| Imagery Source: Blumer Lehmann |
| Information Source: Givaudan Group |
- Sales of CHF 3,864 million, an increase of 6.3% on a like-for-like¹ basis and 3.4% in Swiss francs
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- Strong sales growth across all business segments, geographies and customer groups, demonstrated by continued outperformance in Fine Fragrance, a 10.0% increase on a like-for-like basis in the high-growth markets and sustained strong growth with local and regional customers
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- Comparable EBITDA³ of CHF 973 million, a margin of 25.2% compared to 24.8% in 2024
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- Net income of CHF 592 million, a margin of 15.3% of sales
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- Free cash flow ⁴ of –0.4% of sales, driven by timing effects of investments and tax payments
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| ”We are very pleased with our continued strong financial performance in the first half of 2025, despite an environment with ongoing geopolitical and macroeconomic challenges. Sales remained strong with good growth across all business segments, geographies and customer groups, against very strong prior year comparables. These results once again demonstrate the value that Givaudan brings to its customers through our highly specialised products and solutions.” |
| Gilles Andrier, CEO |
| Sales performance |
| Givaudan Group sales for the first six months of the year were CHF 3,864 million, an increase of 6.3% on a like-for-like ¹ (LFL) basis and 3.4% in Swiss francs, with currency volatility and a strong Swiss franc impacting the sales performance in Swiss francs. |
| Givaudan continued the first six months of the year with good volume growth and maintained its operations and global supply chain at a high level. |
| The strong growth was achieved across all business segments, geographies and customer groups, demonstrated by continued outperformance in Fine Fragrance, a 10.0% increase on a like-for-like basis in the high-growth markets and sustained strong growth with local and regional customers. |
| With higher input costs in 2025, including tariffs, the Company is implementing price increases in collaboration with its customers to fully compensate for the increases in input costs. |
| Fragrance & Beauty sales were CHF 1,955 million, an increase of 8.6% LFL and 7.0% in Swiss francs. |
| On a business unit basis, Fine Fragrance sales increased by 18.0% LFL against a high prior year comparable growth of 14.9%, Consumer Products sales increased by 6.1% LFL against a strong prior year comparable growth of 17.3% and sales of Fragrance Ingredients and Active Beauty increased by 5.7% LFL. |
| Taste & Wellbeing sales were CHF 1,909 million, an increase of 4.1% LFL and a decrease of ‑0.1% in Swiss francs. |
| On a regional basis, sales increased in all regions: Asia Pacific by 2.1% LFL; South Asia, Middle East and Africa by 12.7% LFL; Europe by 4.2% LFL; North America by 2.0% LFL and Latin America by 4.1% LFL. Within the product segments, there was broad-based good growth in snacks and sweet goods, as well as in dairy and health care. |
| Gross margin |
| The gross profit increased by 3.4% from CHF 1,646 million in 2024 to CHF 1,702 million in 2025. The gross margin in the first half of 2025 remained stable, despite higher input costs, including global trade tariffs. As a result, the gross margin was 44.0% in the six months ended 30 June 2025 compared to 44.1% in the same period in 2024. |
| Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)2 |
| The EBITDA increased by 4.4% to CHF 945 million from CHF 906 million for the same period in 2024, whilst the EBITDA margin was 24.5% in 2025 compared to 24.2% in 2024. On a comparable basis, the EBITDA margin increased to 25.2% in 2025 compared to 24.8% in 2024. When measured in local currency terms, the EBITDA increased by 9.7%. |
| The EBITDA of Fragrance & Beauty increased to CHF 525 million in 2025 compared to CHF 500 million for the first six months of 2024, whilst the EBITDA margin was 26.9% in 2025 compared to 27.3% in 2024. On a comparable basis, the EBITDA margin of Fragrance & Beauty was 27.6% in 2025 compared to 28.1% in 2024. |
| The EBITDA of Taste & Wellbeing increased to CHF 420 million in 2025 from CHF 406 million in 2024, and the EBITDA margin increased to 22.0% in 2025 from 21.3% in 2024. On a comparable basis, the EBITDA margin of Taste & Wellbeing was 22.7% in 2025 compared to 21.7% in 2024. |
