May 14 2026
Food and beverage
Recent Research
Kerry Group, Good start to 2026
Apr 30 2026
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Food and beverage manufacturers
Private label: structurally growing, cyclically supported
Cranswick and Greencore will release their FY26 and H1-26 results on May 19th and 27th respectively. We believe both companies are particularly well positioned, with the themes outlined in...
Greggs plc
Trading update – solid outcome; guidance reiterated
Year-to-date trading for Greggs has been solid and ahead of expectations, with like-for-like (LFL) growth of 2.5% (VA: c.2%) accelerating to c.3.3% over the last ten weeks. Commentary...
Dole plc
Q1 results – healthy start, guidance reiterated
Dole delivered a solid start to the year, with Q1-26 revenue ahead of consensus and adjusted EBITDA broadly in line, despite a tougher Fresh Fruit cost backdrop. While flagging...
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...
