#12020 Full Year Results Excellent Financial Performance 2020 Strategy delivered 29/01/2021 Givaudan engage your senses#2Gilles Andrier Chief Executive Officer Givaudan#32020 Full year results Performance highlights • Sales of CHF 6.3 billion, up 4.0% on a like-for-like✶ basis and 1.9% in Swiss francs • • • EBITDA of CHF 1,397 million, an increase of 9.6%; comparable EBITDA margin of 22.8% up from 21.5% in 2019 Free cash flow of CHF 811 million or 12.8% of sales Proposed dividend of CHF 64.00 per share, up 3.2% year-on-year • Successful delivery of 2020 guidance; Over the five year period 2016-2020: ➤ Average like-for-like sales growth of 4.9% ➤ Average free cash flow of 12.6% "I am very pleased that in an unprecedented environment related to COVID-19, we have been able to deliver such a strong financial performance in 2020, as well as successfully delivering on all of our ambitious targets in relation to our 2016-2020 strategy." *Like-for-like: excludes the impact of currency, acquisitions and disposals Givaudan 2020 Full year results investor conference 29/01/2021#4Sales performance Good growth in both divisions in million CHF 6,322 3,398 2,924 Group % 2020 growth on LFL* basis % 2020 growth in CHF 4.0% 1.9% 5.4% 4.5% Fragrance & Beauty Taste & Wellbeing 2.8% -0.2% * LFL (like-for-like) excludes the impact of currency, acquisitions and disposals Givaudan 2020 Full year results investor conference 29/01/2021#5Sales portfolio performance. Covid-19 impact analysis Lower impacted business LFL* growth 2020 16% 84% 15% 18% 85% 82% Group Fragrance & Beauty Taste & Wellbeing ■Lower impact ■Higher impact Givaudan Q1 Q2 Q3 Q4 FY Group 7.5% 11.7% 5.6% 6.0% 7.7% F&B 7.5% 12.7% 6.0% 6.6% 8.2% T&W 7.6% 11.1% 5.4% 5.5% 7.4% Higher impacted business LFL* growth 2020 Q1 Q2 Q3 Q4 FY Group -4.4% -39.0% -9.7% -4.1% -14.7% F&B 1.9% -35.3% -1.9% 12.2% -6.0% T&W -10.8% -42.2% -18.2% -19.1% -23.0% * LFL (like-for-like) excludes the impact of currency, acquisitions and disposals ✶✶ Portfolio structure based on 2019 actual results 2020 Full year results investor conference 29/01/2021#6Sales evolution by market Strong performance from high growth markets in million CHF % of total sales % 2020 growth on LFL* basis 3,646 3,544 2,676 2,659 * LFL (like-for-like) excludes the impact of currency, acquisitions and disposals Givaudan FY 2019 FY 2020 FY 2019 FY 2020 Mature High growth 57% 58% 43% 42% 1.5% 7.4% 2020 Full year results investor conference 29/01/2021#7Sales evolution by region All regions contributing to the growth in million CHF 699 674 2,278 2,233 1,768 1,630 1,602 1,641 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 LATAM APAC NOAM EAME % 2020 growth on LFL* basis % 2020 growth in CHF 17.6% -2.3% 0.6% 5.7% 1.1% -1.9% 7.2% 2.1% * LFL (like-for-like) excludes the impact of currency, acquisitions and disposals Givaudan 2020 Full year results investor conference 29/01/2021#8Sales performance Fragrance & Beauty Fine Fragrance decreased 6.0% LFL* • Strong impact of COVID-19 due to restricted retail and travel retail activity in major fine fragrance markets • • Good growth of 4.2% in the second half of 2020, compared to the same period in 2019 Specialty retail, e-commerce & direct selling channels supported improved second half results Consumer Products grew 9.2% LFL* • Strong sales growth against comparable growth of 7.8% in 2019 • Increased consumption of household, health and personal care products • Growth in both high growth and mature markets and across all customer groups and regions Fragrance Ingredients and Active Beauty increased by 2.5% LFL* • Active Beauty performed well in difficult market conditions related to COVID-19 and delivered low single digit growth 2,799 sales in CHF million +5.4% LFL growth 2,924 FY 2020 FY 2019 * LFL (like-for-like) excludes the impact of currency, acquisitions and disposals Givaudan 2020 Full year results investor conference 29/01/2021#9Sales performance Taste & Wellbeing Asia Pacific decreased 1.0% LFL* • Double-digit growth in China was offset by Indonesia and India, which were strongly impacted by COVID-19 3,404 • Weaker performance in mature markets of Japan and Oceania, also related to COVID-19 • EAME increased 2.0% LFL* Double-digit