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Jul 23 2026, 07:30 IST/BST
Givaudan
H1-26 EBITDA in line, with strong performance across Fragrance activities
DAVY VIEW
Givaudan has delivered a good Q2 with like-for-like (LFL) sales growth of 4.3%, which was modestly ahead of consensus – growth was volume led and driven by strong execution in Fragrance & Beauty, where leading indicators remain positive. Overall, H1 adjusted EBITDA was in line with expectations. The inflationary outlook for raw materials is manageable. On first look, we see upside risk to our FY margin forecast of 23.6%, which should support a modest upward revision to our FY EBITDA forecast.
