Category: 3. Business

Ad hoc announcement pursuant to article 53 LR

“We are very pleased with our continued good sales performance in the first nine months of 2025, against very strong prior year comparables. The natural hedges of Givaudan continue to support our strong performance across business segments, geographies and customer groups, despite the ongoing geopolitical, trade and macroeconomic challenges. Givaudan remains highly focused on supporting our customers’ growth in developing innovative products which consumers love.”

Gilles Andrier, CEO

Sales performance

In the first nine months of 2025 Givaudan recorded sales of CHF 5,743 million, an increase of 5.7% on a like-for-like¹ (LFL) basis and an increase of 1.7% in Swiss francs.

Givaudan continued the first nine months of the year with good volume growth and maintained its operations and global supply chain at a high level.

With higher input costs in 2025, including tariffs, the Company is implementing price increases in collaboration with its customers to fully compensate for the increases in input costs.

The good growth was supported by the 8.1% LFL in the high growth markets, the continued outperformance of local and regional customers across the group and the sustained strong performance of Fine Fragrance.

Fragrance & Beauty sales were CHF 2,923 million, an increase of 8.0% LFL and an increase of 5.1% in Swiss francs.

On a business unit basis, Fine Fragrance sales increased by 18.7% LFL against a high prior year comparable growth of 17.8%, and Consumer Products sales increased by 5.9% LFL against a strong prior year comparable growth of 15.9%. Sales of Fragrance Ingredients and Active Beauty increased by 1.5% LFL, with strong double-digit growth in Active Beauty offset by weaker performance in Fragrance Ingredients.

Taste & Wellbeing sales were CHF 2,820 million, an increase of 3.4% LFL and a decrease of -1.5% in Swiss francs.

On a regional basis, sales increased in South Asia, Middle East and Africa by 8.8% LFL, in Europe by 3.8% LFL, in North America by 3.9% LFL and in Latin America by 3.1% LFL. Sales decreased in Asia Pacific by -0.5% LFL. Within the product segments, there was broad based good growth in health care, snacks, sweet goods, and in dairy.

Our mid and long term ambitions

Our 2025 strategy, ‘Committed to Growth, with Purpose’, is our intention to deliver growth in partnership with our customers, through creating inspiring products for happier, healthier lives and having a positive impact on nature, people and communities.

Ambitious targets are an integral part of this strategy, with the Company aiming to achieve organic sales growth of 4–5% on a like-for-like basis and free cash flow² of at least 12%, both measured as an average over the five-year period strategy cycle. In addition, we aim to deliver on key non-financial targets around sustainability, diversity and safety, linked to Givaudan’s purpose.

With average like-for-like sales growth of 7.2% for the period 2021–2024 and the continued strong like-for-like growth in the first nine months of 2025 of 5.7%, Givaudan is highly likely to exceed the upper end of its average five-year sales growth target of 4–5% on a like-for-like basis for the period 2021–2025.

Our bold and ambitious long-term purpose goals are defined in four domains: creations, nature, people and communities. Our ambitions include doubling our business through creations that contribute to happier, healthier lives by 2030, becoming climate positive before 2050, becoming a leading employer for inclusion before 2025 and sourcing all materials and services in a way that protects the environment and people by 2030.

Further information

Upcoming events
Full year results – 29 January 2026

Contact
Claudia Pedretti, Head of Investor and Media Relations
T +41 52 354 01 32
E claudia.pedretti@givaudan.com

Key tables

Sales performance for the nine month period ended September

(a) Acquisitions and divestments

Sales performance for the three month period ended September

(b) Acquisitions and divestments

Sales performance by business activity

Sales performance by geography

Translations: WSOC大会欢迎辞 – Mark Searle (pdf)

Introduction

Ministers, ladies and gentlemen, colleagues, welcome to the IATA World Safety and Operations Conference.

A special welcome to our VIPs:

• Wang Yongli, Executive Vice Governor of Fujian Provincial People’s Government
• Han Jun, Deputy Administrator of CAAC
• Wu Bing, Mayor of Xiamen Municipal People’s Government
• Ma Tao, Regional Director of ICAO Asia and Pacific Office
• Zhao Dong, Chairman of Xiamen Airlines

It is a pleasure to be in Xiamen, and I will start by thanking our host, Xiamen Airlines, for the warm welcome. This is the first time that WSOC is meeting in China. And it’s significant. China is an aviation powerhouse: one of the world’s largest markets for passenger services and air cargo. From the standpoint of safety and operations it presents several good examples to follow:

• Many carriers have signed the IATA Safety Leadership Charter
• In line with global standards, it is safeguarding critical spectrum bandwidth for aviation as it rolls out 5G telecommunications technology
• And new entry / exit points with neighbouring Tajikistan and Kyrgyzstan have created over 40 international waypoints, giving airlines more flexibility to use advanced navigation systems for safer, more efficient routes

Working together—industry and the authorities—we are supporting China to get the most out of its significant investments in aviation. Our last tally showed that aviation contributes $250 billion to China’s GDP and supports 10.2 million jobs.

