DAVY VIEW

ICG produced a decent H1 with EBITDA growth of 7.3%. The full effect of the macro headwinds appears to be hitting in the summer, with car and RoRo freight volumes trending down 7.9% and 9.3% respectively in H2 to date. We have consistently said that the strategic position of the company justifies a high-single- digit EV/EBITDA multiple – not double-digit as it is not a port or toll road company. This is borne out in the trading volatility, with the fuel hit and other costs needing to be absorbed as with most transport companies. The key date is August 28th 2026, when the Scheme Meetings and the Extraordinary General Meeting will take place.