Integrated Annual Report 2025

Two people sit in a modern showroom, smelling perfume samples and discussing fragrances surrounded by displayed bottles. (photo)

A creation partner to the world’s most iconic consumer brands

Perfumery & Beauty (P&B) is powered by science-based innovations that span fragrance, ingredients, and beauty actives. We house some of the industry’s finest talent, boast an unmatched palette of specialty ingredients, and are supported by a vertically integrated supply chain.

Benefiting from strong demand for our specialty ingredients and recognized innovation capabilities, we occupy a leadership position in the creation space. For more than a century, we have built an unparalleled palette of synthetic, natural, and biotech ingredients. Today, we enjoy advanced expertise in negotiating a regulatory landscape in which reformulations are becoming a powerful differentiator.

In 2025, we made full use of our organization as an integrated ecosystem, combining the capabilities of Perfumery & Ingredients, together with Beauty & Care, to navigate a challenging environment. Despite the trade conflicts that characterized the year, fragrance remains highly resilient, supported by trends that cater to our customers’ evolving preferences. This potential was fully recognized in our Vision & Strategy 2029, launched in January 2025, which sets out our next five-year roadmap. This clear strategic vision, backed up by investment plus disciplined and agile implementation, ensures an uncompromising focus on innovation, creation, and excellence, enabled by our advanced digital capabilities.

Highlights

In 2025, we delivered 3% organic sales growth and a 21.7% Adjusted EBITDA margin

We maintained strong growth momentum in Fragrance, winning new business with a number of global consumer brands and simultaneously stepping up our collaboration with various regional consumer brands in China, India, and Indonesia

In Fine Fragrance, our win rate reached a historical high in prestige and niche market segments, while our creation was recognized with an unprecedented number of global awards

Our Ingredients business enjoyed a good year, including the launch of two new molecules that deliver exceptional performance and longevity for ambery perfumes

Beauty & Care continued its innovation journey despite challenges in suncare

In line with our sustainability targets, we are progressing well to achieve 100% responsible sourcing of key natural ingredients by 2030. This year, we achieved 100% life cycle assessment data coverage across our portfolio.

Bio-based
Bio-based refers to a material that is derived from a biological source, i.e. a living organism. This includes, but is not limited to, materials derived from plants, animals and fungi.
EBITDA
Earnings Before Interest, Taxes, Depreciation and Amortization
Organic sales growth
Organic sales growth is the sales growth excluding the impact of acquisitions, divestments, and currency impacts.
SBTi
Science Based Targets initiative
SFE
Supercritical Fluid Extraction

Topic filter

Results