growth in Russia, Turkey, Maghreb and Egypt In the mature markets good single-digit growth in France, Germany, Benelux and Northern Europe North America increased 4.3% LFL* • • Good performance in all customer segments and in Beverages, Immunity Products, Snacks and Sweet Goods Latin America increased 10.7% LFL* • Double-digit growth in Brazil and Argentina Growth driven by the segments of Dairy, Beverages, Savoury and Sweet Goods sales in CHF million 3,398 +2.8% LFL growth FY 2020 FY 2019 * LFL (like-for-like) excludes the impact of currency, acquisitions and disposals Givaudan 2020 Full year results investor conference 29/01/2021#10COVID-19 Givaudan's focus throughout the crisis Givaudan 1. Protecting and supporting our employees, be it on-site or those working from home 2. Meeting the demands of our customers, particularly for those products which support consumers throughout the pandemic 3. Taking care of the communities in which we operate 2020 Full year results investor conference 29/01/2021#11Tom Hallam Chief Financial Officer Givaudan#122020 Full year results • Performance highlights Sales of CHF 6,322 million, up 4.0% on a like-for-like* basis and 1.9% in Swiss francs • EBITDA of CHF 1,397 million compared to CHF 1,275 million in 2019, an increase of 9.6% • Reported EBITDA margin of 22.1% compared to 20.6% in 2019, with the underlying margin at 22.8% versus 21.5% in 2019 • Net income of CHF 743 million, up 5.8% year-on-year • Operating cash flow of CHF 1,133 million; free cash flow of 12.8% of sales • Net debt to EBITDA of 2.9x, the same level as 2019 and down from 3.4x in June 2020 * like-for-like excludes the impact of currency, acquisitions and disposals Givaudan 2020 Full year results investor conference 29/01/2021#132020 Full year results Exchange rate development -3.5% -3.7% -4.8% -5.7% -5.8% -6.7% -27.8% -14.8% -8.4% JPY USD GBP EUR SGD BRL CNY MXN IDR FY 2020 0.88 0.94 1.21 1.07 0.68 0.18 0.14 0.04 0.64 FY 2019 0.91 0.99 1.27 1.11 0.73 0.25 0.14 0.05 0.70 Givaudan 2020 Full year results investor conference 29/01/2021#14Operating performance Sales of CHF 6,322 million, an increase of 4.0% on a like-for-like basis* and 1.9% in Swiss francs Gross margin of 42.1%, compared to 40.8% in 2019, as a result of continued productivity gains, improved contribution of acquired companies, GBS savings and cost discipline EBITDA of CHF 1,397 million compared to CHF 1,275 million in 2019. Acquisition and restructuring costs of CHF 39 million, compared to CHF 25 million in 2019. Impact of costs for GBS project of CHF 6 million in 2020, compared with CHF 31 million in 2019 EBITDA margin of 22.1% compared to 20.6% in 2019, with the underlying margin at 22.8% versus 21.5% in 2019 40.8% Gross margin 42.1% 1,275 in % EBITDA in CHF million 1,397 FY 2020 *Like-for-like excludes the impact of currency, acquisitions and disposals Givaudan FY 2019 20.6% EBITDA margin 22.1% As % of sales 21.5% Underlying EBITDA margin 22.8% 2020 Full year results investor conference 29/01/2021#15Operating performance Fragrance & Beauty Sales of CHF 2,924 million, an increase of 5.4% on a like- for-like basis* and 4.5% in Swiss francs EBITDA of CHF 677 million, increased from CHF 555 million in 2019 GBS costs of CHF 6 million, compared with CHF 31 million in 2019 and acquisition and restructuring costs of CHF 7 million, compared to CHF 11 million in 2019 EBITDA margin of 23.2% compared to 19.8% in 2019, with the underlying EBITDA margin at 23.6% versus 21.3% in 2019. The increase was mainly driven by higher sales, the contribution and synergies of the recent acquisitions, as well as reduced operating expenses 555 2,799 EBITDA in CHF million Sales in CHF million +5.4% LFL growth Givaudan As % of sales 2020 Full year results investor conference 677 2,924 FY 2019 FY 2020 19.8% EBITDA margin 23.2% 21.3% Underlying EBITDA margin 23.6% 29/01/2021#16Operating performance Taste & Wellbeing Sales of CHF 3,398 million, an increase of 2.8% on a like-for-like basis* and a decrease of 0.2% in Swiss francs EBITDA of CHF 720 million, flat compared to last year Acquisition and restructuring costs of CHF 32 million, compared to CHF 14 million in 2019, largely related to the integration of the