The improvements that we have achieved here demonstrate the important role of leadership, global standards and data analysis in making aviation the safest mode of transport. We must never let that slip, even in the face of evolving risks.

And make no mistake, airlines are operating in an increasingly conflict-ridden environment with grave consequences that have been all too clear recently.

• An Azerbaijan Airlines jet was downed with 38 lives lost, and
• In Sudan, two further incidents together claimed 25 lives.

Fortunately, such tragedies are rare, but they remain completely unacceptable. Civilian aircraft should never face such risks, even by accident.

And we cannot forget that, in addition to these well reported tragedies, airlines face and safely manage disruptions from geopolitical instability every day.

• The war in Ukraine cancels up to 2,000 flights every day and reroutes another 1,500
• The India–Pakistan conflict forced more than 200 daily diversions, with traffic at some waypoints rising 70–80%
• Drone incursions, such as we are seeing in Poland, Germany, Denmark, and Norway, add further strain
• And, lastly, reports of GNSS interference have grown by more than 200% between 2021 and 2024

Even with established procedures, precautionary measures, restrictions and rerouting, confidence and connectivity is disrupted, journeys are longer, and costs and emissions are higher.  

As leaders of global aviation’s safety and operations, we have a duty to manage today’s risks while anticipating and preparing for the risks of tomorrow. That is the “future proofing” that is referenced in the theme of this conference.

Future proofing begins with your leadership—the role of which is expressed in the IATA Safety Leadership Charter. The Charter now encompasses some 90% of global traffic. It points us towards a safety culture that  focuses on the two fundamental tools we have to continue to improve safety and operations:

• Global standards which we must keep relevant, and
• Making the best use of the enormous amount of data we generate to improve our operations

That, of course, is nothing new but we can and must do more with both.

Global standards are the bedrock of global aviation. We could not provide the connectivity that the world needs if each country had its own rules. We must avoid fragmentation by ensuring that the standards we have are continuously adapted to be fit for purpose.

Data has long helped us make critical decisions. We are capturing more data than ever before. And, with the capabilities of artificial intelligence, our ability to turn that data into critical insights that deliver more relevant and powerful outcomes continues to grow.

Global standards and data will recur throughout the WSOC program. In anticipation of that, I’d like to help set the scene with some reflections on how these apply to IATA’s work on some of our most critical topics.

Global Standards

Let’s start with global standards, where we have an important agenda of standards that either need to be defended, implemented, or both. Here are four priority examples:

1. GNSS interference, which I mentioned earlier, is a critical example. Neither spoofing nor jamming of GNSS systems is acceptable. But with geopolitical tensions driving such risks, our crews are well trained to manage them. Together with EASA, IATA has launched a GNSS Resilience Plan built on four priorities: monitoring and reporting, prevention tools, backup infrastructure, and civil–military coordination. The next step is for ICAO to advance these solutions with global standards, guidance, and reporting.
2. The radio spectrum we rely on for navigation is defined in ITU’s global standards and must be protected for safety of operations. But the growing demand for spectrum from 5G and eventually 6G is challenging aviation’s allocations. In the US, Australia, and Canada, some 5G rollouts created interference risks near airports and forced costly retrofits. The lesson is clear: we need stronger coordination with telecom regulators and realistic timelines for sunsetting of mitigations, as well as future on-board systems that are more resilient.
3. Global standards ensure the safe carriage of lithium batteries by passengers and that matters because almost every traveler carries lithium-powered devices. An IATA survey found that while 57% of passengers believe they know the rules and another 36% say they know the basics, nearly half mistakenly think it’s safe to pack power banks or small devices in checked baggage or are unclear about power limits. To reinforce the standards, we are launching the Travel Smart with Lithium Batteries campaign to raise awareness on the rules that keep everyone safe.
4. The last example I’ll raise on global standards is accident reporting, set out clearly in Annex 13 of the Chicago Convention. Yet only 58% of accidents between 2019 and 2023 have, to date, delivered a final report. When reports are delayed, the industry loses vital safety insights and space is created for speculation, rumors, and conspiracy theories. That’s why we continue to remind governments of their obligations while also recognizing success, such as the timely preliminary reports published for recent accidents in India, South Korea, and the US.

