DAVY VIEW

Robertet has delivered a softer-than-expected first half with organic sales growth of 2.8% (Davy: +3.9%), decelerating through the period (Q1: +4.9%; Q2: +0.7%) against demanding prior-year comparatives and a more cautious market backdrop. Reported sales of €444.3m came in 1.9% below our forecast, with organic growth more than offset by currency. Management has reiterated its FY26 objective of approximately 5% organic growth, which requires an acceleration to c.7.2% in H2 to meet its guidance. We sit below this at +3.5% for the full year and leave our forecasts unchanged.