dsm-firmenich Agrees €2.2 Billion Sale of Animal Nutrition & Health Business to CVC and Retains 20 Percent Stake

(IN BRIEF) dsm-firmenich has agreed to sell its Animal Nutrition & Health business to CVC for an enterprise value of about €2.2 billion including a potential €0.5 billion earnout while retaining a 20 percent stake in the newly created Solutions Company and Essential Products Company that will be formed from ANH this follows the earlier €1.5 billion sale of Feed Enzymes and completes dsm-firmenich’s transition into a fully focused consumer company in nutrition, health, and beauty the company plans a €0.5 billion share buyback in Q1 2026 and has adopted a stable to preferably rising dividend policy at €2.50 per share the transaction is expected to close by the end of 2026 subject to regulatory and employee processes and will result in a €1.9 billion non-cash impairment in 2025.

(PRESS RELEASE) KAISERAUGST/MAASTRICHT, 10-Feb-2026 — /EuropaWire/ — dsm-firmenich has agreed to divest its Animal Nutrition & Health (ANH) business to CVC, a global private markets manager, in a transaction valuing the business at approximately €2.2 billion on an enterprise value basis, including a potential earnout of up to €0.5 billion. As part of the deal, dsm-firmenich will retain a 20 percent equity stake in the separated ANH entities, marking the final major step in its strategic transformation into a fully focused consumer company centred on nutrition, health, and beauty.

The sale follows dsm-firmenich’s earlier divestment of its Feed Enzymes activities to Novonesis in 2025 for €1.5 billion. Taken together, the total enterprise value of the ANH portfolio, including that earlier transaction, amounts to approximately €3.7 billion. The company intends to use part of the proceeds to launch a €0.5 billion share buyback programme in the first quarter of 2026, which will reduce its issued share capital.

Alongside the divestment, dsm-firmenich has reaffirmed its commitment to a stable and progressively rising dividend policy. The company aims to maintain a dividend of €2.50 per ordinary share while seeking to increase distributions over time, reflecting its focus on long-term value creation for shareholders.

ANH is a global provider of science-based solutions for animal nutrition and health, supplying products ranging from vitamins and premixes to specialized feed additives designed to improve animal performance, feed efficiency, and sustainability in livestock production. In 2025, the business generated annualized net sales of around €3.5 billion and employed approximately 8,000 people worldwide. The divestment encompasses all ANH activities, including Performance Solutions, Premix, Precision Services, and Vitamins, Carotenoids, and Aroma Ingredients, while Bovaer® and Veramaris™ will remain within dsm-firmenich.

Following the transaction, ANH will be reorganized into two standalone companies based in Kaiseraugst, Switzerland. The Solutions Company will focus on Performance Solutions, Premix, and Precision Services, while the Essential Products Company will concentrate on Vitamins, Carotenoids, and Aroma Ingredients. Although legally separate, the two entities are expected to maintain close operational collaboration, particularly regarding vitamin supply across the animal nutrition value chain.

dsm-firmenich will hold a 20 percent equity stake in both new companies and will also enter into a long-term supply agreement with the Essential Products Company to secure continuity of vitamin supply for human and pet food applications. To support the transition, dsm-firmenich will provide a loan facility of up to €450 million to the Essential Products Company, with the possibility of additional liquidity support of up to €115 million if required.

The agreed valuation implies a 7x multiple of ANH’s normalized Adjusted EBITDA based on the €2.2 billion enterprise value. When combined with the prior Feed Enzymes sale, the overall divestment represents a 10x EV/Adjusted EBITDA multiple. dsm-firmenich expects to receive approximately €1.2 billion after closing, including around €0.6 billion in net cash, €0.5 billion in transferred debt and liabilities, and €0.1 billion in the form of a vendor loan note.

Completion of the transaction is expected by the end of 2026, subject to regulatory approvals, employee consultation processes, and the formal separation of the two new ANH companies. dsm-firmenich anticipates a non-cash impairment charge of approximately €1.9 billion in 2025 related to the divestment, as well as cash costs of around €0.2 billion in 2026 associated with taxes, transaction expenses, and separation activities.

