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Greggs has reported a 17.9% drop in statutory pre-tax profits to £167.4m for 2025, despite total sales increasing by 6.8% to reach a record £2.15bn for the 52 weeks ended 27 December.
The group’s underlying pre-tax profit also saw a 9.4% reduction to £171.9m, reflecting the impact of cost pressures and a peaking capital expenditure programme.
However, like-for-like sales in company-managed shops rose by 2.4%, with evening trade now accounting for 9.4% of revenue.
The company expanded its estate to 2,739 shops in 2025 and has confirmed a target of 120 net new openings for 2026.
Investment in supply chain capacity, including new distribution centres in Derby and Kettering, drove capital expenditure to £287.5m.
The Greggs App accounted for 26.7% of all transactions, up from 20.1% in 2024. Early 2026 trading shows a 1.6% increase in like-for-like sales with total sales increasing 6.3% and strong cost control supporting profit conversion.
Looking ahead, the group stated that full year guidance remains unchanged and that it expects to deliver profits at a similar underlying level to 2025, with any year-on-year improvement contingent on a recovery in the consumer backdrop.
It also expects consumer sentiment to continue to be a headwind in 2026, but Greggs believes that with a “strong
competitive position and a clear opportunity for further growth Greggs can weather these conditions
and continue to outperform the market”.
Roisin Currie, Greggs chief executive, said: “Greggs delivered a performance in 2025 growing market share, alongside continued strategic progress. Looking into 2026, easing inflationary pressures should provide some support to consumer spending and demand for convenient food-on-the-go continues to underpin the market.
“We remain focused on broadening access to Greggs with a pipeline of shop openings and deeper customer engagement via the Greggs App. We have a formula for long-term success, leveraging our value leadership, vertical integration, and track record of innovation.”
