2025 at a glance
Continuing operations compared to 2024:
Good financial performance, with strong contribution from synergies
+
3
%
organic sales growth
+
5
%
Adjusted EBITDA
versus 2024 (when adjusted for a 4% negative currency effect)
19.6
%
Adjusted EBITDA margin
in 2025
€
950
million
Adjusted Gross Operating Free Cash Flow
a 10.5% sales to cash conversion (with a strong performance in second half 2025)
€
3.31
Core adjusted EPS
from continuing operations
€
1
billion
share repurchase program completed in 2025
new €500 million program to be launched in Q1 2026
Proposal to maintain stable dividend of
€
2.50
per share
adopting stable to preferably rising dividend policy
Well positioned for growth
From a business perspective, we made good progress in improving the performance of our three continuing business operations in 2025.
Our innovative solutions play a critical role in essential, everyday consumer products, demonstrating the strength and resilience of our portfolio, particularly against the more challenging macroeconomic backdrop in the second half of the year. We are well positioned for 2026, supported by innovation-driven growth, continued delivery of sales synergies, continued focus on cash generation, and capital discipline.
Executing our strategy
The company is on track to achieve its mid- term ambitions, including synergy delivery, disciplined capital allocation, and strong cost, cash, and operating working capital efficiency, to generate sustainable value for all stakeholders. The company’s mid-term financial ambitions include:
Organic sales growth: 5–7%
Adjusted EBITDA margin: 22–23%
Cash-to-sales conversion: >10%
Delivering synergies
dsm-firmenich is on track to achieve its target merger synergies, contributing approximately €350 million to Adjusted EBITDA. In 2025, the company delivered around €65 million in cost synergies, which brings the total to €175 million for the Group. This part of the program was completed by the end of 2025 and is now fully delivered.
In addition, dsm-firmenich realized around €100 million in revenue synergies during 2025, bringing the total to around €175 million. This has contributed to around €60 million Adjusted EBITDA cumulatively since the merger, of which around €35 million was realized in 2025. The remaining €115 million Adjusted EBITDA contribution from revenue synergies will be realized through 2027.
Despite a more challenging macroeconomic backdrop in the second half of 2025, we delivered a good performance. We stayed disciplined in our working capital management and operational efficiency, while remaining focused on our strategic priorities. With our strong fundamentals, science -led capabilities, and global reach, we are well positioned to drive sustainable growth and create long-term value for all stakeholders.
Divestment of Animal Nutrition & Health
On February 9, 2026, dsm-firmenich announced it had 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 €500 million. This transaction followed the sale of the Feed Enzymes activities to Novonesis for €1.5 billion in 2025.
Share buyback programs
In December 2025, dsm-firmenich completed its share repurchase programs, under which it bought back ordinary shares with an aggregate market value of €1 billion in 2025.
The company now intends to launch a new share repurchase program to buy back ordinary shares with an aggregate market value of €500 million to reduce its issued capital. The program is planned to commence in the first quarter of 2026. dsm-firmenich remains fully committed to maintaining its strong investment-grade profile.