dsm-firmenich reports H1 2026 results

Press Release

Ad hoc announcement pursuant to article 53 LR

Kaiseraugst (Switzerland), Maastricht (Netherlands), July 30, 2026

dsm-firmenich reports H1 2026 results
Good LFL sales growth and sequential margin improvement through first half

Highlights

• Good like-for-like (LFL) sales growth of 5% in H1 2026, with 6% in Q2
• Adjusted EBITDA margin improved sequentially, with positive momentum into second half
• Continued improvement in adjusted gross operating free cash flow
• 2026-2028 action plan, aimed at accelerating financial performance, introduced at March 2026 CMD, fully on track
• Successful dual listing of shares on SIX Swiss Exchange as of May 21
• €500 million share buyback program progressing well
• Outlook unchanged: 2026 targets underpinned by good H1 delivery

CEO comments
"We achieved good volume-led LFL growth in the first six months of the year across all businesses, demonstrating the resilience and quality of our portfolio and the consistent delivery on our operational priorities amid a dynamic global macroeconomic environment. We expect full-year LFL sales growth to be at the higher end of our 2026 target of 2-4%.

We are delivering on the action plan outlined at our 2026 Capital Markets Day, focused on accelerating top-line growth, margin expansion, and maintaining disciplined cash and capital management. These initiatives will drive a further sequential improvement to deliver an around 20% adjusted EBITDA margin in 2026. We are also executing our cost savings and restructuring program, to provide a strong foundation to achieve a further step-up in margin in 2027."

Dimitri de Vreeze, CEO

Group Performance - Continuing Operations

The company delivered good, volume-led sales growth across all businesses in the first half, owing to improving business conditions, contributions from revenue synergies, and higher win rates on customer briefs. Following 4% LFL sales growth in Q1, business conditions in Q2 2026 continued to be solid, resulting in 6% LFL sales growth. June saw a strong acceleration, owing to positive customer sentiment on easing Middle East concerns.

The Adjusted EBITDA margin of 19.5% in Q2, reflects a 40 bps sequential improvement versus Q1. Versus the prior year period, the margin remained stable reflecting a negative impact of 70 bps from foreign exchange effects. On a LFL basis, Adjusted EBITDA was up 10% in Q2, and up 7% in the first half versus prior year. Core EPS increased by 14% in H1 2026 versus prior year period, reaching €1.84.

Adjusted Gross Operating Free Cash Flow of 7% in H1 2026 improved versus the prior year period. With typically stronger cash flow performance in the second half of the year, the company expects to deliver on its full-year adjusted gross operating cash-to-sales ratio target of 11-12%.

in € millions	H1 2026	H1 2025	% LFL	Q2 2026	Q2 2025	% LFL
Sales	4,664	4,643	5	2,388	2,303	6
Adj. EBITDA	900	906	7	466	446	10
Adj. EBITDA margin (%)	19.3	19.5		19.5	19.4
Net profit from continuing operations	225	197
Net profit (total Group)	221	541

Outlook 2026 unchanged: Fully on track with 2026 Strategic Action Plan

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%

Underpinned by good H1 delivery, the company expects full-year LFL sales growth to be at the higher end of its 2026 target of 2-4%.

This outlook assumes that, also in the second half, the conflict in the Middle East will have a limited impact. The company will address cost inflation through a range of initiatives including a cost savings and restructuring program, and pricing actions.

Key figures and indicators - Continuing operations

in € millions	H1 2026	H1 2025	% LFL	Q2 2026	Q2 2025	% LFL
Net sales	4,664	4,643	5	2,388	2,303	6
P&B	1,948	1,919	7	981	945	7
TTH	1,634	1,629	4	843	802	6
HNC¹	1,035	1,042	4	538	528	4
Corporate¹	47	53		26	28
Adj. EBITDA	900	906	7	466	446	10
P&B	424	426	6	211	207	6
TTH	321	335	3	170	165	8
HNC	206	196	15	110	99	19
Corporate	(51)	(51)		(25)	(25)
Adj. EBITDA margin (%)	19.3	19.5		19.5	19.4
P&B	21.8	22.2		21.5	21.9
TTH	19.6	20.6		20.2	20.6
HNC	19.9	18.8		20.4	18.8
Adj. EBIT	435	450
Core adj. EBIT	664	677
Core adj. net profit	465	441
Average number of shares (x millions)	250.2	263.5
Core adj. EPS	1.84	1.61
(Avg.) core capital employed	11,480	11,909
Core adj. ROCE (%)	11.6	11.4
Operating working capital	2,667	2,662
Net debt	4,424	2,459²

¹ 2025 figure restated for comparative purposes
² Refers to Total Group, including Discontinued Operations

Cost savings and restructuring program

Earlier this year, at its Capital Markets Day, the company outlined a clear action plan focused on disciplined execution to accelerate financial performance. This plan is designed to deliver a structural improvement of approximately 1% in Adjusted EBITDA margin by 2027.

This restructuring program (including the stranded cost elimination program from the Animal Nutrition & Health transaction) could lead to a reduction of about 1,000 positions over the next 18-24 months, in close consultation with relevant works councils. The company has fully deployed the program and expects €100 million in cost savings, and anticipates an exceptional cost of approximately €100 million.

Strategic ambitions

dsm-firmenich operates through three unique and complementary Business Units: Perfumery & Beauty, Taste, Texture & Health, and Health, Nutrition & Care. These businesses are supported by clear strategic choices, a simplified operating model, and a strong focus on customer-driven innovation.

