DAVY VIEW

Irish Continental Group’s (ICG) scheduled AGM trading update continues the strong strategic implementation to date. It is too early to change our EBITDA 2026 estimates (€153.2m), but clearly there are increased risks and cost headwinds (probably in the c.€40m range) with fuel price disruption from the Middle East. Even then, c.70% of the business is freight with an automatic pass-through surcharge mechanism; the remainder is subject to supply/demand conditions in the market, with the summer key. We believe the business is set up for another strong performance in 2026.