Davy Morning Equity Briefing
Sep 18, 2026
Robertet
H1-26 results: better-than-expected profitability; FY26 guidance narrowed
Robertet has delivered a better-than-expected first half on profitability, with revenue largely pre-reported in July. Interim EBITDA decreased 6.6% year-on-year (yoy), reflecting ongoing investment in capacity, headcount and systems, but was 5.7% ahead of our forecast – driven by more favourable raw material costs. Management has narrowed its FY26 organic growth guidance to a range of 3-5% (previously: approximately 5%; Davy: +3.5%; VA Consensus: +4.5%) against 2.8% delivered in H1. On first look, we envisage limited changes to our forecasts.
Irish economy
More evidence of momentum in August housing starts data
Further to yesterday’s bumper Q2 data for new units granted planning permission – up by 60% – August figures for housing starts were also released yesterday. While a headline increase of 231% is flattered significantly by 2024 and 2025 data distortions due to subsidies, the 3.88k result last month was very impressive and up by 40% compared to August 2023. This represents a step-up in progress for housing activity. If sustained, the momentum could imply upside risk to our 42k forecast for 2028 housing delivery.
Irish economy
Planning permissions jumped 60% in Q2
We see evidence of a strongly improved pipeline for new housing completions later this decade in yesterday’s planning permissions data for Q2. The 60% annual increase is broadly based for houses and apartments, with scheme housing permissions up to a 17-year high. Apartment permissions more than doubled compared to Q2 2025, suggesting last year’s policy reforms are beginning to show the Government’s desired effect. The results could suggest upside risk to our 2028 forecast of 42k home completions.
