dsm-firmenich Reports 5% LFL Sales Growth in H1 2026
dsm-firmenich reported like-for-like sales growth of 5% in the first half of 2026, supported by volume-led growth across all its businesses. Group sales from continuing operations reached EUR4.664bn, compared with EUR4.643bn in the same period last year.
Business conditions remained solid during the second quarter, with LFL sales growth accelerating from 4% in Q1 to 6% in Q2. The company attributed the first half’s performance to improving business conditions, contributions from revenue synergies and higher win rates on customer briefs.
The Taste, Texture & Health business, which serves food and beverage applications, recorded H1 sales of EUR1.634bn, compared with EUR1.629bn in the previous year period, representing LFL growth of 4%. In the second quarter, TTH sales reached EUR843m, up from EUR802m, with LFL growth of 6%.
Adjusted EBITDA for TTH amounted to EUR321m in the first half, compared with EUR335m in H1 2025, while LFL adjusted EBITDA increased 3%. The division’s adjusted EBITDA margin stood at 19.6%, compared with 20.6% a year earlier. In Q2, adjusted EBITDA reached EUR170m, with LFL growth of 8%.
At Group level, adjusted EBITDA amounted to EUR900m in the first half, compared with EUR906m in H1 2025, while increasing 7% on an LFL basis. The adjusted EBITDA margin was 19.3%, compared with 19.5% in the prior year period.
Performance improved sequentially during the second quarter, when the adjusted EBITDA margin reached 19.5%, 40 basis points above Q1. Adjusted EBITDA increased 10% on an LFL basis in Q2 to EUR466m. Core adjusted earnings per share increased 14% year-on-year in the first half to EUR1.84.
Dimitri de Vreeze, CEO of dsm-firmenich, stated: “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,”
The company maintained its outlook for 2026 and expects LFL sales growth of 2-4%, an adjusted EBITDA margin of around 20% and an adjusted gross operating free cash flow-to-sales ratio of 11-12%. Following its first-half performance, dsm-firmenich said it expects full-year LFL sales growth to be at the higher end of the 2-4% target range.
The company is also progressing with the action plan introduced at its Capital Markets Day in March, which is focused on accelerating financial performance. Its cost savings and restructuring program is expected to deliver EUR100m in savings and could result in a reduction of around 1,000 positions over the next 18-24 months.
