Givaudan : Half year result Full year and half year reports

2022 Half Year Report

Solid business performance in a challenging environment

Creating for happier, healthier lives,

with love for nature.

Let's imagine together.

Givaudan is committed to driving purpose-led,long-term growth by increasing our positive

impact on nature and improving people's health and happiness.

Table of contents

At a glance	03
2025 Strategy	05
Business performance - Group	06
Half Year Financial Report	09

At a glance

First half of 2022

KEY FIGURES

For the six months ended 30 June, in millions of Swiss francs, except for	2022	2021	Percentage
earnings per share data	change
Group sales	3,652		3,373	8.3%
Fragrance & Beauty sales	1,646		1,564	5.3%
Taste & Wellbeing sales	2,006	1,809	10.9%
Like-for-like sales growth	6.2%	7.9%
Gross profit	1,459		1,480	(1.4%)
as % of sales	40.0%	43.9%
EBITDA a	816		809	0.9%
as % of sales	22.4%	24.0%
Operating income	631		613	2.9%
as % of sales	17.3%	18.2%
Income attributable to equity holders of the parent	440		481	(8.4%)
as % of sales	12.1%	14.3%
Operating cash flow	131		415	(68.4%)
as % of sales	3.6%	12.3%
Free cash flow	(147)		186	(179.0%)
as % of sales	(4.0%)	5.5%
Earnings per share − basic (CHF)	47.74	52.19	(8.5%)

1. EBITDA defined as Earnings before interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.

SALES PERFORMANCE FROM JANUARY TO JUNE

	2021	like-for-like	2022	Change %	Acquisition		2022		Change %
	on	Currency
	Sales as	develop-		Sales	like-for-like	impact	Sales as		in Swiss
in millions of Swiss francs	reported	ment like-for-like	basis	(net)	effects	reported		francs
Group	3,373	211	3,584	6.2%	92	(24)	3,652	8.3%
- Fragrance & Beauty	1,564	74	1,638	4.7%	21	(13)	1,646	5.3%
- Taste & Wellbeing	1,809	137	1,946	7.6%	71	(11)	2,006	10.9%
SALES EVOLUTION BY MARKET - JANUARY TO JUNE
	2021	like-for-like	2022	Change %	Acquisition		2022		Change %
	on	Currency
	Sales as	develop-		Sales	like-for-like	impact	Sales as		in Swiss
in millions of Swiss francs	reported	ment like-for-like	basis	(net)	effects	reported		francs
Mature markets	1,938	105	2,043	5.4%	63	(30)	2,076		7.1%
High growth markets	1,435	106	1,541	7.4%	29	6	1,576	9.8%
SALES EVOLUTION BY REGION - JANUARY TO JUNE
		2021			2022		Change %			Change %
in millions of Swiss francs				on like-for-like basis	in Swiss francs
LATAM		365			420		9.0%		15.3%
APAC		851			883		2.7%		3.7%
NOAM		924			984		(1.5%)		6.4%
EAME		1,233			1,365		13.7%		10.7%

Note: Like-for-like (LFL) is defined as: (a) sales calculated using the invoicing exchange rates of the prior year, (b) excluding sales of businesses acquired from the acquisition date until the period end date, up to 12 months from the acquisition date, and (c) excluding sales of the businesses disposed of from the disposal date until the period end date of the comparable prior period.

Givaudan - 2022 Half Year Report  3

Sales

CHF 3,652

million

Up 6.2% on a like-for-like

basis and 8.3% in Swiss francs

At a glance

Good business momentum

		Performance summary
Good sales		Net income		Comparable		Free cash flow
	CHF		EBITDA margin		- 4.0%
performance across the
portfolio and markets,		million 440		22.5%
despite strong prior year					of sales
comparables				compared to		Driven by higher working
			24.2% in 2021		capital requirements &
						investments

"We are very pleased with our solid performance in the first half of 2022, despite the challenging environment that we are continuing to operate in. I am proud of the way in which we have again demonstrated the resilience of our business and our strong focus on supporting the growth of our customers around the world."

Gilles Andrier, CEO

First

sustainable-

linked

financing event

with renewal of the Group Committed Credit Facility

Givaudan - 2022 Half Year Report  4

Our 2025 ambition

Delivering sustainable value creation

for all stakeholders

2025 Strategy

Committed to Growth, with Purpose

Performance commitments

Creations

We create inspiring solutions for happier, healthier lives

People

We nurture a place where we all love to be and grow

				TH	PO
			D	E	RT
		N			F
	A					O
P							L
						I
E								O
X

F			Growing
O	together with				H
U
C										C
S	our customers			A
D			E
S										R
E
									R
M
R										E
									M
A										O
E									T
K								S
T
S							U
T							C
R							D
A
				N
	T
	E				E
		GI		X
			E	S	E	T

Nature

We show our love for nature through impactful actions

Communities

We bring benefits to all communities that work with us

Sales growth Free cash flow Purpose commitments

	4.0%	>12 %	linked
	5.0 %		Purpose
to	of sales	targets
	2021 - 2025	2021 - 2025	2021 - 2025
Average Like for Like1	Average FCF2	Progress towards all
Sales Growth	as % of sales	published purpose target

Excellence, Innovation and Simplicity

in everything we do

1. Like-for-like(LFL) is defined as: (a) sales calculated using the invoicing exchange rates of the prior year,
   (b) excluding sales of businesses acquired from the acquisition date until the period end date, up to
   12 months from the acquisition date, and (c) excluding sales of the businesses disposed of from the disposal date until the period end date of the comparable prior period.
2. Free Cash Flow (FCF) refers to operating cash flow after net investments, interest paid, lease payments and purchase and sale of own equity instruments.

Givaudan - 2022 Half Year Report  5