(GLOBE NEWSWIRE via COMTEX) --
Press Release
Kaiseraugst (Switzerland), Maastricht (Netherlands), February 12, 2026
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 EUR500 million share repurchase program to be launched in Q1 2026
- Maintain stable dividend of EUR2.50 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 EUR 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 EUR 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 EUR500 million share repurchase program, and maintaining a EUR2.50 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 EUR350 million to Adjusted EBITDA. In 2025, the company realized around EUR65 million in cost synergies, which brings the total to about EUR175 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 EUR100 million in revenue synergies during 2025, bringing the total to around EUR175 million. This contributed to around EUR60 million Adjusted EBITDA cumulatively since the merger, of which around EUR35 million was realized in 2025. The remaining EUR115 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 EUR2.2 billion, which includes an earn-out of up to EUR0.5 billion. dsm-firmenich will retain a 20% equity stake. This transaction followed the sale of the Feed Enzymes activities to Novonesis for EUR1.5 billion in 2025. The announced divestment of ANH resulted in a non-cash impairment of around EUR1.9 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 EUR2.50 per share for the financial year 2025. Of this total dividend, EUR1.64 is to be paid out of capital contribution reserves without deduction of any Swiss withholding tax. The remaining EUR0.86 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 EUR1 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 EUR500 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 EUR 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 2,556(1)
1 Refers to Total Group, including discontinued operations
Key figures and indicators - Total Group including Discontinued Operations
in EUR 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 EUR 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 EUR 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(R), 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(TM) Neo, a purer crystallized version of Amberever(TM), 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(TM), 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(R) 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 EUR 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(TM) 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(TM) 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(R)EVO, an award'winning coagulant enzyme that enhances cheese texture and yield, and Vertis(TM) 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 EUR 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(R) 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(R) 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(R)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(TM) 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 EUR 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 EUR 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
Continuing Continuing
operations operations
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 28.8 27.3
Total working capital (WC) 1,770 1,757
Total WC as % of sales - end of period 20.6 19.6
After a modest start in H1, mainly due to timing of payments between periods, adjusted gross operating cash flow improved significantly in the second half, driven by strong working-capital management.
Alternative Performance Measures (APMs)
The main APM adjustments in 2025 were:
- Acquisition (merger) and divestment costs of EUR45 million, mainly related to costs related to the merger transaction
- Restructuring costs of EUR54 million, mainly related to the vitamin transformation program
- Other costs of a net amount of EUR16 million include legal costs
- Impairments of Property, Plant and Equipment (PPE), goodwill and intangible assets of EUR35 million, mainly related to the impairment loss recognized upon the classification of smaller business as held for sale
Sustainability
2025 was a remarkable year with great achievements for dsm-firmenich in sustainability. The company launched its Sustainability program 'People. Planet. Progress' in March 2025, defining how dsm-firmenich brings progress to life. It is built around eight focus areas and provides clear targets for 2030.
Next to this launch, notable achievements during the year included:
- Achievement of 100% of purchased electricity from renewable sources ahead of plan
- A Double A rating for Climate and Water Security awarded by CDP, placing the company in the top 4% of companies scored by CDP globally
- A 'Platinum' medal from EcoVadis, placing the company among the top 1% of companies assessed by EcoVadis
Progress
dsm-firmenich made good progress on its focus areas included in the program and its underlying people and planet targets for 2030.
Reduce micronutrient gap Gender pay gap Improve inclusion Cut Scope 1 & 2 emissions vs. 2021 Water efficiency improvement
vs. 2023
775m 8.2% 71% -31% 11%
reached (in favor of women)
Living wage
100%
Our target: Our target: Our target: Our target:
Reach 1bn people >70% -42% 10%
Improve safety TRI rate Boost employee engagement Naturals sourcing program completion rate Cut Scope 3 emissions vs. 2021 Make washable products biodegradable
0.26 80% 48% -23% 85%
Our target: Our target: Our target: Our target: Our target:
<0.20 >80% 100% -25% 90%
Key highlights
Reducing the micronutrient gap
Through the nutritional interventions it innovates and produces, dsm-firmenich addresses critical micronutrient gaps, with the ambition of reaching one billion people worldwide by 2030. In 2025 dsm-firmenich reached 775 million people.
This is a modest increase versus 2024 (2024: 759 million6) which is explained by a combination of sustained relatively low relief funding across supplementation and aid programs on the one hand, with slightly higher demand for premixes to fortify edible oil on the other.
