#1Investor presentation Creating for happier, healthier lives with love for nature. Let's imagine together. C Givaudan engage your senses#2What we do#3Givaudan products drive millions of consumer decisions every day! ANN TAYLOR SoftMoc APLING FOR EVERY CHE www.dimoc.com CRASH ker Massins Dutti Manic Dette KILDE 617 ALE ANAS OLDE 价中 NOT-50%#4Fragrance & Beauty, Taste & Wellbeing, provide our customers compounds, ingredients and integrated solutions that engage consumers 6AN H Beverages Savoury Oral care Personal care Fine Fragrances Snacks Dairy Sweet goods Household Beauty & skin care Givaudan#5How we do it#6A unique business model driven by our purpose Creating for happier, healthier lives with love for nature. • Winning business assumes: being on a core supplier list, submitting a brief, developing a solution and being selected by the customer • Our products are unique co-creations with our customers: • . Consumer-differentiating, bespoke, value-added Fragrance and Beauty, Taste and Wellbeing solutions driven by innovation Agility and service are key Scent and taste determine consumer purchase and repeat decisions whilst representing only a minor fraction of costs 0.5-2.0% in flavours and consumer fragrances to 4-6% in fine fragrances, i.e. a very minor portion of the end product costs High barriers to entry and high shifting costs for customers Givaudan Investor presentation January 2021 6#7A unique business model with high barriers to entry • Mastering complexity is a key feature of our space • A research-driven innovation process and a deep understanding of consumer preferences around the world Sustainability goals creating significant innovation opportunities (e.g. move from non- renewable to renewable, etc. • IP / formulae owned by Givaudan • Mastering high complexity and volatility at every step: • • • >11,400 raw materials and a sophisticated supply chain with over 2,500 raw material suppliers >122,600 products made to order, delivered just in time to >10,000 customers • >310,000 customer submissions / product briefs managed annually, and ca. 15% of our portfolio up for review due to the life cycle of products Compliance and regulations Givaudan Investor presentation January 2021 7#8Operating in a significant addressable market Givaudan's expanded market space worth CHF 42bn Givaudan market share as of 2020 Market potential as of 2020 + 0000 00000 + Flavour & Taste 13.1 bn CHF Market Potential as of 2020 Functional & Nutrition 14.1 bn CHF Market Potential as of 2020 (Givaudan scope of activities) Source: Based on Givaudan internal estimates Givaudan Investor presentation January 2021 Fragrance & Beauty 14.8 bn CHF Market Potential as of 2020 8#9A research-driven innovation process. Supported by unrivalled capabilities and innovation > 69 Creation and application Centres >>122,600 Products sold per year CHF 536 mln R&D spend in 2020 Update figures > 500 Employees in Science & Technology > 3,600 Active patents Givaudan -0000 Innovation initiatives and priorities Supplier enabled innovation partnerships with bioscience companies Delivering differentiating technologies and solutions in Flavours, nutritional and functional ingredients (clean label delivery systems, health and wellbeing solutions etc.) Enabling novel consumer experiences in Fragrances: naturals, new sensory experiences, sustainable new molecules and precursors etc. Investor presentation January 2021 9#10Business processes enabled by digital tools Selected digital initiatives Carto - AI enabled creative design Consumer and customer foresight Robotic process Factory 2.0 Traceability automation A A product creation experience: Playful and multi-sensorial human/machine interaction Smart suggestions powered by AI Collaboration-oriented environment enabling customer co-creation Discover new consumer behaviours through advanced analysis of social media and other external data Capturing insights and converting them into business foresights Create a virtual workforce to take over repetitive tasks, creating bandwidth for more value added activities E.g. supply chain, HR, compliance forms, etc. Identify how technology can improve the manufacturing environment: - - - Automation (robots, processes) Safety (training, monitoring) Decision making (forecasting, predictive maintenance) Sustainability (greener processes) products and their Guarantee traceability of constituents, from source to consumer Leverage technology to enable source-to-consumer traceability of raw materials Track biodiversity impact, carbon footprint, water waste thanks to this traceability Givaudan Investor presentation January 2021 10#11Achievement Target Sustainable value creation Having a positive impact on nature Our ambition is to become a climate- positive business (scope 1, 2, 3) before 2050 -70% absolute scope 1 + 2 GHG emissions between 2015 and 2030 -20% absolute scope 3 GHG emissions between 2015 and 2030 100% renewable electricity by 2025 GHG emissions Givaudan 2020 2020 -30% scope 1+2 81 % +11% scope 3 Renewable electricity Achievement Target Investor presentation January 2021 Protecting the environment through industry-leading water stewardship and waste management -15% water per tonne of product by 20201 -20% waste per tonne of product by 20202 2020 -31 % Water E Waste 2020 -14 % 1. Use of municipal and groundwater, baseline 2009 2. Includes incinerated and landfilled waste, baseline 2015 11#12Sustainable value creation Procurement practices bringing benefits to all involved CHF 2.2 bn Raw material / consumable spend per year Sourcing for shared value Responsible Sourcing Drive compliance and continuous improvement Updated RS programme to be launched in early 2021 Givaudan >225 People in global procurement worldwide Programmes Sourcing at Origin >11,400 Number of different 57% 43% raw materials sourced Natural raw materials Communities at Source VERS L'ECOLE 300 Secure supply locally Support producer communities Investor presentation January 2021 Overall impact Sourcing for Shared Value covers raw material categories Synthetic raw materials 40 Sourcing for Shared Value is rolled out in countries 26 12#13Our unique positioning A multi-year expansion, positioning Givaudan for multiple growth opportunities 1990s until today Geographic expansion 2000s until today Customer diversification 2007 Quest scale up 2010 until today Expanding core F&F and beyond Expansion from mature to high growth markets, supporting global customers expansion • Givaudan pioneer into India and China in 1993-1994, Middle East in 1999 • Supporting growth of strong emerging local and regionals, e.g. private labels in Europe, Natura Boticario in Latam, Further rapid expansion thanks to acquisitions: Expressions Parfumées, drom, Ungerer, Golden Frog,.. ° • F&F Market leadership secured Further expansion across geographies and customers • Applications portfolio expansion into: snacks, oral care, fine fragrances for women A combined growth and M&A strategy (2015 & 2020 Plans), resulted into: • Moving into: Health and wellness, Active Beauty Becoming #1 in naturals and moving into adjacent food functional ingredients Expanding Integrated Solutions Expanding local and regionals customer base Givaudan SAP implementation Managing the business more consistently Investor presentation January 2021 Givaudan Business Solutions (GBS) Enhance margins by streamlining operations and customer service 13#14All figures as of 31.12.2019 Givaudan: A naturally-hedged portfolio (products, geography, customers) for consistent growth 6.3 CHF billion in sales 58% of sales in mature markets 42% of sales in high growth markets 15,852 full time employees 181 locations Savoury 38% Beverages 32% Sweet goods 17% Dairy 13% Taste & Wellbeing 54% of Group sales Consumer Products 70% Fine Fragrances 16% Fragrance Ingredients and Active Beauty 14% Fragrance & Beauty 46% of Group sales Our customers 50% multi-national | 50% local and regional Sales in North America Sales in Europe, Africa and > 28% of sales Middle East 36% of sales Production sites 12 Employees 2,879 Production sites 32 Employees 7,205 77 production sites Givaudan Investor presentation January 2021 > Sales in Latin America 11% of sales Production sites 11 Employees 2,142 > Sales in Asia Pacific 25% of sales Production sites 22 Employees 3,625 14#152020 Full Year Results Excellent Financial Performance - 2020 Strategy delivered PHO#162020 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 Investor presentation January 2021 16#17Sales 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% * LFL (like-for-like) excludes the impact of