Dsm-firmenich Ag · EURONEXT:DSFIR
Dsm-firmenich — FY 2025 Earnings Presentation
22 slides from Dsm-firmenich's earnings presentation, Feb 12, 2026
Slide 1: Presentation to Investors FY 2025 results
Presentation to Investors FY 2025 results February 12, 2026
Slide 2: Highlight: divestment of ANH to CVC
Highlight: divestment of ANH to CVC • Smart deal ✓ Full exit from Animal Nutrition & Health; dsm-firmenich: now fully focused on nutrition, health, & beauty ✓ Down-side risks and volatility mitigated ✓ Deal structure allows for further value creation opportunities ✓ Secured a favorable long-term vit
Slide 3: Final step in our journey
Final step in our journey dsm-firmenich is now a fully focused consumer company in nutrition, health, & beauty Accelerate 1. Grow what we have Tune 2. Anchor what we do Focus 3. Deliver on our Merge Prioritization of promises Dream Full focus on high growth, high 2 iconic companies building a leadin
Slide 4: Highlights 2025
Highlights 2025* Sales Adj. EBITDA • Good financial performance, with strong contribution from synergies • Strategic plan now fully executed following the announced divestment of Animal Nutrition & Health €9bn €1,772m • Animal Nutrition & Health has been classified as Assets +3% Organic Sales Growth
Slide 5: FY 2025 dsm-firmenich
FY 2025 dsm-firmenich FY 2025 sales development • 3% organic sales growth, a solid performance in a challenging macro environment. €9,054m 3% 0% €9,034m ✓ P&B : solid performance with 3% organic sales growth, (3%) led by Perfumery which saw good growth ✓ TTH: good 4% organic sales growth supported b
Slide 6: Q4 2025 dsm-firmenich
Q4 2025 dsm-firmenich Q4 2025 sales development • 2% organic sales growth, with an improvement in P&B, offset by softer market conditions and customer destocking in TTH €2,239m 1% 1% €2,153m and HNC (6%) ✓ P&B: good performance with 4% organic sales growth. Perfumery was good, led by Fine Fragrance,
Slide 7: FY 2025 Perfumery & Beauty
FY 2025 Perfumery & Beauty FY 2025 sales development • Perfumery & Beauty delivered organic sales growth of 3% ✓ Fine Fragrances delivered high-single digit growth €3,776m 3% 0% €3,760m whereas Consumer Fragrances, and Ingredients (3%) delivered mid-single digit growth ✓ Beauty & Care was impacted b
Slide 8: Perfumery & Beauty key innovations
Key innovations Perfumery & Beauty Perfumery Ingredients Beauty & Care P&B strengthened its sustainable offering The palette was further strengthened with In Beauty & Care, innovation centered on with Heliobliss®, a new captive ingredient Amberever Neo, a purer crystallized high performance, science
Slide 9: Q4 2025 Perfumery & Beauty
Q4 2025 Perfumery & Beauty Q4 2025 sales development • Perfumery & Beauty saw a good organic sales growth of 4% versus the same period last year €922m 3% 1% €904m ✓ Perfumery drove the quarter, with Fine Fragrances up (6%) high-single digits ✓ Consumer Fragrances and Ingredients grew mid-single digi
Slide 10: FY 2025 Taste, Texture & Health
FY 2025 Taste, Texture & Health FY 2025 sales development • Taste, Texture & Health delivered 4% organic sales growth ✓ Supported by sales synergies, against a high prior year €3,109m 3% 1% €3,146m comparable of 10%, and more cautious customer (3%) demand in H2 2025 ✓ Local & Regional customers gene
Slide 11: Taste, Texture & Health key innovations
Key innovations Taste, Texture & Health Mozzarella with a bite Ingredient Solutions Dairy TTH is helping customers navigate inflationary Responding to the shift toward natural New Dairy Safe all-in-one cultures pressures. New solutions were developed to colors, TTH launched Vibelly Color enabling hi
Slide 12: Q4 2025 Taste, Texture & Health
Q4 2025 Taste, Texture & Health Q4 2025 sales development €758m 1% €730m • Taste, Texture & Health achieved a 2% organic sales growth 1% (6%) ✓ Reflecting the softer market conditions which started to show in Q3 2025, while Local & Regional customers again grew faster than global accounts. ✓ Europe
Slide 13: FY 2025 Health, Nutrition & Care
FY 2025 Health, Nutrition & Care FY 2025 sales development • Health, Nutrition & Care continued its recovery, delivering 3% €2,117m 3% 0% €2,102m organic sales growth (3%) ✓ Primarily driven by Early Life Nutrition and Dietary Supplements ✓ i-Health was soft owing to more cautious consumer Actual FX
Slide 14: Health, Nutrition & Care key innovations
Key innovations Health, Nutrition & Care Early Life Nutrition Health from the Gut Biomedical HNC strengthened its Early Life Nutrition In microbiome health, HNC launched HNC further broadened its health franchise with regulatory approvals for Humiome® Post LB, a pioneering enhancing technologies wit
Slide 15: Q4 2025 Health, Nutrition & Care
Q4 2025 Health, Nutrition & Care Q4 2025 sales development • Organic sales growth in HNC were (1%). ✓ Impacted by the timing effect of large custom €550m 0% €512m manufacturing orders in Pharma, in 2024. Excluding this (6%) (1%) effect HNC would have grown 1% organically ✓ Early Life Nutrition was s
Slide 16: Key figures and indicators
Key figures and indicators Continuing Operations Commentary in € millions FY 2025 FY 2024 % Change Q4 2025 Q4 2024 % Change Net sales 9,034 9,054 (0) 2,153 2,239 (4) Adj. EBITDA 1,772 1,751 1 408 424 (4) Continuing Operations: Adj. EBITDA margin (%) 19.6 19.3 19.0 18.9 • Core Tax Rate in 2025 was 21
Slide 17: Strong H2 Cash Generation
Strong H2 Cash Generation Commentary FY 2025 FY 2024 • Cash flow delivery was good, with a Continuing Continuing strong performance in the second Investor Event in operations operations half of the year London 12 March • Adjusted gross operating free cash flow resulted in a sales to cash Adj. gross
Slide 18: Net Debt – FY 2025 bridge
Net Debt – FY 2025 bridge Commentary 0.2 Largest moving parts in 2025 were 0.8 -1.4 • Share buyback: €1.0bn capital €bn return and €0.1bn for share plans 1.1 €bn • Redemption of hybrid bond (was 0.7 not included in IFRS Net Debt) -1.3 executed in August 2025 (€750m) 0.2 3.3 0.3 2.6 • Net proceeds fr
Slide 19: Good progress in Sustainability
Good progress in Sustainability Highlights Reduce Gender pay gap Improve inclusion Cut Scope 1 & 2 Water efficiency • Achievement of 100% of purchased micronutrient gap emissions vs. 2021 improvement vs. 2023 electricity from renewable sources ahead of plan 775m 8.2% 71% -31% 11% (in favor of women)
Slide 20: Forward-looking statements disclaimer
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 21: We bring progress to life
We bring progress to life © 2025 dsm-firmenich group.
Slide 22: Q&A FY 2025 results
Q&A FY 2025 results February 12, 2026