Scope 1 & 2 and Scope 3 greenhouse gas reductions
The company continued to make good progress with regard to its climate targets. Scope 1 & 2 market-based GHG emissions amounted to 722 ktCO2e, representing a 31% (2024: 27%) reduction versus the 2021 baseline. Absolute Scope 3 emissions were 10,280 ktCO2e, with a reduction of 23% (2024: 20%) for the SBT scope 3 emissions against the 2021 baseline. The year also marked the milestone of achieving 100% purchased electricity from renewable sources, ahead of schedule.
The progress on the Scope 1 & 2 target was driven by the continued and successful execution of the GHG reduction program, focused on improving energy efficiency at sites and the increasing transition to renewable energy. On the Scope 3 target, the focus was on actively engaging suppliers through the "Joining Force for NetZero" program and advancing the company's digital agenda to enhance the accuracy and transparency of emissions reporting and roadmap development processes.
Key Natural Ingredients responsibly sourced
The company is committed to sourcing practices that are sustainable, and transparent, embedding these principles across all its purchase categories. A new, advanced and comprehensive Responsible Sourcing program for key natural ingredients with a target date of 2030 was launched in 2025.
In 2025, as per plan, the company conducted 54 field due diligence assessments across the Business Units. In this first year, 48% of this new program was completed.
People KPIs
In safety and health, the ambition is for everyone to return home safe and healthy, every day. In 2025, the company's recordable incident rate was 0.26, slightly above the 2024 level of 0.24, while still firmly within the industry's top quartile performance. The increase was largely driven by a softer first half of the year. The stronger second'half performance, however, reflects the positive impact of the initiatives we introduced.
The Employee Engagement Survey was performed in September 2025. Participation reached 90%. This year the company realized its inclusion target, reaching 71% (2024: 67%), and the employee engagement target, reaching 80% (2024: 79%). The results in 2025 show relevant progress due to the efforts across the organization, due to transparent discussions on the feedback from last year's survey, as part of the journey to focus on embedding our values and behaviors into our culture.
All employees were paid a living wage based on our last year review, delivering on the company's commitment. The gender pay gap was 8.2% (2024: 6.1%7) in favor of women. This is mainly due to more female representation in the management levels of the organization as compared to other more junior levels, similar to our observation in 2024.
Planet KPIs
In 2025, the company delivered on its water target, reaching 11% water efficiency improvement compared to 2023 for sites in water-stressed areas.
The company aims to achieve 90% ultimate biodegradability for products in the washable applications by 2030. In 2025, 85% of the applicable portfolio was ultimate biodegradable.
Other highlights
In Nature, in 2025 the company completed a comprehensive nature development assessment to better understand its dependencies, impacts, risks and opportunities (so called 'DIROs') for the nature indicators of land use and land use change, water withdrawals, water pollution, soil pollution and biodiversity. The results will be shared in the Annual Report.
On Human Rights, in 2025 the company conducted a global risk assessment including saliency analysis to identify Human Rights focus areas in own operations and across the supply chain, in line with the UNGP and OECD guidelines. The outcomes will be shared in the Annual Human Rights report, to be published in Q2 2026.
Ratings, rankings
In addition to the strong performance on CDP and EcoVadis, the company continued to deliver strong performances across relevant ratings and rankings. This included:
- Rated 'Leading' across the three ESG dimensions by Bloomberg
- Remaining a constituent of FTSE4Good
- Assessed with a lowest-risk rating by ISS QualityScore, and confirmed 'Prime' by ISS ESG
- Rated 'AA' by MSCI
- Received an ESG score of 59 from S&P Global, an improvement of 12 points versus last year
- Rated 'low risk' by Sustainalytics on ESG factors, showing a strong improvement in 2025 to sector'leading levels
Note: The sustainability information included in this press release is reported for the total dsm-firmenich group, which includes continuing and discontinued operations as set out in the definitions section.
6 The number of beneficiaries reached in 2024 was restated due to a change of methodology.
7 The gender pay gap is restated due to a change in methodology, now including variable pay elements.
Definitions
This press release includes information that is presented in accordance with IFRS as issued by the International Accounting Standard Board and alternative performance measures (APMs). Please refer to the section below for the definitions as applied.
Alternative Performance Measures (APMs)
In monitoring the financial performance of dsm-firmenich, management uses certain Alternative performance measures (APMs) not defined by IFRS. These APMs should not be viewed in isolation as alternatives to the equivalent IFRS measures and should be used as supplementary information in conjunction with the most directly comparable IFRS measures. APMs do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies.
