Overview

Key figures

Economic

Environment

Social

Governance

CHF

million

7,472

Sales, up 5.1% LFL ¹

2024: CHF 7,412 million sales, up 12.3% LFL

14.1%

Free cash flow as a % of sales

2024: 15.6%

CHF

72.00

Proposed dividend per share ²

2024: CHF 70.00

100%

Purchased renewable electricity 

2024: 100%

–50%

GHG emissions scope 1+2 since 2015

2024: –48%

CDP A

Leadership in transparency and action on climate change for 7 years in a row

34%

Women in senior management

2024: 32%

–48%

Total recordable case rate since 2018 ³

2024: –34%

820,137

People benefitted from community initiatives

2024: 53%

69%

Of our total materials and services sourced responsibly ⁴

20%

Non-financial targets in Performance Share Plan compensation

80%

Of our employees are covered by Fair-ON-Pay certification

2024: 80%

1. LFL: Like-for-like excludes the impact of currency, acquisitions and disposals.

2. Subject to shareholder approval at the AGM on 19 March 2026.

3. The TRCR reduction is based on an adjusted 2018 baseline rate of 1.45, revised to reflect the integration of acquired companies – Naturex, Drom, Albert Vieille, Expressions Parfumées, Golden Frog, and Vika.

4. % by procurement spend, flagged as sourced responsibly upon completion of basic due diligence as defined in our Sourcing4Good programme.

Key innovations

Green Banana Powder

This clean-label, upcycled ingredient replaces synthetic texturisers, delivering consistent texture and mouthfeel. Packed with fruit content, it adds fibre and nutritional appeal to a wide range of food applications.  Read more

Zensera™

A patent-pending, lemon-balm extract that supports cognitive performance ¹ under stress ². This science-backed, clean label ingredient is effective at a low dose and can be used in beverages and traditional dietary supplements.  Read more

Everzure™ Galdieria

This natural, vibrant blue colour is extracted from microalgae. Approved by the US FDA for food and beverages, it addresses regulatory pressure and bans on synthetic colours.  Read more

Evernityl™

An active ingredient from marine macroalgae, Evernityl™ combats skin ageing and promotes youthful skin. It builds on our ground-breaking research into the skin microbiome and metabolites that can damage skin.  Read more

Roblox

Guardians of Memories, developed in collaboration with Givaudan’s Fine Fragrance and Digital teams, is an interactive experience on the popular gaming platform Roblox. It encourages Gen Z and Alpha to explore the world of perfume creation.  Read more

ChériScentz™

A fragrance design tool for perfumers to evoke feelings of attraction and intimacy in their creations. Based on neuroscience technology and consumer insights, this tool assesses fragrance sensuality through visual stimuli.  Read more

Chairman’s letter

Disclosure 2–22

Dear shareholders,

As we look back on 2025, and the conclusion of this five-year strategic cycle, I do so with deep appreciation and pride for what Givaudan continues to achieve – a company defined by creativity, resilience, and purpose. Despite a complex operating environment, we delivered another year of solid financial performance and exceeded our financial targets for the five-year period. I’d like to express my thanks to our Givaudan colleagues, and the Executive Committee for steering the Company to these achievements.

In 2025, Givaudan delivered like‑for‑like sales growth of 5.1%, with a free cash flow of CHF 1,053 million, representing 14.1% of sales. These strong results highlight the resilience of our diversified business model and the agility of our teams, in anticipating and responding to customer needs across geographies and segments. Throughout the 2021–2025 strategic cycle, we remained focused on driving sustainable growth and expanding our portfolio through targeted acquisitions, particularly in the nutrition and beauty segments. The key themes of innovation, digitalisation and nutrition, deep customer partnerships and operational excellence were central pillars of our success over the past five-years. I am proud of how we have delivered on these priorities and further strengthened Givaudan’s leadership in both Fragrance & Beauty and Taste & Wellbeing. In recognition of these achievements and our longstanding commitment to sustainable value creation, the Board is pleased to propose a dividend of CHF 72 per share, marking our twenty‑fifth consecutive annual increase.

Our approach to environmental, social and governance (ESG) topics continues to guide how we create long‑term value. In this report, you will find many examples of how we are doing this. Over this strategic cycle, we’ve focused on ensuring our ESG actions deliver real value to all our stakeholders. We’ve continued to make excellent progress in reducing greenhouse gas emissions, reaching a major milestone for scope 1+2 by achieving a 50% reduction. We’ve also brought several exciting new sustainable solutions to market and remained committed to inclusion and wellbeing for our people. We want to continue to improve our safety standards as this shall remain our highest priority. Therefore, we have renewed our safety targets for the next strategy cycle.

Transparency has also remained central to our governance approach. We hold ourselves accountable to the highest standards of reporting and have included the Swiss Ordinance on Non-Financial Reporting and the Climate-related Financial Disclosure in our 2025 Integrated Report. We consider this as essential to maintaining the trust on which Givaudan’s success has been built. Another aspect of our commitment to transparency and integrity is our continuing collaboration with competition authorities on the ongoing investigation into the Fragrance Industry.

