Dsm-firmenich Ag · EURONEXT:DSFIR
Dsm-firmenich — Investor Day (2026)
19 slides from Dsm-firmenich's investor day presentation, Mar 12, 2026
Slide 1: Investor Event 2026
Investor Event 2026 Investor Event 2026 Dimitri de Vreeze CEO 1
Slide 2: Final step in our transformation journey
Journey Final step in our transformation journey First step as a higher-quality, more focused business Accelerate Tune Focus 1. Grow what we have Merge Prioritization of 2. Anchor what we do A Category of One Dream Full focus on high-growth, high- 3. Deliver on our building a leading margin segments
Slide 3: ANH deal improves portfolio quality with upside retained
Past ANH deal improves portfolio quality with upside retained • Deal took longer than anticipated due to market developments, necessitating a split of the business • Downside for dsm-firmenich mitigated Vitamin volatility • Secured favorable vitamin supply for dsm- required us to exit firmenich • Up
Slide 4: Portfolio tuning fully implemented
Past Portfolio tuning fully implemented Upgraded the portfolio by taking out commoditized and volatile activities Tuned portfolio Animal Nutrition & Health Yeast Extracts Bubble size: Indicative sales P&B TTH HNC High Accelerate Grow Bovaer €125m Petfood €3.7bn Veramaris Improve to Grow Non-differen
Slide 5: In parallel, merger synergies delivered
Past In parallel, merger synergies delivered Cost synergies, €m Sales synergies, €m Direct Indirect G&A TTH HNC P&B 500 175 Avg. OSG 2024-2025 300-350 dsm-firmenich TTH 7% Peer average1 5% 100 175 75 1 Peers consisting of 10 25 Givaudan T&W, Symrise F&N, IFF Nourish/ Taste, and Kerry T&N 2023 2024 2
Slide 6: Good progress in Sustainability
Past Good progress in Sustainability People Planet Reduce Gender pay gap / Improve Cut Scope 1 & 2 Water efficiency Highlights micronutrient gap Living wage inclusion emissions vs. 2021 improvement vs. 2023 775m 8.2% 71% -31% 11% • Achievement of 100% of purchased electricity from reached (in favor
Slide 7: Created leader in Nutrition, Health, and Beauty
Today - 2026 Created leader in Nutrition, Health, and Beauty With a solid performance Holistic well-being Nutrition Health Beauty Fueled and backed by Science €9bn 4.5% ~7% Sales Avg. OSG2 in 2024-25 R&D spend of sales ~20% 9.5% ~€300m Adj. EBITDA margin LfL Avg. Adj. EBITDA growth in 2024-25 LfL Ad
Slide 8: Unique business model well-positioned to capture attractive market trends
Today - 2026 Unique business model well-positioned to capture attractive market trends Combining the essential, desirable and sustainable Fast-evolving science Holistic well-being Consumer and customer insights as business drivers capabilities that unlock potential Ingredient palette Biotechnology H
Slide 9: Today's challenges and tomorrow's opportunities
Today - 2026 Today’s challenges and tomorrow’s opportunities • ~€100m EBITDA impact over 2024-25 FX headwinds • At current rates, ~€70m in 2026 • Consumer cautiousness, exacerbated by careful inventory management across the Cautious consumer value chain demand • Weak NAM market (HNC with ~40% of sal
Slide 10: China ingredients competition has limited impact
Today - 2026 China ingredients competition has limited impact Risk proactively addressed Diversified portfolio with Business model based on through portfolio optimization >3,000 different ingredients; co-creation with customers and no single ingredient with >€50m strong innovation offers further of
Slide 11: AI is accelerating growth, lowering costs, and improving win-rates in our Brief-to-Adoption process
Today - 2026 AI is accelerating growth, lowering costs, and improving win-rates in our Brief-to-Adoption process New Ingredient creation and production process Brief-to-Adoption process Process Ingredient Process Ingredient Formula creation Formula evaluation Customer & discovery development product
Slide 12: Delivered step-up in performance but need to accelerate
Today - 2026 Delivered step-up in performance but need to accelerate Sales, €m Adj. EBITDA, €m Cash conversion (AGOFCF4 /Sales) , % Continuing Operations Reported Total Group Reported Total Group FX Continuing Operations Continuing Operations FX LfL Avg. EBITDA Avg. OSG 4.5% growth 9.5% 13.4 65 5% 3
Slide 13: Action plan in place to accelerate
Today - 2026 Action plan in place to accelerate Accelerate sales Grow EBITDA margin Increase cash conversion • Focus on high-growth, high-margin • 1% margin improvement program: • Normalization of Capex to maximum products/ segments with biggest 5% of sales post Bovaer® • Operational excellence righ
Slide 14: Outlook 2026
Today - 2026 Outlook 2026 2-4% Organic Sales Growth (2025: +3%) ~20% 11-12% Adj. EBITDA Cash conversion 4 Adj. Gross Operating margin (AGOFCF 4/Sales) Free Cash Flow (AGOFCF) over sales. AGOFCF is operating profit plus depreciation, amortization, and impairments, adjusted for material items of profi
Slide 15: Growth drivers supporting Outlook 2026 and beyond
Today - 2026 Growth drivers supporting Outlook 2026 and beyond End-use segment Product Region P&B Regional Consumer Brands Fragrance India, Indonesia, Middle East, Fine fragrance Popscent® Eco China Skin care Sun filters recovery TTH Dairy (GLP-1) Enzymes India, Africa and Asia Functional Drinks Cul
Slide 16: Action plan and focus on execution will accelerate financial performance
Beyond 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 margin 22-23% • G
Slide 17: Accelerate our performance: focus and execution
Beyond Accelerate our performance: focus and execution We grow what Anchor what Deliver on we have we do our promises 17
Slide 18: 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
Slide 19: We bring progress to life
We bring progress to life © 2026 dsm-firmenich group.