Welcome to our half year investor conference
Strategy 2025
27 August 2020

Gilles AndrierCEO2020 Half Year Conference - Company proprietary information of Givaudan

2Half year investor conference2020 Half year results

Summary - 2020 Half year results
Strong Financial Performance 2020 guidance confirmed

202
0
Half

2020 Half year results
Performance highlights
Sales of CHF 3,221 million, up 4.0% on a like-forlike* basis and 4.1% in Swiss francs

3,221

Excellent performance of those parts of portfolio
which are not impacted by COVID-19
Strategic focus areas, acquired businesses and highgrowth markets strongly contributing to growthin million CHF

1,456

EBITDA of CHF 734 million in 2020, an increase of
11.3% compared to 2019

1,765

Underlying EBITDA margin of 23.7%, compared to22.3% in 2019
Free cash flow of 5.5% of sales, compared to 4.8%
in 2019
Delivery of 2020 guidance is fully on track

Group

Fragrances

Flavours% 2020 growth on
LFL* basis

4.0%

4.5%

3.6%

% 2020 growth in CHF

4.1%

7.0%

1.9%

* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals

2020 Half Year Conference - Company proprietary information of Givaudan

5

COVID-19
Givaudan’s focus throughout the crisis

1.

Protecting andsupporting our
employees, be it
on-site or thosestill working from
home

2.

Meeting the demands ofour customers,
particularly for those
products which support
consumers throughout
the pandemic

2020 Half Year Conference - Company proprietary information of Givaudan

3.

Taking care of thecommunities inwhich we operate62020 Outlook
Key themes review

2020 Outlook

Focus on Operations

Strategy• Continued confidence in the resilience of
our industry and our company• Protecting and supporting all Givaudan
personnel• Strong focus on delivering 2020 guidance• Visibility remains short due to ongoing
impacts related to the COVID-19
pandemic• Focus on maintaining operations andsupply chain performance at high levels
to support our customers• All elements of 2020 guidance confirmed• Leverage Business Continuity Plans toadapt as required• Continued integration of acquiredcompanies on to Givaudan’s operating
platform• Integration costs of ~CHF 50 million in2020• Cost discipline throughout the business2020 Half Year Conference - Company proprietary information of Givaudan

7

Looking back
Value creation through our strategy 2020

Our unique positioning
Givaudan well positioned to benefit from multiple growth opportunities
1990s until today
Geographic Expansion

2000s until today
Customer Diversification

2007
Quest scale up2010 until today
Expanding Core F&F and Beyond• Expansion from mature to highgrowth markets, supporting
global clients expansion• Supporting growth of strong
emerging local & regionals,
eg: Private Labels in Europe,
Natura Boticario in Latam,• F&F Market leadership secured

A combined growth and M&A
strategy (2015 & 2020 Plans),
resulted into:• Further rapid expansion thanks
to acquisitions: Expressions
Parfumées, drom, Ungerer,
Golden Frog,..

• Applications portfolio
expansion into: Snacks, Oral
Care, Fine Fragrances for
women• Givaudan pioneer into India
and China in 1993-1994,
Middle East in 1999

• Further expansion acrossgeographies and clients•Moving into: Health &Wellness, Active Beauty•

Becoming #1 in naturals andmoving into adjacent foodfunctional ingredients•

Expanding Integrated
Solutions•

Expanding local & regionalcustomer base

SAP implementation

Givaudan Business Solutions (GBS)Managing the businessmore consistently

Enhance margins by streamlining operations andtailored customer service
2020 Half Year Conference - Company proprietary information of Givaudan

9Responsible growth.
Shared success.
Growing withour customers

High growthmarkets

Deliveringwith excellence

Health andwell-being

Partnering forshared success

Innovators

Suppliers

PeopleCommunities

Excellence in
execution

Consumerpreferred products

Integrated
solutions

Strategy 2020
Key achievements
Growing withour customers
Attained No. 1 position in Fine Fragrance
marketContinued investment in commercial
high growth markets

Investments in local & regional customer
segment, both organically and via
acquisitions, brings overall share to ~50% ofGroup Sales

Sales growth of 5.1% CAGR (2016-2019)

High growthmarkets

Health andwell-being

Incremental sales contribution of CHF 1.5
billion through acquisitions

Developing further our integrated
solutions business through existing andacquired capabilities

