2021 Half year results
Strong financial performanceGilles Andrier
Chief Executive Officer

Sales performance

2021 Half year results
Performance highlights• Sales of CHF 3,373 million, up 7.9% on a like-for-like* basis and 4.7% in Swiss francs• Excellent sales across all markets and segments, with strong contribution from 2025
strategic growth areas• Strong performance of high growth markets with a like-for-like growth of 10.4%• Underlying EBITDA margin of 24.2%, compared to 23.7% in 2020
• Free cash flow of 5.5% of sales or CHF 186 million* LFL (like-for-like) excludes the impact of currency,acquisitions and disposals
Investor conference call - 2021 Half year results3Half year sales performance
Good growth in both divisions
HY 2020
HY 2021

3 221

3 373

1 456

Group

1 564

Fragrance & Beauty

1 765

1 809

Taste & Wellbeing

7.9%

10.1%

6.1%

% 2021 growth on LFL* basis

4.7%

7.4%

2.5%

% 2021 growth in CHF* LFL (like-for-like) excludes the impact of currency,
acquisitions and disposals

Investor conference call - 2021 Half year results

4Sales portfolio performance
COVID-19 impact analysis
Higher impact **Lower impact **Q1 2020 Q2 2020 HY 2020 Q1 2021 Q2 2021 HY 2021

16%
84%

18%

15%
85%

82%

Group

Lower impacted business LFL* growth 2020 & 2021

Fragrance & Beauty

Group

7.5%

11.7%

9.6%

9.6%

2.2%

5.8%

F&B

7.5%

12.7%

10.0%

10.7%

1.0%

5.8%

T&W

7.6%

11.1%

9.3%

8.7%

3.1%

5.8%

Higher impacted business LFL* growth 2020 & 2021
Q1 2020 Q2 2020 HY 2020 Q1 2021 Q2 2021 HY 2021
Group-4.4%-39.0%-22.6%-2.8%

60.1%

22.4%

F&B

1.9%

-35.3%-16.4%

6.6%

79.4%

34.5%

T&W

-10.8%-42.2%-28.1%-14.5%

39.6%

8.3%

Taste & Wellbeing* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals** Portfolio structure based on 2019 actual ‘pre-COVID’ results

Investor conference call - 2021 Half year results

5Sales evolution by market
Strong performance in mature markets
HY 2020
HY 2021

1 868 1 938
1 353

Mature

58%

57%

6.1%

1 435

High growth

42%

43%

10.4%

% of total sales% 2021 growth on LFL* basis* LFL (like-for-like) excludes the impact of currency,
acquisitions and disposals

Investor conference call - 2021 Half year results

6Sales evolution by region
All regions contributing to the growth
HY 2020

1 166
851

816

338

901

HY 2021

1 233

924

365

LATAM

APAC

NOAM

EAME

21.2%

6.3%

7.5%

5.5%

% 2021 growth on LFL* basis* LFL (like-for-like) excludes the impact of currency,
acquisitions and disposals
Investor conference call - 2021 Half year results

7

Fragrance & Beauty
Sales growth of 10.1% on a LFL basis
Fine Fragrance sales increased by 34.5% LFL

In CHF million• The sales performance was driven by a significant rebound on prestige
fragrances and speciality retail

1 564• New business wins contributed to this strong performance bringing
overall sales to levels above the pre-pandemic period• All regions delivered strong double-digit sales growth

Consumer Product sales increased by 4.1% LFL+7.4%• The growth in the first half of 2021, against a strong comparable
growth of 11.8% in 2020, was achieved in both high growth andmature markets and across all customer groups• On a product segment basis, the sales growth was led by Fabric Carefollowed by Personal Care and Home Care

1 456

HY 2020

Sales of Fragrance Ingredients and Active Beauty
increased by 14.4%

HY 2021• Strong double-digit growth in Active Beauty in both high growth andmature markets.
• Fragrance Ingredients reported strong single-digit growth driven by
key international and local and regional customers* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals
Investor conference call - 2021 Half year results8

Taste & Wellbeing
Sales growth of 6.1% on a LFL basis
Sales in Europe increased by 1.7% LFL• The mature markets of Germany, Italy, Spain and Sweden allachieved good single-digit sales growth

In CHF million• In the high growth markets there was excellent business momentum
driven by double-digit growth in Russia and Poland

