#Peer Valuation Gap

DSM-Firmenich: A Genuine Portfolio Cleanup, Already Priced for the Improvement to Continue

DSM-Firmenich is a Swiss-domiciled flavors, fragrances and health-ingredients platform whose 2025 continuing-operations results (sales of EUR 9.03 billion, adjusted EBITDA of EUR 1.77 billion at a 19.6% margin) show a business getting cleaner as it exits Animal Nutrition & Health to CVC for about EUR 2.2 billion, while Perfumery & Beauty carries the group with 8% like-for-like growth in the first quarter of 2026 even as Taste, Texture & Health and Health, Nutrition & Care remain uneven. Rating Hold: the portfolio has genuinely improved faster than the market expected a year ago, but at EUR 85 the price already reflects a fair share of that cleanup, with the ideal buy zone at EUR 64 to 70.