Givaudan's like-for-like sales rose 8.6% in the third quarter, nearly doubling analyst expectations of 4.7%, as demand for luxury perfumes drove growth at the fragrance and flavour group.
For the first nine months, Fragrance & Beauty generated CHF 3.15 billion (US$3.78 billion), up 8.8% like-for-like, ahead of the 8% growth recorded in the same period a year earlier. The division accounted for roughly 53% of group sales over that period.
In the third quarter alone, Fragrance & Beauty posted sales of CHF 1.14 billion (US$1.37 billion) with like-for-like growth of 13.5%, up from 6.8% in the third quarter of 2025. Group sales for the first three quarters reached CHF 5.89 billion (US$7.08 billion).
Analyst reaction
Vontobel analyst Arben Hasanaj said the acceleration should reinforce confidence in Givaudan's growth profile and resilience, according to Reuters. Vontobel and Jefferies estimated that Fine Fragrance sales grew around 31% organically in the quarter alone, Reuters reported.
The results lifted Givaudan's shares by nearly 7%, taking them to a 15-month high. Peers also benefited: Reuters reported that dsm-firmenich, Novonesis and Symrise shares rose between 1.6% and 3.1% in early trading.
Divisional performance
Fine Fragrance sales increased 15.3% like-for-like, set against a prior-year comparable of 18.7%. Givaudan said the sustained back-to-back double-digit growth points to continued resilience in the business and strong demand across the premium perfume market.
Consumer Products sales rose 9.3% like-for-like, compared with prior-year comparable growth of 5.9%, suggesting demand extends beyond fine perfumery into personal, oral, home and fabric care.
Fragrance Ingredients and Active Beauty, by contrast, saw combined sales fall 2.5%, compared with a 1.5% like-for-like increase in the first nine months of 2025.
Acquisitions and currency
Givaudan's like-for-like figures exclude acquisitions. On a reported basis, acquisitions contributed 2.8% to Fragrance & Beauty growth in the nine-month period, while currency translation had a negative impact of 3.8%. At group level, acquisitions contributed 1.4%. Givaudan highlighted two deals: Belle Aire Creations for CHF 62 million (US$74.48 million) and Vollmens Fragrances for CHF 20 million (US$24 million).
Regional split
Asia Pacific was the fastest-growing geography at group level, with sales up 10.6% like-for-like in the first nine months of 2026, compared with 4.6% a year earlier. Within Taste & Wellbeing, the region grew 7.1%, against a 0.5% decline in the same period of 2025.
South Asia, Africa and the Middle East grew 4.1% like-for-like, compared with 8.8% comparable growth previously. Europe rose 1.5%, against 3.8%, and Latin America 1.1%, against 3.1%. High-growth markets increased 7.9%, versus 2.7% in mature markets.
North America proved the most challenging region. Taste & Wellbeing sales there fell 3.3% like-for-like, compared with 3.9% a year earlier, although the region overall grew 1.1%. Givaudan did not separate the region's figures by category. The company attributed the drop primarily to continued weakness in its Health and Functional Business Unit and to US tariff refunds made to Givaudan customers during the third quarter of 2026.
Givaudan said the nine-month figures indicate a persistent appetite for fragrances among consumers and brands, particularly in fine fragrances, fragrance ingredient differentiation and premiumisation. The company underlined the consistency of its growth despite geopolitical and macroeconomic volatility, describing it as evidence of market resilience.