Swiss fragrance, flavor and ingredient manufacturer Givaudan reported better-than-expected sales for the first nine months of 2026, with growth accelerating in the third quarter, driven primarily by fine fragrance.

Sales totaled CHF 5.89 billion (EUR 6.32 billion) from January to September, up 5.2% on a like-for-like basis, excluding currency effects and acquisitions, and 2.6% in Swiss francs. Analysts surveyed by Swiss news agency AWP had forecast sales of CHF 5.78 billion for the period from January to September 2026.

Third-quarter sales rose 8.6% on a like-for-like basis to 2.09 billion francs. The Perfumery and Beauty business grew by 13.5%, while Taste and Wellbeing posted a 3.5% increase, according to the group.

“After a moderate start to the year, Givaudan achieved the expected acceleration in growth in the third quarter, including in the Taste and Wellbeing segment, which had recently stagnated,” said Daniel Bürki, an analyst at Zürcher Kantonalbank. He added that “the positive surprise came primarily from fine fragrance.”

Over the first nine months, fine fragrance sales increased by 15.3%, despite a high comparison base following five years of strong growth since the post-Covid recovery.

Functional fragrance, covering applications such as laundry detergents, personal care products and household cleaners, advanced by 9.3%. By contrast, sales in Beauty Care declined by 2.5%.

Despite weaker performance in North America, Givaudan’s Taste and Wellbeing division recorded 1.5% growth over the nine-month period, compared with 0.5% in the first half of the year.

The improvement in the third quarter suggests the division is “turning a corner,” according to Arben Hasanaj, an analyst at Vontobel. Fragrance remains the group’s “star business,” he added.

Finally, Givaudan reiterated its medium- to long-term target of annual like-for-like sales growth of 4% to 6% through 2030. The group also confirmed that price increases were being implemented to offset higher raw material costs.

In early June, Givaudan announced the acquisition of a stake in Barcelona-based fragrance manufacturer Eurofragance, further strengthening its perfumery activities. The transaction value was not disclosed.