Taste, Texture & Health
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.

TTH recorded a modest 1% decline in organic sales (versus an estimated double-digit growth in prior year) with strong pricing fully offset by lower volumes due to ongoing destocking and the deliberate decision to step away from some low-margin products, including vitamins.

TTH saw solid conditions in its key end-user markets, including beverages, confectionery, dairy, and bakery & cereals, albeit with destocking across the businesses.

Taste delivered a strong performance. Within Ingredients Solutions, enzymes and cultures showed solid performance. Vitamins and yeast extracts were weak.

Adjusted EBITDA was up 1% compared to prior year, despite a negative 5% foreign exchange effect. Adjusted EBITDA margin improved by 100bps to 18.3% compared to 2022, driven by strong pricing actions and more favorable mix, led by good growth in Taste.

x € million


Pro forma








Organic sales growth (in %)





Adjusted EBITDA





Adjusted EBITDA margin (in %)





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