DAVY VIEW

Irish Continental Group (ICG) delivered a record year due, we believe, to the compounding effect of strong operational and financial execution. EBITDA at €150.6m was 4% ahead of our estimates. 2026 estimates were heading in the €155m range before the fuel price disruption from the Middle East. Even then, c.70% of the business is freight with an automatic pass-through surcharge mechanism; the remainder is subject to supply/demand conditions in the market, with the summer key. We believe the business is set up for another strong performance in 2026.