2 July 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

GREGGS PLC

("Greggs" or the "Company")

FIRST HALF 2025 TRADING UPDATE

Trading results for the 26 weeks ended 28 June 2025

·    Total H1 sales up 6.9% to £1,027 million

·    2.6% LFL* sales growth, with good progress in May followed by slower growth in June as high temperatures impacted consumer purchasing patterns

·    87 gross new shops opened, 31 net openings, 2,649 shops now trading. On track to achieve 140 to 150 net openings for the full year

·    The Board now anticipates that the full year operating profit could be modestly below that achieved in 2024.

* Like-for-like (LFL) company-managed shop sales performance against comparable period in 2024

Trading performance and shop estate development

Like-for-like (LFL) sales in company-managed shops grew by 2.6% in the first half of 2025.  The previously-reported improved sales performance in the 11 weeks to 17 May continued through the rest of May but LFL sales in June were impacted as very high temperatures affected the UK, increasing demand for cold drinks but reducing our overall footfall. Total sales in the 26 weeks ended 28 June 2025 were up 6.9% to £1,027 million (2024: £961 million).

Our shop opening activity continued to bring the Greggs offer to more customers.  In the first half of 2025 we opened 87 new shops and closed 56 shops, leaving a total of 2,649 shops trading as at 28 June (comprising 2,085 company-managed shops and 564 franchised units). We remain confident in achieving 140 to 150 net openings for the full year.  Refurbishment activity has been biased to the first half of 2025, with 108 refits being completed in H1 and around 50 more planned for the second half of the year.

Outlook

The Company will publish its 2025 interim results on 29 July 2025.  The Board expects first half operating profit to be lower than H1 2024, reflecting the stronger comparative trading performance in H1 2024 and the phasing of refurbishments and cost recovery initiatives across the current year.  For the full year, our cost inflation outlook remains unchanged and planned cost mitigation measures are expected to enhance second half performance. 

Whilst acknowledging that comparative LFL sales are less demanding in the second half of the year, in light of the current trading conditions the Board now anticipates that the full year operating profit could be modestly below that achieved in 2024.

Note

2024 and 2025 quarterly like-for-like sales growth in company-managed shops: