Givaudan "Q2 OSG better-than-expected, but overshadowed by Fine Fragrance?"

Research evidence excerpt

Givaudan "Q2 OSG better-than-expected, but overshadowed by Fine Fragrance?"

Global Research

24 July 2026ab

Givaudan Equities

SwitzerlandQ2 OSG better-than-expected, but

overshadowed by Fine Fragrance? Chemicals, Specialty

12-month rating Neutral

12m price target CHF3,270.002Q OSG beats expectation, but negative market reaction?

Givaudan delivered a better-than-expected 2Q result, with OSG of 4.3% versus Visible

Alpha consensus of 3.2%, supported by volume-driven growth in both Fragrance & Price (23 Jul 2026) CHF3,177

Beauty (7.1% vs. 5.2% consensus) and Taste & Wellbeing (1.5% vs. 1.0% consensus). RIC: GIVN.S BBG: GIVN SW

Despite the beat, shares traded c.6% lower on the day. In our view, the market reaction

suggests investors remain focused on the sustainability and composition of growth Trading data and key metrics

rather than the headline result itself. 52-wk range CHF3,614.00-2,627.00

Market cap. CHF29.3b/US$35.9b

Fine Fragrances: normalisation or simply difficult comparables? Shares o/s 9.23m (ORDA)

One area that likely attracted attention is Fine Fragrances, where growth slowed to 5% Free float 88%

OSG in 2Q from 10% in 1Q and compares with an average of c.17% since 1Q24. Avg. daily volume ('000) 21.0

Management remained positive on the category, citing a healthy pipeline, strong win Avg. daily value (m) CHF64.4

rates and continued momentum across geographies. However, it stopped short of Common s/h equity (12/26E) CHF4.93b

signalling any near-term reacceleration and highlighted particularly demanding P/BV (12/26E) 6.0x

comparables in 2H25. While this does not point to any deterioration in the underlying Net debt to EBITDA (12/26E) 2.3x

business, it raises the question of whether growth is beginning to normalise after an

exceptionally strong period.