Croda: Stronger 2Q margin exit-rate and organic sales growth momentum reduce 2H delivery risk. Remain OW

研报英文原文证据摘录

Croda: Stronger 2Q margin exit-rate and organic sales growth momentum reduce 2H delivery risk. Remain OW

C A Z E N O V E Europe Equity Research

29 July 2026

Croda Overweight

CRDA.L, CRDA LN

Stronger 2Q margin exit-rate and organic sales growth Price (28 Jul 26):3,160p

momentum reduce 2H delivery risk. Remain OW Price Target (Dec-27):4,000p

Management flagged a strong adj. EBIT margin step-up in 2Q vs. 1Q (with 1Q European Chemicals

ACpartly weather-depressed in the US), driven by +9% YoY 2Q OSG with positive Chetan Udeshi, CFA

volumes and favorable price/mix; 2Q margin exit rate likely 18%+ (JPMe) vs. (44-20) 7742-7034

1H26A of 17.7% and implied 2H26 consensus margin of 18.6%. With chetan.x.udeshi@jpmorgan.com

transformation savings building (1H net benefit muted by front-loaded bonus J.P. Morgan Securities plc

accruals and new-plant start-up costs) and an expected 2H improvement in higher- Angelina Glazova, CFA

margin pharma (due to phasing of customer projects), we see easing concerns (44-20) 7134-8379

angelina.glazova@jpmorgan.com

around a more 2H-weighted earnings delivery vs. typical seasonality. Consistent J.P. Morgan Securities plc

Consumer Care organic sales growth (OSG) strength (+13% 2Q; +8% 1H) over the

Kanchan Sangtani

past two years suggests the refocused R&D/innovation framework plus stronger (91-22) 6157-3639

customer demand for innovation (esp. large MNCs) are converting, kanchan.sangtani@jpmchase.com

notwithstanding a more competitive marketplace. Pharma OSG remains WIP, but J.P. Morgan India Private Limited

with most of the growth investment in the platform already behind it, stronger

Specialist Sales contact details:execution and a better customer launch cadence could drive meaningful operating