DAVY VIEW

With its portfolio transformation complete, the emphasis shifts to growth execution. A roadmap to 2028 was presented with revenue and margin targets unchanged. The mid-point of 2028 guidance implies c.30% EBITDA growth from 2025 – backend weighted. A recovery in end-markets is central to accelerating topline growth from 2027. The pathway to improving equity performance will be slow as the business grapples with a challenging and volatile environment. We maintain our ‘Outperform’ rating and lower our price target to €74.40.