dsm‑firmenich delivered 3% volume-led organic sales growth, a solid performance in a macro environment that became increasingly challenging over the course of the year.
Perfumery & Beauty delivered a solid performance with 3% organic sales growth. Perfumery saw good growth, while headwinds from sun filters in Beauty & Care subsided through the year.
Taste, Texture & Health delivered a good 4% organic sales growth supported by synergies, with a strong first half, while more cautious customer behavior tempered growth in the second half of the year.
Health, Nutrition & Care continued to improve, with 3% organic sales growth supported by good Dietary Supplements and Early Life Nutrition. Growth in HNC softened somewhat moderate in the second half due to more cautious consumer sentiment in North America.
|
|
2025 |
|
2024 |
|
Change |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
Continuing operations |
|
Total Group |
|
Continuing operations |
|
Total Group |
|
Continuing operations |
|
Total Group |
||||
Net sales |
|
9,034 |
|
12,521 |
|
9,054 |
|
12,799 |
|
0% |
|
-2% |
||||
Adjusted EBITDA |
|
1,772 |
|
2,279 |
|
1,751 |
|
2,118 |
|
1% |
|
8% |
||||
EBITDA |
|
1,657 |
|
2,245 |
|
1,572 |
|
1,991 |
|
5% |
|
13% |
||||
Total expenses |
|
8,323 |
|
13,398 |
|
8,507 |
|
12,238 |
|
-2% |
|
9% |
||||
Adjusted operating profit (loss) |
|
861 |
|
1,114 |
|
816 |
|
926 |
|
6% |
|
20% |
||||
Operating profit (loss) |
|
711 |
|
(877) |
|
547 |
|
561 |
|
30% |
|
-256% |
||||
Financial income and expense |
|
(143) |
|
(153) |
|
(124) |
|
(134) |
|
15% |
|
14% |
||||
Profit (loss) before income tax expense |
|
568 |
|
(1,030) |
|
423 |
|
427 |
|
34% |
|
-341% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax expense |
|
(118) |
|
98 |
|
(64) |
|
(147) |
|
|
|
|
||||
Results related to associates and joint ventures |
|
(108) |
|
(107) |
|
– |
|
– |
|
|
|
|
||||
Net profit (loss) for the year |
|
342 |
|
(1,039) |
|
359 |
|
280 |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted net profit (loss) |
|
530 |
|
694 |
|
589 |
|
601 |
|
|
|
|
||||
Core adjusted net profit (loss)1 |
|
887 |
|
|
|
976 |
|
|
|
|
|
|
||||
Adjusted gross operating free cash flow |
|
950 |
|
798 |
|
1,217 |
|
1,185 |
|
|
|
|
||||
Adjusted EBITDA margin (in %) |
|
19.6% |
|
18.2% |
|
19.3% |
|
16.5% |
|
|
|
|
||||
Core adjusted ROCE (in %)1 |
|
11.1% |
|
|
|
10.9% |
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net profit (loss) for the year |
|
342 |
|
(1,039) |
|
359 |
|
280 |
|
|
|
|
||||
Of which attributable to non-controlling interests |
|
2 |
|
42 |
|
11 |
|
30 |
|
|
|
|
||||
Interest on hybrid bonds (equity) |
|
26 |
|
26 |
|
28 |
|
28 |
|
|
|
|
||||
Available to holders of ordinary shares |
|
314 |
|
(1,107) |
|
320 |
|
222 |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net basic earnings per share (EPS)1 |
|
1.21 |
|
(4.27) |
|
1.21 |
|
0.84 |
|
|
|
|
||||
|
||||||||||||||||
|
|
Net sales |
|
Adjusted EBITDA |
|
Adjusted EBITDA margin |
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
x € million |
|
2025 |
|
20241 |
|
% change |
|
2025 |
|
20241 |
|
% change |
|
2025 |
|
20241 |
||||
P&B |
|
3,760 |
|
3,776 |
|
0% |
|
815 |
|
842 |
|
-3% |
|
21.7 |
|
22.3 |
||||
TTH |
|
3,146 |
|
3,109 |
|
1% |
|
648 |
|
626 |
|
4% |
|
20.6 |
|
20.1 |
||||
HNC |
|
2,102 |
|
2,117 |
|
-1% |
|
407 |
|
377 |
|
8% |
|
19.4 |
|
17.8 |
||||
CA |
|
26 |
|
52 |
|
-50% |
|
(98) |
|
(94) |
|
4% |
|
|
|
|
||||
Total continuing operations |
|
9,034 |
|
9,054 |
|
0% |
|
1,772 |
|
1,751 |
|
1% |
|
19.6 |
|
19.3 |
||||
|
||||||||||||||||||||
Adjusted EBITDA for continuing operations of €1,772 million increased by 5% when correcting for a negative currency effect of about 4%, with a good step-up in margin to about 20%, owing to continued margin improvements in Taste, Texture & Health and Health, Nutrition & Care.
Adjusted EBITDA for the total Group including discontinued operations was €2,279 million, up 8% when compared to 2024.