DAVY VIEW

AG Barr’s strong operational capabilities and commercial acumen were clearly evident during our recent visit to its Milton Keynes manufacturing facility. The company’s sharp focus on efficiency is underpinned by an advanced operational framework, which supports its proposed multi-year capacity and capability expansion programme. We remain confident in AG Barr’s strategic growth initiatives and ongoing self-help efforts, which are expected to be further articulated at its upcoming Capital Markets Day on June 3rd. We reiterate our ‘Outperform’ rating and 770p price target.