Slide 1: FY26 Half Year Results
FY26 HALF YEAR RESULTS 27 May 2026
Slide 2: Today's agenda
Today’s agenda 01 02 03 04 Introduction Financial Strategic & Q&A Review Operating Review Dalton Philips, CEO Catherine Gubbins, CFO Dalton Philips, CEO Dalton Philips, CEO Catherine Gubbins, CFO H1 26 RESULTS | MAY 2026 2
Slide 3: Introduction
INTRODUCTION Dalton Philips CEO 3
Slide 4: Key messages
Key messages Combined business is performing strongly 01 15.3% adj. operating profit growth and 3.2% revenue growth in H1 26 (on pro forma consolidated basis)1 New Greencore will deliver more for customers 02 Acquisition of Bakkavor deepens competitive advantage – already won new business as combine
Slide 5: First impressions of the Bakkavor business
First impressions of the Bakkavor business Bakkavor sites and processes are high quality and well-invested Strong cultural fit and collaborative ways of working in place Bakkavor has deep and enduring customer relationships – engagement has been positive Enhanced scale of combined business increases
Slide 6: Breadth and scale of our combined business
Breadth and scale of our combined business UK categories UK footprint Revenue split by category, FY251 Food for Now Food for Later 28,000 colleagues Bread Other 2 Chilled Dips 32 < 5% Grocery c. 5% Sandwiches < 5% across UK manufacturing locations c. 5% c. 25% Pizza c. 5% c. 10% < 5% Sushi and 21 di
Slide 7: The every day nature of our enlarged business
The every day nature of our enlarged business Every day, we… Manage 500+ Manufacture Conduct over Complete 9,900 Produce inbound supplier across 4,200 5,000 product direct to store products which deliveries SKUs on over quality checks deliveries are enjoyed by 400 production >70% of the UK lines pop
Slide 8: Financial Review
FINANCIAL REVIEW Catherine Gubbins CFO 8
Slide 9: Strong H1 financial performance
Strong H1 financial performance1 Continuing Operations (UK Business Only) H1 26 H1 25 Change £M, unless otherwise stated Pro Forma Revenue2 1,318.0 1,276.8 +3.2% Pro Forma Adjusted Operating Profit2 73.3 63.6 +15.3% Pro Forma Adjusted Operating Profit Margin %2 5.6% 5.0% +60bps Reported Revenue 1,31
Slide 10: Resilient underlying pro forma revenue performance
Resilient underlying pro forma revenue performance Pro forma1 Revenue Growth +3.2% • Positive contribution from volume and mix, against subdued market 2.4% 1,318.0 • Supported by new business wins across salads, sandwiches and Direct to Store distribution • Inflation recovery & pricing of 2.4%, driv
Slide 11: Strong adjusted operating profit momentum
Strong adjusted operating profit momentum +15.3% + Volume and mix growth 73.3 63.6 Net inflation in labour and - materials Commercial excellence and + inflation recovery Continued implementation of + Operational Excellence agenda H1 25 Pro forma1 H1 26 Pro forma1 Adjusted Operating Adjusted Operatin
Slide 12: Short-term cash impact in line with expectations
Short-term cash impact in line with expectations Cash flow – Continuing Ops. (UK only) H1 26 H1 25 Change £M, unless otherwise stated • Net working capital negative due to timing of outflows around the Underlying EBITDA 111.2 73.1 +38.1 period end Net working capital (86.0) 4.1 (90.1) • Exceptionals
Slide 13: Net debt below previously guided range
Net debt below previously guided range Net Debt Mar-26 Sep-25 Change £M, unless otherwise stated • Increase in bank borrowings reflects transaction financing Cash & Cash equivalents & bank overdrafts 57.1 51.1 6.0 • Leverage of 2.3x, below expected Bank borrowings (839.2) (106.3) (732.9) range of 2.
