DAVY VIEW

Ahead of its Investor Event today, dsm-firmenich has outlined FY26 guidance of 2-4% organic sales growth and an adjusted EBITDA margin of around 20%, broadly in line with our expectations. The outlook reflects a slow start to FY26 amid continued macro softness and FX headwinds. While management reaffirmed its medium-term ambitions and raised its cash conversion target to >14%, the trajectory implies a more gradual delivery. Performance is expected to accelerate through FY27 as conditions normalise, with its medium-term organic growth and EBITDA margin targets expected to be reached from FY28. Today’s event will provide more detail on the constituent parts.