Givaudan’s FY22 revenue and EBITDA were in line with our expectations. Fragrance & Beauty (F&B) remained resilient with underlying EBITDA broadly flat, while weakness in North America weighed on Taste & Wellbeing (T&W) performance, with underlying EBITDA falling c.3%. Givaudan expects to reduce its inventory levels as supply chain pressures subside, supporting an improvement in free cash flow levels in FY23. Raw material inflation is expected to be +5% in FY23, with delivery of pricing actions to compensate for higher input costs. Management will host a conference call at 14:00 GMT today.
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