Greggs Plc · LSE:GRG
Greggs — FY2025 Earnings Presentation
32 slides from Greggs's earnings presentation, Mar 3, 2026
Slide 1: 2025 Preliminary Results
2025 PRELIMINARY RESULTS For the 52 weeks ended 27 December 2025 March 2026
Slide 2: Agenda
AGENDA Highlights Financial performance Operational and strategic review Current trading and outlook 2
Slide 3: Resilient Performance
RESILIENT PERFORMANCE +6.8% Operating Total sales growth Total sales cash +4.5% £2,151.2m +2.4% inflow** growth Company-managed LFL sales growth £273.7m Underlying Ordinary Underlying PBT -9.4% y-o-y In line PBT* Underlying Op’g Profit -4.0% y-o-y dividend y-o-y £171.9m 69p * Underlying PBT excludes
Slide 4: Outperforming the Market
OUTPERFORMING THE MARKET • Fastest-growing brand in food-to- go: market share 8.6%* in 2025, +0.5% points increase BREADTH OF VALUE APPEAL LEADERSHIP • Tough market: overall market visits reduced by 3.1%* in 2025 • Pressure on incomes appears to be main driver, along with some evidence of evolving d
Slide 5: Financial Performance
FINANCIAL RICHARD HUTTON Chief Financial Officer PERFORMANCE
Slide 6: Income and Expenditure Overview
INCOME AND EXPENDITURE OVERVIEW 2025 2024 £m £m Sales 2,151.2 2,014.4 +6.8% Underlying operating profit 187.5 195.3 -4.0% Finance income 1.8 8.1 Finance expense (inc. leases) (17.4) (13.6) Underlying profit before tax 171.9 189.8 -9.4% Exceptional items * (4.5) 14.1 Profit before tax 167.4 203.9 Inc
Slide 7: Sales Progress by Channel
SALES PROGRESS BY CHANNEL 2025 2024 £m £m Company-managed shops 1,897.2 1,781.7 +6.5% Business-to-business 254.0 232.7 +9.2% Total sales 2,151.2 2,014.4 +6.8% ▪ Company-managed sales growth driven by LFL cash increase of 2.4% and net estate growth ▪ Business-to-business sales reflect trading with fr
Slide 8: Outperformance vs. Market Continues
OUTPERFORMANCE VS. MARKET CONTINUES 11% 9% 7% 5% 3% 1% Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar / Apr May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 -1% 25 -3% Greggs total sales growth Greggs Company-Managed LFL sales growth All Eating & Drinking out-of-home - total sales growth* * Barclayca
Slide 9: Margin and ROCE Reflect Volume Pressure and Investment for Further Growth
MARGIN AND ROCE REFLECT VOLUME PRESSURE AND INVESTMENT FOR FURTHER GROWTH 2025 2024 ▪ Gross margin broadly stable with Sales £2,151m £2,014m modest dilution from growth in App loyalty participation rate Gross margin 61.5% 61.7% ▪ D&S ratio reflects wage cost inflation Distribution & selling costs (4
Slide 10: Materially Better Outlook for Cost Inflation
MATERIALLY BETTER OUTLOOK FOR COST INFLATION Food & packaging Underlying cost base People Other, ▪ 8.3% overall wage and ▪ Mid single-digit LFL input 11% cost inflation in 2025, low Depreciation, salary cost inflation in single-digit expected for 5% 2025 driven by living 2026 Energy/fuel, People, wa
Slide 11: Cost Initiatives Delivering Efficiency Gains
COST INITIATIVES DELIVERING EFFICIENCY GAINS £m 14 12 Benefit from new cost reduction initiatives 10 8 6 4 2 0 2021 2022 2023 2024 2025 Retail Supply Support ▪ Upgraded workforce planning tool ▪ End-to-end reviews optimise ▪ New technology driving to manage hours deployment vertical integration from
Slide 12: Capex Investment Peaked in 2025
CAPEX INVESTMENT PEAKED IN 2025 2025 2024 Actual Actual £m £m New shops and relocations (fitting & equipment) 64.4 66.5 Shop fitting – refurbishment 18.7 19.1 Shop equipment (additional and replacement) 36.2 41.3 Supply chain 147.1 109.1 IT and other 21.1 13.0 Total capital expenditure 287.5 249.0 N
Slide 13: Strong Cash Optionality as Capex Reduces
STRONG CASH OPTIONALITY AS CAPEX REDUCES £m 350 Peak investment phase Cash allocated to capex 300 250 Strong free cash position as capex reduces 200 150 100 50 0 2021 2022 actual 2023 actual 2024 actual 2025 actual 2026 plan 2027 plan 2028 plan Cash inflow from operating activities after lease payme
Slide 14: Continued Confidence in Estate Growth
CONTINUED CONFIDENCE IN ESTATE GROWTH Return assessment of new shops: • Return target = 25% cash ROI • Typically achieved after 2-3 years • Mature performance >30% • Growth locations outperforming traditional estate Growth is incremental: • New catchments - 53% of 2025 new shops (excl. relocations)
Slide 15: Targeting 20% ROCE
TARGETING 20% ROCE High quality Disciplined Exploring further Market estate growth and capital allocation cost saving and performance and partnerships with material productivity additional income utilising new reduction in opportunities streams capacity capex from 2026 15
Slide 16: Balance Sheet
BALANCE SHEET Cash ▪ £273.7m net cash inflow from operating activities after lease payments (2024: £261.9m) ▪ £45.8m net cash position at 27 December 2025 (2024: £125.3m) − £70.8m cash and cash equivalents, offset by £25m drawn on Revolving Credit Facility (“RCF”) ▪ Strength of cash generation refle
