Givaudan's like-for-like sales grew 8.6% in the third quarter, nearly twice the 4.7% analysts had expected, as demand for luxury perfumes lifted its Fragrance & Beauty division. Reuters reported that the acceleration reinforced confidence in the company's growth profile and resilience, citing Vontobel analyst Arben Hasanaj.
The fragrance, flavour and active cosmetic ingredients manufacturer said Fragrance & Beauty generated CHF 3.15 billion (US$3.78 billion) in the first nine months, up 8.8% like-for-like and 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 Q3 alone, Fragrance & Beauty sales reached CHF 1.14 billion (US$1.37 billion), with 13.5% like-for-like growth, compared with 6.8% growth in Q3 2025. Group sales across the first three quarters totalled CHF 5.89 billion (US$7.08 billion).
Fine fragrance drives the quarter
Fine Fragrance sales rose 15.3% like-for-like, set against a competitive prior-year comparable of 18.7%. Givaudan said the sustained back-to-back double-digit growth pointed to continued resilience in the business and strong demand across the premium perfume market. Reuters reported that analysts at Vontobel and Jefferies estimated Fine Fragrance sales grew around 31% organically in Q3 alone.
Consumer Products sales increased 9.3% like-for-like against prior-year comparable growth of 5.9%, which Givaudan said suggested fragrance demand was extending beyond fine perfumery into personal, oral, home and fabric care. By contrast, the combined sales of Fragrance Ingredients and Active Beauty fell 2.5%, compared with a 1.5% like-for-like increase in the first nine months of 2025.
Acquisitions, currency and regional split
Givaudan's like-for-like figures exclude acquisitions. On a reported basis, acquisitions contributed 2.8% to Fragrance & Beauty growth over the nine months, while currency translation had a negative impact of 3.8%; at group level, acquisitions added 1.4%. The company 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).
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, against 4.6% a year earlier; within Taste & Wellbeing the region rose 7.1% like-for-like, compared with a 0.5% decline in the same period of 2025. South Asia, Africa and the Middle East grew 4.1% like-for-like, versus 8.8% a year earlier; Europe rose 1.5% against 3.8%; and Latin America increased 1.1% against 3.1%. High-growth markets expanded 7.9%, compared with 2.7% in mature markets.
North America was the most challenging region. Taste & Wellbeing sales there fell 3.3% like-for-like, compared with a 3.9% decline in the first nine months of 2025, although the region overall grew 1.1%. Givaudan did not separate the region's figures by category, and attributed the drop mainly to continued weakness in its Health and Functional Business Unit and to US tariff refunds made to its customers during the third quarter of 2026.
Market reaction
The report lifted Givaudan's shares by nearly 7%, reaching a 15-month high, and had a positive ripple effect on peers. Reuters reported that dsm-firmenich, Novonesis and Symrise shares rose between 1.6% and 3.1% in early trading. Givaudan said the consistency of its growth despite geopolitical and macroeconomic volatility demonstrated market resilience, and that the figures pointed to continued potential in fine fragrances, fragrance ingredient differentiation and premiumisation.