Swiss fragrance and flavour maker Givaudan reported accelerating sales growth in the first nine months of 2026, with revenue rising 5.2% on a like-for-like basis to CHF 5.89 billion, driven by sustained strength in Fragrance & Beauty and improving momentum in Taste & Wellbeing.
Sales rose 2.6% in Swiss francs, compared with like-for-like growth of 5.7% and a 1.7% increase in Swiss francs in the corresponding period of 2025, the company said in an announcement on October 13.
“We are pleased with the accelerating momentum in our sales growth in the first nine months of 2026, with sustained strong performance in our Fragrance & Beauty business and sequentially improving performance in Taste & Wellbeing, in line with expectations.
"With ongoing geopolitical and macroeconomic challenges, these results once again demonstrate the value that Givaudan’s unique capabilities bring to all of our customers in supporting their growth ambitions across all product segments and geographies," said Christian Stammkoetter, CEO.
Fragrance & Beauty emerged as the strongest growth engine, generating sales of CHF 3.15 billion, up 8.8% on a like-for-like basis and 7.8% in Swiss francs. Acquisitions contributed 2.8% to growth, while currency movements dragged sales down by 3.8%.
Fine Fragrance sales climbed 15.3% on a like-for-like basis, despite a strong comparison with 18.7% growth in the year-earlier period. Consumer Products accelerated, growing 9.3%, compared with 5.9% a year earlier.
However, Fragrance Ingredients and Active Beauty remained under pressure, with sales declining 2.5%, against 1.5% like-for-like growth in the first nine months of 2025.
Taste & Wellbeing recorded sales of CHF 2.74 billion, with like-for-like growth of 1.5%. Sales fell 2.8% in Swiss francs, reflecting a negative 4.3% impact from currency translation. Acquisitions, net of disposals, had a negligible impact.
Although growth remained modest, the business showed sequential improvement, in line with management expectations, signalling a gradual recovery amid challenging market conditions.
Regional performance was mixed, with Asia-Pacific delivering a strong rebound while North America remained the biggest drag on growth.
Asia-Pacific sales rose 7.1% on a like-for-like basis, reversing a 0.5% decline in the same period last year. South Asia, Africa and the Middle East recorded 4.1% growth, although this was significantly below the 8.8% increase reported a year earlier.
Europe grew 1.5%, down from 3.8% in the comparable period, while Latin America expanded 1.1%, against 3.1% growth in 2025.
North America was the weakest region, with sales falling 3.3% on a like-for-like basis, compared with 3.9% growth a year earlier. Givaudan attributed the decline to continued weakness in its Health and Functional Business Unit and tariff refunds made to US customers during the third quarter of 2026.
Despite ongoing geopolitical volatility, the company maintained strong operational and global supply chain performance, supported by good volume growth across much of its business.
Higher input costs also prompted Givaudan to implement price increases in collaboration with customers to fully offset cost inflation.
Looking ahead, Givaudan is sticking to its long-term strategy, Driving sustainable growth with customers, as it seeks to strengthen its core businesses and expand into high-value adjacent markets.
The company is targeting average like-for-like sales growth of 4–6% over the five-year period through 2030, alongside average adjusted free cash flow of more than 12%.
Its strategy also prioritises sustainability, including reducing Scope 1, 2 and 3 greenhouse gas emissions in line with the Science Based Targets initiative’s Net-Zero Standard trajectory and ensuring that all materials and services are sourced in ways that protect people and the environment by 2030.
Givaudan also plans to pursue strategic acquisitions aligned with its growth priorities.
The latest results underscore the resilience of its Fragrance & Beauty business, while the improving performance in Taste & Wellbeing offers a potential source of additional momentum.
However, persistent weakness in North America, currency headwinds and uneven regional demand remain key challenges as the company pursues its long-term growth targets.
