Slides
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July 30, 2026 Presentation to Investors H1 2026 results
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2 Good LFL sales growth and sequential margin improvement through first half H1 2026: Key Highlights • Good like-for-like (LFL) sales growth of 5% in H1 2026, with 6% in Q2 • 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 • Adjusted EBITDA margin improved sequentially, with positive momentum into second half • Outlook unchanged: 2026 targets underpinned by good H1 delivery
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3 Continued good growth and improving margins Q2 2026: Financial highlights Adj. EBITDA Sales growth (LFL) Adj. EBITDA margin Taste, Texture & Health 6% €170m (+8% LFL) 20.2% Sales growth (LFL) Adj. EBITDA margin Continuing Operations 6% 19.5% Adj. EBITDA €466m (+10% LFL) Sales growth (LFL) Adj. EBITDA margin Perfumery & Beauty 7% 21.5% Adj. EBITDA €211m (+6% LFL) Sales growth (LFL) Adj. EBITDA margin Health, Nutrition & Care 4% 20.4% Adj. EBITDA €110m (+19% LFL)
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4 Good volume-led LFL sales growth and sequential margin improvement H1 2026: Financial highlights Adj. EBITDA Sales growth (LFL) Adj. EBITDA margin Taste, Texture & Health 4% €321m (+3% LFL) 19.6% Adj. EBITDA Sales growth (LFL) Adj. EBITDA margin Continuing Operations 5% 19.3% €900m (+7% LFL) Adj. EBITDA Sales growth (LFL) Adj. EBITDA margin Perfumery & Beauty 7% 21.8% €424m (+6% LFL) Adj. EBITDA Sales growth (LFL) Adj. EBITDA margin Health, Nutrition & Care 4% 19.9% €206m (+15% LFL)
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Delivering on our 2030 ambitions H1 2026: Sustainability progress1 5 Improve inclusion Reduce Scope 1 & 2 emissions vs. 2021 Water efficiency improvement vs. 2023 • CDP Double A for Climate and Water Security, and CDP single A for Supplier Engagement and EcoVadis Platinum • 100% purchased renewable electricity achieved, supported by solar power sourcing through Rockhound (Texas) • New biomass boiler in Bharuch, avoiding up to 12kt CO₂/year • Convened 500+ suppliers, customers and experts at Join Forces for Climate Highlights H1 2026 Gender pay gap / Living wage Improve safety TRI rate Reduce Scope 3 emissions vs. 2021 Make washable products biodegradable Boost employee engagement 1 Some sustainability targets are assessed on an annual basis rather than semi-annually; therefore, reported progress reflects either H1 2026 or FY 2025 performance, as applicable People Planet Naturals sourcing program completion rate Our target: <5% | 100% Our target: >70% Our target (2030): -42% Our target (2030): 10% Our target (2030): <0.20 Our target: >80% Our target (2030): 100% Our target (2030): -25% Our target (2030): 90% 8.2% (2025) in favor of women 71% (2025) -35% (H1 2026) -13% (H1 2026) 80% (2025) 0.20 (H1 2026) 58% (H1 2026) -22% (H1 2026) 85% (2025) Reduce micronutrient gap Our target (2030): Reach 1bn people 775m reached in 2025
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Drivers supporting our growth ambitions • Sustained winning performance with great momentum in Fine Fragrance in key regions, and strong growth in Consumer Fragrances, with both global & local accounts • Accelerate innovation a/o with Popscent® clear, for sweat malodors in laundry, Skinpositive moisture technology, new captives • Expansion projects a/o, Singapore Popscent, Riyadh Creative Lab, state-of-art Manhattan office, France’s production capacity for Helvetolide® and Romandolide® Perfumery & Beauty • Scaling up global capacity of enzymes and cultures to meet increasing demand • New pet food facility in US addressing nutritious and tasty food for pets • Capacity investments in Taste to keep up with growing demand in growth markets such as India, Africa, and Asia • Dairy solutions to address demand for high- protein and GLP-1 related food choices Taste, Texture & Health • Growth ELN supported by HMOs in China and HMO expansion • Innovation is fueling growth across i-Health’s microbiome and women’s health brands • Strong momentum with algae lipids (Life’s Omega-3) driven by health, longevity, and sustainability trends • Strong growth in Biomedical with continued progress on globalization initiatives Health, Nutrition & Care 6
