News
July 30, 2026
Ad hoc announcement pursuant to article 53 LR
Kaiseraugst (Switzerland), Maastricht (Netherlands), July 30, 2026
H1 2026 highlights
Dimitri de Vreeze, CEO, commented: “We achieved good volume-led LFL growth in the first six months of the year across all businesses, demonstrating the resilience and quality of our portfolio and the consistent delivery on our operational priorities amid a dynamic global macroeconomic environment. We expect full-year LFL sales growth to be at the higher end of our 2026 target of 2-4%.
We are delivering on the action plan outlined at our 2026 Capital Markets Day, focused on accelerating top-line growth, margin expansion, and maintaining disciplined cash and capital management. These initiatives will drive a further sequential improvement to deliver an around 20% adjusted EBITDA margin in 2026. We are also executing our cost savings and restructuring program, to provide a strong foundation to achieve a further step-up in margin in 2027.”
Group Performance – Continuing Operations
The company delivered good, volume-led sales growth across all businesses in the first half, owing to improving business conditions, contributions from revenue synergies, and higher win rates on customer briefs. Following 4% LFL sales growth in Q1, business conditions in Q2 2026 continued to be solid, resulting in 6% LFL sales growth. June saw a strong acceleration, owing to positive customer sentiment on easing Middle East concerns.
The Adjusted EBITDA margin of 19.5% in Q2, reflects a 40 bps sequential improvement versus Q1. Versus the prior year period, the margin remained stable reflecting a negative impact of 70 bps from foreign exchange effects. On a LFL basis, Adjusted EBITDA was up 10% in Q2, and up 7% in the first half versus prior year. Core EPS increased by 14% in H1 2026 versus prior year period, reaching €1.84.
Adjusted Gross Operating Free Cash Flow of 7% in H1 2026 improved versus the prior year period. With typically stronger cash flow performance in the second half of the year, the company expects to deliver on its full-year adjusted gross operating cash-to-sales ratio target of 11-12%.
in € millions | H1 2026 | H1 2025 | % LFL | Q2 2026 | Q2 2025 | % LFL |
Sales | 4,664 | 4,643 | 5 | 2,388 | 2,303 | 6 |
Adj. EBITDA | 900 | 906 | 7 | 466 | 446 | 10 |
Adj. EBITDA margin (%) | 19.3 | 19.5 | 19.5 | 19.4 | ||
Net profit from continuing operations | 225 | 197 | ||||
Net profit (total Group) | 221 | 541 |
Outlook 2026 unchanged: Fully on track with 2026 Strategic Action Plan
The company expects Continuing Operations for the full-year 2026 to deliver:
Underpinned by good H1 delivery, the company expects full-year LFL sales growth to be at the higher end of its 2026 target of 2-4%.
This outlook assumes that, also in the second half, the conflict in the Middle East will have a limited impact. The company will address cost inflation through a range of initiatives including a cost savings and restructuring program, and pricing actions.
