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Significant accounting policies
Greggs plc (the \u2018Company\u2019) is a company incorporated and domiciled in the UK. The Group accounts consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The results of
the associate are not consolidated on the grounds of materiality. The Parent Company accounts present information about the Company as a separate entity and not about its Group.
The accounts were authorised for issue by the Directors on 3 March 2026.
(a) Statement of compliance
The Group and Parent Company accounts have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to
companies reporting under those standards.
(b) Basis of preparation
The accounts are presented in pounds sterling, rounded to the nearest \u00a30.1 million unless otherwise stated, and are prepared on the historical cost basis except for the defined benefit pension liability,
which is recognised as the fair value of the plan assets less the present value of the defined benefit obligation.
The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors\u2019 Report and Strategic Report on pages 1 to 120. The
financial position of the Group, its cash flows and liquidity position are described in the Financial Review on pages 57 to 61. In addition, Note 2 to the accounts includes: the Group\u2019s objectives, policies and
processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to credit risk and liquidity risk.
The accounting policies set out below have been applied consistently throughout the Group and to all years presented in these consolidated accounts except if mentioned otherwise. From 29 December
2024, the following amendments were adopted by the Group:
\u2022 Lease liability in sale and leaseback \u2013 Amendments to IFRS 16.
\u2022 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 17.
The adoption of these standards did not have a material effect on the accounts.
Going concern
The Directors have considered the adoption of the going concern basis of preparation for these accounts in the context of recent trading performance, macroeconomic conditions and the trading outlook
of the Group. At the end of the reporting period the Group had available liquidity totalling \u00a3145.8 million, comprised of cash and cash equivalents of \u00a370.8 million (including a \u00a325.0 million drawdown on the
revolving credit facility (RCF)) plus the undrawn element of the RCF of \u00a375.0 million, which is committed to June 2028 with a further one-year extension option. The RCF includes financial covenants that
the Group must comply with related to maximum leverage and a minimum fixed charge cover. How these covenants are measured and the required ratios are set out in Note 2.
The Directors have reviewed cash flow forecasts prepared for the period up to December 2027 as well as covenant compliance for that period. In reviewing the cash flow forecasts the Directors considered
the current trading performance of the Group and the likely capital expenditure and working capital requirements of its growth plans.
After reviewing these cash flow forecasts and making enquiries, the Directors are confident that the Company and the Group will have sufficient funds to continue to meet their liabilities as they fall due for
at least 12 months from the date of approval of the accounts. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Accounts.
Consideration of climate risk matters
The Group continues to assess the impact of climate risk matters on many aspects of the business, including climate-related scenario analysis as required by the Task Force on Climate-related Financial
Disclosures. Building on this scenario analysis, consideration has been given to the impact of climate-related risk on management judgements and estimates, and compliance with existing accounting
requirements. Any incurred costs and investments associated with our sustainability strategy are reflected in the Group\u2019s accounts. The impact of climate-related risk matters is not expected to be
material to these consolidated accounts, the Group going concern assessments to December 2027, or the viability of the Group over the next three years.
Key estimates and judgements
The preparation of financial information in conformity with UK-adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which
the estimate is revised if the revision affects only that year, or in the year of revision and future years if the revision affects both current and future years.
Impairment (estimation)
Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. For example, shop fittings
and right-of-use assets may be impaired if sales in that shop fall. When a review for impairment is conducted the recoverable amount is estimated based on the higher of the value-in-use calculations or fair
value less costs of disposal. Value-in-use calculations are based on management\u2019s estimates of future cash flows generated by the assets and an appropriate discount rate. Consideration is also given to
whether the impairment assessments made in prior years remain appropriate based on the latest expectations in respect of recoverable amounts. Where it is concluded that the impairment has reduced, a
reversal of the impairment is recorded to the carrying value that would have been recognised if the original impairment had not occurred, net of depreciation that would have been charged.
