DAVY VIEW

Q3 organic sales growth of 26.9% for Optimum Nutrition (ON) was materially ahead of expectations, with volumes importantly staying positive – reflecting brand pricing power. Another strong print from ON, alongside continued execution across Protein Solutions, drives a further upgrade to FY26 guidance. We expect to raise our FY26 EPS forecast by 4% to 166c, which brings our cumulative upgrades since the start of the year to an impressive 17%.