Apr 14 2026
Food and beverage
Recent Research
Treatt plc, H1-26 trading update
Mar 26 2026
dsm-firmenich, Key takeaways from Investor Day
Mar 25 2026
Meet your Food and beverage Research team
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...
Treatt plc
Model update: 7% PBTE cut as volatile dynamics weigh on earnings
Ahead of H1-26 results, we are lowering our profit before tax and exceptional items (PBTE) forecasts by c.7% in FY26, FY27 and FY28. This is driven by North American beverage demand...
Robertet
FY25 beat delivered, momentum carries into FY26
Robertet has delivered a strong FY25 with headline revenue numbers largely pre-reported in February. Its full-year EBITDA increased 10.9% year-on-year (yoy), resulting in a 5.2% beat to...
AG Barr
Strong set-up for FY27 underpins healthy medium-term guidance
AG Barr has entered FY27 with good momentum and expects to deliver double-digit % revenue growth, supported by its recently announced acquisitions. Over the medium term, AG Barr...
Treatt plc
H1-26 trading update
Treatt has issued a brief trading update for H1-26 that coincides with its AGM. Trading year-to-date (YTD) was in line with management’s expectations, with a seasonally quiet Q1 followed...
dsm-firmenich
Key takeaways from Investor Day
With its portfolio transformation complete, the emphasis shifts to growth execution. A roadmap to 2028 was presented with revenue and margin targets unchanged. The mid-point of 2028...
Ingredients
Q1 model updates – slow start to 2026 expected in an uncertain environment
Ahead of Q1 results, we update our Givaudan, Symrise and Kerry Group models. Top-line forecast changes reflect a subdued consumer environment, with the conflict in the Middle East...
dsm-firmenich
FY26 guidance in line; medium-term targets reaffirmed with phased delivery
Ahead of its Investor Event today, dsm-firmenich has outlined FY26 guidance of 2-4% organic sales growth and an adjusted EBITDA margin of around 20%, broadly in line with our...
Dole plc
Model update – well positioned in FY26 and FY27
We maintain our adjusted EBITDA forecasts for FY26 and FY27 at $422m and $450m respectively, with a recovery in Fresh Fruit and continued strength in the Diversified business...
Symrise
FY25 results modestly ahead; 2026 guide in line but slow start expected
Strong margin delivery, supported by cost savings, resulted in a 2% EBITDA beat for Symrise in 2025. Cash metrics were healthy. 2026 guidance is along expected lines, reflecting...
