Greggs’ full-year sales rose 6.8% to £2.2bn, reflecting 121 net new store opening over the year. On a like-for-like basis, sales in company-managed shops were up 2.4%.
Underlying operating profits fell 4.0% to £188mn, driven by higher employment and packaging costs.
Free cash flow fell from £104mn to £75mn, reflecting higher levels of capital expenditure. The net cash position fell by £80mn to £46mn at year-end.
In the first nine weeks of 2026, total sales were up 6.3%. Full-year guidance remains unchanged, with profits expected to be at a similar level to the prior year.
A final dividend of 50p per share was announced, taking the full-year total to 69p, in line with last year.
The shares were broadly flat in early trading.
Our view
HL view to follow.
Greggs key facts
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