recently acquired companies and ongoing optimisation of the footprint EBITDA margin of 21.2% compared to 21.1% in 2019. The underlying EBITDA margin was 22.1% versus 21.6% in 2019 720 3,404 EBITDA in CHF million Sales in CHF million +2.8% LFL growth 720 3,398 Givaudan FY 2019 FY 2020 EBITDA margin 21.1% 21.2% As % of sales 21.6% Underlying EBITDA margin 22.1% 2020 Full year results investor conference 29/01/2021#17Amortisation of intangible assets Total annual amortisation charge (in million CHF, estimated) 187 188 148 133 37 40 112 110 21 21 40 98 98 124 121 40 40 40 93 84 40 40 81 17 17 2021E 2022E 2023E 2024E 2025E ■Pre Quest ■Quest ■Other acquisitions Other IT 2020 Updated to include all recent acquisitions Givaudan 2020 Full year results investor conference 29/01/2021#18Net income 11.8% of sales Income before tax of CHF 876 million compared to CHF 808 million in 2019 Net income of CHF 743 million, or 11.8% of sales, versus CHF 702 million, or 11.3% of sales in 2019. Effective tax rate of 15%, compared to 13% in 2019, temporarily higher due to the impact of the recently acquired companies Basic EPS of CHF 80.59 per share, versus CHF 76.17 in 2019 Givaudan 2020 Full year results investor conference 702 FY 2019 Net Income in CHF million 743 FY 2020 76.17 Basic EPS (CHF) 80.59 29/01/2021#19Free cash flow Sustained underlying performance Free cash flow of CHF 811 million, compared to CHF 787 million in 2019. Free cash flow is 12.8% of sales compared to 12.7% in 2019. Average Free cash flow over the 2016-2020 strategy period of 12.6% Operating cash flow of CHF 1,133 million, compared to CHF 1,136 million in 2019 Total net investments of CHF 217 million, or 3.4% of sales, as the Group continues to invest in growth and information systems. The net investments in 2019 were 4% of sales, or 5.1% excluding the impact of the ZIC transaction Net Working capital of 24.4% of sales compared to 24.0% in 2019 787 FY 2019 Givaudan 2020 Full year results investor conference Free cash flow in CHF million 811 12.7% As % of sales FY 2020 12.8% 29/01/2021#20Dividend per share Increasing 3.2% over 2019 47 50 54 56 58 60 62 64* 36 15.4 16.3 17.6 18.8 19.5 20 20.6 21.5 22 8.1 6.5 7 811 787 720 703 662 604 597 594 549 390 340 295 273 289 262 203 157 145 512 437 117 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 * Subject to approval of shareholders at the AGM in March 2021 Free Cash Flow -Dividend Givaudan 2020 Full year results investor conference 29/01/2021#21Balanced debt structure Debt maturities and average borrowing rates In April 2020 Givaudan issued two new bonds for a total of EUR 1,000 million carrying respectively a maturity of 7 years (EUR 500M) and 12 years (EUR 500M). In November 2020 Givaudan issued a Swiss franc bond of CHF 150 million with an 8 year maturity. The weighted average effective interest rate for the Group is 1.49%. 1.74% 411 0.59% 392 2.30% 3.52% 222 161 154 1.18% 809 1.10% 550 0.15% 150 Cash & Cash Equivalents ST 1 Y 1-2 Y 2-3 Y 3-4 Y 4-5 Y 6-7 Y 7-8 Y Givaudan 2020 Full year results investor conference 2.00% 861 9-10 Y 0.63% 200 10-11 Y 1.63% 538 11-12 Y Debt in CHF million / Average interest rates in % 29/01/2021#22Leverage ratio and Net debt to EBITDA Increase related to the Ungerer acquisition Leverage ratio of 50% as at December 2020 compared to 47% in 2019. The increase is largely driven by currency impacts on the CTA in Equity and the acquisition of Ungerer in February 2020. The net debt to EBITDA as at December 2020 was 2.9x, flat compared to December 2019 and down from 3.4x in June 2020. 50% 28% 29% 24% 21% 18% 19% 17% 15% 47% 41% ill Dec '19 Dec '20 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Dec '17 Dec '18 Givaudan 2020 Full year results investor conference 29/01/2021#23Gilles Andrier Chief Executive Officer Givaudan#24Strategy 2020 Responsible growth. Shared success. Growing with our customers 4-5% Average organic sales growth* 4.9% 2016-2020 * Over the five-year period 2016-2020 Delivering with excellence 12-17% Average free cash flow as % of sales* 12.6% 2016-2020 Partnering for shared success Partner of choice • 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 this ambition Dividend increased y.o.y every year