Slide 1: Interim Results
INTERIM RESULTS For the 26 weeks ended 27 June 2026 JULY 2026
Slide 2: Agenda
AGENDA Highlights Financial performance Operational and strategic review Outlook 2
Slide 3: Strong Financial Performance
STRONG FINANCIAL PERFORMANCE +7.2% Total sales growth Operating Total sales +18.3% cash inflow* £1,101.5m growth +2.1% £111.2m Company-managed LFL growth +19.7% YOY growth Interim Profit before tax PBT margin up 70 basis points to dividend Maintained £76.0m 6.9% 19.0p * Operating cash inflow defined
Slide 4: Strong Progress in H1
STRONG PROGRESS IN H1 • Brand – metrics remain strong, with clear sector- leading reputation for value. Outperforming and growing in a challenging market; share of visits up 0.3% points to 8.7%* • Channels – diversified growth across multiple channels providing greater access to Greggs • Menu – cont
Slide 5: Financial Performance
FINANCIAL RICHARD HUTTON Chief Financial Officer PERFORMANCE
Slide 6: Income and Expenditure Overview
INCOME AND EXPENDITURE OVERVIEW H1 2026 H1 2025 H1 2024 £m £m £m Sales 1,101.5 1,027.7 +7.2% 960.6 Operating profit 86.5 70.4 +22.9% 75.8 Operating profit margin 7.9% 6.9% 7.9% Finance income 0.8 1.3 4.6 Finance expense (inc. new leases & regearing) (11.3) (8.2) (6.3) Profit before tax 76.0 63.5 +19
Slide 7: Diversified Sales Growth from New Locations & Channels
DIVERSIFIED SALES GROWTH FROM NEW LOCATIONS & CHANNELS £’m £1,120 +7.2% £1,100 £1,080 £1,060 £1,040 £1,020 £1,000 H1 2025 Total Sales Company-managed LFL Company-managed estate growth B2B Franchise & Grocery growth H1 2026 Total Sales 7
Slide 8: Market Outperformance Continues
MARKET OUTPERFORMANCE CONTINUES 10% - LFL performance ahead of market benchmark - Total sales growth driving increased market share 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Jan-25 Feb-25 Mar / Apr May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar / Apr May-26 Jun-26 -1% 25 26 Greggs tot
Slide 9: Cost Control and Lower Inflation Supporting H1 Margin Improvement
COST CONTROL AND LOWER INFLATION SUPPORTING H1 MARGIN IMPROVEMENT, DERBY COSTS STEP UP IN H2 H1 2026 H1 2025 H1 2024 Sales £1,102m £1,028m £961m • Leverage from additional grocery Gross margin 62.0% 61.5% 61.5% sales enhancing overall margin Distribution & selling costs -49.0% -49.7% -48.4% • Gross
Slide 10: Lower Cost Inflation, Strong Delivery of Structural Savings
LOWER COST INFLATION, STRONG DELIVERY OF STRUCTURAL SAVINGS Underlying cost base Food & packaging Other, People costs Depreciation, 11% • H1 inflation slightly below 5% • c.4% overall wage and salary expectations, now expect Energy/fuel, inflation in 2026 deflation through to Q4 People, 5% • Q1 cost
Slide 11: Strong Cash Optionality as Capex Reduces
STRONG CASH OPTIONALITY AS CAPEX REDUCES £m Peak investment phase Cash allocated to capex 300 250 Strong free cash position as capex reduces. 2026 guidance reduced from £200m to £180m. 200 150 100 50 0 2021 2022 actual 2023 actual 2024 actual 2025 actual 2026 plan 2027 plan 2028 plan Cash inflow fro
Slide 12: Strong Performance from New Shops
STRONG PERFORMANCE FROM NEW SHOPS Disciplined focus on high-quality locations: • 2026 openings showing strong early performance • Learnings from experiments and estate analysis benefiting site selection process • Return target of 25% cash ROI typically achieved after 2-3 years • Quality growth suppo
Slide 13: Liquidity, Tax and Dividend
LIQUIDITY, TAX AND DIVIDEND Cash & liquidity • Net cash inflow from operating activities after lease payments £111.2m (H1 2025: £94.0m) • £15.9m net cash position at 27 June 2026 (June 2025: £12.8m net debt), with £15.0m drawn on revolving credit facility • Revolving credit facility extended to June
