DSM Firmenich (DSFIR) investor relations material

Executive summary

• Achieved 4% like-for-like sales growth in Q1 2026, fully volume-driven, with strong performance in Perfumery and Beauty and solid contributions from other segments.

• Reported sales declined 3% due to a 6% negative FX impact and a 1% negative M&A impact from the sale of the Agro Ingredients business.

• Adjusted EBITDA increased 4% on a constant currency basis, with margin at 19.1%.

• Announced dual listing on the SIX Swiss Exchange effective May 21, aiming to broaden investor access and leverage heritage in both the Netherlands and Switzerland.

• Launched a €500 million share buyback for capital reduction, with 25% executed by May 1, 2026.

Financial highlights

• Q1 2026 sales: €2,276 million, down from €2,340 million in Q1 2025 due to FX and M&A impacts.

• Q1 organic sales growth of 4%, entirely volume-driven, with reported sales impacted by -6% FX and -1% M&A due to the sale of Agro Ingredients.

• Adjusted EBITDA: €434 million, down from €460 million, but up 4% LFL after adjusting for FX.

• Group margin for Q1 at 19%, in line with expectations, with FX impact of 0.4% on margin.

• Adjusted EBITDA margin: 19.1%, down 60 bps year-over-year, mainly due to FX and higher freight/energy costs.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: 2%-4% organic/LFL sales growth, ~20% EBITDA margin, 11%-12% cash conversion.

• Expect gradual margin improvement through the year as FX and cost impacts are passed on and Bovaer effect normalizes.

• Perfumery and Beauty expected to be at the upper end of growth outlook; TTH margin to recover in Q2.

• Outlook assumes limited impact from Middle East conflict in H2 2026.