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Greencore 13 October 2026 CONTINUED STRONG PERFORMANCE AND VOLUME - LED GROWTH ; UPGRADE TO FY GUIDANCE Greencore Group plc ( ' Greencore ' or the ' Group ' ) , the leading manufacturer of convenience foods in the UK , today issues its trading update for the fourth quarter ( " Q4 " or the " quarter " ) and full year ( " FY26 " ) ended 25 September 2026 . Greencore ended FY26 strongly , with volume growth ahead of the market , excellent profit momentum and positive cashflow generation . As a result , Greencore is further upgrading FY26 Adjusted Operating Profit guidance . Dalton Philips , Greencore Chief Executive Officer , said : [ 1,2 ] " Greencore has had a monumental year , and we finished it with a strong performance in Q4 . We grew volume ahead of the market , drove strong profit growth and we continue to make strides in our integration with Bakkavor . That performance means we are in a position to further upgrade our full year guidance . I'm really proud of how our teams have delivered for our customers , in what was a busy year with the acquisition and integration . I would like to thank every Greencore colleague for the commitment and passion they bring each and every day . We have real momentum in our business and Greencore has never been in a stronger place . Customers want to do more with us and we are seeing encouraging progress from cross - selling categories across our expanded customer base . Our focus in FY27 remains simple : producing high - quality , innovative fresh food , ensuring we deliver for our customers and progressing our ambitions for our larger business " . TRADING • • • • • Greencore Q4 pro forma revenue increased 4.5 % to £ 1,036m , which reflected strong volume growth and recovery of labour , packaging and certain raw materials inflation . FY26 pro forma revenue grew 3.6 % to £ 3,378m [ 3 ] . Manufactured pro forma volume growth in Q4 accelerated to 2.1 % , ahead of the wider grocery market at 0.5 % , with chilled categories including salads , dips , quiche and sandwiches performing strongly . Both the legacy Greencore and Bakkavor businesses outperformed the market during the period . This brings to a close a strong year of volume growth , with FY26 manufactured volume growing 1.1 % , ahead of the wider market at 0.5 % [ 4 ] [ 5 ] Innovation remained an important contributor to growth , with 167 new products launched during Q4 . These included two ranges of premium Italian ready meals , new summer - focused grab - and - go sandwich and salad ranges , and a range of limited - edition diner - style mac and cheese products . Underlying profit momentum was ahead of expectations , driven by a combination of volume growth and continued margin improvement , as our excellence and cost efficiency programmes continue to evolve and deliver . Synergy delivery from the Bakkavor acquisition has continued to progress strongly , with a fast start on central re- organisation , procurement and distribution synergies . Greencore continues to drive strong cash flow and strengthen its balance sheet . Net Debt ( excluding lease liabilities ) is expected to be approximately £ 600m ( Net Debt / Adjusted EBITDA : approximately 1.8x ) at FY26 ( medium - term target : 1-1.5x ) , driven by profit momentum and strong cash management [ 6 ] OUTLOOK Given this strong performance , we now anticipate FY26 Adjusted Operating Profit for continuing operations ( UK business ) to be approximately £ 248m , ahead of current market expectations and previously raised guidance [ 1 ] [ 2 ] Q1 FY27 trading has started positively , with volume momentum continuing from Q4 FY26 . While the macroeconomic environment remains uncertain , the Group remains confident in its outlook and the resilience of demand in its core categories . We have had further success from cross - selling our new categories into existing customers . We have won a further 75bp of annualised revenue growth ( c . £ 30m of annualised revenue ) across salads , ready meals , dips and breads , which will launch across Q2 and Q3 FY27 . This follows the first combined new business wins in desserts that successfully launched in August . The Group continues to progress the sale of its US business , which has been treated as a discontinued operation and held for sale asset . The US business continues to trade positively and in line with expectations . Greencore will publish FY26 results on 1 December 2026 , where we will provide further detail on the drivers of business performance , integration progress and delivery and our capital allocation framework for the enlarged Group . 1 Current market consensus for FY26 Adjusted Operating Profit for Continuing Operations ( UK business only ) is £ 238m ( with a range of £ 236-241m ) , which was compiled from 8 covering analysts . This market consensus excludes the US business - which is treated as discontinued operation . Further detail on analyst consensus can be found on Greencore's website : https://www.greencore.com/investor-relations/analyst-information/ . 2. Previous guidance , provided as part of the Q3 trading update , was FY26 Adjusted Operating Profit of £ 234-242m ( continuing operations , UK business only ) . 3. Pro forma growth reflects the new Greencore : Q4 growth reflects Greencore and Bakkavor for the entire period ( both current and previous year ) and removes the Bristol facility ( which was disposed in January 2026 ) from the previous period ; 12 - month growth reflects Greencore 12 months , Bakkavor since acquisition and Bristol up to date of disposal ( both current / prior year ) . 4 Market growth figures use Circana market performance data for 12 and 52 weeks to 26 September 2026 . 5. Q4 pro forma volume growth excludes Bristol from the prior year ; FY volume growth excludes Bristol from the prior year , the impact of the Wigan site closure and Bakkavor business exits ( which were fully annualised in April 2026 ) . 6. Net Debt / Adjusted EBITDA as measured under financing agreements .