Croda (CRDA.L): 1H26 underpins consensus and continues building execution track record; momentum set to continue improving

研报英文原文证据摘录

Croda (CRDA.L): 1H26 underpins consensus and continues building execution track record; momentum set to continue improving

Equity Research

28 July 2026 | 11:09AM GST

Croda (CRDA.L): 1H26 underpins consensus and continues building

execution track record; momentum set to continue improving

Croda reported 1H26 results this morning (July 28). Group adj. EBIT of £156mn came Georgina Fraser, Ph.D.

+44(20)7552-5984 |

1% above company consensus, on sales of £881mn (vs. Company Consensus at georgina.fraser@gs.com

Goldman Sachs International

£871mn) Organic growth of 4.6% was 80bps ahead of Company Consensus, as

Gabriel Simoes

Consumer Care beat expectations on strong growth in Beauty Actives, Beauty Care +44(20)7051-6922 |

and Home Care. The moving parts: gabriel.simoes@gs.comGoldman Sachs International

Marcus von Scheele

n Organic growth: 1H26 sales of £881mn were 1% ahead of company consensus. +44(20)7774-7676 |

marcus.vonscheele@gs.com

Organic sales growth (OSG) for the group in 1H26 was 4.6% vs. Company Goldman Sachs International

Consensus at 3.8%, with the beat driven by Consumer Care. Sales in Consumer Thomas Ward

+44(20)7051-2527 |

Care (CC) grew by 8.3% organically (vs. Company Consensus +6.0%), driven by thomas.ward@gs.com

strong growth in Beauty Actives, Beauty Care and Home Care. Life Sciences (LS)

OSG of 0.2% (vs. Company Consensus 0.5%) and Industrial Specialties (IS) OSG

was -1.9% (vs. Company Consensus 1.1%).

n Operating Profit: 1H26 group adj. EBIT of £156mn came in 1% above company

consensus. Group adj. EBIT margin of 17.7% was in line with company consensus,

up 53bps y/y and up by 10bps sequentially. The 18.7% margin in CC was 54bps

above consensus, LS adj. EBIT margin of 20.9% was -111bps lower, and IS margin

of 4.0% came in 86bps below consensus.