The strategic ambition is to grow the three businesses by leveraging a unique combination of science, creativity, and customer intimacy, while anchoring performance through operational excellence, disciplined capital allocation, cost saving programs, and consistent commercial practices across the Group. Having successfully completed the group-wide transformation, the focus is on accelerating performance within the three business units.

Looking ahead, the priority is to accelerate execution in 2026-2027 to drive growth and synergies, expand EBITDA margins, and improve cash conversion, underpinned by normalized capital expenditure, tighter working capital management, and greater cost discipline.

The materials from the 2026 Capital Markets Day are available here.

Swiss listing

In addition to its listing on Euronext Amsterdam, dsm-firmenich established a dual listing of the company's ordinary shares on SIX Swiss Exchange on May 21, 2026. This Swiss listing benefits dsm-firmenich and its shareholders by strengthening alignment with dsm-firmenich's Swiss heritage and domicile, broadening access to Swiss and international equity investors, and also resulting in the inclusion in relevant Swiss equity indices.

Share buyback program

The company started a share repurchase program on March 12, 2026 to repurchase ordinary shares for a total amount of €540 million, of which €500 million to reduce its issued capital, and €40 million to cover commitments under the Group's share-based compensation plans. On July 24, around 62% of the program had been executed.

On February 26, 2026, following the completion of its €1 billion share buyback program in 2025, the company cancelled 12,049,441 shares. As a result, the total number of issued shares was reduced by approximately 4.5%, from 265,676,388 to
253,626,947 shares.

Business Unit Review

Perfumery & Beauty

Q2 2026
Perfumery & Beauty delivered a LFL sales growth of 7%, fully volume driven, on a continued good business momentum with strong month of June. Fine Fragrances as well as Consumer Fragrances delivered double-digit LFL growth from strong market demand, supported by higher win rates of customer briefs. The Ingredients segment was stable.

The Adjusted EBITDA margin was 21.5%, reflecting a 40 bps negative foreign exchange effect and some one-off operational costs, versus the prior year period. On a LFL basis, Adjusted EBITDA was up 6% in Q2 versus the prior year period.

H1 2026
Perfumery & Beauty delivered a strong, volume-driven, 7% LFL sales growth in the first half. Fine Fragrances delivered double-digit LFL sales growth, with Consumer Fragrances recording high single-digit sales growth. Ingredients achieved low single-digit growth, across fragrance and beauty & care ingredients.

The Adjusted EBITDA margin was 21.8%, reflecting some one-off operational costs and a negative foreign exchange effect of 20 bps versus the prior year period. On a LFL basis, Adjusted EBITDA was up 6% in H1 versus the prior year period.

in € millions	H1 2026	H1 2025	% LFL	Q2 2026	Q2 2025	% LFL
Sales	1,948	1,919	7	981	945	7
Adj. EBITDA	424	426	6	211	207	6
Adj. EBITDA margin (%)	21.8	22.2		21.5	21.9

Taste, Texture & Health

Q2 2026
The business unit saw solid business conditions, reporting a 6% LFL growth, up from 2% in Q1. Revenue synergies contributed about 2% to sales growth, while Bovaer had a positive impact of 1%.

Growth was driven by both Taste and Ingredients Solutions, and across all regions, with a strong recovery in Latin America, and business conditions picking up in Europe and North America, the latter benefiting from the FIFA World Cup. The Beverages and Baking segments delivered good performance, while continued high demand in the Dairy segment drove good growth in enzymes and cultures.

The Adjusted EBITDA margin increased sequentially from 19.1% in Q1, to 20.2% in Q2. Versus prior year, the margin reflects a 70 bps negative impact from foreign exchange. On a LFL basis, Adjusted EBITDA was up 8% in Q2 versus the prior year period.

H1 2026
Taste, Texture & Health delivered a volume-led LFL growth of 4%, with an improving momentum across its businesses, supported by revenue synergies of 1.5%.

The Adjusted EBITDA margin was 19.6%, with a 60 bps adverse foreign exchange impact and some higher costs. On a LFL basis, Adjusted EBITDA was up 3% in H1 versus the prior year period.

in € millions	H1 2026	H1 2025	% LFL	Q2 2026	Q2 2025	% LFL
Sales	1,634	1,629	4	843	802	6
Adj. EBITDA	321	335	3	170	165	8
Adj. EBITDA margin (%)	19.6	20.6		20.2	20.6

Health, Nutrition & Care

Q2 2026
Health, Nutrition & Care delivered 4% volume-driven sales growth, in line with the first quarter. This consistent performance was driven by Early Life Nutrition, led by ongoing strong demand for HMOs and favorable conditions for ARA, as well as good growth in Biomedical. Dietary Supplements and i-Health continued to experience cautious consumer behavior, especially in North America.

The Adjusted EBITDA margin increased to 20.4%, with strong growth in high-margin products, despite a negative foreign exchange effect of 110 bps. On a LFL basis, Adjusted EBITDA was up 19% in Q2 versus the prior year period.

H1 2026
Health, Nutrition & Health delivered 4% LFL sales growth, led by strong performance in Early Life Nutrition, and good performance in Biomedical.

The Adjusted EBITDA margin was 19.9%, continuing its consistent, gradual improvement, despite a negative foreign exchange effect of 90 bps. On a LFL basis, Adjusted EBITDA was up 15% in H1, versus the prior year period.

in € millions	H1 2026	H1 2025	% LFL	Q2 2026	Q2 2025	% LFL
Sales¹	1,035	1,042	4	538	528	4
Adj. EBITDA	206	196	15	110	99	19
Adj. EBITDA margin (%)	19.9	18.8		20.4	18.8

¹ 2025 figure restated for comparative purposes.

