July 23, 2026 06:04 AM GMT Givaudan SA | Europe M Update 2Q in line. Exit rates/tariff -ves diminish 2H momentum AlphaSignals Earnings Reaction Weakens our thesis In-line Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Bottom line: We expect the shares to underperform today and some investors to take profit following recent share price strength as (i) the 2Q26 LFL beat at +4.3% was likely bel ...