Iceland - comment

Energy demanding Iceland is bringing a new £600m bond. Yesterday's materials and presentation discussed that the company is largely locked into its demand through the remainder of its FY27 and has bought forward 50% for FY28. So the implication is that the company is largely insulated from the Iran fallout. Management played down the headwind from wages, but admitted to some cost growth there - the implication being that we might have modelled too conservatively. Q1 revenues had previously been announced, but EBITDA beat out expectations. Q2 trading is said to be strong, with hot weather and England going far in the World Cup.