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Greggs’ Q425 trading update showed continuing weaker trading against easier comparatives from Q424 than it had faced through the first nine months of 2025. Management has given a very clear message of outperformance versus the market. Despite the weaker-than-expected revenue performance, FY25’s PBT is in line with management expectations, before some new exceptional costs of £4.5m. Management’s new guidance is for a similar underlying level of profit in FY26 as FY25, in the absence of any improvement in the consumer backdrop.
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Greggs (GRG)
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