Givaudan Sa · SIX:GIVN
Givaudan Sa — FY2025 Earnings Presentation
39 slides from Givaudan Sa's earnings presentation, Jan 29, 2026
Slide 1: 2025 Full year results
29 January 2026 2025 Full year results Conference call for investors and analysts
Slide 2: Performance highlights, operating performance, 2025 strategy review, 2030 strategy and outlook
1 2 3 4 5 Performance Operating 2025 Strategy 2030 Strategy and Q&A highlights performance review outlook Gilles Andrier Stewart Harris Gilles Andrier Gilles Andrier CEO CFO CEO CEO 2025 Full year results - Givaudan Conference Call for Investors and Analysts 2
Slide 3: Givaudan announces EC changes
Givaudan announces EC changes Succession plans and new EC member Succession plans New EC member Chief Executive Officer Head of Givaudan Chief Legal and Compliance Business Solutions & IT Officer Gilles Andrier Christian Stammkoetter Anne Tayac Christina Yeo Fanny Iglesias • Retiring as CEO on • Joi
Slide 4: Givaudan announces changes to its Board of Directors
Givaudan announces changes to its Board of Directors Proposals for election at AGM on 19 March 2026 Chairman Changes of Board members Transition plan Calvin Grieder Gilles Andrier Tom Knutzen Ester Baiget Retiring as Chairman at Proposed for election as Does not stand for The Board will propose the
Slide 5: Business performance
1 Business performance Gilles Andrier Chief Executive Officer
Slide 6: 2025 full year results: strong financial performance
2025 full year results Strong financial performance Sales Good sales growth Comparable EBITDA of CHF 7,472 million, an across all business segments, geographies of CHF 1,807 million, increase of 5.1% LFL* and customer groups, demonstrated by an a margin of 24.2% and 0.8% in Swiss francs 8.0% increas
Slide 7: Sales performance
Sales performance Good growth in both Divisions In CHF million FY 2024 FY 2025 GROUP SALES 7,472 7,412 7,472 million CHF +5.1% LFL* FRAGRANCE & BEAUTY 3,660 3,830 3,752 3,642 3,830 million CHF +7.9% LFL* TASTE & WELLBEING 3,642 million CHF +2.4% LFL* GROUP FRAGRANCE & BEAUTY TASTE & WELLBEING ______
Slide 8: Sales evolution by market
Sales evolution by market Consistent strong performance in high growth markets In CHF million FY 2024 FY 2025 MATURE 3,956 3,799 3,799 million CHF +2.4% LFL* 3,673 3,456 HIGH GROWTH 3,673 million CHF +8.0% LFL* MATURE HIGH GROWTH ______________________________________________________________________
Slide 9: Sales evolution by region
Sales evolution by region All regions contributing to the growth on a LFL* basis In CHF million FY 2024 FY 2025 2,982 3,130 +2.6% +7.0% NOAM EAME 1,821 1,798 1,734 1,712 875 832 +3.6% +5.0% LATAM APAC LATAM APAC NOAM EAME ______________________________________________________________________________
Slide 10: Fragrance & Beauty
Fragrance & Beauty Sales growth of 7.9% on a LFL* basis In CHF million FRAGRANCE INGREDIENTS FINE FRAGRANCE CONSUMER PRODUCTS & ACTIVE BEAUTY Sales increased by Sales increased by Sales decreased by 3,660 3,830 18.3% 6.8% -1.4% LFL* LFL* LFL* Excellent growth against Sustained strong growth Double-d
Slide 11: Taste & Wellbeing
Taste & Wellbeing Sales growth of 2.4% on a LFL* basis In CHF million SALES BY REGION ____________________________________________________________________________________________________ 2024 sales growth 2025 sales growth LFL* LFL* ___________________________________________________________________
Slide 12: Operating performance
2 Operating performance Stewart Harris Chief Financial Officer
Slide 13: Operating performance highlights
2025 Full year results Operating performance highlights Sales Reported EBITDA Comparable EBITDA margin of CHF 7,472 million, an of CHF 1,751 million compared to of CHF 1,807 million increase of 5.1% LFL* basis CHF 1,765 million, with an EBITDA compared to CHF 1,816 and 0.8% in Swiss francs margin of