currency, acquisitions and disposals Givaudan Investor presentation January 2021 Fragrance & Beauty Taste & Wellbeing 2.8% -0.2% 17 11#18Sales 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 Investor presentation January 2021 18#19Operating performance Excellent financial 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 *Like-for-like excludes the impact of currency, acquisitions and disposals Givaudan FY 2019 FY 2020 20.6% EBITDA margin 22.1% As % of sales 21.5% Underlying EBITDA margin 22.8% Investor presentation January 2021 19#20Free 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 Investor presentation January 2021 Free cash flow in CHF million 811 12.7% As % of sales FY 2020 12.8% 20#21Strategy 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 Givaudan Investor presentation January 2021 21 21#22Value 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 30 Ingredients Ungerer Albert Vieille Investor presentation January 2021 Local and regional customers Naturex Expressions Parfumées drom Fragrance Oils Ungerer Integrated Solutions Spicetec Vika Activ International 22 22#23Strategy 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 (s 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#24Looking forward Future value creation through our strategy 2025#25Creations Let's imagine together with customers that through our creations more people will enjoy happier, healthier OUR PURPOSE: Creating for happier, healthier lives with love for nature. lives Nature Let's imagine together that we show our love for nature in everything we do Working to become a Certified B Corporation I Givaudan Investor presentation January 2021 Communities Let's imagine together that all communities benefit by working with Givaudan People Let's imagine together that Givaudan is a place where we all love to be and grow HUMER SSS GENDER QUALITY 6 GOOD HEALTH AND WELL-BEING CLEAN WATER AND SANITATION DECENT WORK AND 8 COMIC GROWTH HOUSTRY ANOATER AND INFRASTRUCTURE 15 RESPONSIBLE CONSUMPTION AND PRODUCTION Со ON LAND 13 17 CLIMATE ACTION PARTNERSHIPS FOR THE GOALS 25 25#26Megatrends Impacting 2025 strategy Consumer base is growing Living longer and more consciously Trend > Impact > • Asia and Africa leading the way Givaudan Consumer behaviours are changing Sustainability is of high concern COVID-19: E-commerce, self-care and localisation gain importance • • Investor presentation January 2021 Consumers will buy more consciously Responsible companies will act • Consumers will buy more online and increase spending on self-care Localisation will be even more important 26#27Strategy 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 EXTEND CUSTOM Excellence, Innovation & Simplicity - in everything we do PURPOSE LINKED TARGETS 4-5% GROWTH Givaudan Nature We show our love for nature through impactful actions Communities We bring benefits to all communities that work with us >12% FCF 27 27#28Best in class product offering Leveraging the full portfolio to reach our growth ambitions Givaudan 0% Flavour and taste Naturals Protein Flavour and taste Strengthen our core Health, wellbeing and nutrition Build market leadership Natural functional ingredients Colouring Preservatives Texturants Natural nutritional ingredients Microbiome Botanicals Integrated solutions Investor presentation January 2021 Naturals space HW&N space 1 > 28#29Best in class product offering Givaudan Protein enablers Health and wellbeing (salt, sugar, fat) Naturals (incl. biotechnology) Flavour and taste Integrated solutions Investor presentation January 2021 00000 חו Functional ingredients Nutritional ingredients 29#30Growing with all customers across all categories Estimated retail value (bn CHF)* * Source Euromonitor Givaudan Fabric & home care Deos, bath, shower, hair & oral care Fragrances Skin care Make-up 160 200 50 140 70 Investor presentation January 2021 30#31New and superior product offering Givaudan Biotechnology Leverage our capabilities and acquisitions for our ingredients 100 Delivery systems Provide the next generation of bio-caps < Investor presentation January 2021 ☑** Beauty Further expand our offering in Active Beauty Naturals Provide our customers with the most innovative and qualitative ingredients 31#32Strategy 2025 Performance commitments Sales growth 4.0 – 5.0% 2021-2025 