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Sales synergies supporting the top-line 25 75 175 300-350 500 2023 2024 2025 2026 2026+ TTH HNC P&B 7 • Launch of ModulaSENSE® Bitter, a novel taste modulation technology that helps customers in pharma masking bitterness in their drugs, improving palatability and patient adherence • High-protein / GLP-1 dairy solutions: combining cultures, enzymes, texture solutions and taste modulation to create high-protein, low-sugar yogurts with excellent taste and mouthfeel • No/low alcohol beverages: combining brewing enzymes with flavor technologies such as NovaSense® to improve mouthfeel, alcohol sensation and overall drinking experience • Pet Food: combining nutrition, health and palatability solutions, including next-generation postbiotics supporting gut health and stress management in dogs Examples of recent synergiesSales synergies, €m
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Accelerate financial performance 8 • ~€100m cost savings program including an intended reduction of about 1,000 positions over the next 18-24 months • One-off implementation costs of ~€100m Cost savings and restructuring program
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CMD 2026 Action plan 9 2026 2027 2028+ OSG 2-4% 4-6% 2026 2027 2028+ ~20% ~21% 22-23% 2026 2027 2028+ 11-12% 13-14% ≥14% 5-7% 2 • Acceleration of OSG – Grow what we have (~1%) • Some market normalization (1-2%) • Bovaer® significantly contributing as of 2028 (~1%) Drivers Adj. EBITDA margin • Growth leverage (incl. synergies) (~1-2%) • Margin improvement program (~1%) • EBITDA margin improvement • Capex normalization to maximum 5% of sales • Working capital improvement structurally to below 27% Cash conversion 2 Underlying 4-6%, plus 1% for Bovaer® 1%4-6% + Focus on execution will accelerate financial performance
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Financial review
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Continuing Operations: performance highlights 11 €1.84 +14% vs H1 2025 H1 Core Adj. EPS 11.6% +20bps vs H1 2025 H1 Core Adj. ROCE 7% of sales €320m, vs €79m in H1 2025 (2% of sales) H1 Adj. Gross Operating Free Cash Flow 6% Sales €2,388m Q2 2026 Sales (growth) LFL 19.5% +10bps vs Q2 2025 (+40bps vs Q1 2026) Q2 2026 Adj. EBITDA margin +10% LFL €466m Q2 2026 Adj. EBITDA 5% Sales €4,664m H1 2026 Sales (growth) LFL 19.3% (20bps) vs H1 2025 H1 2026 Adj. EBITDA margin +7% LFL €900m H1 2026 Adj. EBITDA
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Continuing Operations 12 • Good 5%, volume-led LFL sales increase owing to improving business conditions, revenue synergies, higher win rates on customer briefs • Adj. EBITDA margin of 19.3% including a 60bps FX headwind • LFL Adj. EBITDA increased 7% Key drivers 4,643 4,664 H1 2025 FX Volumes Prices M&A H1 2026 H1 Sales development, €m 906 900 H1 2025 LfL FX M&A H1 2026 H1 Adj. EBITDA development, €m H1 2026 -20 bps (4%) (1%) 7% 19.5% 19.3% 5% 0% (7%) (1%) 20.8% • Good 6% volume-led LFL sales increase across all businesses. June saw an exceptionally strong acceleration owing to positive customer sentiment on easing Middle East concerns • Adj. EBITDA margin of 19.5%, up 40bps vs. Q1 and stable y-o-y despite a 70bps FX headwind • LFL Adj. EBITDA increased 10% Key drivers 2,303 2,388 Q2 2025 FX Volumes Prices M&A Q2 2026 Q2 Sales development, €m 446 466 Q2 2025 LfL FX M&A Q2 2026 Q2 Adj. EBITDA development, €m Q2 2026 +10 bps (1%) (1%) 10% 19.4% 19.5% 6% 0% (5%) (1%)
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Perfumery & Beauty 13 • Strong H1 performance with 7% LFL sales growth, driven by volumes • Fine Fragrances delivered double-digit growth; Consumer Fragrances grew high single digits and Ingredients achieved low single-digit growth • Adj. EBITDA margin of 21.8%, impacted by one-off costs and an FX headwind of 20bps • Adj. EBITDA up 6% LFL Key driversH1 2026 • 7% LFL sales growth on continued good business momentum with strong month of June • Fine Fragrances and Consumer Fragrances had double-digit LFL growth from strong market demand, supported by higher win rates of customer briefs. Ingredients was stable • Adj. EBITDA margin of 21.5%, including a 40bps FX headwind and one-off operational costs • Adj. EBITDA up 6% LFL Key driversQ2 2026 207 211 Q2 2025 LfL FX M&A Q2 2026 Q2 Adj. EBITDA development, €m -40 bps 6% (3%) (1%) ,945 ,981 Q2 2025 FX Volumes Prices M&A Q2 2026 Q2 Sales development, €m (1%) 7% 0% (2%) 19.5% 19.3% 426 424 H1 2025 LfL FX M&A H1 2026 H1 Adj. EBITDA development, €m 6% (5%) (1%) -40 bps22.2% 21.8% 1,919 1,948 H1 2025 FX Volumes Prices M&A H1 2026 H1 Sales development, €m (4%) 7% 0% (1%) 21.9% 21.5%
