Dsm-firmenich Ag · EURONEXT:DSFIR

Dsm-firmenich — Investor Day (2026)

24 slides from Dsm-firmenich's investor day presentation, Mar 12, 2026

Slide 1: Investor Event 2026
Investor Event 2026 Investor Event 2026 Ralf Schmeitz CFO 1
Slide 2: Ready to accelerate
Investor Event 2026 Ready to accelerate Transformation 2023-2025 Accelerate 2026+ Grow what we have Anchor what we do Deliver on our promises 2
Slide 3: Vitamin price development created delay for ANH deal
Investor Event 2026 Vitamin price development created delay for ANH deal ANH EBITDA • Proceeds at closing €1.2bn • €0.6bn net cash Supply disruption in industry • €0.2bn net debt transfer • €0.3bn of employee-related liabilities (not included in IFRS net debt) • €0.1bn vendor loan note for the Solut
Slide 4: Improved portfolio delivered good organic sales growth
Investor Event 2026 Improved portfolio delivered good organic sales growth Continuing Operations Sales development, €m • Solid underlying performance in portfolio: • FX a material headwind 749 9,034 • Continuing basis average OSG of 4.5% 8,618 -333 over 2024-25 – in challenging end- markets • 2024 O
Slide 5: With all businesses contributing
Investor Event 2026 With all businesses contributing Perfumery & Beauty Taste, Texture & Health Health, Nutrition & Care Sales development, €m Sales development, €m Sales development, €m 338 3,760 3,546 -124 407 3,146 2,864 -125 2,142 44 2,102 -84 3 3 3 2023 OSG FX 2025 2023 OSG FX 2025 2023 OSG FX
Slide 6: We have strengthened our EBITDA profile
Investor Event 2026 We have strengthened our EBITDA profile Driven by margin expansion from portfolio optimization, synergy delivery, and disciplined growth Continuing Operations • 5.2 ppt margin improvement from 2023 Adj. EBITDA, €m • 3.8 ppt from ANH exit and portfolio tuning 302 1,772 • 1.4 ppt i
Slide 7: Strong LfL EBITDA growth and margin improvement across all BUs
Investor Event 2026 Strong LfL10 EBITDA growth and margin improvement across all BUs Perfumery & Beauty Taste, Texture & Health Health, Nutrition & Care Adj. EBITDA development, €m Adj. EBITDA development, €m Adj. EBITDA development, €m 101 815 737 -23 142 648 536 -30 20.8% +1 ppt 78 21.7% 18.7% +2
Slide 8: Cash conversion around 11% on the back of temporarily elevated Capex
Investor Event 2026 Cash conversion around 11% on the back of temporarily elevated Capex AGOFCF4/Sales (%) • Underlying cash conversion profile of the Group is better following the portfolio tuning • 2025 cash conversion impacted by: 13.4% • Targeted inventory build-up ahead of anticipated tariffs 1
Slide 9: Created leader in Nutrition, Health, and Beauty
Investor Event 2026 Created leader in Nutrition, Health, and Beauty With a solid performance Holistic well-being Nutrition Health Beauty Fueled and backed by Science €9bn ~20% ~11% Sales Adj. EBITDA margin Core ROCE11 4.5% 9.5% ~11% Avg. OSG in 2024-25 LfL Avg. Adj. EBITDA Growth in 2024-25 AGOFCF/s
Slide 10: Improving our growth supported by innovation and synergies
Investor Event 2026 Improving our growth supported by innovation and synergies P&B • Accelerate momentum in Regional Consumer Fragrance & Fine 1. Focus on high-growth, Fragrance high-margin products • Strengthen our leadership position in Global Consumer Fragrance • Continuously upgrade our Ingredie
Slide 11: Improving our margins – new operational excellence program adding 1% Adj. EBITDA margin
Investor Event 2026 Improving our margins – new operational excellence program adding 1% Adj. EBITDA margin, plus program to offset stranded costs Operating excellence program improving margin by 1% Program to fully offset stranded costs • Cost and efficiency improvement program • Program that will
Slide 12: Improving our cash – OWC and Capex will normalize to consumer-industry standards
Investor Event 2026 Improving our cash – OWC and Capex will normalize to consumer-industry standards OWC12 as % of sales Capex12 as % of sales 6.9% 6.7% 5.9% 31.1% 28.8% 2027+ 27.3% Structurally maximum 5% 2027+ Structurally below 27% 2023 2024 2025 2026E 2027+ 2023 2024 2025 2026 2027+ • New portfo
Slide 13: Improving our cash – Bovaer, a scalable growth platform
Investor Event 2026 Improving our cash – Bovaer®, a scalable growth platform • Proprietary feed ingredient which reduces methane • Plant in Dalry (Scotland) to be completed in 2026 production • Commercial contribution as from 2027 with gradual • Extensive body of scientific proof (150+ studies and 1
Slide 14: Improving our cash – majority of Capex oriented towards growth
Investor Event 2026 Improving our cash – majority of Capex oriented towards growth Capex in high-growth, high-margin areas Perfumery & Beauty Taste, Texture & Health Health, Nutrition & Care • Two new plants in France for • New Taste facilities in India and Italy • Expansion HMO (Human Milk fragranc
Slide 15: Outlook for full year 2026
Investor Event 2026 Outlook for full year 2026 Additional financial modeling assumptions D&A – around €235m/quarter 2-4% • Organic Sales • PPA adjustments – around €105-110m/quarter Growth • around €70m/quarter PPA from merger • around €35m/quarter from pre-merger M&A (2025: +3%) • Core Finex – arou
Slide 16: Action plan and focus on execution will accelerate financial performance
Investor Event 2026 Action plan and focus on execution will accelerate financial performance OSG Drivers 5-7% 5 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 mar
Slide 17: We expect 2026 leverage to be broadly in line with 2025
Investor Event 2026 We expect 2026 leverage to be broadly in line with 2025 In €bn Largest moving parts in Leverage 1.9x Adj. EBITDA 2026 • Adj. AGOFCF 11-12% of sales • APMs cash-out of ~€0.1bn 3.3 • Dividends €2.50 per share • Share buyback: Adj. Gross Dividend / SBB Net Cash proceeds ANH Net Debt
Slide 18: Leverage & debt maturity profile – strong investment grade profile
Investor Event 2026 Leverage & debt maturity profile – strong investment grade profile Group debt maturity profile, €m Solidly financed 1600 • Committed to strong investment grade profile: 1400 • Moody’s A3/P-2, Stable Outlook 1200 • Standard & Poor’s A-/A-2, Stable Outlook 750 1000 • Net debt/Adj.
Slide 19: Core EPS impacted by one-timers in 2025; commitment to improve ROCE
Investor Event 2026 Core EPS impacted by one-timers in 2025. Continued commitment to improve ROCE by 100bps per year Core EPS Core ROCE • 2025 Core EPS for Continuing Operations was €3.31 • 2025 Core ROCE of 11.1% showed a step-up of and negatively impacted by non-recurring items: around 5% versus 2
Slide 20: Disciplined capital allocation continued, prioritizing organic growth and shareholder returns
Investor Event 2026 Disciplined capital allocation continued, prioritizing organic growth and shareholder returns 1 Disciplined Capex for organic growth 2 Dividend 3 M&A 4 Share buybacks • 6.5% Capex to sales in • Policy: stable to • M&A not a priority for • €500m SBB program 2026 preferably rising
Slide 21: Attractive dividend yield on the back of stable dividend, supplemented with SBB
Investor Event 2026 Attractive dividend yield on the back of stable dividend, supplemented with SBB €m Dividends SBB 2,000 1,500 €1bn (4.5% share capital) 1,000 €0.5bn (3% share capital) 500 123% 71% 76% of core Adj. EPS of core Adj. EPS of core Adj. EPS 0 12 2023 2024 2025 2026E Total shareholder r
Slide 22: Accelerate our performance: focus and execution
Investor Event 2026 Accelerate our performance: focus and execution We grow what Anchor what Deliver on we have we do our promises 22
Slide 23: Disclaimers
Disclaimers 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

