Core Adjusted net profit from continuing operations of €887 million was down by 9% versus 2024, which was mainly attributable to higher tax expenses and losses on associates.
The net profit for the total Group decreased by €1,319 million to -€1,039 million. This decrease was mainly a result from the increased loss from discontinued operations of -€1,302 million, including the impairment booked on the ANH business upon the classification to held for sale of -€1,922 million (-€1,545 million after tax).
Core adjusted net earnings per share from continuing operations were €3.31 in 2025 (2024: €3.54). For total dsm-firmenich, core adjusted earnings per share increased by 7% to €3.87 (2024: €3.61).
Financial income and expense from continuing operations decreased by €19 million year-on-year to a net expense of €143 million. This was mainly caused by an increase of exchange differences by €16 million. The total effective tax rate over taxable result 2025 for continuing operations was 20.8% (2024: 15.1%); excluding APM adjustments, this was 20.8% (2024: 14.9%). As the ANH (discontinued) and HNC business in 2024 were still fully integrated in one global statutory/legal structure, the 2024 effective tax rate cannot be fully compared with 2025. The 2025 effective tax rate of 21% for continuing operations is a fair reflection of the effective tax rate for dsm-firmenich.
Adjustments in calculating our Alternative performance measures
Total adjustments from continuing operations for the full year amounted to a loss of €188 million (2024: a loss of €230 million), consisting of a loss in EBITDA of €115 million (including restructuring costs of €54 million and acquisition, divestment or integration costs of €45 million), impairments of €35 million, financial expenses of €16 million, a related tax impact of -€35 million, and other results relating to associates of €57 million.
Sales by business segment
Sales by destination
Adjusted EBITDA margin
Sales bridge 2025
