GREGGS PLC
(“Greggs” or the “Company”)
PRELIMINARY RESULTS FOR THE 52 WEEKS ENDED 27 DECEMBER 2025
Resilient performance in a challenging market
2025 Financial highlights
| 2025 | 2024 | % change | |
| Total sales | £2,151m | £2,014m | +6.8% |
| Underlying operating profit * | £187.5m | £195.3m | -4.0% |
| Underlying profit before tax * | £171.9m | £189.8m | -9.4% |
| Statutory profit before tax | £167.4m | £203.9m | -17.9% |
| Underlying diluted earnings per share * | 122.8p | 137.5p | -10.7% |
| Diluted earnings per share | 119.3p | 149.6p | -20.3% |
| Diluted operating cash inflow per share | 267.1p | 255.4p | +4.6% |
| Total ordinary dividend per share | 69.0p | 69.0p | – |
* 2025 excludes the exceptional impact of a £4.5 million provision for a historic understatement of VAT self-identified and reported to HMRC in the year. 2024 comparative excludes the impact of £14.1 million exceptional gain primarily related to the sale of a legacy supply site
- Total sales** up 6.8% on 2024, with LFL*** sales in company-managed shops up 2.4% year-on-year
- Underlying* operating profit**** 4.0% lower at £187.5 million (2024: £195.3 million)
- Underlying* profit before tax 9.4% lower at £171.9 million (2024: £189.8 million)
- Underlying* diluted earnings per share 10.7% lower at 122.8p (2024: 137.5p)
- Diluted operating cash inflow per share up +4.6% representing strong underlying cash generation
- Net cash position of £45.8 million reflecting the level of capital investment in supply chain capacity
- Final dividend of 50.0p per share recommended, total ordinary dividend per share of 69.0p per share, maintained at 2024 level
** 52 weeks ended 27 December 2025 (2024: 52 weeks ended 28 December 2024)
*** like-for-like sales in company-managed shops (excluding franchises) with more than one calendar year’s trading history
**** profit before net finance charges and income tax
Operational and strategic progress
Fastest-growing brand in the food-to-go market:
- Greggs share of visits up 0.5 percentage points to 8.6% for the year to December 2025 (source: Circana). Greggs now a top four brand in all dayparts and in delivery
- Brand health metrics remain strong; Greggs continues to be the UK’s leading food-to-go (FTG) brand (YouGov’s Brand Index, December 2025)
Value leadership – quality and price-driven:
- Greggs remains the number one FTG brand for value
- Greggs Rewards App provides access to even greater value for loyal customers, increasing frequency of visit
- Value driven by quality as well as price – Greggs differentiates with freshly prepared food, hot options and customisation
Increasing access to Greggs:
- Shop growth – clear opportunity for significantly more than 3,000 UK shops over longer term
- 121 net openings in 2025, growing the estate to 2,739 shops as at 27 December 2025
- Targeting around 120 net openings in 2026 with a strong pipeline of attractive opportunities
- Trialling new ‘bitesize Greggs’ format to meet incremental customer demand in locations requiring a more compact unit
- Delivery – delivery sales up 8.1% in 2025, representing 6.8% of company-managed shop sales (2024: 6.7%), now number four in market for delivery occasions (Circana)
- Loyalty – Greggs App scanned in 26.7% of company-managed shop transactions (2024: 20.1%); customers who engage with the App shop at Greggs more frequently
- Evening – remains fastest growing daypart; 9.4% of company-managed shop sales in 2025 (2024: 9.0%), now number four in market for dinner visits (Circana)
- Grocery retailing – launched Bake-at-Home with Tesco and expanded range with Iceland
- Menu – keeping the menu fresh and relevant by introducing new flavours and products, most recently launched a great value iced matcha latte in February 2026 (priced from £3)
Managing costs and capital investments:
- Managing costs closely is strategically important as a value retailer, structural cost savings of £13.0 million delivered in 2025 and strong plans in place for future years
- New National Distribution Centres in Derby and Kettering increase logistics capacity to 3,500 shops and remain on time and on budget
- Capital expenditure peaked in 2025 at £287.5 million and will fall to circa £200 million in 2026, before reducing to a range of £150 to 170 million from 2027 on. The Company’s strong operating cash generation will create material capacity for additional cash returns
- Key focus is restoring the Company’s return on capital employed to target of around 20%
Current trading
- Like-for-like sales in company-managed shops increased by 1.6% year-on-year in the first nine weeks of 2026, with total sales increasing 6.3% and strong cost control supporting profit conversion
- Full year guidance unchanged – expect to deliver profits at a similar underlying level to 2025, with any year-on-year improvement contingent on a recovery in the consumer backdrop
Roisin Currie, Chief Executive commented:
“Greggs delivered a resilient performance in 2025, growing market share, alongside continued strategic progress. Looking into 2026, easing inflationary pressures should provide some support to consumer spending and demand for convenient food-on-the-go continues to underpin the market. We remain focused on broadening access to Greggs with a strong pipeline of shop openings, exciting launches and deeper customer engagement via the Greggs App.
We have a clear formula for long-term success, leveraging our value leadership, vertical integration, breadth of range and strong track record of innovation. Together, these strengths give us a clear competitive advantage and position us well to deliver further sustainable growth.”