Givaudan

• Net income of CHF 856 million, an increase of 4
• 2% over 2021
• Free cash flow4 of 6
• 7% of sales or CHF 479 million
• Proposed dividend of CHF 67
• 00 per share, up 1
• 5% year-on-year
• CDP Double A rating for climate and water for the fourth consecutive year “We are very pleased with our solid performance in 2022, despite the challenging environment that we have faced throughout the year Once again we have demonstrated our strong focus on supporting the growth of our customers through excellent supply chain performance, whilst at the same time delivering innovative and impactful solutions which are a key part of our 2025 strategy With the ongoing challenges which the external environment brings, I am extremely grateful to all Givaudan employees around the world for their continued commitment in supporting us in continuing to deliver industry leading performance ” Full year Group sales were CHF 7,117 million, an increase of 5 3% on a like-for-like (LFL) basis and 6 5% in Swiss francs when compared to 2021

In a very challenging operating environment, driven by higher input costs and inbound supply chain disruptions, Givaudan sustained good business momentum whilst maintaining its operations and global outbound supply chain at a high level to support the growth of our customers The good growth was achieved across product segments and geographies, with the mature markets growing at 1 9% and the high growth markets at 9 9% on an LFL basis The key strategic growth pillars of the Company’s 2025 strategy all contributed positively to the growth

The Company continues to implement price increases in collaboration with its customers to fully compensate for the increases in input costs

Fragrance & Beauty sales were CHF 3,256 million, an increase of 5 5% LFL and 5 3% in Swiss francs The good growth was driven by the sustained strong performance of Fine Fragrances and Fragrance Ingredients combined with the return to good growth momentum in the Consumer Products business in the second half of 2022 In Active Beauty the single-digit growth was achieved against a high double-digit comparable growth in 2021 Across all businesses and customer groups, the good performance was supported by the increased impact in the second half of the year of the pricing actions implemented with customers to compensate for the increases in input costs

On a business unit level Fine Fragrance sales increased by 14 3% LFL, Consumer Products sales increased by 2 0% LFL, and sales of Fragrance Ingredients and Active Beauty delivered growth of 10 2% LFL

Sales in Taste & Wellbeing were CHF 3,861 million, an increase of 5 2% on a LFL basis and an increase of 7 5% in Swiss francs

On a regional basis, sales in Asia Pacific increased by 5 3% LFL; in South Asia, Africa and the Middle East, sales increased by 17 6% LFL; in Europe, sales increased by 11 1% LFL; in North America sales decreased by 6 4% LFL; and in Latin America, sales increased by 16 7% LFL basis

In the key strategic focus areas, solid single-digit sales increases were recorded in plant-based proteins, health & wellness and in Naturals

The gross profit decreased from CHF 2,855 million in 2021 to CHF 2,762 million in 2022 The gross margin decreased to 38 8% in 2022 compared to 42 7% in 2021 mainly as a result of the dilution effect of the pricing actions to compensate for higher input costs, as well as the higher raw material, energy and freight costs

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)2

The EBITDA2 decreased by 0 4% to CHF 1,476 million in 2022 compared to CHF 1,482 million in 2021, with strong operating cost discipline partially offsetting the lower gross profit level The EBITDA margin was 20 7% in 2022 compared to 22 2% in 2021, whilst on a comparable basis3, the EBITDA margin was 20 9% in 2022 compared to 22 5% in 2021

The EBITDA of Fragrance & Beauty increased to CHF 698 million in 2022 compared to CHF 696 million in 2021, whilst the EBITDA margin decreased to 21 4% in 2022 from 22 5% in 2021 On a comparable basis the EBITDA margin of Fragrance & Beauty was 21 6% in 2022 compared to 22 6% in 2021

The EBITDA of Taste & Wellbeing decreased to CHF 778 million from CHF 786 million in 2021, whilst the EBITDA margin decreased to 20 1% in 2022, from 21 9% in 2021 On a comparable basis the EBITDA margin of Taste & Wellbeing was 20 3% in 2022 compared to 22 4% in 2021

The operating income was CHF 1,112 million compared to CHF 1,089 million, an increase of 2 1% versus 2021 The operating margin was 15 6% in 2022 compared to 16 3% in 2021

The operating income for Fragrance & Beauty increased to CHF 558 million in 2022, versus CHF 547 million in 2021 The operating margin decreased to 17 1% in 2022 from 17 7% in 2021

In Taste & Wellbeing, the operating income increased to CHF 554 million in 2022 from CHF 542 million in 2021 The operating margin decreased to 14 4% in 2022 compared to 15 1% in 2021

Financing costs in 2022 were CHF 100 million versus CHF 94 million in 2021 Other financial expense, net of income, was CHF 84 million in 2022 compared with CHF 30 million in 2021, with the increase related to mark-to-market adjustments on marketable securities and increased foreign exchange losses

The income tax expense as a percentage of income before taxes was 8%, compared to 15% in 2021, with the reduction largely due to the one-time tax effects of internal post acquisition entity restructuring Excluding these one-time effects, the income tax expense as a percentage of sales before tax would have been 15%

The net income was CHF 856 million in 2022 compared to CHF 821 million in 2021, an increase of 4 2%, resulting in a net profit margin of 12 0% versus 12 3% in 2021 Basic earnings per share were CHF 92 83 compared to CHF 89 03 for the same period in 2021

Givaudan delivered an operating cash flow of CHF 948 million in 2022, compared to CHF 1,288 million in 2021

Net working capital as a percentage of sales was 26 8%, compared to 24 0% in 2021

Total net investments in property, plant and equipment were CHF 211 million, compared to CHF 177 million in 2021, with the easing of COVID-19 restrictions around the world supporting a higher level of project activity in 2022

Intangible asset additions were CHF 78 million in 2022, compared to CHF 70 million in 2021 as the Company continued to invest in its digital roadmap and in bringing all acquired entities on to the Givaudan operating platform

Total net investments in tangible and intangible assets were 4 1% of sales in 2022, compared to 3 7% in 2021