Aug 13 2025
Food and beverage
Recent Research
Glanbia, H1-25 results ahead, guidance raised
Aug 13 2025
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Dole plc
Model update – unpeeling the upside
We are upgrading our FY25 and FY26 adjusted EBITDA forecasts by c.2% and c.3% to $400m and $421m respectively. The Fresh Vegetables sale resets Dole’s equity story. Balance sheet...
Glanbia
H1-25 results ahead, guidance raised
Glanbia’s H1-25 EBITDA came in 6.5% ahead of our forecast. Notably, Optimum Nutrition (ON) returned to positive like-for-like (LFL) revenue growth in the second quarter (+2%), ahead of...
Dole plc
H1-25 results: robust Q2 outcome, further guidance raise
Dole delivered robust Q2 adjusted EBITDA growth of +9.3% to c.$137m, c.9% ahead of consensus, driven by a strong performance across the Diversified Fresh Produce segments. Given its...
Dole plc
Disposal of the Fresh Vegetables division
Dole has announced the disposal of its Fresh Vegetables division, which is an important milestone for the group. The event strengthens the Dole investment case and frees up management...
dsm-firmenich
H1-25 adjusted EBITDA in-line; growth driven by Animal Nutrition & Health
DSM-firmenich (DSFIR) delivered an in-line EBITDA result for Q2-25. It is a mixed picture under the bonnet for Q2 with flat organic sales growth for Perfumery & Beauty (P&B) and 2%...
Symrise
Lower Q2 organic sales growth offset by margin; outlook revised
Symrise’s Q2 organic sales of +2.0% were lower than expected with a flat volume out-turn in its Taste, Nutrition and Health business, driven by Pet Food activities. Better-than-expected...
Danone
H1-25 update – strong volume growth, outlook confirmed
Danone’s H1 results confirm that it is well on track to meet full-year expectations. Q2 volume performance improved sequentially, with volume/mix growth of +3.2% (Q1: +1.9%, consensus:...
Kerry Group
H1 EBITDA in line, FY25 EPS guidance maintained
Amid a subdued market backdrop, Kerry delivered 3.0% volume growth in the second quarter (Davy: 3.3%) with 3.9% achieved in the Americas. Strong margin delivery across all three...
AG Barr
H1-26 trading update
AG Barr is expected to deliver revenue growth of c.3% in H1-26 (VA consensus: +4.5%), with growth impacted by negative volumes in Q1-26 that recovered in the second quarter. The...
Cranswick plc
Q1 update – strong start to the year
Cranswick had a strong start to FY26 with Q1 reported growth of 9.7% (VA H1-26 consensus: 6.9%) and like-for-like (LFL) revenue up 7.9% year-on-year (yoy). This result was volume-led,...