Corporate activities

in € millions	H1 2026	H1 2025	% LFL	Q2 2026	Q2 2025	% LFL
Sales¹	47	53	(11)	26	28	(7)
Adj. EBITDA	(51)	(51)	-	(25)	(25)	-

¹ 2025 figure restated for comparative purposes.

Cash Flow and Working Capital

Adjusted gross operating free cash flow in the first half saw a good step-up versus the prior year period, supported by lower working capital. With a typically stronger cash flow performance in the second half of the year, the company expects to deliver on its full-year adjusted gross operating cash-to-sales ratio target of 11% to 12%.

	H1 2026	H1 2025
in € millions	Continuing operations	Continuing operations
Adj. gross operating free cash flow	320	79
Sales to cash conversion %	6.9	1.7
Operating working capital (OWC)	2,667	2,662
OWC as % of sales - end of period	27.9	28.9
Total working capital (WC)	2,081	2,219
Total WC as % of sales - end of period	21.8	24.1

Continuing operations

Sales drivers

in € millions	H1 2026	H1 2025	% LFL	% Volume	% Price	% FX	% M&A	% Change
Sales	4,664	4,643	5	5	-	(4)	(1)	0
P&B	1,948	1,919	7	7	-	(4)	(1)	2
TTH	1,634	1,629	4	4	-	(4)	-	0
HNC¹	1,035	1,042	4	3	1	(5)	-	(1)
Corporate¹	47	53						(11)

¹ 2025 figure restated for comparative purposes.

in € millions	Q2 2026	Q2 2025	% LFL	% Volume	% Price	% FX	% M&A	% Change
Sales	2,388	2,303	6	6	-	(1)	(1)	4
P&B	981	945	7	7	-	(1)	(2)	4
TTH	843	802	6	6	-	(1)	-	5
HNC¹	538	528	4	3	1	(2)	-	2
Corporate¹	26	28						(7)

¹ 2025 figure restated for comparative purposes.

Adj. EBITDA drivers

in € millions	H1 2026	H1 2025	% LFL	% FX	% M&A	% Change
Adj. EBITDA	900	906	7	(7)	(1)	(1)
P&B	424	426	6	(5)	(1)	(0)
TTH	321	335	3	(7)	-	(4)
HNC	206	196	15	(10)	-	5
Corporate	(51)	(51)

in € millions	Q2 2026	Q2 2025	% LFL	% FX	% M&A	% Change
Adj. EBITDA	466	446	10	(5)	(1)	4
P&B	211	207	6	(3)	(1)	2
TTH	170	165	8	(5)	-	3
HNC	110	99	19	(8)	-	11
Corporate	(25)	(25)				-

Adj. EBITDA margin

in %	H1 2026	H1 2025
Adj. EBITDA margin (%)	19.3	19.5
P&B	21.8	22.2
TTH	19.6	20.6
HNC	19.9	18.8

in %	Q2 2026	Q2 2025
Adj. EBITDA margin (%)	19.5	19.4
P&B	21.5	21.9
TTH	20.2	20.6
HNC	20.4	18.8

Discontinued Operations

Further to the announced divestment of the ANH activities to CVC Capital Partners in February 2026, the assets and liabilities of the divested business have been classified as Assets Held for Sale, and the financial results of the ANH activities have been reclassified to Discontinued Operations.

Following the expected weak start to the year due to low vitamin prices in the first quarter, business conditions improved in Q2. Higher prices, ongoing efficiency initiatives, and higher demand, led to an improvement in profitability in the second quarter. H1 results were substantially lower versus the prior year period, which included an exceptional contribution from temporary high vitamin prices due to a force majeure situation in the industry.

Discontinued Operations are expected to deliver a positive cash contribution in 2026.

in € millions	H1 2026	H1 2025	% LFL	% Volume	% Price	% FX	% M&A	% Change
Sales	1,518	1,867	(12)	1	(13)	(1)	(6)	(19)
Adj. EBITDA	67	354	(77)			(5)	1	(81)
Adj. EBITDA margin (%)	4.4	19.0

in € millions	Q2 2026	Q2 2025	% LFL	% Volume	% Price	% FX	% M&A	% Change
Sales	796	933	(11)	(1)	(10)	1	(5)	(15)
Adj. EBITDA	44	164	(68)			(5)	-	(73)
Adj. EBITDA margin (%)	5.5	17.6

Total Group

in € millions	H1 2026	H1 2025	% LFL	Q2 2026	Q2 2025	% LFL
Sales	6,182	6,510	-	3,184	3,236	1
Adj. EBITDA	967	1,260	(17)	510	610	(11)
Adj. EBITDA margin (%)	15.6	19.4		16.0	18.9

Alternative Performance Measures (APMs)

The policy on Alternative Performance Measures (APMs) and a reconciliation between the APMs and the most directly reconcilable IFRS metric can be found in Note 2 to the Condensed consolidated interim financial statements.

The main APM adjustments to operating profit (EBIT) in the first half of 2026 are listed below:

• Restructuring costs of €22 million, mainly related to the cost of current savings and restructuring programs.
• Other costs of €42 million, mainly related to litigation and claims.

Definitions

This press release includes information that is presented in accordance with IFRS as issued by the International Accounting Standard Board and alternative performance measures (APMs). Please refer to the section below for the definitions as applied.

Alternative Performance Measures (APMs)

In monitoring the financial performance of dsm-firmenich, management uses certain Alternative performance measures (APMs) not defined by IFRS. These APMs should not be viewed in isolation as alternatives to the equivalent IFRS measures and should be used as supplementary information in conjunction with the most directly comparable IFRS measures. APMs do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies.

