DAVY VIEW

We are lowering our FY26 adjusted profit before tax (PBT) forecasts by c.6.5%, with the reduction largely driven by softer like-for-like (LFL) growth assumptions through the year, as we expect organic growth to be fully pricing-led against an estimated c.2.3% year-on-year (yoy) volume contraction, resulting in negative operating leverage. While our volume forecasts reflect a conservative stance, we view it as appropriate given the challenging UK trading environment.