Greggs Plc (LON:GRG) has reported its interim results for the 26 weeks ended 27 June 2026
Strong financial performance and market share growth
Financial highlights
| H1 2026 | H1 2025 | H1 2024 | |
| Total sales | £1,101.5m | £1,027.7m | £960.6m |
| Operating profit | £86.5m | £70.4m | £75.8m |
| Pre-tax profit | £76.0m | £63.5m | £74.1m |
| Diluted earnings per share | 54.9p | 45.3p | 53.8p |
| Ordinary interim dividend per share | 19.0p | 19.0p | 19.0p |
| · | Total first-half sales up 7.2%, with company-managed shop LFL* sales up 2.1%, franchised shop LFL* sales up 1.3% and additional growth from estate expansion and B2B partnership development |
| · | Continue to grow share and overall volumes in a challenging market – Greggs share of visits up 0.3 percentage points to 8.7% for the 12 months to June 2026 (source: Circana – CREST); value leadership remains highly attractive |
| · | Operating profit up 22.9% to £86.5 million, profit before tax up 19.7% to £76.0 million |
| · | Profit growth reflects a soft comparator period together with growth in grocery business, strong cost control and the phasing of cost inflation |
| · | Interim dividend of 19.0 pence per share declared (2025: 19.0p) |
| · | The Board’s expectations for the full-year outcome are unchanged |
* Like-for-like (LFL) company-managed sales / franchise shop ‘system sales’ performance against 2025 comparable period, where shops have a calendar year’s trading history (excluding any shops which opened, relocated or closed in the current or prior year).
Operational and strategic progress
Continued brand momentum:
| · | Strength of brand and value leadership continues to ensure Greggs is a “go to” destination for FTG |
| · | Greggs continues to grow market share and overall volumes, supported by estate growth and developing channels (e.g. grocery retail) |
Menu development:
| · | Ongoing menu innovation following consumer food trends. New products include Iced Matcha Lattes, an enhanced salad range, and the new Chicken Roll |
| · | Menu development has supported LFL sales performance |
Increasing access to Greggs:
| · | Estate growth – clear opportunity for at least 3,500 UK shops over the longer term, growing market share further and making Greggs more accessibleo 34 net openings in the first half of 2026, growing the estate to 2,773 shops as at 27 June 2026o Innovation in new formats developing additional growth opportunities:§ New ‘bitesize Greggs’ smaller shop format creating additional opportunities, with four shops opened so far1§ Currently trialling ‘Greggs Express’, a self-service coffee and food offer, with a franchise partner in convenience retailing sites2§ First international travel hub shop opened in Tenerife South Airport, with new franchise partner Lagardère Travel Retailo Expect around 100-110 net new shop openings in 2026, with an additional ten ‘Greggs Express’ convenience retailing trialso Medium-term shop opening rate expected to be at least 100 net shop openings per annum, with ‘Greggs Express’ trials potentially providing further opportunities |
| · | Delivery – delivery sales incremental to the business, with three-quarters of company-managed shops accepting orders via Just Eat and Uber Eats |
| · | Loyalty – Greggs App scanned in 31.0% of company-managed shop transactions (H1 2025: 25.7%), with customers using the App continuing to shop more frequently |
| · | Grocery retailing – Successful ‘Bake-at-Home’ launch with Tesco and expanded range with Iceland enhancing sales growth in the first half |
Managing costs and capital investment:
| · | Consistently managing costs is strategically important as a value retailer, with £11 million structural cost savings targeted for 2026, £7 million delivered to date, and strong plans in place for the remainder of 2026 |
| · | New National Distribution Centres in Derby and Kettering will increase logistics capacity to 3,500 shops |
| · | 2026 expected capital expenditure reduced from £200 million to around £180 million; strong operating cash generation expected to create capacity for additional shareholder returns |
| · | Restoring the Company’s return on capital employed to target of around 20% remains a key area of focus going forward |
1 Included in shop opening numbers above
2 Excluded from shop opening numbers above
“Greggs continued to outperform the market and has delivered an improved sales performance and strong cost control through the first half of 2026, resulting in profitable growth.
We remain focused on opening shops in more catchments and introducing convenient ways for customers to pick up Greggs favourites, while broadening and innovating our menu in line with changing tastes and trends. We are making great progress in building the supply chain infrastructure that will support the significant growth opportunities that lie ahead. The Board’s expectations for the full-year outcome are unchanged.”
– Roisin Currie CBE, Chief Executive
