Slide 1: Results | 52 weeks ended 28 March 2026
R E SU LTS | 52 W EEKS E ND E D 28 M A RCH 2 026
Slide 2: Agenda
AGENDA I N T R ODU C T I ON AN D FY 26 H I G H LI G H TS Ad am Co uc h, CEO FI N AN C I AL R EV I EW Mark Botto mley, CFO COM M ER C I AL U P DAT E Jim B ris by , CCO OPERAT I N G AN D ST RAT EG I C R EV I EW Ad am Co uc h, CEO Q&A 52 weeks ended 28 March 2026 1
Slide 3: FY26 Highlights
FY26 HIGHLIGHTS ADAM COUCH CHIEF EXECUTIVE OFFICER 52 weeks ended 28 March 2026 2
Slide 4: A consistent track record of value-accretive growth
A C O N S I S T E N T T R AC K R E C O R D O F VA L U E - AC C R E T I V E G R O W T H ADJUSTED PROFIT BEFORE TAX 1 (£M) DIVIDEND PER SHARE (PENCE) 112.5 £2,982m 220.0 101.0 Revenue 197.9 36 years of unbroken dividend growth £2,723m 75.6 £2,009m 136.9 £1,667m 60.4 53.7 102.3 90.2 £1,005m 37.5 32.0 £
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS ADJUSTED REVENUE ROCE3 O P E R AT I N G M A R G I N 2 +9. 5% Like-for-like1: +6.8% 7.9 % 18. 5% Target: Mid single digit Target: ~7.5% Target: Upper teens UK food revenue +9.4% ROCE 3 remained Adjusted operating underpinned by strong strong at 18.5% on margin 2 +35bps volume gro
Slide 6: Strategic Highlights
S T R AT E G I C H I G H L I G H T S 10 YEAR CAGR Compound annual growth Strong operational performance underpinned by an unrelenting focus on quality, service rates to 28 March 2026 and innovation REVENUE Long-term fresh and added-value poultry supply agreement extended with anchor strategic +11.4%
Slide 7: Financial Review
FINANCIAL REVIEW MARK BOTTOMLEY CHIEF FINANCIAL OFFICER 52 weeks ended 28 March 2026 6
Slide 8: Financial Highlights
FINANCIAL HIGHLIGHTS REVENUE (£M) +9.5% ADJUSTED PROFIT BEFORE TAX (£M)1 +11.2% 2026 2,982.5 2026 220.0 2025 2,723.3 2025 197.9 2024 2,549.6 2024 173.2 ADJUSTED EARNINGS PER SHARE (P)1 +10.4% DIVIDEND PER SHARE (P) +11.4% 2026 301.7 2026 112.5 2025 273.4 2025 101.0 2024 236.5 2024 90.0 FREE CASH F
Slide 9: FY26 Summary
FY26 SUMMARY £M FY26 FY25 CHANGE Revenue 2,982.5 2,723.3 +9.5% Like-for-like revenue growth1 - - +6.8% Adjusted gross margin2 15.9% 15.4% +46bps Adjusted operating profit3 237.0 206.9 +14.5% Adjusted operating margin3 7.9% 7.6% +35bps Adjusted profit before tax3 220.0 197.9 +11.2% Adjusted EPS (penc
Slide 10: Strong volume driven revenue growth
STRONG VOLUME DRIVEN REVENUE GROW TH REVENUE BRIDGE (£M) Revenue growth is driven by: • 8.3% volume growth in UK food and record 73.8 10.9 Christmas trading 2,982.5 • 13.9% Poultry revenue growth, now 20.3% of reported Group revenue 77.9 • 15.3% Gourmet Products revenue growth with a strong contribu
Slide 11: Sustained margin progression
SUSTAINED MARGIN PROGRE SSION ADJUSTED GROSS MARGIN 1,2 ADJUSTED EBITDA MARGIN 2,3 ADJUSTED OPERATING MARGIN 2,3 16.2% 15.6% 11.6% 15.3% 15.5% 11.0% 14.7% 10.7% 10.8% 14.1% 10.3% 9.8% 8.2% 7.7% 7.7% 7.5% 7.0% 6.8% H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 FY24 FY24 FY25 FY25 FY26 FY26 FY
