Davy Morning Equity Briefing
Apr 10, 2026
Irish banks
Positive CBI mortgage amendments and continued deposit and lending strength
The Central Bank of Ireland’s (CBI) amendments to mortgage bridging loan rules are a welcome development. The changes should support liquidity at the margins in the second-hand housing market. The CBI’s willingness to adapt regulations to support market functionality is a constructive signal for the mortgage sector. Separately, recent deposit and lending data continue to underline Ireland’s strength, with the market standing out as an outlier versus Europe.
Robertet
FY25 beat delivered, momentum carries into FY26
Robertet has delivered a strong FY25 with headline revenue numbers largely pre-reported in February. Its full-year EBITDA increased 10.9% year-on-year (yoy), resulting in a 5.2% beat to our forecasts, driven by one-off benefits in H2 and lower raw material procurement costs. Momentum has carried into FY26 with Q1-26 organic sales growth of 4.9%. Management guides to c.5% organic growth in FY26, assuming no persistent macro deterioration. On first look, we envisage a modest constant currency upgrade to our FY26 forecasts.
