News
February 12, 2026
2025 highlights
Key figures - Continuing Operations1
in € millions |
| FY 2024 | % Change |
|
| % Change |
Sales | 9,034 | 9,054 | (0) | 2,153 | 2,239 | (4) |
Organic sales growth (%) | 3 | 2 | ||||
Adj. EBITDA | 1,772 | 1,751 | 1 | 408 | 424 | (4) |
Adj. EBITDA margin (%) | 19.6 | 19.3 | 19.0 | 18.9 | ||
Net profit from continuing operations | 342 | 359 |
Key figures - Total Group including Discontinued Operations1
in € millions | 2025 | 2024 | % Change |
Sales | 12,521 | 12,799 | (2) |
Adjusted EBITDA | 2,279 | 2,118 | 8 |
Net profit | (1,039) | 280 |
1 Continuing Operations reflects the results of dsm-firmenich, following the announced divestment of Animal Nutrition & Health (ANH) activities to CVC Capital Partners. The assets and liabilities of the divested businesses have been classified as Assets Held for Sale in accordance with IFRS 5, and the results of the divested businesses have been reclassified to Discontinued Operations.
Dimitri de Vreeze, CEO, commented: “The recently announced divestment of Animal Nutrition & Health marks the final step in executing our strategic roadmap to becoming a leading consumer-focused company in nutrition, health, and beauty. This is an important milestone for the company. It enables us to fully focus on our core strengths and the execution of our strategy to deliver on our mid-term ambitions, while creating sustainable long-term value for all stakeholders.
From a business perspective, we made good progress in improving the performance of our three continuing business operations. Our innovative solutions play a critical role in essential, everyday consumer products, demonstrating the strength and resilience of our portfolio, particularly against the more challenging macroeconomic backdrop in the second half of 2025. We are well-positioned for 2026, supported by innovation-driven growth, continued delivery of sales synergies, continued focus on cash generation and capital discipline. This is further underpinned by the newly announced €500 million share repurchase program, and maintaining a €2.50 dividend per share, with a stable to preferably rising dividend policy going forward.”
Outlook 2026
A full year outlook for the company will be provided at the Investor Event, which dsm-firmenich will host in London on March 12. At this event, the company will provide an update on the innovation‑driven growth profile of Perfumery & Beauty, Taste, Texture & Health, and Health, Nutrition & Care.
Strategy
Following the successful completion of its strategic roadmap to become a leading consumer-focused company in nutrition, health, and beauty, dsm-firmenich will now focus on three strategic priorities:
Grow what we have
With the tuning of its portfolio and the divestment of ANH now announced, dsm-firmenich is well-positioned to execute its strategy and organically grow its innovation-led core activities.
Anchor what we do
dsm-firmenich is embedding best practices across the organization, building on its solid foundations to drive continuous improvement, while elevating operational excellence and customer intimacy.
Deliver on our promises
The company is on track to achieve its mid-term ambitions, including synergy delivery, disciplined capital allocation, and strong cost, cash and operating working capital efficiency, to generate sustainable value for all stakeholders.
The company’s mid-term financial ambitions include:
Organic Sales Growth: 5-7%
Adjusted EBITDA margin: 22-23%
Cash-to-sales conversion: >10%
Delivering synergies
dsm-firmenich is on track to achieve its target merger synergies, contributing approximately €350 million to Adjusted EBITDA. In 2025, the company realized around €65 million in cost synergies, which brings the total to about €175 million for the Group. This part of the program was completed by the end of 2025 and is now fully delivered.
In addition, dsm-firmenich realized around €100 million in revenue synergies during 2025, bringing the total to around €175 million. This contributed to around €60 million Adjusted EBITDA cumulatively since the merger, of which around €35 million was realized in 2025. The remaining €115 million Adjusted EBITDA contribution from revenue synergies will be realized through 2027.
Divestment of Animal Nutrition & Health
On February 9, 2026, dsm-firmenich announced it entered into an agreement with CVC Capital Partners, to divest its Animal Nutrition & Health business for an enterprise value of about €2.2 billion, which includes an earn-out of up to €0.5 billion. dsm-firmenich will retain a 20% equity stake. This transaction followed the sale of the Feed Enzymes activities to Novonesis for €1.5 billion in 2025. The announced divestment of ANH resulted in a non-cash impairment of around €1.9 billion in 2025 before taxes.
