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DSM Firmenich (DSFIR) investor relations material
DSM Firmenich H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved 7% organic sales growth and 29% increase in adjusted EBITDA in H1 2025, driven by strong performance across business units and successful execution of strategic initiatives, including portfolio transformation and integration synergies.
Completed exit from animal nutrition and health, closed feed enzyme business for €1.5 billion, and advanced the separation process for ANH.
Launched €1 billion share buyback program, with 40% completed by July 30, 2025.
Strategic focus on innovation, sustainability, and building a consumer and human-focused company.
Financial highlights
H1 2025 net sales: €6,510 million, up 3% year-over-year; adjusted EBITDA: €1,260 million, up 29%.
Adjusted EBITDA margin improved to 19.4% from 15.5% year-over-year.
Net profit rose to €541 million from €50 million in H1 2024.
Core adjusted EPS increased to €1.92 from €1.35 year-over-year.
Adjusted gross operating free cash flow was €215 million, impacted by timing of payments and higher short-term employee rewards.
Outlook and guidance
FY 2025 adjusted EBITDA expected around €2.4 billion, including €150 million from temporary vitamin price effects and €40 million deconsolidation from Feed Enzymes divestment.
Targeting organic sales growth of 5–7%, adjusted EBITDA margin of 22–23%, and cash-to-sales conversion above 10%.
CapEx guidance at ~6% of sales; core tax rate around 22%; D&A ~€225 million/quarter.
No material M&A planned for 2025 or 2026; focus remains on organic growth and margin improvement.
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