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DSM Firmenich (DSFIR) investor relations material
DSM Firmenich Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Achieved 2% organic sales growth in Q3 2025 against a high prior-year comparison, despite a challenging macroeconomic environment and shifting sentiment due to geopolitical tensions, tariffs, and currency movements. 
- Adjusted EBITDA increased by 10% on a comparable basis, reaching €540 million for Q3 2025, with margin improvement in core consumer-focused business units. 
- Advanced on the 2025 strategic plan, progressing merger synergies and self-help programs, with the Animal Nutrition & Health (ANH) exit process ongoing. 
- Updated FY 2025 outlook reflects negative FX effects and vitamin price volatility in ANH. 
Financial highlights
- Q3 2025 sales were €3,070 million, with 2% organic growth; YTD Q3 2025 sales reached €9,580 million, up 5% organically year-over-year. 
- Adjusted EBITDA for Q3 2025 was €540 million, with a margin of 17.6%; YTD Q3 2025 Adjusted EBITDA was €1,800 million, up 19% year-over-year. 
- Adjusted gross operating free cash flow YTD Q3 2025 was €679 million, representing 7% of sales. 
- Margins for core activities (excluding ANH) reached 20% in Q3, aligning with the trajectory toward a 22% group margin. 
Outlook and guidance
- Full-year 2025 Adjusted EBITDA expected around €2.3 billion, reflecting a €90 million negative FX effect and €50 million lower vitamin contribution from ANH. 
- Q4 expected to see similar trading patterns as August and September, with low single-digit organic growth anticipated across major segments. 
- Expects a negative €25 million impact from ongoing vitamin volatility in Q4. 
- Anticipates a strong step-up of over €300 million in Adjusted EBITDA versus 2024, driven by organic growth, merger synergies, and self-help programs. 
- Capex expected at around 6% of sales; core income tax rate at approximately 22%. 
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