Greggs PLC

Latest Results (18.05.2026):

Greggs PLC — full year results for the 52 weeks ended 27 December 2025 (FY2025, covering Q4 2025): Greggs delivered a resilient performance in a tough food‑to‑go market with total sales up 6.8% to £2,151m, while underlying operating profit fell 4.0% to £187.5m and underlying profit before tax fell 9.4% to £171.9m. Underlying diluted EPS was 122.8p (‑10.7%); statutory PBT was £167.4m after a £4.5m prior‑year VAT provision. The Board recommends a maintained total ordinary dividend of 69.0p; capital investment peaked at £287.5m in 2025 with net cash of £45.8m at year end. Management expects 2026 profits broadly in line with 2025, subject to consumer backdrop.

Financial headlines

Total sales £2,151.2m (+6.8% vs 2024). Underlying operating profit £187.5m (‑4.0%); underlying PBT £171.9m (‑9.4%). Statutory PBT £167.4m (includes £4.5m VAT correction). Underlying diluted EPS 122.8p (‑10.7%).

Dividend

Final dividend recommended 50.0p; total ordinary dividend maintained at 69.0p per share (2024: 69.0p). Board plans to maintain dividend through the investment phase with a return to ~2x cover policy thereafter.

Cash, balance sheet and capex

Net cash £45.8m (cash £70.8m less £25.0m drawn RCF). Capital expenditure peaked at £287.5m in 2025 (supply‑chain projects); capex guidance ~£200m for 2026 and £150–170m p.a. from 2027. Liquidity: £100m committed RCF (to June 2028) giving available liquidity ~£145.8m at year end.

Shop estate and access

Net 121 shop openings in 2025, estate now 2,739 shops. Targeting ~120 net openings in 2026. Trials of smaller 'bitesize Greggs' and unattended retail solutions; over half of new openings outside high street (forecourts, supermarkets, transport hubs).

Sales mix, loyalty and delivery

Company‑managed like‑for‑like sales +2.4% in 2025. Greggs App scanned 26.7% of transactions (2024: 20.1%)—app driving frequency. Delivery sales +8.1%, now 6.8% of company‑managed shop sales and ranked #4 for delivery.

Costs, efficiencies and ROCE

Like‑for‑like cost inflation ~5.5% in 2025 (labour, food, packaging); structural cost savings of £13.0m delivered. Underlying ROCE 16.0% (2024: 20.3%); target ROCE ~20% over the medium term—expect ROCE to dip further in 2026 as new DCs are commissioned before recovering from 2028 onwards.

Operational investments

Major supply‑chain projects on time and on budget: new frozen DC in Derby and chilled/ambient DC in Kettering to support capacity for ~3,500 shops. Investment in SAP S/4HANA, automation and logistics (robotics, HVO fuel trials, telematics).

Current trading and outlook

Like‑for‑like sales +1.6% in the first nine weeks of 2026; total sales +6.3% YTD. Guidance unchanged—expect underlying profits broadly similar to 2025, with any improvement dependent on consumer recovery. Management expects first‑half profit progress due to phasing of cost inflation; second half impacts as Derby site is commissioned.