To arrive at the Alternative Performance Measures (APMs) Adjusted EBITDA, Adjusted EBIT, and Adjusted net profit, adjustments are made for material items of income and expense arising from circumstances such as acquisitions and divestments, restructuring, impairments and other events (i.e., APM adjustments). Other APM adjusting events include site closure costs, environmental cleaning, litigation settlements or other non-operational (contractual) arrangements. Other than items related to acquisition and integration costs incurred in the first year from the acquisition date (including non-recurring inventory value adjustments) as well as adjustments due to previously recognized APM adjusting events, the threshold is €10 million.

The APMs used throughout this press release are:

Like-for-like (LFL)
Like-for-like (LFL) represents the change in performance measures excluding the impact of acquisitions, divestments, and currency impacts.

Earnings before interest, tax, depreciation and amortization (EBITDA)
EBITDA is defined as IFRS metric operating profit plus depreciation, amortization, and impairments.

Adjusted earnings before interest, tax, depreciation and amortization (Adj. EBITDA)
Adjusted EBITDA is the EBITDA adjusted for material items of profit or loss, as defined under 'APM adjustments'.

EBITDA margin
EBITDA margin is EBITDA expressed as a percentage of net sales.

Adjusted EBITDA margin (Adj. EBITDA margin)
Adjusted EBITDA margin is adjusted EBITDA expressed as a percentage of net sales.

Adjusted operating profit (Adj. EBIT)
Adjusted operating profit (Adj. EBIT) is the IFRS metric operating profit adjusted for material items of profit or loss, as defined under 'APM adjustments'.

Core adjusted EBIT (Core adj. EBIT)
Core adjusted EBIT is calculated as the IFRS metric operating profit adjusted for material items of profit or loss, as defined under 'APM adjustments', and adjusted for the impact of the amortization of intangible assets recognized through purchase
price allocations (PPA).

Adjusted net profit (Adj. net profit)
Adjusted net profit is the IFRS metric net profit adjusted for material items of profit or loss, as defined under 'APM adjustments'.

Core adjusted net profit (Core adj. net profit)
Core adjusted net profit is the IFRS metric net profit (from continuing operations) adjusted for material items of profit or loss,
as defined under 'APM adjustments', and adjusted for the impact of the amortization of intangible assets recognized through
purchase price allocations (PPA) as well as the PPA impact on financial income and expense.

Adjusted gross operating free cash flow (AGOFCF)
Adjusted gross operating free cash flow (AGOFCF) is defined as the IFRS metric operating profit plus depreciation, amortization, and impairments, adjusted for material items of profit or loss, as defined under 'APM adjustments', corrected for changes in the working capital, minus capital expenditures. This metric is based on continuing operations.

Sales to cash conversion %
Sales to cash conversion % is the adjusted gross operating free cash flow (AGOFCF) as a percentage of net sales.

Adjusted earnings per share (Adj. EPS)
Adjusted earnings per share (Adjusted EPS) is calculated as the net profit available to holders of ordinary shares adjusted for material items of profit or loss, as defined under 'APM adjustments', divided by the average number of ordinary shares outstanding.

Core adjusted earnings per share (Core adj. EPS)
Core adjusted earnings per share (Core adjusted EPS) is calculated as the net profit (from continuing operations) available to
holders of ordinary shares adjusted for material items of profit or loss, as defined under 'APM adjustments', adjusted for the
impact of the amortization of intangible assets recognized through purchase price allocations (PPA) as well as the PPA impact
on financial income and expense, divided by the average number of ordinary shares outstanding.

Capital employed
Capital employed is the total of the carrying amount of intangible assets and property, plant and equipment, inventories, trade receivables and other receivables, less trade payables, other current liabilities, investment grants and customer funding. Average capital employed is calculated as the average of the capital employed at the end of the preceding five quarters, including the current quarter.

Core capital employed
Core capital employed is defined as capital employed, adjusted for the impact of the Firmenich purchase price allocation (PPA). Average core capital employed is calculated as the average of the core capital employed at the end of the preceding five quarters, including the current quarter.

Return on capital employed (ROCE)
Return on capital employed (ROCE) is the adjusted operating profit (from continuing operations) as a percentage of average capital employed.

Core adjusted return on capital employed (Core adj. ROCE)
Core adjusted return on capital employed (Core adj. ROCE) is core adjusted EBIT as a percentage of average core capital employed.

Operating working capital (OWC)
The total of inventories and trade receivables, less trade payables.

Operating working capital (OWC) as % of sales
Operating working capital as % of sales is the operating working capital as a percentage of annualized fourth-quarter net sales.

Working capital (WC)
The total of inventories and current receivables, less current payables.

Working capital (WC) as % of sales
Working capital as % of sales is the working capital as a percentage of annualized fourth-quarter net sales.

Capital expenditures (CAPEX)
Capital expenditures include all investments in intangible assets and property, plant and equipment.

Net debt
Net debt is the total of current and non-current borrowings less cash and cash equivalents, current investments and the net position of derivatives.

Statement of the Board of Directors

This document represents dsm-firmenich's half yearly report containing the management report as well as the condensed consolidated interim financial statements for the purpose of the Dutch Act on Financial Supervision (Wet Financieel Toezicht), section 5:25d.

Per the Dutch Decree on Transparency for issuing entities subject to the Dutch Act on Financial Supervision (Besluit Transparantie uitgevende instellingen Wft) article 10, the Directors declare that, to the best of their knowledge:

• The condensed consolidated interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as issued by the International Accounting Standards Board
• The interim management report gives a fair review of important events during the first six months of the financial year that impacted the Company's business.

