Nov 12 2025
Food and beverage
Recent Research
Treatt plc, Bid fails
Nov 3 2025
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Associated British Foods
Model update
We are cutting our adjusted EPS forecasts by c.3% and c.2% for FY26 and FY27 respectively. The recent strategic review, which could result in a separation of Primark from the Food...
Origin Enterprises
Appointment of Chair-Designate
Origin Enterprises has announced the appointment of John Hennessy as an independent non-executive director and Chair-Designate, effective January 1st 2026. Hennessy succeeds the...
Dole plc
Strong Q3 outcome; FY25 EBITDA guidance raised; $100m buyback authorised
Dole delivered a solid Q3 performance, with like-for-like (LFL) revenue growth up 8.2% and adjusted EBITDA of c.$81m coming in c.2% ahead of consensus. Given its resilient Q3-25...
Greencore Group
CMA in principle accepts proposed remedy
The Competition and Markets Authority (CMA) has in principle accepted the proposed remedy in lieu of a Phase 2 investigation, which will enable completion of the Bakkavor acquisition in...
Glanbia
Impressive Q3 for flagship protein brands, guiding to upper end of EPS range
Double-digit volume growth for Optimum Nutrition (ON) and Isopure for Q3 confirms brand strength and category health. The ON volume print was materially ahead of our forecast. The Q3...
Associated British Foods
Review of the group structure underway
The announcement of a review of its group structure, which may lead to a separation of Primark from the Food businesses, is a logical and welcome development from Associated British...
Treatt plc
Bid fails
Treatt has announced that Natara’s proposed acquisition via a scheme of arrangement has lapsed after failing to secure the required 75% shareholder approval at today’s Court and...
dsm-firmenich
Q3 update – broadly in line, guidance revised
In a challenging environment, dsm-firmenich (DSFIR) has delivered Q3 organic sales growth of 2% with EBITDA flat year-on-year (yoy). Unsurprisingly, DSFIR has lowered its FY25 outlook –...
Symrise
Q3 update – FY25 organic sales growth moderated
Q3 organic sales growth of 1.4% reflects challenging market conditions and idiosyncratic exposure to more commoditised Aroma Molecules. Pet sales were flat in the quarter, with Consumer...
Danone
Q3 update – strong volume growth continues
Q3 like-for-like (LFL) growth came in above consensus at +4.8% (VA: +4.3%), driven by further growth in volume/mix across all categories (+3.2%), with strong momentum into the final...
