Greggs PLC

Latest Results (09.08.2026):

Greggs PLC — Q4 2025 (52 weeks/Full Year ended 27 December 2025): Greggs delivered a resilient full‑year 2025 performance with record sales of £2,151m (+6.8%) despite a tougher consumer backdrop. Underlying operating profit fell to £187.5m (-4.0%) and underlying profit before tax to £171.9m (-9.4%), driven by higher fixed costs from supply‑chain and technology investment; the Board recommends a maintained total ordinary dividend of 69.0p.

Sales

Total Group sales were £2,151m, up 6.8% year‑on‑year; company‑managed like‑for‑like sales rose 2.4% and franchised/system like‑for‑like sales were +4.3%.

Profitability and EPS

Underlying operating profit was £187.5m (-4.0%); underlying PBT £171.9m (-9.4%). Underlying diluted EPS was 122.8p (-10.7%); statutory diluted EPS 119.3p (-20.3%).

Cash and Balance Sheet

Net cash was £45.8m (cash £70.8m less £25m drawn RCF). Diluted operating cash inflow per share rose 4.6% to 267.1p. Available liquidity (including RCF) was £145.8m at year end.

Dividend

The Board proposes a final ordinary dividend of 50.0p, maintaining total ordinary dividend at 69.0p per share (2024: 69.0p).

Capital expenditure and capacity

Capex peaked at £287.5m in 2025 to build new distribution capacity; guidance is circa £200m for 2026 and £150–170m p.a. from 2027. New logistics capacity targets support a medium‑term network of ~3,500 shops.

Returns and exceptional items

Underlying ROCE declined to 16.0% (2024: 20.3%) reflecting the investment phase. 2025 includes a £4.5m provision for a historic VAT understatement (exceptional).

Shop estate and expansion

Net openings: 121 in 2025 taking the estate to 2,739 shops. Management targets ~120 net openings in 2026 and is trialling compact "bitesize" formats and unattended retail solutions.

Digital, delivery and loyalty

Delivery sales grew 8.1% and now represent 6.8% of company‑managed shop sales; Greggs ranks #4 in delivery. The Greggs App was scanned in 26.7% of company‑managed transactions (2024: 20.1%), driving frequency.

Cost control and efficiency

Structural cost savings of £13.0m were delivered in 2025. Management expects like‑for‑like input cost inflation to moderate to ~3% in 2026, with further efficiency programmes underway.

Current trading and outlook

Like‑for‑like sales in company‑managed shops were +1.6% in the first nine weeks of 2026 (total sales +6.3%). Guidance unchanged: expect underlying profits broadly in line with 2025, with any improvement dependent on a consumer recovery.