DSM (DSFIR.NA) 1H/2Q26: Solid across the P&L and likely better than elevated expectations

Research evidence excerpt

DSM (DSFIR.NA) 1H/2Q26: Solid across the P&L and likely better than elevated expectations

30 July 2026

Victoria Nice, CFA

+44 20 7762 5862

European Household & Personal Care victoria.nice@bernsteinsg.com

DSM-Firmenich AG Callum Elliott, CFA, ACA

+44 20 7676 7183

Rating callum.elliott@bernsteinsg.com

Outperform James Hooper

Price Target +44 20 7676 6995

james.hooper@bernsteinsg.com

DSFIR.NA 103.00 EUR

Henry Dennis

DSFIR.SW 95.00 CHF +44 20 7676 6776

henry.dennis@bernsteinsg.com

DSM (DSFIR.NA) 1H/2Q26: Solid across the P&L and likely better

than elevated expectations

DSM-Firmenich reported a beat down the P&L with 6% OSG likely ahead of elevated

Close Date 29 Jul 2026

expectations into the Q and definitely ahead of formal consensus of 3.7%. The company

DSFIR.NA Close Price (EUR) 83.38

retains its outlook but now sees FY OSG in the upper half of its 2-4% range (3.3% consensus

Price Target (EUR) 103.00

could move up c.20bp). Margins beat slightly (19.3% in 1H vs 19.1% consensus) and the

Upside/(Downside) 24%

company is still expecting margins of around 20% for the FY26, expected to be supported by

52-Week Range 87.68/53.86

cost savings and restructuring program, and pricing actions. It seems as if the restructuring

EDME 1,601.43

programme, which is expected to deliver €100m savings / 1pp adj EBITDA (previously

FYE Dec

announced) by 2027 could include up to c.1000 redundancies over the next 18-24 months

Div Yield 3.0%

(this latter piece of information is new today). This could see some savings accelerated into

Market Cap (EUR) (M) 21,147

2026 to help offset input cost inflation impacts from 2H26.

EV (EUR) (M) 24,700

Perfume and Beauty saw the biggest divisional beat, growing 7% vs 4.8% VA consensus in Performance YTD 1M 6M 12M