DSM-Firmenich: Comparable Sales Up 4% in Q1, Currency Effects Weigh
The Swiss nutrition and beauty group DSM-Firmenich recorded a 4% growth in comparable sales in the first quarter of 2026, driven by an increase in volumes. Reported sales fell by 3%, hampered by a negative currency impact of 6% and the divestment of the Agro Ingredients business.
Volume Growth Supported by End-of-Quarter Order Advancements
DSM-Firmenich delivered a 4% growth in comparable sales in the first quarter of 2026, solely driven by an increase in volumes. This performance was supported by an advancement of orders at the end of the quarter. The group navigated a highly dynamic geopolitical and macroeconomic environment, notably marked by developments in the Middle East. Reported revenue contracted by 3%, reflecting a negative currency impact of 6% and a negative effect of 1% from the divestment of the Agro Ingredients business. Adjusted EBITDA increased by 4%, once adjusted for a negative currency impact of 9%. The adjusted EBITDA margin stood at 19.1%, affected by a negative currency impact of 40 basis points as well as higher transport and energy costs resulting from the conflict in the Middle East. The management confirmed its action plan to accelerate financial performance, announced during the investor day in March 2026. The group plans to address cost inflation through various initiatives including procurement optimization, operational agility, and pricing measures.
Perfumery & Beauty Leads, While Other Divisions Show Moderate Progress
The Perfumery & Beauty division recorded an 8% growth in comparable sales in the first quarter, entirely generated by volumes. In reported terms, sales declined by 1%, due to a currency impact of 7% and a negative effect of 2% related to the divestment of the Agro Ingredients business. Fine Fragrances displayed double-digit growth, while Consumer Fragrances saw single-digit growth. The adjusted EBITDA margin reached 22%. Taste, Texture & Health delivered a 3% growth in comparable sales driven by volumes, despite a sluggish market environment marked by cautious consumption. Europe and North America performed well, while Asia and Latin America remained weak. The adjusted EBITDA margin stood at 19.1%. Health, Nutrition & Care progressed by 4% in comparable terms, supported by strong growth in the Biomedical sector and solid performance in Early Life Nutrition. The adjusted EBITDA margin reached 19.3%.
Dual Listing in Switzerland and Continuation of the Share Buyback Program
DSM-Firmenich will establish a dual listing of its ordinary shares on the SIX Swiss Exchange, starting May 21, 2026, subject to customary regulatory approvals. The shares will remain fully fungible between Euronext Amsterdam and SIX Swiss Exchange. The group anticipates inclusion in the SPI and SPI Extra indices from the end of the first day of trading. The group launched a share buyback program for a total amount of 540 million euros on March 12, 2026. As of May 1, about 25% of the program had been executed. In February 2026, the group canceled 12,049,441 shares following the completion of its 1.08 billion euros buyback program in 2025, thereby reducing the total number of issued shares by approximately 4.5%.
