DAVY VIEW

Full year EPS guidance of 45-48c versus previous guidance of 44-49c (Davy f 45.8c) is highly commendable in the context of exceptionally challenging on-farm conditions seen in the early part of Q3. Combined UK winter and spring planting is now expected to be 8.5% lower year-on-year (yoy). Origin’s diversification strategy is gathering momentum and aiding the resilience of the earnings base. On first look, we will leave our FY24 EPS unchanged and lower our FY25 EPS to 51c from 54.3c – largely informed from the UK plantings outturn. We do not envisage any material change to our net debt assumptions. The shares are materially undervalued.