Givaudan SA First‑Half 2026 Results
Givaudan SA (Swiss exchange: GIVN) announced its financial results for the six months ended 30 June 2026. Net sales amounted to CHF 3,799 million, representing a 3.6 % increase on a like‑for‑like basis but a 1.7 % decline when expressed in Swiss‑franc terms. The second‑quarter like‑for‑like sales growth was 4.3 %, falling short of recent market expectations. Within the segment breakdown, Fine Fragrance sales grew 5 % on a like‑for‑like basis, while North American Taste & Wellbeing sales fell 3 %.
Adjusted EBITDA reached CHF 923 million, delivering a margin of 24.3 %, compared with a 25.2 % margin in the comparable period of the prior year. The company recorded non‑recurring expenses of CHF 103 million, mainly linked to litigation settlements and related provisions. Net income for the first half was CHF 475 million, equating to a 12.5 % margin of sales, down from a 15.3 % margin in the first half of 2025.
Fragrance & Beauty sales totaled CHF 2,010 million, up 6.5 % on a like‑for‑like basis, whereas Taste & Wellbeing sales were CHF 1,789 million, up only 0.5 % on a like‑for‑like basis. Adjusted free cash flow was negative, amounting to 3.1 % of sales, driven by higher capital investments and a temporarily elevated working‑capital requirement.
The board reaffirmed its 2030 strategic targets of achieving an average like‑for‑like sales growth of 4‑6 % and generating average adjusted free cash flow of more than 12 % over the five‑year horizon. To mitigate the impact of low‑single‑digit input‑cost inflation anticipated in the second half of the year, Givaudan will implement price increases and will repay US tariff receipts to customers during the second half.
Shares of Givaudan fell 5.5 % following the release, reflecting market concerns over tariff repayments and the moderation in growth momentum.