Slide 14: Exchange rate development
Exchange rate development Continued strengthening Swiss Franc against most currencies -2% -3% -3% -5% -5% -5% -9% -9% -10% JPY USD GBP EUR SGD BRL CNY MXN IDR FY 2025 0.56 0.83 1.10 0.94 0.64 0.15 11.59 4.32 0.51 FY 2024 0.58 0.88 1.12 0.95 0.66 0.16 12.25 4.82 0.55 Units 100 1 1 1 1 1 100 100 10,00
Slide 15: Operating performance: Group
Operating performance Group EBITDA in CHF million 44.1% Gross margin 43.5% Gross margin of 43.5% compared to 44.1% in 2024 in % • due to higher input costs, including global trade tariff impacts 1,765 1,751 EBITDA of CHF 1,751 million compared to CHF 1,765 million in 2024 -0.8% • When measured in lo
Slide 16: Operating performance: Fragrance & Beauty
Operating performance Fragrance & Beauty EBITDA in CHF million EBITDA of CHF 985 million remaining stable in compared to 2024 985 985 • When measured in local currency, the EBITDA of Fragrance & Beauty increased by 4.2% • Acquisition, restructuring and project related costs of CHF 31 million, compar
Slide 17: Operating performance: Taste & Wellbeing
Operating performance Taste & Wellbeing EBITDA in CHF million EBITDA of CHF 766 million decreased from CHF 780 million in 2024 • When measured in local currency, the EBITDA of Taste & Wellbeing 780 766 increased by 4.8% • Expenses of CHF 17 million in relation to the Louisville accident -1.8% • Acqu
Slide 18: Net income
Net income 14.3% of sales In CHF million Income before tax of CHF 1,305 million 1,090 1,071 compared to CHF 1,313 million in 2024, a decrease of -0.7% -1.7% Net income of CHF 1,071 million, or 14.3% of sales versus CHF 1,090 million, or 14.7% of sales in 2024 • Other financial income, net of expense
Slide 19: Free cash flow
Free cash flow Second year exceeding CHF 1 billion In CHF million Free cash flow of CHF 1,053 million compared to CHF 1,158 million in 2024 Free cash flow margin is 14.1% of sales compared to 15.6% in 1,158 2024 1,053 Operating cash flow of CHF 1,512 million compared to CHF 1,625 million in 2024 Tot
Slide 20: Dividend per share
Dividend per share Increasing 2.9% over 2025, the 25th consecutive increase 67 68 70 72* 62 64 66 58 60 54 56 47 50 36 1,158 1,053 20.6 21.5 22 18.8 19.5 20 17.6 15.4 16.3 920 843 787 811 8.1 720 7 703 6.5 662 604 597 594 549 512 479 437 390 340 273 295 289 262 203 157 145 117 2000 2001 2002 2003 20
Slide 21: Balanced debt structure and continued leverage improvement
Balanced debt structure and continued leverage improvement DEBT MATURITIES NET DEBT TO EBITDA 3.7 3.5 893 3.1 767 2.9 2.9 738 634 2.5 450 464 463 2.3 2.1 169 170 Cash ST < 1 Y 1-2 Y 2-3 Y 3-4 Y 4-5 Y 5-6 Y 6-7 Y 7-8 Y HY 2022 FY 2022 HY 2023 FY 2023 HY 2024 FY 2024 HY 2025 FY 2025 The weighted avera
Slide 22: 2025 Strategy review
3 2025 Strategy review Gilles Andrier Chief Executive Officer
Slide 23: Committed to growth, with purpose
2025 Strategy review Committed to Growth, with Purpose Creations Nature We create inspiring We show our love solutions for happier, for nature through healthier lives impactful actions Growing together with People our customers Communities We nurture a place We bring benefits where we all love to to
Slide 24: 2025 Strategy review – key highlights
2025 Strategy review – key highlights KEY ACHIEVEMENTS Strengthened our natural hedges across Attained consistent industry- Realised major digital business, customers and geographies, allowing leading financial results. transformation milestones, us to successfully navigate through highly in creatio
Slide 25: 2025 Strategy targets exceeded
2025 Strategy targets exceeded Sustained performance across multiple strategic cycles Sales growth Comparable EBITDA Free cash flow 2021 - 2025 cycle 6.8% 22.9% 12.5% 2021-2025 2021-2025 2021-2025 Average LFL* sales growth Average comparable EBITDA as % of sales Average FCF** as % of sales 4.9% of s