Slide 12: Strong free cash flow with record investment
STRONG FREE CASH FLOW WITH RECORD INVE STMENT 336.4 (26.0) (47.3) Lease liabilities (£194.0m) Net debt excluding lease liabilities (161.9) (£172.4m) (£240.8m) (39.7) (65.0) (32.1) (55.1) (132.7) (26.5) (175.8) (22.1) (33.8) March Adjusted Biological Taxation Net Acquisitions Dividends Lease EBT Othe
Slide 13: Sustainable long-term cash generation
SUSTAINABLE LONG-TERM CASH GENERATION FREE CASH CASH INFLOW / £M FLOW NET CAPEX ACQUISITION1 DIVIDEND PAID (OUTFLOW)2 B A N K I N G FAC I L I T Y FY26 268.4 161.9 32.1 55.1 19.3 £360m revolving credit facility FY25 213.6 135.6 25.0 49.5 3.5 in place with six major banks FY24 223.4 90.6 39.2 43.9 49.
Slide 14: Investment for further growth
INVE STMENT FOR FURTHER GROW TH FA R MIN G F Y 26: £4 0 m PRO CES S I N G FY26:£123m ONGOING PROJECTS MAJOR NEW PROJECTS £40m Multi-year investment in pig farms (£12m in year) £56m Fresh Poultry Eye expansion to 2m birds per week with additional portioning automation COMPLETED PROJECTS ONGOING PROJE
Slide 15: Strong ROCE maintained on further capital deployment
STRONG ROCE MAINTAINED ON FURTHER CAPITAL DEPLOYMENT 1,400 +£283m capital 25% employed Average capital employed ROCE1 Average ROCE1 1,200 20% 1,000 15% £m 800 600 10% 400 5% 200 - 0% FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 ROCE1 18.5% ROCE1 remains strong at 18.5%
Slide 16: Delivering on value creation
DELIVERING ON VALUE CREATION GU IDING PRINCIPLES QUALITY VALUE Strong business focus on long-term Delight the customer Vertical integration value creation Lead on premium Utilisation Capital Attractive Technical excellence Efficiency Employed ROCE1 INNOVATION PUTTING PEOPLE Well defined strategy del
Slide 17: Proven business model driving strong compound growth
PROVEN BUSINE SS MODEL DRIVING STRONG COMPOUND GROW TH COMPOUNDING CONSISTENT COMPOUNDING CONSISTENT QUALITY SUSTAINABLE STRONG ORGANIC INVESTMENTS STRONG CASH HIGH ROCE 4 RESILIENCE OUTCOMES MARGINS GROW TH AND M& A CONVERSION Record Adjusted Free cash Revenue ROCE 4 FY26 investment operating conve
Slide 18: A sustainable capital allocation framework
A SUSTAINABLE CAPITAL ALLOCATION FRAMEWORK • £ 1 6 3 M S P E NT W I T H ST RO NG INV E STIN G IN THE BUSIN E S S CAP E X OF ~ 5 0 % FO RWA R D P I P E LI NE TO SU PPORT OU R E B I T DA 1 TO ADD CAPACI T Y, • I NV E ST M E NT W E I G H T E D TOWA R DS GROW TH STRATEGY CAPAB I L I T Y AN D AU TOMAT I
Slide 19: Commercial Update
COMMERCIAL UPDATE JIM BRISBY CHIEF COMMERCIAL OFFICER 52 weeks ended 28 March 2026 18
Slide 20: Strong growth within fresh and chilled categories
