Beauty sector financial split: dsm-firmenich and Symrise climb, Kering and Ashland slip

Four personal care players have released their latest financial results, revealing mixed performances across sectors. dsm-firmenich raised its earnings outlook on the back of strong synergy gains, while Symrise improved its margin and raised guidance despite soft global demand.

Meanwhile, Ashland has narrowed its full-year expectations after dipping in personal care, and Kering’s beauty division was a bright spot in an otherwise challenging half.

Kering posted a 16% drop in reported H1 revenue, largely due to ongoing weakness in its fashion houses. However, Kering Beauté grew 9% year-over-year, lifted by strong performance from women’s fragrances under the Creed brand.

Ashland’s Q3 fiscal 2025 sales fell 15% year-over-year, with personal care revenues down 16%. The company posted a net loss of US$742 million, largely due to a goodwill impairment.

dsm-firmenich saw first-half 2025 sales rise to €6.51 billion (US$7.42 billion), supported by 7% organic growth and €95 million (US$108.3 million) in synergies. The synergy gains reflect cost savings and efficiency improvements following the 2023 merger between DSM and Firmenich, boosting profitability in the first half of 2025.

Symrise generated €2.55 billion (US$2.9 billion) in H1 2025 sales, up 3.1% organically. The company raised its full-year margin forecast to around 21.5% as cost-saving programs delivered early results.

Kering Beauté grows

Kering’s overall first-half revenue fell 16% as reported and 15% on a comparable basis, with recurring operating income dropping 50% to €969 million (US$1.10 billion). Net income attributable to the group totaled €474 million (US$540.4 million). 

Fashion houses weighed down the performance.

In contrast, Kering Beauté, launched in 2023, grew 9%, reaching €150 million (US$171 million) in H1.

Kering Beauté’s fragrance-led growth was driven by the Creed brand amid broader group headwinds.The division’s growth was mainly driven by women’s fragrances, especially the Creed line. The company did not break down specific brand performance, but highlighted beauty as a “strategic investment area” poised for further expansion.

Ashland sees personal care softness

Ashland reported a 15% year-over-year decline in fiscal Q3 sales to US$463 million, with adjusted EBITDA down 19% to US$113 million. The company recorded a net loss of US$742 million due to a non-cash goodwill impairment of US$706 million.

Its Personal Care business posted sales of US$147 million in the quarter, down 16% from the prior year. Adjusted EBITDA for the segment dropped from US$51 million to US$41 million, though margins held steady at 27.9%.

The decline was attributed to lower sales of biofunctional actives and a difficult comparison base in microbial protection. However, Ashland cites early signs of recovery in key customer programs and reaffirms the strategic importance of personal care.

The company has narrowed its full-year sales forecast to between US$1.9 and US$2 billion, reflecting softness across several segments.

dsm-firmenich lifts outlook

dsm-firmenich posted €6.51 billion (US$7.42 billion) in H1 2025 revenue, up 7% organically. Adjusted EBITDA rose 29% to €1.26 billion (US$1.44 billion), with the company attributing gains to €95 million (US$108.3 million) in synergies and strong vitamin program performance.

The Perfumery & Beauty division saw continued growth in fine fragrance, though Beauty sub-segments like sun filters remained soft. Overall, the division contributed to a group EBITDA margin of 19.4% in H1 and 18.9% in Q2.

The company reaffirmed its full-year EBITDA outlook of around €2.4 billion (US$2.74 billion), including a €40 million (US$45.6 million) adjustment for divested businesses.

Net profit rose to €541 million (US$616.7 million), up sharply from €50 million (US$57 million) in the prior year. dsm-firmenich also confirmed that 40% of its planned €1 billion (US$1.14 billion) share buyback has already been executed.Ashland reported softness in personal care actives.

Symrise margin climbs

Symrise posted solid earnings in H1 2025 despite a subdued demand environment. Organic sales rose 3.1% to €2.55 billion (US$2.91 billion), supported by fine fragrance and oral care growth. EBITDA increased 4.5% to €554 million (US$631.6 million), with the EBITDA margin improving to 21.7%.

The Scent & Care segment generated €989 million (US$1.13 billion) in revenue, up 2.9% organically. The division’s EBITDA margin rose to 19.2%, backed by efficiency measures and pricing strategy.

Symrise raised its full-year EBITDA margin guidance to around 21.5%, citing strong execution of its cost reduction plan. The company confirmed €40 million (US$45.6 million) in targeted savings, with €20 million (US$22.8 million) realized during H1.

Chairman Heinz-Jürgen Bertram notes that Symrise is “back on track for profitable growth,” underpinned by solid consumer health and beauty demand, especially in North America and Asia.