Croda International PLC (CRDA.L): 2Q/H1H2: solid growth beat led by Consumer, FY guidance unchanged

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Croda International PLC (CRDA.L): 2Q/H1H2: solid growth beat led by Consumer, FY guidance unchanged

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28 Jul 2026 02:54:29 ET │ 12 pages

Croda International PLC (CRDA.L)

2Q/1H26: solid growth beat led by Consumer, FY guidance unchanged

CITI'S TAKE

Neutral A better-quality 1H result, with 2Q LFL growth 230bp ahead of VA

consensus, led by strong Beauty growth and continued costs savings Price (27 Jul 26 16:30) £29.25

supporting confidence in Croda’s earnings recovery. Consumer Care Target price £30.50

materially outperformed, led by Beauty Actives, while the group's adjusted Expected share price return 4.3%

operating profit of £156m beat consensus by 0.8% and PBT by 2.8%. Life Expected dividend yield 3.6%

Sciences remained softer, with strong Pharma Ingredients offset by Expected total return 7.9%

project phasing in Pharma Solutions and adverse mix. EBIT margin rose

Market Cap £4,084M 50bp YoY supported by innovation-led price/mix and £18m of

US$5,428M incremental transformation savings supported margins, but free cash flow

of £38m missed consensus by 44% as working capital absorbed £68m.

FY26 guidance is unchanged, suggesting only limited earnings upgrades,

through Pharma Solutions is expected to improve. Overall, the result Ranulf Orr, CFAAC

provides encouraging evidence on Beauty and self-help delivery, partly +44-20-7986-3922

offset by Life Sciences and cash conversion. We expect a small positive ranulf.orr@citi.com

share-price reaction.

Sebastian Satz, CFA

+44-203-569-3662

Strategic progress — Croda is making tangible progress reinvigorating Beauty and sebastian.satz@citi.com

rebalancing Pharma. Beauty Actives capabilities are being internationalised, while

the group is expanding into affordable beauty categories and commercialising its Omi Pallavi