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]