Financial performance

2024 at a glance

Delivering on our commitments

The challenging macro-economic environment we navigated in 2023 led us to accelerate some of our actions to drive profit improvement and cost reductions and advance the strategic portfolio review in 2024.

We accelerated our merger synergies and vitamin program which delivered a €200 million Adjusted EBITDA contribution.

We announced the separation of Animal Nutrition & Health, and we made good progress with the tuning of our portfolio with the sale of marine lipids, yeast extracts, and our minority stake in Robertet.

Business conditions markedly improved during the year, reflected in strong volumes. We delivered strongly improved financial results and we were also successful in substantially improving our cash flow ahead of our mid-term target.

Delivering synergies

In 2024, we completed our merger and began delivering the targeted synergies. At our Capital Markets Day in June 2024, we confirmed we are on track to deliver around €500 million sales synergies and approximately €350 million Adjusted EBITDA in the mid-term.

Around half of the €350 million Adjusted EBITDA contribution is expected to come from cost efficiencies. The other half is expected from the incremental revenues of €500 million realized in all three Business Units of the Group’s new scope: 60% in TTH, 25% in HNC and 15% in P&B.

Since the merger, the company has realized over €120 million contribution to Adjusted EBITDA from synergies. In 2025, the company expects to realize a further contribution of around €100 million to Adjusted EBITDA.

We are focused on creating substantial value and have taken tangible action to meet our cost synergy ambitions. In addition, a robust pipeline of revenue synergies is in place, creating the conditions for strong growth ahead. This makes us confident about reaching our mid-term targets.

Vitamin transformation program

Mid-2023, the company launched a program to reduce costs and restore profitability in its vitamin activities, expected to generate an estimated contribution to Adjusted EBITDA of around €200 million. These savings are incremental to the €350 million Adjusted EBITDA target from synergies.

In 2024, the vitamin transformation program contributed around €100 million to Adjusted EBITDA. In 2025, the company expects to realize the remaining contribution of around €100 million to Adjusted EBITDA.

Separation of Animal Nutrition & Health from the Group

In February 2024, dsm-firmenich announced its intention to separate the Animal Nutrition & Health business from the company having concluded a different ownership structure would best realize its full potential. Furthermore, through this process, the company would reduce its exposure to vitamins earnings volatility and its capital intensity, in line with its long-term strategy.