DAVY VIEW

Breedon has delivered a solid H1 performance, with positive like-for-like (LFL) revenue growth in Q1 (+2%) extending into Q2 (H1: +3% LFL). The benefits of the group's geographic diversification remain evident, with stronger performances in Ireland and the US more than offsetting ongoing weakness in Great Britain (GB). Against this backdrop, the reaffirmation of full-year expectations should be well received. While full year numbers have yet to include the acquisition of Falling Springs Quarry, we anticipate limited changes to our underlying FY26 forecasts.