The Group has traded profitably throughout 2025; however volumes have been under pressure from reduced consumer spending impacting the wider food-to-go market. The volume pressure and
increased fixed costs related to manufacturing, logistics and technology capacity have resulted in profit before tax excluding exceptionals reducing by 9.4% to \u00a3171.9 million. Despite this fall in profits
the Group remains highly cash generative with the net cash inflow from operating activities after lease payments increasing to \u00a3273.7 million (2024: \u00a3261.9 million). As such there is not considered to
be a global indicator of impairment across the Group\u2019s asset base. Where indicators of impairment exist for specific cash-generating units (CGUs), with each individual shop considered a CGU, then an
impairment review has been performed to calculate the recoverable value. The Group as a whole (comprising both company-managed shops and business-to-business) is also considered a group of CGUs
for impairment testing purposes.
For those shops with indications of impairment, the value-in-use has been calculated using the following assumptions:
\u2022 Like-for-like sales for shops with more than two years trade has been assumed to grow at a rate of 2.4% for year one of the period of the impairment review, reducing to 1.5% for years two and three,
before increasing to 3.0% in years four and five as volumes are assumed to recover. No growth has been assumed for year six onwards;
\u2022 Earnings before interest, tax, depreciation, amortisation and rent (EBITDAR) is used as a proxy for net cash flow excluding rental payments;
\u2022 In valuing individual shop CGUs, central overheads have been allocated to the CGUs to the extent that management consider them to be directly attributable or capable of being reasonably allocated
with reference to shop sales, in order to assess recoverability of those shop assets. The group of CGUs as described above is then assessed for impairment considering all overheads of the business,
including those not allocated to individual shop CGUs;
\u2022 The discount rate is based on the Group\u2019s pre-tax cost of capital and at 27 December 2025 was 9.5% (28 December 2024: 10.0%); and
\u2022 Cash flows are forecast up to the probable end date of the lease. Where considered appropriate, based on the estimated useful lives of fixtures and fittings within the CGU, cash flows may be included
for periods beyond the lease probable end date (to a maximum of five years in total).
On the basis of these assumptions, a net impairment charge of \u00a36.9 million has been recognised during the current year (2024: \u00a35.0 million), of which \u00a33.9 million relates to fixtures and fittings and \u00a33.0
million relates to right-of-use asset. The total impairment provision as at 27 December 2025 is \u00a313.9 million (2024: \u00a39.5 million) in respect of 167 shops (2024: 109 shops), of which \u00a37.0 million relates to
fixtures and fittings and \u00a36.9 million relates to right-of-use assets.
Change in Accounting Estimate
During 2025 the value-in-use calculations have been updated to reflect the latest assessment of overhead allocations alongside updating the other inputs detailed above. The revised approach to allocating
overheads (retail, supply chain and corporate overheads) between individual shop CGUs and the group of CGUs better aligns to the Group\u2019s assessment of central overheads, reflective of the ongoing
investment in the central estate, a growing business-to-business segment, overheads incurred in respect of growing the company-managed estate and overheads related to exploring other growth
opportunities. If the previous method of allocating overheads had been applied to the value-in-use calculations for 2025, the impairment charge in 2025 would be higher by \u00a38.9 million; however the
approach taken in 2025 is considered a more appropriate basis for the reasons outlined above. If the 2025 methodology for overhead allocation had been applied to the prior year value-in-use calculations,
whilst leaving all other inputs to the calculations unchanged, the impact on the 2024 impairment charge would have been immaterial.
Given the uncertainties in the impairment model, the sensitivities of these assumptions on the impairment calculation have been tested:
\u2022 A 1% increase in the discount rate would result in an increased impairment of \u00a31.0 million, with an additional three shops impaired. A 1% decrease in the discount rate would result in a reduced
impairment of \u00a31.0 million, with six fewer shops impaired.
\u2022 A 5% increase in the year one like-for-like assumption would result in a reduced impairment of \u00a34.7 million with 35 fewer shops impaired. A 5% decrease in the year one like-for-like assumption would
result in an increased provision of \u00a36.5 million with an additional 37 shops impaired.