Thomas Leysen, Chairman of the Board of Directors

Dimitri de Vreeze, Chief Executive Officer

Financial calendar

November 4, 2026 - publication of dsm-firmenich Q3 2026 trading update
February 18, 2027 - publication of dsm-firmenich FY 2026 results
March 24, 2027 - AGM, Kaiseraugst (CH)

Additional information

Today dsm-firmenich will hold a webcast for investors and analysts at 9:00 am CEST. Details on how to access this call can be found on www.dsm-firmenich.com

Note for editors

The full text of the press release is available here.
The presentation to investors is available here.

For more information
Media relations
Robin Roothans
tel. [phone]
e-mail [e-mail]

Investor relations
Dave Huizing
tel. [phone]
e-mail [e-mail]

About dsm-firmenich

As innovators in nutrition, health, and beauty, dsm-firmenich reinvents, manufactures, and combines vital nutrients, flavors, and fragrances for the world's growing population to thrive. With our comprehensive range of solutions, with natural and renewable ingredients and renowned science and technology capabilities, we work to create what is essential for life, desirable for consumers, and more sustainable for people and the planet. dsm-firmenich is a Swiss company, listed on Euronext Amsterdam (DSFIR) and SIX Swiss Exchange (DSFIR), with operations in almost 60 countries and revenues of more than €9 billion for its Continuing Operations following the divestment of Animal Nutrition & Health. With a diverse, worldwide team of nearly 21,000 employees, we bring progress to life every day, everywhere, for billions of people. www.dsm-firmenich.com

About Continuing Operations

Continuing Operations reflects the results of dsm-firmenich, following the announced divestment of Animal Nutrition & Health (ANH) activities to CVC Capital Partners. The assets and liabilities of the divested businesses have been classified as Assets Held for Sale in accordance with IFRS 5, and the results of the divested businesses have been reclassified to Discontinued Operations.

Forward-looking statements
This press release may contain forward-looking statements with respect to dsm-firmenich's future (financial) performance and position. Such statements are based on current expectations, estimates and projections of dsm-firmenich and information currently available to the company. dsm-firmenich cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance, transaction progress and positions to differ materially from these statements. dsm-firmenich has no obligation to update the statements contained in this press release, unless required by law. This communication contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. The English language version of this press release prevails over other language versions.

Condensed consolidated interim financial statements H1 2026

Condensed consolidated interim income statement

	H1 2026	H1 2025
Continuing operations
Net sales	4,664	4,643
Gross profit	1,866	1,848
Operating profit	370	383
Financial income and expense	(66)	(69)
Profit before tax	304	314
Income tax expense	(63)	(67)
Share of net profit of associates and joint ventures	(16)	(50)
Net profit from continuing operations	225	197
Net profit from discontinued operations	(4)	344
Net profit for the period	221	541
Attributable to:
- Holders of shares	212	510
- Non-controlling interests	9	31
Earnings per share (EPS) total (in €):
- Basic EPS	0.85	1.94
Earnings per share (EPS) continuing operations (in €):
- Basic EPS	0.88	0.69

Condensed consolidated interim statement of comprehensive income

in € millions	H1 2026	H1 2025
Net profit for the period	221	541
Other comprehensive income
Remeasurements of defined benefit liability	58	(29)
Change in fair value reserve	(2)	(4)
Exchange differences on translation of foreign operations relating to non-controlling interests	5	(11)
Related tax	(12)	3
Items that will not be reclassified to profit or loss	49	(41)
Exchange differences on translation of foreign operations	250	(600)
Change in hedging reserve	(39)	110
Equity accounted investees - share of other comprehensive income	-	(2)
Related tax	6	(19)
Items that may subsequently be reclassified to profit or loss	217	(511)
Total comprehensive income for the period, net of tax	487	(11)

Condensed consolidated interim statement of changes in equity

x € millions	Share capital	Share premium	Treasury shares	Other reserves	Retained earnings	Shareholders' equity	Non-contr. interests	Total Equity
Balance at January 1, 2025	3	11,313	(147)	710	10,632	22,511	186	22,697
Total comprehensive income	-	-	-	(515)	484	(31)	20	(11)
Dividend	-	(379)	-	-	(280)	(659)	(57)	(716)
Stock options and share units granted	-	-	-	18	-	18	-	18
Stock options and share units vested / canceled	-	-	-	(17)	17	-	-	-
Reissued shares	-	-	11	-	(10)	1	-	1
Repurchase own shares	-	-	(363)	-	-	(363)	-	(363)
Acquisition of NCI without a change in control	-	-	-	-	-	-	(100)	(100)
Remuneration and redemption of hybrid bonds (equity)	-	-	-	-	(23)	(23)	-	(23)
Other changes	-	-	-	(10)	(92)	(102)	107	5
Balance at June 30, 2025	3	10,934	(499)	186	10,728	21,352	156	21,508
Balance at January 1, 2026	3	10,934	(1,208)	109	8,406	18,244	179	18,423
Total comprehensive income	-	-	-	216	257	473	14	487
Dividend	-	(409)	-	-	(215)	(624)	(50)	(674)
Stock options and share units granted	-	-	-	35	-	35	-	35
Stock options and share units vested / canceled	-	-	-	(45)	45	-	-	-
Reissued shares	-	-	43	-	(43)	-	-	-
Repurchase own shares	-	-	(290)	-	-	(290)	-	(290)
Cancellation of share capital	-	(1,364)	1,000	-	364	-	-	-
Other changes	-	-	-	-	(12)	(12)	5	(7)
Balance at June 30, 2026	3	9,161	(455)	315	8,802	17,826	148	17,974

