dsm-firmenich Q1 2026 trading update

Press Release
Kaiseraugst (Switzerland), Maastricht (Netherlands), May 6, 2026

dsm-firmenich Q1 2026 trading update
Solid start to the year driven by good LFL sales growth

Highlights

• 4% LFL sales growth, with strong performance in Perfumery & Beauty
• 2026-2028 action plan aimed at accelerating financial performance introduced at March 2026 Capital Markets Day
• Dual listing of shares on SIX Swiss Exchange as of May 21, 2026
• €500 million share buyback for capital reduction, launched March 12, 2026
• FY 2026 outlook maintained

CEO comments
“We made a solid start to the year, with good LFL sales growth across all businesses while navigating a highly dynamic geopolitical and macroeconomic environment. Our resilient performance in the first quarter highlights our strong global market position, and the essential role our innovative solutions play in everyday consumer products. We are fully focused on the execution of our action plan to accelerate financial performance, as announced at our Capital Markets Day in March 2026.”

Dimitri de Vreeze, CEO

Group Performance – Continuing Operations

In the first quarter of 2026 dsm-firmenich delivered good, volume-led LFL sales growth of 4%. This solid performance was supported by some advancing of orders at the end of the quarter. Reported sales were down 3% due to a 6% negative foreign exchange impact, and a 1% negative M&A impact from the sale of the Agro Ingredients business.

Adjusted EBITDA increased by 4%, when adjusting for a 9% negative foreign exchange effect. The Adjusted EBITDA margin was 19.1%, reflecting a 40 bps negative foreign exchange impact, as well as some higher freight and energy costs resulting from the Middle East conflict.

Outlook 2026         

The company expects Continuing Operations for the full year 2026 to deliver:

• Like-for-Like (LFL) sales growth: 2-4%
• Adjusted EBITDA margin: around 20%
• Cash conversion: Adjusted Gross Operating Free Cash Flow to Sales of 11-12%

This outlook assumes only a limited impact from the conflict in the Middle East in the second half. The company will address cost inflation through a range of timely initiatives including procurement optimization, operational agility, and pricing actions.

Business Unit Review         

Perfumery & Beauty

Perfumery & Beauty delivered a strong 8% LFL sales growth in Q1 2026, fully volume driven. On a reported basis, sales were 1% lower due to a 7% foreign exchange headwind and a 2% negative effect resulting from the sale of the Agro Ingredients business.

The business experienced a particularly strong finish in March, supported by customers advancing some orders amid heightened uncertainty around global supply chains related to developments in the Middle East.

Fine Fragrances delivered strong double-digit LFL sales growth, while Consumer Fragrances recorded high single-digit sales growth. Ingredients achieved low-single digit sales growth with an equal contribution from fragrance and beauty & care ingredients.

The Adjusted EBITDA margin was 22%, in line with Perfumery & Beauty’s FY 2025 average of 21.7%.

Taste, Texture & Health 

Taste, Texture & Health delivered 3% volume-based LFL sales growth on a strong prior year comparison, with continued strong contributions from revenue synergies, and despite soft overall market conditions driven by cautious consumer behavior. Europe and North America were solid, while Asia and Latin America remained soft. Reported LFL sales growth for the Business Unit was 2%, reflecting a 1% negative impact from Bovaer on a strong year-on-year comparison.

The Adjusted EBITDA margin was 19.1%, impacted by a 50 bps negative one-off effect from Bovaer, a 50 bps adverse foreign exchange impact, and some higher costs.