| Operating income |
| The operating income increased to CHF 762 million in the first half of 2025, compared to CHF 729 million in 2024, an increase of 4.5%. When measured in local currency terms, the operating income increased by 10.4%. The operating margin increased from 19.5% in 2024 to 19.7% in 2025. |
| The operating income for Fragrance & Beauty increased to CHF 443 million in 2025, versus CHF 424 million for the same period in 2024. The operating margin was 22.7% in 2025 compared to 23.2% in 2024. |
| In Taste & Wellbeing, the operating income increased to CHF 319 million in 2025 from CHF 305 million in 2024. The operating margin increased to 16.7% in 2025 from 15.9% in 2024. |
| Financial performance |
| Financing costs were CHF 55 million in the first half of 2025, versus CHF 59 million for the same period in 2024. Other financial income, net of expenses, was CHF 6 million in 2025 versus CHF 30 million in 2024. |
| The interim period income tax expense as a percentage of income before taxes was 17% in 2025, compared with 16% for the same period in 2024. |
| Net income |
| The net income for the first six months of 2025 was CHF 592 million compared to CHF 588 million in 2024, resulting in a net profit margin of 15.3% versus 15.7% in 2024. Basic earnings per share were CHF 64.18 versus CHF 63.76 for the same period in 2024. |
| Cash flow |
| Givaudan delivered an operating cash flow of CHF 248 million for the first six months of 2025, compared to CHF 427 million in 2024. |
| Net working capital was 27.1% of sales in June 2025 compared to 29.1% in June 2024, demonstrating the Group's continued focus on improving the management of working capital. |
| Total net investments in property, plant and equipment were CHF 145 million, compared to CHF 110 million in 2024. Intangible asset additions were CHF 24 million in 2025, compared to CHF 17 million in 2024. |
| Total net investments in tangible and intangible assets were 4.4% of sales in the first half of 2025, compared to 3.4% in 2024. |
| Operating cash flow after net investments was CHF 79 million versus CHF 300 million in 2024. Free cash flow ⁴ was CHF –16 million in the first half of 2025, versus CHF 197 million for the comparable period in 2024. As a percentage of sales, free cash flow in the first six months of 2025 was –0.4%, compared to 5.3% in 2024, mainly due to timing effects related to investments and tax payments. |
| Financial position |
| Givaudan’s financial position remained strong at the end of June 2025. Net debt at June 2025 was CHF 4,490 million, up from CHF 4,002 million at the end of December 2024 and compared to CHF 4,718 million at June 2024. The net debt to EBITDA ratio ⁵ was 2.5 in June 2025, compared to 2.9 in June 2024 and 2.3 at the end of December 2024. |
| Our mid and long-term ambition |
| Our 2025 strategy, ‘Committed to Growth, with Purpose’, is our intention to deliver growth in partnership with our customers, through creating inspiring products for happier, healthier lives and having a positive impact on nature, people and communities. |
| Ambitious targets are an integral part of this strategy, with the Company aiming to achieve organic sales growth of 4–5% on a like-for-like basis and free cash flow4 of at least 12%, both measured as an average over the five-year strategy cycle. In addition, we aim to deliver on key non-financial targets around sustainability, diversity and safety, linked to Givaudan’s purpose. |
| With average like-for-like sales growth of 7.2% for the period 2021–2024 and the continued strong like-for-like growth in the first half of 2025 of 6.3%, Givaudan is highly likely to exceed the upper end of its average five-year sales growth target of 4–5% on a like-for-like basis for the period 2021–2025. |
| Our bold and ambitious long-term purpose goals are defined in four domains: creation, nature, people and communities. Our ambitions include doubling our business through creations that contribute to happier, healthier lives by 2030, becoming climate positive before 2050, becoming a leading employer for inclusion before 2025 and sourcing all materials and services in a way that protects the environment and people by 2030. |
| The Group’s 2030 strategy will be announced at the summer investor conference to be held on 27 August 2025. |
| For the full document, click the link below |
| Givaudan Group |
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