dsm-firmenich — Investor Day (2026) on 6ix

Dsm-firmenich — Investor Day (2026)

Slide 1: Investor Event 2026

Slide 2: Ready to accelerate

Slide 3: Vitamin price development created delay for ANH deal

Slide 4: Improved portfolio delivered good organic sales growth

Slide 5: With all businesses contributing

Slide 6: We have strengthened our EBITDA profile

Slide 7: Strong LfL EBITDA growth and margin improvement across all BUs

Slide 8: Cash conversion around 11% on the back of temporarily elevated Capex

Slide 9: Created leader in Nutrition, Health, and Beauty

Slide 10: Improving our growth supported by innovation and synergies

Slide 11: Improving our margins – new operational excellence program adding 1% Adj. EBITDA margin

Slide 12: Improving our cash – OWC and Capex will normalize to consumer-industry standards

Slide 13: Improving our cash – Bovaer, a scalable growth platform

Slide 14: Improving our cash – majority of Capex oriented towards growth

Slide 15: Outlook for full year 2026

Slide 16: Action plan and focus on execution will accelerate financial performance

Slide 17: We expect 2026 leverage to be broadly in line with 2025

Slide 18: Leverage & debt maturity profile – strong investment grade profile

Slide 19: Core EPS impacted by one-timers in 2025; commitment to improve ROCE

Slide 20: Disciplined capital allocation continued, prioritizing organic growth and shareholder returns

Slide 21: Attractive dividend yield on the back of stable dividend, supplemented with SBB

Slide 22: Accelerate our performance: focus and execution

Slide 23: Disclaimers

Slide 24: We bring progress to life