Expanding product and customer
portfolio in key growth areas(eg. Naturals, Health & well-being, Active
Beauty, local & regional customers)
Consumerpreferred products

Integrated
solutions

Strategy 2020
Key achievements
Deliveringwith excellence
Successful global implementation ofGivaudan Business Solutions (GBS), with 3
delivery centres established in Budapest,
Kuala Lumpur and Buenos Aires

Highly dedicated supply chain effort tomanage multiple crises, particularly
impacting raw material supply

Benefits fully achieved and further
opportunities for scope extensions in the
future identified
Automation and continuous
improvement in manufacturing sites
contributed strongly to sustain
competitivenessSignificant investments in new
manufacturing facilities in India and China tosupport business growth

Strong focus on integration of acquiredcompanies to ensure high levels of service
quality during transition

Excellence in
execution

Earned key sustainability recognitions:
CDP leadership scores for climate action
and water security; world leader for
supplier engagement on climate change,
EcoVadis Gold Status
Well developed business continuity
plans in both divisions to provide agility andflexibility in all situations
Strong improvement in safety
performance and culture across theorganisation

Strategy 2020
Key achievements
Strengthening global innovation
ecosystem with opening of new flagship
Innovation Centre in Switzerland

Extended partnership network in
Innovation with academia, start-ups andestablished innovators

Partnering forshared success

Innovators

Suppliers

We have doubled sales from innovation
linked to external collaboration

Development of multiple joint ventures
to secure access to key raw materials inboth divisions
Launch of “Connect to win” programme
to accelerate innovation in partnershipwith suppliers

Established the Givaudan digital factoryin Paris to drive digital agenda
Improved employee engagement andstrong focus on diversity and leadershipdevelopment

Deeper engagement with suppliers onsustainability topics as well as extensionof the responsible sourcing initiatives

PeopleCommunities

Strengthened our commitment toenrich the communities that work with
GivaudanValue creation through acquisitions
Strategy 2020 in motion

Cosmetics business of Indena
Active Beauty

Ungerer

Speciality Ingredients
Flavours & Fragrances

Fragrance Oils
L&R Fragrancedrom

Fragrances

Vika

Golden Frog

Natural flavours

Induchem

Active Beauty

2014

2015

Cosmetics business of AMSilk
Active Beauty

Natural flavours

2016

Soliance

Naturals

Activ
International

2017

2018

Spicetec

Active Beauty

Naturals
Integrated solutions

2019

Centroflora Nutra
Naturals

2020
Alderys

Biotechnology

Expressions Parfumées

L&R Fragrances

Naturex~ CHF

1.5 billionof incremental revenues

CHF

3.6 billion

invested in acquisitions

Naturals
Health and well-being
Active Beauty

Albert Vieille
Naturals
Aromatherapy

2020 Half Year Conference - Company proprietary information of Givaudan

14

Value creation through acquisitions
Expanding our portfolio
Local and regional customers
Naturex
Expressions Parfuméesdrom
Fragrance Oils
Ungerer

Naturals

Spicetec
Activ International
Vika
Centroflora Nutra
Naturex
Albert Vieille
Golden Frog
UngererIndenaActive Beauty

Aligned withmarket trends andour strategic
priorities

Soliance
Induchem
Naturex
AMSilkIndenaAlderysIntegrated Solutions
Spicetec
Vika
Activ International

Ingredients
Ungerer
Albert Vieille2020 Half Year Conference - Company proprietary information of Givaudan

15Strategy 2020
Responsible growth. Shared success.
Growing withour customers

Delivering withexcellence

4-5%

12-17%

Average organic sales
growth*Average free cash
flow as % of sales*

5.1%
In 2016-19

12.5%
In 2016-19

Partnering forshared success

Partnerof choice
Extended partnership network
in Innovation
Deepened collaboration with
suppliers on Innovation &Sustainability
Improved employee
engagement
Enriched communities thatwork with Givaudan* Over a five-year period by 2020

2020 Half Year Conference - Company proprietary information of Givaudan

Creating additional
value through 16 acquisitions
since 2014

CHF 1.5 bn

annualised

revenue contribution from companies
acquired since 2014

Intention to maintain current
dividend practice as part of thisambition• Dividend increased y.o.y• > CHF 2 billion returned toshareholders in cash dividends
2016-201916

Value creation with our strategy 2020
Responsible growth. Shared success.
Market cap

Number of employees

Sales turnover

From 16 to

From 10, –From 4.4 to

35bn CHF

16,ooo~6.5bn CHF

17

Looking forward
Future value creation through our strategy 2025

Creating for happier, healthier lives
with love for nature.
Let’s imagine together.
2020 Half Year Conference - Company proprietary information of Givaudan

19Creating for happier,healthier lives
with love for nature.