STRONG GROW TH WITHIN FRE SH AND CHILLED CATEGORIE S F R E S H & C H I L L E D S A L E S B Y R E TA I L E R ( £ M ) STRONG SALES IN RETAIL ENVIRONMENT 16,000 52 w/e April 2025 52 w/e April 2026 • Total fresh & chilled +5.7% vs grocery at +4.1% 14,000 12,000 • Sainsbury’s and Tesco balancing value
Slide 21: Commercial models in place to manage inflation
COMMERCIAL MODELS IN PLACE TO MANAGE INFLATION FEED INPUT PRICES (£/TONNE) PROTECTION FROM INPUT COST VOLATILIT Y 600 Feed Wheat Soyabean Meal (Ex-farm, spot) 500 • Pork and poultry remain the lowest cost proteins 400 • UK pig price reducing with large gap to EU 300 • Contracts aligned to cost of
Slide 22: Volume and value growth across all categories
VOLUME AND VALUE GROW TH ACROSS ALL CATEGORIE S CATEG O RY SA LE S F Y26 CRAN SWICK REVEN UE BY CHAN N EL FY26 CHANGE UK Retail 79% CATEGORY VALUE VOLUME +9% Fresh Pork1 +3.7% +5.0% Convenience2 +7.3% +1.8% Manufacturing Gourmet Products3 +15.3% +20.6% +4% 11% Poultry4 +13.9% +3.2% 6% Food Service 4
Slide 23: Delivering relevant consumer innovation
DELIVERING RELEVANT CONSUMER INNOVATION NATU R ALLY H E ALTH Y E N HAN C I N G PR E M I U M CO N V E N I E NT SO LUTI O N S 52 weeks ended 28 March 2026 22
Slide 24: Commercial outlook - all categories set for growth
COMMERCIAL OUTLOOK - ALL CATEGORIE S SET FOR GROW TH GROWING PIG MEAT SALES EXPANDING POULTRY Record volumes at Eye Sainsbury’s sole supply New added-value Blakemans in retail contracts Capacity investment 10-year Morrisons at Preston agreement D IV E R S I F Y I N G M E D ITE R R A N E A N P O RTFO
Slide 25: Operating and Strategic Review
OPERATING AND STRATEGIC REVIEW ADAM COUCH CHIEF EXECUTIVE OFFICER 52 weeks ended 28 March 2026 24
Slide 26: A strategy which delivers strong & sustainable compound growth
A STRATEGY WHICH DELIVERS STRONG & SUSTAINABLE COMPOUND GROWTH GROWING, CASH GENERATIVE CORE DRIVEN BY GROWTH IN AFFORDABLE, HEALTHY PROTEINS C O N S O L I DAT E VALUE-ADDED PRODUCT WHICH RESONATES WITH CUSTOMERS EXPANDING VERTICAL INTEGRATION AND INCREASED REINVESTMENT TO DRIVE GROWTH AND EFFICIENC
Slide 27: Maximising value through targeted M&A
MAXIMISING VALUE THROUGH TARGETED M&A J S R G E N ETI C S BLAKEMANS F R I DAY TH O R PE F E E D M I LL Industry leading capabilities Unlocks additional food service Maximises mill efficiency through enhancing competitive advantage markets and addresses delivery of internal demand identified white sp
Slide 28: Investing in poultry growth
INVE STING IN POULTRY GROW TH E X PA N D • £56m committed to add a second line at Eye • Capacity to be increased to 2.0m birds per week, well beyond current project to 1.6m • Addition of further portioning automation adds to pipeline of I N V E STM E NT AT E Y E Capacity: value-enhancing investments
Slide 29: Summary and Outlook
SUMMARY AND OUTLOOK R ECO R D P E R FO R M A N C E O N G O I N G I N V E STM E NT PO S ITIV E O UTLOO K Strong volume-led growth £56m committed to Fresh Poultry Strong commercial momentum 35bps improvement in £100m ongoing investment operating margin in Fresh Pork Hull Addressable white space Recent
