Givaudan (GIVN) investor relations material

Executive summary

• Group sales for H1 2026 reached CHF 3,799 million, up 3.6% like-for-like, but down 1.7% in CHF due to currency effects.

• Fragrance & Beauty segment grew 6.5% LFL, while Taste & Wellbeing improved 0.5% LFL; high-growth markets rose 5.2% LFL, mature markets increased 2.0% LFL.

• Net income was CHF 475 million (12.5% margin), down from CHF 592 million (15.3%) in the prior year, impacted by non-recurring costs.

• Adjusted EBITDA was CHF 923 million (24.3% margin), down from CHF 973 million (25.2%) in H1 2025.

• Adjusted Free Cash Flow was CHF -119 million (-3.1% of sales), mainly due to higher investments and working capital.

Financial highlights

• Gross margin improved to 44.5% from 44% year-over-year.

• Adjusted EPS was CHF 60.25, down from CHF 66.71 year-over-year.

• Net working capital rose to 30.8% of sales from 27.1% in H1 2025.

• Net debt increased to CHF 4,604 million, with a net debt/EBITDA ratio of 2.8 (up from 2.5 in June 2025).

• Operating margin declined to 16.7% (from 19.7%).

Outlook and guidance

• Committed to 2030 targets: 4%-6% like-for-like sales growth and Adjusted Free Cash Flow margin above 12% over 2026-2030.

• Expect continued sequential improvement in Taste & Wellbeing and strong momentum in Fragrance & Beauty for H2.

• Input cost inflation expected to be low single-digit in H2; tariff refunds to offset inflation-related pricing.

• No meaningful pricing contribution expected in H2; growth to be volume-driven.

• Strategic focus on sustainable growth, innovation, and responsible sourcing by 2030.