Givaudan reported solid half-year results for 2023, with sales of CHF 3,535 million, an increase of 2.4% on a like-for-like basis and a decrease of 3.2% in Swiss francs. The company's strong sales performance was driven by high growth markets in Europe and in Fine Fragrances, with performance improvement initiatives already delivering first results. EBITDA was CHF 763 million, with a margin of 21.6%, compared to 22.4% in 2022. Comparable EBITDA was CHF 803 million, with a margin of 22.7%, compared to 22.5% in 2022. Free cash flow was 104 million, or 2.9% of sales, an improvement of CHF 251 million over 2022. Sales performance was strongest in high growth markets, with Latin America, Asia Pacific, North America, and Emerging Markets all reporting growth.
