DSM Firmenich (DSFIR) Deutsche Bank’s Depositary Receipts Virtual Investor Conference summary

Company overview and strategy

• Formed in 2023, the company operates in over 60 countries with 30,000 employees and EUR 2 billion EBITDA.

• Focuses on four business units: Perfumery & Beauty, Taste, Texture & Health, Health, Nutrition & Care, and Animal Nutrition & Health.

• Invests EUR 700 million annually in R&D, with 2,000 scientists and 40 creation centers worldwide.

• Emphasizes science-driven innovation, customer co-creation, and sustainability across all operations.

• Sustainability targets are integrated into remuneration and partnerships, aiming to outperform climate goals.

Business unit performance and innovation

• Perfumery & Beauty generates EUR 3.7 billion in revenue, with 5%-6% organic sales growth and 22%-24% EBITDA margin.

• Taste, Texture & Health delivers EUR 3 billion in revenue, 6%-8% organic sales growth, and 21%-23% EBITDA margin.

• Health, Nutrition & Care achieves EUR 2 billion in revenue, 4%-6% organic sales growth, and 21%-23% EBITDA margin.

• Animal Nutrition & Health posts EUR 3 billion in revenue, 6% organic sales growth, and 15% EBITDA margin.

• Innovations include plant-based food solutions, vegan algal oil, and early life nutrition HMOs.

Strategic changes and future outlook

• Announced intention to separate Animal Nutrition & Health business, with preparation in 2024 and execution in H1 2025.

• Transaction for separation expected to complete in H2 2025.

• By end of 2025 or 2026, aims for EUR 10 billion in sales, 6%-7% organic sales growth, and EBITDA margin above 22%.

• Post-separation, will focus on three core business units: nutrition, health, and beauty.

• Confident in achieving midterm targets through unique business model and science-driven approach.