Croda (CRDA.L): Updating estimates ahead of 2Q26 results

研报英文原文证据摘录

Croda (CRDA.L): Updating estimates ahead of 2Q26 results

Equity Research

25 June 2026 | 7:56PM GST

We update our estimates for Croda ahead of its 2Q26 results (28 July), and for the Georgina Fraser, Ph.D.

+44(20)7552-5984 |

latest FX trends. We lower our FY26 adj. EBIT estimate by -6%, bringing us in line with georgina.fraser@gs.com

Goldman Sachs International

consensus (£327mn GSe vs. Visible Alpha Consensus Data at £326mn). Our estimate

Gabriel Simoes

revisions largely reflect a shift in the company’s pricing approach versus prior +44(20)7051-6922 |

inflation cycles: management is now placing greater emphasis on customer gabriel.simoes@gs.comGoldman Sachs International

relationships and on driving both volumes and pricing in tandem, rather than leaning Marcus von Scheele

disproportionately on the latter as it did in 2021/22. Consequently, while the +44(20)7774-7676marcus.vonscheele@gs.com|

nearer-term profit/margin opportunity is more limited, we view the medium-term Goldman Sachs International

Wardoutcomes as sustainably more positive. At a group level, we now see weaker organic Thomas | +44(20)7051-2527

growth that is on balance less pricing-led with more resilient volumes. thomas.ward@gs.com Goldman Sachs International

For the second quarter, we see stronger volume growth in consumer care led by

global beauty brands that are leveraging innovation to out-compete smaller regional

players, whilst in Life Sciences we see farmer economics weighing on near-term

volumes. We see organic growth for FY26/27/28 at 5.8%/6.1%/4.3% leaving us

+56bps/+143bps/-27bps vs. consensus. On Adj EBIT, we are +0.4%/+1.0/+1.1%

ahead of consensus. Our 12-month price target remains unchanged at 3,500p/share.

There is no change to our investment thesis or rating.