Slides
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For the 26 weeks ended 27 June 2026 JULY 2026 INTERIM RESULTS
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AGENDA 2 Highlights Financial performance Operational and strategic review Outlook
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STRONG FINANCIAL PERFORMANCE 3 +7.2% Total sales growth +19.7% YOY growth PBT margin up 70 basis points to 6.9% Total sales £1,101.5m Profit before tax £76.0m Operating cash inflow* £111.2m Interim dividend 19.0p Maintained +18.3% growth+2.1% Company-managed LFL growth * Operating cash inflow defined as net cash inflow from operating activities less lease payments.
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STRONG PROGRESS IN H1 4 • Brand – metrics remain strong, with clear sector- leading reputation for value. Outperforming and growing in a challenging market; share of visits up 0.3% points to 8.7%* • Channels – diversified growth across multiple channels providing greater access to Greggs • Menu – continued innovation reflecting consumer food trends in both traditional and new categories • Estate growth – strong pipeline of new locations; smaller format trials opening up further opportunities • Investment – supply chain capacity projects progressing well, supporting material growth opportunity. Strong free cash generation as capital intensity reduces * Source: Circana, CREST - 12 months ended June 2026
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RICHARD HUTTON Chief Financial Officer FINANCIAL PERFORMANCE
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H1 2026 £m H1 2025 £m H1 2024 £m Sales 1,101.5 1,027.7 +7.2% 960.6 Operating profit 86.5 70.4 +22.9% 75.8 Operating profit margin 7.9% 6.9% 7.9% Finance income 0.8 1.3 4.6 Finance expense (inc. new leases & regearing) (11.3) (8.2) (6.3) Profit before tax 76.0 63.5 +19.7% 74.1 PBT margin 6.9% 6.2% 7.7% Income tax charge (19.8) (17.0) (19.0) Profit after taxation 56.2 46.5 55.1 Underlying diluted earnings per share 54.9p 45.3p +21.2% 53.8p INCOME AND EXPENDITURE OVERVIEW 6
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7 DIVERSIFIED SALES GROWTH FROM NEW LOCATIONS & CHANNELS H1 2025 Total Sales Company-managed LFL Company-managed estate growth B2B Franchise & Grocery growth H1 2026 Total Sales £1,000 £1,020 £1,040 £1,060 £1,080 £1,100 £1,120 +7.2% £’m
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-1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% Jan-25 Feb-25 Mar / Apr 25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar / Apr 26 May-26 Jun-26 Greggs total sales growth Greggs Company-Managed LFL sales growth All eating and drinking out-of-home - total sales growth* * Barclaycard spending data (June 2026) MARKET OUTPERFORMANCE CONTINUES 8 - LFL performance ahead of market benchmark - Total sales growth driving increased market share
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COST CONTROL AND LOWER INFLATION SUPPORTING H1 MARGIN IMPROVEMENT, DERBY COSTS STEP UP IN H2 9 H1 2026 H1 2025 H1 2024 Sales £1,102m £1,028m £961m Gross margin 62.0% 61.5% 61.5% Distribution & selling costs -49.0% -49.7% -48.4% Administrative expenses -5.1% -4.9% -5.2% Operating profit % 7.9% 6.9% 7.9% Net finance expense -1.0% -0.7% -0.2% Profit before tax % 6.9% 6.2% 7.7% • Leverage from additional grocery sales enhancing overall margin • Gross margin supported by lower inflation in food & packaging costs • D&S ratio improved; focus on hours and change to timing of pay award • Shop leases and Derby site driving higher net finance expense As expected, H2 costs will step up by c.£10m year-on-year as the new Derby site becomes operational
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People, 39% Shop occupancy, 8% Food & packaging, 32% Energy/fuel, 5% Depreciation, 5% Other, 11% Shop occupancy • Strong covenant, occupancy cost ratio stable • Business rates reduction worth c.£3.5m per annum from April 2026 Underlying cost base Food & packaging • H1 inflation slightly below expectations, now expect deflation through to Q4 • Good forward cover with cost prices fixed for c.70% of H2 requirement Energy • Modest inflation in 2026, with good cover during a period of higher commodity costs • Good forward cover with 90% fixed for 2026, c.50% fixed for 2027 2.2% LFL cost inflation in H1. Full-year expectation now lower at c.2% £7m structural cost savings delivered in H1; £11m targeted for full year 10 LOWER COST INFLATION, STRONG DELIVERY OF STRUCTURAL SAVINGS People costs • c.4% overall wage and salary inflation in 2026 • Q1 cost inflation lower as result of deferral of much of pay award to April (from January)
