Slide 1: Full Year Results
FULL YEAR RESULTS For the year ended 26 September 2025 18 November 2025
Slide 2: Disclaimer ─ forward looking and synergy statements
Disclaimer ─ forward looking and synergy statements Certain statements made in this document are, or may be deemed to be, forward‐looking. These represent expectations for the Group’s business, and involve known and unknown risks and uncertainties, many of which are beyond the Group’s control. The G
Slide 3: Today’s agenda
Today’s agenda 1 Introduction Dalton Philips, CEO 2 Financial Review Catherine Gubbins, CFO 3 Strategic & Operating Review Dalton Philips, CEO 4 Q&A Dalton Philips, CEO Catherine Gubbins, CFO 3
Slide 4: Introduction
INTRODUCTION Dalton Philips CEO 4
Slide 5: FY25 – An exceptional year
FY25 – An exceptional year 01 Strong performance across all key financial measures – ROIC of 15% Consistent delivery for customers and 02 strengthening of position 03 Manufactured volume growth of 2.5%, with several underlying market tailwinds 04 Momentum into FY26 and positive start 05 Bakkavor acq
Slide 6: Key elements of our enduring competitive advantage
Key elements of our enduring competitive advantage 1 3 5 Complexity Cost Innovation 2 4 management efficiency Technical Infrastructure leadership investment 1,500 SKUs 4% increase in with 2,000+ productivity; 534 innovative unique 701 new products ingredients Operational launched managed to a Capita
Slide 7: Financial Review
FINANCIAL REVIEW Catherine Gubbins CFO 7
Slide 8: Strong financial performance across each metric
Strong financial performance across each metric £m, unless otherwise stated FY25 FY24 Change Revenue £1,947.0 £1,807.1 +7.7% Adjusted Operating Profit £125.7 £97.5 +28.9% Adjusted Operating Margin (%) 6.5% 5.4% +110bps Free Cash Flow £120.5 £70.1 +£50.4m Cash Conversion 66.5% 45.6% Net Debt (excludi
Slide 9: Strong volume-led revenue growth
Strong volume-led revenue growth Group Revenue Growth +7.7% 1,947.0 2.0% Reported revenue vs. 1,807.1 2.8% 2.9% FY24: 7.7% • Net new business wins, inclusive of large Aldi ready meals contract from FY24: 2.9% • Underlying volume growth and mix, from positive market tailwinds, innovation and favourab
Slide 10: Margin increase of +110bps
Margin increase of +110bps Adjusted Operating Margin +110bps Adjusted Operating Margin vs. 6.5% FY24: +110bps 0.4% 5.4% 0.4% • Volume & mix performance 1.1% supported by new business wins and innovation: +0.4% 2.5% 1.7% • Inflationary pressures in labour and raw ingredients: (2.5%) • Pricing and inf
Slide 11: Improving cash conversion
Improving cash conversion Free Cashflow Conversion 66.5% Cash Conversion 181.2 27.6 29.6 Progression 17.4 FY25: 66.5% 25.7 11.3 120.5 15.5 11.2 FY24: 45.6% FY23: 42.8% Adjusted Net Maintenance Exceptional Interest Pensions Leases Other Free Cash EBITDA Working Capital Charges and Tax Flow Capital Ex
Slide 12: Continued disciplined capital allocation
Continued disciplined capital allocation 1 • Step up in organic investment in business: Organic Growth £43m of CAPEX 2 Capital • Continued progressive dividend: Allocation Dividend proposed 2.6p per share Framework 3 Inorganic • Compelling value creation opportunity FY25 with acquisition of Bakkavor
Slide 13: Continued investment fuelling growth
Continued investment fuelling growth Capital Investment Adjusted operating +34% Capital profit growth Expenditure 43.4 (£M) 32.4 13.8 Strategic 6.2 Delivering Strong free 26.2 29.6 Maintenance above cashflow target returns generation FY24 FY25 SELECT AREAS OF INVESTMENT Automation investment to auto
Slide 14: Progress made towards targets, but more to do
Progress made towards targets, but more to do Metric FY25 Medium-Term Target Return on Invested >15% Returns Capital (ROIC) 15.0% Growth Revenue Growth 7.7% 3-5% Adjusted Operating Profitability Profit Margin 6.5% >7% Cash Free Cash Flow 66.5% Conversion >55% Conversion Net Debt / Leverage Adjusted
Slide 15: Strategic & Operating Review
STRATEGIC & OPERATING REVIEW Dalton Philips CEO 15
Slide 16: Delivery against our Strategic Framework has underpinned our results in FY25
Delivery against our Strategic Framework has underpinned our results in FY25 Build a strong growth portfolio Strengthen our Core Grow and Expand Deploy and embed the Greencore way of winning Great Food Lasting Partnerships Delivery Excellence Sustainable Choices People At The Core FY25 RESULTS | NOV
Slide 17: Strong volume growth and market tailwinds
Strong volume growth and market tailwinds FY25 year-on-year volume growth Key trends supporting volume growth 2.5% Convenience 175 new convenience stores openings by major multiples in 20252 0.7% 1.1% Premiumisation 23% year-on-year market growth in own-label premium sandwiches3 Total grocery Greenc
Slide 18: Continued focus on category-level returns
Continued focus on category-level returns ROIC improvement FY25 vs. FY24, bps Example drivers of improvement Largest + c. 400 bps Sandwiches New business wins with retail and coffee shop categories customers Strong performance maintains returns well above WACC across: Multiple launches of limited-ed
Slide 19: Continued focus on new product innovation
