Yesterday, DSM-Firmenich, a key supplier of fragrance ingredients to luxury giants such as LVMH and Kering, has released its financial report of H1 2025. It has revised its 2025 profit forecast, citing ongoing foreign exchange volatility as a major challenge.
The Swiss-Dutch company recorded net sales of €6.510 billions, up 3 year on year. In Perfumery & Beauty segment, it recorded €1.99 billion, down 1% year on year. According to results, good growth in Perfumery, offset by weak performance in Beauty due to sun filters.
“In the underlying core business, nothing has changed, but FX — obviously, we can’t control,” CEO Dimitri de Vreeze told Reuters, adding that the group anticipates continued uncertainty in the second half of the year.
Despite the narrowed outlook, DSM-Firmenich delivered a stronger-than-expected performance in the first half of 2025. Adjusted core profit reached €610 million, surpassing the analysts’ consensus of €513 million compiled by the company.
“It’s like a duck that’s nicely floating, but there’s a lot of hard work underneath to keep it moving,” de Vreeze remarked, underscoring the behind-the-scenes efforts driving the company’s resilience.
DSM-Firmenich estimate a full-year Adjusted EBITDA of around €2.4 billion, reflecting volatile foreign exchange rate effects.
