May 6 2026
Food and beverage
Recent Research
Kerry Group, Good start to 2026
Apr 30 2026
Glanbia, Impressive Q1 growth
Apr 29 2026
Danone, Q1 results – resilient start
Apr 22 2026
Meet your Food and beverage Research team
dsm-firmenich
Q1 EBITDA in line, organic sales growth ahead
dsm-firmenich has delivered a solid start to 2026 with EBITDA in line with expectations. Organic sales growth was well ahead though aided by some pre-buying, notably in Perfumery &...
Associated British Foods
Model update and demerger analysis
We are lowering our FY26 and FY27 adjusted operating profit forecasts by c.5% and c.11% respectively, primarily reflecting further weakness in Sugar; in aggregate, we have reduced our...
Kerry Group
Good start to 2026
Kerry Group’s Q1 volume growth of 3.1% is likely to be strongest across Taste activities for the peer group and reflects credible market outperformance. The out-turn was ahead of...
Treatt plc
Döhler cash offer – significant premium
Treatt’s Board has recommended Döhler’s 305p cash offer, representing a c.50% premium to the prior close. Following the rejection of Natara’s revised proposal and a period of...
Symrise
Q1 better than expected, driven by Taste, Nutrition & Health
Symrise has delivered a Q1 result that is ahead of street expectations and company guidance. Importantly, overall Pet activities delivered positive organic sales growth in the quarter....
Glanbia
Impressive Q1 growth
Glanbia has begun the financial year on a strong footing with impressive execution across its dual growth platforms. The stronger-than-expected start prompts management to lift FY...
Danone
Q1 results – resilient start
Q1 like-for-like (LFL) growth came in marginally above consensus estimates at +2.7% (Visible Alpha (VA): +2.6%). Volume/mix contributed +1.5%, with positive performance across all...
Givaudan
Spring conference – showcasing Middle East Fine Fragrance
The Fine Fragrance opportunity in the Middle East is underpinned by a deep‑rooted cultural affinity with perfumery, favourable demographics and the global ascent of Arabian fragrance....
Associated British Foods
Interim results: outlook broadly in line; Primark demerger announced
Associated British Foods’ (ABF) interim performance was broadly in line with expectations, albeit with continued softness in Sugar. Primark guidance has been held, with Middle East cost...
Givaudan
Solid start to FY26, led by Fragrance & Beauty
Givaudan delivered solid underlying sales growth for Q1, with strong growth in Fragrance activities offsetting a modest decline in Taste & Wellbeing. The business is initiating price...