Continued focus on new product innovation What innovation delivers Incremental growth for 534 customers new products Expansion of offering across tiers e.g. premiumisation launched in FY25 Increased quality through new recipe development FY25 RESULTS | NOVEMBER 2025 19
Slide 20: Strengthening of partnerships in FY25
Strengthening of partnerships in FY25 Supporting Providing +22% volume category and first to market ‘food on the merchandising insight to +18% customers move’ store support store Examples of launch in pilot store 30 transformation value driven weeks post launch through our lasting partnerships Ident
Slide 21: Operational Excellence continues to deliver
Operational Excellence continues to deliver Successfully deploying Greencore Establishing Centres of Excellence Operational Excellence methodology to target the next set of opportunities Units per Labour Hour (UPLH) +10% Next Gen Automation Progressing concepts in first +4% year of 5-year automation
Slide 22: ‘Making Business Easier’ underpins continued strong business performance
‘Making Business Easier’ underpins continued strong business performance Multi-year transformation programme to drive consistency and simplicity of outcomes Quick Wins, e.g. Transformational Projects, e.g. Automated invoice processing Ops performance and materials Supply chain planning • Standardise
Slide 23: Sustainable Choices / People at the Core
Sustainable Choices Achieved FY25 Scope 1 & 2 carbon and food waste reduction targets, in a year with a 2.5% increase in volumes Commenced development of 2040 Net Zero transition plans for four pilot ‘lighthouse’ sites Solar panels accounting for 5% Fleet of 10 vehicles powered of energy usage at la
Slide 24: Transformational value creation opportunity in recommended acquisition of Bakkavor
Transformational value creation opportunity in recommended acquisition of Bakkavor 1 2 3 4 5 A UK Substantial Cost Significant Strategic Convenience Track Record ROIC>WACC Synergies1 Value Creation Flexibility in first full financial year Food Champion Brings together Unlocks at least Delivers Futur
Slide 25: Deal timeline and next steps
Deal timeline and next steps Deal timeline May 25 July 25 Oct 25 Nov 25 Early Announcement of Approval from Greencore and CMA concluded Binding agreement to 2026 Phase 1 review sell Bristol site to recommended Bakkavor Deal expected Compleat Food Group acquisition shareholders to close • No competit
Slide 26: Closing thoughts
Closing thoughts Exceptional delivery in FY25 – and strong progress 01 against all financial metrics Continue to be encouraged by potential in core 02 business – we’re investing for the future Trading in early FY26 has started positively and we 03 look forward to another year of profitable growth 04
Slide 27: Q&A
Q&A FY25 RESULTS | NOVEMBER 2025 27
Slide 28: Appendix
APPENDIX FY25 RESULTS | NOVEMBER 2025 28
Slide 29: Progress over the past years
Progress over the past years ADJUSTED OPERATING ADJUSTED OPERATING RETURN ON INVESTED REVENUE (£M) PROFIT (£M) MARGIN (%) CAPITAL (%) 1,914 1,947 125.7 7.3% 15.0% 14.4% 1,807 1,740 6.5% 105.5 97.5 11.5% 1,446 5.4% 76.3 8.9% 72.2 4.2% 8.4% 4.0% FY19 FY22 FY23 FY241 FY25 FY19 FY22 FY23 FY24 FY25 FY19
Slide 30: Revenue growth across segments
Revenue growth across segments FTG Categories +7.5% 1,337.8 2.2% Food to Go categories Revenue change vs FY24 4.4% +7.5% 1,244.7 0.9% • Net new business wins, led to a +0.9% growth • Increase in underlying volumes, inclusive of mix, led to an increase in revenue YoY of 4.4% FY24 Reported Net new bus
Slide 31: FY26 guidance (for Greencore standalone)
FY26 guidance (for Greencore standalone) £m FY26 FY25 Depreciation and Amortisation(1) c.£60m £55.5m Making Business Easier Exceptional Items c.£20m-£25m £12.0m Capital Expenditure c.£50m £43.4m Cash Interest(2) c.£15m £18.2m Cash Tax c.£25m £7.5m Adjusted Effective Tax Rate c.23% - 25% 24% Pension
Slide 32: Definitions of APMs (1/2)
Definitions of APMs (1/2) 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. Pro Forma Revenue Growth Adjusted Earnings and Adjusted Earnings Per Share (‘EPS’) The Group uses Pro
Slide 33: Definitions of APMs (2/2)
Definitions of APMs (2/2) Capital Expenditure The Group defines Maintenance Capital Expenditure as the expenditure required to Net Debt and Net Debt Excluding Lease Liabilities maintain/replace existing assets with a high proportion of expired useful life. This Net Debt is used by the Group to measu
Slide 34: Appendix - Rule 28 of the Takeover Code
Appendix - Rule 28 of the Takeover Code The following statement is considered a profit forecast for the purposes of Rule 28 of the UK Takeover Code: • no material unplanned capital expenditure, asset disposals, merger and acquisition or divestment activity conducted by or affecting the Group (other
Slide 35: IR Contacts Calendar
IR CONTACTS CALENDAR Catherine Gubbins Q1 Trading Update & AGM 29 January 2026 Chief Financial Officer FY26 Half Year Results Late May 2026 Colm Farrell Q3 Trading Statement July 2026 Strategic Planning & Investor FY26 Year End 25 September 2026 Relations Director FY26 Full Year Results Early Decemb