Condensed consolidated interim balance sheet at June 30

in € millions	June 30 2026	December 31 2025
Assets
Goodwill and intangible assets	15,235	15,384
Property, plant and equipment	4,316	4,174
Deferred tax assets	193	227
Share in associates and joint ventures	184	199
Derivatives	54	60
Other non-current assets	488	408
Non-current assets	20,470	20,452
Inventories	2,215	2,121
Trade receivables	2,184	1,841
Income tax receivables	76	153
Other receivables	95	105
Derivatives	33	41
Financial investments	47	121
Cash and cash equivalents	2,261	1,782
Sub-total	6,911	6,164
Assets held for sale	3,067	2,729
Current assets	9,978	8,893
Total assets	30,448	29,345
Equity and liabilities
Shareholders' equity	17,826	18,244
Non-controlling interest	148	179
Equity	17,974	18,423
Deferred tax liabilities	1,270	1,351
Employee benefit liabilities	201	193
Provisions	46	52
Borrowings	5,114	3,617
Derivatives	24	14
Other non-current liabilities	105	102
Non-current liabilities	6,760	5,329
Employee benefit liabilities	8	12
Provisions	62	51
Borrowings	1,651	1,660
Derivatives	30	14
Trade payables	1,732	1,481
Income tax payables	222	303
Other current liabilities	535	666
Sub-total	4,240	4,187
Liabilities held for sale	1,474	1,406
Current liabilities	5,714	5,593
Total equity and liabilities	30,448	29,345

Condensed consolidated interim cash flow statement¹

in € millions	H1 2026	H1 2025
Cash and cash equivalents (at beginning of period)	1,782	2,667
Operating activities
Net profit for the period²	221	541
Share of profit of associates and joint ventures	15	49
Income tax expenses	91	122
Profit before tax	327	712
Finance income and expense	80	74
Operating profit	407	786
Depreciation, amortization and impairments	473	601
EBITDA	880	1,387
Changes in working capital	(257)	(644)
Income tax	(212)	(207)
Other	86	(244)
Cash provided by operating activities	497	292
of which provided by continuing operations	582	159
Investing activities
Payments for intangible assets and property, plant and equipment	(462)	(401)
Acquisition of businesses	(4)	(44)
Disposal of businesses	(64)	1,384
Proceeds from disposal of other non-current assets	11	34
Change in short-term financial investments	70	6
Interest received	16	20
Dividend received and capital (re)payments	(24)	(15)
Other cash from / used in investing activities	(4)	(16)
Cash used in investing activities	(461)	968
Financing activities
Dividends paid	(674)	(713)
Interest paid	(52)	(35)
Repurchase of shares	(284)	(405)
Proceeds from / repayment of corporate bonds	1,492	239
Payment of lease liabilities	(58)	(53)
Other cash from / used in financing activities	3	(73)
Cash (used in) / from financing activities	427	(1,040)
Change in cash and cash equivalents	463	220
Exchange differences relating to cash held	17	(66)
Cash and cash equivalents at end of period (including cash classified as held for sale) at June 30	2,262	2,821
Reclassification to held for sale	(1)	-
Cash and cash equivalents at end of period	2,261	2,821

¹ The condensed consolidated interim cash flow statement includes an analysis of all cash flows in total, therefore including both continuing and discontinued operations.
² Refers to net profit total Group, which includes both continuing and discontinued operations. Net profit of continuing operations is €225 million.

Notes to the condensed consolidated interim financial statements

Note 1 - General Information

dsm-firmenich Group

dsm-firmenich is domiciled in Switzerland with the seat of the principal in Kaiseraugst (Switzerland), listed on Euronext Amsterdam (DSFIR) and SIX Swiss Exchange (DSFIR). These condensed consolidated interim financial statements comprise DSM-Firmenich AG and its subsidiaries (the 'Group').

Basis of preparation

The accounting policies applied in these interim financial statements are the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" and should be read in conjunction with the accounting policies as included in the Integrated Annual Report 2025.

New or amended IFRS that became effective on or after 1 January 2026 did not have a significant impact on the condensed consolidated interim financial statements of dsm-firmenich.

Audit

The condensed consolidated interim financial statements and other reported data in this press release have not been audited.

Seasonality

The Group operates in markets where generally no significant seasonal or cyclical variations in revenue are experienced during the financial year. However, in cases where businesses are significantly affected by seasonal or cyclical fluctuations in sales, this is discussed in the business review sections earlier in this report.

Note 2 - Alternative performance measures

In presenting and discussing dsm-firmenich's financial position, operating results and net results, management uses certain Alternative performance measures not defined by IFRS. These Alternative performance measures (APMs) should not be viewed in isolation as alternatives to the equivalent IFRS measures and should be used as supplementary information in conjunction with the most directly comparable IFRS measures. Alternative performance measures do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies.

The main APM adjustments to operating profit (EBIT) in the first half of 2026 are listed below:

• Restructuring costs of €22 million, mainly related to the cost of current savings and restructuring programs
• Other costs of €42 million, mainly related to litigation and claims

The below table provides a reconciliation of the APMs to the most directly reconcilable IFRS metric for the first half of the reporting period.