Slide 14: Firmly on track to deliver cost synergy plan
Firmly on track to deliver cost synergy plan Breakdown of Synergies No change to our previous guidance: Direct & Indirect Procurement c.25% At least £80M c.45% Organisation Operations Footprint c.5% of annual cost synergies1 Operational Excellence & Distribution c.25% Timing & One-Off Costs c.£90M Y
Slide 15: Immediate priority to deliver synergy benefits and de-lever
Immediate priority to deliver synergy benefits and de-lever Capital Allocation 1 Organic • Organic investment in business: Expect Framework Growth c.£80m of CAPEX in FY26 H1 26 Leverage: 2.3x1 2 Dividend • Continued payment of a progressive full– year dividend 3 Inorganic Growth • Focus on de-leveri
Slide 16: US business – exploring potential sale
US business – exploring potential sale Well established national manufacturer of fresh prepared food Key Categories • Strong business, enduring customer relationships • National footprint across 4 sites, with 300 products and more than 860 Soups, Sauces colleagues & Burritos • Positive structural dy
Slide 17: Summary & Outlook
Summary & Outlook Business remains resilient - closely monitoring inflationary 01 impacts and comfortable with short-term cover in place Strong financial performance in H1 26; trading in Q3 has c.75% 02 of raw ingredients spend remained robust, as we lap a strong 2025 summer season in joint models w
Slide 18: Strategic & Operating Review
STRATEGIC & OPERATING REVIEW Dalton Philips CEO 18
Slide 19: Greencore is performing strongly
Greencore is performing strongly Market performance Strengthening capabilities Progressing integration • Volumes held up well in a • Delivered results across • Combined entity operating subdued market innovation, procurement, successfully as one operations and technology business • Structural tailwi
Slide 20: Consumer demand remains robust in a subdued market environment
Consumer demand remains robust in a subdued market environment Legacy Greencore business pro forma volume growth, H1 261 Greencore performance above flat market in H1 26: 0.0% +0.3% • Grocery market flat against a backdrop of negative consumer confidence • Greencore growth supported by market outper
Slide 21: There are structural tailwinds supporting future market outperformance
There are structural tailwinds supporting future market outperformance Sales growth in convenience stores, Why our categories CAGR 2023-25 +4.2% remain attractive Convenience1 Sales growth in supermarkets, for customers CAGR 2023-25 +3.9% • Front of store categories that Unit growth in premium tier,
Slide 22: There is further room to grow with our customers
There is further room to grow with our customers Established relationship Some presence, but room to grow Do not serve in a significant way Category exposure across nine largest customers Category Market position1 Customer 1 Customer 2 Customer 3 Customer 4 Customer 5 Customer 6 Customer 7 Customer
Slide 23: Key elements of our enduring competitive advantage
Key elements of our enduring competitive advantage Deep dive follows Sustainability 1 Innovation 4 Infrastructure & technology Technical 3 Operational Complexity efficiency management 2 Procurement H1 26 RESULTS | MAY 2026 23
Slide 24: Food innovation remains an important growth driver and differentiator
1 Food innovation remains an important growth driver and differentiator Christmas launches Summer dips & deli Health focus As an enlarged business, we • Developed and launched 308 new products in H1 26 • Have 200+ colleagues dedicated full- time to food innovation, incl. 50 chefs H1 26 RESULTS | MAY
Slide 25: Value driven through standardisation of indirect procurement processes
2 Value driven through standardisation of indirect procurement processes Approach Examples of initiatives • Ongoing project live across legacy Greencore to improve indirect procurement cost control, Optimisation of Centralisation of through standardisation of outbound logistics maintenance contracts
Slide 26: Significant operational efficiency opportunities across our combined business
3 Significant operational efficiency opportunities across our combined business H1 Delivery 871 Energy monitoring system in Veg prep automation in Pasta depositing in Meals Breads site Salads site site projects live in H1 26, including: 12% electricity reduction Reduced processing time £144k run rat
