Givaudan stock faces margin pressure after CHF 3.799 billion sales

Published on 09/29/2026 at 08:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Givaudan stock was last at CHF 3,418.00 on September 28, 2026, while JP Morgan lifted its target to CHF 3,700.00. First-half margins fell to 24.3 percent.

A pop art comic book illustration of a stylised perfume bottle. The unlabelled pink geometric bottle sits at the centre, emanating large swirling fragrance clouds in hot pink and aqua with halftone Ben-Day dot patterns. A yellow sunburst fills the backgro — Givaudan CH0010645932 Pop-Art-Parfumflakon mit Halftone-Punkten, pinken und türkisen Comic-Duftwolken auf gelbem Hintergrund, Illustration mit AI erstellt.

Givaudan stock (ISIN CH0010645932) was last at CHF 3,418.00 on SIX on September 28, 2026 at 5:30 p.m. CEST, down 0.84 percent from the prior session. The company entered its September 29 to September 30 investor field trip after first-half sales reached CHF 3,799 million, with growth and profitability sending different signals.

Sales growth meets currency pressure

According to Givaudan in its half-year release dated July 23, 2026, first-half sales increased 3.6 percent on a like-for-like basis but declined 1.7 percent in Swiss francs from the prior-year period. The contrast reflects the strong Swiss franc, while Fragrance and Beauty grew 6.5 percent like for like and Taste and Wellbeing advanced 0.5 percent.

The earnings mix was less supportive. Adjusted EBITDA was CHF 923 million, and its margin fell to 24.3 percent from 25.2 percent in the first half of 2025. Net income declined to CHF 475 million from CHF 592 million, while adjusted basic earnings per share decreased to CHF 60.25 from CHF 66.71.

Analyst target stays above market price

According to Zonebourse on September 22, 2026, JP Morgan kept its Buy view and raised its price target from CHF 3,600.00 to CHF 3,700.00. The new target stands 8.25 percent above the September 28 reference price, keeping analyst optimism ahead of the stock's recent quotation.

That target sits against a demanding operating backdrop. Givaudan reported CHF 103 million in non-recurring first-half costs linked to litigation settlements, provisions, restructuring and competition-authority investigations. Net debt reached CHF 4,604 million at June 30, 2026, compared with CHF 3,678 million at December 31, 2025.

Stock stays below its yearly high

Givaudan stock traded within a CHF 2,566.00 to CHF 3,592.00 52-week range on the available September 28 snapshot, leaving the reference price CHF 174.00 below the high. Market capitalization stood at CHF 31.6 billion and trading volume reached 11,022 shares.