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2025 Half Year Results Summary

Core Content Overview

The 2025 Half Year Results document outlines Givaudan's financial performance, strategic direction, and outlook for the year. It includes detailed sales and operating performance metrics, insights into regional and segment growth, and highlights of innovation initiatives. The document also addresses the company's financial position, debt structure, and future commitments.

Sales Performance

Key Figures

• Total Sales: CHF 3,864 million, up by 6.3% LFL* and 3.4% in Swiss francs.
• Comparable EBITDA: CHF 973 million, with a margin of 25.2%, up from 24.8% in 2024.
• Net Income: CHF 592 million, slightly up from CHF 588 million in 2024, resulting in a 15.3% net profit margin.
• Free Cash Flow: CHF -16 million, or -0.4% of sales, primarily due to timing effects of investments and tax payments.

Segment Growth

• Fragrance & Beauty: Sales of CHF 1,955 million, up 8.6% LFL*.
  • Fine Fragrance: Increased by 18.0% LFL*, outperforming the strong prior year comparable.
  • Consumer Products: Grew by 6.1% LFL*, with continued growth across all categories.
  • Fragrance Ingredients & Active Beauty: Sales up 5.7% LFL*, with double-digit growth in Active Beauty offset by softer performance in Fragrance Ingredients.
• Taste & Wellbeing: Sales of CHF 1,909 million, up 4.1% LFL*.
  • Strong performance in snacks, sweet goods, dairy, and healthcare.
  • Same Market Growth (SAMEA): Achieved 12.5% growth in 2024, with 12.7% in 2025.

Regional Performance

• Europe: 4.2% growth in 2025 vs 5.5% in 2024.
• South Asia, Middle East and Africa (SAMEA): 12.7% growth in 2025 vs 12.5% in 2024.
• North America: 2.0% growth in 2025 vs 4.5% in 2024.
• Latin America: 4.1% growth in 2025 vs 32.6% in 2024.
• Asia Pacific: 2.1% growth in 2025 vs 9.3% in 2024.

Operating Performance

Key Figures

• Reported EBITDA: CHF 945 million, up from CHF 906 million in 2024, with an EBITDA margin of 24.5% vs 24.2% in 2024.
• Comparable EBITDA: CHF 973 million, a 25.2% margin, up from 24.8% in 2024.
• Income Before Tax: CHF 713 million, up 1.9% from CHF 700 million in 2024.
• Net Debt to EBITDA Ratio: 2.5, down from 2.9 as at 30 June 2024 and 2.3 as at 31 December 2024.

Segment Breakdown

• Fragrance & Beauty:
  • EBITDA of CHF 525 million, up from CHF 500 million.
  • EBITDA margin of 26.9%, down from 27.3%.
  • Comparable EBITDA margin of 27.6%, up from 28.1%, driven by growth investments.
• Taste & Wellbeing:
  • EBITDA of CHF 420 million, up from CHF 406 million.
  • EBITDA margin of 22.0%, up from 21.3%.
  • Comparable EBITDA margin of 22.7%, up from 21.7%, benefiting from asset optimization.

Strategy and Outlook

Strategic Focus

• Committed to Growth with Purpose: Emphasizing Excellence, Innovation, and Simplicity in all operations.
• Performance Commitments:
  • Average LFL Sales Growth: 4.0%–5.0% for 2021–2025.
  • Average FCF as % of Sales: >12% for 2021–2025.
  • 2021–2024 Average LFL Sales Growth: 7.2%.

Outlook Highlights

• Confidence in Strategy: The company remains confident in its focused strategy and market position.
• Natural Hedges: Strong natural hedges across product segments, geographies, and customer groups.
• Input Costs: Expected to increase by ~3% at the group level in 2025.
• Tariff Impacts: Remain uncertain but are being addressed through pricing actions.
• Non-Recurring Costs:
  • Acquisition, restructuring, and project-related expenses expected at CHF 30 million.
  • Additional costs related to the Louisville accident up to CHF 20 million.

Innovation Highlights

• MYROMITM: A new handheld, app-controlled aroma device for real-time scent creation and feedback.
• GUARDIANS OF MEMORIES: An interactive educational game targeting Gen Z and Alpha consumers.
• EVERZURE™ GALDIERIA: A high-precision beauty ingredient derived from algae, targeting skin aging and youthfulness.
• CHERISCENTZ: FDA-approved natural color for beverages and confections, mirroring Blue 1.
• ZENSERA™: A patent-pending lemon balm extract supporting calmness and cognitive performance under stress.

Q&A and Upcoming Events

• Upcoming Events:
  • 27 August: Summer Investor Conference in Zurich (2030 Strategy).
  • 7–8 October: Investor Field Trip in the USA.
  • 14 October: Nine Months Sales Report.
• Contact: Claudia Pedretti, Head of Investor and Media Relations, can be reached at T +41 52 354 01 32 or E claudia.pedretti@givaudan.com.

Disclaimer

• No Warranty or Liability: Information is provided for general guidance and does not constitute a warranty or liability.
• No Offer or Solicitation: Not intended for investment decisions.
• Forward-Looking Information: Subject to uncertainties and may differ from actual results.

Key Terms

• LFL*: Like-for-like, excluding currency, acquisitions, and disposals.
• FCF: Free Cash Flow, calculated as operating cash flow after net investments, interest paid, lease payments, and purchase/sale of own equity instruments.

Note: LFL = Like-for-like, as defined in the document.