In August 2025 we announced a leadership succession plan. After more than three decades at Givaudan, including twenty-one years as Chief Executive Officer, Gilles Andrier will retire in March 2026. On behalf of the Board, I wish to express our profound gratitude to Gilles for his visionary leadership, his inspiration and outstanding contributions that have motivated us day after day to give our best and transformed Givaudan into an industry leader. We are equally pleased to welcome Christian Stammkoetter as Chief Executive Officer, effective from 1 March 2026. Christian brings extensive experience in the global consumer industry and a strong track record of inspiring teams and driving strategic transformation. The Board has full confidence in his ability to lead Givaudan, alongside a highly experienced Executive Committee, into its next phase of responsible growth.

After nearly twelve years serving on Givaudan’s Board of Directors, and Chairman since 2017, I will be stepping down at the next Annual General Meeting in March 2026. It has been a tremendous privilege to support Givaudan’s journey of growth and transformation alongside an exceptional leadership team and dedicated employees worldwide. The Board will propose the election of Gilles Andrier as Chairman, ensuring continuity and drawing upon his deep knowledge of our business, our customers, and our culture. All Board members will stand for re-election at the 2026 AGM except Board member Tom Knutzen. In addition, the Board will propose the election of Ester Baiget, President and CEO of Novonesis as a new member to join the Board of Directors.

As part of our succession planning, the Nomination Committee regularly reviews the succession of all Executive Committee members, ensuring that we are prepared for any future transitions. I am delighted that we have successfully nominated highly experienced internal leaders to step into the roles of retiring Executive Committee members.

As Givaudan embarks on its 2030 strategic cycle, the foundations are strong: an experienced leadership team, a clear purpose, and a culture grounded in creativity, innovation and performance. I am confident that these strengths will continue to push the company forward and deliver sustainable value for all stakeholders.

I would like to thank our employees around the world for their dedication, our customers and partners for their trust, and you – our shareholders – for your continued confidence. It has been a privilege to serve as Chairman, and I look forward to following the continued success of Givaudan.

Calvin Grieder, Chairman

CEO review

Disclosure 2–22

In 2025, we proudly reached the conclusion of our 2025 strategy, a journey made possible by the commitment of our people, and the support of our customers, investors, suppliers and partners. Throughout this five-year cycle, we achieved fantastic progress, demonstrating growth, agility, and resilience in an ever-evolving environment.

In the final year of this five-year strategic cycle, we are pleased to report we achieved 5.1% like-for-like (LFL sales) growth, a comparable EBITDA margin of 24.2% and a free cash flow of 14.1% of sales, against very strong prior year comparables. This strong financial performance is proof of Givaudan’s ability to compete effectively in a complex external environment.

Performance highlights

With this financial performance in 2025, we have been able to exceed the ambitious financial targets we set as part of our 2025 strategy. Over the five-year period, we achieved average like-for-like sales growth of 6.8% and an average free cash flow of 12.5% of sales. This average growth accelerated when compared to the 4.9% of the 2020 strategic cycle. This is thanks to the strength of our customer partnerships, our industry-leading innovation and disciplined execution in delivering growth with purpose. These past five years have proven to us that we have the right strategy by staying focused on what we do best: providing creative high value-added products and solutions that meet the needs of our customers and desires of consumers.

Acquisition strategy

Our acquisition strategy has been a core enabler of this success, with seven companies joining the Givaudan Group during the last five-year cycle. Through carefully selected partnerships and integrations, we have broadened our portfolio, strengthened our innovation capabilities, expanded over geographies and deepened our customer relationships. Each acquisition has enhanced our ability to offer a broader portfolio of solutions in Taste & Wellbeing and Fragrance & Beauty to our customers. In 2025, we focused on acquisitions to support our regional presence including Vollmens Fragrances based in Brazil and Belle Aire Creations based in the USA. And as we head into the start of our new 2030 strategic cycle, we will continue to actively pursue acquisitions opportunities that align with our strategic focus areas.

Powered by innovation

In this strategic cycle, we have led the industry in product and technology innovation. From functional health and wellness ingredients to advanced delivery systems, neuroscience collaborations and AI‑driven fragrance design these have ensured that we stay at the forefront of addressing fast‑changing consumer needs. In this report you will find details of the extensive innovations we have brought to market over the last five years. I’d like to highlight a couple of innovations in 2025 that illustrate the way we bring added value to our customers. To support the wellness needs of consumers, in Taste & Wellbeing, we launched Zensera™, a patent-pending, lemon-balm extract that supports cognitive performance under stress. We launched green banana powder, a clean-label upcycled ingredient that adds fibre and nutritional appeal to products along with the desired texture and mouthfeel. Developed from marine macroalgae, our new active ingredient Evernityl™, combats skin ageing and promotes youthful skin. And based on neuroscience technology and consumer insights, we launched ChériScentz™, a fragrance design tool for perfumers to evoke feelings of attraction, intimacy in their creations.

Care and safety of our people

The strong business results were combined with tangible progress across key areas linked to our purpose goals including inclusion and safety. For inclusion, our latest engagement score has risen to 82%, reflecting increasing pride and belonging across Givaudan. Most colleagues say they feel respected, treated fairly, and free to be themselves at work. We’ve strengthened inclusion networks, expanded leadership training on inclusive behaviours, and created more spaces for open dialogue. These steps have made inclusion a lived experience, not just an aspiration.