since Givaudan was listed in 2000 2020 Full year results investor conference 29/01/2021#2530 Value creation through acquisitions Expanding our portfolio Naturals Spicetec Activ International Vika Centroflora Nutra Naturex Albert Vieille Golden Frog Ungerer Indena Aligned with market trends and our strategic priorities Givaudan Active Beauty Soliance Induchem Naturex AMSilk Indena Alderys Ingredients Ungerer Albert Vieille 2020 Full year results investor conference Local and regional customers Naturex Expressions Parfumées drom Fragrance Oils Ungerer Integrated Solutions Spicetec Vika Activ International 29/01/2021#26Strategy 2020 Successfully Delivered Highlights of key achievements 2016-2020 Growing with our customers Delivering with excellence A High growth markets Health and well-being Consumer preferred products Integrated solutions Excellence in execution Partnering for shared success DO ছল Innovators Suppliers People Communities Expanding product and customer portfolio for growth Doubling sales in Naturals to close to CHF 2 billion Achieving No. 1 position in Fine Fragrance Building CHF 100 million businesses in Active Beauty and in Plant based proteins Local & Regional customers accounting for 54% of Group Sales Successful implementation of Givaudan Business Solutions (GBS) with benefits of CHF 60 million per annum Integration of acquired companies & improving financial performance Establishment of the Givaudan Digital Factory in Paris Earned key sustainability recognitions, including CDP leadership scores & EcoVadis Gold Status Strengthening global innovation ecosystem with opening of new flagship Innovation Centre in Zurich Doubling of sales from innovation linked to external collaborations Launch of "Connect to win" programme to accelerate innovation in partnership with suppliers Strong improvement in employee engagement and in safety performance#272021 Outlook Summary of the Key themes R • 2021 Outlook • Confident in our capabilities and the important role that we play in the global value chain for Food and Consumer Products Visibility remains short due to on-going impacts related to the COVID-19 pandemic Raw materials forecast to increase ~1% in the first half of 2021, with remaining uncertainty over the second half • • Focus on Operations • Protecting and supporting all Givaudan personnel Focus on maintaining operations and supply chain performance at high levels to support our customers Continued Cost discipline throughout the business • Key Initiatives • Continued integration of acquired companies on to Givaudan's operating platform Integration costs of ~CHF 45 million in 2021 Starting the implementation of the 2025 strategy Givaudan 2020 Full year results investor conference 29/01/2021#28Strategy 2025 Committed to Growth, with Purpose Creations We create inspiring solutions for happier, healthier lives. + FOCUSSED EXPAND THE PORTFOLIO GROWING TOGETHER WITH OUR CUSTOMERS People We nurture a place where we all love to be and grow ARKET STRATEGIES REACH EXTEND CUSTOM Excellence, Innovation & Simplicity - in everything we do PURPOSE LINKED TARGETS 4-5% GROWTH >12% FCF Nature We show our love for nature through impactful actions Communities We bring benefits to all communities that work with us#29Strategy 2025 Performance commitments Sales growth 4.0 – 5.0% - 2021 2025 Average Like for Like¹ Sales Growth Free cash flow >12% of Sales - 2025 2021 Average FCF2 as % of sales Purpose commitments Purpose linked targets 2021-2025 Progress towards all published purpose 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 and lease payments 2020 Full year results investor conference 29/01/2021#30Q&A Givaudan 2020 Full year results investor conference 29/01/2021#31Givaudan Follow us on social media @givaudan in f 2020 Full year results investor conference 29/01/2021#32Disclaimer No warranty and no liability: While Givaudan is making great efforts to include accurate and up-to-date information, we make no representations or warranties, expressed or implied, as to the accuracy or completeness of the information provided on this presentation/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. Givaudan 2020 Full year results investor conference 29/01/2021