Givaudan (GIVN) H2 2025 earnings summary

Executive summary

• Achieved sales of CHF 7.5 billion, up 5.1% like-for-like and 0.8% in Swiss francs year-over-year, with high-growth markets up 8.0% and mature markets up 2.4% like-for-like.

• Completed a volatile 5-year strategic cycle, exceeding 2025 strategy targets and meeting all financial and non-financial ambitions.

• Leadership transition: Christian Stammkoetter to become CEO in 2026; new executive committee and board changes, including a sustainability-focused member.

• Proposed dividend of CHF 72 per share, a 2.9% increase, marking the 25th consecutive annual rise.

Financial highlights

• EBITDA of CHF 1,751 million (23.4% margin), with comparable EBITDA margin at 24.2%; net income CHF 1,071 million (14.3% margin).

• Free cash flow CHF 1,053 million, representing 14.1% of sales for the second consecutive year.

• Gross margin decreased to 43.5% from 44.1% due to higher input costs and tariffs.

• Basic EPS CHF 116.08, down from CHF 118.17.

• Net debt reduced to CHF 3.7 billion; net debt/EBITDA ratio improved to 2.1.

Outlook and guidance

• 2026 expected to remain volatile geopolitically and economically, but natural hedges and pricing actions to provide resilience.

• Guidance for 2026–2030: 4–6% like-for-like average sales growth and over 12% free cash flow as % of sales.

• Purpose ambitions include net zero GHG emissions by 2045 and 50% women in senior leadership by 2030.

• Limited input cost impact anticipated; ongoing non-recurring costs expected for investigations and optimization.