Davy Morning Equity Briefing
Nov 26, 2025
Irish Continental Grp
Steady as she goes
Irish Continental Group (ICG) has issued a solid trading statement. We are likely to keep our €145m 2025 EBITDA forecast unchanged. Year-end net debt is likely to be in the c.€235m range (currently €242.3m but €119.8m for banking covenant purposes). The extensive >€40m spent on buybacks since the interim results is likely to enhance EPS by >2.5% next year. With ownership of all vessels under the Irish Ferries brand and strong volume developments, ICG is very well placed.