Reporting changes in 2025
Further to the announced divestment of the ANH activities to CVC Capital Partners, the assets and liabilities of the divested business have been classified as Assets Held for Sale, and the financial results of the ANH activities have been reclassified to Discontinued Operations. The primary structural adjustments that are reflected in the restated numbers for 2024 and 2025, include:
Perfumery & Beauty (P&B) is restated primarily for Aroma Ingredients and Pentapharm. These activities are included in Discontinued Operations.
Taste, Texture & Health (TTH) is restated primarily for Yeast Extracts, and certain vitamin sales included in the ANH divestment (“non-differentiated vitamins”), which moved to Discontinued Operations, and now includes Bovaer (the methane-reducing feed ingredient) which moved from ANH to TTH.
Health, Nutrition & Care (HNC) is restated primarily for Marine Lipids, and certain vitamin sales included in the ANH divestment (“non-differentiated vitamins”), which moved to Discontinued Operations. Veramaris (the 50/50 joint-venture for algae-based Omega-3) is transferred from ANH to HNC.
Therefore, the Discontinued Operations include ANH (incl. the feed enzymes activities divested in June 2025), Aroma Ingredients, Marine Lipids, Yeast Extracts, and certain vitamin sales included in the ANH divestment (“non-differentiating vitamins”) and other small divestments, following dsm-firmenich’s portfolio review as communicated at the Capital Markets Day in 2024.
In Annex 1-2, comparative figures are provided for the most recent five reported quarters (Q4 2024, Q1 2025, Q2 2025, Q3 2025, and Q4 2025) as well as full-year 2024 and full-year 2025, for the following line items: Net Sales, Adjusted EBITDA, Adjusted EBITDA margin, and Organic Sales Growth.
Adjustment ‘core’ definition
dsm-firmenich provides an updated ‘Core EBIT’ figure, adding back merger-related amortisation as well as the amortisation of other intangible assets recognized through purchase-price allocations (PPA) from all pre-merger acquisitions, to allow for easier comparison with industry peers – please see also the section ‘Definitions’.
Dividend
At the Annual General Meeting on May 7, 2026, the Board of Directors of dsm-firmenich will propose a cash dividend of €2.50 per share for the financial year 2025. Of this total dividend, €1.64 is to be paid out of capital contribution reserves without deduction of any Swiss withholding tax. The remaining €0.86 is to be paid out of available earnings and therefore subject to 35% Swiss withholding tax.
dsm-firmenich’s objective is to deliver consistent and sustainable dividends to its shareholders. To achieve this, the company has adopted a ‘stable to preferably rising’ dividend policy, reflecting its commitment to long-term value creation. Under this policy, dsm-firmenich aims to maintain a stable dividend amount per ordinary share and progressively increase dividends over time, subject to compliance with Swiss law and the relevant provisions of the Articles of Association.
Share buyback programs
In December 2025, dsm-firmenich completed its share repurchase programs under which it bought back ordinary shares with an aggregate market value of €1 billion in 2025.
The company now intends to launch a new share repurchase program to buy back ordinary shares with an aggregate market value of €500 million in 2026 to reduce its issued capital. The program is planned to commence in Q1 2026. dsm-firmenich remains fully committed to maintaining its strong investment-grade profile.
