Davy Morning Equity Briefing
Mar 03, 2026
Origin Enterprises
Solid H1-26 performance – crop development progressing
In the seasonally quieter first half, Origin Enterprises delivered modest EBITA growth. Profit growth across Ireland/UK and Latin America was partly offset by Central Europe. On-farm sentiment remains cautious given output prices, with UK winter wheat plantings ahead year-on-year (yoy). We envisage no material change to our EPS forecast of 54.7c. The group will hold its Capital Markets Day in London on November 17th.
Greggs plc
FY26 outlook maintained
Current trading in early 2026 has been soft, with like-for-like (LFL) growth +1.6% (Visible Alpha H1-26: +2.5%). At this early stage, management has maintained its guidance for FY26 and continues to expect profit before tax (PBT) to be ‘broadly in line’ with FY25, with phasing of profitability first half-weighted. At first look, we envisage limited changes to our forecasts.
