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Greggs (GRG) investor relations material

Greggs Q4 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 TU earnings summary8 Jan, 2026

Executive summary

  • Q4 total sales rose 7.4% year-over-year, with company-managed shop like-for-like sales up 2.9%.

  • FY25 total sales increased 6.8% to £2,151 million, with like-for-like sales up 2.4% compared to FY24.

  • Outperformed a challenging market, gaining market share despite subdued consumer confidence and weather extremes.

  • Opened 207 new shops in 2025, resulting in 121 net new openings and a total of 2,739 shops by year-end.

  • Operational costs were well controlled, with £13 million in efficiencies delivered in 2025.

Financial highlights

  • FY25 total sales reached £2,151 million, up 6.8% from £2,014 million in FY24.

  • Net cash at year-end was £47 million, down from £125 million in 2024.

  • One-off £4.5 million sales tax cost related to previous years will impact reported profit.

Outlook and guidance

  • Expect to open around 120 net new shops in 2026, maintaining a strong pipeline.

  • Anticipate full year profit before tax for FY25 in line with previous expectations, excluding the one-off tax item.

  • Like-for-like cost inflation expected to be lower in 2026; margins may face temporary pressure from new supply chain costs.

  • Profits in 2026 expected to be at a similar underlying level to 2025, with improvement dependent on consumer recovery.

Duration of new supply chain margin pressure?
Planned scale for Bitesize Greggs shops?
Sustain market share amidst consumer headwinds?
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Frequently asked questions

Greggs plc operates a bakery food-on-the-go retail business offering sandwiches, savory products, sweet treats, and drinks. The company serves customers through its network of retail outlets and online platforms across the United Kingdom. It is headquartered in Newcastle upon Tyne, United Kingdom, and its shares are listed on the LSE.

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