Givaudan (GIVN.SW) 1H26: Solid but not stellar

Research evidence excerpt

Givaudan (GIVN.SW) 1H26: Solid but not stellar

23 July 2026

Victoria Nice, CFA

+44 20 7762 5862

European Household & Personal Care victoria.nice@bernsteinsg.com

Givaudan SA Callum Elliott, CFA, ACA

+44 20 7676 7183

Rating callum.elliott@bernsteinsg.com

Underperform James Hooper

Price Target +44 20 7676 6995

james.hooper@bernsteinsg.com

GIVN.SW 2,886.00 CHF

Henry Dennis

+44 20 7676 6776

henry.dennis@bernsteinsg.com

Givaudan kicks off the Ingredients reporting season with a strong 4.3% OSG in 2Q driven

Close Date 22 Jul 2026

“entirely by volumes with minimal pricing”. Formal consensus was for 3.1%, but we

GIVN.SW Close Price (CHF) 3,383.00

understand the whisper number was >4% following strong messaging from all ingredients

Price Target (CHF) 2,886.00

management teams that 2Q trends had continued favourably. This is likely enough to see the

Upside/(Downside) (15)%

stock react positively at the open. Margins are 10bp below consensus (at 24.3% vs 24.4%).

52-Week Range 3,668.00/2,565.03

The company calls out higher input costs in 2026 (vs expectations, before the Middle

EDME 1,605.29

East conflict started, of benign inflation), expecting LSD% inflation for 2H26. Givaudan is

FYE Dec

implementing price increases with customers but no further context is given in the release.

Div Yield 2.1%

At a sell-side briefing, the company says that price increases in 2H26 will likely be offset by

Market Cap (CHF) (M) 31,237

tariff refunds, so pricing is still likely to appear minimal at the FY stage. We think consensus is

EV (CHF) (M) 34,942

underestimating the raw material-price spread this year and into 2027 so we see a risk this

could drive some unwind of the favourable stock reaction depending on what the company Performance YTD 1M 6M 12M