EVENTS:   Acceleration in the Energy Transition - David Scott/CHA-AM Advisors - 12 May 26     ROADSHOWS: Consumer Research & Industry Trends focused on US Retail, E-Tail, and Consumer Products Companies - Scott Mushkin /R5 Capital   •   London   07 - 08 May 26       US Equity Short Research & Strategy - Zach Shannon /Corto Capital Advisors   •   New York   18 - 19 May 26       Investing in Constraint: Governance, Scarcity, and the Next Phase of the Energy Transition - François Boutin-Dufresne & Félix-A. Boudreault & Lenka Martinek /Sustainable Market Strategies   •   London   18 - 19 May 26      
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DSM-Firmenich (DSFIR NA) Netherlands

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Report by the IDEA!

DSFIR looks to have the turned the corner with 1H24 results showing a clear beat of consensus almost across the board. Results are helped by an acceleration of sales growth in Q2 (vs. Q1) and by cost synergies as well as the impact of the vitamin transformation programme. Particularly impressive were the Y/Y sales growth in P&B and TTH, which accelerated from LSD in Q1 (+1.4% and +3.4%, respectively) to +13.1% (P&B) and +9.6% (TTH) in Q2. While the other two divisions showed positive growth as well. Overall, the results provide the IDEA! with even more confidence that the company is on the right course towards delivery on what it promised at the time of the merger.

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