Core Insights - dsm-firmenich published its Integrated Annual Report (IAR) for 2025, highlighting its innovation-led growth agenda and strategic advancements [1] - The report provides a comprehensive overview of the company's financial and non-financial progress, focusing on becoming a fully consumer-focused entity in nutrition, health, and beauty [2] Financial Performance - The IAR details the Group's performance and the delivery of synergies aimed at creating sustainable long-term value for stakeholders [2] Business Units and Innovations - Each Business Unit's breakthrough innovations are reviewed, including the recent divestment of the Animal Health & Nutrition business [3] Sustainability Efforts - The report emphasizes the company's positive impact on climate, nutrition, health, and people, with sustainability statements aligned with European Sustainability Reporting Standards [3] Accessibility of the Report - The 2025 IAR is available on a dedicated website, including a downloadable version in ESEF format as per European Commission regulations [4] Company Overview - dsm-firmenich operates in nearly 60 countries, generating revenues exceeding €12 billion, and employs around 30,000 people [5]

Core Viewpoint - dsm-firmenich has successfully launched a €1.5 billion dual-tranche bond issuance aimed at refinancing existing bond maturities [1][2] Group 1: Bond Issuance Details - The bond issuance consists of two tranches: €750 million fixed-rate notes due 2031 with a yield of 3.00% and €750 million fixed-rate notes due 2038 with a yield of 3.75% [2][8] - The re-offer price for the 5-year bond tranche was set at 99.886%, resulting in a yield of 3.025% [2] - The re-offer price for the 12-year bond tranche was set at 99.100%, resulting in a yield of 3.845% [2] Group 2: Company Overview - dsm-firmenich is a Swiss company listed on the Euronext Amsterdam, with operations in nearly 60 countries and revenues exceeding €12 billion [4] - The company employs around 30,000 people globally and focuses on nutrition, health, and beauty, providing essential nutrients, flavors, and fragrances [4] - dsm-firmenich holds an A3 rating (stable outlook) from Moody's and an A- rating (stable outlook) from S&P [3]

Core Insights - dsm-firmenich reported a stable performance in FY 2025 with sales of €12,521 million, a decrease of 2% from FY 2024, while adjusted EBITDA increased by 8% to €2,279 million [3][25] - The company executed its strategic roadmap by divesting its Animal Nutrition & Health business, allowing a focus on core consumer nutrition, health, and beauty sectors [4][12] - The company aims for organic sales growth of 5-7% and an adjusted EBITDA margin of 22-23% in the mid-term [10] Financial Performance - Continuing operations saw sales of €9,034 million in FY 2025, nearly unchanged from FY 2024, with an organic sales growth of 3% [2][26] - Adjusted EBITDA for continuing operations was €1,772 million, reflecting a 1% increase from the previous year, with an adjusted EBITDA margin of 19.6% [2][26] - Net profit from continuing operations was €342 million, down from €359 million in FY 2024 [2] Business Unit Performance - Perfumery & Beauty (P&B) achieved 3% organic sales growth, with Fine Fragrances showing high-single digit growth, while Beauty & Care faced challenges [28][34] - Taste, Texture & Health (TTH) delivered 4% organic sales growth, supported by synergies, although growth softened in the second half of the year [40][41] - Health, Nutrition & Care (HNC) also reported 3% organic sales growth, driven by strong performance in Dietary Supplements and Early Life Nutrition [48][49] Strategic Initiatives - The company announced a €500 million share repurchase program to commence in Q1 2026, alongside maintaining a stable dividend of €2.50 per share [6][7] - dsm-firmenich is focused on embedding best practices across its organization to drive continuous improvement and operational excellence [9] - The company aims to deliver on its mid-term ambitions, including achieving approximately €350 million in merger synergies [10][11] Sustainability Efforts - dsm-firmenich achieved 100% of purchased electricity from renewable sources ahead of schedule and received a Platinum medal from EcoVadis for sustainability [67][68] - The company aims to reach one billion people with nutritional interventions by 2030, having reached 775 million in 2025 [63][64] - Progress was made in reducing greenhouse gas emissions, with a 31% reduction in Scope 1 & 2 emissions compared to the 2021 baseline [65][66]