Determining the rate used to discount property lease payments (judgement)
At the commencement date of property leases the lease liability is calculated by discounting the lease payments. The discount rate used should be the interest rate implicit in the lease. However, if that
rate cannot be readily determined, which is generally the case for property leases, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the
funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. As the Group had no suitable external borrowings
from which to determine that rate, judgement is required to determine the incremental borrowing rate to be used. Given the volume of lease events and for simplicity, at the start of each month a risk-free
rate is obtained, linked to the length of the lease and an adjustment is then made to reflect credit risk. This rate is applied to new leases and modifications arising in that month. During the year discount
rates in the range 5.2% to 6.3% (2024: 5.1% to 6.1%) were used. Small changes in the discount rate would have an immaterial impact on the accounts. A 0.1% change in the discount rate used for each lease
is estimated to adjust the total liabilities by circa \u00a32.3 million.
Determining the lease term of property leases (judgement)
At the commencement date of property leases, and based on previous experience, the Group normally determines the lease term to be the full term of the lease, assuming that any option to break or
extend the lease is unlikely to be exercised and it is not reasonably certain that the Group will continue in occupation for any period beyond the lease term. Leases are regularly reviewed and will be revalued
if it becomes reasonably certain, as a result of trading performance and/or further investment in the property, that a break clause or option to extend the lease will be exercised.
The leases typically run for a period of 10 or 15 years. In England and Wales, the majority of the Group\u2019s property leases are protected by the Landlord and Tenant Act 1954 (LTA) which affords protection to
the lessee at the end of an existing lease term.
Judgement is required in respect of those property leases where the current lease term has expired but the Group has not yet renewed the lease. Where the Group believes renewal to be reasonably
certain and the lease is protected by the LTA it will be treated as having been renewed at the date of termination of the previous lease term and on the same terms as the previous lease. Where renewal
is not considered to be reasonably certain the leases are included with a lease term which reflects the anticipated notice period under relevant legislation. The lease will be revalued when it is renewed
to take account of the new terms. As at 27 December 2025 the financial effect of applying this judgement, recognising lease liabilities outside of the contractual term, was an increase of \u00a337.5 million
(28 December 2024: \u00a327.0 million).
Post-retirement benefits \u2013 defined benefit obligation (estimation) The determination of the defined benefit obligation of the Group\u2019s defined benefit pension scheme depends on the selection of certain assumptions with significant estimation uncertainty including the discount rate, inflation rate, mortality rates and commutation. Differences arising from actual experience or future changes in assumptions will be reflected in future years. The key assumptions, sensitivities and carrying amounts for 2025 are given in Note 22. (c) Basis of consolidation The consolidated accounts include the results of Greggs plc and its subsidiary undertakings for the 52 weeks ended 27 December 2025. The comparative period is the 52 weeks ended 28 December 2024. (i) Subsidiaries Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The accounts of subsidiaries are included in the consolidated accounts from the date on which control commences until the date on which control ceases. (ii) Transactions eliminated on consolidation Intragroup balances, and any unrealised gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing the consolidated accounts. (d) Exceptional items Exceptional items are defined as items of income and expenditure which are material and/or unusual in nature and which are considered to be of such significance that they require separate disclosure on the face of the income statement. Any future movements on items previously classified as exceptional will also be classified as exceptional . (e) Foreign currency Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are recognised in the income statement. (f) Intangible assets The Group\u2019s only intangible assets relate to computer software and licences. These are initially recognised as the cost of acquisition, including any internal and external implementation and development costs related to the software. Costs associated with internally generated software are recognised as an intangible asset only if they can be separately identified, it is probable that the asset will generate future economic benefits which exceed one year, and the cost can be measured reliably. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in the income statement as incurred. Intangible assets are measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in the income statement on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. The estimated useful lives are five to ten years. Assets in the course of development are recategorised and amortisation commences when the assets are available for use in the manner intended by management.
(g) Leases
(i) Lease recognition
At inception of a contract the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period
of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16.
(ii) Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less accumulated depreciation and impairment losses and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, adjusted for any lease payments made at or before the commencement date, less any
lease incentives received. Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. Right-of-use assets are subject to, and reviewed regularly
for, impairment. Depreciation on right-of-use assets is included in cost of sales, selling and distribution costs or administrative expenses in the consolidated income statement as appropriate.
(iii) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of the lease payments to be made over the lease term. Lease payments include fixed
payments less any lease incentives receivable and variable lease payments that depend on an index or rate. Any variable lease payments that do not depend on an index or rate are recognised as an expense
in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable.
