Givaudan's like-for-like sales rose 8.6% in the third quarter, almost twice the 4.7% growth analysts had expected, as demand for luxury perfume scents lifted the fragrance and flavour group's results.
Fragrance & Beauty, the company's largest division, generated CHF 3.15 billion (US$3.78 billion) in the first nine months, 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 unit accounted for approximately 53% of Givaudan's overall sales during that period.
In the third quarter alone, Fragrance & Beauty sales reached CHF 1.14 billion (US$1.37 billion), with LFL growth of 13.5%, up from 6.8% in the third quarter of 2025. Group sales for the first three quarters totalled CHF 5.89 billion (US$7.08 billion).
Fine Fragrance leads the advance
Fine Fragrance sales increased 15.3% on an LFL basis, building on a strong prior-year comparable of 18.7% growth. Givaudan said the back-to-back double-digit gains pointed to continued resilience in its fine-fragrance business and strong demand across the premium perfume market.
Consumer Products sales rose 9.3% LFL, against a prior-year comparable of 5.9%, a result the company said showed fragrance demand extending into personal, oral, home and fabric care categories.
By contrast, Fragrance Ingredients and Active Beauty posted a combined decline of 2.5%, compared with 1.5% LFL growth in the first nine months of 2025.
Analyst and market reaction
Vontobel analyst Arben Hasanaj said the acceleration should reinforce confidence in Givaudan's growth profile and resilience, according to Reuters. Analysts at Vontobel and Jefferies estimated Fine Fragrance sales grew around 31% organically in the third quarter alone, Reuters reported.
The update lifted Givaudan's shares by nearly 7%, hitting a 15-month high. The results also had a positive ripple effect on peers: Reuters reported that shares in dsm-firmenich, Novonesis and Symrise rose between 1.6% and 3.1% in early trading.
Regional split
Asia Pacific was Givaudan's fastest-growing geography, with nine-month sales up 10.6% LFL, compared with 4.6% in the same period a year earlier. Within Taste & Wellbeing, the region rose 7.1% LFL, versus a 0.5% LFL decline in the same period of 2025.
South Asia, Africa and the Middle East grew 4.1% LFL, down from 8.8% a year earlier. Europe rose 1.5% LFL, versus 3.8% growth previously, and Latin America increased 1.1% LFL, compared with 3.1% in the first nine months of 2025.
High-growth markets advanced 7.9%, ahead of a more modest 2.7% in mature markets. North America proved the most challenging region: Taste & Wellbeing sales fell 3.3% LFL, compared with 3.9% in the first nine months of 2025, although the region as a whole grew 1.1%. Givaudan did not separate the region's figures by category. The company attributed the decline 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.
Acquisitions and currency
LFL figures exclude acquisitions. On a reported basis, acquisitions added 2.8% to Fragrance & Beauty growth over the nine-month period, while currency translation had a negative impact of 3.8%. At group level, acquisitions contributed 1.4%. Givaudan highlighted two transactions: the acquisitions of Belle Aire Creations for CHF 62 million (US$74.48 million) and Vollmens Fragrances for CHF 20 million (US$24 million).
The company said its figures demonstrated consistent growth despite geopolitical and macroeconomic volatility.