Slide 1: 2026 Half-year results
23 JULY 2026 2026 Half-year results Conference call for investors and analysts
Slide 2: Agenda
1 2 3 4 Business highlights Operating performance Strategy and outlook Q&A Christian Stewart Harris Christian Stammkoetter CFO Stammkoetter CEO CEO 2026 Half-year results - Givaudan Conference Call for Investors and Analysts 2
Slide 3: Business highlights
BUSINESS 1 HIGHLIGHTS Christian Stammkoetter, CEO
Slide 4: My first months at Givaudan
My first 5 months at Givaudan Listening & immersion customers teams investors Driving focus & alignment priorities leaders execution 2026 Half-year results - Givaudan Conference Call for Investors and Analysts 4
Slide 5: Solid financial performance
2026 Half-year results Solid financial performance SALES BALANCED SALES GROWTH CHF 3,799 million, across geographies, and customer groups, with high-growth markets increasing by 5.2% LFL and mature markets by 2.0% LFL an increase of 3.6% LFL* and a decrease of --1.7% in Swiss francs ADJUSTED EBITDA
Slide 6: Half-year sales performance
Half-year sales performance Solid growth in both divisions SALES in CHF million GROUP SALES HY 2025 HY 2026 3,864 3,799 3,799 million CHF +3.6% LFL* FRAGRANCE & BEAUTY 1,955 2,010 1,909 1,789 2,010 million CHF +6.5% LFL* graph TASTE & WELLBEING GROUP FRAGRANCE & BEAUTY TASTE & WELLBEING 1,789 millio
Slide 7: Fragrance & Beauty
Fragrance & Beauty Sales growth of 6.5% on a LFL* basis SALES in CHF million FINE FRAGRANCE +7.3% LFL* Good growth against a strong comparable of 18.0%. 2,010 1,955 + 2.9% in CHF CONSUMER PRODUCTS +9.2% LFL* Excellent growth against a comparable growth of 6.1%. HY 2025 HY 2026 FRAGRANCE INGREDIENTS
Slide 8: Taste & Wellbeing
Taste & Wellbeing Sales growth of 0.5% on a LFL* basis SALES in CHF million SOUTH ASIA, EUROPE MIDDLE EAST & AFRICA 1,909 +0.3% LFL* +0.5% LFL* compared to +4.2% in 2025 compared to +12.7% in 2025 -6.3% 1,789 in CHF NORTH AMERICA LATIN AMERICA -1.5% LFL* -1.5% LFL* compared to +2.0% in 2025 compared
Slide 9: Sales evolution by region
Sales evolution by region Balanced growth across geographies SALES in CHF million HY 2025 HY 2026 MATURE: 51% of sales 1,620 1,609 1,944 million CHF +2.0% LFL* compared to +2.9% in 2025 913 909 888 868 HIGH-GROWTH: 49% of sales 443 413 1,855 million CHF +5.2% LFL* compared to +10.0% in 2025 LATAM AP
Slide 10: 2030 Strategy in action
2030 Strategy in action Key milestones of the first half-year 2026 Q1 Q2 New fragrance Groundbreaking of a creative center fragrances opened in Jakarta, production site in Indonesia Pedro Escobedo, Secured seventh Mexico consecutive CDP A for New centre of Acquired climate action & CDP A Launched th
Slide 11: 2026 Innovation highlights
2026 Innovation highlights Addressing customer needs and consumer trends HAUS OF SUDS PRIMALHYAL NeuroYouth STRATEGIC COLLABORATION WITH MICROCAPS A new emotional era for laundry Restoring skin’s communication system Strengthening our encapsulation capabilities Consumer-first, co-created scents Targ
Slide 12: Operating performance
OPERATING 2 PERFORMANCE Stewart Harris, CFO
Slide 13: Performance highlights
2026 Half-year results Performance highlights SALES ADJUSTED EBITDA CHF CHF Margin of 3.6% 3,799 LFL* and 923 24.3% compared to 25.2% in million -1.7% in CHF million 2025 NET INCOME ADJUSTED FREE CASH FLOW NET DEBT TO EBITDA RATIO CHF CHF 12.5% -3.1% compared to 475 Net profit margin -119 of sales 2
Slide 14: Exchange rate development versus Swiss francs
Exchange rate development versus Swiss francs Further strengthening of CHF 4% 2% -2% -4% -6% -6% -9% -14% -13% JPY USD GBP EUR SGD BRL CNY MXN IDR HY 2026 4.98 0.78 1.06 0.92 0.61 15.21 11.43 4.47 0.46 HY 2025 5.81 0.86 1.12 0.94 0.65 14.97 11.93 4.31 0.53 Units 1000 1 1 1 1 100 100 100 10,000 2026
Slide 15: Sustained strong profitability