CreationsLet’s imagine
together withcustomers thatthrough ourcreations more
people will enjoy
happier, healthier
lives

Communities
Let’s imagine
together that allcommunities benefit
by working with
GivaudanLet’s imagine
together.

NaturePeopleLet’s imagine together
that we show our love
for nature in everything
we doLet’s imagine together
that Givaudan is a place
where we all love to be
and grow

Working
to become a2020 Half Year Conference - Company proprietary information of Givaudan

20Creating for happier, healthier lives with love for nature.
Let’s imagine together.
CreationsLet’s imagine together with our customers that through ourcreations more people will enjoy happier, healthier lives
Contribution to our customers’ success
By 2030, we will double our business through creations that
contribute to happier, healthier lives

Communities
Let’s imagine together that
all communities benefit by working with Givaudan
Suppliers
By 2030, we will source all materials and services in a way that
protects people and the environment
Communities where we source and operate
By 2030, we will improve the lives of millions of people incommunities where we source and operate

NatureLet’s imagine together that
we show our love for nature in everything we do
Climate-positive business
Before 2050, we will be a climate-positive business (scope 1, 2 & 3)
Rethinking plastics
Before 2030, we will replace all single-use plastics with eco-friendly
alternatives across our sites and operations

PeopleLet’s imagine together that
Givaudan is a place where we all love to be and grow
Inclusion
Before 2030, we will be an even more balanced and inclusivecompany
Care
Before 2025, we will improve how we care for all of our people

2020 Half Year Conference - Company proprietary information of Givaudan

21

Megatrends
Influencing our business2020 Half Year Conference - Company proprietary information of Givaudan

22

Megatrends
Impacting 2025 strategy
Consumer base is
growing

Living longer and more
consciously

Sustainability is ofhigh concern

Trend

Impact•Asia and Africa
leading the way•

Consumer
behaviours arechanging••

Consumers will buy
more consciously
Responsible
companies will act

2020 Half Year Conference - Company proprietary information of Givaudan

COVID-19:
E-commerce, self-careand localisation gain
importance••

Consumers will buy
more online andincrease spending
on self-careLocalisation will beeven more
important23

Trends
Consumer base is growing
ImpactAsia and Africa areleading the way

Rising consumption in emerging countries,
especially in Asia and Africa
Major CPGs and large customers will have afocus on middleweight cities in emerging
markets
The product offering must be adapted todemographic developments
Src [1] UN; [2] McKinsey

24

Trends
Living longer and more consciously
ImpactConsumer behaviour
is changing
Improved service models and focus on foodservice providers and private labels
Beauty, health and hygiene products will
experience strong demand
Attention to ingredient labelling is growing anddrives interest in transparency, boosting thenaturals and clean label trend
Need to adapt to evolving needs andexpectations of elderly
Src: Euromonitor, IMF, McKinsey

25

Trends
Sustainability is of high concern
ImpactConsumers will buy
more consciously.
Responsible
companies will act
74% of the companies feel very strong orstrong pressure to adopt sustainable
solutions[1]Sustainability will become a business
imperative for many companies
Companies will assess their whole supply
chain on environmental footprint and takeactions

Src:[1] KcKinsey industry survey (N=30)

26

Trends
Pandemic related trends
ImpactConsumers will buy
more online andincrease spending on
self-care. Localisation
will be even more
important

E-Commerce will grow faster than expected
and gain importance rapidly
Products and solutions supporting wellbeing
will become even stronger
Multinationals will respond with localisation of
the production [1]; supply chains need to findways to overcome potential future supply andtrade restrictions
Src: [1] McKinsey industry survey (N=30); Euromonitor; EY GBG2020