From an accounting perspective, the assets and liabilities of ANH have been classified as held for sale, and its financial results have been reclassified as discontinued operations. dsm-firmenich will publish its full-year 2025 results on February 12, 2026, along with preliminary comparative figures for recent quarters.

Dimitri de Vreeze, Chief Executive Officer of dsm-firmenich, described the transaction as the culmination of the company’s strategic evolution since its creation, emphasizing that it positions dsm-firmenich as a streamlined consumer-focused group while giving ANH a strong platform for future growth.

Steven Buyse, Managing Partner at CVC, welcomed the partnership, highlighting the opportunity to build two leading companies in animal nutrition and health. He noted that the Solutions Company would continue to drive innovation and customer proximity, while the Essential Products Company would be developed as a resilient global supplier of essential feed, food, and fragrance ingredients.

This transaction marks the second collaboration between dsm-firmenich and CVC, following their successful joint venture ChemicaInvest established in 2015 when dsm-firmenich was still operating as DSM.

Investor and analyst call today
Today dsm-firmenich will hold a webcast for investors and analysts from 9:00am to 9:30am CET. Details on how to access this call can be found on www.dsm-firmenich.com.

Restated financials
dsm-firmenich will publish preliminary comparative figures on February 9, 2026.

2025 full-year results
dsm-firmenich will announce its 2025 full-year results on February 12, 2026, followed by an investor call.

Upcoming investor event
dsm-firmenich will host an investor event in London on March 12, 2026 (09:00am – 02:00pm GMT) to provide an update on the innovation-driven growth profile of Perfumery & Beauty, Taste, Texture & Health, and Health, Nutrition & Care.

About dsm-firmenich
As innovators in nutrition, health, and beauty, dsm-firmenich reinvents, manufactures, and combines vital nutrients, flavors, and fragrances for the world’s growing population to thrive. With our comprehensive range of solutions, with natural and renewable ingredients and renowned science and technology capabilities, we work to create what is essential for life, desirable for consumers, and more sustainable for the planet. dsm-firmenich is a Swiss company, listed on the Euronext Amsterdam, with operations in almost 60 countries and revenues of more than €12 billion. With a diverse, worldwide team of nearly 30,000 employees, we bring progress to life every day, everywhere, for billions of people. www.dsm-firmenich.com

About CVC

CVC is a leading global private markets manager with a network of 30 office locations throughout EMEA, the Americas, and Asia, with approximately €201bn of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit and infrastructure, for which CVC funds have secured commitments of approximately €243bn from some of the world’s leading pension funds and other institutional investors. Funds managed or advised by CVC’s private equity strategy are invested in 150+ companies worldwide, which have combined annual sales of over €165bn and employ more than 600,000 people. CVC has been an established player in the DACH and Benelux regions for over 30 years, where partnerships are at the core of CVC’s investment approach, including Messer, the world largest privately held industrial gases company, Breitling, a global leader in luxury watchmaking based in Switzerland, Evonik, a leading global specialty chemicals player based in Germany, Urus, a global leader dedicated to serving diary and beef cattle producers around the world with cutting-edge genetics and customised reproductive services and SD Worx, leading end-to-end HR and payroll solutions provider based in Belgium. For further information about CVC please visit: www.cvc.com. Follow us on LinkedIn.

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Forward-looking statements
This press release may contain forward-looking statements with respect to dsm-firmenich’s future (financial) performance and position. Such statements are based on current expectations, estimates and projections of dsm-firmenich and information currently available to the company. dsm-firmenich cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance and position to differ materially from these statements. dsm-firmenich has no obligation to update the statements contained in this press release, unless required by law. This communication contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. The English language version of the press release is leading.

dsm-firmenich Agrees €2.2 Billion Sale of Animal Nutrition & Health Business to CVC and Retains 20 Percent Stake

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