Core Insights - dsm-firmenich reported strong performance in H1 2025, with significant organic sales and earnings growth, driven by effective execution of its strategic plan and synergies from its merger [2][6][22] Financial Performance - Sales for H1 2025 reached €6,510 million, a 3% increase from €6,298 million in H1 2024, with organic sales growth of 7% [2][19] - Adjusted EBITDA increased by 29% to €1,260 million from €976 million in H1 2024, with an adjusted EBITDA margin of 19.4% [2][19] - Net profit for the total group surged to €541 million from €50 million in H1 2024, reflecting a 982% increase [2][20] - Core adjusted net profit rose by 47% to €537 million from €365 million in H1 2024 [2][20] Strategic Developments - The company completed the sale of its Feed Enzymes business for €1.5 billion on June 2, 2025, and initiated a €1 billion share buyback program in April 2025 [6][9] - The 2025 outlook for adjusted EBITDA is updated to around €2.4 billion, including an estimated €150 million contribution from temporary vitamin price effects [6][8] Business Unit Performance - Perfumery & Beauty reported a slight decline in sales to €1,989 million, with a 1% organic sales growth, impacted by weak performance in Beauty due to sun filters [32][33] - Taste, Texture & Health achieved €1,686 million in sales, reflecting a 6% organic sales growth, driven by strong performance in both Taste and Ingredients Solutions [42][43] - Health, Nutrition & Care saw sales of €1,072 million, with a 6% organic sales growth, supported by strong demand for dietary supplements [50][51] - Animal Nutrition & Health experienced a robust performance with sales of €1,751 million, marking a 14% increase, driven by strong underlying performance and temporary vitamin price effects [57][58] Cash Flow and Working Capital - Adjusted gross operating free cash flow for H1 2025 was €215 million, down from €460 million in H1 2024, with a sales to cash conversion rate of 3.3% [66][67] - Operating working capital at the end of H1 2025 was €3,827 million, representing 29.6% of sales [66][68] Sustainability Initiatives - The company launched its sustainability program "People.Planet.Progress," focusing on reducing greenhouse gas emissions and responsible sourcing [70][78] - Progress was made towards achieving its 2030 targets, including a 28% reduction in Scope 1 and 2 GHG emissions [79][80]