In 2025, we took significant steps forward in reinforcing our safety culture and regaining momentum toward our long-term ambitions. The experiences of the past year have provided valuable learnings, which we have translated into meaningful actions to prevent recurrence and strengthen how we operate. Although we did not fully achieve our 2025 safety target, the dedication and commitment shown by our teams across the world demonstrate our shared responsibility and care for one another. For both topics, they will continue as part of our 2030 roadmap, and we will build on the momentum of the last five years to further embed a safety culture and a place where everyone at Givaudan can continue to thrive.

Climate milestones achieved

We continued to embed sustainability deeply within our business and culture, reflecting our commitment to creating positive impact across our value chain. This year marked a new chapter with the introduction of our double materiality assessment under the proposed Corporate Sustainability Reporting Directive (CSRD), enhancing how we understand both our influence on the world and the environmental and social factors shaping our future success. We achieved a major milestone by reducing our scope 1+2 emissions by 50%, a testament to the dedication and collaboration of our teams globally. At the same time, we stabilised our scope 3 emissions footprint which is an important achievement in a period of strong business growth. Finally, we recently received a CDP A score for climate action, our seventh consecutive A-rating, which really underscores the progress we are making towards our net-zero ambition.

Leadership transitions

This coming year brings important leadership transitions. After over 21 years as CEO of Givaudan, and over 30 years with the Company I will be handing over to Christian Stammkoetter on 1 March 2026. It has been an immense privilege and source of joy to lead this wonderful Company. I feel very fortunate to have worked with, and see develop, so many talented colleagues as well as be inspired by such a wide diversity of customers and I am proud to have contributed to the success of their brands. As we set out on the next strategic roadmap for the coming five years, it is the right moment to handover to Christian and I wish him every success for the future. Chairman Calvin Grieder will also step down at the next Annual General Meeting after 12 years of service on the Board, and I am deeply honoured to be proposed for election by the Board of Directors and having the opportunity to continue to contribute to Givaudan’s future.

We have also announced further changes to the Executive Committee. I would like to take a moment to express my heartfelt gratitude to Anne Tayac, currently Head of Givaudan Business Solutions and IT who is retiring in May 2026. Her significant contributions, leadership, and vision, as well as her commitment to our purpose and DNA have left a deep mark on Givaudan, and we will miss her insights and dedication. I am pleased to welcome Christina Yeo, currently Head of Taste & Wellbeing Operations, APAC, a long-standing internal leader to take on this role, effective 1 May 2026.

In addition, Fanny Iglesias, currently Deputy Group Counsel Fragrance & Beauty and Deputy Integrity Officer, will become Chief Legal & Compliance Officer and will also join the Executive Committee from 1 April 2026, succeeding Roberto Garavagno, currently Group Counsel & Integrity Officer. Roberto will retire after a distinguished career of nearly 30 years within Givaudan where he has been instrumental in shaping the Company’s legal and integrity framework and we extend our deepest appreciation for his contributions. The addition of this role to the Executive Committee underscores Givaudan’s focus on upholding the highest standards of compliance and ethics.

Givaudan’s next chapter

As we embark on our journey toward 2030, Givaudan is ready to build on its strong foundations and embrace a new chapter of sustainable growth with our customers. Guided by our purpose, we will continue to leverage our strengths to further build our position as the undisputed leader in our core business of fragrances and flavours, as well as in selected high value-added adjacencies.

Our strategy for the next five years focuses on extending our customer reach, deepening our geographical presence and expanding our portfolio, enabled by innovation, operational excellence and a deep commitment to people, nature and communities. With confidence in our proven business model and optimism for the opportunities ahead, we look forward to shaping a future that is as inspiring and enduring as the creations we bring to the world.

To our colleagues, partners and shareholders, I extend my heartfelt thanks for your continued trust, passion and partnership. We move forward together with confidence and optimism to create lasting value and positive impact for all.

Gilles Andrier, CEO

Full-year results

Sales performance

Full year Group sales were CHF 7,472 million, an increase of 5.1% on a like-for-like (LFL) basis and an increase of 0.8% in Swiss francs, compared to strong comparable growth of 12.3% LFL in 2024.

Givaudan finished the year positively, with good volume growth and the Company maintained its operations and global supply chain at a high level.

With higher input costs in 2025, including tariffs, the Company continued to implement price increases in collaboration with its customers to fully compensate for the increases in input costs.

Fragrance & Beauty sales were CHF 3,830 million, an increase of 7.9% LFL and 4.6% in Swiss francs.

On a business unit basis, Fine Fragrance sales increased by 18.3% LFL against a high prior year comparable growth of 18.4%, and Consumer Products sales increased by 6.8% LFL against a strong prior year comparable growth of 13.5%. Sales of Fragrance Ingredients and Active Beauty decreased by –1.4% LFL, with double-digit growth in Active Beauty offset by weaker performance in Fragrance Ingredients.

Sales in Taste & Wellbeing were CHF 3,642 million, an increase of 2.4% on a LFL basis and a decrease of –2.9% in Swiss francs, against a strong prior year comparable growth of 10.7% LFL.

On a regional basis, sales increased in South Asia, Middle East and Africa by 7.8% LFL, in Europe by 2.6% LFL, in North America by 3.0% LFL and in Latin America by 0.7% LFL. Sales decreased in Asia Pacific by –0.8% LFL. Within the product segments, there was broad based good growth in snacks, health care, dairy, and in sweet goods.

