DSM Firmenich (DSFIR) Q3 2026 TU earnings summary

Executive summary

• Q3 continuing-operations LFL sales growth was 5%, volume-led and consistent with H1; all three business units contributed.

• Adjusted EBITDA increased 8% LFL to €482m; margin rose sequentially to 20.4%, or 21.2% at constant currency.

• The 2026–2028 action plan remained on track, with growth, margin expansion, cash conversion and cost discipline as priorities.

Financial highlights

• Q3 continuing-operations sales were €2,368m versus €2,238m; Adjusted EBITDA was €482m versus €458m.

• YTD sales were €7,032m versus €6,881m; Adjusted EBITDA was €1,382m versus €1,364m, up 7% LFL.

• Cash delivery outlook remained 11%–12% of sales.

Outlook and guidance

• FY 2026 LFL sales growth guidance rose to ~5% from 2%–4%; Adjusted EBITDA margin guidance remained ~20%.

• Q4 conditions were expected to remain supportive, with a solid order book, strong October start, healthy innovation pipeline and high win rates.

• Strategic-period organic sales growth ambition remained 4%–6% annually; management cited confidence in 2027–2028 targets.

• Margin targets were 21% in 2027 and a further step-up in 2028; the €100m restructuring program is expected to deliver €50m in each year.