Davy Morning Equity Briefing
Nov 25, 2025
Cranswick plc
Solid H1-26 outcome
Cranswick delivered a strong performance in H1-26, with like-for-like growth of 7.9% (reported: +10.4%). Combined with margin expansion to 7.7%, this resulted in an adjusted operating profit of c.£113m (VA consensus: £107m, +6% beat). While positive trading momentum has continued into the peak Christmas period, Cranswick remains mindful of current market conditions and the wider macro backdrop and continues to expect the FY26 outcome to be in line with existing expectations. We view this outlook as conservative and believe the setup into H2-26 leaves Cranswick particularly well positioned. At first look, we see upside to our current forecasts
easyJet
FY25 in line; mid-term target raised for holidays
EasyJet has reported a FY25 headline PBT of £665m, +9% year-on-year (yoy) (consensus: £652m (Davy: £664.3m). EasyJet holidays delivered £250m PBT, achieving its medium-term target early and the target has been upgraded to £450m PBT by FY30. Airline ASK capacity was ahead by 9% yoy, while RASK was down 3% yoy following investment into longer leisure sectors. Headline CASK improved 3% yoy, driven by fuel tailwinds (fuel CASK -7% yoy). For FY26, capacity is expected to grow by c.7%, with an average sector length increase of c.4%. For H126, the company has made structural winter capacity investments; however, it has stated “revenue maturity benefits are being seen although are taking longer than we originally anticipated”. We expect some downgrades to H126 numbers and resultingly to FY26 numbers.
IRES REIT
Positive trading update
IRES has published a trading statement for Q3 2025, reflecting strong operating performance and good progress in its disposal programme, which has achieved better-than-expected premia. The proposed changes in rent regulations are set to take effect on March 1st and there are also acquisition growth opportunities.
Treatt plc
Chief Executive steps down
Treatt has announced that David Shannon will step down as Chief Executive and Director on December 31st 2025. This follows a challenging year for the group, marked by two profit warnings and a lapsed cash offer from Natara, which resulted in a failed bid. The group has been without a permanent CFO since September 2025. Against this backdrop, absence of leadership stability is a key concern.
