DSM-Firmenich AG

Earnings Release • Oct 30, 2025

Highlights Q3 2025

• Solid growth and strong step-up in Adjusted EBITDA on a comparable basis
• Animal Nutrition & Health ('ANH') exit process ongoing
• Advancing well on 2025 strategic plan
• FY 2025 outlook updated for FX and ANH-related vitamin volatility:
• ✓ Adjusted EBITDA of around €2.3 billion

Sales

€3,070m

+2% Organic Sales Growth

Adj. GOFCF/Sales YTD

€679m

7% of sales (YTD Q3'25)

€540m 17.6%

10% step up on a comparable basis*

Adj. EBITDA Adj. EBITDA margin

+90bps

Q3 2025 Group financials

Q3 2025 sales development

• 2% organic sales growth in a challenging macro environment and against a high prior-year comparable period
• ✓ P&B: solid volume growth, against high 11% prior-year comparable, led by strong Fine Fragrance performance
• ✓ TTH: good performance, against 13% prior-year volume growth, with a good contribution from sales synergies
• ✓ HNC: continued sales growth with strong performance in Early Life Nutrition and steady recovery in Dietary Supplements
• ✓ ANH: solid performance in Performance Solutions and Premix, offset by weak Essential Products due to vitamins
• Adj. EBITDA margin for ongoing activities (Group excl. ANH) improved to 20%, while the reported Adj. EBITDA margin for the Group including ANH was 17.6%.
• Good step up in organic performance, supported by the selfhelp programs

YTD Q3 2025 Group financials

YTD Q3 2025 sales development

• 5% organic sales growth, despite ongoing macroeconomic challenges
• Adj. EBITDA up 19%, with:
• ✓ Strong organic performance including an around €155m contribution from the vitamin transformation program and merger synergies
• ✓ About €55m impact from the divestments as well as €55m impact from FX
• ✓ Positive temporary vitamin effect of about €125m
• Adj. EBITDA margin for ongoing activities was 19.5%, while the reported Adj.EBITDA margin for the Group (including ANH) was 18.8%
• Adj. gross operating free cash flow: €679m YTD Q3'25 (7% of sales)

Q3 2025 Perfumery & Beauty

Q3 2025 sales development

• Perfumery & Beauty delivered 2% volume growth against a high prior-year comparable of 11%:
• ✓ Perfumery achieved 4% organic sales growth, with continued strong growth in Fine Fragrances and Ingredients, while Consumer Fragrances saw solid growth despite softer demand from global accounts.
• ✓ Beauty & Care remained soft, impacted by a force majeure effect in Aroma Ingredients, and continued soft demand for sun filters, the effect of which further decreased sequentially
• Adj. EBITDA margin was 22.1% (22.8% in Q3'24)
• Adj. EBITDA in Q3 reflected adverse FX, deconsolidation effects, and some one-off costs

Q3 2025 Taste, Texture & Health

Q3 2025 sales development

• Taste, Texture & Health achieved a good 3% organic volumeled sales growth against a very strong comparable of 13%, with a continued good contribution from sales synergies, with somewhat softer demand from global accounts
• ✓ Dairy, Baking and Pet Food continued to perform well.
• Adj. EBITDA margin continued to improve to 20.6% (19.7% in Q3'24)
• Adj. EBITDA was up, led by strong organic growth with the contribution from merger synergies, partly offset by FX and the divestment of the yeast extracts business

Q3 2025 Health, Nutrition & Care

Q3 2025 sales development

• Health, Nutrition & Care saw organic sales increase by 3%, led by volumes
• ✓ Early Life Nutrition delivered strong performance owing to high demand for HMOs, together with ongoing recovery in Dietary Supplements
• ✓ i-Health experienced some softness owing to more cautious order patterns from retailers in North America
• ✓ Biomedical remained solid
• Adj. EBITDA margin saw a good step up to 19.1% (17.1% in Q3'24)
• Strong organic performance, supported by the self-help programs. Adj. EBITDA was stable, as this growth was offset by adverse FX and a deconsolidation effect

Q32025AnimalNutrition& Health

Q3 2025 sales development

• Organic growth was flat, with a 5% positive pricing effect, fully offset by lower volumes due to volatility in vitamins
• ✓ Performance Solutions and Premix saw continued good growth
• ✓ Essential Products experienced weakness in volumes, as customers deferred vitamin orders, with prices under pressure during the quarter
• Adj. EBITDA margin was 11.0% (9.3% in Q3'24)
• Adj. EBITDA was up, supported by the vitamin transformation program, largely offset by the deconsolidation of the divested Feed Enzymes business, and adverse FX
• There was no additional contribution in Q3 from the temporary vitamin effect

Outlook 2025

Full year Adjusted EBITDA of around €2.3 billion

The company now estimates a full-year Adjusted EBITDA of around €2.3 billion for the group. This update reflects an estimated negative foreign exchange effect of €90 million and an about €50 million lower contribution from vitamins in Animal Nutrition & Health

^* The company recorded a one-time special vitamin effect of €125million in 2025, versus €85 million in 2024

2025 'housekeeping' unchanged

• D&A around €225m/quarter
• PPA adjustments - around €290m/year
• Core Finex around €140m/year
• Core Income Tax around 22%
• Capex around 6% of sales
• Key FX sensitivities on adj. EBITDA
• ✓ 1 ct US\$ → roughly €15m ebitda (annualized), 60% hedged
• ✓ 1 Rappen CHF → roughly €10m ebitda (annualized), 50% hedged

ANNEX YTD - BU's

YTD Q3'25 Perfumery & Beauty

YTD Q3 2025 sales development

YTD Q3 2025 Business unit results

in € millions	YTD Q3 2025	YTD Q3 2024	% Change
Sales	2,959	2,998	(1)
Organic sales growth (%)	1
Adj. EBITDA	652	680	(4)
Adj. EBITDA margin (%)	22.0	22.7

YTD Q3'25 Taste, Texture & Health

YTD Q3 2025 sales development

YTD Q3 2025 Business unit results

in € millions	YTD Q3 2025	YTD Q3 2024	% Change
Sales	2,495	2,455	2
Organic sales growth (%)	5
Adj. EBITDA	506	471	7
Adj. EBITDA margin (%)	20.3	19.2

YTD Q3'25 Health, Nutrition & Care

YTD Q3'25 Animal Nutrition & Health

YTD Q3 2025 sales development

YTD Q3 2025 sales development

YTD Q3 2025 Business unit results

in € millions	YTD Q3 2025	YTD Q3 2024	% Change
Sales	1,574	1,652	(5)
Sales	1,574	1,002	(5)
Organic sales growth (%)	5
Adj. EBITDA	288	269	7
Adj. EBITDA margin (%)	18.3	16.3

YTD Q3 2025 Business unit results

in € millions	YTD Q3 2025	YTD Q3 2024	% Change
Sales	2,533	2,394	6
Organic sales growth (%)	12	,
Adj. EBITDA	428	167	156
Adj. EBITDA margin (%)	16.9	7.0

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 separation of ANH will be completed within the expected time frame or at all. Nor can there be any guarantee that dsm-firmenich or a separate ANH business will be able to realize any of the 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 Q3 2025 financial performance can be found in the Q3 2025 press release. A more comprehensive discussion of the risk factors affecting dsmfirmenich's business is available in the companies Integrated Annual Report 2024.

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