Greggs plc Preliminary Results

4 March 2024

GREGGS PLC

(“Greggs” or the “Company”)

PRELIMINARY RESULTS FOR THE 52 WEEKS ENDED 28 DECEMBER 2024

Strong progress, with milestone £2 billion sales and record profits

2024 Financial highlights

• Total sales** up 11.3% on 2023 level, with LFL*** sales in company-managed shops up 5.5% year-on-year.
• Cash position of £125.3 million supports investment in supply chain and technology.
• Final dividend of 50.0p per share recommended, total ordinary dividend per share of 69.0p per share, up 11.3% from 2023 in line with underlying diluted earnings per share growth.
• Record profit sharing; £20.5 million to be shared with colleagues

Strategic progress

Broadening customer appeal:

• The strength of our brand and customer proposition was of paramount importance in a year with low consumer confidence (source: GfK Consumer Confidence Tracker, through 2024) and a food-to-go market that was not growing (source: Circana, Barclaycard, Springboard MRI, December 2024).
• Brand health metrics remain strong; Greggs continues to be the UK’s leading food-to-go brand and Number 1 for value (YouGov’s Brand Index).
• Over-ice drinks range now available in 1,175 shops.
• Healthier Choices menu extended with new pasta dishes and flatbreads.

Growing and developing the Greggs estate:

• Continued to broaden presence, expanding away from traditional high street locations.
• Record 226 new shop openings in 2024 with 28 closures and 53 relocations (145 net openings), growing the estate to 2,618 shops as at 28 December 2024.
• Refurbished 165 existing shops.
• Targeting 140 to 150 net openings in 2025 including 50 relocations; continue to see clear opportunity for significantly more than 3,000 UK shops over longer term.

Evening trade:

• Evening remains fastest growing daypart; 9.0% of company-managed shop sales in 2024 (2023: 8.5%).
• Popular existing range and menu development supporting further growth ambition.  Launched BBQ Chicken & Bacon Pizza and four-slice sharing box.
• Digital channels:
• Greggs App scanned in 20.1% of company-managed shop transactions (2023: 12.5%); customers who engage with App proven to shop at Greggs more frequently.
• Increased number of shops offering delivery to 1,556 (2023: 1,440) with delivery sales up 30.9% in 2024, representing 6.7% of company-managed shop sales (2023: 5.6%).

Supply chain investment:

• Fourth production line commissioned at Balliol Park in Newcastle upon Tyne, providing circa 35% additional manufacturing capacity for savoury rolls and bakes.
• Work completed to expand capacity at Birmingham and Amesbury distribution centres, adding logistics capacity for a further 300 shops.
• Work progressing on two new sites to increase logistics capacity for up to 3,500 shops: a frozen manufacturing and logistics facility in Derby opening in 2026 and a National Distribution Centre for ambient and chilled goods in Kettering opening in 2027.

Greggs Pledge highlights:

• Greggs Foundation Breakfast Clubs scheme opened 1,000th club in the 25th year of the programme. Now feeding 75,000 school children every day.
• 38 Outlet shops, selling discounted unsold products and supporting local communities.
• Progress made towards 2040 net zero carbon targets, with Scope 1 and 2 emissions reduction in line with near-term science-based emissions reduction targets.

Current trading

• Like-for-like sales in company-managed shops increased by 1.7% year-on-year in the first nine weeks of 2025. Challenging weather conditions in January followed by improved trading in February.
• Confident that Greggs can manage inflationary headwinds and deliver another year of progress in 2025.

Roisin Currie, Chief Executive commented:

“2024 was another record-breaking year for Greggs; we exceeded £2 billion in sales for the first time and opened our 2,600^th shop. Our people have worked tirelessly to deliver on our strategic ambition to further establish Greggs as a multi-channel food-to-go retailer and I want to acknowledge their efforts. It is thanks to their hard work, week after week, that we continue to grow, all the while maintaining the great prices, high-quality products, and friendly service that keep our customers coming back, again and again.

“In 2021, we set our sights on doubling sales by 2026 and having a significantly bigger business over the longer term. Three years into this five-year plan, sales are on track and we continue to be confident in the growth opportunity in front of us. The brand is in better shape than ever, with a material opportunity to continue growing and developing the Greggs estate and plenty of scope to continue to grow in newer dayparts and channels.”