Generally the Group uses its incremental borrowing rate as the discount rate. When there are no external borrowings, judgement is required to determine an approximation, calculated based on UK
Government gilt rates of an appropriate duration and adjusted by an indicative credit premium.
After the commencement date, the lease liability is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if
there is a modification, a change in the lease term or a change in the fixed lease payments. The remeasured lease liability (and corresponding right-of-use asset) is calculated using a revised discount rate,
based upon a revised incremental borrowing rate at the time of the change. Interest charges are included in finance expense in the income statement unless capitalised in accordance with accounting
policy (h).
(iv) Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery and equipment that have a lease term of less than 12 months and leases of low-value
assets. Lease payments relating to short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.
(v) Variable lease payments
Some property leases contain variable payment terms that are linked to sales generated from a shop. For individual shops, up to 100% of lease payments are on the basis of variable payment terms. These
payments are recognised in the income statement in the period in which the condition that triggers them occurs.
(h) Property, plant and equipment
(i) Owned assets
Items of property, plant and equipment are stated at cost or deemed cost less accumulated depreciation (see below) and impairment losses (see accounting policy (m)). The cost of self-constructed assets
includes the cost of materials and direct labour. Lease interest costs incurred on lease liabilities and depreciation of right-of-use assets are recognised as part of the cost of an asset where they are directly
attributable to the acquisition or construction of that asset.
(ii) Subsequent costs
The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the
component will flow to the Group, and its cost can be measured reliably. The carrying value of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and
equipment are recognised in the income statement as incurred.
(iii) Depreciation
Depreciation is provided so as to write off the cost (less residual value) of each item of property, plant and equipment during its expected useful life using the straight-line method over the following periods:
Freehold and long leasehold buildings 20 to 40 years
Short leasehold improvements 10 years or length of lease if shorter
Plant and equipment 3 to 20 years
Fixtures and fittings 3 to 10 years
Freehold land is not depreciated.
Depreciation methods, useful lives and residual values (if not insignificant) are reassessed annually.
(iv) Assets in the course of construction
These assets are recategorised and depreciation commences when the assets are available for use in the manner intended by management.
(v) Investment properties
Certain properties included within land and buildings include floors which are not occupied by the Group and are therefore rented out on short-term residential leases to generate rental income. Investment
properties are accounted for using the cost model and, given the immaterial value of the elements held to generate rental income, they have not been separately presented from property, plant and
equipment within the accounts. The fair value of these residential rental units is not considered to be material and therefore no separate fair value disclosures have been provided.
(i) Investments
Non-current investments comprise investments in subsidiaries and associates which are carried at cost less impairment.
Current investments comprise fixed-term, fixed-rate bank deposits where the term is greater than three months.
(j) Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling
expenses. The cost of inventories includes expenditure incurred in acquiring the inventories and direct production labour costs.
(k) Cash and cash equivalents
Cash and cash equivalents comprises cash at bank, in hand, debit and credit card receivables and call deposits with an original maturity of three months or less. Bank overdrafts that are repayable on
demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.
(l) Borrowings
Borrowings are initially recognised at fair value, net of transaction costs, and subsequently measured at amortised cost using the effective interest method. Where borrowing costs are directly attributable
to a qualifying asset they are capitalised as part of that asset and amortised over the estimated useful life of the asset. All other borrowing costs are expensed as incurred.
(m) Impairment of non-financial assets
The carrying amounts of the Group and Company\u2019s assets, other than inventories and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of
impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. Impairment reviews are carried out on an individual shop basis.
An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in
prior years are assessed at each reporting date and reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that
the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised.
(n) Assets held for sale
Assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets are
remeasured in accordance with the Group and Company\u2019s accounting policies. Thereafter, generally, the assets are measured at the lower of their carrying amount and fair value less cost to sell. Once
classified as held for sale, assets are no longer depreciated or amortised.
(o) Share capital and reserves
(i) Repurchase of share capital
When share capital recognised as equity is repurchased for cancellation, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity in the capital
redemption reserve. Repurchased shares that are held in the employee share ownership plan are classified as treasury shares and are presented as a deduction from total equity.
(ii) Dividends
Dividends are recognised as a liability when the Company has an obligation to pay and the dividend is no longer at the Company\u2019s discretion.