	H1 2026		H1 2025
in € millions	Continuing operations	Total Group	Continuing operations	Total Group
Operating profit (EBIT)	370	407	383	786
Depreciation, amortization and impairments	466	473	459	601
EBITDA	836	880	842	1,387
Acquisitions/divestments/integration	-	22	36	(157)
Restructuring	22	22	28	30
Other	42	43	-	-
Sub-total APM adjustments to EBITDA	64	87	64	(127)
Adj. EBITDA	900	967	906	1,260
Operating profit (EBIT)	370	407	383	786
APM adjustments to EBITDA	64	87	64	(127)
Impairments of PPE and Intangible assets	1	8	3	21
Sub-total APM adjustments to operating profit (EBIT)	65	95	67	(106)
Adj. operating profit (EBIT)	435	502	450	680
PPA adjustments	229	244	227	242
Core adj. operating profit (EBIT)	664	746	677	922
Net profit	225	221	197	541
APM adjustments to operating profit (EBIT)	65	95	67	(106)
APM adjustments to financial income and expense	-	11	-	-
Income tax related to APM adjustments	(14)	(21)	(13)	(22)
APM adjustments to share of the profit of associates/jointly controlled entities
Sub-total APM adjustments	51	85	54	(128)
Adj. Net profit	276	306	251	413
PPA adjustments	189	199	190	200
Core adj. net profit	465	505	441	613
Profit attributable to non-controlling interests	(4)	(9)	(16)	(31)
Core adj. net profit available to holders of ordinary shares	461	496	425	582

	H1 2026		H1 2025
	Continuing operations	Total Group	Continuing operations	Total Group
Earnings per share (EPS)
Average number of ordinary shares outstanding (x million)	250.2	250.2	263.5	263.5
x € million
Net profit (loss) available to holders of ordinary shares	221	212	181	510
Adjusted net profit available to holders of ordinary shares	272	297	235	382
Core adj. net profit available to holders of ordinary shares	461	496	425	582
in €
EPS	0.88	0.85	0.69	1.94
Adj. EPS	1.09	1.19	0.89	1.45
Core adj. EPS	1.84	1.98	1.61	2.21

	H1 2026	H1 2025
in € millions	Continuing operations	Continuing operations
Adjusted EBITDA	900	906
Change working capital	(191)	(512)
Capital expenditures	(389)	(315)
Adj. gross operating free cash flow	320	79

	H1 2026				H1 2025
	Continuing Operations		Total Group		Continuing Operations		Total Group
in € million	Adjusted	Total	Adjusted	Total	Adjusted	Total	Adjusted	Total
Net Sales	4,664	4,664	6,182	6,182	4,643	4,643	6,510	6,510
Gross margin	1,866	1,866	2,195	2,195	1,848	1,848	2,380	2,380
EBITDA	900	836	967	880	906	842	1,260	1,387
Depreciation & Amortization	465	466	465	473	456	459	580	601
EBIT	435	370	502	407	450	383	680	786
Financial income and expense	(66)	(66)	(69)	(80)	(69)	(69)	(74)	(74)
Profit before inc. tax	369	304	433	327	381	314	606	712
Income tax expense	(77)	(63)	(112)	(91)	(80)	(67)	(144)	(122)
Share profit and other results associates	(16)	(16)	(15)	(15)	(50)	(50)	(49)	(49)
Group net profit	276	225	306	221	251	197	413	541
PPA adjustments	189		199		190		200
Core net profit	465		505		441		613

Note 3 - Change in the scope of consolidation

Assets and liabilities held for sale

At the end of 2025, the assets and liabilities relating to the remaining ANH business were reclassified to held for sale based on its highly probable sale within the next 12 months. The impact of the reclassification of these activities on the dsm-firmenich consolidated balance sheet is presented in the following table.

in € millions	June 30 2026	December 31 2025
Assets
Goodwill and intangible assets	133	119
Property, plant and equipment	497	439
Deferred tax assets	397	379
Prepaid pension costs	-	2
Share in associates and joint ventures	28	25
Other non-current assets	45	40
Non-current assets	1,100	1,004
Inventories	1,141	1,042
Trade receivables	698	630
Income tax receivables	37	20
Other current receivables	80	22
Cash and cash equivalents	11	11
Current assets	1,967	1,725
Total assets held for sale	3,067	2,729
Liabilities
Deferred tax liabilities	135	100
Employee benefit liabilities	197	209
Provisions	13	3
Borrowings	47	50
Other non-current liabilities	44	45
Non-current Liabilities	436	407
Employee benefit liabilities	-	6
Provisions	4	61
Borrowings	89	1
Trade payables	790	720
Income tax payables	19	46
Other current liabilities	136	165
Current liabilities	1,038	999
Total liabilities held for sale	1,474	1,406
Total held for sale	1,593	1,323

Note 4 - Segment Information

Operating segments

dsm-firmenich is organized into three distinct Business Units, which have been identified as the reportable operating segments of dsm-firmenich:

• Perfumery & Beauty (P&B) creates premium scents with proven benefits, using the best and largest palette of natural, synthetic, and biotech ingredients.
• Taste, Texture & Health (TTH) helps customers create food and beverage products that are delicious, nutritious, affordable, and sustainable. Providing enjoyment and nourishment for consumers, business success for customers, and better health for people and planet.
• Health, Nutrition & Care (HNC) provides people a way to look after their health by adding critical nutrients to their diet. Driving medical innovation forward, speeding up recovery, and enhancing quality of life.
  
