dsm-firmenich reports full year 2025 results
Management Report
2025 highlights
Good financial performance, with strong contribution from synergies
Strategic plan now fully executed following the announced divestment of Animal Nutrition & Health
Animal Nutrition & Health has been classified as Assets Held for Sale and Discontinued Operations
New €500 million share repurchase program to be launched in Q1 2026
Maintain stable dividend of €2.50 per share, adopting stable to preferably rising dividend policy
Good progress in Sustainability, including EcoVadis Platinum and CDP double A for Climate & Water
dsm-firmenich now ready for the next phase in its journey as a fully focused consumer company
Investor Event scheduled for March 12, 2026
Key figures - Continuing Operations1
in € millions
FY 2025
FY 2024
% Change
Q4 2025
Q4 2024
% 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 2025
FY 2024
% Change
Q4 2025
Q4 2024
% 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
Q4 2025
Q4 2024
% 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 2025
FY 2024
% Change
Q4 2025
Q4 2024
% 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.
Business Unit Review
Perfumery & Beauty
Business unit results
in € millions
FY 2025
FY 2024
% Change
Q4 2025
Q4 2024
% Change
Sales
3,760
3,776
(0)
904
922
(2)
Organic sales growth (%)
3
4
Adj. EBITDA
815
842
(3)
183
194
(6)
Adj. EBITDA margin (%)
21.7
22.3
20.2
21.0
FY 2025
Perfumery & Beauty2 delivered organic sales growth of 3%. Fine Fragrances delivered high-single digit growth whereas Consumer Fragrances, and Ingredients delivered mid-single digit growth. Beauty & Care was impacted by weakness in sun filters. The Middle East was strong, Asia was good, Europe solid, with softness in North America and Latin America.
Perfumery & Beauty advanced its innovation agenda in 2025 with new ingredients and technologies that respond to evolving consumer expectations for delight and well-being. As demand grows for safer, more sustainable, and emotionally resonant products, P&B responded with a series of groundbreaking innovations:
Heliobliss®, a new captive ingredient under the Beyond Muguet program, brings together superior biodegradability and a refined olfactory profile, turning the megatrend of eco-conscious luxury into a real ingredient perfumers can use in their creations.
The palette was further strengthened with Amberever™ Neo, a purer crystallized version of Amberever™, and the launch of fifteen naturals, as well as the further optimization of production processes for key specialty molecules.
Pushing the boundaries of fragrance creation, P&B also advanced emotional well-being with emotiOn™, a perfumery offering grounded on more than 30 years of neuroscientific research and academic partnerships. This work deepens the scientific understanding of how scents shape emotional responses, enhancing dsm-firmenich's portfolio differentiation.
In Beauty & Care, innovation centered on high-performance, eco-conscious, science-based beauty solutions. This included SYN® COLL CB, a patented natural origin ingredient that supports collagen and helps protect against degradation, promoting firmer, smoother skin.
The Adjusted EBITDA margin of 21.7% represents a good performance, particularly given the impact of the sun filters. Adjusted EBITDA was stable when excluding a (3%) currency effect.
Q4 2025
Perfumery & Beauty saw a good organic sales growth of 4% versus the same period last year. Perfumery drove the quarter, with Fine Fragrances up high-single digits. Consumer Fragrances and Ingredients grew mid-single digits, with Beauty & Care still weak but with the effect of sun filters fading.
Adjusted EBITDA was up 2% when adjusting for the (8%) currency effect, while the margin also reflected mix effects.
2 Perfumery & Beauty (P&B) is a leading creation and innovation partner for the most iconic global and local brands in consumer goods, lifestyle, and luxury beauty. The business unit is home to some of the best talent in the industry, boasts an unmatched palette of captive ingredients, and is supported by a vertically integrated supply chain. Powered by our science-based innovations in Fragrance and Beauty & Care, we make our customers' products more desirable, essential, and sustainable, driving consumers' preference.
Taste, Texture & Health
Business unit results
in € millions
FY 2025
FY 2024
% Change
Q4 2025
Q4 2024
% Change
Sales
3,146
3,109
1
730
758
(4)
Organic sales growth (%)
4
2
Adj. EBITDA
648
626
4
148
144
3
Adj. EBITDA margin (%)
20.6
20.1
20.3
19.0
FY 2025
Taste, Texture & Health3 delivered an organic sales growth of 4%, supported by sales synergies, against a high prior year comparable of 10%, and more cautious customer demand in the second half of the year. Local & Regional customers generated stronger growth compared to global customers. China and India drove growth over the full year. Europe performed well, albeit softening in the second half. North America, APAC, and Latin America remained comparatively weaker. By segment, Beverages was soft, while Dairy including Cheese, Bakery and Pet Food performed well. Taste, Texture & Health strengthened its leadership in healthy food & beverages by delivering science-based, sustainable, and consumer-centric solutions that meet rising expectations for healthier food choices:
New Dairy Safe™ all-in-one cultures enabling high‑quality cheese production without additives, meeting demand for clean labels and natural ingredients.
Responding to the shift toward natural colors, TTH launched Vibelly™ Color Solutions, a carotenoid‑based portfolio that delivers vibrant, nature‑derived hues for beverages, bakery, dairy, and confectionery, supporting both regulatory transitions and sustainability goals.
Leveraging its combined capabilities in flavors, sweetening systems, and premixes to secure new wins in the fast‑growing ready‑to‑drink segment, including concepts that blend advanced flavor technology with nutritional benefits.
Helping customers manage inflation by reducing reliance on costly raw materials such as cocoa. Notable innovations included Maxiren®EVO, an award‑winning coagulant enzyme that enhances cheese texture and yield, and Vertis™ PB Pea, a clean‑label pea protein supporting functional plant‑based nutrition.
