Davy Morning Equity Briefing

Mar 26, 2026

Treatt plc

H1-26 trading update

Treatt has issued a brief trading update for H1-26 that coincides with its AGM. Trading year-to-date (YTD) was in line with management’s expectations, with a seasonally quiet Q1 followed by increased momentum in Q2. The company notes that citrus market headwinds seen in FY25 are beginning to ease, with improving volume momentum expected into H2. We envisage no material change to FY26 estimates. H1-26 results are expected to be announced on May 12th.

Hostelworld

Positive start to FY26

Hostelworld has reported FY25 numbers this morning. With most of the headline numbers pre-reported, the key focus is on FY26. The better momentum in H225 has continued into the early part of FY26 with revenue growth improving to 12% in Q126, helped by strong commission rates, some positive geographic mix impacts and the timing of Easter. The company reiterated that it is confident in achieving low-double-digit revenue growth in FY26 with aEBITDA margins above 20%, broadly in line with our expectations.