  

Any consolidated activities outside the three reportable operating segments above are reported as the reportable segment 'Corporate Activities'. These consist of corporate operating and service activities that are not further allocated to the operating segments.

x € millions	Perfumery & Beauty	Taste, Texture & Health	Health, Nutrition & Care	Corporate Activities	Total continuing operations	Discontinued operations	Total
H1 2025
Net sales	1,919	1,629	1,042	53	4,643	1,867	6,510
Adj. EBITDA¹	426	335	196	(51)	906	354	1,260
Adj. operating profit¹	249	174	98	(71)	450	230	680
Adj. EBITDA margin (in %)	22.2	20.6	18.8		19.5	19.0	19.4
H1 2026
Net sales	1,948	1,634	1,035	47	4,664	1,518	6,182
Adj. EBITDA¹	424	321	206	(51)	900	67	967
Adj. operating profit¹	237	153	113	(68)	435	67	502
Adj. EBITDA margin (in %)	21.8	19.6	19.9		19.3	4.4	15.6

¹ A reconciliation between the Alternative performance measures (APMs) and the most directly reconcilable IFRS metric can be found in Note 2 to the Condensed consolidated interim financial statements.

Geographical information

	Switzer- land	Nether- lands	Rest of EMEA	North America	Latin America	China	Rest of Asia	Total
FY 2025¹
Net sales (by destination)
In € millions	214	302	3,098	2,353	857	671	1,539	9,034
In %	2%	3%	35%	26%	10%	7%	17%	100%
Workforce at period-end (headcount)²	3,678	1,763	8,437	4,204	3,577	3,324	3,567	28,550
Intangible assets and property, plant and equipment at year-end (carrying amount)	11,190	1,555	3,279	2,393	322	522	297	19,558
H1 2026
Net sales (by destination)
In € millions	121	148	1,465	1,161	463	379	927	4,664
In %	3%	3%	31%	25%	10%	8%	20%	100%
Workforce at period-end (headcount)	2,135	1,512	6,131	3,961	1,799	2,152	3,096	20,786
Intangible assets and property, plant and equipment at period-end (carrying amount)	12,314	1,537	2,665	2,307	142	336	250	19,551

¹ The comparative information refers to full year 2025
² Refers to Total Group, including discontinued operations

Note 5 - Financial Instruments

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for the financial assets and financial liabilities measured at amortized cost if the carrying amount is a reasonable approximation of the fair value.

For methods and assumptions used to determine the fair value as well as information on the fair value hierarchy used, please refer to the Integrated Annual Report 2025.

in € millions	Carrying amount					Fair value¹
	Amortized cost	Fair value of hedging instr.	Fair value through Profit & Loss	Fair value Other Compreh. Income	Total	Level 1	Level 2	Level 3	Total
Assets at December 31, 2025
Non-current derivatives	-	-	60	-	60	-	60	-	60
Other participating interests	-	-	-	168	168	67	48	53	168
Non-current loans to associates and JVs	78	-	-	-	78
Other non-current receivables	111	-	-	-	111
Trade receivables	1,841	-	-	-	1,841
Other current receivables	73	-	-	-	73
Current derivatives	-	31	10	-	41	-	41	-	41
Financial investments	121	-	-	-	121
Cash and cash equivalents	1,659	-	123	-	1,782	123	-	-	123
Liabilities at December 31, 2025
Non-current borrowings	(3,617)	-	-	-	(3,617)	(3,136)	-	-	(3,136)
Non-current derivatives	-	-	(14)	-	(14)	-	-	(14)	(14)
Other non-current liabilities	(102)	-	-	-	(102)
Current borrowings	(1,660)	-	-	-	(1,660)	(1,486)	-	-	(1,486)
Current derivatives	-	(2)	(12)	-	(14)	-	(14)	-	(14)
Trade payables	(1,481)	-	-	-	(1,481)
Other current liabilities	(291)	-	(57)	-	(348)	-	-	(57)	(57)
Assets at June 30, 2026
Non-current derivatives	-	-	54	-	54	-	54	-	54
Other participating interests	-	-	-	184	184	74	49	61	184
Non-current loans to associates and JVs	84	-	-	-	84
Other non-current receivables	107	-	-	-	107
Trade receivables	2,184	-	-	-	2,184
Other current receivables	95	-	-	-	95
Current derivatives	-	9	24	-	33	-	33	-	33
Financial investments	47	-	-	-	47
Cash and cash equivalents	1,773	-	488	-	2,261	488	-	-	488
Liabilities at June 30, 2026
Non-current borrowings	(5,114)	-	-	-	(5,114)	(4,628)	-	-	(4,628)
Non-current derivatives	-	-	(24)	-	(24)	-	-	(24)	(24)
Other non-current liabilities	-	-	-	-	-
Current borrowings	(1,651)	-	-	-	(1,651)	(1,494)	-	-	(1,494)
Current derivatives	-	(13)	(17)	-	(30)	-	(30)	-	(30)
Trade payables	(1,732)	-	-	-	(1,732)
Other current liabilities	(161)	-	(62)	-	(223)	-	-	(62)	-

¹ Level 1: Quoted prices in active markets for identical assets or liabilities
Level 2: Other techniques for which all inputs that have a significant effect on the fair value are observable, either directly or indirectly
Level 3: Techniques that use inputs that have a significant effect on the fair value that are not based on observable market data

Note 6 - Related-party transactions

dsm-firmenich purchased and sold goods and services to various related parties in the first half of 2026. dsm-firmenich has identified its key management personnel and its associates and joint ventures as related parties. Within dsm-firmenich, the members of the Board of Directors and the Members of the Executive Committee of dsm-firmenich meet the definition of key management personnel.

There were no material changes in the related-party transactions in the first half year of 2026, compared to the transactions as included in the Integrated Annual Report 2025.

Note 7 - Contingent Liabilities

Compared to the situation as disclosed in its integrated annual report as at 31 December 2025, dsm-firmenich has not identified any changes to its contingent liabilities.

Attachments

• Press release dsm-firmenich H1 2026 report_20260730_FINAL
• PTI H1 2026 presentation -- FINAL