27

Trends
Customers
Trends

ImpactLocal and regional players are building
consumer confidence and gaining relevanceas trusted brands. Small brands dominate
CPG growth[1]The growth of private labels, food service
providers and niche brands continues andis taking up significant market shares
Customers recognise the importance ofinnovation
Increasing impact of digital collaboration

F&B companies and ingredient providers
need to have tailored service models for
local and regional customers as well asprivate labels, niche brands and food service
providers
Need to further invest into digital
capabilities throughout the value chain
The opportunity to differentiate throughinnovation and co-creation

2020 Half Year Conference - Company proprietary information of Givaudan

Src: [1] McKinsey

28

2025 strategy

Committed to
Growth,with Purpose

29

Strategy 2025
Committed to Growth, with Purpose

Creations
We create inspiring solutions
for happier, healthier lives

GROWINGTOGETHERWITH OURCUSTOMERS

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

NatureWe show our love for nature
through impactful actions

Communities
We bring benefits to allcommunities that work with us

Excellence, Innovation & Simplicity - in everything we do

4-5% GROWTHPURPOSE LINKED TARGETS>12% FCF

Where to playThree growth
drivers
Portfolio,
customers andmarkets31

Strategy 2025
Our growth drivers – Portfolio, Customers and Markets
EXPAND THE PORTFOLIO• Core business

FOCUSSED MARKET STRATEGIES• Maximise mature market opportunities• Extend high growth market leadership• Health, wellbeing, nutrition andbeautyGROWINGTOGETHERWITH OURCUSTOMERS• Integrated solutions and delivery
systems

EXTEND CUSTOMER REACH• Major CPGs and large customers• Local, regional and emerging
customers• Private labels• Food service providers

How to win

Four growthenablers
Creations,people, nature,communities
33

Creations
We create inspiring products for happier, healthier lives
Customer and consumer
preferred solutions

Digital enabled innovation

Continued focus on
innovating eco-systems andpartnerships

We will focus our creations on
renewable, biodegradable and viable
natural solutions, especially in the areaof health and wellbeing

Smart creation and selection will
multiply our range of possibilities

We will expand and deepen strategic
partnerships with innovative suppliers,
customers and other external
partners

Through digital consumer platforms
we will connect to consumers to identify
trends and preferences

2020 Half Year Conference - Company proprietary information of Givaudan

34

NatureWe show our love for nature through impactful actions
Creating for a moresustainable world

Sourcing for good

Reducing environmental
footprints

We will evolve our value proposition andfuel success by anticipating ourcustomers’ sustainability needs andoffering a sustainable productportfolio

We will strengthen our responsible
sourcing and traceability program aswell as drive supplier engagement onenvironmental actions

We will continue successful initiatives anddevelop further leading actions inclimate, water and forests
preservation
We will work to replace single-use
plastics with eco-friendly alternatives

2020 Half Year Conference - Company proprietary information of Givaudan

35

PeopleWe nurture a place where we all love to be and grow
Everyone feels welcome,valued and inspired

Caring for health andwell-being

Building the leadership andexpertise of all our people

Through being a leading employer for
diversity and inclusion we will better
understand the fragmented needs in ouroperating areas and provide holistic
solutions

We will care for our people throughpromoting employee programmes

We will accelerate new leadershipessentials, anticipate and innovate to
attract the workforce of tomorrow aswell as ensure the skills andcompetencies for now and for the
futureWe will provide differentiatedemployment options and benefits aswell as ensure transparent rewards
and recognition

Excelling our safety culture will makeour workplace safe - everyday,
everywhere2020 Half Year Conference - Company proprietary information of Givaudan

36Communities
We bring benefits to all communities that work with us
Doing business with our suppliersin a responsible way

Leveraging Givaudan business as aforce for good

Together with our suppliers we will further embed
responsible sourcing by fostering high standards inhealth, safety, social, environmental andbusiness integrity to source all materials andservices in a way that protects people and theenvironment

We will empower our employees to createconnected communities and develop sustainable,scalable solutions together to contribute to happier,healthier lives

2020 Half Year Conference - Company proprietary information of Givaudan

37

How we act

Excellence,
Innovation and
Simplicity
In everything
we do
38

Strategy 2025
Excellence, Innovation & Simplicity - in everything we do
Differentiated customer
experience