To arrive at the Alternative Performance Measures (APMs) Adjusted EBITDA, Adjusted EBIT, and Adjusted net profit, adjustments are made for material items of income and expense arising from circumstances such as acquisitions and divestments, restructuring, impairments and other events (i.e., APM adjustments). Other APM adjusting events include site closure costs, environmental cleaning, litigation settlements or other non-operational (contractual) arrangements. Other than items related to acquisition and integration costs incurred in the first year from the acquisition date (including non-recurring inventory value adjustments) as well as adjustments due to previously recognized APM adjusting events, the threshold is EUR10 million.
The APMs used throughout this press release are:
Organic sales growth (OSG)
Organic sales growth is the sales growth excluding the impact of acquisitions, divestments, and currency impacts.
Earnings before interest, tax, depreciation and amortization (EBITDA)
EBITDA is defined as IFRS metric operating profit plus depreciation, amortization, and impairments.
Adjusted earnings before interest, tax, depreciation and amortization (Adj. EBITDA)
Adjusted EBITDA is the EBITDA adjusted for material items of profit or loss, as defined under 'APM adjustments'.
EBITDA margin
EBITDA margin is EBITDA expressed as a percentage of net sales.
Adjusted EBITDA margin (Adj. EBITDA margin)
Adjusted EBITDA margin is adjusted EBITDA expressed as a percentage of net sales.
Adjusted operating profit (Adj. EBIT)
Adjusted operating profit (Adj. EBIT) is the IFRS metric operating profit adjusted for material items of profit or loss, as defined under 'APM adjustments'.
Core adjusted EBIT (Core adj. EBIT)
Core adjusted EBIT is calculated as the IFRS metric operating profit adjusted for material items of profit or loss, as defined under 'APM adjustments', and adjusted for the impact of the amortisation of intangible assets recognized through purchase price allocations (PPA).
Adjusted net profit (Adj. net profit)
Adjusted net profit is the IFRS metric net profit adjusted for material items of profit or loss, as defined under 'APM adjustments'.
Core adjusted net profit (Core adj. net profit)
Core adjusted net profit is the IFRS metric net profit (from continuing operations) adjusted for material items of profit or loss, as defined under 'APM adjustments', and adjusted for the impact of the amortisation of intangible assets recognized through purchase price allocations (PPA) as well as the PPA impact on financial income and expense.
Adjusted gross operating free cash flow (AGOFCF)
Adjusted gross operating free cash flow (AGOFCF) is defined as the IFRS metric operating profit plus depreciation, amortization, and impairments, adjusted for material items of profit or loss, as defined under 'APM adjustments', adjusted for intrinsic changes in the working capital, minus capital expenditures. This metric is based on continuing operations.
Sales to cash conversion %
Sales to cash conversion % is the adjusted gross operating free cash flow (AGOFCF) as a percentage of net sales.
Adjusted earnings per share (Adj. EPS)
Adjusted earnings per share (Adjusted EPS) is calculated as the net profit available to holders of ordinary shares adjusted for material items of profit or loss, as defined under 'APM adjustments', divided by the average number of ordinary shares outstanding.
Core adjusted earnings per share (Core adj. EPS)
Core adjusted earnings per share (Core adjusted EPS) is calculated as the net profit (from continuing operations) available to holders of ordinary shares adjusted for material items of profit or loss, as defined under 'APM adjustments', adjusted for the impact of the amortisation of intangible assets recognized through purchase price allocations (PPA) as well as the PPA impact on financial income and expense, divided by the average number of ordinary shares outstanding.
Capital employed
Capital employed is the total of the carrying amount of intangible assets and property, plant and equipment, inventories, trade receivables and other receivables, less trade payables, other current liabilities, investment grants and customer funding. Average capital employed is calculated as the average of the capital employed at the end of the preceding five quarters, including the current quarter.
Core capital employed
Core capital employed is defined as capital employed, adjusted for the impact of the Firmenich purchase price allocation (PPA). Average core capital employed is calculated as the average of the core capital employed at the end of the preceding five quarters, including the current quarter.
Return on capital employed (ROCE)
Return on capital employed (ROCE) is the adjusted operating profit (from continuing operations) as a percentage of average capital employed.
Core adjusted return on capital employed (Core adj. ROCE)
Core adjusted return on capital employed (Core adj. ROCE) is core adjusted EBIT as a percentage of average core capital employed.
Operating working capital (OWC)
The total of inventories and trade receivables, less trade payables.
