2 Alternative performance measures

Definitions

• Earnings before interest, tax, depreciation and amortization (EBITDA) is the IFRS metric operating profit, with depreciation, amortization, and impairments added back

• Adjusted earnings before interest, tax, depreciation and amortization (Adj. EBITDA) is EBITDA adjusted for material items of profit or loss, as defined under ‘APM adjustments’

• Adjusted operating profit (Adj. EBIT) is the IFRS metric operating profit adjusted for material items of profit or loss, as defined under ‘APM adjustments’

• Core adjusted EBIT (Core adj. EBIT)* is calculated as the IFRS metric operating profit adjusted for material items of profit or loss, as defined under ‘APM adjustments’, and adjusted for the impact of the amortisation of intangible assets recognized through purchase price allocations (PPA)

• Adjusted net profit (Adj. net profit) is the IFRS metric net profit adjusted for material items of profit or loss, as defined under ‘APM adjustments’

• Core adjusted net profit (Core adj. net profit)* is the IFRS metric net profit from continuing operations adjusted for material items of profit or loss, as defined under ‘APM adjustments’, and adjusted for the impact of the amortisation of intangible assets recognized through purchase price allocations (PPA) as well as the PPA impact on financial income and expense

• Adjusted gross operating free cash flow (AGOFCF) is defined as the IFRS metric operating profit plus depreciation, amortization, and impairments, adjusted for material items of profit or loss, as defined under ‘APM adjustments’, adjusted for intrinsic changes in the working capital, minus capital expenditures. This metric is based on continuing operations

• Adjusted earnings per share (Adj. EPS) is calculated as the net profit available to holders of ordinary shares adjusted for material items of profit or loss, as defined under ‘APM adjustments’, divided by the weighted average of ordinary shares outstanding

• Core adjusted earnings per share (Core adj. EPS)* is calculated as the net profit (from continuing operations) available to holders of ordinary shares adjusted for material items of profit or loss, as defined under ‘APM adjustments’, adjusted for the impact of the amortisation of intangible assets recognized through purchase price allocations (PPA) as well as the PPA impact on financial income and expense, divided by the weighted average number of ordinary shares outstanding

• Capital employed is the total of the carrying amount of intangible assets and property, plant and equipment, inventories, trade receivables and other receivables, less trade payables, other current liabilities, investment grants and customer funding. Average capital employed is calculated as the average of the capital employed at the end of the preceding five quarters, including the current quarter

• Core capital employed is defined as capital employed, adjusted for the impact of the Firmenich purchase price allocation (PPA). Average core capital employed is calculated as the average of the core capital employed at the end of the preceding five quarters, including the current quarter.

• Core adjusted return on capital employed (Core Adj. ROCE)* is core adjusted EBIT as a percentage of average core capital employed.

* In 2025, dsm-firmenich updated the definitions of ‘Core adjusted EBIT’ and ‘Core adjusted net profit’ to not only correct for the impact of merger-related purchase-price allocation (PPA) adjustments but also for PPA adjustments from all pre-merger acquisitions, to allow for easier comparison with industry peers.

APM adjustments

APM adjustments mainly impact the EBITDA, operating profit, net profit, and EPS and can be specified as per the table below.

In 2025, the main APM adjustments were:

• Acquisition (merger) and divestment costs of €45m, mainly related to costs related to the merger transaction

• Restructuring costs of €54 million, mainly related to the vitamin transformation program

• Other costs of a net amount of €16 million include legal costs related to litigation and claims

• Impairments of Property, Plant and Equipment (PPE), goodwill and intangible assets of €35 million, mainly related to the impairment loss recognized upon the classification of smaller business as held for sale

• Adjustments to result from associates and joint ventures of €57 million related to impairment losses on dsm-firmenich’s share in associates and joint ventures

In 2024, the main APM adjustments were:

• Acquisition (merger), divestment, and integration costs of €101 million relate mainly to the further integration between DSM and Firmenich, the sale of the Jiangshan vitamin C business and the deconsolidation of Olatein

• Restructuring costs of €36 million relates to various restructuring programs within dsm-firmenich, including the additional costs following the closure of the Pinova ingredients plant

• Impairments of PPE, goodwill and intangible assets of €90 million are mainly related to the intangible assets of €54 million concerning specific molecule technologies, for which the supply rights were transferred

• Other costs of €42 million mainly relates to costs of litigation and claims

Reconciliation alternative performance measures (continuing operations)

A reconciliation of the APMs to the most directly comparable IFRS measures can be found in the table alternative performance measures below.