Greggs (GRG) Trading Update summary

Trading performance

• Total sales for H1 2025 rose 6.9% to £1,027 million, with like-for-like sales up 2.6%.

• LFL sales growth was stronger in May but slowed in June due to high temperatures impacting footfall.

• 87 new shops opened and 56 closed, resulting in 31 net openings and 2,649 shops trading at period end.

• 108 shop refurbishments completed in H1, with around 50 more planned for H2.

• Quarterly LFL sales growth in 2025 was 2.4% in Q1 and 2.8% in Q2, down from 7.6% and 6.5% in 2024.

Outlook and guidance

• First half operating profit expected to be lower than H1 2024 due to strong prior year comparatives and refurbishment phasing.

• Full year operating profit now anticipated to be modestly below 2024 levels.

• Cost inflation outlook unchanged; cost mitigation measures expected to support H2 performance.

• Net shop openings for the year expected to be 140 to 150.

• Interim results for 2025 will be published on 29 July 2025.