Core Insights - dsm-firmenich has announced the divestment of its Animal Nutrition & Health (ANH) activities to CVC Capital Partners, leading to the classification of these assets and liabilities as Assets Held for Sale and the financial results of ANH as Discontinued Operations [1][2] Financial Results - The financial results have been restated to present the Continuing Operations of dsm-firmenich, ensuring a comparable view of the company's ongoing performance over time [2] - Comparative figures for the most recent four reported quarters (Q4 2024, Q1 2025, Q2 2025, Q3 2025) and full-year 2024 will include line items such as Net Sales, Adjusted EBITDA, Adjusted EBITDA margin, and Organic Sales Growth [3] Reporting Structure Adjustments - The new reporting structure reflects significant adjustments for 2024 and 2025, particularly in the Perfumery & Beauty (P&B) segment, which now excludes Aroma Ingredients and Pentapharm, classified under Discontinued Operations [4] - The Taste, Texture & Health (TTH) segment has been adjusted to account for Yeast Extracts and certain vitamin sales that are now part of Discontinued Operations, while Bovaer has moved from ANH to TTH [5] - The Health, Nutrition & Care (HNC) segment has been restated to include Marine Lipids and certain vitamin sales from ANH, with Veramaris transferred from ANH to HNC [6] Discontinued Operations - Discontinued Operations now encompass ANH, Aroma Ingredients, Marine Lipids, Yeast Extracts, and certain vitamin sales, following a portfolio review communicated at the Capital Markets Day in 2024 [7] Key Performance Indicator Adjustments - dsm-firmenich will provide an updated 'Core EBIT' figure, which will add back merger-related amortization and amortization of other intangible assets recognized through purchase-price allocations from all pre-merger acquisitions, facilitating easier comparison with industry peers [8] Future Reporting Changes - Starting Q1 2026, Nutrition Improvement activities will transfer from Health, Nutrition & Care to Group Sustainability, reported under Corporate Activities, generating approximately €20 million in quarterly net sales and operating around break-even at the Adjusted EBITDA level [10]

Core Viewpoint - dsm-firmenich has announced the divestment of its Animal Nutrition & Health (ANH) activities to CVC Capital Partners, leading to a reclassification of the financial results of ANH as Discontinued Operations and the assets and liabilities as Assets Held for Sale [1][2]. Financial Results and Reporting Structure - The financial results have been restated to present the Continuing Operations of dsm-firmenich, ensuring a comparable view of the company's ongoing performance over time, with full-year 2025 results to be reported on February 12, 2026 [2]. - Comparative figures for the most recent four reported quarters (Q4 2024, Q1 2025, Q2 2025, Q3 2025) and full-year 2024 will include line items such as Net Sales, Adjusted EBITDA, Adjusted EBITDA margin, and Organic Sales Growth [3]. - The new reporting structure reflects primary structural adjustments for 2024 and 2025, particularly in the Perfumery & Beauty (P&B) segment, which has been restated for Aroma Ingredients and Pentapharm, now included in Discontinued Operations [4]. Segment Adjustments - The Taste, Texture & Health (TTH) segment has been restated primarily for Yeast Extracts and certain vitamin sales included in the ANH divestment, which have moved to Discontinued Operations, while Bovaer has been transferred from ANH to TTH [5]. - The Health, Nutrition & Care (HNC) segment has been restated for Marine Lipids and certain vitamin sales included in the ANH divestment, with Veramaris being transferred from ANH to HNC [6]. - Discontinued Operations now include ANH, Aroma Ingredients, Marine Lipids, Yeast Extracts, and certain vitamin sales, following a portfolio review communicated at the Capital Markets Day in 2024 [7]. Key Performance Indicator (KPI) Adjustments - dsm-firmenich will provide an updated 'Core EBIT' figure, which adds back merger-related amortization and amortization of other intangible assets recognized through purchase-price allocations from all pre-merger acquisitions, facilitating easier comparison with industry peers [8]. Future Reporting Adjustments - The Nutrition Improvement activities, focusing on sustainability-driven nutritional support and food aid programs, will transfer from Health, Nutrition & Care to Group Sustainability and will be reported under Corporate Activities starting Q1 2026, generating approximately €20 million in quarterly net sales [10].