1 809

+2.5%

Sales in Asia Pacific increased by 5.1% LFL• In the high growth markets, China and Malaysia delivered strong
double-digit performance, followed by solid single-digit growth in thePhilippines and Vietnam
Sales in South Asia, Africa and the Middle East increased by3.5% LFL• Double-digit growth was achieved in India, Algeria and Nigeria, which
was partially offset by South Africa, where there is still a heavy
impact from the COVID-19 crisis

1 765

Sales in Latin America increased by 23.4% LFL• Led by strong double-digit volume growth in Mexico, Brazil,Colombia, Chile and Argentina

HY 2020

HY 2021

Sales in North America increased by 6.1% LFL• The good performance was a result of new wins, a rebound inFoodservice and the growth of existing business in Beverages,Immunity Products, Savoury, and Sweet Goods* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals
Investor conference call - 2021 Half year results

9Tom Hallam
Chief Financial Officer

Operating performance

2021 Half year results
Performance highlights• Sales of CHF 3,373 million, up 7.9% on a like-for-like* basis and 4.7% in Swiss francs• EBITDA of CHF 809 million compared to CHF 734 million in 2020, an increase of 10.2%• Reported EBITDA margin of 24.0% compared to 22.8% in 2020, with the underlying EBITDA
remaining strong at 24.2%, compared to 23.7% in 2020
• Income before tax of CHF 566 million versus CHF 480 million in 2020
• Net income of CHF 481 million, an increase of 16.3% year-on-year• Free cash flow of CHF 186 million or 5.5% of sales* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals

Investor conference call - 2021 Half year results

112021 Half year results
Exchange rate development
3%

3%

3%

0%

-1%
-6%

-4%

-6%-15%JPY

USDGBPEURSGDBRLCNYMXN

IDR

HY 2021

0.84

0.91

1.26

1.10

0.68

0.17

0.14

0.04

0.64

HY 2020

0.89

0.96

1.22

1.07

0.69

0.20

0.14

0.04

0.66

Investor conference call - 2021 Half year results

12Operating performance
42.2%

Gross margin
in %

43.9%
809

Sales of CHF 3,373 million, an increase of 7.9% on a like-for-likebasis* and 4.7% in Swiss francs
Gross margin of 43.9%, compared to 42.2% in 2020, as a resultof high operational leverage, positive mix effects, as well as
continued cost discipline
EBITDA of CHF 809 million compared to CHF 734 million in 2020.
Acquisition and restructuring costs of CHF 7 million, comparedto CHF 24 million in 2020

EBITDAin CHF million

734

EBITDA margin of 24.0% compared to 22.8% in 2020, with theunderlying margin at 24.2% versus 23.7% in 2020

HY 2020

HY 2021

22.8%

EBITDA Margin

24.0%

23.7%

Underlying EBITDA Margin

24.2%

As % of sales* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals
Investor conference call - 2021 Half year results

13Operating performance
Fragrance & Beauty333EBITDA375

Sales

1 564

in CHF million

in CHF million

EBITDA of CHF 375 million, increased from CHF 333 million in2020, an increase of 12.5%
GBS costs of CHF 1 million, compared with CHF 4 million in 2020
and acquisition and restructuring costs of CHF 2 million,
compared to CHF 4 million in 2020

+10.1%
LFL growth

EBITDA margin of 24.0% compared to 22.9% in 2020, with theunderlying EBITDA margin at 24.2% versus 23.4% in 2020.

1 456

HY 2020

Sales of CHF 1,564 million, an increase of 10.1% on a like-forlike basis* and 7.4% in Swiss francs

HY 2021

22.9%

EBITDA Margin

24.0%

23.4%

Underlying EBITDA Margin

24.2%

As % of sales* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals
Investor conference call - 2021 Half year results

14

Operating performance
Taste & Wellbeing
401EBITDA434

in CHF million

Salesin CHF million

1 809

Sales of CHF 1,809 million, an increase of 6.1% on a like-for-likebasis* and 2.5% in Swiss francs
EBITDA of CHF 434 million, increased from CHF 401 million in2020, an increase of 8.4%
Acquisition and restructuring costs of CHF 5 million, compared toCHF 20 million in 2020

+6.1%

EBITDA margin of 24.0% compared to 22.7% in 2020, with theunderlying EBITDA margin at 24.3% versus 23.8% in 2020.

