Givaudan (GIVN) Q1 2025 earnings summary

Executive summary

• Achieved Q1 2025 sales of CHF 1,977 million, up 7.4% like-for-like (LFL) and 8.5% in Swiss francs, reflecting strong momentum across segments and geographies.

• High growth markets delivered 12.8% LFL sales growth, while mature markets grew 2.6% LFL, both against strong prior year comparables.

• Implemented price increases to offset higher input costs, including tariffs, maintaining operational agility amid global trade uncertainties.

Financial highlights

• Fragrance & Beauty sales reached CHF 1,009 million, up 9.8% LFL and 12.2% in Swiss francs; Taste & Wellbeing sales were CHF 968 million, up 5.0% LFL and in Swiss francs.

• Group sales growth in CHF was 8.5% year-over-year; acquisition impact contributed 1.0% to group growth, with minimal currency effects.

• Fine Fragrance sales rose 16.7% LFL, Consumer Products 7.9% LFL, and Fragrance Ingredients and Active Beauty 7.7% LFL, all against high prior year comparables.

Outlook and guidance

• Strategy targets organic sales growth of 4-5% LFL and free cash flow of at least 12% as a five-year average; current LFL growth of 7.4% positions the company to exceed these targets for 2021-2025.

• Long-term ambitions include doubling business by 2030, becoming climate positive before 2050, and sourcing all materials sustainably by 2030.