Key figures and indicators – Continuing Operations
in € millions |
| FY 2024 | % Change |
|
| % Change |
Net sales | 9,034 | 9,054 | (0) | 2,153 | 2,239 | (4) |
P&B | 3,760 | 3,776 | (0) | 904 | 922 | (2) |
TTH | 3,146 | 3,109 | 1 | 730 | 758 | (4) |
HNC | 2,102 | 2,117 | (1) | 512 | 550 | (7) |
Corporate | 26 | 52 | (50) | 7 | 9 | (22) |
Adj. EBITDA | 1,772 | 1,751 | 1 | 408 | 424 | (4) |
P&B | 815 | 842 | (3) | 183 | 194 | (6) |
TTH | 648 | 626 | 4 | 148 | 144 | 3 |
HNC | 407 | 377 | 8 | 101 | 110 | (8) |
Corporate | (98) | (94) | (4) | (24) | (24) | - |
Adj. EBITDA margin (%) | 19.6 | 19.3 | 19.0 | 18.9 | ||
P&B | 21.7 | 22.3 | 20.2 | 21.0 | ||
TTH | 20.6 | 20.1 | 20.3 | 19.0 | ||
HNC | 19.4 | 17.8 | 19.7 | 20.0 | ||
Adj. EBIT | 861 | 816 | 6 | |||
| ||||||
Core adj. EBIT | 1,290 | 1,277 | 1 | |||
Core adj. net profit | 887 | 976 | (9) | |||
| ||||||
Average number of shares (x millions) | 259.3 | 264.6 | ||||
Core adj. EPS | 3.31 | 3.54 | ||||
| ||||||
(Avg.) core capital employed | 11,624 | 11,690 | ||||
Core adj. ROCE (%) | 11.1 | 10.9 | ||||
| ||||||
Operating working capital (%) | 28.8 | 27.3 | ||||
Net debt | 3,301 | 2,556¹ |
1 Refers to Total Group, including discontinued operations
Key figures and indicators – Total Group including Discontinued Operations
in € millions | FY 2025 | FY 2024 | % Change |
|
| % Change |
Net sales | 12,521 | 12,799 | (2) | 2,941 | 3,257 | (10) |
Adj. EBITDA | 2,279 | 2,118 | 8 | 479 | 601 | (20) |
Adj. EBITDA margin (%) | 18.2 | 16.5 | 16.3 | 18.5 | ||
| ||||||
Core adj. net profit | 1,071 | 1,012 | 6 | |||
| ||||||
Average numbers of shares (x millions) | 259.3 | 264.6 | ||||
Core adj. EPS | 3.87 | 3.61 | ||||
| ||||||
Adj. gross operating free cash flow over Sales (%) | 10.4 | 12.1 | ||||
Capital expenditures (cash) (%) | 6.1 | 6.0 |
dsm-firmenich FY 2025 and Q4 – Continuing Operations
in € millions |
| FY 2024 | % Change |
|
| % Change |
Sales | 9,034 | 9,054 | (0) | 2,153 | 2,239 | (4) |
Organic sales growth (%) | 3 | 2 | ||||
Adj. EBITDA | 1,772 | 1,751 | 1 | 408 | 424 | (4) |
Adj. EBITDA margin (%) | 19.6 | 19.3 | 19.0 | 18.9 |
FY 2025
dsm‑firmenich delivered 3% volume-led organic sales growth, a solid performance in a macro environment that became increasingly challenging over the course of the year.
P&B delivered a solid performance with 3% organic sales growth. Perfumery saw good growth, while headwinds from sun filters in Beauty & Care faded through the year. TTH delivered a good 4% organic sales growth supported by synergies, with a strong first half, while more cautious customer behavior tempered growth in the second half of the year. HNC continued to improve with 3% organic sales growth, supported by good performance in Dietary Supplements and Early Life Nutrition. Growth in HNC softened somewhat in the second half due to more cautious consumer sentiment in North America.
Adjusted EBITDA increased by 5% when correcting for an about 4% negative currency effect, with a good step up in margin to about 20%, owing to continued margin improvements in TTH and HNC.
Cash flow delivery was good, with a strong performance in the second half of the year. Adjusted gross operating free cash flow resulted in a sales to cash conversion ratio of 10.5%.
2025 Core Net Profit was somewhat below 2024, despite higher Core EBIT, mainly due to non-cash impairments in associates.
Q4 2025
dsm-firmenich delivered 2% organic sales growth for the quarter, with an improvement in P&B, offset by softer market conditions and customer destocking in TTH and HNC.
P&B delivered a good performance with 4% organic sales growth. Perfumery was good, led by Fine Fragrance, while the impact of sun filters in B&C faded. TTH realized an organic sales growth of 2% on softer market trends and customer destocking. HNC, excluding some one-off timing effects of orders in Pharma, delivered a 1% increase in organic sales. Overall, HNC’s growth was impacted by soft consumer demand in North America. Early Life Nutrition was strong.
Adjusted EBITDA was up 3% when adjusting for a currency effect of about (7%). The adjusted EBITDA margin was stable.
The full text of the press release is available here.
The presentation to investors is available here.
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 73 06
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 people and 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.