Gross margin

The gross profit decreased from CHF 3,271 million in 2024 to CHF 3,252 million in 2025, with the decrease mainly caused by foreign exchange effects. Measured in local currency, gross profit increased by 4.0%. With higher input costs in 2025, including tariffs, the gross margin decreased to 43.5% in 2025 compared to 44.1% in 2024.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)

The EBITDA  was CHF 1,751 million in 2025 compared to CHF 1,765 million in 2024. The EBITDA margin was 23.4% in 2025 compared to 23.8% in 2024, whilst on a comparable basis , the EBITDA margin decreased to 24.2% in 2025 compared to 24.5% in 2024.

The EBITDA of Fragrance & Beauty was CHF 985 million in 2025, flat compared to CHF 985 million in 2024. However, when measured in local currency, the EBITDA of Fragrance & Beauty increased by 4.2%. The EBITDA margin decreased to 25.7% in 2025 from 26.9% in 2024. On a comparable basis the EBITDA margin of Fragrance & Beauty was 26.5% in 2025 compared to 27.8% in 2024.

The EBITDA of Taste & Wellbeing was CHF 766 million in 2025 compared to CHF 780 million in 2024, a decrease of –1.8%. However, when measured in local currency, the EBITDA of Taste & Wellbeing increased by 4.8%. The EBITDA margin increased to 21.0% in 2025, from 20.8% in 2024. On a comparable basis the EBITDA margin of Taste & Wellbeing was 21.7% in 2025 compared to 21.3% in 2024.

Tax

Disclosure 207 – 1

We operate our tax activities and objectives in line with the Group’s Tax Policy and overall governance structure. The activities of Group Tax and the wider organisation are also governed by the Group’s business conduct policies, internal control guidelines and external corporate governance, finance and accounting regulations as appropriate.

At Givaudan, we value open and trustful relationships with both our internal and external stakeholders. Our belief in transparency and credibility guides these relationships. The tax strategy takes a long-term view and strives to create a robust and sustainable platform for the Group. Givaudan respects compliance obligations under both international and domestic principles and laws and to this extent, the Group has solid internal policies and procedures in place.

Our tax matters are organised globally and are managed by the Group Tax department, which reports to the Chief Financial Officer (CFO). Regular reporting to the Audit Committee ensures the appropriate level of governance and oversight.

Tax governance, control and risk management

Disclosure 207 – 2

Tax governance, control and risk management are all elements that are embedded into the Group and Tax strategy. It relies on the following key Givaudan pillars:

• Tax and transfer pricing structures in accordance with OECD and local country requirements
• security and predictability in the countries where we operate
• tax activities managed through a consistent methodology and solid documentation
• maintain prudent positions and seek to avoid tax controversy
• rely on internal control frameworks
• Adhere to external reporting requirements, whether global or local in a compliant and efficient manner.

Operating Income

The operating income was CHF 1,381 million in 2025 compared to CHF 1,394 million in 2024, a decrease of –0.9%, mainly caused by the impact of foreign exchange rates. However, when measured in local currency terms, the operating income increased by 4.9%. The operating margin was 18.5% in 2025 compared to 18.8% in 2024.

The operating income for Fragrance & Beauty decreased from CHF 828 million in 2024 to CHF 819 million in 2025. The operating margin was 21.4% in 2025 compared to 22.6% in 2024.

In Taste & Wellbeing, the operating income was flat, CHF 562 million in 2025 compared to CHF 566 million in 2024. The operating margin increased to 15.4% in 2025 compared to 15.1% in 2024.

Financial Performance

Financing costs in 2025 were CHF 113 million versus CHF 121 million in 2024. Other financial income, net of expenses, was CHF 37 million in 2025 compared with CHF 40 million of other financial income, net of expense in 2024.

The income tax expense as a percentage of income before taxes was 18%, compared to 17% in 2024.

Net Income

The net income was CHF 1,071 million in 2025 compared to CHF 1,090 million in 2024, a decrease of –1.7% in Swiss francs. However, when measured in local currency, the net income increased by 3.9%. Net profit margin was 14.3% versus 14.7% in 2024. Basic earnings per share were CHF 116.08 compared to CHF 118.17 for the same period in 2024.

Cash Flow

Givaudan delivered an operating cash flow of CHF 1,512 million in 2025, compared to CHF 1,625 million in 2024.

Net working capital as a percentage of sales was 22.0%, compared to 23.4% in 2024, with the Group having a continuing focus on the effective management of all aspects of working capital.

Total net investments in property, plant and equipment were CHF 233 million, compared to CHF 223 million in 2024.

Intangible asset additions were CHF 52 million in 2025, compared to CHF 57 million in 2024 as the Company continued to invest in its digital roadmap and in bringing all acquired entities on to the Givaudan operating platform.

Total net investments in tangible and intangible assets were 3.8% of sales in 2025, flat compared to 3.8% in 2024.

Operating cash flow after net investments was CHF 1,227 million in 2025, versus CHF 1,345 million in 2024. Free cash flow  was CHF 1,053 million in 2025, versus CHF 1,158 million for the comparable period in 2024. As a percentage of sales, free cash flow in 2025 was 14.1%, compared to 15.6% in 2024.

