Greggs plc (GRG) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to those of you in the room. Nice to see a lot of familiar faces and welcome to those of you who are watching online. So the agenda today will be in the usual format. I will provide an overview of the results we've announced today. along with some key highlights and I'll hand over to Richard to take us through the financial performance in more detail and I'll then take you through our strategic progress and finish with the outlook for the year before I take your questions. So we continue to make progress despite challenging market conditions, as you can see from the numbers on the slide. As you can see, total sales growth for full year 25 is just under 7%, and that includes 2.4% on a like-for-like growth for company-managed shops, and not on the slide, but it's also 4.3% for our franchise shops. Underlying operating profit and underlying PVT are both in line with expectations. with operating cash inflow 4.5% higher than 2024. And we are proposing an ordinary dividend of 69 pence in line with the year before. Operating cash generation remains robust and will build further in the coming years, with CapEx also stepping back from its peak in 2025. This provides significant capacity for additional returns to shareholders, which Richard will provide more detail on in a few minutes. So we are outperforming the market. So just to spend a couple of minutes on our performance versus the market. I'm pleased to say that the recent data from Sarkana to the end of December 2025 shows that we have increased our market share of visits by 0.5 percentage points to 8.6%. at a time when the overall market visits have declined by just over 3%. Pressure on income does continue to be the main driver, and convenience for the consumer remains the priority, with locat...