Slide 27: Investing in processes and systems to build a strong foundation for growth
4 We are investing in processes and systems to build a strong foundation for growth Making Business Easier Project Vision Legacy Greencore Legacy Bakkavor Objective Deploying ‘best of breed’ Rolling out a standard ERP solutions to improve key across Bakkavor sites processes e.g. supply chain plannin
Slide 28: Integration progressing well and on track
Integration progressing well and on track Pre-Day 1 Day 1 Day 100 to done 16 January Mid-April onwards Established Integration Cut-over successfully, with no Organisation structure and Management Office impact to BAU operating model live Completed initial integration Confirmed Executive and New ways
Slide 29: Synergy delivery well underway
Synergy delivery well underway Synergy area Status Key highlights Early examples of synergy delivery: New organisation design Transition of central function Organisation developed and gone live in mid- colleagues from the organisation April Initial supplier engagement as Removal of duplication in Di
Slide 30: Closing messages
Closing messages Combined business is performing strongly 01 15.3% adj. operating profit growth and 3.2% revenue growth in H1 26 (on pro forma consolidated basis)1 New Greencore will deliver more for customers 02 Acquisition of Bakkavor deepens competitive advantage – already won new business as com
Slide 31: Q&A
Q&A H1 26 RESULTS | MAY 2026 31
Slide 32: Appendix
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Slide 33: Historic Track Record for New Greencore
Historic Track Record for New Greencore (Pro forma, UK Continuing Ops. Basis) Revenue Adjusted Operating Profit Adjusted Operating Profit (£M) (£M) Margin (%) +5% +33% +130bps 3,849 3,655 3,690 229.3 6.0% 5.3% 195.1 4.7% 172.7 FY23 FY241 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Reflects pro forma New Gree
Slide 34: FY26 guidance
FY26 guidance £M, unless otherwise stated FY26 reported FY25A reported (Greencore standalone) Depreciation and Amortisation1 c.£100m £55.5m Amortisation of acquisition related c.£45m £2.5m intangibles Exceptional Items c.£110m £12.0m Net Finance Costs2 c.£65m £21.6m Capital Expenditure c.£80m £43.4m
Slide 35: Other financial information: Exceptional Items
Other financial information: Exceptional Items Half Year Half Year £M, unless otherwise stated Acquisition and integration related costs 2026 2025 • £38.6m of costs related to the completion of the Bakkavor acquisition, Acquisition and integration includes £1.6m in finance costs, which relate to com
Slide 36: Other financial information: Adjusted ROIC and ROIC
Other financial information: Adjusted ROIC and ROIC Adjusted ROIC Half Year Half Year Group NOPAT 12 months to 12 months to £M, unless otherwise stated 2026 2025 £M, unless otherwise stated March 2026 March 2025 Invested Capital 2,251.9 648.1 Adjusted Operating Profit 153.8 114.4 Goodwill (733.7) -
Slide 37: Definitions of APMs (1/3)
Definitions of APMs (1/3) The Group uses the following Alternative Performance Measures (‘APMs’) which are non-IFRS measures to monitor the performance of its operations and of the Group as a whole. The following APMs are presented on a continuing operations basis (i.e. UK Group): Pro Forma Revenue
Slide 38: Definitions of APMs (2/3)
Definitions of APMs (2/3) Adjusted profit before tax (PBT) Capital Expenditure Adjusted PBT is used as a measure by the Group to measure overall performance The Group defines Maintenance Capital Expenditure as the expenditure required to before associated tax and other specific items. maintain/repla
Slide 39: Definitions of APMs (3/3)
Definitions of APMs (3/3) Free Cash Flow Conversion closing Statement of Financial Position and dividing by two. The Group uses Free Cash Flow Conversion to measure the Group’s ability to convert The Group calculates ROIC as Net Adjusted Operating Profit After Tax (‘NOPAT’) operating profits into fr
Slide 40: IR Contacts Calendar
IR CONTACTS CALENDAR Catherine Gubbins Q3 Trading Statement 22 July 2026 Chief Financial Officer FY26 Year End 25 September 2026 Colm Farrell Q4 Trading Update Early-mid October 2026 Strategic Planning & Investor FY26 Full Year Results 1 December 2026 Relations Director investor.relations@greencore.