Key figures and indicators – Continuing operations
in € millions | H1 2026 | H1 2025 | % LFL | Q2 2026 | Q2 2025 | % LFL |
Net sales | 4,664 | 4,643 | 5 | 2,388 | 2,303 | 6 |
P&B | 1,948 | 1,919 | 7 | 981 | 945 | 7 |
TTH | 1,634 | 1,629 | 4 | 843 | 802 | 6 |
HNC¹ | 1,035 | 1,042 | 4 | 538 | 528 | 4 |
Corporate¹ | 47 | 53 | 26 | 28 | ||
Adj. EBITDA | 900 | 906 | 7 | 466 | 446 | 10 |
P&B | 424 | 426 | 6 | 211 | 207 | 6 |
TTH | 321 | 335 | 3 | 170 | 165 | 8 |
HNC | 206 | 196 | 15 | 110 | 99 | 19 |
Corporate | (51) | (51) | (25) | (25) | ||
Adj. EBITDA margin (%) | 19.3 | 19.5 | 19.5 | 19.4 | ||
P&B | 21.8 | 22.2 | 21.5 | 21.9 | ||
TTH | 19.6 | 20.6 | 20.2 | 20.6 | ||
HNC | 19.9 | 18.8 | 20.4 | 18.8 | ||
Adj. EBIT | 435 | 450 | ||||
. | ||||||
Core adj. EBIT | 664 | 677 | ||||
Core adj. net profit | 465 | 441 | ||||
. | ||||||
Average number of shares (x millions) | 250.2 | 263.5 | ||||
Core adj. EPS | 1.84 | 1.61 | ||||
. | ||||||
(Avg.) core capital employed | 11,480 | 11,909 | ||||
Core adj. ROCE (%) | 11.6 | 11.4 | ||||
. | ||||||
Operating working capital | 2,667 | 2,662 | ||||
Net debt | 4,424 | 2,459² |
1 2025 figure restated for comparative purposes
2 Refers to Total Group, including Discontinued Operations
Cost savings and restructuring program
Earlier this year, at its Capital Markets Day, the company outlined a clear action plan focused on disciplined execution to accelerate financial performance. This plan is designed to deliver a structural improvement of approximately 1% in Adjusted EBITDA margin by 2027.
This restructuring program (including the stranded cost elimination program from the Animal Nutrition & Health transaction) could lead to a reduction of about 1,000 positions over the next 18-24 months, in close consultation with relevant works councils. The company has fully deployed the program and expects €100 million in cost savings, and anticipates an exceptional cost of approximately €100 million.
Strategic ambitions
dsm-firmenich operates through three unique and complementary Business Units: Perfumery & Beauty, Taste, Texture & Health, and Health, Nutrition & Care. These businesses are supported by clear strategic choices, a simplified operating model, and a strong focus on customer-driven innovation.
The strategic ambition is to grow the three businesses by leveraging a unique combination of science, creativity, and customer intimacy, while anchoring performance through operational excellence, disciplined capital allocation, cost saving programs, and consistent commercial practices across the Group. Having successfully completed the group-wide transformation, the focus is on accelerating performance within the three business units.
Looking ahead, the priority is to accelerate execution in 2026–2027 to drive growth and synergies, expand EBITDA margins, and improve cash conversion, underpinned by normalized capital expenditure, tighter working capital management, and greater cost discipline.
The materials from the 2026 Capital Markets Day are available here.
Swiss listing
In addition to its listing on Euronext Amsterdam, dsm-firmenich established a dual listing of the company’s ordinary shares on SIX Swiss Exchange on May 21, 2026. This Swiss listing benefits dsm-firmenich and its shareholders by strengthening alignment with dsm-firmenich’s Swiss heritage and domicile, broadening access to Swiss and international equity investors, and also resulting in the inclusion in relevant Swiss equity indices.
Share buyback program
The company started a share repurchase program on March 12, 2026 to repurchase ordinary shares for a total amount of €540 million, of which €500 million to reduce its issued capital, and €40 million to cover commitments under the Group’s share-based compensation plans. On July 24, around 62% of the program had been executed.
On February 26, 2026, following the completion of its €1 billion share buyback program in 2025, the company cancelled 12,049,441 shares. As a result, the total number of issued shares was reduced by approximately 4.5%, from 265,676,388 to 253,626,947 shares.
A PDF version of this press release can be found here.
The presentation to investors is available here.
Financial calendar
November 4, 2026 - publication of dsm-firmenich Q3 2026 trading update
February 18, 2027 – publication of dsm-firmenich FY 2026 results
March 24, 2027 – AGM, Kaiseraugst (CH)
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
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 Euronext Amsterdam (DSFIR) and SIX Swiss Exchange (DSFIR), with operations in almost 60 countries and revenues of more than €9 billion for its Continuing Operations following the divestment of Animal Nutrition & Health. With a diverse, worldwide team of nearly 21,000 employees, we bring progress to life every day, everywhere, for billions of people.
About Continuing Operations
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.
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.