Greencore Group (GNC) Q4 2025 TU earnings summary

Executive summary

• Achieved strong Q4 and full-year performance, with consistent delivery and 99% operational service levels for both periods.

• Revenue growth driven by new business wins, product innovation, and favorable weather, with FY25 revenue expected at approximately £1.95b.

• Volume momentum continued, especially in food-to-go categories, with manufactured volume up 3% and underlying volume up 1% year-over-year.

• Launched 130 new products in Q4, including new ranges for store formats and premium offerings.

Financial highlights

• Q4 and full-year reported revenue grew 8% year-over-year; food-to-go categories up 9% in Q4 and 8% for the year.

• Other convenience categories grew 6% in Q4 and 8% for the year.

• Profit conversion in Q4 exceeded expectations due to strong volume and cost management.

• Net Debt (excluding lease liabilities) expected at approximately £70m, down from £148m in FY24.

Outlook and guidance

• Upgraded FY25 Adjusted Operating Profit guidance to approximately £125m, above previous guidance and consensus.

• Anticipates completion of Bakkavor Group plc acquisition, pending regulatory approval.

• FY25 results to be reported on 18 November 2025.