Slide 14: Operational and Strategic Review
OPERATIONAL ROISIN CURRIE CBE Chief Executive AND STRATEGIC REVIEW
Slide 15: 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 16: Market-Leading Combination of Quality & Value
MARKET-LEADING COMBINATION OF QUALITY & VALUE • Greggs remains number one FTG brand for value* - combination of quality and YouGov Brand Index – 12 weeks to 30 June 2026 value leads the market 30 Quality • Continue to grow market share of visits, 25 +0.3% points to 8.7%, in a market where Sandwich 2
Slide 17: Menu Development Reflects Food & Drink Trends
MENU DEVELOPMENT REFLECTS FOOD & DRINK TRENDS • Greggs wins when delivering on its Purpose – making great-tasting, freshly prepared food & drink accessible to everyone • This means following trends in taste, but at great prices • New Chicken Roll broadens appeal of traditional categories • Respondin
Slide 18: Estate Repositioning Supporting Strong Returns
ESTATE REPOSITIONING SUPPORTING STRONG RETURNS • Diversified estate with growth opportunity in 12% underrepresented catchments away from existing 28% shops • 34 net new shops opened in H1 2026, strong early performance. 2,773 shops trading as at 27 June 2026 2,773 shops • Expect 100-110 net shop ope
Slide 19: Formats and Partnerships Increasing Scale of Opportunity
FORMATS AND PARTNERSHIPS INCREASING SCALE OF OPPORTUNITY • Format flexibility opening up additional viable locations • ‘bitesize Greggs’ concept showing promising results in four locations • Convenience self-service ‘Greggs Express’ in trials with a franchise partner • Exploring international with a
Slide 20: Supply Chain Investment Expanding Capacity to Serve 3,500 Shops
SUPPLY CHAIN INVESTMENT EXPANDING CAPACITY TO SERVE 3,500 SHOPS • New national DCs in central locations provide New National Distribution Centres picking at scale, with greater automation and DERBY KETTERING reduced labour intensity Frozen manufacturing Chilled & ambient • Enables greater throughput
Slide 21: Rapid Adoption of New Technology
RAPID ADOPTION OF NEW TECHNOLOGY • Migration of processes to SAP S/4HANA platform progressing, will complete in 2027 • Forecasting and replenishment processes adopting more sophisticated machine learning, supporting availability whilst reducing waste costs • Support teams benefiting from investment
Slide 22: The Greggs Pledge
THE GREGGS PLEDGE • In 2021, The Greggs Pledge was created to help focus our efforts on ways to make the world a better place • Since launch, actions have supported tangible change, mostly achieving the 10 commitments we made • In 2026, the journey continues with the launch of seven new commitments
Slide 23: Outlook
OUTLOOK • Strong profit performance in H1 2026 against a soft comparator period • H2 profit progress to reflect Derby cost headwind and phasing of cost inflation • Range innovation and disciplined estate expansion extending the appeal and accessibility of Greggs for customers • Board’s expectations
Slide 24: Summary – Positioned for Growth
SUMMARY – POSITIONED FOR GROWTH • Leading UK brand in food and drink ’to go’, based on broad appeal, value leadership and track record of continuous innovation • Increasing access for customers is a material growth opportunity • Innovation is driving new formats and revenue opportunities • Increased
Slide 25: Greggs
ss GREGGS
Slide 26: Appendix – Capital Allocation Prioritisation
APPENDIX – CAPITAL ALLOCATION PRIORITISATION 1. Invest to adequately maintain the business 2. Maintain a strong balance sheet; year-end cash at c.3% of revenue to allow for seasonality in working capital 3. Deliver an attractive ordinary dividend – 2x covered by earnings 4. Selectively invest to gro