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Taste, Texture & Health 14 • 4% volume-led LFL growth, supported by 1.5% revenue synergies • Improving momentum across businesses • Adj. EBITDA margin of 19.6%, impacted by a 60 bps FX headwind and higher costs • Adj. EBITDA up 3% LFL Key driversH1 2026 • Q2 LFL sales growth of 6% (up from 2% in Q1), supported by synergies (~2%) and Bovaer® (+1%) • Good growth in Beverages, Baking, and Dairy • Adj. EBITDA margin improved sequentially to 20.2% vs Q1. Versus prior year, the margin reflects a 70 bps negative impact from FX • LFL Adj. EBITDA was up 8% Key driversQ2 2026 165 170 Q2 2025 LfL FX M&A Q2 2026 Q2 Adj. EBITDA development, €m 20.6% 20.2% 8% (5%) 0% 1,629 1,634 H1 2025 FX Volumes Prices M&A H1 2026 H1 Sales development, €m (4%) 4% 0% 0% 335 321 H1 2025 LfL FX M&A H1 2026 H1 Adj. EBITDA development, €m -100 bps 3% (7%) 0% ,802 ,843 Q2 2025 FX Volumes Prices M&A Q2 2026 Q2 Sales development, €m (1%) 6% 0% 0% 20.6% 19.6% -40 bps
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Health, Nutrition & Care 15 • 4% LFL sales growth, driven by Early Life Nutrition (ELN) and Biomedical • Consistent performance • Adj. EBITDA margin of 19.9%, up 110bps and continuing its gradual improvement despite a 90- bps FX headwind • LFL Adj. EBITDA up 15% in H1 vs. prior year Key driversH1 2026 • 4% LFL sales growth • Strong HMO, ARA and Biomedical momentum • Soft consumer demand in Dietary Supplements and i-Health, especially in North America • Adj. EBITDA margin of 20.4%, driven by a favorable mix from high-margin products and despite an adverse 110-bps FX effect • LFL Adj. EBITDA was up 19% Key driversQ2 2026 ,528 ,538 Q2 2025 FX Volumes Prices M&A Q2 2026 Q2 Sales development, €m (2%) 3% 1% 0% 99 110 Q2 2025 LfL FX M&A Q2 2026 Q2 Adj. EBITDA development, €m +160 bps18.8% 20.4% 19% (8%) 0% 1,042 1,035 H1 2025 FX Volumes Prices M&A H1 2026 H1 Sales development, €m (5%) 3% 1% 0% 20.6% 19.6% 196 206 H1 2025 LfL FX M&A H1 2026 H1 Adj. EBITDA development, €m +110 bps18.8% 19.9% 15% (10%) 0%
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Cash: FY 2026 delivery of 11-12% cash-to-sales fully on track 16 H1 2026 Adj. GOFCF 7% Sales to cash Cash CAPEX 8.3% of Sales Operating Working Capital 27.9% of Sales Working Capital 21.8% of Sales Adj. GOFCF 2% Sales to cash Cash CAPEX 6.8% of Sales Operating Working Capital 28.9% of Sales Working Capital 24.1% of Sales H1 2025
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H1 2026 Net Debt reflects timing of cash-out, FY26 leverage expected to be broadly In line with FY25 17 Net Debt End of 2025 Adj. Gross Operating FCF Income tax, interest, leases, APM, PM Dividend / SBB Net Debt H1 2026 Adj. Gross Operating FCF SBB Interest, leases, APM, other Debt Transfer ANH Net Cash proceeds ANH Tax and transaction costs Net Debt YE 2026 Leverage 1.9x Adj. EBITDA ANH transaction related3 • ANH Net Cash proceeds (€0.6bn) and Debt Transfer (€0.2bn) • Remainder Share buyback (€0.2bn) H1 2026 movements H2 2026 forecast €3.3bn €4.4bn • €0.65bn Dividends • €0.3bn Share buyback 3 Excluding any possible drawdowns on the liquidity package available to ANH, which is not expected earlier than 2027
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Outlook 2026 unchanged: Fully on track with 2026 Strategic Action Plan 18 • D&A – around €235m/quarter • PPA adjustments – around €110m/quarter • around €70m/quarter PPA from merger • around €40m/quarter from pre-merger M&A • Core Finex – around €40m/quarter • Core Income Tax – around 21% • Capex – around 6.5% of sales • Key FX sensitivities on adj. EBITDA: • 1 ct US$: roughly €13m EBITDA (annualized), 50% hedged • 1 Rappen CHF: roughly €6m EBITDA (annualized), 50% hedged • H1 2026 impact was (€60m); H2 2026 FX impact of around (€25m) expected 2-4% Organic Sales Growth ~20% Adj. EBITDA margin 11-12% Cash conversion (AGOFCF/Sales) • 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 H2, 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 driversThe company expects Continuing Operations for full-year 2026 to deliver:
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19 This presentation contains forward-looking statements with respect to dsm-firmenich’s future 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 and position to differ materially from these statements. Also, for a variety of reasons including many factors outside the control of dsm-firmenich, there can be no guarantee that the proposed potential strategic benefits, synergies or opportunities or any guarantee that shareholders will achieve any particular level of return in relation thereto. dsm-firmenich has no obligation to update the statements contained in this presentation, unless required by law. The English language version of this presentation prevails over other language versions. More details on dsm-firmenich’s financial performance can be found in the most recent published H1 2026 press release. A more comprehensive discussion of the risk factors affecting dsm-firmenich’s business is available in the companies Integrated Annual Report 2025.
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