DAVY VIEW

After a protracted gestation period, dsm-firmenich finally agreed terms on the Animal Nutrition & Health (ANH) disposal to CVC. Bringing certainty to the table is key, but the net day-one cash proceeds are disappointing – congruent with a difficult to value earnout. Ultimately, deteriorating conditions within the vitamin complex during the sales process served to erode negotiating leverage, which is reflected in the agreed EV stack. dsm-firmenich will announce 2025 full-year results on February 12th.