Givaudan Taste & Wellbeing shows resilience in 2025 amid macro pressures

Givaudan’s Taste & Wellbeing portfolio grew less robustly in 2025 than in prior years, but remained positive in underlying terms — indicating continued demand despite global headwinds, including inflationary pressures, rising energy costs, and supply chain disruptions.

In 2025, the Taste & Wellbeing division generated ~CHF 3.64 billion (~US$4.75 billion) in sales, reflecting a 2.4% like-for-like (LFL) growth. However, LFL growth was slower compared to previous years, indicating the impact of macroeconomic pressures on the sector (2025: 2.4%; 2024: 6.1%; 2023: 6.0%; 2022: 7.0%).

Despite modest sales growth, the operating margin improved slightly to 15.4% from 15.1% in 2024, reflecting ongoing focus on profitability and cost management in the division. On a regional basis, sales increased in South Asia, the Middle East, and Africa by 7.8% LFL, Europe by 2.6% LFL, North America by 3.0% LFL, and Latin America by 0.7% LFL. Sales decreased in Asia-Pacific by –0.8% LFL.

Givaudan says it continued to implement price increases in collaboration with its customers to fully compensate for the increases in input costs, including tariffs. The operating income for Taste & Wellbeing in 2025 was CHF 562 million (US$733 million) — flat compared with CHF 566 million (US$738 million) in 2024. 

Despite facing challenges, notably currency fluctuations, the division maintained its resilience through strong customer demand, particularly in flavors and nutrition solutions. Within product segments, the company reports general good growth in snacks, dairy, sweet goods, and health care.

Overall company performance

In 2025, Givaudan reported total sales (including its Fragrance & Beauty division) of CHF 7.47 billion (US$9.74 billion), marking a 5.1% LFL increase, though currency headwinds led to a smaller 0.8% increase in reported Swiss francs.

Operating income was CHF 1.38 billion (US$1.80 billion), slightly down from the previous year, reflecting the impact of foreign exchange fluctuations. The company’s EBITDA reached CHF 1.75 billion (US$2.28 billion), with a margin of 23.4%, while net income stood at CHF 1.07 billion (US$1.40 billion), a 1.7% decline year-on-year.

Givaudan’s corporate headquarters in Vernier, Switzerland.Despite these challenges, Givaudan proposed a CHF 72 (~US$94)/share dividend, marking the 25th consecutive increase. Overall, the company demonstrated solid growth and resilience, driven by ongoing demand across its divisions, albeit impacted by macroeconomic factors like inflation and currency volatility.

Givaudan’s Fragrance & Beauty division delivered a strong performance, generating CHF 3.83 billion (US$5.0 billion) in sales, reflecting a 7.9% LFL growth, outpacing the Taste & Wellbeing division’s more modest 2.4% LFL growth. Fragrance & Beauty’s growth was driven primarily by robust demand in Fine Fragrance, which saw double-digit gains, and solid performance in consumer products.

“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,” says Givaudan’s CEO Gilles Andrier.

“Furthermore, we are very proud of our results over the five-year strategic planning period 2021–2025, where we have exceeded all of our financial ambitions. These industry-leading results are a strong testament to the unique position of Givaudan in supporting the growth of our customers across our business.”

Andrier, who will retire in March 2026 after 21 years as the company’s CEO, will be proposed for election as the new Chairman of the Board at the Annual General Meeting on March 19, 2026. Christian Stammkoetter, until recently President Asia, the Middle East & Africa at Danone, has been designated as CEO, effective March 1, 2026.

Givaudan’s innovation focus

Givaudan continues to focus on providing innovative solutions for the F&B industry, emphasizing natural ingredients, health-oriented products, and clean label trends.

At Fi Europe 2025, Simon van Wieringen, global product manager — Wellness Health & Functional Business Unit, explained how Givaudan integrates flavors, colors, and functional ingredients to meet evolving consumer expectations.

The company’s joint venture with Bühler and Migros — The Cultured Hub — recently expanded its alternative protein portfolio to include plant cell culturing for high-value ingredients like cocoa and coffee, while continuing its original focus on advancing cultivated meat and cellular agriculture.