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5. dsm-firmenich Q3 2025 trading update
Press Release
October 30, 2025
dsm-firmenich Q3 2025 trading update
Financial & Regulatory News Press releases
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Kaiseraugst (Switzerland), Maastricht (Netherlands), October 30, 2025
Management Report
Q3 2025 highlights
* Solid growth and strong step up in Adjusted EBITDA on a comparable basis1
* Advancing well on 2025 strategic plan
* Animal Nutrition & Health (‘ANH’) exit process ongoing
* FY 2025 outlook updated for foreign exchange and ANH-related vitamin volatility: Adjusted EBITDA of around €2.3 billion
1 Comparable basis defines as: adjusting for negative foreign exchange and deconsolidation effects.
Key figures
in € millions Q3 YTD 2025 Q3 YTD 2024 % Change Q3 2025 Q3 2024 % Change
Sales 9,580 9,542 0 3,070 3,244 (5)
Organic sales growth (%) 5 2
Adj. EBITDA 1,800 1,517 19 540 541 (0)
Adj. EBITDA margin (%) 18.8 15.9 17.6 16.7
Dimitri de Vreeze, CEO, commented: “Our key strategic end-markets continue to demonstrate strong fundamentals, underpinned by megatrends in nutrition, health, and beauty. This positions us well to deliver strong growth through our unique portfolio, market leading science-led capabilities, and broad geographic footprint.
As we navigate the current macro environment, dsm-firmenich delivered a solid 2% organic sales growth in the quarter against a high prior-year comparison, and a strong step up in Adjusted EBITDA on a comparable basis.
Our full-year 2025 outlook is now updated for unfavorable foreign exchange effects and ANH-related vitamin prices. However, we will realize a strong step-up of over €300 million in Adjusted EBITDA versus 2024 on a comparable basis, driven by our organic growth, our merger synergies, and self-help programs.”
Outlook 2025
The company now estimates a full-year Adjusted EBITDA of around €2.3 billion for the group. This update reflects an estimated negative foreign exchange effect of €90 million and an about €50 million lower contribution from vitamins in Animal Nutrition & Health.
ANH divestment process
We are firmly committed to exiting the Animal Nutrition & Health business. While the process is taking longer than initially anticipated, we aim to bring this process to conclusion in the fourth quarter.
Share buyback program
On April 1, 2025, dsm-firmenich initiated a program for the repurchase of ordinary shares with an aggregate market value of €1 billion to reduce its issued capital. On October 28, around 85% of the program had been executed.
Key figures
in € millions Q3 YTD 2025 Q3 YTD 2024 % OSG Q3 2025 Q3 2024 % OSG
Sales 9,580 9,542 5 3,070 3,244 2
P&B 2,959 2,998 1 970 991 2
TTH 2,495 2,455 5 809 823 3
HNC 1,574 1,652 5 502 561 3
ANH 2,533 2,394 12 782 858 0
Corporate 19 43 7 11
Adj. EBITDA 1,800 1,517 540 541
P&B 652 680 214 226
TTH 506 471 167 162
HNC 288 269 96 96
ANH 428 167 86 80
Corporate (74) (70) (23) (23)
Adj. EBITDA margin (%) 18.8 15.9 17.6 16.7
P&B 22.0 22.7 22.1 22.8
TTH 20.3 19.2 20.6 19.7
HNC 18.3 16.3 19.1 17.1
ANH 16.9 7.0 11.0 9.3
Q3 2025
In the current macro environment and against a high prior-year comparable period, dsm-firmenich delivered a solid 2% organic sales growth. While innovation-driven win-rates remained strong, the company saw caution in order patterns, notably from global accounts.
* Perfumery & Beauty: solid volume growth, against a high prior-year comparable of 11%, led by strong performance in Fine Fragrances.
* Taste, Texture & Health: good performance, against 13% volume growth in the prior year, with a good contribution from sales synergies.
* Health, Nutrition & Care: continued sales growth with a strong performance in Early Life Nutrition and a steady recovery in Dietary Supplements.
* Animal Nutrition & Health: solid performance in Performance Solutions and Premix, offset by weak conditions in Essential Products due to vitamins.
The Adjusted EBITDA margin for ongoing activities improved to 20%, while the reported Adjusted EBITDA margin for the Group (including ANH) was 17.6%.
The business achieved a good step up in organic performance, supported by the merger synergies and self-help programs. Reported Adjusted EBITDA was stable, as this growth was offset by foreign exchange, and deconsolidation effects from divestments.
The company remains focused on cash flow generation and delivered a good step up in Adjusted gross operating free cash flow in the third quarter, resulting in a total of €679 million in the first nine months of the year.
Notes to this trading update
The reported financial data in this trading update have not been audited.
A PDF version of this press release can be found here.
The presentation to investors is available here.
Financial calendar
February 12, 2026 – publication of dsm-firmenich FY 2025 results.
Additional information
Today dsm-firmenich will hold a webcast for investors and analysts at 9:00 am CET. Details on how to access this call can be found on www.dsm-firmenich.com.
For more information
Media relations
Robin Roothans
tel. +41 (0)79 280 03 96
e-mail: media@dsm-firmenich.com
Investor relations
Dave Huizing
tel. +31 (0)88 425 7306
e-mail: investors@dsm-firmenich.com
About dsm-firmenich
As innovators in nutrition, health, and beauty, dsm-firmenich reinvents, manufactures, and combines vital nutrients, flavors, and fragrances for the world’s growing population to thrive. With our comprehensive range of solutions, with natural and renewable ingredients and renowned science and technology capabilities, we work to create what is essential for life, desirable for consumers, and more sustainable for people and the planet. dsm-firmenich is a Swiss company, listed on the Euronext Amsterdam, with operations in almost 60 countries and revenues of more than €12 billion. With a diverse, worldwide team of nearly 30,000 employees, we bring progress to life every day, everywhere, for billions of people.
www.dsm-firmenich.com
Forward-looking statements
This press release may contain forward-looking statements with respect to dsm-firmenich’s future (financial) performance and position. Such statements are based on current expectations, estimates and projections of dsm-firmenich and information currently available to the company. dsm-firmenich cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance, transaction progress and positions to differ materially from these statements. dsm-firmenich has no obligation to update the statements contained in this press release, unless required by law. This communication contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. The English language version of this press release prevails over other language versions.
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