Tailor-made service models will enable mostefficient processes in the relationship with ourpartners
Expanded technology enabled collaboration will
help to improve processes and our customer reach

01

02

03

Industry leading solutions
and services

We will further continue manufacturing
automation and foster simplification of solutions
and services
Leveraging existing and acquired capabilities todeliver improved performance

Ensuring operationalreliability and efficiency

We will provide outstanding service levels &quality in everything we do
Due to the increasing number of unforeseeable events
that impact us and our partners, we will expand ourbusiness continuity and risk management
measures to ensure the most reliablesupply chain2020 Half Year Conference - Company proprietary information of Givaudan

39

Louie D’Amico
President
Flavour Division

40Strategy 2025

Flavour Division

Strategy 2025
Food and nutrition opportunity

Beverages
Savoury / Snacks

Flavour & Taste

13.1 bn CHF
Market Potential as of 2020

Givaudan market share as of 2020
Market potential as of 2020

Functional& Nutrition

14.1 bn CHF

Flavour& Taste+

Dairy
Sweet Goods

Functional Ingredients
Functional& Nutrition

Market Potential as of 2020

Nutrition(Givaudan scope of activities)

2020 Half Year Conference - Company proprietary information of Givaudan

Source: Based on Givaudan internal estimates

42

Strategy 2025
Food and nutrition market trends
Consumer base is
growing

Living longer and more
consciously

Sustainability is ofhigh concern

Trend

Impact••More opportunities
in high growthmarkets
Fully leverage
expanded offering•

Demand fornaturals, wellbeing, transparency
and clean label
products•

Innovation (eg.
biotech andupcycling)•

Operations (eg. low
carbon footprint
factories)

2020 Half Year Conference - Company proprietary information of Givaudan

COVID-19:
E-commerce, self-careand localisation gain
importance• Accelerated digital
enablement• Increased demandfor immunity &wellbeing• Local and agile
supply chain
43

Strategy 2025
Strategic pillars to drive growth in Flavours
Our Ambition
Our ambition is to shape the future of food by becoming theco-creation partner of choice to our customers

Our strategic pillars
Where to play

Best in classproduct
offering

New customer
segmentation &partnerships

How to win

High growthmarkets

Product
development

Strategic
sourcing

Operations

2020 Half Year Conference - Company proprietary information of Givaudan

DigitalPeople44

Strategy 2025
Performance ambition – sales growth
CHF 750m to CHF 1bn additional sales by 2025

4-5%
CAGR%

Best in classproduct
offering

High growthmarkets

2020 Half Year Conference - Company proprietary information of Givaudan

New customer
segmentation& partnerships

45

Where to play

Best in class product offering

46

Best in class product offering
Leveraging the full portfolio to reach our growth ambitions
Health, Wellbeing
and Nutrition

Flavour & Taste
Strengthen our core

Build market leadership

Naturals Space

Flavour & Taste

Natural Functional Ingredients

NaturalsProteinColouring
Preservatives
Texturants

Natural Nutritional Ingredients
Microbiome
Botanicals
HW&N Space

Integrated Solutions
2020 Half Year Conference - Company proprietary information of Givaudan

47

Best in class product offering
Flavour & Taste

Protein enablers

Functional
ingredients

Health &Wellbeing(salt, sugar, fat)
Naturals (incl.
Biotechnology)

Nutritional
ingredients

Integrated Solutions
2020 Half Year Conference - Company proprietary information of Givaudan

48

Where to play

New customer segmentation &partnerships

49

Customer segmentation
Delivering new ways to segment & partner to win with customers

Emerging

Large Consumer
Packaged Goods

Leading

Local & Regionals*
Private Label
Food Service

Opportunistic
2020 Half Year Conference - Company proprietary information of Givaudan*incl. emerging customers and disruptive
innovators
50

Where to play

High growth markets

51

High growth markets
Our key focus countries and regions to capture growth

DesignDevelop
Commercial &Innovation footprint

Portfolio
Cost

Eastern Europe

Regulatory

China

Distribution Network

South-East
Asia
India
Africa &MiddleEast

Deliver

Digitalise

Latin
America

Localised Operations
Agile supply chain
Speed & Quality

4‘D’s2020 Half Year Conference - Company proprietary information of Givaudan

Innovation & customer
engagement
Agile Operations

52

How to win

Product development

53

Pioneering innovative & efficient product development
Focussed on full recipe development

