**Summary of Greggs PLC Preliminary Results for the 52 Weeks Ended 27 December 2025**
**Financial Performance**
**Total Sales Growth** Increased by 6.8% to £2,151 million, driven by new shop openings and like-for-like (LFL) sales growth.
**Underlying Operating Profit** Declined by 4.0% to £187.5 million due to increased fixed costs in manufacturing, logistics, and technology.
**Underlying Profit Before Tax** Fell by 9.4% to £171.9 million, impacted by reduced interest income and higher lease interest charges.
**Statutory Profit Before Tax** Decreased by 17.9% to £167.4 million, including a £4.5 million provision for a historic VAT understatement.
**Diluted Earnings Per Share** Down by 20.3% to 119.3p, reflecting the impact of exceptional items.
**Diluted Operating Cash Inflow Per Share:** Increased by 4.6% to 267.1p, showcasing strong underlying cash generation.
**Dividend** Maintained at 69.0p per share, with a final dividend of 50.0p per share recommended.
**Operational Highlights**
**Market Share Growth** Greggs increased its share of food-to-go market visits by 0.5 percentage points to 8.6%, becoming a top four brand in all dayparts and delivery.
**Shop Expansion** Opened 121 net new shops in 2025, growing the estate to 2,739 shops. Targeting around 120 net openings in 2026.
**Delivery Growth** Delivery sales increased by 8.1%, representing 6.8% of company-managed shop sales, with Greggs now ranked fourth in the market for delivery occasions.
**Loyalty Program** Greggs App scanned in 26.7% of company-managed shop transactions, up from 20.1% in 2024, enhancing customer engagement and frequency.
**Evening Sales** Evening sales grew to 9.4% of company-managed shop sales, with Greggs ranked fourth in the market for dinner visits.
**Grocery Retailing** Expanded the Bake-at-Home range with Tesco and Iceland, increasing product availability in the grocery channel.
**Product Innovation** Introduced new products like the iced matcha latte, aligning with market trends and customer preferences.
**Strategic Progress**
**Value Leadership** Maintained position as the number one food-to-go brand for value, supported by quality and price-driven strategies.
**Cost Management** Delivered structural cost savings of £13.0 million in 2025, with further plans for future years.
**Supply Chain Investment** Completed new National Distribution Centres in Derby and Kettering, increasing logistics capacity to 3,500 shops.
**Digital Transformation** Enhanced data and AI capabilities, including real-time sales updates and improved operational insights.
**Sustainability** Progressed towards Scope 2 net zero by 2030 and full net zero across Scopes 1-3 by 2040, as part of The Greggs Pledge.
**Current Trading and Outlook**
**Like-for-Like Sales** Increased by 1.6% in the first nine weeks of 2026, with total sales up by 6.3%.
**Full Year Guidance** Expects profits to be broadly in line with 2025, with any improvement dependent on consumer recovery.
**Focus on ROCE** Aiming to restore return on capital employed (ROCE) to around 20%, supported by shop openings, cost efficiencies, and additional income streams.
**Leadership and Governance**
**Board Changes** Planned succession for Kate Ferry and Mohamed Elsarky, with Richard Smothers joining the Board and assuming the role of Chair of the Audit Committee.
**Employee Engagement** Continued focus on colleague inclusion and well-being, including the introduction of a virtual GP service.
**Community and Sustainability**
**Greggs Foundation** Donated 1% of pre-tax profits, totaling £3.4 million, and raised additional funds through colleague and customer initiatives.
**Charitable Support** Continued partnerships with Children in Need and Childrens Cancer North, raising significant funds for these causes.
**Conclusion**
Greggs PLC demonstrated resilience in a challenging market, achieving sales growth and maintaining its market leadership in the food-to-go sector. Despite profit declines due to increased costs, the company remains focused on strategic growth initiatives, cost management, and sustainability, positioning itself for further expansion and improved returns in the medium term.