Financial Position

Givaudan’s financial position improved further at the end of 2025. Net debt at December 2025 was CHF 3,678 million, compared to CHF 4,002 million in December 2024. The net debt to EBITDA ratio was 2.1, compared to 2.3 in December 2024 and 2.5 in June 2025.

Our mid and long term ambition

Our 2025 strategy, ‘Committed to Growth, with Purpose’, was our intention to deliver growth in partnership with our customers, through creating inspiring products for happier, healthier lives and having a positive impact on nature, people and communities.

Ambitious targets were an integral part of this strategy, with the Company aiming to achieve organic sales growth of 4 to 5% on a like-for-like basis and free cash flow of at least 12%, both measured as an average over the five-year period strategy cycle. In addition, we aimed to deliver on key non-financial targets around sustainability, diversity and safety, linked to our purpose.

We have exceeded these ambitious targets. With an average like-for-like sales growth of 6.8% for the period 2021–2025, we also exceeded the upper end of our average five-year sales growth target of 4–5% on a like-for-like basis. And, with an average free cash flow of 12.5% for the period 2021–2025, we achieved our target of a free cash flow of at least 12%, also measured as an average over the five-year period strategy cycle.

On 27 August 2025, we outlined our 2030 strategy aiming to thrive in a dynamic market environment, driving sustainable growth with customers through creative, high value-added products and solutions that consumers love and that stand the test of time. Over the next five years, we will leverage our existing strengths and proven business model in our core business, while further expanding into high-value adjacent spaces to fuel future sustainable and profitable growth.

Remaining committed to our purpose of ‘Creating for happier, healthier lives with love for nature’, we will focus on three growth drivers and three growth enablers to deliver both financial and non-financial value. We are targeting 4–6% average like-for-like sales growth and over 12% average free cash flow over the five-year period, and ambitious goals in nature, people and communities. We will also continue to pursue strategic acquisition opportunities that align with our strategic focus areas.

Direct economic value generated and distributed

Disclosure 201 – 1

For the 2025 financial year, total economic value generated was CHF 7,535 million, of which CHF 7,059 million (93.7%) was distributed among providers of capital, employees, taxes, and suppliers. The balance of CHF 476 million (6.3%) was retained.

Economic value generated

1. Like-for-like excludes the impact of currency, acquisitions and disposals.

KEY FIGURES, BY BUSINESS ACTIVITY

a. Acquisition and divestments:

b. Acquisition, restructuring and project related expenses incurred of CHF 39 million are largely related to costs incurred for the competition authorities investigations into the Fragrance industry, as well as some remaining costs for footprint optimisation.

1. Like-for-like excludes the impact of currency, acquisitions and disposals.

2. EBITDA defined as Earnings before interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.

3. Comparable EBITDA is the reported EBITDA, as adjusted for significant items of a non-recurring nature which have an impact on the understanding of the underlying normal operating activities.

Sales performance by geography

Sales performance by business activity

We are very pleased with our strong financial performance in 2025, which has been achieved against very strong prior year comparables and in a volatile external environment.

Gilles Andrier, CEO

Overview of our financial and non-financial performance

Economic

Environment

Social

Governance

1. Like-for-like excludes the impact of currency, acquisitions and disposals.

2. EBITDA defined as Earnings before interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.

3. 2025 dividend subject to shareholder approval at the AGM on 19 March 2026.

4. The scope for assured environmental performance indicators (operations and supply chain) covers all production sites at all Givaudan entities and acquisitions (except for B. Kolor) as well as for restatements for past years. In 2025, 69,408 GJ (19,280 MWh) of ISCC EU‑certified biomethane certificates were purchased and reported under Scope 1 GHG emissions with a non-biogenic emission factor of zero. This volume equates to 3,906 tonnes of CO2 equivalent from fossil natural gas.

5. One-off waste is excluded from Scope 3.5 calculation. This indicator measures the total quantity of waste that is not directly related to the daily operations, but is categorised as one-off waste. Examples of waste in this category are waste materials coming from demolition or remediation activities or waste or raw materials following an unusual incident, e.g., a fire.

6. On sites facing water stress. Water refers to municipal and groundwater. Percentage change tracks the water withdrawal rate reduction.

7. Waste for disposal refers to non-hazardous and hazardous waste to landfill and incineration with and without energy recovery.

8. GHG emissions scope 1 and 2: baseline year 2015. GHG emissions scope 3, water efficiency and waste efficiency: baseline year 2020.

9. Waste intensity target excludes biogenic waste incinerated with energy recovery on site.

10. % by procurement spend, flagged as sourced responsibly upon completion of basic due diligence as defined in our Sourcing4Good programme.

