If it is a cavity wall you may just end up shooting a whole can into the cavity. I would stuff a bit of foam pipe lagging in the hole an inch or two in and make good pointing with mortar as motorbiking says.
I would go with the expanding foam. Spray the area with water first to improve adhesion.
The Poundshop sells small cans of expanding foam for 2 quid. (use the can upside down, as per the
instructions). It will expand outwards. Wait for it to cure, then hack at it with your finger nails before filling with a cement based filler.
Edit-------- on reflection, it is only about 25mm in diameter. Just fill it with a suitable exterior filler. You will then be able to sand the mortar lines in once the filler has dried.
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