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Driving consistent growth

transforming for growth

Driving consistent growth

To drive consistent growth we are refocusing innovation, improving customer experience, maximising returns from recent investments and driving consistent growth in key markets.

 

growth
Refocus innovation
Improve customer experience
Maximise returns from investment
Drive consistent growth in key markets
Transformation
Optimise product portfolio
Optimise supply chain
Simplify organisation
Leverage AI, data and digitalisation
Improved Performance¹
3-6% organic sales growth
>20% adjusted operating margin
>12% free cash flow to sales
>10% Return on Invested Capital

 

Refocus innovation

lady with pink shiny hair showing innovative products enhancing hair quality close up of microscope in a laboratory lady washing face and creating emulsification with product

New ingredient
development

New markets for existing ingredients

Customer
co-creation
We develop new ingredients to fulfil unmet needs, with sales of new ingredients increasing by 10% this year at constant currency. New launches included Kerabio K31, a patented biomimetic bond-builder for hair that enables brands to compete with market leaders in the hair repair market and has been sampled by 500 customers. We are optimising our existing ingredient range to meet the needs of particular regions, markets or customers. Projects included developing our existing range of more than 2,000 lipids for the Pharma generics market. Our approach to customer co-creation leverages our ability to tailor individual ingredients and formulate multiple ingredients to meet specific customer requirements. The average pipeline value of customer co-creation projects increased by 12% in 2025, with projects including co-creating PEG-free variants of existing ingredients.

 

Improve customer experience

Local customers
With a direct sales force and innovation centres close to customers in key countries globally, our business model is optimised to support customers of all sizes, particularly L&R customers who are continuing to grow strongly.
+9% Consumer Care sales to local and regional customers
+8% Crop sales to local customers 
Regional giants
We are deepening relationships with 'Asian Giants' across Beauty, Pharma and Crop Protection in key markets such as China, Japan, South Korea, Indonesia and India.
+19% CAGR sales to top 5 'Asian Beauty giants' over 2 years
+36% Crop sales to 'tier 2s'
Multinational customers (MNCs)
We have strong relationships with MNCs across our key markets and are a strategic partner to every major beauty brand.
Grew with 4 out of top 5 Beauty MNCs
+14% Crop sales to MNCs
>90% Customers retained over five years
+43 Group customer Net Promoter Score (2024: +32)

 

Maximise returns from investments

We are maximising returns from investments made over the past five years as we have transitioned our portfolio to ensure they deliver incremental sales and profit growth.


Photograph of manufacturing building in India

Growth capex

Asia represents the highest-growth Beauty market and has been the fastest-growing region for Croda Beauty over the last three years. We have supported that growth with selective expenditure in new manufacturing capacity including a new low-emissions production facility in Dahej, India which is now fully operational and will enable further growth across Asia. We are also commissioning a new facility in Guangzhou, China, for fragrances and actives.
light background colour showcasing bubbles which represent ceramides

M&A

Ceramides, active ingredients for skin barrier protection and rapid moisturisation, are now being sold across our global sales network with upgraded data packages to verify performance claims. We are driving further growth by leveraging the R&D and formulation expertise across Croda to develop new actives, production methods and mechanisms to deliver ceramides to the skin. We are also expanding the pipeline of new launches across skin, hair and dermatological applications, including new ceramides that enhance scalp health for stronger hair, the first application beyond skin care.

Drive consistent growth in key markets

We are accelerating growth by reinvigorating Beauty and rebalancing Pharma to take full advantage of opportunities in key markets.

What we do: Ingredients and solutions for premium skin, hair and solar protection.

Niche CAGR: >3% Beauty Care 4-7% Beauty Actives

Priority: Reinvigorate

What we do: ‘Tier 1.5’ supplier to local and regional (L&R) customers.

Niche CAGR: >6% L&Rs (>95% sales)

Priority: Enable continued fast growth

What we do: Ingredients and systems to improve performance of crop protection products and seeds.

Niche CAGR: 1.5 x market

Priority: Drive differentiation

What we do: Ingredients and solutions for consumer health and Pharma applications.

Niche CAGR: >5%

Priority: Rebalance

cell formation

Annual Report 2025

2025 Annual Report

Croda’s 2025 Annual Report allows you to explore our financial performance, strategic progress, sustainability highlights, and innovation driving long-term growth.
Read more

Chief Executive's Statement 2025

Steve Foots
An overview from Steve Foots, our Chief Executive, outlining the year’s key achievements, business performance, strategic priorities, and future outlook for growth and innovation.
Read full statement

Finance review 2025

Stephen Oxley
“With a comprehensive transformation programme that is driving both growth and efficiencies, we are firmly focused on execution. Progress so far has been encouraging, and we are setting out a financial framework to full year 2028 that outlines further improvements in financial performance.”
Read our 2025 finance review