Dsm-firmenich Ag · EURONEXT:DSFIR
Dsm-firmenich — H1 2025 Earnings Presentation
33 slides from Dsm-firmenich's earnings presentation, Jul 31, 2025
Slide 1: Presentation to Investors H1 2025 results
Presentation to Investors H1 2025 results July 31, 2025
Slide 2: Financial Highlights
01 Financial Highlights 2
Slide 3: Financial Highlights H1 2025
Financial Highlights H1 2025 Sales Adj. EBITDA Adj. EBITDA margin Adj. GOFCF/Sales €6,510m €1,260m 19.4% 3% +7% Organic Sales Growth +29% +390bps -4ppt 3
Slide 4: H1 2025 Group financials
H1 2025 Group financials • Good 7% organic sales growth, with overall favorable business conditions, despite ongoing macroeconomic uncertainties ✓ P&B: good growth in Perfumery, offset by weak H1 2025 sales development performance in Beauty & Care due to sun filters 4% €6,510m ✓ TTH: very good perfo
Slide 5: Q2 2025 Group financials
Q2 2025 Group financials • Good 6% organic sales growth with overall, business conditions in line with Q1 and P&B and TTH reporting against a very challenging comparable period Q2 2025 sales development ✓ P&B: solid performance against strong prior year, with good performance in Perfumery, offset by
Slide 6: H1 2025 Perfumery & Beauty
H1 2025 Perfumery & Beauty H1 2025 sales development • Perfumery & Beauty delivered 1% volume-driven organic sales growth on a challenging comparable of 10% volume €2,007m 1% €1,989m growth last year (1%) 0% (1%) ✓ Good demand for Fine Fragrances, Consumer Fragrances, and Ingredients ✓ Beauty & Care
Slide 7: Q2 2025 Perfumery & Beauty
Q2 2025 Perfumery & Beauty Q2 2025 sales development • The second quarter saw a continuation of favorable market conditions in Perfumery, while Beauty & Care remained €1,021m impacted by weakness in sun filters. 0% €974m 0% (1%) • Adjusting for the softness in Beauty & Care, volume growth (4%) was 3
Slide 8: Perfumery & Beauty: Recent creations and innovations
Recent creations and innovations Perfumery & Beauty Beyond odor control: the Amberever ingredient – a ETERWELL HAIR – senolytic Clearsense® experience signature scent revolution science for scalp vitality Perfumery expanded its strong innovation Ingredients launched a new molecule for the In Beauty
Slide 9: H1 2025 Taste, Texture & Health
H1 2025 Taste, Texture & Health H1 2025 sales development • Very good first half with 6% organic sales growth driven by 5% 1% €1,686m higher volumes in both Taste and Ingredients Solutions, €1,632m (2%) (1%) supported by 2% volume growth from sales synergies ✓ Market conditions were good across regi
Slide 10: Q2 2025 Taste, Texture & Health
Q2 2025 Taste, Texture & Health Q2 2025 sales development • The good business conditions of the first quarter continued €834m 4% 1% €835m through the second quarter (4%) (1%) • Against a high comparison of 11% last year, the reported organic sales growth was 5% ✓ Which includes a 2% volume contribut
Slide 11: Taste, Texture & Health: Recent creations and innovations
Recent creations and innovations Taste, Texture & Health (non) Alcoholic Flavor Barista coffee experience Mozzarella with a bite Novasense®, which mimics the taste TTH developed new solutions for the TTH is helping customers navigate and mouthfeel of alcohol in no-alcohol coffee and plant-based infl
Slide 12: H1 2025 Health, Nutrition & Care
H1 2025 Health, Nutrition & Care H1 2025 sales development • Good H1 with 6% organic sales growth, driven by higher volumes across all regions. €1,091m 6% €1,072m 0% ✓ Dietary Supplements saw continued recovery, driven (1%) (7%) by good consumer demand for preventative health products, driving stron
Slide 13: Q2 2025 Health, Nutrition & Care
Q2 2025 Health, Nutrition & Care Q2 2025 sales development • Good quarter with 6% organic sales growth, on 5% higher volumes. €565m 5% 1% €544m ✓ The business saw continued favorable market (4%) (6%) conditions in the second quarter with no change in business conditions Actual FX Volumes Prices M&A
Slide 14: Health, Nutrition & Care: Recent creations and innovations
Recent creations and innovations Health, Nutrition & Care HMOs: nurturing the future Fueling health from within Shifting to algal-based omega-3 HNC launched GlyCare® HMO (human milk Microbiome is a key innovation and growth life’s®OMEGA O3020, the first algal-based oligosaccharides) for infant formu
Slide 15: H1 2025 Animal Nutrition & Health
H1 2025 Animal Nutrition & Health H1 2025 sales development • ANH delivered a strong performance in the first six months, with continued improvement in its underlying business, 16% €1,751m further supported by the temporary vitamin price effect, the €1,536m 2% (1%) impact of which had largely normal
Slide 16: Q2 2025 Animal Nutrition & Health
