DAVY VIEW

As we saw in Q2, we are encouraged to see Q3 house completions very close to our forecast. While our apartments forecast was higher than the outcome, these are inherently volatile. For both apartments and houses, we expect a seasonally strong result in Q4 as homebuilders seek to avail of subsidies; securing these requires that homes started two years ago must be built by the end of this year. We trim our full-year forecast for 2026 to 42k from 43k previously but still expect 2027 output will increase to 44k. We think upside risks also remain for our 2028 completions forecast, which currently stands at 42k.