DAVY VIEW

FBD has reported a strong outcome for H1 2026, with continued delivery against its strategic objectives. Results are well ahead of expectations, underpinned by ongoing disciplined growth in customer numbers, a more benign loss ratio and increases in investment returns while maintaining a strong solvency position. We will review our forecasts post results, with guidance conservatively remaining unchanged. The next phase of FBD’s strategic development is likely to assess the sustainable level of its ordinary dividend, which in our view is likely to increase.