Givaudan 2Q26 Preview - Sequential OSG Pickup, JEFe +50bps vs Cons

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Givaudan 2Q26 Preview - Sequential OSG Pickup, JEFe +50bps vs Cons

forecast fine fragrance at +8.6% LFL. Elsewhere, Consumer

Products should sustain solid momentum (JEFe +8.1%), while fragrance ingredients and Exhibit 1 - Average Fragrance Interest Level by

Active Beauty remain a drag. Overall, we forecast FY26 F&B growth of 6.2% (+110bps vs Quarter

consensus). 8070

50Taste & Wellbeing: We expect a gradual sequential recovery, albeit with T&W OSG continuing

to lag F&B (JEFe 2Q26 +1.2%, +10bps vs consensus). Peer commentary continues to point 4030

to a more challenging food environment relative to HPC. However, despite the tougher 20

environment, easing comps should result in sequential improvements throughout the year. 100

Overall, we forecast FY26 T&W growth of 1.9% (-10bps vs consensus).

. Average Quarterly Interest

Strategically, Givaudan remains best-in-class, with its scale, creative depth, and entrenched Source: Jefferies Research, Google Trends

customer relationships continuing to differentiate, particularly in briefing quality and trend Exhibit 2 - Q2 Fragrance Interest YoY

anticipation. We remain constructive on its HPC exposure and do not see AI as a meaningful 70

accelerant of commoditisation, while also seeing limited risk around leadership transition. 60

Financially, balance sheet flexibility remains a key strength; at ~2x net debt (ex-pensions), 40

Givaudan retains capacity for bolt-on M&A in adjacencies such as specialty pet food, 30

supporting incremental growth 2010

2Q16 2Q17 2Q18 2Q19 2Q20 2Q21 2Q22 2Q23 2Q24 2Q25 2Q26Valuation: We raise our PT to CHF3,700 (average of SOTP CHF3,200 and DCF CHF4,200). 0

Givaudan trades at a 36% EV/EBITDA premium (vs. 3Y avg. 42%) and a 23% PE premium (in . Average Quarterly Interest