Davy Morning Equity Briefing
Nov 20, 2025
Breedon Group
Challenging backdrop persists; FY guidance lowered
Breedon’s trading update to end-October confirms that the challenging backdrop highlighted at H1 has persisted, with no material improvement in demand. Guidance has been lowered again, reflecting softer volumes and ongoing uncertainty. While medium-term opportunities exist, the near-term outlook remains difficult and we anticipate a slow recovery trajectory through 2026, with momentum building later in the year.
XPS Group
HY results: strong growth with continued investment offset
XPS reported strong half-year results, delivering solid revenue and profit growth. Underlying EBITDA remained resilient, though marginally below expectations due to continued investment in expanding insurance consulting capabilities. The interim dividend increased, supported by a healthy balance sheet and comfortable leverage. Management reaffirmed confidence in meeting full-year guidance, citing structural changes within the industry as key drivers of future growth.
Origin Enterprises
Q1 trading update – solid start to FY26
Q1-26 presented a solid start for Origin Enterprises as Agriculture volumes improved year-on-year (yoy). Drier autumn conditions in the UK supported an accelerated start to drilling for winter wheat, with underlying volumes +3.9%. Latin America recorded another solid start to the year with underlying volumes +3.4% yoy. Living Landscapes sales were ahead, growing 10.3% organically. We envisage no material change to our FY26 operating profit forecast.
Irish economy
Residential property prices on course to grow by 7.5% in 2025
Ireland’s residential property prices grew 7.6% in September, and strong momentum is evident across house/apartment and different geographical areas. With three quarters of this year complete, we now expect a full-year increase of 7.5%, up from 7% previously. While household transaction volumes were very strong again in Q3 (up 16% on Q3 2024), new dwelling completions were less buoyant, up 4%; likely down to slower Q3 social housing delivery.
