Davy Morning Equity Briefing
Sep 02, 2026
Cairn Homes
FY26 guidance increased and €50m buyback announced
A strong period of operational and financial performance has been confirmed by Cairn Homes this morning. Growth of 75% in operating profit, along with a strong performance in the order book, has led to increased FY26 guidance (operating profit guidance +1.4% versus the midpoint). On the back of strong achieved and expected cashflow, the group has announced a €50m share buyback – a measure of confidence in 2026 and into 2027.
Ryanair Holdings
Reacting to high oil price
We view today’s Ryanair statement as positive as it confirms the Q2 (peak summer) yield environment and notes that capacity reduction in the winter will reduce winter losses by €70-100m. We expect the market to follow suit on capacity reductions. Ryanair remains on track to grow its summer traffic (April to October) by over 5%, with Q2 fares trending “modestly down”, and is well placed to record another profitable year (Davy FY’27 €1877m net income).