(p) Employee share ownership plan
The Group and Parent Company accounts include the assets and related liabilities of the Greggs Employee Benefit Trust (EBT). In both the Group and Parent Company accounts the treasury shares held by
the EBT are stated at cost and deducted from total equity.
(q) Employee benefits
(i) Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay
this amount as a result of past service provided by the employee and the obligation can be measured reliably.
(ii) Defined contribution pension plans
Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement when they are due.
(iii) Defined benefit pension plans
The Company\u2019s net obligation in respect of defined benefit pension plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and
prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) is deducted. The Company determines the net interest on the net defined benefit
asset/liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit asset/liability.
The discount rate is the yield at the reporting date on bonds that have a credit rating of at least AA, that have maturity dates approximating to the terms of the Company\u2019s obligations and that are
denominated in the currency in which the benefits are expected to be paid.
Remeasurements arising from defined benefit pension plans comprise actuarial gains and losses and the return on plan assets (excluding interest). The Company recognises them immediately in other
comprehensive income and all other expenses related to defined benefit pension plans in employee benefit expenses in the income statement.
When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognised immediately in
profit or loss when the plan amendment or curtailment occurs.
The calculation of the defined benefit obligation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Company, the recognised asset
is limited to the present value of benefits available in the form of any future refunds from the plan (net of tax) or reductions in future contributions and takes into account the adverse effect of any minimum
funding requirements in accordance with IFRIC 14.
(iv) Share-based payment transactions
The share option programme allows Group employees to acquire shares in the Company. The fair value of share options granted is recognised as an employee expense with a corresponding increase in
equity. The fair value is measured at grant date, using an appropriate model, taking into account the terms and conditions upon which the share options were granted, and is spread over the period during
which the employees become unconditionally entitled to the options. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest except where forfeiture is
only due to share prices not achieving the threshold for vesting.
(v) Termination benefits
Termination benefits are expensed at the earlier of the date at which the Group can no longer withdraw the offer of these benefits and the date at which the Group recognises costs for a restructuring. If
benefits are not expected to be settled wholly within 12 months of the reporting date they are discounted.
(r) Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the liability unless the impact of discounting is immaterial.
(i) Restructuring
A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. Future
operating costs are not provided for.
(ii) Onerous contracts Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting the contract obligations exceed the economic benefits expected to be received under the contract. At this point and before a provision is established the Group recognises any impairment loss on the associated assets. (iii) Dilapidations Shops The Group provides for shop property dilapidations, where appropriate, based on the future expected repair costs required to restore the Group\u2019s leased shops to their fair condition at the end of their respective lease terms, where it is considered a reliable estimate can be made and it is probable that the Group will be required to settle the obligation. Based on the Group\u2019s experience it is not considered probable at lease inception that it will be required to make any payment in respect of dilapidations. Therefore a provision is only recognised when circumstances suggest that there will be such a requirement. Other leased properties The Group provides for property dilapidations on other leased properties, where appropriate, based on the future expected repair costs required to restore these properties to their fair condition at the end of their respective lease terms. An estimate of these future expected repair costs is assessed at lease inception and recognised as part of the cost of the asset when a reliable estimate can be made and depreciated over the life of the related asset. Where the amount or timing of the obligation is of such a nature that the impact of discounting is considered material to the provision, then the provision is initially recognised as the present value of expected future cash flows using a pre-tax discount rate reflecting current market assessments of the time value of money. The unwinding of the discount is recognised within finance costs. (s) Revenue (i) Retail sales Revenue from the sale of goods is recognised as income when the customer receives the product, which coincides with the receipt of cash or card payment. Revenue is measured net of discounts, promotions and value added taxation. Revenue from delivery services is included in retail sales and recognised on delivery. (ii) Franchise sales Franchise sales are recognised when goods are delivered to franchisees. Additional franchise royalty fee income, generally calculated as a percentage of gross sales income, is recognised in line with the franchisees\u2019 product sales in accordance with the relevant agreement. Pre-opening capital fit-out costs are recharged to the franchisee and represent a key performance obligation of the overall franchise sales agreement. These recharges are recognised as income on completion of the related fit-out. Sales are