Consolidated Income Statement

For the year ended 31 December

Consolidated Statement of Comprehensive Income

For the year ended 31 December

Full details in our 2025 Governance, Compensation and Financial Report

Consolidated Statement of Financial Position

As at 31 December

Consolidated Statement of Changes in Equity

For the year ended 31 December

Consolidated Statement of Cash Flows

For the year ended 31 December

Consolidated non-financial data

Environmental performance indicators

Disclosure 302 – 1, 302 – 3, 303 – 3, 303 – 4, 303 – 5, 305 – 1, 305 – 2, 305 – 3, 305 – 7, 306 – 3, 306 – 4, 306 – 5

Energy, Emissions, Waste, Water and Production

	Key performance indicators	2015 (restated in 2025)¹	2020 (restated in 2025)¹	2024 (restated in 2025)¹	20251
Energy
Energy (GJ)	Direct energy consumption primary sources2	2,734,136		2,489,634	2,493,254
	Indirect energy: purchased electricity & steam	1,304,980		1,355,384	1,362,714
	Total energy	4,039,117		3,845,017	3,855,967
Energy efficiency (GJ/tonne of production)	Direct energy efficiency	4.33		3.49	3.41
	Indirect energy efficiency	2.06		1.90	1.86
	Total energy efficiency	6.39		5.39	5.28
Emissions
GHG emissions (tonnes of CO2e)
Scope 1	From direct energy sources3	153,747		132,751	130,642
	From biogenic sources4	7,905		11,791	14,860
Scope 2	From indirect energy sources3	119,465		6,836	6,539
	From biogenic sources4	0		1,312	1,954
	Total scope 1 + 2 GHG emissions direct and indirect3	273,212		139,587	137,182
	Total scope 1 + 2 GHG emissions biogenic4	7,905		13,103	16,814
GHG emissions intensity (tonnes of CO2e/tonne of production)	Scope 1: from direct energy sources (excluding biogenic)	0.24	-	0.19	0.18
	Scope 2: from indirect energy sources (excluding biogenic)	0.19	-	0.01	0.01
	Total GHG emissions intensity	0.43	-	0.20	0.19
Scope 3	Purchased good and services		3,475,588	3,598,148	3,606,723
	Raw materials		3,217,238	3,351,447	3,354,197
	Raw materials FLAG		895,544	868,809	853,902
	Carbon removals FLAG		0	0	(4,961)
	Raw materials E/I		2,321,695	2,482,638	2,505,256
	Other Indirect materials & services categories (excluding existing categories)		104,450	87,082	83,067
	Packaging		153,900	159,620	169,458
	Packaging FLAG		305	351	358
	Packaging E/I		153,595	159,269	169,100
	Capital goods		34,817	26,111	26,858
	Fuel- and energy-related activities		75,732	86,863	86,918
	Upstream transportation and distribution		149,618	177,921	153,492
	3rd party raw material		68,651	80,687	72,630
	Intercompany deliveries		80,967	97,235	80,862
	Waste generated in operations5		34,408	29,612	27,964
	Business travel		9,815	20,628	14,213
	Employee commuting		14,328	19,123	19,290
	Downstream transportation and distribution		74,519	90,227	84,534
	Total scope 3 GHG emissions FLAG		1,049,139	1,028,078	1,018,041
	Total scope 3 GHG emissions E/I		2,819,686	3,020,555	3,001,952
	Total scope 3 GHG emissions		3,868,825	4,048,633	4,019,993
Waste
Hazardous waste (tonnes)	Preparation for reuse6			12,969	14,068
	Recycling			12,004	13,830
	Other recovery operations6			1,227	1,248
	Total hazardous waste diverted from disposal by recovery operation		13,617	26,200	29,146
	Incinerated without energy recovery offsite		6,497	6,173	6,005
	Incinerated with energy recovery		15,345	14,742	16,394
	Landfilled		798	664	881
	Total hazardous waste directed to disposal by disposal operation		22,639	21,579	23,280
	Total hazardous waste		36,256	47,779	52,426
Non-hazardous waste (tonnes)	Preparation for reuse6			1,986	1,272
	Recycling			48,442	51,314
	Composted			16,177	19,084
	Biogas production			20,707	19,601
	Other recycling operations			11,557	12,629
	Other recovery operations6			2,821	4,089
	Total non-hazardous waste diverted from disposal by recovery operation		55,981	53,249	56,675
	Incinerated without energy recovery		2,279	699	809
	Incinerated with energy recovery		3,460	6,887	6,332
	Biogenic waste incinerated with energy recovery onsite		655	3,845	3,063
	Landfilled		11,601	11,659	9,546
	Total non-hazardous waste directed to disposal by disposal operation		17,340	19,245	16,686
	Total non-hazardous waste		73,321	72,494	73,362
Total waste directed to disposal (HZ and NHZ, tonnes)			39,979	40,825	39,966
Waste intensity (kg/tonne of production) 7			55.80	51.83	50.49
One-off waste (tonnes)5			1,679	2,904	11,279
Total waste (tonnes)			111,256	123,178	137,067
Water
Water intake (m³)	Surface water		4,923,265	5,929,406	5,890,796
	Groundwater		1,694,956	1,457,607	1,240,062
	Seawater		123,200	115,812	160,790
	Third-party water - purchased water		3,555,130	3,397,866	3,401,541
	Rainwater collected directly and stored by the reporting organisation		13,200	6,303	5,608
	Third-party water - wastewater from another organisation		275,828	296,297	301,344
	Total water withdrawal8		10,585,579	11,203,290	11,000,140
	Total water withdrawal from sites facing water stress8		945,303	779,597	765,750
Water efficiency (m3/tonne of production)9	Water efficiency from sites facing water stress		6.85	5.04	4.68
	Total water efficiency		7.45	6.81	6.35
Water discharge (m³)	To the environment w/o biological treatment		3,996,022	5,322,819	5,237,823
	To the environment after biological treatment		2,149,892	2,086,633	1,893,003
	To external treatment facility w/o pre-treatment		845,764	551,527	1,391,344
	To external treatment facility with pre-treatment		2,003,304	2,073,807	1,372,706
	Total water discharge		8,994,982	10,034,786	9,894,876
	Total water discharge from sites facing water stress		537,367	366,571	328,836
Water consumption (m³)	Water consumption		1,590,597	1,168,505	1,105,265
	Water consumption from sites facing water stress		407,936	413,026	436,914
Water Pollution
COD (tonnes)	COD load of water discharged to the environment			789	445
Air pollution
	Nitrogen oxides – NOX (tonnes)10			65	66
	Sulphur dioxide – SO₂ (tonnes)10			97	91
	Volatile organic compounds (tonnes)			1,036	979
Ozone depleting substances
	CFC inventory (kg)			4,929	5,756
	CFC11 equivalent inventory (kg)			275	316
	CFC loss-replacement (kg)			317	309
	CFC11 equivalent loss/replacement (kg)			26	17
Production
	Production quantities (tonnes)	632,046	704,767	713,506	730,899

