Sep 1 2026
Food and beverage
Recent Research
Dole plc, Resilient Q2 outcome
Aug 10 2026
Glanbia, H1-26 results: beat and raise
Aug 6 2026
AG Barr, H1-27 trading update
Aug 4 2026
Meet your Food and beverage Research team
Givaudan
Summer Investor Conference – key highlights
The centrepiece of Givaudan’s Summer Investor Conference was CEO Christian Stammkoetter’s report card on his first six months in office – the original framework for the group’s 2030...
Symrise
Sells its terpene ingredients business
Symrise has agreed to sell its terpene ingredients business to Mutares, a private equity firm quoted on the German market. The disposal was expected and in line with its strategy to...
Dole plc
Meaningfully de-risked, yet valuation remains disconnected
We are modestly lowering our FY26 adjusted EBITDA forecast by c.1% to c.$401m, reflecting a slower pass-through of recovery mechanisms and the lingering impact of the Middle East...
Greggs plc
Burden of proof shifts to execution: moving to ‘Neutral’
Greggs shares have re-rated meaningfully since its interim statement, supported by stronger near-term margin delivery. We continue to recognise the quality of the store rollout model,...
Dole plc
Resilient Q2 outcome
Dole delivered a resilient Q2 outcome, with adjusted EBITDA of c.$117m c.7% ahead of VA consensus. Fresh Fruit was the principal drag, while strong Diversified Americas & ROW growth...
Glanbia
H1-26 results: beat and raise
Strong execution across all three platforms drove a 5.4% first-half EBITDA beat for Glanbia and supports a meaningful upgrade to full-year guidance. Optimum Nutrition remained a...
AG Barr
H1-27 trading update
AG Barr is expected to deliver revenue growth of c.8% in H1-27 (VA consensus: c.12%), primarily supported by the contribution from recent acquisitions, with core volume growth impacted...
dsm-firmenich
Q2-26 organic sales and EBITDA ahead
Q2 results were better than expected for both organic growth and EBITDA. Strong volume growth was in evidence across all three divisions, with management noting an exceptionally good...
Symrise
Taste, Nutrition & Health activities driving better-than-expected performance in H1
Better-than-expected margin and sales delivery for Taste, Nutrition & Health (TNH) supported an EBITDA beat at group level in the period. Pet activities were back in Q2 but are...
Greggs plc
H1-26 update – solid profit delivery
Greggs delivered H1 like-for-like (LFL) growth of 2.1% (VA consensus: +2.3%, Q1: +2.5%, Q2 implied: +1.7%) across its company-managed estate. H1-26 profit growth was particularly strong...
