Half Year 2024 DSM-Firmenich AG Earnings Call Transcript
Key Points
- Strong improvement in financial results with exceptional growth in Perfumery & Beauty.
- Successful integration of the merger and progress in the vitamin transformation program.
- Positive momentum in Taste, Texture & Health with double-digit volume growth.
- Health, Nutrition & Care returned to volume growth driven by higher demand for dietary supplements.
- Upgraded full-year outlook with adjusted EBITDA expected to reach around EUR2 billion.
- Continued impact of negative FX, resulting in a EUR25 million loss in the first half.
- Vitamin prices remain volatile, with some vitamins not reaching sustainable profitability levels.
- Animal Nutrition & Health still cautious on volume growth due to ongoing market uncertainties.
- Seasonal factors and production stops expected to impact Q3 and Q4 performance.
- Challenges in passing on high fish oil prices to customers, affecting profitability in marine lipids.
Good morning, and thank you for joining today's call. I'm sitting here with Dimitri de Vreeze, our CEO; and Ralf Schmeitz, our CFO. We published this morning our first half results, together with the presentation to investors, which you can find on our website. Here, you can also find our disclaimers about forward-looking statements.
Dimitri and Ralf will start by making some introductory comments on our results before we will open the line for questions. (Operator Instructions).
And with that, let me hand over to Dimitri.
Yeah. Thank you, Dave, and good morning to everybody. A pleasure to see and hear you on this call. Before we zoom in on the results, I would like to zoom out a little bit first to put things in perspective within our journey to bring progress to life. And let me start with the journey, and I'm not going through the whole capital markets presentation. But I want to say a little bit the coloring of the context where we are today.
So
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