DSM Firmenich
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DSM Firmenich (DSFIR) investor relations material

DSM Firmenich Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Completed divestment of Animal Nutrition & Health (ANH) to CVC, enabling focus on core consumer businesses in nutrition, health, and beauty.

  • Achieved 3% organic sales growth in 2025, with strong segment performance and execution of strategic plans.

  • Initiated €1 billion share buyback in 2025 and announced an additional €500 million program for 2026; dividend maintained at €2.50 per share.

  • Advanced sustainability agenda, achieving EcoVadis Platinum and CDP double A ratings, and 100% renewable electricity targets ahead of plan.

  • Significant cost and revenue synergies realized post-merger, with further synergies expected through 2027.

Financial highlights

  • Net sales from continuing operations were €9.03 billion in 2025, with 3% organic sales growth year-over-year.

  • Adjusted EBITDA for continuing operations at €1.7–1.8 billion, up 5% year-over-year, with a margin of 19.6%.

  • Adjusted gross operating free cash flow was €950 million, with a 10.5% sales-to-cash conversion ratio.

  • Core adjusted EPS from continuing operations was €3.31, down from €3.54 in 2024.

  • Total group net profit showed a loss of €1,039 million, mainly due to a €1.9 billion non-cash impairment from the ANH divestment.

Outlook and guidance

  • Full-year 2026 outlook to be provided at the March 12, 2026 Investor Event, with focus on organic sales growth, EBITDA quality, and cash conversion.

  • Midterm ambitions: 5–7% organic sales growth, 22–23% adjusted EBITDA margin, and >10% cash-to-sales conversion.

  • Cash conversion target to be revised upward from the current 10%+.

  • Remaining €115 million in revenue synergies expected to be realized through 2027.

How does 20% ANH stake align with strategy?
Bridge gap to 22-23% Adj. EBITDA margin?
Micronutrient gap: How to accelerate progress?
What is the plan to fully offset ANH stranded costs?
Drivers for higher cash conversion target?
Explain ingredient portfolio's resilience to price pressure
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Frequently asked questions

DSM-Firmenich engages in nutrition, health, and sustainable living businesses in Europe, North America, Latin America, China, and internationally. The company’s Human Nutrition & Health segment offers nutritional and pharmaceutical ingredients for infant, medical, sports, clinical, and weight management markets; and premixes for food and beverage manufacturers as well as supplements. Its Performance Materials segment provides resins and compounds to food packaging and medical device industries; engineering plastics for automotive applications; speciality engineering plastics for electronics; resins for architectural applications; and additives and functional solutions for paints, coatings, construction chemicals, adhesives, paper production chemicals, oil field chemicals, supplies inks to the printing industry.

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