Operating working capital (OWC) as % of sales
Operating working capital as % of sales is the operating working capital as a percentage of annualized fourth-quarter net sales.
Working capital (WC)
The total of inventories and current receivables, less current payables.
Working capital (WC) as % of sales
Working capital as % of sales is the working capital as a percentage of annualized fourth-quarter net sales.
Capital expenditures (CAPEX)
Capital expenditures include all investments in intangible assets and property, plant and equipment.
Net debt
Net debt is the total of current and non-current borrowings less cash and cash equivalents, current investments and the net position of derivatives.
Condensed consolidated financial statements 2025
Condensed consolidated income statement
FY 2025 FY 2024
Continuing operations
Net sales 9,034 9,054
Gross profit 3,530 3,553
Operating profit 711 547
Financial income and expense (143) (124)
Profit (loss) before tax 568 423
Income tax expense (118) (64)
Share of net profit (loss) of associates and joint ventures (108) -
Net profit (loss) from continuing operations 342 359
Net profit (loss) from discontinued operations (1,381) (79)
Net profit (loss) for the period (1,039) 280
Attributable to:
- Holders of shares (1,081) 250
- Non-controlling interests 42 30
Interest on hybrid bonds (equity) 26 28
Earnings per share (EPS) total (in EUR):
- Basic EPS (4.27) 0.84
Earnings per share (EPS) continuing operations (in EUR):
- Basic EPS 1.21 1.21
Condensed consolidated balance sheet
in EUR millions December 31, 2025 December 31, 2024
Assets
Goodwill and intangible assets 15,384 18,078
Property, plant and equipment 4,174 5,725
Deferred tax assets 227 299
Share in associates and joint ventures 199 342
Derivatives 60 51
Other non-current assets 408 453
Non-current assets 20,452 24,948
Inventories 2,121 3,290
Trade receivables 1,841 2,589
Income tax receivables 153 51
Other receivables 105 129
Derivatives 41 23
Financial investments 121 50
Cash and cash equivalents 1,782 2,667
Sub-total 6,164 8,799
Assets held for sale 2,729 -
Current assets 8,893 8,799
Total assets 29,345 33,747
Equity and liabilities
Shareholders' equity 18,244 22,511
Non-controlling interest 179 186
Equity 18,423 22,697
Deferred tax liabilities 1,351 1,556
Employee benefit liabilities 193 487
Provisions 52 87
Borrowings 3,617 4,444
Derivatives 14 7
Other non-current liabilities 102 109
Non-current liabilities 5,329 6,690
Employee benefit liabilities 12 62
Provisions 51 77
Borrowings 1,660 836
Derivatives 14 60
Trade payables 1,481 2,276
Income tax payables 303 223
Other current liabilities 666 826
Sub-total 4,187 4,360
Liabilities held for sale 1,406 -
Current liabilities 5,593 4,360
Total equity and liabilities 29,345 33,747
Condensed consolidated cash flow statement1
in EUR millions FY 2025 FY 2024
Cash and cash equivalents at beginning of period 2,667 2,456
Operating activities
EBITDA 2,245 1,991
Changes in working capital (210) 198
Income tax (320) (275)
Result divestments (114) (47)
Other (156) (89)
Cash provided by operating activities 1,445 1,778
of which provided by continuing operations 1,069 1,442
Investing activities
Payments for intangible assets and property, plant and equipment (764) (764)
Acquisition of businesses (19) (5)
Disposal of businesses 1,270 42
Proceeds from disposal of other non-current assets 95 416
Change in short-term financial investments (63) 43
Interest received 33 33
Dividend received and capital (re)payments (26) 6
Other cash used in investing activities (21) (23)
Cash from / (used in) investing activities 505 (252)
Financing activities
Dividends paid (718) (667)
Interest paid (64) (67)
Repurchase of shares (1,181) (706)
Redemption and remuneration of hybrid bonds (783) (28)
Proceeds from (re)issued shares 5 21
Proceeds from / repayment of corporate bonds 239 293
Payment of lease liabilities (109) (110)
Acquisition of non-controlling interest (106) (26)
Other cash from / used in financing activities (35) (44)
Cash (used in) / from financing activities (2,752) (1,334)
Change in cash and cash equivalents (802) 192
Exchange differences relating to cash held (72) 19
Cash and cash equivalents at end of period 1,793 2,667
(including cash classified as held for sale)
Reclassification to held for sale (11) -
Cash and cash equivalents at end of period 1,782 2,667
1 The condensed consolidated cash flow statement includes an analysis of all cash flows in total, therefore including both continuing and discontinued operations, unless stated otherwise.
