Recent developments
Portfolio realignment advances
dsm-firmenich advanced portfolio realignment with the agreement to sell the Animal Nutrition & Health business to CVC Capital Partners for €2.2 billion (earnout up to €0.5 billion) and a retained 20% stake. The carve-out excludes Bovaer and Veramaris. ANH will separate into a Solutions Company and an Essential Products Company, with a vitamins supply agreement; closing targeted end-2026. Feed enzymes were sold to Novonesis in 2025.
Reporting and structure
To align reporting, dsm-firmenich released preliminary figures post-ANH divestment, reclassifying ANH as Assets Held for Sale and Discontinued Operations and restating Continuing Operations. Adjustments move Bovaer into Taste, Texture & Health; Marine Lipids and vitamins into Health, Nutrition & Care; and from Q1 2026, Nutrition Improvement shifts to Group Sustainability, generating ~€20 million quarterly net sales at break-even EBITDA. Full-year 2025 results will be reported on February 12, 2026.
Transaction and capital
Financially, ANH generated ~€3.5 billion net sales in 2025. Combined ANH enterprise value, including the 2025 feed enzymes sale (€1.5 billion), totals €3.7 billion. dsm-firmenich expects a ~€1.9 billion non-cash impairment in 2025 and ~€0.2 billion cash taxes and separation costs in 2026, plus a €0.5 billion share repurchase in Q1 2026 and a €2.50 per-share dividend with a policy to progressively increase.
On-site feed analytics
Digitalization activity included Eurofins and trinamiX launching a mobile equine feed analysis solution using the handheld trinamiX PAL Two spectrometer for on-site forage testing (e.g., ADF, NDF, crude protein, sugars, fructans; haylage pH). Availability spans Benelux, DACH, Nordics, UK, Ireland, and Poland, with energy values first in Germany, the Netherlands, and Sweden.