2025年半年度报告

Human by nature.We seek to elevate the human experience with the products and solutions we craft.We believe in the wisdom of nature and it is our mission to protect it.We are growing with purpose.Givaudan – 2025 Half Year Report2 Creating for happier, healthier lives, with love for nature.Let's imagine together.Givaudan is committed to driving purpose-led, long-term growth by increasingour positive impact on nature and improving people's health and happiness.Our 2025 ambitionpage 5At a glancepage 7First half of 2025page 8Business performance Half Year 2025page 92025 Half Year Financial Reportpage 12Givaudan – 2025 Half Year Report3 We are very pleased withour continued strong financialperformance in the first half of2025, despite an environmentwith ongoing geopolitical andmacro-economic challenges.Sales remained strong withgood growth across all businesssegments, geographies andcustomer groups, against verystrong prior year comparables.These results once againdemonstrate the value thatGivaudan brings to its customersthrough our highly specialisedproducts and solutions.Gilles Andrier, CEO Our 2025 ambitionCommitted to Growth, with PurposeEXPANDTHEPORTFOLIOEXTENDCUSTOMERREACHFOCUSEDMARKETSTRATEGIESExcellence, innovation, simplicityin everything we doImpact onEnvironment,Society andGovernanceGrowingtogether withour customersGivaudan – 2025 Half Year Report5 Performance commitmentsFREE CASH FLOW>12%of sales2021 – 2025 AverageFCF ² as % of sales1.Like-for-like(LFL)isdefinedas:(a)salescalculatedusingtheinvoicingexchangeratesoftheprioryear,(b)excludingsalesofbusinessesacquiredfromtheacquisitiondateuntiltheperiodenddate,upto12 monthsfromtheacquisitiondate,and(c)excludingsalesofthebusinessesdisposedoffromthedisposaldateuntiltheperiodenddateofthecomparableprior period.2.FreeCashFlow(FCF)referstooperatingcashflowafternetinvestments,interestpaid,leasepaymentsandpurchaseandsaleofownequityinstruments.Givaudan – 2025 Half Year Report6 PURPOSE COMMITMENTSPurpose linked targets2021 – 2025 Progress towards allpublished purpose targets SALES GROWTH4.0%to 5.02021 – 2025 AverageLike-for-Like ¹ Sales Growth % At a glanceNET INCOMECHFmillion592compared to CHF 588 million in2024, resulting in a net profitmargin of 15.3%1.Like-for-like(LFL)isdefinedas:(a)salescalculatedusingtheinvoicingexchangeratesoftheprioryear,(b)excludingsalesofbusinessesacquiredfromtheacquisitiondateuntiltheperiodenddate,upto12monthsfromtheacquisitiondate,and(c)excludingsalesofthebusinessesdisposedoffromthedisposaldateuntiltheperiodenddateofthecomparablepriorperiod.3.Asat31December2024.Percentagebyprocurementspend,flaggedassourcedresponsiblyuponcompletionofbasicduediligenceasdefinedinourSourcing4Goodprogramme.SOCIAL33%women in seniorleadership positions²Givaudan – 2025 Half Year Report7 2024Percentagechange3,7373.4%1,8267.0%1,911(0.1%)12.5%1,6463.4%44.1%9064.4%24.2%7627294.5%19.5%5880.7%15.7%427(41.9%)11.4%197(108.1%)5.3%4,718(4.8%)2.963.760.7%a)EBITDAdefinedasEarningsbeforeinterest(andotherfinancialincome(expense),net),Tax,DepreciationandAmortisation,correspondstooperatingincomebeforedepreciation,amortisationandimpairmentoflong-livedassets.First half of 2025SALES PERFORMANCE BY BUSINESS ACTIVITYin millions of Swiss francsFragrance & BeautyFine FragranceConsumer ProductsFragrance Ingredients and Active BeautyTaste & WellbeingEuropeSouth Asia, Middle East and AfricaNorth AmericaLatin AmericaAsia PacificSALES PERFORMANCE BY GEOGRAPHYin millions of Swiss francsasreportedLATAMAPACNOAMEAMEHigh growth marketsMature marketsTotal GroupLike-for-like(LFL)isdefinedas:(a)salescalculatedusingtheinvoicingexchangeratesoftheprioryear,(b)excludingsalesofbusinessesacquiredfromtheacquisitiondateuntiltheperiodenddate,upto12monthsfromtheacquisitiondate,and(c)excludingsalesofthebusinessesdisposedoffromthedisposaldateuntiltheperiodenddateofthecomparablepriorperiod.Givaudan – 2025 Half Year Report8 KEY FIGURESFor the six months ended 30 June, in millions of Swiss francs, except forearnings per share dataGroup salesFragrance & Beauty salesTaste & Wellbeing salesLike-for-like sales growthGross profitas % of salesEBITDAaas % of salesOperating incomeas % of salesNet incomeas % of salesOperating cash flowas % of salesFree cash flowas % of salesNet Debt (at 30 June)Net debt/EBITDAEarnings per share − basic (CHF) GROUP – SALESin millions of Swiss francs,,,,FRAGRANCE & BEAUTY – SALESin millions of Swiss francs,,,,,20252024202320222021TASTE & WELLBEING – SALES,Business performance Half Year 2025Givaudan Group salesforthefirstsixmonthsoftheyearwereCHF 3,864 million,anincreaseof6.3%onalike-for-like ¹(LFL)basisand3.4%inSwissfrancs,withcurrencyvolatilityandastrongSwissfrancimpactingthesalesperformanceinSwissfrancs.Givaudancontinuedthefirstsixmonthsoftheyearwithgoodvolumegrowthandmaintaineditsoperationsandglobalsupplychainatahighlevel.Thestronggrowthwasachievedacrossallbusinesssegments,geographiesandcustomergroups,demonstratedbycontinuedoutperform