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0 50 100 150 200 250 300 2021 2022 actual 2023 actual 2024 actual 2025 actual 2026 plan 2027 plan 2028 plan Cash inflow from operating activities after lease payments Supply capex Retail capex IT & other capex £m Peak investment phase Cash allocated to capex Strong free cash position as capex reduces. 2026 guidance reduced from £200m to £180m. STRONG CASH OPTIONALITY AS CAPEX REDUCES 11
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Disciplined focus on high-quality locations: • 2026 openings showing strong early performance • Learnings from experiments and estate analysis benefiting site selection process • Return target of 25% cash ROI typically achieved after 2-3 years • Quality growth supports the ambition to restore overall ROCE to c.20% Vigilance to ensure growth is incremental: • New catchments - 62% of 2026 new shops (excl. relocations) in areas with no existing shop within a mile • Existing catchment sales transfer <5% for new shops (factored into shop appraisals) • Frequency increases with new openings – confirmed by analysis of App transaction data STRONG PERFORMANCE FROM NEW SHOPS 12
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Cash & liquidity • Net cash inflow from operating activities after lease payments £111.2m (H1 2025: £94.0m) • £15.9m net cash position at 27 June 2026 (June 2025: £12.8m net debt), with £15.0m drawn on revolving credit facility • Revolving credit facility extended to June 2029, providing £100m in committed funds Taxation • 26.0% effective Corporation Tax rate expected on profits in 2026 (H1 2025: 26.8%) • Guidance for 2027: 26.0% (based on current regulations) Earnings & dividend • Diluted EPS 54.9p (H1 2025: 45.3p) • Interim dividend of 19.0p per share declared (H1 2025: 19.0p) • Expect full-year ordinary dividend to be maintained until two times covered by earnings LIQUIDITY, TAX AND DIVIDEND 13
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ROISIN CURRIE CBE Chief Executive OPERATIONAL AND STRATEGIC REVIEW
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BREADTH OF APPEAL VALUE LEADERSHIP INNOVATION & EVOLUTION VERTICAL INTEGRATION Breadth of range, consumer appeal and location flexibility allow Greggs to meet customer needs. Clear and long-standing leadership in food-to- go. Outstanding value for freshly prepared food and drink. Delivers affordable quality and drives end- to-end efficiency gains, giving competitive advantage vs. market. Track record of innovating to meet changing trends and dietary needs with value options. THE GREGGS FORMULA FOR LONG-TERM SUCCESS 15
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• Greggs remains number one FTG brand for value* - combination of quality and value leads the market • Continue to grow market share of visits, +0.3% points to 8.7%, in a market where overall visits reduced by 1.9%** • Pressure on disposable incomes remains the biggest market headwind • Freshly prepared food, hot options and customisation differentiate Greggs • Loyalty scheme and value deals deepen the value offer Greggs QSR 1 QSR 2 QSR 3 Pizza 1 Coffee 1 Coffee 2 Sandwich 1 Sandwich 2 -20 -15 -10 -5 0 5 10 15 20 25 30 -30 -20 -10 0 10 20 30 40 50 Value Quality YouGov Brand Index – 12 weeks to 30 June 2026 MARKET-LEADING COMBINATION OF QUALITY & VALUE 16 * Source: YouGov, June 2026 ** Source: Circana, CREST - 12 months ended June 2026
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• Greggs wins when delivering on its Purpose – making great-tasting, freshly prepared food & drink accessible to everyone • This means following trends in taste, but at great prices • New Chicken Roll broadens appeal of traditional categories • Responding to dietary trends – refreshed salad range, smaller portions and higher protein options along with clearer nutritional labelling • Iced drinks a growing category and attractive to younger customers – great success with on trend Iced Matcha • Breadth of choice and brand’s ability to democratise and grow new categories enables rapid evolution MENU DEVELOPMENT REFLECTS FOOD & DRINK TRENDS 17