2026 Half-year operating performance Sustained strong profitability EBITDA in CHF million Gross GROSS MARGIN ADJUSTED EBITDA 44.0% 44.5% 923 million margin in % 44.5% CHF compared to 44.0% in 2025 compared to CHF 973 million in 2025 945 Non-recurring adjustments in 2026 820 include: • Litigation set
Slide 16: Fragrance & Beauty EBITDA
2026 Half-year operating performance Fragrance & Beauty EBITDA in CHF million ADJUSTED EBITDA CHF 526 million Non-recurring adjustments include: • Litigation settlements of CHF 30 million in 525 compared to CHF 540 million in 2026 492 2025 • Acquisition, restructuring and project- related costs of C
Slide 17: Taste & Wellbeing EBITDA
2026 Half-year operating performance Taste & Wellbeing EBITDA in CHF million ADJUSTED EBITDA CHF 397 million Non-recurring adjustments include: • Litigation provisions of CHF 53 million in 2026 compared to CHF 433 million in • Acquisition, restructuring and project-related 2025 costs of CHF 16 milli
Slide 18: 2026 Half-year Net Income
2026 Half-year Net Income 12.5% of sales, due to non-recurring costs NET INCOME in CHF million INCOME BEFORE TAXES NET INCOME 592 CHF 580 million CHF 475 million compared to CHF 713 million in 2025 or 12.5% of sales, versus CHF 592 million, or 15.3% of sales in 2025 475 • Other financial income, net
Slide 19: 2026 Half-year Adjusted Free Cash Flow
2026 Half-year Adjusted Free Cash Flow Driven by higher investments and temporary working capital effects ADJUSTED FREE CASH FLOW in CHF million ADJUSTED FREE CASH FLOW OPERATING CASH FLOW - 16 -3.1% of sales CHF 184 million or CHF -119 million compared to CHF 248 million in 2025 compared to -0.4% o
Slide 20: Balanced debt structure
Balanced debt structure | Leverage impacted by non-recurring costs DEBT MATURITIES NET DEBT TO EBITDA 3.7 1,327 986 3.1 2.9 2.9 2.8 660 2.5 609 464 2.3 459 2.1 308 18 Cash ST < 1 Y 1-2 Y 2-3 Y 3-4 Y 4-5 Y 5-6 Y 7-8 Y FY 2022 HY 2023 FY 2023 HY 2024 FY 2024 HY 2025 FY 2025 HY 2026 The weighted averag
Slide 21: 2030 Strategy & Outlook
2030 STRATEGY & 3 OUTLOOK Christian Stammkoetter, CEO
Slide 22: 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% Adjusted Free healthier lives with love for nature. How customers Cash Flow Let’s imagine to
Slide 23: Performance ambitions
2030 Strategy Performance ambitions SALES GROWTH ADJUSTED FREE CASH FLOW PURPOSE AMBITIONS 4.0 – 6.0% >12% of sales Purpose linked targets 2026 – 2030 Average 2026 – 2030 Average Adjusted FCF2 as 2026 – 2030 Like-for-Like1 sales growth % of sales Progress towards all published purpose targets 1. Lik
Slide 24: 2026 Outlook
2026 Outlook To be updated Business context • Navigating in a volatile geopolitical landscape and uncertain market conditions • Strong natural hedges across product segments, geographies and customer groups 2026 outlook • Strong focus on our customers and on maintaining our supply chain performance
Slide 25: Questions & Answers
QUESTIONS & 4 ANSWERS
Slide 26: Upcoming events
Upcoming events 27 August 2026 Summer investor conference, Zurich: Strengthening the next chapter - our path to 2030 29-30 September 2026 Investor field trip to Naarden, The Netherlands 13 October 2026 Nine months sales publication Contact Claudia Pedretti, Head of Investor and Media Relations T +41
Slide 27: Appendix
APPENDIX
Slide 28: Updated Key Performance Metrics
Updated Key Performance Metrics Updated Key Performance Metrics In anticipation of the introduction of IFRS 18 as from 1 January 2027 and the requirement to restate 2026 comparative numbers, Givaudan has updated the definitions of some of its Key Performance Metrics, notably by replacing Comparable
Slide 29: 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 30: Follow us on social media
Follow us on social media Follow us on social media @givaudan
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