Service models alignedwith customer andconsumer needs

Enabled by artificial
intelligence anddigital tools

Different end-to-end brief
processes based on opportunity
type

Digital tools to reinvent brief
execution process and expand
customer reachTailored approach to efficiently
execute cost-driven andinnovation projects

Artificial Intelligence toidentify, resource, and manage
projects based on propensity towin2020 Half Year Conference - Company proprietary information of Givaudan

54

How to win

Strategic Sourcing

55

Strategic sourcing
Ensure cost,quality andsecurity ofsupplyAccelerate
digitally enabledcapabilities

Value
Leadership

Expand,deepenstrategic
relationshipwith innovative
suppliers

Robustprogrammes tostrengthen
traceability andsustainability
credentials

2020 Half Year Conference - Company proprietary information of Givaudan

56

How to win

Operations

57

Operations
Become the industry’s
operations lighthouse

Flexible andoptimisedfootprint

Cost, quality
and service
leadership2020 Half Year Conference - Company proprietary information of Givaudan

Digital transformation
and automation of
supply chain andmanufacturing
processes

Climateagendacommitments(CO2, water,
and wastetargets)

Business
Continuity
Plan

58

How to win

Digital59

Digitalised value chain
End-to-end digitalisation of our value chain
Marketing / Sales

Consumer
Understanding

CustomerInteraction

Product Development

Innovation

Smart Creation& Selection

Operations

Sourcing

Production

SupplyValue chain2020 Half Year Conference - Company proprietary information of Givaudan

60How to win

People61

Our People

Engagement
Continue to foster a culture that develops,
supports and motivates our people

Diversity
Implement plans to deliver on our
diversity commitments

SkillsBuild stronger leadership and expertiseof our people

2020 Half Year Conference - Company proprietary information of Givaudan

62

Taste & Wellbeing
Our new Division name63

Our new Division name
Taste & Wellbeing

Our ambition is to shape the future offood by becoming the co-creation partnerof choice to our customers
Built on our global leadership position inflavour and taste, we go beyond to create
food experiences that do good and feel
good, for body, mind and planet

2020 Half Year Conference - Company proprietary information of Givaudan

64Maurizio Volpi
President
Fragrance Division

65

Strategy 2025
Fragrance Division

Strategy 2025
Fragrance market overview
CP
Consumer ProductsFF

14.8 bn CHF

Fine Fragrances

Market Potential as of 2019

FIB
Fragrance Ingredient Business

AB

Market potential as of 2019
Givaudan market share as of 2019

Active Beauty

2020 Half Year Conference - Company proprietary information of Givaudan

Source: Based on Givaudan internal estimates

67

Strategy 2025
Fragrance market trends
Consumer base is
growing

Living longer and more
consciously

Sustainability is ofhigh concern

Trend

Impact••Urbanisation in highgrowth markets
Aspiration forhygiene and beauty•

New demographics,
e.g. Silver
generation•

Biodegradable,
renewable, naturalingredients2020 Half Year Conference - Company proprietary information of Givaudan

COVID-19:
E-commerce, self-careand localisation gain
importance• Retail channels
upheaval• Digital enablement• Local and regional
brands68

Strategy 2025
Our ambition
We create for happier, healthierlives with love for nature
Let’s imagine together…

By reinforcing our leadership in fragrances we want
to become the creative partner of choice not only inpersonal, fabric, hygiene and home care but also in
Fine Fragrance and beauty overall

2020 Half Year Conference - Company proprietary information of Givaudan

69

Strategy 2025
Strategic pillars to drive growth in Fragrances
Our Ambition
By reinforcing our leadership in fragrances we want to become thecreative partner of choice not only in personal, fabric, hygiene and homecare but also in Fine Fragrance and beauty overall

Our strategic pillars
Where to play

New andsuperior
product offering

Growing with all
customersegments

How to win

High growthmarkets

Leverage
M&As

Purpose driven
innovation andsourcing

Operations

2020 Half Year Conference - Company proprietary information of Givaudan

Leverage
DigitalPeople70

Strategy 2025
Performance ambition – sales growth
CHF 650m to CHF 800m additional sales by 2025