invoiced to franchisees on credit terms of less than three months. (iii) Wholesale sales Wholesale sales are recognised when goods are delivered to customers. (iv) Loyalty programme The Group operates a loyalty programme where customers are entitled to a free product after a set number of purchases. A proportion of the consideration received during the period in which the entitlement is earned is deferred so that the revenue is recognised evenly across all of the linked transactions, including the redemption of the reward. An estimate of the likelihood of redemption is included when assessing the amount of revenue to be deferred, based on historic experience of actual redemptions. (v) Gift cards/promotional vouchers Amounts received for gift cards or promotional vouchers are initially deferred. They are recognised as revenue when the Group has fulfilled its obligation to supply products when the card or voucher is redeemed or when it is no longer probable that these amounts will be redeemed. (t) Expenses classification Operating expenses are presented in the income statement in the following categories: Cost of sales Cost of sales includes all costs directly attributable to the production of goods sold by the Group. These costs include: \u2022 Direct materials \u2013 ingredients, packaging and finished products produced or bought in to sell to customers, net of any supplier rebates earned. \u2022 Direct labour \u2013 wages and salaries of colleagues directly involved in production. \u2022 Manufacturing overheads \u2013 indirect costs such as utility costs, maintenance and depreciation of production sites and plant and equipment. Distribution and selling costs Distribution and selling costs include all costs of operating our logistics and retail operations and include: \u2022 Logistics costs \u2013 vehicle costs including depreciation, fuel, warehousing, wages and salaries. \u2022 Shop costs \u2013 wages and salaries, property costs, utilities, cleaning and maintenance, and depreciation of shop fixtures, fittings and equipment. \u2022 Marketing and advertising costs. Administrative expenses Administrative expenses are the costs of central and support functions and include: \u2022 Wages and salaries of central and support teams. \u2022 Insurance. \u2022 IT costs, including software depreciation and amortisation. \u2022 Professional fees. (u) Government grants Government grants are recognised in the balance sheet initially as deferred income when there is a reasonable assurance that they will be received and that the Group will comply with the conditions attaching to them. Grants that compensate the Group for expenses incurred are recognised net of the related expenses in the income statement on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the Group for the cost of an asset are recognised in the income statement over the useful life of the asset. (v) Finance income and expense Interest income or expense is recognised using the effective interest method. (w) Income tax Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable profit for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. The amount of current tax payable is the best estimate of the tax amount expected to be paid that reflects uncertainty related to income taxes, if any. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible.
Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and
the amounts used in the calculation of taxable profit. It is accounted for using the balance sheet liability method. The amount of deferred tax recognised is based on the expected manner of realisation
or settlement of the carrying amounts of assets and liabilities, using tax rates that are expected to apply when the temporary differences reverse, based on rates enacted or substantively enacted at the
balance sheet date. When the recovery of the carrying amount of an asset gives rise to multiple tax consequences which are not subject to the same income tax laws, separate temporary differences are
identified, and the deferred tax on these is accounted for separately, including assessment of the recoverability of any deferred tax assets that arise.
Deferred tax is not recognised on temporary differences arising on the initial recognition of assets or liabilities in transactions that are not business combinations and that, at the time of the transaction,
affect neither accounting profit nor taxable profit, provided those transactions do not give rise to equal taxable and deductible temporary differences. Transactions that do give rise to equal taxable and
deductible temporary differences fall outside this exemption and deferred tax is recognised accordingly.
Deferred tax is also not recognised on temporary differences associated with investments in subsidiaries where the Group controls the timing of the reversal and it is probable the temporary differences
will not reverse in the foreseeable future.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting
date and are reduced to the extent that it is no longer probable that the related deferred tax benefit will be realised.
(x) Trade and other receivables
Trade receivables are recognised initially at the amount of consideration that is unconditional. They are subsequently measured at amortised cost using the effective interest method, less loss allowance.
(y) Trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. The amounts are unsecured and are usually paid within
45 days of recognition.
(z) Research and development
The Company continuously strives to improve its products and processes through technical and other innovation. Such expenditure is typically expensed to the income statement when the related
intellectual property is not capable of being formalised or expected to generate an economic benefit to the Group in the future.
(aa) New standards and amendments not yet adopted
The following new standards and amendments which will be relevant to the Group have not been applied in these accounts:
\u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.