LFL growth

1 765

HY 2020

HY 2021

22.7%

EBITDA Margin

24.0%

23.8%

Underlying EBITDA Margin

24.3%

As % of sales* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals
Investor conference call - 2021 Half year results

15

Net income
14.3% of sales
Net Income

Income before tax of CHF 566 million compared toCHF 480 million in 2020, an increase of 17.7%

in CHF million

481

Net income of CHF 481 million, or 14.3% of sales, versus
CHF 413 million, or 12.8% of sales in 2020
Effective tax rate of 15%, compared to 14% in 2020
Basic EPS of CHF 52.19 per share, versus CHF 44.81 in 2020

413

HY 2020

44.81

HY 2021

Basic EPS (CHF)

52.19

Investor conference call - 2021 Half year results

16

Free cash flow
Sustained underlying performance
Free cash flow
in CHF million

186

Free cash flow of CHF 186 million, compared to CHF 178 million
in 2020, an increase of 4.5%. Free cash flow is 5.5% of sales
compared to 5.5% in 2020
Operating cash flow of CHF 415 million, compared toCHF 389 million in 2020, an increase of 6.7%
Total net investments of CHF 120 million, or 3.6% of sales,
compared to CHF 139 million, or 4,3% of sales in 2020
Net Working capital of 28.3% of sales compared to 27.9% in2020

178
HY 2020

5.5%

HY 2021As % of sales

5.5%

Investor conference call - 2021 Half year results

17Amortisation of intangible assets
Total annual amortisation charge (in million CHF, estimated)
187

188

3740

148

133

124

121

4040
112

4040

110

98
93
21

21

1717462021E

2022E

2020

Pre Quest

2023E
Quest

Other acquisitions

Investor conference call - 2021 Half year results

84

812024E

2025E
Other IT18

Balanced debt profile
Debt maturities and average borrowing rates
The weighted average effective interest rate for the Group is 1.48%.

Debt Maturity

2.00 %in CHF million
Average interest rates in %873

1.53 %

672

1.37 %

497

1.64 %

366

306

Cash & CashEquivalents

ST < 1 Y

1-2 Y1.26 %1.10 %

565

5597452.19 %

0.15 %

173150

2-3 Y

3-4 Y

4-5 Y

Investor conference call - 2021 Half year results

5-6 Y

1.36 %

7-8 Y

9-10 Y

10-11 Y19Gilles Andrier
Chief Executive Officer

2025 Strategy
2021 Outlook

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

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 Like1 Sales Growth2021 – 2025
Average FCF2 as % of sales

2021 – 2025
Progress towards all publishedpurpose targets

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

Investor conference call - 2021 Half year results

222021 Outlook
Key themes review

2021 Outlook

Focus on Operations

Key Initiatives• H1 demonstrated a strong recovery inareas of the business most affected by theCOVID-19 pandemic• Protecting and supporting all Givaudan
personnel• Continued integration of acquiredcompanies on to Givaudan’s operating
platform• Remaining high level of uncertainty
related to the continuing COVID-19pandemic• Raw materials forecast to increase by~1% for the full year 2021

• Focus on maintaining operations andsupply chain performance at high levels
to support our customers• Progressing further with theimplementation of the 2025 strategy• Continued cost discipline throughout
the businessInvestor conference call - 2021 Half year results

23

Q&A

Investor conference call - 2021 Half year results

24Follow us on social media@givaudan

Investor conference call - 2021 Half year results

25

Disclaimer
No warranty and no liability
While Givaudan is making great efforts to include accurate and up-to-date information, we make no representations orwarranties, expressed or implied, as to the accuracy or completeness of the information provided on thispresentation/handout and disclaim any liability for the use of it.
No offer and no solicitation
The information provided on this handout does not constitute an offer of or solicitation for the purchase or disposal,
trading or any transaction in any Givaudan securities. Investors must not rely on this information for investment
decisions.
Forward-looking information
This handout may contain forward-looking information. Such information is subject to a variety of significant
uncertainties, including scientific, business, economic and financial factors, and therefore actual results may differ
significantly from those presented.
Copyright © 2021 Givaudan SA. All rights reserved.

Investor conference call - 2021 Half year results

26