Givaudan: Bolt-on acquisition of Eurofragance strengthens Fine Fragrance exposure

Research evidence excerpt

Givaudan: Bolt-on acquisition of Eurofragance strengthens Fine Fragrance exposure

Equity Research

European Chemicals & Ingredients

5 June 2026

Givaudan

Bolt-on acquisition of

Eurofragance strengthens Fine First Look

GIVN.S/GIVN SW EQUAL WEIGHTFragrance exposure

European Chemicals & NEGATIVE

Givaudan will acquire a majority stake in Eurofragance Ingredients Price Target CHF 3100.00

(~CHF185m sales; ~2.5% of group). No valuation disclosed. Price (04-Jun-26) CHF 2839.00

Strategically reinforces Fine Fragrance and high-growth Potential Upside/Downside +9.2% Source: Bloomberg, Barclays Research

regional exposure. Financial impact likely limited; modest

EPS accretion potential. European Chemicals & Ingredients

Alex Sloane

+44 (0)20 3555 0645

Givaudan has agreed to acquire a majority stake in Eurofragance, a privately owned fragrance alexander.sloane@barclays.com

house based in Barcelona. Financial terms and the size of the stake have not been disclosed. Barclays, UK

•• Eurofragance generated c.CHF185m sales in 2025 (~2.5% of Givaudan group revenues) Setu Sharda

+ 91 (0)22 6175 1934

•• The business is positioned predominantly in Fine Fragrance with a strong footprint in EMEA setu.sharda@barclays.com

and Latin America Barclays, UK

Katie Richards

While no valuation is disclosed, a hypothetical framework suggests limited balance sheet +44 (0)20 3555 0315

impact and modest potential EPS benefit: kathryn.richards@barclays.com

Barclays, UK

•• Assuming mid-teens EV/EBITDA and broadly in-line margins with Givaudan Fragrance &

Anil Shenoy Beauty

+91 (0)22 6175 2487

•• 75% stake might imply c.CHF500–600m cash outlay anil.shenoy@barclays.com

•• c.+0.1x impact on ND/EBITDA European Consumer Staples

•• c.+1–2% EPS accretion potential in 2027 Warren Ackerman

+44 (0)20 3134 1903