Average like-for-like¹ sales growth Free cash flow >12% of Sales 2021 2025 - 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 Givaudan Investor presentation January 2021 32 32#33Strategy 2025 Performance commitment - Purpose linked targets Creations By 2030 We will double our business through creations that contribute to happier, healthier lives¹ People Before 2025 Everyone on our sites will have access to mental and physical health initiatives, tools and training² Before 2025 We will reduce our total recordable injuries cases by 50%¹ Before 2030 50% of our senior leaders will be from high growth markets¹ Before 2030 50% of our senior leadership will be women¹ Nature Before 2030 Our operations' carbon emissions will be cut by 70% and our supply chain emissions by 20%3 Before 2030 We will replace single-use plastics with eco-friendly alternatives across our sites and operations² Before 2040 Our operations' will be climate positive and our supply chain emissions will be cut by 50%³ Before 2050 Our supply chain will be climate positive Communities By 2030 We will source all materials and services in a way that protects people and the environment² By 2030 We will improve the lives of millions of people in communities where we source and operate² Givaudan Investor presentation January 2021 1. Baseline 2018 33 2. Baseline in process of setting 3. Baseline 2015#34A strong track record of growth and value creation. Value creation history at Givaudan CCGGG Givaudan Investor presentation January 2021 34#35Key investment highlights Givaudan has a strong track record of delivering with excellence • • A company inspired by its purpose, engaged in the B Corp certification and part of the B Builders. Movement A highly resilient / defensive business model: • • Key products that are the most important part of consumer staples and the decisive factor behind the repurchase decisions of consumers High barriers to entry (complexity, R&D, consumer insight, regulations, etc.) Competition focused on innovation, quality and service, not on price • Natural hedges for sustainable growth: • • Diversified exposures to all regions and market segments (including premium, private label and regional players in emerging markets) • Emerging markets/urbanisation-driven growth model Consistency in strategy, execution, result delivery and stability of management Givaudan Investor presentation January 2021 35#36Value creation at Givaudan Sustained value creation for shareholders Share price evolution vs SMI Dividend per share in CHF 70 760 60 1000% 50 800% 40 600% 30 400% 20 200% 10 0% 0 2000 2005 2010 2015 2020 2000 2005 2010 2015 2020 -Givaudan SMI >CHF 35 Billion of Total Shareholder return since the IPO Average annual yield of 13.3% vs 4.1% of SMI Givaudan Investor presentation January 2021 36#37Value creation at Givaudan Dividend 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 7 811 787 720 703 662 604 597 594 390 340 295 273 289 262 157 145 549 512 437 117 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 203 * Subject to approval of shareholders at the AGM in March 2021 Givaudan Free Cash Flow -Dividend Investor presentation January 2021 37 37#38Creating value for profit, people and the planet Global recognition as a force for good business Working to become a Certified B Geporaice PLATINUM Tup P 2020 ecovadis Sustainability Rating FTSE4Good > Committed to B Corp Certification, the gold standard for good business. Awarded highest accolade, EcoVadis Platinum medal, with a score of 75/100, ranking us in the top 1%. Inclusion in FTSE4Good Index Series, ranking us in top 1% of performers among our peers. CDP A LIST 2020 CLIMATE CDP A LIST 2020 WATER CDP SUPPLIER ENGAGEMENT LEADER 2020 Givaudan has received CDP double 'A rating' for Climate action and water stewardship for the second consecutive year. And CDP leader board recognition for supplier engagement. Givaudan Investor presentation January 2021 38#39Disclaimer 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 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 Investor presentation January 2021 39#40Follow us on social media @givaudan Investor relations contact: Pierre Bénaich Head of Investor and Media Relations T +41 22 780 9053 E [email protected] Givaudan in f Investor presentation January 2021 0 40