Key Takeaways:Givaudan delivered strong sales of CHF 3.86M ($4.86M) in the first half of 2025. The company’s free cash flow turned negative (-CHF 16M ($20M) year-over year (YoY) CHF 197M ($248M) in 2024, due to investment timing and tax settlements.While Fragrance & Beauty drove the topline with 8.6% like-for-like (LFL) growth, Taste & Wellbeing also contributed, with South Asia, Middle East, Africa achieving standout growth of 12.7%.In the first half of 2025, Givaudan demonstrated its hallmark consistency and market resilience, delivering solid results despite currency headwinds, higher input costs, and broader geopolitical uncertainties. The company’s 2025 Half-Year Results Report outlined a landscape of strategic stability, continued innovation, and targeted growth—particularly in high-potential segments like Fine Fragrance, regional customer bases, and new material solutions.Total group sales rose to CHF 3.86M ($4.86M), a 6.3% increase on a LFL basis, and 3.4% in Swiss francs. While currency pressures, particularly the strength of the Swiss franc, muted reported figures, the underlying business momentum remained robust across all geographies and product divisions. Fragrance & Beauty (F&B) led the charge with 8.6% LFL growth, including an 18.0% surge in Fine Fragrance, while Taste & Wellbeing (T&W) grew by 4.1% LFL, driven by regional expansion and demand for health-forward applications.Profitability remained strong despite increased cost pressure. Comparable EBITDA reached CHF 973M ($1.2B) with a margin of 25.2%, and net income came in at CHF 592M ($745M)—15.3% of sales.