dsm-firmenich Q3 2025 trading update

Core Insights - dsm-firmenich reported a solid Q3 2025 with 2% organic sales growth and a significant increase in Adjusted EBITDA, despite facing challenges from foreign exchange and vitamin price volatility [2][10][3] Financial Performance - Total sales for Q3 YTD 2025 reached €9,580 million, a slight increase from €9,542 million in Q3 YTD 2024, with a 5% organic sales growth [8][10] - Adjusted EBITDA for Q3 YTD 2025 was €1,800 million, up 19% from €1,517 million in Q3 YTD 2024, with an Adjusted EBITDA margin of 18.8% [8][10] - The company anticipates a full-year Adjusted EBITDA of around €2.3 billion for 2025, reflecting a €90 million negative foreign exchange effect and a €50 million lower contribution from vitamins in Animal Nutrition & Health [3][7] Business Unit Performance - Perfumery & Beauty: Sales decreased by 1% to €2,959 million, with a 2% organic sales growth. Adjusted EBITDA was €652 million, down 4% [15][16] - Taste, Texture & Health: Sales increased by 2% to €2,495 million, with a 5% organic sales growth. Adjusted EBITDA rose by 7% to €506 million [19][20] - Health, Nutrition & Care: Sales fell by 5% to €1,574 million, with a 5% organic sales growth. Adjusted EBITDA increased by 7% to €288 million [22][24] - Animal Nutrition & Health: Sales grew by 6% to €2,533 million, with a 12% organic sales growth. Adjusted EBITDA surged by 156% to €428 million [26][28] Strategic Initiatives - The company is committed to exiting the Animal Nutrition & Health business, with the divestment process expected to conclude in Q4 2025 [4] - A share buyback program initiated on April 1, 2025, aims to repurchase ordinary shares worth €1 billion, with approximately 85% executed by October 28, 2025 [5]