Travel & arrive (as oil moves back up)

研报英文原文证据摘录

Travel & arrive (as oil moves back up)

Equity Research

European Chemicals & Ingredients

24 July 2026

Givaudan

Travel & arrive (as oil moves back

up)

Improved H2 cost visibility supports higher FY26 margins, but GIVN.S/GIVN SW EQUAL WEIGHT

weaker free cash flow and renewed geopolitical tensions Unchanged

European Chemicals &

temper the investment case after a strong recovery in Ingredients NEGATIVE

Unchanged

June. FY26 OSG consensus looks realistic but not necessarily Price Target CHF 3300.00

Unchangedconservative, in our view.

Price (22-Jul-26) CHF 3383.00

Potential Upside/Downside -2.5%

Source: Bloomberg, Barclays Research

19TH ANNUAL

Market Cap (CHF mn) 31237

Global Consumer Conference Shares Outstanding (mn) 9.23

Free Float (%) 82.86 Boston, 8-10 September 2026

52 Wk Avg Daily Volume (mn) 0.0212

Dividend Yield (%) 2.13 Register Now

Return on Equity TTM (%) 23.50

Current BVPS (CHF) 491.86

Source: Bloomberg

FY26E volume growth raised to +4.0% from +3.0%: Givaudan's 2Q26 result provided greater Price Performance Exchange-VTX

confidence in the underlying volume trajectory, with group volumes accelerating c130bps from CHF 52 Week range

1Q26 and management highlighting positive leading indicators across both divisions. In 3668.00-2565.03

Fragrance & Beauty (F&B), management struck a constructive tone, citing continued broad-

based strength in Consumer Products across geographies and customers, and a healthy Fine

Fragrance pipeline with sustained momentum among Local & Regional customers. Reflecting

the strong execution and broad-based growth profile, we raise our F&B organic growth forecast

to +6.7% from +6.4% in FY26E and to +5.5% from +5.0% in FY27E. In Taste & Wellbeing (T&W),

management described 2Q26 as a "first step in the right direction", with volumes returning to