DSM - Firmenich FY22 results reflect sector trends

Davy Research
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Firmenich’s FY22 statement highlights a strong organic growth performance with FY and H2-22 sales growing +11.1% and +10% respectively. Both Perfumery and Ingredients and Taste and Beyond maintained healthy levels of organic growth through the period. Adjusted EBITDA grew 10.1% year-on-year (yoy) - growth was first-half weighted as margin fell in H2. Akin to its peers, Firmenich reported a decline in free cash flow due to the negative impact of greater working capital investment. Management will host a webcast at 09:00 GMT.