Core Viewpoint - dsm-firmenich has agreed to divest its Animal Nutrition & Health (ANH) business to CVC Capital Partners for an enterprise value of approximately €2.2 billion, which includes an earnout of up to €0.5 billion, while retaining a 20% equity stake in the divested companies [1][2]. Group 1: Transaction Details - The divestment of ANH follows the sale of Feed Enzymes activities to Novonesis for €1.5 billion in 2025, marking a strategic shift for dsm-firmenich to focus solely on consumer sectors in nutrition, health, and beauty [2]. - The total enterprise value of ANH, including the previous sale, amounts to €3.7 billion, reflecting a 10x EV/Adjusted EBITDA multiple [2][5]. - dsm-firmenich expects to receive approximately €1.2 billion post-transaction, with an estimated €0.6 billion in net cash proceeds and a vendor loan note of €0.1 billion [5][12]. Group 2: Business Structure and Operations - ANH will be divided into two standalone companies: the "Solutions Company" and the "Essential Products Company," both based in Kaiseraugst, Switzerland [5]. - The Solutions Company will focus on Performance Solutions, Premix, and Precision Services, while the Essential Products Company will handle Vitamins, Carotenoids, and Aroma Ingredients [5]. - dsm-firmenich will enter into a long-term supply agreement for vitamins with the Essential Products Company to ensure continuity in supply for human and pet food applications [5]. Group 3: Financial and Strategic Implications - The transaction is expected to result in a non-cash impairment of around €1.9 billion in 2025 before taxes, with additional cash tax and transaction costs of €0.2 billion anticipated in 2026 [12]. - dsm-firmenich plans to initiate a share repurchase program worth €0.5 billion in Q1 2026 and aims to maintain a stable dividend of €2.50 per share, with a policy of progressively increasing dividends over time [3][4]. - The CEO of dsm-firmenich emphasized that this divestment represents the final step in their strategic roadmap, aiming to accelerate growth and create long-term value for stakeholders [7].

Core Insights - dsm-firmenich has appointed Nikeisha van Sleeuwen as Chief Human Resources Officer (CHRO), effective April 1, 2026, succeeding Mieke Van de Capelle who will retire after ten years of service [1][4] Group 1: Leadership Transition - Nikeisha van Sleeuwen currently serves as SVP Talent & Culture and Global Rewards at dsm-firmenich, bringing over 20 years of HR leadership experience [2] - Mieke Van de Capelle has led the HR function through significant transformation and integration, leaving behind a strong HR organization [4] - Dimitri de Vreeze, CEO of dsm-firmenich, expressed confidence in van Sleeuwen's ability to drive engagement and inclusion within the company [5] Group 2: Company Overview - dsm-firmenich is a leading innovator in nutrition, health, and beauty, with revenues exceeding €12 billion and operations in nearly 60 countries [6] - The company employs around 30,000 people globally, focusing on creating sustainable solutions for a growing population [6]

