dsm-firmenich delivered 5% like-for-like sales growth in the first half of 2026, with its beauty and flavor businesses showing distinct trajectories. Perfumery & Beauty was the standout, growing 7% LFL to €1.95 billion, entirely volume-driven. Fine Fragrances posted double-digit growth, while Consumer Fragrances delivered high-single-digit growth, supported by strong market demand and higher win rates on customer briefs. Fragrance and beauty ingredients were more subdued, however, with low-single-digit growth.
Taste, Texture & Health (TTH) grew 4% LFL to €1.63 billion, also volume-led, with momentum improving sharply in Q2. Q2 growth accelerated to 6%, helped by revenue synergies, a recovery in Latin America and improving conditions in Europe and North America. Beverages and Baking performed well, while strong Dairy demand supported growth in enzymes and cultures.
For beauty and fragrance, the results point to a particularly strong demand environment for finished fragrance creations, rather than broad-based acceleration across all ingredients. Meanwhile, the flavor business appears to be regaining momentum as regional conditions improve and customer demand strengthens. Overall, dsm-firmenich's H1 results suggest that volume growth—not pricing—is currently doing the heavy lifting, with higher win rates, customer demand and cross-selling synergies emerging as important growth levers.
The soft spots are equally notable: P&B’s adjusted EBITDA margin slipped to 21.8% from 22.2%, while TTH’s fell to 19.6% from 20.6%, reflecting foreign-exchange pressure and higher costs. dsm-firmenich nevertheless expects full-year 2026 LFL sales growth toward the high end of its 2–4% target, with its adjusted EBITDA margin targeted at around 20%.
