Guarantees issued to third parties in favor of Group companies amount to €16 million (CHF 15 million, 2024: €13 million, CHF 12 million) which include guarantees of €1m issued under a credit facility of €10 million, concluded in 2025 by DSM-Firmenich AG. Guarantees issued to third parties in favor of Joint ventures amount to €1 million (2024: nil).
In 2024, DSM-Firmenich AG, DSM B.V., and Firmenich International SA signed a cross-guarantee agreement to mitigate structural subordination in the Group. The cross-guarantee agreement includes downstream guarantees from DSM-Firmenich AG to DSM B.V. and Firmenich International SA. In addition, there are also upstream guarantees from these two subsidiaries to DSM-Firmenich AG. The guarantees are irrevocable and unconditional, and cover existing and future senior unsecured debt instruments across these entities, including dsm-firmenich’s existing senior unsecured bonds. Under this cross-guarantee agreement, DSM-Firmenich AG acts as guarantor for the €4.8 billion (CHF 4.5 billion) bonds issued by dsm-firmenich (2024: €4.5 billion, CHF 4.2 billion), and for the credit facilities concluded in 2024 by DSM B.V. comprising the €1.8 billion (CHF 1.7 billion) revolving credit facility (RCF) and €100 million (CHF 93 million) bilateral revolving credit facility. The €1.0 billion (CHF 0.9 billion) bridge facility included in the guaranteed credit facilities in 2024 was cancelled on March 4, 2025.