Core Viewpoint - dsm-firmenich has appointed Nikeisha van Sleeuwen as Chief Human Resources Officer, effective April 1, 2026, succeeding Mieke Van de Capelle, who will retire after ten years of service [1][4]. Group 1: Appointment Details - Nikeisha van Sleeuwen currently serves as SVP Talent & Culture and Global Rewards at dsm-firmenich, bringing over 20 years of HR leadership experience [2]. - She has a proven track record in fostering talent and building inclusive teams across global functions [2]. - Nikeisha holds academic credentials from Ramapo College of New Jersey and Cornell ILR and has been with the company for nearly 20 years [3]. Group 2: Leadership Transition - Mieke Van de Capelle has led the HR function through significant transformation and integration at dsm-firmenich, leaving behind a strong HR organization [4]. - Under her leadership, the company made substantial progress in employee engagement and capability building [4]. - Mieke's retirement is set for March 31, 2026, after a decade of service [4]. Group 3: CEO's Remarks - Dimitri de Vreeze, CEO of dsm-firmenich, expressed delight in welcoming Nikeisha to the Executive Committee, highlighting her exceptional leadership qualities [5]. - He acknowledged Mieke's foundational role in the company and her focus on succession planning, which facilitated the appointment of an outstanding internal successor [5]. Group 4: Company Overview - dsm-firmenich is a leading innovator in nutrition, health, and beauty, with revenues exceeding €12 billion and operations in nearly 60 countries [6]. - The company employs around 30,000 people and focuses on creating sustainable solutions for a growing global population [6].

Core Points - dsm-firmenich has successfully completed its share repurchase program valued at €1.08 billion, ahead of the anticipated completion date of January 2026 [1][4] - The total number of shares repurchased under this program amounts to 12,930,796 shares at an average price of €83.52 per share [4] - The company plans to cancel 12,049,441 shares in the first quarter of 2026, which will reduce the number of issued shares by approximately 4.5% from 265,676,388 to 253,626,947 shares [5] Share Repurchase Details - On February 13, 2025, dsm-firmenich announced its intention to repurchase ordinary shares with a total market value of €1 billion, later increasing this amount by an additional €80 million for share-based compensation commitments [2] - During the period from November 24, 2025, to December 1, 2025, the company repurchased 450,950 shares at an average price of €70.96, totaling €32.0 million [3] - Of the total shares repurchased, 881,355 were specifically for covering commitments under the Group's share-based compensation plans [4]

Core Insights - dsm-firmenich reported a solid Q3 2025 with 2% organic sales growth, despite a challenging macro environment and high prior-year comparisons [3][10] - The company anticipates a full-year Adjusted EBITDA of around €2.3 billion, reflecting a strong increase of over €300 million compared to 2024, driven by organic growth and merger synergies [4][7] Financial Performance - Total sales for Q3 2025 were €3,070 million, a decrease of 5% compared to €3,244 million in Q3 2024 [2] - Adjusted EBITDA for Q3 2025 was stable at €540 million, with an Adjusted EBITDA margin of 17.6% [2][11] - The company achieved an Adjusted EBITDA of €1,800 million for the year-to-date, up 19% from €1,517 million in 2024 [2] Business Unit Performance Perfumery & Beauty - Sales decreased by 1% to €970 million in Q3 2025, with a 2% organic sales growth [14] - Adjusted EBITDA was €214 million, with a margin of 22.1% [16] Taste, Texture & Health - Sales increased by 2% to €809 million, with a 3% organic sales growth [18] - Adjusted EBITDA rose to €167 million, with a margin of 20.6% [20] Health, Nutrition & Care - Sales decreased by 11% to €502 million, with a 3% organic sales growth [22] - Adjusted EBITDA remained stable at €96 million, with a margin of 19.1% [24] Animal Nutrition & Health - Sales increased by 6% to €782 million, but organic growth was flat due to lower volumes [26][28] - Adjusted EBITDA was €86 million, with a margin of 11% [29] Strategic Initiatives - The company is committed to exiting the Animal Nutrition & Health business, with the divestment process expected to conclude in Q4 2025 [5] - A share buyback program initiated on April 1, 2025, has seen approximately 85% executed, totaling €1 billion [6]