DAVY VIEW

Cranswick delivered a strong performance in H1-26, with like-for-like growth of 7.9% (reported: +10.4%). Combined with margin expansion to 7.7%, this resulted in an adjusted operating profit of c.£113m (VA consensus: £107m, +6% beat). While positive trading momentum has continued into the peak Christmas period, Cranswick remains mindful of current market conditions and the wider macro backdrop and continues to expect the FY26 outcome to be in line with existing expectations. We view this outlook as conservative and believe the setup into H2-26 leaves Cranswick particularly well positioned. At first look, we see upside to our current forecasts