Greencore Group (GNC) Q3 2026 TU earnings summary

Executive summary

• Delivered strong operational and financial performance in Q3 2026, with volume growth outpacing the market and robust underlying profit momentum.

• Upgraded FY26 Adjusted Operating Profit guidance to £234-242m, above current market expectations.

• Integration of Bakkavor progressing well, with synergy delivery ahead of schedule and positive cashflow generation.

Financial highlights

• Q3 pro forma revenue grew 3.2% year-over-year to £1,024.3m, with volume and mix contributing 2.3%.

• Food for now categories grew 4.7%, food for later categories up 1.8% in Q3.

• Manufactured pro forma volume growth was 0.7%, outperforming the wider grocery market at -0.4%.

• Underlying profit momentum exceeded expectations in both legacy businesses.

• Positive cashflow generated in Q3; working capital outflow from H1 reversing, expecting neutral net working capital by FY26 year-end.

Outlook and guidance

• FY26 Adjusted Operating Profit for continuing operations expected in the range of £234-242m, representing 17-21% growth year-over-year.

• Q4 trading has started positively, with continued strong volume momentum and early cross-selling success.

• In-year cost synergy delivery of approximately £15m expected in FY26; at least £80m annual cost synergies targeted.

• US business remains held for sale and continues to trade positively.