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Greencore Group (GNC) investor relations material
Greencore Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record profitability in FY2025, exceeding all medium-term financial targets, with ROIC reaching 15% and consistent delivery for customers supported by 2.5% volume growth.
Strong performance driven by commercial and operational excellence, cost efficiency, and innovation.
Positive momentum carried into FY2026, with a strong start to the new year and the transformational Bakkavor acquisition expected to close in early 2026.
Financial highlights
Revenue grew 7.7% year-on-year to just under $2 billion (£1,947.0m), driven by new business wins, volume growth, and pricing.
Adjusted operating profit rose 28.9% to GBP 125.7 million, with margin up 110 bps to 6.5%.
Free cash inflow was GBP 120.5 million, with cash conversion at 66.5%.
Net debt to EBITDA closed at 0.4x, reflecting strong deleveraging.
Dividend per share increased 30% to GBP 0.026 (2.6p) recommended.
Outlook and guidance
Trading has started well in FY2026, with expectations for another year of profitable growth.
Operating margin expected to improve further in 2026, targeting 7% or above over the medium term.
FY26 guidance includes capital expenditure of GBP 50 million, exceptional items of GBP 20–25 million, and adjusted effective tax rate of 23–25%.
Inflation anticipated at 3–4% for FY2026, mainly from labor and protein costs, with ongoing cost initiatives to offset.
Bakkavor acquisition expected to close in early 2026, with integration planning underway.
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