DAVY VIEW

Revenue momentum continued through Q3 despite a challenging comparative, with robust organic growth of +c.24% (+3% volumes). While costs have softened, inflation remains elevated across key buckets (labour, transportation, ingredients) – the company expects to offset persistent cost inflation through pricing action, cost management programs and efficiency measures. ARYZTA expects results to be in line with its FY23 guidance, with improvements anticipated across all key metrics. We envisage low-single-digit % upside to our current forecasts.