Perfumery & Beauty
Performance 2023

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Reporting period

The Business Reviews include information from the combined entity for 12 months, which includes Firmenich as of 1 January 2023 (pro forma, see Concepts and ratios). It also includes information that is presented in accordance with IFRS, which includes Firmenich from the merger date onwards – whenever this is used this is specifically indicated.

P&B delivered 1% organic sales growth, with a good performance in Perfumery owing in equal part to volumes and pricing, offset by lower volumes in Ingredients which was impacted by ongoing destocking. Personal Care recorded good growth, driven by pricing.

Perfumery delivered a strong performance in the year, with a particularly strong performance in Fine Fragrance, which was supported by the demand for innovative and sustainable captive ingredients offering superior performance. The second half saw significant growth in Consumer Fragrance, owing to customers looking for higher inclusion of new, sustainable, and long-lasting fragrances and innovation for personal and home applications to create a superior value proposition.

This good performance was partly offset by a weak operating environment in Ingredients, impacted by ongoing destocking, low demand for industrial applications and the impact of the shutdown of the Pinova ingredients plant in Georgia (USA).

Personal Care performed well throughout the year, supported by good demand for its sun, skin and hair care products. The business saw increasing interest in the new product offerings made possible by the synergies created by the merger, particularly around products combining fragrances with active ingredients.

The 2023 Adjusted EBITDA was up 5% compared to prior year, driven by good demand growth, strong pricing, and continuous cost control efforts and despite a negative foreign exchange effect of around 6%. As a result, the Adjusted EBITDA margin increased to 21.1% from 19.7% in 2022.

x € million


Pro forma








Organic sales growth (in %)





Adjusted EBITDA





Adjusted EBITDA margin (in %)





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