1.The scope for assured environmental performance indicators (operations and supply chain) covers all production sites at all Givaudan entities and acquisitions (except for B. Kolor) as well as for restatements for past years.

2.It includes natural gas (0.0336 GJ/m³), light fuel (39.5904 GJ/m³), heavy fuel (40.1759 GJ/m³), Liquid Petroleum Gas (23.8018 GJ/m³), town gas (0.0186 GJ/m³), waste used as an energy source (as per site specific waste type characteristic Net Calorific Value), biofuel (33.1080 GJ/m3), biogas (0.0342 GJ/m3), biomass (0.0116 GJ/kg), coal (26.7000 GJ/tonne), geothermal energy (0.0036 GJ/kWh), deducting steam sold (3.0750 GJ/tonne). These default calorific values are used if such information is not provided by the energy suppliers.

3.Including emissions of CH4 and N2O from usage of biogenic fuels (biomass/biofuels). In 2025, 19,280 MWh of ISCC EU‑certified biomethane certificates were purchased and reported under Scope 1 GHG emissions with a non-biogenic emission factor of zero. This volume equates to 3,906 tonnes of CO2 equivalent from fossil natural gas.

4.Emissions of CO2 from usage of biogenic fuels (biomass/biofuels).

5.One-off waste is excluded from Scope 3.5 calculation. This indicator measures the total quantity of waste that is not directly related to the daily operations, but is categorised as one-off waste. Examples of waste in this category are waste materials coming from demolition or remediation activities or waste or raw materials following an unusual incident, e.g., a fire.

6.This data was not collected in 2020. We started to include this category in our reporting in 2021. In the past this treatment was included in the recycling processes.

7.Includes incinerated with and without energy recovery and landfilled waste (from both Hazardous and Non Hazardous waste), excluding biogenic waste incinerated with energy recovery on site.

8.Includes process, cooling and sanitary water.

9.Third-party water (municipal supplies / purchased water) and groundwater.

10.Quantity is calculated by multiplying the annual fuel consumption by the corresponding emission factor for fuel type.

Social performance indicators

Based on total head count

Disclosure 2 – 7, 401 – 1, 403 – 9, 403 – 10, 405 – 1, 408 – 1

Givaudan employees

by region

by employment type

by employment contract

New hires by age group, gender and region

turnover by age group, gender and region

EMPLOYEES’ categories and composition of governance bodies

Health and safety indicators

Total recordable cases by region

Governance performance indicators

COMMUNITies and RESPONSIBLE SOURCING

hUMAN RIGHTS

governance Composition: Executive committee & board of directors

Board of directors

executive committee

1. The number of full-time employees includes all Givaudan entities and all acquisitions since 2014.

2. Headcount is defined as the number of physical people, including internal temporary and regular employees in all Givaudan entities and acquisitions except DDW, Custom Essence, Expressions Parfumées, Fragrance Oils, Albert Vieille, G-Nutra, Alderys,b.kolormakeup & skincare, and parts of Naturex and Ungerer.

3. TRC is according to the official OSHA definition.

4. 2025 includes 191 days carried over from previous year. 2024 includes 47 days carried over from previous year.

5. Number of lost work days resulting from work-related accidents per 200,000 working hours. Calculation based on scheduled work days lost from the day after the accident.

6. 10.68% of these represent external temporary workers for whom the Company is liable.

7. Compared to the number of normal available working days, includes correction for employees working on a part-time basis. With regards to COVID-19, only absences due to positive testing is in scope.

8. % by procurement spend, flagged as sourced responsibly upon completion of basic due diligence as defined in our Sourcing4Good programme.

9. Cumulative since 2021. We aim to cover 100 key supply chains by 2030.

10. Cumulative since 2021.

11. Cumulative since 2023.

Shareholder value creation

Fortified by consumer insights, we co-create unique products with our customers, and benefit from diversified exposure across all regions and partner segments. This diverse portfolio of products, geographies and customers provides us with a resilient and efficient natural hedge, opening doors to consistent growth opportunities.

With the highest standards of a responsible business, we are driven by our purpose to do things differently, pushing ourselves to go further and tackle society’s big challenges. We continue on our path of sustainable value creation for all stakeholders, investing for the future and renewing our commitment to growth for people, planet and profit.