4-5%
CAGR%

New and superior
product offering

Growing with all
customer segments

2020 Half Year Conference - Company proprietary information of Givaudan

High growthmarkets71

Where to play

New and superior product offering

72

New and superior product offering

Biotechnology

BeautyLeverage our capabilities
and acquisitions for ouringredients

Further expand ouroffering in Active Beauty

Naturals

Delivery Systems

Provide our customers withthe most innovative andqualitative ingredients

Provide the next
generation of bio-caps

2020 Half Year Conference - Company proprietary information of Givaudan73

Where to play

Growing with all customer segments

74

Growing with all customers segments

Innovations

Global Consumer
Packaged Goods

Enriched
portfolio

Large Local &Regionals

Long tail of Local &Regionals

Leveraging M&A with
Givaudan capabilities
2020 Half Year Conference - Company proprietary information of Givaudan75Growing with all customers across all categories

Estimated retailvalue(bn CHF)(Source
Euromonitor)

Fabric &home careDeos, bath,shower, hair
& oral care

Fragrances

Skin care

Make-up

160

200

50

140

70

2020 Half Year Conference - Company proprietary information of Givaudan

76

Where to play

High growth markets

77

High growth markets
Our key focus countries and regions to capture growth
Latin America
Focus on leveraging ourlatest investments in theregion and capture thegrowing customers baseChina

HGM ca 1.5 x CAGR
Vs mature markets

Middle East &AfricaKeep investing in key
countries

Leverage the drom
acquisition

South-East Asia
India

Accelerate SEA growth byleveraging acquisitions ofFragrance Oils /Expressions Parfumées

Keep investing to sustain
current growth rate

2020 Half Year Conference - Company proprietary information of Givaudan

78

Where to play

Leverage M&A

79

Leverage our acquisitions
Outstanding portfolio aligned with market trends
Naturals

Local and regionalcustomers

Albert Vieille
Naturex
IndenaActiveBeautySoliance
Induchem
NaturexCentroflora
AMSilkIndenaAlderys

Aligned withmarket trends andour strategic
priorities

Expressions Parfuméesdrom
Fragrance Oils
UngererIngredients
Ungerer

2020 Half Year Conference - Company proprietary information of Givaudan

80How to win

Purpose driven innovationand sourcing

81Purpose driven innovation and sourcing
Sustainability meeting current and future needs

01
Biotechnology
Bio-based capsules
FiveCarbon Path™

03

Science

Sourcing

Responsible sourcing
Best in class for
Sustainability andTraceability

02

Creation

Naturality index
Naturals innovation
Artificial intelligence
VivaScentz™: design for
Health & Wellbeing
2020 Half Year Conference - Company proprietary information of Givaudan

82How to win

Operations

83

Operations

Industry leader
in automation
Next Generation Factories

Best in class business
continuity plan

Best palette &vertical integration

Operations Risk
Management

Ingredients Advantage

2020 Half Year Conference - Company proprietary information of Givaudan

84How to win

Leverage digital85

Leverage digital
Expanding our digital capabilities

Digital Rewireforspeed andefficiency

Digital for
betterproducts &services2020 Half Year Conference - Company proprietary information of Givaudan

Digitalinnovation
for new areas

86How to win

People87

PeopleFragrance Division key specific initiatives

SkillsAcquire and develop
the skills needed toachieve our ambitions

Achieve ourtargets fordiversity in highgrowth markets
and gender

Diversity

Engagement
Continue to fostera culture thatdevelops, supports
and motivates its
people2020 Half Year Conference - Company proprietary information of Givaudan

88Fragrance & Beauty
Our new Division name89

Our new Division name
Fragrance & Beauty

Our ambition :By reinforcing our leadership infragrances we want to become thecreative partner of choice not only inpersonal, fabric, hygiene and home care but
also in Fine Fragrance and beauty overall

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90

Tom Hallam
Chief Financial Officer91

Value creation history at Givaudan
A strong track record of growth & value creation

