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Financial targets

Ambitious financial targets are a fundamental part of Givaudan’s strategy.

Over the next five years, we will continue to deliver sustainable value creation that benefits all. ‘Committed to Growth, with Purpose’ is our intention to deliver growth partnership with our customers, and ambitious targets are an integral part of this strategy. We aim to achieve organic sales growth of 4-5% 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. 


Sales growth


average like-for-like1
sales growth

Free cash flow

> 12%

average free cash flow2
as % of sales

Purpose commitments

Purpose linked targets

progress towards
all published purpose targets

  1. Like-for-like (LFL) is defined as: (a) sales calculated using the invoicing exchange rates of the prior year, (b) excluding sales of businesses acquired from the acquisition date until the period end date, up to 12 months from the acquisition date, and (c)  excluding sales of the businesses disposed of from the disposal date until the period end date of the comparable prior period
  2. Free Cash Flow (FCF) refers to operating cash flow after net investments, interest paid and lease payments

To achieve sustainable value creation and responsible growth, our 2025 strategy is powered by three core growth drivers and four growth enablers, and is supported by our focus on Excellence, Innovation, Simplicity in everything we do.

Growth drivers

Expand the portfolio: Going beyond our current portfolio to further expand into nutrition, food ingredients and beauty.

Extend customer reach: Embracing opportunities in today’s more fragmented customer landscape and driving growth in the local and regional customer segment.

Focussed market strategies: Maximising mature market opportunities at the same time as extending our high growth market leadership.

Growth enablers

Creations: Expanding strategic relationships with suppliers, start-ups and partners; enhancing co-creation with customers.

Nature: Further embedding environmental sustainability in our product portfolio and continuing our efforts in sourcing responsibly.

People: Nurturing a diverse and inclusive workforce; evolving workplace trends; caring for employee health and wellbeing.

Communities: Bringing benefits to all communities that work with us, including the communities where we source and operate.

Focus on 

Excellence, Innovation & Simplicity – in everything we do: Delivering the highest standards across our value chain, from operational and financial performance to the delivery of a superior customer experience.

Read more about our key achievements in 2022

Delivering on our 2020 ambitions

Givaudan delivered strong financial performance in 2020 and successfully delivered on all our ambitious targets in relation to the 2016-2020 strategy.

Over this five-year strategic cycle, we successfully capitalised on our position as the industry leader through building closer relationships with our customers and creating long-term value. Despite the challenges of COVID-19 in 2020, we achieved our ambitious five-year financial targets with strong sales growth and free cash flow.

Delivering on our 2020 ambitions