DAVY VIEW

We attended Givaudan’s recent investor field trip in Naarden, the Netherlands, which showcased Taste & Wellbeing (T&W) Europe, the division’s largest region at 28% of T&W sales. The event provided greater visibility on the key levers to improve growth, including deeper penetration of Local & Regional (L&R) customers, reformulation-led innovation and a dedicated push into foodservice. With comparatives easing and a better understanding of these growth levers, we modestly raise our 2027-28f Europe forecasts and expect recovery to build through 2028. Givaudan will report its Q3 results on October 13th.