Givaudan as a highly-rated sustainable investment

We are dedicated to being a successful, sustainable business and strive to be a force for good. This entails being a company that balances profit with purpose: Our business growth should be associated with a positive impact on people and the planet. Working hand-in-hand with our customers, we respond to changing consumer needs for products that support health and wellbeing yet also meet sustainability expectations and demand for greater transparency.

More globally, businesses have a crucial role in addressing challenges like the climate crisis, inequality and economic uncertainty. It is now clear that success can no longer be based only on short-term profits, but must also take into account the positive impacts a business can have on society and the environment. We support the UN Sustainable Development Goals and focus our efforts on the areas where we can contribute the most.

Our transparent and integrated sustainability communication, along with our ability to seamlessly align our sustainability commitments with our business strategy and investment narrative, are cornerstones of our approach.

Our work in sustainability and ESG continues to be widely recognised externally. We were named ‘Enterprising Leader’ at the 2023 RE100 Awards and have held a CDP A rating for leadership in climate action for the past seven years. Our ESG risk rating by Sustainalytics categorises the business as low-risk; for EcoVadis, we currently hold ‘Committed to Sustainability’ status with a score of 69/100; and we have held an ESG AAA rating since 2017 in MSCI.

Sustainable performance is fundamentally important to our strategy, and our funding strategy must therefore be aligned. We completed our first sustainability-linked financing event in 2022, in accordance with our sustainability-linked financing framework, with the renewal of the multi-year Group Committed Credit Facility.

Creating ongoing value for shareholders

Since our IPO in 2000, we have created approximately CHF 33 billion of total shareholder return, with an average annual yield of 9.91%, compared to 4.86% for the SMI Index in the Swiss market.

At the close of 2025, Givaudan had approximately 50,918 registered shareholders owning 56% of the capital.

The top 20 registered and non-registered shareholders collectively owned 40% of the capital. Swiss and US shareholders held approximately 54% of all shares.

Sharing value with our shareholders

Our target is to return profit to shareholders through progressive dividend payments, taking into account the Company’s financial position and strategy. The dividend has risen year on year, reflecting this commitment to return cash to shareholders.

In 2025, we achieved a free cash flow of CHF 1,053 million. At the Annual General Meeting on 19 March 2026, the Board of Directors will propose a cash dividend of CHF 72.00 per share for the financial year 2025, marking a 2.9% increase from the previous year. This marks the 25th consecutive dividend increase since Givaudan’s listing on the Swiss stock exchange.

Our credit ratings

Our credit ratings confirm the Company’s market leadership position and strong financial profile. In 2025, our ratings were as follows: S&P Global Ratings: A– credit rating, with a stable outlook. Moody’s Investors Service: Baa1 rating, with a stable outlook.

Transparent dialogue with the capital market

We offer timely and responsible information to ensure transparency and continuously raise awareness about our Company. To help achieve this and to meet existing and potential shareholders, dedicated meetings, roadshows and conferences are held by members of our Executive Committee together with our Investor Relations team during the year. In 2025, we organised two earnings conference calls and four distinct investor events.

The Spring Investor Conference highlighted Givaudan’s strong start to the year and focused on ‘Consumer Products – Everyday Growth Opportunities’, showcasing our investments in innovation, sustainable ingredients, and advanced delivery systems to meet evolving consumer needs and drive customer growth. The Summer Investor Conference marked a significant milestone as Givaudan unveiled its 2030 strategy and announced the planned CEO and Chairman succession. The conference presented the Company’s strong half‑year performance and reaffirmed confidence in delivering on financial and non‑financial targets.

Our 2025 Investor Field Trip took participants to Ridgedale, New York City, and Cincinnati, offering a first-hand view of Givaudan’s North American operations, showcasing the creative and technological strengths of our businesses, highlighting innovation, customer collaboration, and strategic growth opportunities. Finally, the Year‑End Cocktail at Givaudan’s Fine Fragrance Creative Centre in Paris explored ‘Positive Nostalgia’, celebrating the power of memory and emotion in creation and how scent evolves through time.

These events collectively attracted over 1,000 participants and reinforced our dedication to innovation and excellence across our diverse portfolio. Broker conferences, roadshows and investor calls and meetings also allowed us to reach over 2,600 investors around the world, contributing to improved awareness about Givaudan.

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On our events › www.givaudan.com › Investors › Investor events › Events calendar

Outlook: Driving sustainable growth with our customers

In 2025, we concluded our current strategic cycle. These past five years have proven that we have the right strategy and should stay focused on what we do best: offering creative, high value-added products and solutions that meet the needs of our customers and delight consumers.

Over the next five years, our ambition is to grow further, even more responsibly and with even greater impact, creating value for our business, customers and society. We will do this by leveraging our strengths to further solidify our position as the undisputed leader in our core business of fragrances and flavours. Building on a strong financial foundation, we will also expand into adjacent spaces in alignment with our purpose of ‘Creating for happier, healthier lives with love for nature. Let’s imagine together.’

We will continue to strive to be the creative partner of choice for our customers through delivering sustainable innovation and maintaining high levels of operational and supply chain performance, while providing an enriching environment for our employees and ensuring that we benefit all of the partners and communities that we work with.

Key share figures

Significant shareholders