Slide 26: Sustained growth across cycles
Sustained growth across cycles 2011-2015 2016-2020 2021-2025 Group 4.7% average 4.9% average 6.8 % average F&B 4.7% average 5.9% average 8.3 % average T&W 4.7% average 4.0 % average 5.4 % average LFL Sales growth % 7.9% 5.1% 2.4% 7.412 7.472 7.117 6.915 6.684 6.203 6.322 in Mio CHF at Actual rates 5
Slide 27: Consistent industry-leading profitability across cycles
Consistent industry-leading profitability across cycles 2011-2015 2016-2020 2021-2025 Group 22.0% average 22.3% average 22.9 % average F&B 22.7% average 22.9% average 24.6 % average T&W 21.4% average 21.7 % average 21.2 % average Comparable EBITDA margin % 26.5% 24.2% 21.7% 1.816 1.807 1.504 1.486 1
Slide 28: Non-financial performance
Non-financial performance Key progress and commitments GHG emissions Purchased renewable % of our naturals Women in senior scope 1+2 since 2015 electricity raw material portfolio management Helping us reach our Reaching our 2025 target sourced responsibly1 Making progress on our net zero ambition in
Slide 29: Addressing customer needs and consumer trends
Addressing customer needs and consumer trends 5 years of key innovations Nanino+ Amaize® Orange Red PrimalHyal UltraReverse Myromi TASTE & WELLBEING FRAGRANCE & BEAUTY DIGITAL Nanino+ Oatwell DandErase Myromi Patent-pending combination of Prebiotic fibre ingredient derived from A molecule crafted to
Slide 30: 2030 Strategy & outlook
4 2030 Strategy & outlook Gilles Andrier Chief Executive Officer
Slide 31: 2030 strategy
2030 strategy Deepen geographical presence Extend Expand customer categories reach and portfolio Why Value creation What Driving Our purpose is sustainable 4–6% growth* creating for happier, growth with >12% free cash flow healthier lives with love for nature. How customers Reaching our 2030 Let’s i
Slide 32: 2030 strategy: performance ambitions
2030 strategy Performance ambitions SALES GROWTH FREE CASH FLOW PURPOSE AMBITIONS 4.0 – 6.0% >12% of sales Purpose linked targets 2026 – 2030 Average 2026 – 2030 Average FCF** as % of sales 2026 – 2030 Like-for-like* sales growth Progress towards all published purpose targets * Like-for-like (LFL) i
Slide 33: Our purpose ambitions
Our purpose ambitions Creating for happier, healthier lives with love for nature. Let’s imagine together. 2030 Specific future focus Nature Climate: 2045 • We will reduce scope 1+2+3 GHG emissions in line with the Climate: Let’s imagine together that we show our SBTi Net Zero Standard trajectory • W
Slide 34: 2026 outlook
2026 outlook Key themes review 2030 strategy 2026 outlook Non-recurring costs • Successfully concluded the 2025 • Navigating in a volatile geopolitical • Acquisition, restructuring and strategic cycle, exceeding our landscape and uncertain market project related expenses of targets and confirming th
Slide 35: Questions & Answers
5 Questions & Answers
Slide 36: Upcoming events and contact
Upcoming events 19 March 2026 Annual General Meeting in Geneva 14 April 2026 First quarter sales and spring investor conference in Vernier Contact Claudia Pedretti, Head of Investor and Media Relations T +41 52 354 01 32 E claudia.pedretti@givaudan.com 2025 Full year results - Givaudan Conference Ca
Slide 37: Disclaimer
Disclaimer No warranty and no liability: While Givaudan is making great efforts to include accurate and up-to-date information, we make no representations or warranties, expressed or implied, as to the accuracy or completeness of the information provided on this presentation/handout and disclaim any
Slide 38: Follow us on social media
Follow us on social media Follow us on social media @givaudan
Slide 39: Givaudan: Human by nature