ingredients and renowned science and technology capabilities, we work to create what is essential for life, desirable for consumers, and more sustainable for the planet. dsm-firmenich is a Swiss company, listed on the Euronext Amsterdam, with operations in almost 60 countries and revenues of more than €12 billion. With a diverse, worldwide team of nearly 30,000 employees, we bring progress to life every day, everywhere, for billions of people.

www.dsm-firmenich.com

Forward-looking statements

This press release may contain forward-looking statements with respect to dsm-firmenich’s future (financial) performance and position. Such statements are based on current expectations, estimates and projections of dsm-firmenich and information currently available to the company. dsm-firmenich cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance, transaction progress and positions to differ materially from these statements. dsm-firmenich has no obligation to update the statements contained in this press release, unless required by law. This communication contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. The English language version of this press release prevails over other language versions.