Flavour and fragrance group Givaudan announced on Tuesday 13 October 2026, in a press release relayed by the AWP news agency, sales of 5.89 billion Swiss francs for the first nine months of the year. Growth over the period reached 5.2%, but it shrinks to 2.6% when expressed in francs. This gap between the two measures sums up the essence of the release: a business that is growing, and a reporting currency that eats into part of that growth.
Prices and volumes up
According to the report published by Allnews, growth in the first nine months of 2026 rests on two drivers. On the one hand, higher volumes. On the other, price increases, which Givaudan links to the rise in raw material costs since the start of the year. The group has therefore passed on, at least in part, the higher cost of its inputs to its customers.
The source does not specify the respective shares of volumes and prices in total growth. On the basis of the available information, it is therefore not possible to say which of the two factors weighed more.
Currency effects, a 234 million drag
Currency effects weighed by 4%, or 234 million francs, on the first nine months of 2026. For a company that reports its accounts in francs but makes its sales in many currencies, every appreciation of the franc mechanically reduces the value, once converted, of revenue collected abroad.
One uncertainty is worth flagging: the gap between growth of 5.2% and growth of 2.6% in francs is 2.6 percentage points, whereas the currency effect is put at 4%. The report does not explain this difference. Other factors, such as the exact definition of the like-for-like base, could come into play, but the source does not make it possible to confirm this.
Fragrance drives growth
Both divisions contributed to growth, but in very different proportions over the first nine months of 2026:
- Fragrance & Beauty: up 8.8% (7.8% in francs), to 3.15 billion francs. In the third quarter alone, fragrance grew by 13.5%.
- Taste & Wellbeing: up 1.5%, to 2.74 billion francs. Expressed in francs, however, this segment declined by 2.8%.
The comparison is telling. In fragrance, the currency effect costs only one point of growth. In the Taste & Wellbeing division, it is enough to turn a slight increase into a decline once the figures are converted into francs. The report does not detail the reasons for this gap between the divisions.
All regions growing
According to the report, all regions contributed to growth, “despite a challenging environment” in certain end markets. Over the first nine months of 2026:
- Europe, Africa and Middle East: 2.49 billion francs (+5.8%), the main contributor.
- Asia Pacific: 1.42 billion francs (+10.6%).
- North America: 1.33 billion francs (+1.1% on a like-for-like basis).
- Latin America: stable, at 645 million francs.
Givaudan also distinguishes two broad groupings. So-called high-growth markets grew by 7.9% on a like-for-like basis, to 2.91 billion francs, compared with 8.1% in the same period last year. Mature markets posted an increase of 2.7%, to 2.98 billion francs, compared with 3.4% a year earlier. In both cases, growth remains positive but is slowing slightly compared with 2025.
Above analysts’ expectations
The published figures exceed the expectations of analysts, who had forecast total revenue of 5.78 billion francs for the first nine months of 2026. For fragrance, they expected 3.06 billion francs, against 3.15 billion reported. For flavours, the forecast was 2.72 billion francs, against 2.74 billion reported. The gap is therefore most pronounced on the fragrance side.
No annual target, 2030 course maintained
Givaudan has not set specific targets for the 2026 financial year, but confirms its medium-term ambitions. By 2030, the group is aiming for:
- average sales growth of 4% to 6% on a like-for-like basis;
- average adjusted cash flow of more than 12%.
Measured against this range, the growth of 5.2% in the first nine months of 2026 is within the target. However, this is a nine-month period, whereas the target relates to a multi-year average: a cautious reading is called for. The source also gives no indication of cash flow for the period, nor of the margin or profit, which are not part of this sales release.
Key takeaways
The published figures show business growing in all regions and in both divisions, supported by volumes and by price increases linked to the cost of raw materials. The interpretation, however, calls for nuance: the strong franc takes 234 million francs off reported sales, and the Taste & Wellbeing division declines once converted into francs. This article is purely informative and does not constitute investment advice.
