The balance sheet total (total assets) reached €29.3 billion at year-end (2024: €33.7 billion). The decrease was mainly caused by the divestment of the Feed Enzymes business and the impairment of €1.9 billion of the ANH business. In addition, following the classification of the ANH business as held for sale, the assets and liabilities related to this business were reclassified accordingly and presented within other current assets and other current liabilities at year-end 2025.
Equity decreased by €4,274 million, which was mainly caused by a net loss for the period of -€1,039 million(including the impairment of the ANH business), dividend payments of -€718 million, repurchases of shares of -€1,076 million, redemption of hybrid bonds of -€776 million, and movement in translation reserves of -€694 million. Equity as a percentage of total assets decreased to 63%.
Capital expenditure on intangible assets and property, plant, and equipment amounted to €840 million in 2025 (€764 million on a cash basis). Including new leases, the additions to intangible assets and property, plant and equipment was €957 million, which is 9% higher than the level of amortization and depreciation excluding the impact of the merger-related purchase price allocations (PPA) of dsm- firmenich.
Total working capital from continuing operations amounted to €1,770 million compared to €2,734 million at year-end 2024. The decrease is mainly due to the reclassification to assets and liabilities held for sale of €783 million.
This represents 20.6% as a percentage of annualized fourth-quarter 2025 sales (2024: 21.0%), attributable to improved inventory management, partly offset by decreased payables. Cash-wise, the operating working capital (OWC) from continuing operations increased by €111 million compared to last year. The OWC percentage increased from 27.3% at year-end 2024 to 28.8% of annualized sales at year-end 2025 (mainly due to the lower accounts payable).
Cash and cash equivalents came to €1,782 million; including financial investments, this amounted to €1,903 million (2024: €2,717 million).
|
|
2025 |
|
2024 |
||||
|---|---|---|---|---|---|---|---|---|
|
|
x € million |
|
in % |
|
x € million |
|
in % |
Goodwill and intangible assets |
|
15,384 |
|
52 |
|
18,078 |
|
54 |
Property, plant and equipment |
|
4,174 |
|
14 |
|
5,725 |
|
17 |
Other non-current assets |
|
894 |
|
3 |
|
1,145 |
|
3 |
Cash and cash equivalents |
|
1,782 |
|
6 |
|
2,667 |
|
8 |
Other current assets |
|
7,111 |
|
25 |
|
6,132 |
|
18 |
Total assets |
|
29,345 |
|
100 |
|
33,747 |
|
100 |
|
|
|
|
|
|
|
|
|
Equity |
|
18,423 |
|
63 |
|
22,697 |
|
67 |
Provisions |
|
103 |
|
– |
|
164 |
|
– |
Other non-current liabilities |
|
5,277 |
|
18 |
|
6,603 |
|
20 |
Other current liabilities |
|
5,542 |
|
19 |
|
4,283 |
|
13 |
Total equity and liabilities |
|
29,345 |
|
100 |
|
33,747 |
|
100 |