Davy Morning Equity Briefing

Nov 04, 2026

AIB Group

Q3 results: positive momentum in NII and balance sheet growth

AIB Group’s (AIBG) Q3 update reflects positive momentum, with net interest income (NII) guidance upgraded to slightly ahead of consensus. Strong loan growth and deposit momentum support the outlook into 2027, with lending and deposit growth guidance also raised. Capital generation remains strong and reflects well for shareholder distribution potential. The update reinforces momentum ahead of the 2030 strategy refresh at full year (FY) results early next year.

Heidelberg Materials

Solid Q3; FY26 guidance reiterated

With Q3 results c.3% ahead of expectations, Heidelberg Materials has comfortably reiterated FY26 guidance. It also announced an additional €300m cost programme for FY27/28.

Weir Group plc

Q3 trading statement

Weir has published a trading statement for Q3. It remains on track to meet FY2026 market expectations for revenue growth and EBITA. We will leave our forecasts unchanged. Organic order growth was 5%, supported by aftermarket order growth. Some large order shipments expected in Q3 will now occur in Q4.

Glanbia

Stronger-than-expected Q3 drives another upgrade

Q3 organic sales growth of 26.9% for Optimum Nutrition (ON) was materially ahead of expectations, with volumes importantly staying positive – reflecting brand pricing power. Another strong print from ON, alongside continued execution across Protein Solutions, drives a further upgrade to FY26 guidance. We expect to raise our FY26 EPS forecast by 4% to 166c, which brings our cumulative upgrades since the start of the year to an impressive 17%.

Barratt Redrow plc

FY27 guidance held; bulk sales helping reservation rate

Barratt Redrow reported its total reservation rate was up 3.5% year-on-year (yoy) in the period June 29th 2026 to October 25th 2026. This was helped by bulk sales. Excluding bulk sales, the underlying net private reservation rate was 0.53, down 7% yoy. Management has held its FY2027 guidance, indicating no further deterioration in outlook for the fiscal year.

dsm-firmenich

Q3 broadly in line; FY26 sales outlook raised

dsm-firmenich delivered an in-line Q3 update, with the standout performance coming from Perfumery & Beauty with 8% organic sales growth. EBITDA margins improved sequentially despite ongoing FX headwinds. Organic sales growth guidance for 2026 was raised, while margin guidance was maintained. With consensus already reflecting the revised outlook, we expect limited change to forecasts.

Irish economy

Core inflation down to 2.9%, but overall inflation picked up to 4%

Ireland’s core inflation moderated to 2.9% in annual terms last month, based on yesterday’s flash harmonised index of consumer prices (HICP) result. This was largely due to services inflation cooling to 3.5%. However, headline inflation picked up to 4% due to another acceleration in energy prices, for which inflation has now reached 18.3%. Food prices also accelerated. Looking ahead, inflation remains on track to meet the latest Central Bank of Ireland (CBI) forecasts for this year.