Geneva-based flavors and fragrances group Givaudan reported sales of CHF 3,799 million for the first half of 2026 — up 3.6% on a like-for-like (LFL) basis, though the strong Swiss franc pushed reported sales down 1.7%.
Taste & Wellbeing, the division covering beverage flavors, grew just 0.5% LFL — a slowdown from a strong 4.1% comparable a year earlier. Regional performance was mixed: Asia Pacific rose 4.9%, while North America (–1.5%) and Latin America (–1.5%) declined. Europe grew only marginally, up 0.3%.
Higher input costs weighed on results; Givaudan is working with customers to offset these through price increases — a point directly relevant to beverage manufacturers as buyers. In addition, CHF 103 million in non-recurring costs (including provisions tied to antitrust investigations in the fragrance industry, as well as a provision linked to a Missouri court judgment concerning alleged pulmonary injury from flavor exposure to diacetyl and 2,3-pentanedione) hit the division's profitability: Taste & Wellbeing's adjusted EBITDA margin fell from 22.7% to 22.2%.
At group level, adjusted EBITDA margin dropped from 25.2% to 24.3%, and net income fell from CHF 592 million to CHF 475 million. Net debt rose to CHF 4,604 million (prior year: CHF 4,490 million).
CEO Christian Stammkoetter commented: "We are pleased with our sustained solid financial performance in the first half of 2026. Despite ongoing geopolitical and macroeconomic challenges, our business continued to display good growth momentum and industry leading profitability."
For its mid-term strategy, Givaudan reaffirmed its 2030 targets: average LFL sales growth of 4–6% and average Adjusted Free Cash Flow above 12% of sales.
