Davy Morning Equity Briefing
Feb 25, 2026
Heidelberg Materials
FY26 guidance below consensus
We expect low-to-mid single-digit downgrades to profit expectations at Heidelberg Materials for FY26 following today’s announcement. From already historically high valuation multiples, further underperformance on the back of today’s guidance is likely.
Glanbia
EPS 2% ahead; outlook implies another upgrade
Glanbia has delivered another positive update, delivering sector leading volume growth for its flagship brand and Ingredients platform in the second half of 2025. Guidance suggests 2026 will be a year of operating progress allied with further capital returns. On first look, we expect to upgrade our FY26 EPS forecast to approximately 147c from 141.96c.
Jet2 plc
FY26 consensus updated; summer 27 UK beach market competitive
The company expects FY26 EBIT to be in line with market expectations £439m (previously £453m, excluding Gatwick investments). This includes approximately £10m of promotional and resourcing start-up costs ahead of the London Gatwick base launch (cost guide previously £10-15m). On FY27 and key summer trading, the company is growing capacity at 8% versus the market growing 5.5%. It is investing in load factor and an attractive pricing strategy in a competitive UK holiday market. The group will provide a further update in April 2026. FY27 Davy EBIT £449m, consensus £444m. We expect downward movement to consensus.
