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Analyst coverage
Below are listed the sell-side analysts that cover Givaudan on a regular basis.

INSTITUTIONNAMERECOMMENDATION
ABN AMRO - ODDO BHF B.V.Stefano Toffanoneutral
Baader HelveaKonstantin Wiechertadd
Bank of AmericaMatthew Yatesbuy
BarclaysAlex Sloaneequal-weight
Berenberg BankFulvio Cazzolbuy
BNP Paribas ExaneNicola Tangneutral
CICVirginie Royere Roumageneutral
Citi Investment ResearchRanulf Orrneutral
Davy ResearchCathal Kennyneutral
Deutsche BankVirginie Boucher-Fertéhold
DZ Bank AGThomas Maulhold
Goldman Sachs InternationalGeorgina Fraserbuy
JefferiesCharles Bentleyunderperform
JP MorganCeline Pannutioverweight
Kepler CheuvreuxPatrick Roquasbuy
Morgan StanleyLisa De Neveunderweight
MorningstarDiana Raduunderperform
Rothschild & Co RedburnArtem Chubarovneutral
Research PartnersEugen Pergerbuy
UBSCharles Edenneutral
Van Lanschot KempenEric Wilmersell
VontobelArben Hasanajbuy
Zürcher KantonalbankDaniel Buerkioutperform
Consensus
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Consensus
The consensus forecasts, compiled by Givaudan, are based on emails and reports received between 16 and 26 June 2025.

Disclaimer:

The consensus forecast set out below results from regular research reports made by analysts currently covering Givaudan, as detailed in the list below. This list has been drawn up to the best of Givaudan’s knowledge but does not purport to be comprehensive of all institutions publishing financial research on Givaudan.

Any opinions, forecasts, estimates, projections or predictions regarding Givaudan’s performance made by the analysts are exclusively theirs and do not represent the opinions, forecasts, estimates, projections or predictions of Givaudan or its management. The publication of this information on this website does not imply that Givaudan endorses, or concurs with, the reports, conclusions or recommendations of the cited analysts. Givaudan disclaims any liability for the accuracy or completeness of such information and does not assume any obligation to update it even if it becomes aware of any changes.

This information is provided for ease of reference only and does not constitute an offer or solicitation to buy, hold or sell Givaudan securities.

in millions of Swiss francsFY 2024 AFY 2025 EFY 2026 E HY 2024 AHY 2025 EQ2 2024 AQ2 2025 E
Group sales7,412   3,737 1,916 
- High  7,786 8,183   4,020  2,042
- Average  7,638 7,966   3,914  1,940
- Low  7,460 7,666   3,816  1,839
LFL Group sales growth (%)12.3%   12.5% 12.3% 
- High 6.8%5.7%  7.9% 8.4%
- Average 5.8%4.8%  6.9% 6.4%
- Low 4.2%4.0%  6.0% 4.5%
Fragrance & Beauty (F&B) sales3,660   1,826 927 
- High  3,911 4,205   2,028  1,019
- Average  3,836 4,004   1,968 963
- Low  3,750 3,889   1,904 917
LFL F&B sales growth (%)14.1%   15.3% 14.4% 
- High 8.3%6.5%  10.2% 10.5%
- Average 7.1%4.9%  8.9% 8.0%
- Low 5.5%4.0%  7.6% 5.5%
Taste & Wellbeing (T&W) sales3,752   1,911 989 
- High  3,923 4,100  2,070 1,038
- Average  3,802 3,960   1,946 977
- Low  3,677 3,763   1,867 899
LFL T&W sales growth (%)10.7%   9.9% 10.5% 
- High 5.7%6.0%  6.2% 7.4%
- Average 4.7%4.7%  4.9% 4.9%
- Low 3.4%4.0%  4.2% 3.4%
 
Comparable EBITDA Group1,816   929  
- High  1,928 2,034   993 
- Average  1,861 1,940   968 
- Low  1,738 1,892   851 
Comparable EBITDA margin (%)24.5%   24.8%  
- High 24.9%25.0%  25.4% 
- Average 24.4%24.3%  24.7% 
- Low 22.4%23.8%  22.0% 
Fragrance & Beauty (F&B) sales1,017   514  
- High  1,076 1,197   570 
- Average  1,037 1,072   541 
- Low 999 998  506 
F&B comp. EBITDA margin (%)27.8%   28.1%  
- High 27.9%29.2%  28.4% 
- Average 27.0%26.8%  27.5% 
- Low 26.0%25.4%  26.1% 
Taste & Wellbeing (T&W) sales799   415  
- High  856 920  448 
- Average  827 869  429 
- Low  735 751  370 
T&W comp. EBITDA margin (%)21.3%   21.7%  
- High 22.9%23.5%  23.0% 
- Average 21.8%22.0%  22.0% 
- Low 19.0%18.5%  19.1% 
Reported EBITDA1,765   906  
- High  1,913 2,019  980 
- Average  1,829 1,933  952 
- Low  1,723 1,892  867 
Reported EBITDA margin (%)23.8%   24.2%  
- High 24.6%25.0%  25.0% 
- Average 24.0%24.3%  24.3% 
- Low 22.2%23.4%  22.4% 
 
Net income reported 1,090   588  
- High 1,205 1,965  629 
- Average  1,113 1,246  589 
- Low  973 1,117  487 
 
Free cash flow reported1,158   197  
- High  1,266 1,311  420 
- Average  1,068 1,125  206 
- Low  825 1,034  121 
Free cash flow as a % of sales15.6%   5.3%  
- High 17.0%16.5%  10.9% 
- Average 14.0%14.1%  5.3% 
- Low 10.7%13.0%  3.1% 
 
Price target   
- High 4,900 
- Average4,215 
- Low3,500 
 
Recommendation  
Buy7 
Hold8 
Sell3 
 
Number of estimates18 
 
Latest update26-06-2025 

Note: numbers might not sum-up because of rounding.

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11/07/2025