Greggs PLC

Latest Results (19.09.2026):

Greggs PLC — full‑year results for the 52 weeks ended 27 December 2025 (FY2025): Greggs reported resilient trading with group sales up 6.8% to £2,151m, while underlying operating profit fell to £187.5m (-4.0%) and underlying profit before tax to £171.9m (-9.4%). The board recommends a final dividend of 50.0p, leaving total ordinary dividend at 69.0p (unchanged). Results include a £4.5m provision for a historic VAT understatement (treated as an exceptional item); 2024 comparatives excluded a £14.1m exceptional gain.

Top-line and like-for-like sales

Total sales grew 6.8% to £2,151m. Company‑managed shop like‑for‑like sales rose 2.4% in FY2025; in the first nine weeks of 2026 LFL company‑managed sales were +1.6% and total sales +6.3% year‑on‑year.

Profitability and EPS

Underlying operating profit was £187.5m (-4.0%) and underlying pre‑tax profit £171.9m (-9.4%). Underlying diluted EPS was 122.8p (-10.7%); reported diluted EPS was 119.3p (-20.3%) after exceptional items.

Cash, balance sheet and ROCE

Net cash at year‑end was £45.8m (cash £70.8m less £25m drawn on RCF). Diluted operating cash inflow per share rose 4.6% to 267.1p. Underlying ROCE was 16.0% (2024: 20.3%), below the company target of ~20% as investment peaks are absorbed.

Capital expenditure and supply‑chain build

Capex peaked at £287.5m in 2025 largely to expand logistics capacity. Guidance: c.£200m capex in 2026, then £150–170m pa from 2027. New Derby and Kettering National Distribution Centres remain on time and on budget; capacity being built to support ~3,500 shops.

Estate growth and channels

Net shop openings: 121 in 2025, taking the estate to 2,739 shops. Targeting ~120 net openings in 2026, trialling smaller ‘bitesize’ formats and unattended retail. Delivery sales rose 8.1% and represent 6.8% of company‑managed shop sales.

Brand, loyalty and operational metrics

Greggs’ share of food‑to‑go visits rose 0.5pp to 8.6%; ranked top in YouGov Brand Index for value and consideration. Greggs App was scanned in 26.7% of company‑managed shop transactions (2024: 20.1%), supporting frequency.

Costs, savings and exceptional items

Like‑for‑like cost inflation around 5.5% in 2025 (employment, food, packaging). Structural cost savings of £13.0m delivered in 2025. FY2025 includes a one‑off £4.5m VAT correction (exceptional); 2024 included a £14.1m exceptional gain from a legacy site sale.

Dividend and outlook

Total ordinary dividend maintained at 69.0p (final 50.0p recommended). Management guidance unchanged: expect underlying profits broadly in line with 2025, with any improvement dependent on a consumer recovery; the business expects first‑half profit progress due to cost phasing and increased fixed costs when commissioning Derby will hit H2.