Slide 30: Our Strategy
APPENDIX 1 OU R ST RAT EGY OUR Creating great tasting PURPOSE Where great food comes from nutritious food; authentically made and sustainably produced GUIDING PRINCIPLES STRATEGIC ENABLERS OUR DIFFERENTIATORS QUALITY VALUE AGRICULTURAL ENTREPRENEURIAL SUPPLY CHAIN LEAN PROCESSING ROOTS SPIRIT INNOVA
Slide 31: Our Growth History
APPENDIX 2 O U R G ROW T H HI STO RY Animal feed Livestock Grain Fresh Pork Cooked Gourmet Mediterranean Gourmet production trading trading production Meats Sausage Foods Bacon 1978 1979 1985 1995 2004 1975 INCORPORATED 1991 1992 2001 Preston Abattoir Sutton Fields Continental Fine Foods £1bn Added-
Slide 32: Our Locations and Sites
APPENDIX 3 OUR LOCATIONS OUR SITE S We have sites across 1 Hull 10 Retford 9 the UK and our primary Fresh Pork, Preston Pet Products Fresh Pork, Riverside Ballymena processing facilities are Gourmet Sausage 11 Lincoln Pet Products well placed within key Cooked Poultry Cooked Meats farming areas 12 N
Slide 33: Our Food
APPENDIX 4 O U R FOO D FRESH PORK GOURMET SAUSAGE GOURMET BACON SLOW COOK COOKED MEATS ADDED-VALUE READY-TO-EAT- FRESH CHICKEN CHICKEN COATED CHICKEN CHICKEN GOURMET PASTRY CHARCUTERIE OLIVES & ANTIPASTI HOUMOUS & DIPS SPECIALITY CHEESE AMBIENT FOODS 52 weeks ended 28 March 2026 32
Slide 34: ESG Ratings Movements
APPENDIX 5 E SG RAT I N G S M OV E M E N TS RATINGS AGENCY CURRENT RATING LAST ASSESSMENT PREVIOUS ASSESSMENT MOVEMENT 51.68/100 performance score 51.04/100 performance score ISS ESG C+ Score (Prime) Apr 26 C+ Score (Prime) = Transparency: Very High Transparency: Very High = MSCI AAA Mar 26 AAA = 69
Slide 35: Adjusted & Reported Earnings, Tax and Earnings per Share
APPENDIX 6 ADJUST ED & REP O RTED EA RNI NGS , TAX AN D EARN IN GS PER SH ARE ADJUSTED & REPORTED EARNINGS (£M) FY26 FY25 TAX (%) FY26 FY25 Adjusted operating profit 237.0 206.9 Headline tax rate 25.0 25.0 Net IAS 41 movement (2.2) (11.1) Disallowed expenses 1.5 1.3 Impairment of intangible assets -
Slide 36: Balance Sheet, Key Metrics and Cash Flow
APPENDIX 7 BA LA NCE SHEET, KEY M ETRI C S AN D CASH FLOW BALANCE SHEET (£M) FY26 FY25 STATUTORY CASH FLOW (£M) FY26 FY25 Investments 0.2 0.1 Cash generated from operations 322.3 257.8 PPE 707.9 605.4 Tax paid (47.3) (41.5) Intangible assets 219.8 210.9 Net cash from operating activities 275.0 216.3
Slide 37: Free Cash Flow
APPENDIX 8 FREE CASH FLOW FREE CASH FLOW (£M) FY26 FY25 Net cash from operating activities 275.0 216.3 Interest paid (6.6) (2.7) Free cash flow 268.4 213.6 FREE CASH CONVERSION (£M) FY26 FY25 Free cash flow 268.4 213.6 Non-growth capital expenditure (45.0) (31.4) Net IAS 41 valuation movement (2.2)
Slide 38: Cranswick
CRANSWICK Great British Taste CRANSWICK.PLC.UK in]