Q1 2024 Highlights
Strong performance in Perfumery & Beauty on good demand development
Good performance in Taste, Texture & Health underpinned by market recovery
Health, Nutrition & Care was soft, with improving momentum by end of quarter
Animal Nutrition & Health weak in anticipation of higher vitamin prices as from Q2
Good progress on improvement of operational performance, synergies and strategic actions
Carve out process of Animal Nutrition & Health initiated
FY 2024 outlook unchanged: Adjusted EBITDA of at least €1.9 billion
* All comparative figures for 2023 in this document are on a pro forma basis, including the Firmenich results as if the merger had occurred on January 1, 2022. The pro forma figures represent the results from continuing operations - please also refer to the section Definitions.
Key figures
in € millions Actual Q1 2024 Pro forma Q1 2023 (*) % Change
Sales (%)
3,071

3,122

(2)
Organic Sales Growth (%) 0
Adjusted EBITDA 463 521 (11)
Adjusted EBITDA margin (%) 15.1 16.7
* Represents the figures on a pro forma basis, including the Firmenich results as if the merger had occurred on January 1, 2022. The pro forma figures represent the results from continuing operations - please also refer to the section Definitions.

Dimitri de Vreeze, CEO, commented: “We are pleased to see a more positive market environment and the return of volume growth in our business, together with a further sequential step up in margin. This is most evident for Perfumery & Beauty and Taste, Texture & Health, while we also expect a better momentum developing for Health, Nutrition & Care. Animal Nutrition & Health saw early signs of improving demand and vitamin prices. Overall, we remain cautious as to the robustness of the market recovery trends and maintain our current full year guidance.

We are making good progress on our synergies and improvement actions, including the vitamin transformation program. We have begun the process of carving out our Animal Nutrition & Health business and we are finalizing the review of all our business segments. We look forward to our Capital Markets Day in Paris on June 3, which will be focused on our innovation driven growth strategy.”

Outlook 2024
The company estimates for FY 2024 an Adjusted EBITDA of at least €1.9 billion, which includes a €200 million step-up in Adjusted EBITDA from a combination of synergy delivery and the vitamin transformation program.



Key figures see & read more on
https://www.dsm-firmenich.com/corporate/news/press-releases/2024/dsm-firmenich-q1-2024-trading-update.html