Givaudan's like-for-like sales rose 8.6% in the third quarter, nearly double the 4.7% that analysts had expected, as demand for luxury perfume scents lifted the fragrance and flavour group's results.
In the first nine months of 2026, the company's Fragrance & Beauty division generated CHF 3.15 billion (US$3.78 billion), 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 represented roughly 53% of Givaudan's overall sales in that period.
Fragrance & Beauty sales reached CHF 1.14 billion (US$1.37 billion) in the third quarter alone, with LFL growth of 13.5%, up from 6.8% in the third quarter of 2025. Group sales over the first three quarters totalled CHF 5.89 billion (US$7.08 billion).
Fine fragrance leads the acceleration
Fine Fragrance sales increased 15.3% LFL, set against a competitive prior-year comparable of 18.7%. Reuters reported that analysts at Vontobel and Jefferies estimated Fine Fragrance sales grew about 31% organically in the third quarter alone. According to the report, the 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% LFL against a prior-year comparable of 5.9%, indicating that fragrance 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 an increase of 1.5% LFL in the first nine months of 2025.
Regional split
- Asia Pacific was the fastest-growing geography, with sales up 10.6% LFL in the first nine months of 2026 versus 4.6% a year earlier; Taste & Wellbeing in the region rose 7.1% LFL, compared with a 0.5% decline in the same period of 2025.
- South Asia, Africa and the Middle East grew 4.1% LFL, against a comparable 8.8%.
- Europe rose 1.5% LFL, versus 3.8% a year earlier.
- Latin America rose 1.1% LFL, versus 3.1%.
High-growth markets increased 7.9%, compared with 2.7% in mature markets. North America proved the most challenging region: Taste & Wellbeing LFL sales fell 3.3%, against 3.9% in the first nine months of 2025, although the region overall grew 1.1%. Givaudan did not separate the region's financial 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, currency and market reaction
LFL figures exclude acquisitions. On a reported basis, acquisitions contributed 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: Belle Aire Creations for CHF 62 million (US$74.48 million) and Vollmens Fragrances for CHF 20 million (US$24 million).
After the update, Givaudan's shares rose nearly 7%, reaching a 15-month high. Reuters reported that peers including dsm-firmenich, Novonesis and Symrise saw their shares rise between 1.6% and 3.1% in early trading. Vontobel analyst Arben Hasanaj said the acceleration should reinforce confidence in Givaudan's growth profile and resilience.
Givaudan said the figures indicate a persistent appetite for fragrances among consumers and brands, with continued potential in fine fragrances, fragrance ingredient differentiation and premiumisation. The company underlined the consistency of its growth despite geopolitical and macroeconomic volatility.