Davy Morning Equity Briefing

Apr 30, 2026

AIB Group

Q1 in line with guidance; lending rebound

AIB Group’s (AIBG) Q1 trading is in line with FY 2026 guidance and consensus, with the increase in customer lending activity following a subdued 2025 and good ongoing capital generation the notable takeaways. The rate environment remains supportive and augurs well for another year of income, earnings and capital beats. All-in, this is a reassuring statement from AIBG during a period of macroeconomic volatility and uncertainty.

SigmaRoc plc

Solid Q1 performance; set-up improving

Ahead of its AGM, SigmaRoc (SRC) has confirmed that trading remains in line with expectations. Earlyyear weather disruption weighed on volumes but was largely offset by disciplined pricing, with the impact viewed as timingrelated. We do not expect to revise estimates at this stage and see upside risk should stimulusrelated demand materialise.

Kingspan Group

Good first quarter, more to come

The world has changed since Kingspan announced 2025 results in February, and hence it is reassuring that current year trading profit guidance has been reiterated. This confirms that profit growth should accelerate in 2026, while the tone of Kingspan’s comments suggests the group remains in fine shape overall. The stock continues to offer excellent value at current levels.

Weir Group plc

Q1 trading statement

Weir Group has reported a trading statement for Q1 2026 ahead of its AGM. The company has reiterated full year guidance. Orders were down 3% on an organic basis in Q1, but acquisitions added 7% – leaving orders up 4% excluding FX impacts. The company has announced a succession plan for the CEO.

Persimmon plc

Resilient FY 2026 performance expected

Persimmon now expects underlying profit before tax (PBT) to be in line with current consensus forecasts of £462m unless there is significant further deterioration in market conditions. This is a resilient result.

Cairn Homes

Guidance reiterated for FY26

Strong order book growth (+20% year-on-year), driven by robust demand, has continued into Q2 for Cairn Homes. Despite an upward shift in build cost inflation, the group has been resilient to the headwinds and has reaffirmed full year guidance for FY26 and volume guidance for FY27.

Kerry Group

Good start to 2026

Kerry Group’s Q1 volume growth of 3.1% is likely to be strongest across Taste activities for the peer group and reflects credible market outperformance. The out-turn was ahead of consensus expectations and places the business on a good footing for 2026. With guidance reiterated, we envisage no material change to EPS forecasts. The share should respond positively.

Air France KLM

Strong Q1; some significant measure of pass through on fuel likely

Air France KLM delivered an operating loss of €27m (€301m improvement yoy), significantly better than company consensus of a €351m loss. The fuel price increase since the start of the Middle East conflict is not visible in Q1 due to the delay in pricing. The fuel bill is expected to be $9.3bn in FY 2026, which represents an increase of $2.4bn compared to FY 2025 (of which $1.1bn is in Q2 2026). The group is 66% hedged. The group is strategically navigating East-West traffic flows within the context of the supply-demand balance in the short term, including the carrier-imposed surcharge (28% of Europe-Asia/Africa routes held by three Gulf carriers). With this and healthy unit revenues, we expect a significant level of pass through of the higher fuel costs.