Buyback wraps up as strong H1 results lift DSM-Firmenich
H1 results beat and outlook raised DSM-Firmenich reported 5% like-for-like sales growth in the first half of 2026, with second-quarter growth speeding up to 6%. Profit (adjusted EBITDA) hit €900 million and core earnings per share rose 14% to €1.84. Management guided full-year sales to the top of its 2-4% range and a ~20% profit margin, a real upgrade that supports the shares.
This is the fundamental earnings news that justifies the stock's move, not just buyback mechanics.
€540m buyback completed, 2.6% of shares cancelled The company finished its €540 million repurchase programme on 1 October, buying 7.17 million shares at an average €75.32. It will cancel 6,488,446 of them by early 2027, shrinking issued shares about 2.6%. Fewer shares means each remaining share owns a bigger slice of profits, which tends to lift the price.
Completion and cancellation is the end-state of the buyback, a concrete capital-return event.
Steady weekly buybacks kept supporting the stock Through July, August and September the company bought back roughly 140,000-275,000 shares almost every week, at rising prices from about €84 to €98. This steady demand for its own stock, funded from cash, signalled confidence and helped hold the price up while the programme ran.
The recurring weekly purchases are the visible, ongoing force behind the stock during the period.