Givaudan (GIVN) H2 2025 earnings summary

Executive summary

• Achieved sales of CHF 7.5 billion, up 5.1% like-for-like and 0.8% in Swiss francs, with high-growth markets up 8.0% and mature markets up 2.4% like-for-like.

• Net income reached CHF 1,071 million, with a net profit margin of 14.3%.

• Free cash flow was CHF 1,053 million, representing 14.1% of sales.

• Dividend proposed at CHF 72 per share, a 2.9% increase and the 25th consecutive annual rise.

• Leadership transition: Christian Stammkoetter to become CEO in 2026, with executive committee and board changes.

Financial highlights

• EBITDA of CHF 1,751 million, margin at 23.4% (comparable margin 24.2%).

• Gross margin decreased to 43.5% from 44.1% due to higher input costs and tariffs.

• Basic EPS CHF 116.08, down from CHF 118.17 in 2024.

• Net debt reduced to CHF 3.7 billion, net debt/EBITDA improved to 2.1.

• Net working capital at 22% of sales, down from 23.4%.

Outlook and guidance

• 2026 expected to remain volatile, but resilience anticipated due to natural hedges and diversified portfolio.

• New five-year targets: 4–6% like-for-like sales growth and >12% free cash flow as % of sales for 2026–2030.

• Purpose ambitions include net zero GHG emissions by 2045 and 50% women in senior leadership by 2030.

• Limited input cost impact expected; ongoing non-recurring costs related to investigations and optimization.

• CHF 45 million in acquisition, restructuring, and project-related expenses expected in 2026.