Data

Turning to data, the first point I want to emphasize is how our growing use of safety and operational information is transforming the industry. The flagship is the Global Aviation Data Management (GADM) program, which turns millions of data points from our members into actionable intelligence.

This is clearly demonstrated with Turbulence Aware – included in GADM – which enables pilots and dispatchers to share information on this safety risk. Participation in the program has grown by 25% over the last year. The fleet of 3,200 Turbulence Aware aircraft now includes new joiners Air France, Etihad and the SAS. And with each new contributing aircraft the better our ability to mitigate the risks of turbulence.

We also see the potential in SafetyIS  which is so rich in-flight data from 217 airline contributors that we can now achieve predictive insight. For example, a spike in collision-avoidance alerts was identified at a major Latin American airport before it was noticed locally—allowing timely interventions that reduced risks and improved safety.

And lastly, we see the potential for data to transform the safety world in the rollout of risk-based IOSA. Data on risks guides how the audits are adapted to each airline. And, as a result, we are seeing more findings – some 8,000 corrective actions have already been identified and that number will grow.

I encourage all of you to make sure that your airline is getting the most out of this data revolution by joining two important communities:

• GADM which includes the Flight Data eXchange (FDX), Incident Data eXchange (IDX), and Maintenance Cost Data eXchange (MCX)—provides critical insights that help airlines and regulators make better decisions.        

• IATA Connect. Already 5,600 users from over 600 organizations have come together in a community that shares data and insights from IATA’s many safety programs that can make us all safer. Soon this community will expand to include ISAGO users adding another important dimension to its potential.

ICAO Assembly

Just before concluding my remarks, I have two additional points to those on leadership, data and standards. First, I would like to quickly report on the conclusions of the 42nd ICAO Assembly that took place earlier this month. We all know that ICAO is incredibly important for our industry as the ultimate keeper of global standards. That’s why every three years we make a major effort to ensure that the industry’s concerns are heard by the delegates and reflected in the Assembly’s conclusions.

In total this year, IATA submitted 14 papers, largely with very positive results. Some of the highlights include:

• Accepting our recommendation that data from its two key state audits USOAP (Universal State Oversight Audit Program) and the State Safety Program Implementation Audit (SSP-IA) should feed into the standard-setting process.
• Supporting a move forward to increase in pilot retirement age to 67
• Reaffirming the need for States to adhere to the framework, laid out in Annex 13, to complete accident investigations as internationally agreed.
• Ensure that aircraft equipment mandates, are achievable across all stakeholders that they will impact

Including these in the final Assembly report is of great consequence. And our job over the next three years is to use the Assembly’s endorsements to implement the required changes.

Supply Chain

Secondly the supply chain. Safety resilience also depends on the wider aviation system. And today, the supply chain is under strain.

• Aircraft deliveries fell to just 1,254 in 2024, 30% below pre-COVID peaks
• The backlog has grown to a record 17,000 aircraft
• Engine issues have grounded hundreds of aircraft

The financial hit will exceed $11 billion this year, but the greater concern is safety: stretched fleets, delayed maintenance, and limited spares erode the buffers that protect operations.

IATA is responding with tools like MRO SmartHub, which allows members to have better visibility of the serviceable used aircraft parts available  in the aftermarket and gives airlines real-time data to reduce parts delays and keep fleets flying safely.

Together with Oliver Wyman, we are releasing a new report at this conference. It calls for urgent action: expand capacity, promote fair competition and alternatives, and improve forecasting and data visibility,  practical steps to restore resilience and protect aviation’s safety margins.

Conclusion

On that note, on behalf of the whole IATA team, I look forward to working with you and your teams to provide the leadership needed to improve safety and operations with relevant global standards and the power of data.  

The challenges that we face are many and dynamic. But by keeping focused on leadership, standards and data, I know that we will be able to build an industry that is even safer, more efficient and fully able to provide the connectivity that the world needs to prosper.

I wish you all a productive and successful conference.

A US company has engineered a new type of wood that it says has up to 10 times the strength-to-weight ratio of steel, while also being up to six times lighter.

