Greggs (GRG) Q4 2025 TU earnings summary

Executive summary

• Q4 total sales rose 7.4% year-over-year, with company-managed shop like-for-like sales up 2.9%.

• FY25 total sales increased 6.8% to £2,151 million, with like-for-like sales up 2.4% compared to FY24.

• Outperformed a challenging market, gaining market share despite subdued consumer confidence and weather extremes.

• Opened 207 new shops in 2025, resulting in 121 net new openings and a total of 2,739 shops by year-end.

• Operational costs were well controlled, with £13 million in efficiencies delivered in 2025.

Financial highlights

• FY25 total sales reached £2,151 million, up 6.8% from £2,014 million in FY24.

• Net cash at year-end was £47 million, down from £125 million in 2024.

• One-off £4.5 million sales tax cost related to previous years will impact reported profit.

Outlook and guidance

• Expect to open around 120 net new shops in 2026, maintaining a strong pipeline.

• Anticipate full year profit before tax for FY25 in line with previous expectations, excluding the one-off tax item.

• Like-for-like cost inflation expected to be lower in 2026; margins may face temporary pressure from new supply chain costs.

• Profits in 2026 expected to be at a similar underlying level to 2025, with improvement dependent on consumer recovery.