DSM Integrated Annual Report 2022

Performance 2022 in Food & Beverage

Food & Beverage had a good year with strong organic sales growth of +10%. Pricing initiatives (+7%) could only partly offset inflation, leaving the business with a price-cost gap throughout the year. Volume growth of 3% was a good performance, taking into account high single-digit growth in previous year. Dairy, Baking and Beverages performed well. Savory was solid, while Hydrocolloids delivered a very strong performance. Pet food performed well, with increased interest in palatability offering and texture alongside nutritional functionality.

First Choice Ingredients, consolidated since October 2021, which develops clean-label fermented dairy and dairy-based flavor for various applications in savory as well as dairy, performed well in its full first year as a part of DSM, delivering €82 million sales.

The business delivered an Adjusted EBITDA of €266 million with a full-year Adjusted EBITDA margin of 17.2%, which includes a dilutive mathematical effect of the price increases (higher sales and therefore relatively a lower margin percentage) and foreign exchange effects.

x € million






Net sales from continuing operations



Adjusted EBITDA



Adjusted operating profit



Adjusted EBITDA margin (in %)



Earnings Before Interest, Taxes, Depreciation and Amortization