Value creation at Givaudan
The journey of growth
The post Quest era

The 1st Five Year Cycle

2007-20102011-2015

The 2nd Five Year Cycle
2016-2019

159
949

39
1,146

5y CAGR
4.3%

532

2,909

As at 1st Jan
2007

4y CAGR
4.3%
LFL

Acquisitions

1,017

876

994

348

Currency

4,239

4,239

As at 31st
Dec 2010

As at 1st Jan
2011

LFL

4y CAGR
5.3%

Acquisitions

Currency

4,396

4,396

As at 31st
Dec 2015

As at 1st Jan
2016

LFL

6,203

Acquisitions

Currency

As at 31st
Dec 2019(Sales in MCHF)>CHF

3.3 billionof incremental revenues since2007

LFL* CAGR

4.9%(2007-2019)

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 period2020 Half Year Conference - Company proprietary information of Givaudan

93Value creation at Givaudan
Industry leading financial performance
Sales growth

Free Cash Flow as % of sales
13.2%

9.2%
8.0%

12.7%

12.7%

11.8%

12.8%

9.7%

6.3%
5.8%

5.6%

9.2%

4.9%
4.2%

8.0%
4.7%

5.0%

6.0%

4.0%
3.0%

2016

3.0%

2017

Givaudan

2018

Symrise

2019

IFF

5.1%

4.6%

2016

2017

Givaudan2020 Half Year Conference - Company proprietary information of Givaudan

6.0%

2018

Symrise

2019

IFF
94

Value creation at Givaudan
Sustained value creation for shareholders
Share price evolution vs SMI

Dividend per share in CHF

1000%

70
60
50

800%

40

600%

30

400%

20

200%

10

0%
2000

2005

2010

Givaudan>CHF

35 billionof total shareholder return since
the IPO

2015

2020

2000

2005

2010

2015

0

SMI

Average annual yield of

13.3%
vs 4.1% of SMI

2020 Half Year Conference - Company proprietary information of Givaudan

95

Strategy 2025
Performance ambitions

96

Strategy 2025
Performance ambitions
Sales growth

Free cash flow

Purpose ambitions

4.0 – 5.0%

>12% of sales

Purposelinked targets

2021 – 2025
Average Like for Like* Sales Growth2021 – 2025
Average FCF** as % of sales

2021 – 2025
Progress towards all publishedpurpose targets*Like-for-like (LFL) is defined as: (a) sales calculated using theinvoicing exchange rates of the prior year, (b) excluding sales ofbusinesses 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 thedisposal date until the period end date of the comparable
prior period**Free Cash Flow (FCF) refers to operating cash flow after net
investments, interest paid and lease payments

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97

Strategy 2025
Performance ambitions – organic sales growth
2016 – 2020 Guidance

2016 – 2019

4.0 – 5.0%

5.1%

Average Like for Like* Sales Growth

Average Like for Like* Sales Growth2021 – 2025 Guidance

4.0 – 5.0%
Average Like for Like* Sales Growth2020 Half Year Conference - Company proprietary information of Givaudan

98Strategy 2025
Performance ambitions – Free Cash Flow2016 – 2020 Guidance

2016 – 201912 – 17%

12.5%

Average FCF** as % of sales

Average FCF** as % of sales
We are fully on course to deliver the
set target range

2021 – 2025 Guidance>12% of sales
Average FCF** as % of sales

2020 Half Year Conference - Company proprietary information of Givaudan

99

Strategy 2025
Performance ambitions - Purpose linked targets

NatureBefore 2030

Creations
By 2030
We will double our businessthrough creations that
contribute to happier, healthierlives.

Our operations’ carbon
emissions will be cut by 70%
and our supply chain emissions
by 20%

Before 2030
We will replace single-use
plastics with eco-friendly
alternatives across our sites andoperations

Before 2040
Our operations’ will be climate
positive and our supply chain
emissions will be cut by 50%

Before 2050
Our supply chain will be climate
positive

PeopleBefore 2025
Everyone on our sites will haveaccess to mental and physicalhealth initiatives, tools andtraining

Before 2025
We will reduce our total
recordable injuries cases by
50%

Before 2030
50% of our senior leaders will
be from high growth markets

Before 2030

Communities
By 2030
We will source all materials andservices in a way that protects
people and the environment

By 2030
We will improve the lives of
millions of people incommunities where we source
and operate

50% of our senior leadershipwill be women2020 Half Year Conference - Company proprietary information of Givaudan

100

Follow us on social media@givaudan

2020 Half Year Conference - Company proprietary information of Givaudan

101