DAVY VIEW

Irish Continental Group (ICG) reported a solid H1 with EBITDA of €49.7m (broadly in line with estimates; FY2023: €49m). Net debt at €211.7m was €68.0m higher than at the beginning of the year, owing primarily to the addition of the Oscar Wilde (ex-Spirit of Britain) on an initial charter with purchase obligation. We see our EBITDA estimates broadly unchanged (near €138m) and year-end net debt IFRS c.€160-165m (€50-55m pre-IFRS 16, which are the basis for banking covenants). Volumes, and thus EBITDA in both divisions, should continue to grow.