Givaudan's organic sales grew 8.6% in the third quarter, nearly double the 4.7% growth analysts had expected, as demand for luxury perfume scents accelerated at the fragrance and flavour group.
In the first nine months of the year, the company's Fragrance & Beauty division generated CHF 3.15 billion (US$3.78 billion) in sales, up 8.8% on a like-for-like (LFL) basis and ahead of the 8% growth recorded in the same period a year earlier. The division accounted for roughly 53% of Givaudan's total sales over the period.
Fine fragrance drives the quarter
Fragrance & Beauty posted CHF 1.14 billion (US$1.37 billion) in third-quarter sales, with LFL growth of 13.5%, up from 6.8% in the comparable quarter. At group level, Givaudan recorded sales of CHF 5.89 billion (US$7.08 billion) across the first three quarters.
Within the division, Fine Fragrance sales rose 15.3% on an LFL basis, set against a competitive prior-year comparable of 18.7% growth. Consumer Products sales increased 9.3% LFL, compared with 5.9% a year earlier, pointing to demand that extends beyond fine perfumery into personal, oral, home and fabric care categories. Fragrance Ingredients and Active Beauty were the exception: their combined sales fell 2.5%, against 1.5% LFL growth in the first nine months of 2025.
Analysts at Vontobel and Jefferies estimated that Fine Fragrance sales grew around 31% organically in the third quarter alone, according to Reuters.
Market reaction
The results lifted Givaudan's shares by nearly 7%, taking them to a 15-month high. The positive read-across extended to peers, with dsm-firmenich, Novonesis and Symrise shares rising between 1.6% and 3.1% in early trading, Reuters reported. Vontobel analyst Arben Hasanaj said the acceleration should reinforce confidence in Givaudan's growth profile and resilience.
Regional split and one-off effects
Givaudan's LFL figures exclude acquisitions. On a reported basis, acquisitions added 2.8% to Fragrance & Beauty growth during the nine-month period, while currency translation had a negative impact of 3.8%; at group level, acquisitions contributed 1.4%. Two transactions highlighted by the company were the acquisitions of Belle Aire Creations for CHF 62 million (US$74.48 million) and Vollmens Fragrances for CHF 20 million (US$24 million).
Asia Pacific was the fastest-growing geography, with sales up 10.6% LFL in the first nine months, compared with 4.6% a year earlier. South Asia, Africa and the Middle East rose 4.1% LFL, versus 8.8% growth previously; Europe was up 1.5% LFL against 3.8%; and Latin America rose 1.1% LFL against 3.1%. High-growth markets advanced 7.9%, compared with 2.7% in mature markets.
North America proved the most challenging region, with a 3.3% LFL sales decline in Taste & Wellbeing, though the region grew 1.1% overall. Givaudan attributed the drop chiefly to continued weakness in its Health and Functional business unit and to US tariff refunds made to its customers during the third quarter. The company said its growth had remained consistent despite geopolitical and macroeconomic volatility.