Greencore Group plc FY25 Full Year Results

Strong FY25 performance with 29% growth in adjusted operating profit

Greencore Group plc (‘Greencore’ or the ‘Group’), the FTSE 250 leading manufacturer of convenience food in the UK, issues results for the 52-week period ended 26 September 2025, reporting a strong performance across all key financial measures. FY26 has started positively and the recommended acquisition of Bakkavor Group plc is expected to complete in early 2026, subject to regulatory approval.

SUMMARY FINANCIAL PERFORMANCE^1,2,3

FINANCIAL HIGHLIGHTS^1,2

• Strong performance across all key financial measures in FY25 and progress against each medium-term financial target set at February 2025 Capital Markets Day
• Revenue increased 7.7% to £1,947.0m, driven by net new business wins (2.9%), underlying volume growth and mix (2.8%) and inflation and pricing impacts (2.0%)
• Adjusted Operating Profit increased by 28.9% and Adjusted Operating Margin increased +110bps to 6.5%, supported by volume momentum and cost management through the Group’s excellence programmes
• Improved cash conversion to 66.5%, driven by improved working capital management
• Improved balance sheet position with Net Debt (excluding leases) to Adjusted EBITDA, as per financing agreements, reduced to 0.4x
• Return on Invested Capital (“ROIC”) increased significantly by +350bps to 15.0%, driven primarily by the increase in net adjusted operating profit after tax
• Proposed FY25 dividend of 2.6 pence per share (FY24: 2.0 pence)

STRATEGIC AND OPERATIONAL HIGHLIGHTS^3,4

• Overall manufactured volume growth of 2.5%, inclusive of new business wins, and underlying volume growth of 1.1%, ahead of the wider grocery market growth of 0.7%
• Outstanding operational service levels of 99%, which the Group continues to deliver as it manages the complexity of daily fresh products
• Innovation continued to be an important contributor to growth, with 534 new products launched in FY25
• Continued delivery of productivity gains with the operational excellence programme driving a productivity improvement of 4% on prior year, alongside a continued investment in next generation automation
• Step up in investment in core business with capital investment increasing to £43.4m, a 34% increase on prior year
• Progress against our Making Business Easier transformation programme, with several initiatives enabling performance and improving process efficiency

OUTLOOK

• Building on deep-customer partnerships, momentum going into FY26, and the investments being made across the company, Greencore, as a stand-alone business, is in a stronger position than ever before.
• Despite an uncertain UK economic environment and continued inflationary pressures in protein and labour, Greencore continues to work hard to mitigate these pressures as it has done in previous periods.
• Trading in early FY26 has started positively and we look forward to another year of profitable growth for Greencore5.
• The Group continues to progress its recommended acquisition of Bakkavor Group In October 2025, the Competition and Markets Authority (CMA) concluded its Phase 1 review into the transaction and identified no competition concerns related to c.99% of the revenues of the combined Group. They identified competition concerns in the supply of own-label chilled sauces. On 7 November 2025 the CMA accepted in principle the sale of Greencore’s Bristol chilled soups and sauces site as a proposed remedy in lieu of a Phase 2 investigation.
• Greencore has signed a binding agreement to sell its Bristol site to Compleat Food Group (Holdings) Limited. The disposal is subject to formal CMA approval and represents a further step towards completion of the acquisition, which the Group continues to expect to close in early 2026.

With the consent of Bakkavor Group plc, the UK Panel on Takeovers and Mergers has confirmed that the foregoing statement in relation to FY26 Adjusted Operating Profit (the “Profit Forecast”) constitutes an ordinary course profit forecast for the purposes of Note 2(b) to Rule 28.1 of the City Code on Takeovers and Mergers (the “Takeover Code”), to which the requirements of Rule 28.1(c)(i) of the Takeover Code apply. The additional disclosures required by the Takeover Code are set out in the Appendix to this announcement.

Dalton Philips, Greencore Chief Executive Officer, said

“Greencore delivered an outstanding performance in FY25, which is a credit to our 13,300 colleagues and our partnership with customers and suppliers. We reported strong growth against all key financial measures and have met our medium-term ROIC target, established only nine months ago.

Momentum has continued into the new financial year and I’m excited for what’s to come in FY26, a year that also marks Greencore’s 100th year in business. As we celebrate that milestone, we will continue to invest into strengthening our customer partnerships and managing our cost base closely.

The Bakkavor acquisition brings two great businesses together and creates real value – for customers, consumers and our colleagues. We’re already collaborating closely with the Bakkavor team on integration planning and we look forward to bringing the businesses together in early 2026.”

1. The Group uses Alternative Performance Measures (‘APMs’) which are non-IFRS measures to monitor the performance of its operations and of the Group as a These APMs along with their definitions are provided in the Appendix to the Full Year Results Statement.
2. The financial year is the 52-week period ended 26 September 2025 with comparatives for the 52-week period ended 27 September
3. Kantar grocery market performance for the 52-week period to 5^th October
4. Productivity is measured by products units produced per labour hours
5. This statement is considered a profit forecast for the purposes of Rule 28 of the UK Takeover

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