On February 9, 2026, dsm-firmenich announced it entered into an agreement with CVC Capital Partners to divest its Animal Nutrition & Health business for an enterprise value of about €2.2 billion, which includes an earn-out of up to €0.5 billion. dsm-firmenich will retain a 20% equity stake. The announced divestment of ANH resulted in a non-cash impairment of around €1.9 billion in 2025 before taxes. The transaction is expected to be completed at the end of 2026 and is subject to conditions including regulatory approvals, the finalization of all required employee consultation processes, and the creation and separation of a standalone Essential Products Company and standalone Solutions Company by dsm-firmenich.
On February 13, 2025, DSM-Firmenich AG launched a share buyback program for an amount of €1 billion and announced its intention to reduce the issued share capital. DSM-Firmenich AG announced the completion of the share buyback program on December 2, 2025. The share capital reduction is planned to be executed by public deed on February 20, 2026, and will lead to the cancellation of 12,049,441 shares.
On February 17, dsm-firmenich successfully launched a €1.5 billion dual-tranche bond issuance, consisting of €750 million 3.00% fixed-rate notes due in 2031, and €750 million 3.75% fixed-rate notes due in 2038. The bonds will be issued by DSM B.V. and guaranteed by DSM-Firmenich AG pursuant to the previously established cross-guarantee structure (see also Note 13 Guarantee obligations to the Parent Company Financial Statements). The proceeds of the new bond will be used for refinancing of existing bond maturities.
The re-offer price for the 5-year bond tranche was 99.886%. Based on this price, the yield is 3.025%. The re-offer price for the 12-year bond tranche was 99.100%. Based on this price, the yield is 3.845%. The bonds will be listed on the Luxembourg Stock Exchange.