Dsm Firmenich Ag

Good morning, and thank you for joining today's call. I'm sitting here with Dimitri de Vreese, our CEO, and Ralf Smijts, our CFO. This morning, we published our third quarter trading update, together with a presentation to investors, which you can find on our website. Here you can also find our disclaimers about forward-looking statements. Importantly, and as a reminder, sell-set analysts who want to ask questions in the Q&A section of this call will need to register via the questioner's link, which they can find on our website in the financial calendar. And with that out of the way, let's start, Dimitri.

Thank you, Dave, and indeed welcome to everybody, and we appreciate you all dialing in. in this busy morning for you um these are firmly delivered at a solid two percent organic sales growth in the quarter um against a high prior year comparison um and that all in this uh current macro economic environment the quarter started well in july very much in line with previous quarters but from august onwards the macro environment began to shift sentiment changed driven by geopolitical tensions tariffs and currency movements And naturally, that made some of our customers a bit more cautious in their behavior, and we've seen reduced visibility going forward. However, on a positive note, end-use data and retail data remains strong. So we shouldn't extrapolate too far ahead. We need to see how this plays out. The good news is that our key strategic end markets continue to demonstrate very strong fundamentals, and those favorable megatrends, which we already explained about in nutrition, health, and beauty, continue to support us, bringing us in a very strong position going forward. In this current environment, we continue to perform well in the third quarter. We delivered a solid organic sales growth against these tough prior year comps. but with a strong 10% step-up of adjusted EBITDA on a comparable basis, meaning adjusted for AVIX and the divestments we've done. Our core business units, the consumer-focused ones, continued to perform well and had an adjusted EBITDA margin nicely improving on that trajectory, nicely improving to 20%.

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