“Superwood” has just launched as a commercial product, manufactured by InventWood, a company co-founded by material scientist Liangbing Hu.

Over a decade ago, Hu set out on a quest to reinvent one of the oldest building materials known to humankind. While working at the University of Maryland’s Center for Materials Innovation, Hu, who’s now a professor at Yale, found innovative ways to re-engineer wood. He even made it transparent by removing part of one of its key components, lignin, which gives wood its color and some of its strength.

His real goal, however, was to make wood stronger, using cellulose, the main component of plant fiber and “the most abundant biopolymer on the planet,” according to Hu.

The breakthrough came in 2017, when Hu first strengthened regular wood by chemically treating it to enhance its natural cellulose, making it a better construction material.

The wood was first boiled in a bath of water and selected chemicals, then hot-pressed to collapse it at the cellular level, making it significantly denser. At the end of the weeklong process, the resulting wood had a strength-to-weight ratio “higher than that of most structural metals and alloys,” according to the study published in the journal Nature.

Now, after years of Hu perfecting the process and filing over 140 patents, Superwood has launched commercially.

“From a chemical and a practical standpoint, it’s wood,” explained InventWood CEO Alex Lau, who joined the business in 2021. In buildings, that would allow for structures potentially up to four times lighter than today, Lau said, meaning they would be more earthquake resistant, as well as easier on foundations, making construction faster and easier.

“It looks just like wood, and when you test it, it behaves like wood,” Lau added, “except it’s much stronger and better than wood in pretty much every aspect that we’ve tested.”

InventWood is manufacturing Superwood in its plant in Frederick, Maryland, and although the production time is now measured in hours rather than days, it will take some time to scale up, Lau said.

Initially, the company plans to focus on external applications such as decking and cladding, before moving on to internal applications such as wall paneling, flooring and home furniture sometime next year.

“People always complain that furniture breaks down over time, and that’s often because it sags or breaks down at the joints, which are currently made of metal because wood isn’t strong enough,” said Lau. Superwood could be used to replace these parts, he said, as well as screws, nails and other metal fasteners.

Eventually, Lau projects that an entire building could be constructed out of Superwood, although that would require more testing.

Much like in Hu’s original experiment, the wood is strengthened via a chemical process that alters the basic structure of the cellulose and is compressed very tightly without springing back. “In theory, we can use any kind of wooden material,” Lau said. “In practice, we’ve tested with 19 different kinds of species of wood as well as bamboo, and it’s worked on all of them.”

InventWood says Superwood is up to 20 times stronger than regular wood and up to 10 times more resistant to dents, because the natural porous structure of the wood has been collapsed and toughened. That makes it impervious to fungi and insects. It also gets the highest rating in standard fire resistance tests.

Superwood currently costs more than regular wood and also has a larger manufacturing carbon footprint, but Lau said that compared to steel manufacturing, the carbon emissions are 90% lower.

He added that the target is “not to be cheaper than wood, but to be competitive with steel,” when manufacturing scales up.

Other types of engineered wood have existed as construction materials for a long time, but InventWood says that these are simply rearranged pieces of wood that are held together with adhesives, rather than wood that has been altered at the molecular level like Superwood.

Timber construction has had a resurgence in recent years, and wood is now used to build skyscrapers. The city of Milwaukee — which already hosts the world’s tallest timber tower, the 284-foot (87-meter) Ascent MKE — has revealed plans to build an even taller one, at a whopping 600 feet (183 meters) in height.

Currently, concrete is by far the most-used construction material on Earth, and even though its production has plateaued in recent years, making concrete generates 7% of the world’s global carbon emissions.

Philip Oldfield, an architecture professor and head of the School of Built Environment at the University of New South Wales, in Australia, who is not involved with InventWood, said timber has environmental benefits over many other building materials as its production processes are less intensive than steel and concrete, and timber stores CO2 in its woody biomass through photosynthesis. “Wood products can be considered a long-term carbon storage system, and construction with wood could see our cities ‘lock in’ carbon emission in buildings for long periods of time,” he added.

However, he points out that existing engineered timber products are already competing with steel and concrete. “The barrier to more timber buildings isn’t really the need for more strength,” he explained, “it’s that the construction industry is risk averse and slow to change.”

To see more timber in buildings, he argued, we need better education, pilot projects and improved regulatory frameworks: “But stronger timber products like this Superwood could allow architects to create larger spans and more durable finishes with timber, which would certainly be beneficial and could foster greater timber uptake.”