Slide 17: Tax, Earnings, Dividend
TAX, EARNINGS, DIVIDEND Taxation ▪ 26.8% underlying Corporation Tax rate in 2025 (2024: 25.7%) − higher rate reflects impact of share price on share option deductions ▪ Overall effective Corporation Tax rate of 27.0% including non-underlying costs (2024: 24.8% including exceptional gain) ▪ Forward g
Slide 18: Operational and Strategic Review
OPERATIONAL ROISIN CURRIE Chief Executive AND STRATEGIC REVIEW
Slide 19: The Greggs Formula for Long-Term Success
THE GREGGS FORMULA FOR LONG-TERM SUCCESS BREADTH OF VALUE INNOVATION VERTICAL APPEAL LEADERSHIP & EVOLUTION INTEGRATION Breadth of range, Clear and long-standing Track record of Delivers affordable consumer appeal and leadership in food-to- innovating to meet quality and drives end- location flexibi
Slide 20: Fastest-Growing Brand in Food-to-Go with Broad Appeal
FASTEST-GROWING BRAND IN FOOD-TO-GO BREAKFAST LUNCH DINNER SNACKING DELIVERY 1. Greggs 1. QSR 1 1. QSR 1 1. QSR 1 1. QSR 1 2. QSR 1 2. Greggs 2. QSR 2 2. Coffee 1 2. Pizza 1 3. Coffee 1 3. Sandwich 2 3. Pizza 1 3. Greggs 3. QSR 2 4. Supermarket 1 4. QSR 2 4. Greggs 4. Supermarket 3 4. Greggs 5. Sand
Slide 21: Value Offer Remains Market Leading
VALUE OFFER REMAINS MARKET LEADING ▪ Greggs remains the #1 FTG brand YouGov BrandIndex – Value rating – rolling 12 week for value, with gap vs. competitors 40.0 widening ▪ Greggs freshly prepared food, hot 30.0 options and customisation differentiates it from other value 20.0 operators such as super
Slide 22: Estate Repositioning Supporting Strong Returns
ESTATE REPOSITIONING SUPPORTING STRONG RETURNS 12% Significant growth opportunity Traditional estate in cities, in underrepresented 28% towns and suburban catchments. locations. Good 2,739 New shops expand reach performance - relocations enable further growth and shops and deliver strong returns. bi
Slide 23: Under-Represented Catchments Present Material Estate Opportunity
UNDER-REPRESENTED CATCHMENTS PRESENT MATERIAL ESTATE OPPORTUNITY IN QUALITY LOCATIONS Petrol forecourts (481) Roadsides (221) Location types (current shop numbers) Retail parks (194) Industrial (120) Supermarkets (61) Rail & Air (45) Central London (27) Universities & hospitals (11) London Undergrou
Slide 24: Agile Formats Increase Scale of Opportunity
AGILE FORMATS INCREASE SCALE OF OPPORTUNITY • Format flexibility opens up more locations • Store formats range from large full-service drive-thrus to small grab & go stores • bitesize Greggs concept showing promising results in three trial locations • Smaller formats unlock locations where insuffici
Slide 25: Increasing Access to Greggs Through Channels and Dayparts
INCREASING ACCESS TO GREGGS THROUGH CHANNELS AND DAYPARTS ▪ Grocery retail - increased Iceland range and launched with Tesco in 800 larger stores and online. In January 2026 launched a subset of range in 1,900 Tesco Express units. ▪ Delivery - home delivery 6.8% of sales mix (2024: 6.7%). Delivery s
Slide 26: Range Responding to Evolving Tastes
RANGE RESPONDING TO EVOLVING TASTES ▪ Greggs wins when we deliver on our Purpose – making great tasting, freshly prepared food & drink accessible to everyone. ▪ Strong growth in high-protein options. ▪ Keeping the menu fresh and relevant, introducing new flavours and products - red pepper, feta and
Slide 27: Supply Chain Investment Expanding Capacity in Most Efficient Way
SUPPLY CHAIN INVESTMENT EXPANDING CAPACITY IN MOST EFFICIENT WAY New National Distribution Centres • New national DCs in central locations DERBY KETTERING for onward distribution of picked goods Frozen manufacturing and logistics Chilled & ambient logistics • Scale allows picking automation, reducin
Slide 28: Technology an Enabler
TECHNOLOGY AN ENABLER • Investment in technology to support growth plans: • Successfully migrated Finance and Procurement team processes to the SAP S/4HANA platform; manufacturing, logistics and retail to follow in 2026 • In-store efficiency to be supported by remote temperature monitoring, order co
Slide 29: The Greggs Pledge
THE GREGGS PLEDGE TEN COMMITMENTS TO HELP MAKE THE WORLD A BETTER PLACE BY THE END OF 2025 AND BEYOND Stronger, Safer Planet Better Healthier Business Communities 29
Slide 30: Pledge Highlights
PLEDGE HIGHLIGHTS ▪ 2025 was the final year of our initial five- year Pledge commitment ▪ We’ve made significant progress towards our sustainability goals, continuing to reduce our operational carbon footprint ▪ More than doubled the number of Greggs Outlets to 45 ▪ Transformed our packaging approac
Slide 31: Looking Forward
LOOKING FORWARD ▪ Strong pipeline of opportunities to open new Greggs shops in new catchments with strong returns to utilise supply chain capacity ▪ LFL sales increased 1.6% and total sales increased 6.3% in first 9 weeks; strong cost control supporting profit progression ▪ Expectations for 2026 unc
Slide 32: Questions
ss GREGGS QUESTIONS