Q2 2025 Animal Nutrition & Health Q2 2025 sales development • Good business conditions continued in the second quarter, with the good underlying performance supported by the 15% €877m temporary vitamin price effect, the impact of which had €790m 3% (2%) largely normalized by quarter end. (5%) • Stro
Slide 17: Financial KPIs showed good progress
Financial KPIs showed good progress Commentary in € millions H1 2025 H1 2024 % Change Net sales 6,510 6,298 3 • Core Tax rate: 23% Adj. EBITDA 1,260 976 29 • Core adj. net profit up 47% Adj. EBITDA margin (%) 19.4 15.5 • Core adj. EPS rose by 42% in H1 2025, reflecting the company’s Adj. EBIT 680 38
Slide 18: Continued commitment to cash target
Continued commitment to cash target Commentary in € millions H1 2025 H1 2024 • Adj. gross operating free cash flow development in H1 was lower than last year due timing of payments and higher short- Adj. gross operating free cash flow 215 460 term employee rewards over 2024 Sales to cash conversion
Slide 19: Net Debt – H1'25
Net Debt – H1’25 Commentary 0,2 • Per IFRS definition, Net Debt 0,3 excludes the €750m “Hybrid Note”. 0,7 1,4 Including Hybrid note, Net Debt is €bn €bn €3.2bn 0,1 0,2 0,2 2,6 2.4 H2 reminder • Seasonally stronger operating cash generation in H2 2025 • Remainder share buyback €0.7bn • Redemption of
Slide 20: Outlook 2025
Outlook 2025 Full year Adjusted EBITDA 2025 ‘housekeeping’ unchanged of around €2.4 billion • D&A – around €225m/quarter • PPA adjustments - around €290m/year • Core Finex - around €140m/year For the group, we estimate a full-year Adjusted EBITDA of around €2.4 billion, reflecting volatile foreign e
Slide 21: H1 2025 delivery on ESG targets
People-Planet- Progress H1 2025 delivery on ESG targets Planet GHG reduction GHG reduction Water intensity Washable products Scope 1 & 2 Scope 3 (in water-stressed areas) biodegradable 28% (H1 2025) 21% (H1 2025) 7% 85% Target: 42% CO2e reduction by 2030 Target: 25% CO2e reduction by Target: 10% red
Slide 22: Strategy
O2 Strategy dsm-firmenich ese
Slide 23: dsm-firmenich: bringing progress to life
dsm-firmenich: bringing progress to life 1 2 3 4 Our Journey Merger To be Accelerate the Core Integration Dream Synergies Category of ONE 1 Sales MSD% OSG moving Grow what we Consumer / human focus to a 5-7% range have Merge Vitamin Wellbeing 2 Transformation Adj. EBITDA Focus Nutrition Health Beaut
Slide 24: Innovators in nutrition, health and beauty
dsm-firmenich: Innovators in nutrition, health and beauty We bring progress to life We are a Category of One Fueled and backed by science Desirable Essential Sustainable 24
Slide 25: Cost synergy delivery with target delivery of €175+ million
Cost synergy delivery with target delivery of €175+ million Cumulative cost Cost synergy implementation synergies, € million ahead of planning Direct Indirect G&A 175+ Examples include G&A: remove role duplications, leverage GES Remove management roles duplication, leverage Global Enterprise Service
Slide 26: Strong progress on revenue synergy with customers
Strong progress on revenue synergy with customers TTH HNC P&B Strong pipeline of … translates into confidence to revenue synergies… reach targets according to plan HNC Revenue growth synergies, € m P&B TTH 500 GROUP Pipeline of revenue synergies, € m 350+ >€400m €300+m 175+ €200m €130m 75 25 Q2’23 Q
Slide 27: ANH exit process advancing
ANH exit process advancing Exit process from the remaining Animal Nutrition & Health business is advancing and entering its final stages 1 January 2025 2024 Feb 2 June 2025 11 February 2025 Announcement of Preparation Phase Closing sale Sale feed enzymes intention to separate • Scope of separation d
Slide 28: Well-progressed in tuning of our portfolio
Well-progressed in tuning of our portfolio with the sale of marine lipids, yeast extracts, and the divestment of our minority stake in Robertet Non-differentiated Aroma Agro Yeast Marine Minority stake Vitamins Ingredients Ingredients Extracts Lipids Robertet Net >€100m ~€170m ~€40m ~€120m ~€170m Sa
Slide 29: A company with clear ambitions: financial and sustainability
A company with clear ambitions: both financial and on sustainability Mid-Term Financial Objectives Sustainability targets Sales EBITDA Cash People Planet Mid-single digit Adjusted EBITDA Cash-to-sales 1 billion < 5% -42% -25% percentage of margin moving conversion of people 100% Scope 1 & 2 Scope 3
Slide 30: Continuing our journey: 2025 plan
Continuing our journey: 2025 plan • Acceleration of innovation and creation-led organic sales growth • Achieving Adj. gross operating cash-to-sales ratio target of >10% • Delivery of further cost & sales synergies of about €100m Adj. EBITDA • Completion of vitamin transformation program with a contr
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Slide 32: 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 33: We bring progress to life
We bring progress to life © 2025 2024 dsm-firmenich group.