Givaudan's nine-month sales beat forecasts as fine fragrance climbs 15.3%

Givaudan beat expectations for the first nine months of 2026, with total sales of CHF 5.9 million reported for January to September. Its fragrance and beauty arm contributed CHF 3.1 million, and grew 8.8% like-for-like against a predicted 4.7%.

Fine fragrance was the engine, up 15.3% over the period. That builds on growth of 18.7% in the same nine months a year earlier, so the division is lapping a very demanding comparison.

Givaudan, the Swiss flavours and fragrance company, also reported a 9.3% rise in its consumer goods business, up from 5.9% growth before. The weak area was fragrance ingredients and active beauty, where sales fell 2.5%.

Chief executive Christian Stammkoetter said the company was pleased with accelerating sales momentum, citing sustained strong performance in fragrance and beauty. He added that taste and wellbeing was improving sequentially, in line with expectations.

Stammkoetter also pointed to the climate outside the company. "With ongoing geopolitical and macroeconomic challenges, these results once again demonstrate the value that Givaudan's unique capabilities bring to all of our customers," he said, referring to every product segment and geography.

Where the regions diverged

Asia-Pacific was the standout region, with sales rising 10.6% across the nine months. North America was the concern: group sales there grew just 1.1%, against 3.5% in the same period a year earlier.

Latin America recorded 0% like-for-like growth over the nine months. Set beside Asia-Pacific at 10.6%, the gap between Givaudan's fastest and slowest regions is wide, and North America is much closer to the slow end.

The third quarter alone showed the momentum more sharply. In the three months to 30 September, Givaudan reported sales of CHF 2.09 billion, up 8.6% like-for-like and 11.3% in Swiss francs against the prior-year period.

Fine fragrance and beauty sales reached CHF 1.14 billion in the quarter, up 13.5% like-for-like against a high prior-year gain of 6.8%. Taste and wellbeing grew 3.5% like-for-like, compared with 2.1% in the same quarter last year.

The market rewarded the numbers. Givaudan's stock surged 8.6% to CHF 3,787, or $4,549.75, at 1.15pm CET on Tuesday. Peers followed: DSM-Firmenich rose 3.5% to 103 euros, and Symrise gained 3.2% to 96.26 euros.

The five-year plan and deal activity

Givaudan describes its strategy for the next five years as "driving sustainable growth with customers". It says it will pursue "creative, high value added products and solutions that consumers love and that stand the test of time".

The company targets average like-for-like sales growth of between 4% and 6% over those five years. It also wants adjusted free cash flow averaging above 12%, with a focus on environmental and human protection.

Acquisitions are part of that plan where they match its focus areas. Earlier this year Givaudan agreed to buy a majority stake in Eurofragrance, a Spanish fragrance house, to expand its presence across local and regional markets.

Rival Symrise made its own fragrance move on the same day, opening a scent creative centre in Singapore to accelerate growth in Asia, a market where perfume use is burgeoning. It has invested more than 80 million euros in Singapore over the past decade.

The Singapore centre links consumer fragrance, fine fragrance and oral care expertise, and integrates the care and wellness and the taste, nutrition and health divisions. Symrise said dedicated spaces recreate environments in which consumers experience products, rather than conventional evaluation settings alone.

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Image: Inside a Givaudan lab Photo by Thomas Deron/Courtesy of Givaudan