Dsm-firmenich Ag · EURONEXT:DSFIR
Dsm-firmenich — H1 2026 Earnings Presentation
20 slides from Dsm-firmenich's earnings presentation, Jul 30, 2026
Slide 1: Presentation to Investors: H1 2026 results
Presentation to Investors H1 2026 results July 30, 2026
Slide 2: H1 2026: Key Highlights
H1 2026: Key Highlights Good LFL sales growth and sequential margin improvement through first half • Good like-for-like (LFL) sales growth of 5% in H1 2026, with 6% in Q2 • Adjusted EBITDA margin improved sequentially, with positive momentum into second half • Continued improvement in adjusted gross
Slide 3: Q2 2026: Financial highlights
Q2 2026: Financial highlights Continued good growth and improving margins Continuing Operations Perfumery & Beauty Taste, Texture & Health Health, Nutrition & Care Sales growth (LFL) Sales growth (LFL) Sales growth (LFL) Sales growth (LFL) 6% 7% 6% 4% Adj. EBITDA margin Adj. EBITDA margin Adj. EBITD
Slide 4: H1 2026: Financial highlights
H1 2026: Financial highlights Good volume-led LFL sales growth and sequential margin improvement Continuing Operations Perfumery & Beauty Taste, Texture & Health Health, Nutrition & Care Sales growth (LFL) Sales growth (LFL) Sales growth (LFL) Sales growth (LFL) 5% 7% 4% 4% Adj. EBITDA margin Adj. E
Slide 5: H1 2026: Sustainability progress
H1 2026: Sustainability progress1 Delivering on our 2030 ambitions Reduce Scope 1 & 2 Reduce Scope 3 Water efficiency Improve safety Naturals sourcing emissions vs. 2021 emissions vs. 2021 improvement vs. TRI rate program Highlights H1 2026 2023 completion rate -35% -22% -13% 0.20 58% • CDP Double A
Slide 6: Drivers supporting our growth ambitions
Drivers supporting our growth ambitions Perfumery & Beauty Taste, Texture & Health Health, Nutrition & Care • Sustained winning performance with great • Scaling up global capacity of enzymes and • Growth ELN supported by HMOs in China and momentum in Fine Fragrance in key regions, cultures to meet i
Slide 7: Sales synergies supporting the top-line
Sales synergies supporting the top-line Sales synergies, €m Examples of recent synergies • Launch of ModulaSENSE® Bitter, a novel taste modulation TTH HNC P&B 500 technology that helps customers in pharma masking bitterness in their drugs, improving palatability and patient adherence • High-protein
Slide 8: Accelerate financial performance
Accelerate financial performance Cost savings and restructuring program • ~€100m cost savings program including an intended reduction of about 1,000 positions over the next 18-24 months • One-off implementation costs of ~€100m 8
Slide 9: CMD 2026 Action plan
CMD 2026 Action plan Focus on execution will accelerate financial performance OSG Drivers 5-7% 2 4-6% 4-6% + 1% • Acceleration of OSG – Grow what we have (~1%) 2-4% • Some market normalization (1-2%) • Bovaer® significantly contributing as of 2028 (~1%) 2026 2027 2028+ Adj. EBITDA margin ~21% 22-23%
Slide 10: Financial review
Financial review
Slide 11: Continuing Operations: performance highlights
Continuing Operations: performance highlights Q2 2026 Sales (growth) LFL Q2 2026 Adj. EBITDA margin Q2 2026 Adj. EBITDA 6% 19.5% +10% LFL Sales €2,388m +10bps vs Q2 2025 (+40bps vs Q1 2026) €466m H1 2026 Sales (growth) LFL H1 2026 Adj. EBITDA margin H1 2026 Adj. EBITDA 5% 19.3% +7% LFL Sales €4,664m
Slide 12: Continuing Operations
Continuing Operations Q2 2026 Key drivers Q2 Sales development, €m Q2 Adj. EBITDA development, €m • Good 6% volume-led LFL sales increase across all 2,303 6% 0% 2,388 10% 466 businesses. June saw an exceptionally strong 446 acceleration owing to positive customer sentiment (1%) (1%) (5%) (1%) on eas
Slide 13: Perfumery & Beauty
Perfumery & Beauty Q2 2026 Key drivers Q2 Sales development, €m Q2 Adj. EBITDA development, €m • 7% LFL sales growth on continued good business 207 6% 211 momentum with strong month of June ,945 7% 0% ,981 (3%) (1%) • Fine Fragrances and Consumer Fragrances had (1%) (2%) double-digit LFL growth from
Slide 14: Taste, Texture & Health
Taste, Texture & Health Q2 2026 Key drivers Q2 Sales development, €m Q2 Adj. EBITDA development, €m • Q2 LFL sales growth of 6% (up from 2% in Q1), ,843 8% 0% 170 supported by synergies (~2%) and Bovaer® (+1%) ,802 6% 0% 0% 165 (1%) (5%) • Good growth in Beverages, Baking, and Dairy • Adj. EBITDA ma
Slide 15: Health, Nutrition & Care
Health, Nutrition & Care Q2 2026 Key drivers Q2 Sales development, €m Q2 Adj. EBITDA development, €m • 4% LFL sales growth ,528 3% 1% 0% ,538 19% 110 0% • Strong HMO, ARA and Biomedical momentum 99 (2%) (8%) • Soft consumer demand in Dietary Supplements and i-Health, especially in North America 18.8
Slide 16: Cash: FY 2026 delivery of 11-12% cash-to-sales fully on track
Cash: FY 2026 delivery of 11-12% cash-to-sales fully on track H1 2026 Operating Working Adj. GOFCF Cash CAPEX Working Capital Capital 7% Sales to cash 8.3% of Sales 27.9% of Sales 21.8% of Sales H1 2025 Operating Working Adj. GOFCF Cash CAPEX Working Capital Capital 2% Sales to cash 6.8% of Sales 28
Slide 17: H1 2026 Net Debt reflects timing of cash-out
H1 2026 Net Debt reflects timing of cash-out, FY26 leverage expected to be broadly In line with FY25 H1 2026 movements H2 2026 forecast • €0.65bn Dividends • ANH Net Cash proceeds (€0.6bn) and Debt Transfer (€0.2bn) • €0.3bn Share buyback • Remainder Share buyback (€0.2bn) €4.4bn €3.3bn Leverage 1.9
Slide 18: Outlook 2026 unchanged
Outlook 2026 unchanged: Fully on track with 2026 Strategic Action Plan The company expects Continuing Operations Key drivers for full-year 2026 to deliver: • D&A – around €235m/quarter PPA adjustments – around €110m/quarter 2-4% • Organic Sales • around €70m/quarter PPA from merger Growth • around €
Slide 19: Forward-looking statements
This presentation contains forward-looking statements with respect to dsm-firmenich’s future 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
Slide 20: We bring progress to life
We bring progress to life © 2026 dsm-firmenich group.