DSM-Firmenich Q3 2026 sales pass €2.3bn on volume-led growth

By Olivia Hart

DSM-Firmenich reported third-quarter 2026 sales of more than €2.3 billion, while adjusted EBITDA (earnings before interest, tax, depreciation and amortization) increased 8% on a like-for-like (LFL, comparable sales) basis to €482 million from €458 million.

The €24 million increase in adjusted EBITDA came with continued adjusted EBITDA margin improvement, according to DSM-Firmenich. The company attributed the stronger result to increased volume-driven sales growth in perfumery and beauty. It also said ongoing innovation across its beauty portfolio helped sustain sales during the quarter.

What drove growth across the portfolio?

• Fine fragrances maintained strong momentum, posting high single-digit LFL growth, particularly in prestige fine-fragrance markets.
• Consumer fragrances delivered another quarter of double-digit LFL growth, which DSM-Firmenich linked to innovation and reformulations (changes to product formulations).
• The company’s ingredients business achieved mid-single-digit growth.

The disclosed rates show where momentum was strongest: consumer fragrances outpaced fine fragrances, with double-digit LFL growth against high single digits. The mid-single-digit ingredients result adds a third source of growth, consistent with CEO Dimitri de Vreeze’s assessment that all businesses contributed.

CEO Dimitri de Vreeze said: “We delivered another good quarter of volume-led growth and continued adjusted EBITDA margin improvement. All businesses contributed well, demonstrating the quality of our portfolio in an ongoing highly dynamic global macroeconomic environment.”

For the fourth quarter, management described business conditions as supportive, citing a healthy innovation pipeline, high win rates and continued good sales growth.

What did management signal for the fourth quarter?

On revenue (top-line growth), de Vreeze said: “We are well on track to deliver our 2026 targets, driving top-line growth and margin expansion, while maintaining a strong focus on cash and capital discipline. In addition, our cost savings and restructuring programme are progressing well. Together, this provides us with an excellent platform to deliver on our 2027/2028 targets.”

Management’s forward case therefore combines commercial momentum with cost control: supportive conditions, a healthy innovation pipeline, high win rates, cash and capital discipline, and progress on savings and restructuring. The company’s wording indicates confidence rather than a reset of its 2026 objectives, while leaving the 2027/2028 targets as the longer-term objective.

How does the €2.2bn divestment fit?

On 9 February 2026, DSM-Firmenich announced its intention to divest its Animal Nutrition & Health business to CVC Capital Partners for an estimated €2.2 billion. The announcement described a planned disposal, not a completed transfer.

The transaction accompanied the company’s decision to double down on its nutrition, health and beauty offering. For beauty buyers and suppliers, that places greater strategic weight behind the categories behind the quarter’s volume-led growth while separating Animal Nutrition & Health from the group.

For beauty professionals, the quarter’s operating detail shows fragrance volumes expanding, consumer fragrances benefiting from innovation and reformulation, and ingredients growing at a mid-single-digit rate. DSM-Firmenich also linked the result to sustained beauty innovation, and it enters the fourth quarter with what management calls a healthy innovation pipeline.

DSM-Firmenich enters the fourth quarter with supportive business conditions, high win rates and continued sales growth, according to management. The next operating test is whether that momentum can sustain the company’s 2026 targets while cost savings and restructuring progress and DSM-Firmenich pursues the €2.2 billion disposal.