Givaudan's sales increased 2.8% on a like-for-like basis (LFL) in Q1 2026, with robust demand for fragrances and consumer products offsetting a decline in the company’s food ingredients division.
This figure – driven mostly by higher volumes rather than pricing, stated analysts – came in above a company-compiled consensus forecast of 1.9%, and excluded the impact of currency changes, acquisitions and disposals.
Although the Swiss flavour giant’s organic growth decelerated from 7.4% a year ago, this was cushioned by a positive performance in Givaudan’s fragrance and beauty division.
Like-for-like sales in fragrance and beauty soared 5.9% in Q1 2026, beating a consensus estimate of 4.1%.
Sales reached CHF 1,004m, exceeding consensus by 180 basis points, driven by strong performances in Givaudan’s perfumery and personal and home care businesses.
Givaudan’s fine fragrances sales increased 9.6% LFL during this period, and consumer products increased 7.8% LFL.
This “good” sales growth in fragrance and beauty was achieved across most regions.
However, the company’s overall sales in high-growth markets increased by 4.0% LFL, against a strong prior year comparable of 12.8% LFL, while sales in mature markets increased by 1.7% LFL versus 2.6% LFL in Q1 2025.
Shares in Givaudan were up 5.6% at 07:28 GMT on 14 April following the release of the company’s financial results, hitting its highest level in more than a month.
Meanwhile, Givaudan’s fragrance ingredients and active beauty divisions sales declined 5.9% in Q1 2026.
The company’s taste and wellbeing business did not fare well during this quarter, with sales falling 0.4% on a LFL basis, missing consensus of 0.4% growth.
This has signalled weaker momentum in the sector and potentially emerging challenges in food‑related flavours and wellness solutions.
Givaudan’s biggest declines in this division were in Europe, North America and Latin America.
Although beverage and savoury sales reported a “weaker performance”, snacks, dairy and natural colours recorded “solid growth”.
Givaudan CEO Christian Stammkoetter commented: “We are pleased with the solid start that we have made to 2026, against strong prior year comparables.
“In an environment where geopolitical volatility persists and end market conditions in selected markets remain challenging, the strong natural hedges of Givaudan across business segments, geographies and customer groups continue to support the resilience of our business.
“I am very impressed by the commitment of all Givaudan employees across the value chain in supporting the growth of our customers.”
Givaudan also confirmed it is implementing price increases this year to compensate for the increases in input costs.
As part of its 2030 strategy, Givaudan said in a statement it will “leverage its existing strengths and proven business model in its core business, while further expanding into high-value adjacent spaces to fuel future sustainable and profitable growth”.
The company is targeting 4% to 6% average LFL sales growth and more than 12% average free cash flow over this five-year period.