Animal Nutrition & Health
Performance 2023

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Reporting period

The Business Reviews include information from the combined entity for 12 months, which includes Firmenich as of 1 January 2023 (pro forma, see Concepts and ratios). It also includes information that is presented in accordance with IFRS, which includes Firmenich from the merger date onwards – whenever this is used this is specifically indicated.

Performance Solutions, such as enzymes, gut health solutions, and mycotoxin management delivered a strong performance owing to the prioritization of efficiency yield management by farmers. The strong growth in this category is supported by the innovation pipeline, which includes Bovaer®, Balancius®, ProAct360™, HiPhorius™, Mycofix® and Veramaris®.

ANH’s organic sales declined by 13% compared with the same period in the prior year, with negative pricing (-7%) and negative volumes (-6%) – both driven by weak sales of straight vitamins.

The continued unprecedented conditions in vitamins were addressed by prioritizing cash generation to reduce inventories, especially in the second half of the year. In June the company started the vitamin transformation program.

The Adjusted EBITDA was down 76% year-on-year, because of lower vitamin prices, weaker volumes and higher idle costs. Foreign exchange rates had a 2% negative impact. Adjusted EBITDA margin was down to the level of 4% which was 980bps lower than in 2022. The total vitamin effect is estimated at around €350 million.

x € million


Pro forma








Organic sales growth (in %)





Adjusted EBITDA





Adjusted EBITDA margin (in %)





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