Strengthening its global reach and customer collaboration, TTH expanded its footprint with the opening of the Van Marken Food Innovation Center in Delft, the Baking Innovation Center in Princeton, NY, the Savory Taste Hub in Wageningen, the pet-only premix facility, NextGen Tonganoxie, US, and the expanded seasoning plant in Thuravoor, India.
Adjusted EBITDA improved by 7% when excluding a (3%) foreign exchange effect, driven by good organic sales growth and favorable mix effects. The Adjusted EBITDA margin of 20.6% continued to improve.
Q4 2025
Taste, Texture & Health achieved an organic sales growth of 2%, reflecting the softer market conditions which started to show in the third quarter, while Local & Regional customers again grew faster than global accounts. Europe remained solid, while China and India delivered a strong quarter. This was partly offset by more cautious consumer sentiment in North America and softening demand in Latin America.
Adjusted EBITDA increased by 10%, when adjusted for a foreign exchange effect of (7%). The Adjusted EBITDA margin was up 130 basis points versus Q4 last year.
3 Taste, Texture & Health (TTH) brings progress to life by tackling some of society's biggest challenges: providing nutritious, healthy and sustainable food and beverages, and accelerating the diet transformation with appealing taste and texture, and nourishing a growing global population while minimizing food loss and waste. TTH consists of Taste, which includes flavors, natural extracts, sugar reduction solutions, and Ingredients Solutions, which includes food enzymes, hydrocolloids, cultures, natural colorants, nutritional ingredients, and plant-based proteins.
Health, Nutrition & Care
Business unit results
in € millions
FY 2025
FY 2024
% Change
Q4 2025
Q4 2024
% Change
Sales
2,102
2,117
(1)
512
550
(7)
Organic sales growth (%)
3
(1)
Adj. EBITDA
407
377
8
101
110
(8)
Adj. EBITDA margin (%)
19.4
17.8
19.7
20.0
FY 2025
Health, Nutrition & Care4 continued its recovery, delivering 3% organic sales growth, driven by Early Life Nutrition and Dietary Supplements. i‑Health was soft owing to more cautious consumer sentiment in North America. APAC and China were strong, EMEA and Latin America performed well whereas North America was soft.
During the year, Health, Nutrition & Care delivered innovations reflecting its commitment to shaping the future of health—from early life to healthy aging—through science‑driven, sustainable nutrition solutions that improve lives at every stage:
Strengthening its Early Life Nutrition franchise with regulatory approvals for human milk oligosaccharides (HMO's) in over 170 countries, notably in China, with its GLYCARE® HMO portfolio
Development of 14 distinct flavor tonalities and optimized formulas in Pharma to limit the number of ingredients, designed to streamline the regulatory approval process and overcome flavor challenges from infants to adults
In microbiome health, Humiome® Post LB, the world's most clinically proven postbiotic was launched, in an allergen-free form, allowing its incorporation in tending formats like gummies
Further advancing sustainable nutrition by expanding its algal lipid portfolio with life's®OMEGA O2722, in China: a single-source algal omega-3 that has the same EPA-to-DHA ratio naturally found in standard fish oil, but with twice the potency.
Further broadening its health enhancing technologies through Biomedical, certifying the entire Ulteeva Purity™ portfolio as bio-based and introducing new colors to provide contrast to white high-strength orthopedic sutures that simplify complex arthroscopic procedures
Adjusted EBITDA was up 14% when adjusted for a (6%) currency effect. The Adjusted EBITDA margin delivered a 160bps step-up to 19.4%, driven by good organic growth.
Q4 2025
Organic sales in HNC were (1%), impacted by the timing effect of large custom manufacturing orders in Pharma, in 2024. Excluding this effect HNC would have grown 1% organically. Early Life Nutrition was strong led by demand for HMOs in China, while Biomedical experienced good momentum. i-Health and Dietary Supplements were impacted by more cautious consumer behavior in North America.
Adjusted EBITDA was (3%) when adjusted for a foreign exchange effect of about (5%). The Adjusted EBITDA margin of 19.7% was in line with prior year.
4 Health, Nutrition & Care (HNC) enables people to improve their health by supplementing their diet with critical nutrients and driving medical innovation forward, so helping to optimize immunity, speed up recovery and enhancing quality of life.
Corporate activities
in € millions
FY 2025
FY 2024
% Change
Q4 2025
Q4 2024
% Change
Sales
26
52
(50)
7
9
(22)
Adj. EBITDA
(98)
(94)
(4)
(24)
(24)
-
Discontinued Operations5
in € millions
FY 2025
FY 2024
% Change
Q4 2025
Q4 2024
% Change
Sales
3,487
3,745
(7)
788
1,018
(23)
Adj. EBITDA
507
367
38
71
177
(60)
Adj. EBITDA margin (%)
14.5
9.8
9.0
17.4
Animal Nutrition & Health delivered a good performance in Performance Solutions. Essential Products benefitted in the first half of substantially higher prices, which reversed in the second half as conditions in vitamins softened considerably. Profitability was supported by the contribution from the vitamin transformation program.
5 Discontinued Operations captures the results of the combined businesses that were an integral part of the single co-ordinated plan to dispose these businesses following dsm-firmenich's post-merger portfolio review, mainly including the ANH business subject to the carve-out and the completed divestments of the Feed Enzymes business, Pentapharm, the Yeast Extracts business, and the Marine Lipids business. The assets and liabilities related to the ANH business subject to the carve-out were reclassified as assets held for sale at year-end following its planned divestment.
Cash Flow and Working Capital
FY 2025
FY 2024
Continuingoperations
Continuingoperations
Adj. gross operating free cash flow
950
1,217
Sales to cash conversion %
10.5
13.4
Operating working capital (OWC)
2,481
2,450
OWC as % of sales - end of period