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28% 10% 50% 12% Roadside (inc drive-thru) Retail parks and supermarkets Cities, towns & suburbs Transport and other 2,773 shops (June 2026) • Diversified estate with growth opportunity in underrepresented catchments away from existing shops • 34 net new shops opened in H1 2026, strong early performance. 2,773 shops trading as at 27 June 2026 • Expect 100-110 net shop openings in 2026, with an additional ten ‘Greggs Express’ trials • Relocation of 17 shops in traditional estate supporting healthy performance of catchments • Medium-term opening rate at least 100 net shop openings per annum - ‘Greggs Express’ trial potentially increases scale of opportunity • Clear opportunity for at least 3,500 UK shops over the longer term ESTATE REPOSITIONING SUPPORTING STRONG RETURNS 18
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FORMATS AND PARTNERSHIPS INCREASING SCALE OF OPPORTUNITY 19 • Format flexibility opening up additional viable locations • ‘bitesize Greggs’ concept showing promising results in four locations • Convenience self-service ‘Greggs Express’ in trials with a franchise partner • Exploring international with a franchised travel hub shop opened in Tenerife South Airport • Grocery ‘Bake-at-Home' range performing strongly in Iceland and Tesco
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Picked loads • New national DCs in central locations provide picking at scale, with greater automation and reduced labour intensity • Enables greater throughput at existing Radial Distribution Centres • Creates overall logistics capacity to support 3,500 shops • Derby commences operations in coming months; Kettering H1 2027 KETTERING Chilled & ambient logistics DERBY Frozen manufacturing and logistics New National Distribution Centres Existing Radial Distribution Centres Radial distribution to shops SUPPLY CHAIN INVESTMENT EXPANDING CAPACITY TO SERVE 3,500 SHOPS 20
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• Migration of processes to SAP S/4HANA platform progressing, will complete in 2027 • Forecasting and replenishment processes adopting more sophisticated machine learning, supporting availability whilst reducing waste costs • Support teams benefiting from investment in CRM capability, with AI functionality being developed to drive service standards and efficiencies • Agentic AI use accelerated - software engineering teams now using AI agents to build and test new systems. Increased pace and productivity supporting innovation and efficiency across the wider business RAPID ADOPTION OF NEW TECHNOLOGY 21
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• In 2021, The Greggs Pledge was created to help focus our efforts on ways to make the world a better place • Since launch, actions have supported tangible change, mostly achieving the 10 commitments we made • In 2026, the journey continues with the launch of seven new commitments to help make the world a better place by the end of 2030 and beyond THE GREGGS PLEDGE 22
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OUTLOOK • Strong profit performance in H1 2026 against a soft comparator period • H2 profit progress to reflect Derby cost headwind and phasing of cost inflation • Range innovation and disciplined estate expansion extending the appeal and accessibility of Greggs for customers • Board’s expectations for the full-year outcome are unchanged 23
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SUMMARY – POSITIONED FOR GROWTH • Leading UK brand in food and drink ’to go’, based on broad appeal, value leadership and track record of continuous innovation • Increasing access for customers is a material growth opportunity • Innovation is driving new formats and revenue opportunities • Increased capacity in highly efficient, vertically integrated supply chain about to come on stream • Free cash generation strong and growing following supply chain investment • Focused on returning ROCE to around 20% 24
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APPENDIX – CAPITAL ALLOCATION PRIORITISATION 26 1. Invest to adequately maintain the business 2. Maintain a strong balance sheet; year-end cash at c.3% of revenue to allow for seasonality in working capital 3. Deliver an attractive ordinary dividend – 2x covered by earnings 4. Selectively invest to grow – opportunities that deliver attractive returns 5. Return surplus cash to shareholders – either as special dividends or share buybacks