Notes to the Condensed consolidated financial statements
Reconciliation to Alternative Performance Measures
FY 2025 FY 2024
in EUR millions Continuing operations Total Group Continuing operations Total Group
Operating profit (EBIT) 711 (877) 547 561
Depreciation, amortization and impairments 946 3,122 1,025 1,430
EBITDA 1,657 2,245 1,572 1,991
Acquisitions/divestments/integration 45 (32) 101 40
Restructuring 54 50 36 45
Other 16 16 42 42
Sub-total APM adjustments to EBITDA 115 34 179 127
Adj. EBITDA 1,772 2,279 1,751 2,118
Operating profit (EBIT) 711 (877) 547 561
APM adjustments to EBITDA 115 34 179 127
Impairments of PPE and Intangible assets 35 1,957 90 238
Sub-total APM adjustments to operating profit (EBIT) 150 1,991 269 365
Adj. operating profit (EBIT) 861 1,114 816 926
PPA adjustments 429 461
Core adj. operating profit (EBIT) 1,290 1,277
Net profit 342 (1,039) 359 280
APM adjustments to operating profit (EBIT) 150 1,991 269 365
APM adjustments to financial income and expense 16 16 5 5
Income tax related to APM adjustments (35) (331) (40) (45)
APM adjustments to share of the profit of associates/jointly controlled entities 57 57 (4) (4)
Sub-total APM adjustments 188 1,733 230 321
Adj. Net profit 530 694 589 601
PPA adjustments 357 387
Core adj. net profit 887 976
Profit attributable to non-controlling interests (2) (11)
Dividend on Cumulative Preference Shares - -
Core adj. net profit available to holders of ordinary shares 885 965
2025 2024
Continuing Total Group Continuing Total Group
operations operations
Earnings per share (EPS)
Average number of ordinary shares outstanding (x million) 259.3 259.3 264.6 264.6
x EUR million
Net profit (loss) available to holders of ordinary shares 340 (1,081) 348 250
Adjusted net profit available to holders of ordinary shares 528 652 578 571
Core adj. net profit available to holders of ordinary shares 885 1,029 965 982
Interest on hybrid bonds (equity) 26 26 28 28
in EUR
EPS 1.21 (4.27) 1.21 0.84
Adj. EPS 1.94 2.41 2.08 2.05
Core adj. EPS 3.31 3.87 3.54 3.61
FY 2025 FY 2024
in EUR millions Continuing Total Continuing Total
operations operations
Adjusted EBITDA 1,772 2,279 1,751 2,118
Change working capital (214) (210) 86 198
Capital expenditures (608) (764) (620) (764)
Adj. gross operating free cash flow 950 1,305 1,217 1,552
FY 2025 FY 2024
Continuing Operations Total Group Continuing Operations Total Group
in EUR million Adjusted Total Adjusted Total Adjusted Total Adjusted Total
Net Sales 9,034 9,034 12,521 12,521 9,054 9,054 12,799 12,799
Gross margin 3,558 3,530 4,389 4,340 3,571 3,553 4,294 4,241
EBITDA 1,772 1,657 2,279 2,245 1,751 1,572 2,118 1,991
Depreciation & Amortization 911 946 1,165 3,122 935 1,025 1,192 1,430
EBIT 861 711 1,114 -877 816 547 926 561
Financial income and expense (127) (143) (137) (153) (119) (124) (129) (134)
Profit before inc. tax 734 568 977 -1,030 697 423 797 427
Income tax expense (153) (118) (233) 98 (104) (64) (192) (147)
Share profit and other results associates (51) (108) (50) (107) (4) 0 (4) 0
Group net profit 530 342 694 (1,039) 589 359 601 280
PPA adjustments 357 377 387 411
Core net profit 887 1,071 976 1,012
Geographical information
Switzer- Nether- Rest of EMEA North America Latin America China Rest of Total
land lands Asia
FY 2025
Continuing operations
Net sales (by destination)
In EUR millions 214 302 3,098 2,353 857 671 1,539 9,034
In % 2 3 35 26 10 7 17 100
Workforce at period-end (headcount)(1) 3,678 1,763 8,437 4,204 3,577 3,324 3,567 28,550
Intangible assets and property, plant and equipment at period-end (carrying amount) 11,190 1,555 3,279 2,393 322 522 297 19,558
FY 2024
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