Integrated Annual Report 2025

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A diverse range of solutions for a diverse range of markets

HNC offers solutions for a range of markets, drawing on an exceptional portfolio comprising high-quality vitamins, nutritional lipids, minerals, carotenoids, botanical nutraceuticals, digestive enzymes, postbiotics, probiotics, and prebiotics, as well as human milk oligosaccharides (HMOs), active pharmaceutical ingredients (APIs), and a range of biomedical solutions.

We address wellness and nutritional needs with our direct-to-consumer i-Health business and also serve the nutrition improvement sector, providing accessible and affordable nutrition fortification solutions for some of the world’s most vulnerable populations.

Key market trends

  • Healthy longevity: People increasingly seek healthy aging not just to live longer, but to live better — aiming to extend health span alongside lifespan

  • Preventative self-care: Advances in science and diagnostic medicine, as well as in monitoring devices, have boosted awareness of proactive health, early intervention, and self-care, including gut health, mental health, immunity, and overall well-being

  • Sustainable and evidence-based solutions: The rise of self-education and demand for science-backed solutions is fueling transparency and democratization in supplements

  • Disruptive new players: Upstart brands, particularly in dietary supplements, are reshaping the market and growing rapidly

For some of the highlights of our innovation activities in 2025, see Innovation in this section.

Performance

Health, Nutrition & Care continued its recovery, delivering 3% organic sales growth, driven by Early Life Nutrition and Dietary Supplements. i‑Health was soft owing to more cautious consumer sentiment in North America.

APAC and China were strong and EMEA and Latin America performed well, whereas North America was soft.

Adjusted EBITDA was up 14% when adjusted for an adverse 6% currency effect. The Adjusted EBITDA margin delivered a 160bps step-up to 19.4%, driven by good organic growth.

Key performance figures

x € million

 

2025

 

20241

Sales

 

2,102

 

2,117

Organic sales growth (in %)

 

3

 

Adjusted EBITDA

 

407

 

377

Adjusted EBITDA margin (in %)

 

19.4

 

17.8

1

Restated for comparison purposes.

In 2025, HNC delivered growth, advanced priority innovations, secured key regulatory approvals in strategic markets, and strengthened its platform to accelerate execution and value creation in preventative health and nutrition solutions.

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