Givaudan’s group sales reached CHF 3.799 billion (€4.08bn) in H1 26, up 3.6% like-for-like but down 1.7% reported. However EBITDA fell 13.2% to CHF 820 million, with EBITDA margin declining from 24.5% to 21.6%. Net income dropped 19.8% to CHF 475m. Part of this decline came from CHF 103 million in non-recurring costs related to litigation settlements and provisions, restructuring and competition-authority investigations.
Fragrance & Beauty remained Givaudan’s main growth engine. Sales reached CHF 2.01bn, up 6.5% like-for-like and accounting for 53% of group sales. Consumer Products led the division with 9.2% growth, while Fine Fragrances rose 7.3% despite comparing against 18.0% growth last year. However Ingredients and Active Beauty contracted by 4.1%. Fragrance & Beauty EBITDA fell 6.3% to CHF 492m, while its margin declined from 26.9% to 24.5%.
Givaudan did not provide a forecast for 2026, instead reiterating its longer-term target of 4–6% average like-for-like growth and an adjusted free-cash-flow ratio above 12%. The success of Givaudan this year will be about execution, not demand. Can an increase in prices offset higher input costs? Can margins stabilise and working capital normalise?