\u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 (effective date 1 January 2026).
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements (effective date 1 January 2027).
The adoption of the new standards and amendments is not expected to have a material effect on the accounts, with the possible exception of IFRS 18, the impact of which is currently being evaluated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-345": { "value": "Significant accounting policies Greggs plc (the \u2018Company\u2019) is a company incorporated and domiciled in the UK. The Group accounts consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The results of the associate are not consolidated on the grounds of materiality. The Parent Company accounts present information about the Company as a separate entity and not about its Group. The accounts were authorised for issue by the Directors on 3 March 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-341": { "value": "Greggs plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-4": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-5": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-342": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-346": { "value": "(a) Statement of compliance The Group and Parent Company accounts have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-347": { "value": "(b) Basis of preparation The accounts are presented in pounds sterling, rounded to the nearest \u00a30.1 million unless otherwise stated, and are prepared on the historical cost basis except for the defined benefit pension liability, which is recognised as the fair value of the plan assets less the present value of the defined benefit obligation. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors\u2019 Report and Strategic Report on pages 1 to 120. The financial position of the Group, its cash flows and liquidity position are described in the Financial Review on pages 57 to 61. In addition, Note 2 to the accounts includes: the Group\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to credit risk and liquidity risk. The accounting policies set out below have been applied consistently throughout the Group and to all years presented in these consolidated accounts except if mentioned otherwise. From 29 December 2024, the following amendments were adopted by the Group: \u2022 Lease liability in sale and leaseback \u2013 Amendments to IFRS 16. \u2022 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 17. The adoption of these standards did not have a material effect on the accounts. Going concern The Directors have considered the adoption of the going concern basis of preparation for these accounts in the context of recent trading performance, macroeconomic conditions and the trading outlook of the Group. At the end of the reporting period the Group had available liquidity totalling \u00a3145.8 million, comprised of cash and cash equivalents of \u00a370.8 million (including a \u00a325.0 million drawdown on the revolving credit facility (RCF)) plus the undrawn element of the RCF of \u00a375.0 million, which is committed to June 2028 with a further one-year extension option. The RCF includes financial covenants that the Group must comply with related to maximum leverage and a minimum fixed charge cover. How these covenants are measured and the required ratios are set out in Note 2. The Directors have reviewed cash flow forecasts prepared for the period up to December 2027 as well as covenant compliance for that period. In reviewing the cash flow forecasts the Directors considered the current trading performance of the Group and the likely capital expenditure and working capital requirements of its growth plans. After reviewing these cash flow forecasts and making enquiries, the Directors are confident that the Company and the Group will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the accounts. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Accounts. Consideration of climate risk matters The Group continues to assess the impact of climate risk matters on many aspects of the business, including climate-related scenario analysis as required by the Task Force on Climate-related Financial Disclosures. Building on this scenario analysis, consideration has been given to the impact of climate-related risk on management judgements and estimates, and compliance with existing accounting requirements. Any incurred costs and investments associated with our sustainability strategy are reflected in the Group\u2019s accounts. The impact of climate-related risk matters is not expected to be material to these consolidated accounts, the Group going concern assessments to December 2027, or the viability of the Group over the next three years. Key estimates and judgements The preparation of financial information in conformity with UK-adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of revision and future years if the revision affects both current and future years. Impairment (estimation) Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. For example, shop fittings and right-of-use assets may be impaired if sales in that shop fall. When a review for impairment is conducted the recoverable amount is estimated based on the higher of the value-in-use calculations or fair value less costs of disposal. Value-in-use calculations are based on management\u2019s estimates of future cash flows generated by the assets and an appropriate discount rate. Consideration is also given to whether the impairment assessments made in prior years remain appropriate based on the latest expectations in respect of recoverable amounts. Where it is concluded that the impairment has reduced, a reversal of the impairment is recorded to the carrying value that would have been recognised if the original impairment had not occurred, net of depreciation that would have been charged. The Group has traded profitably throughout 2025; however volumes have been under pressure from reduced consumer spending impacting the wider food-to-go market. The volume pressure and increased fixed costs related to manufacturing, logistics and technology capacity have resulted in profit before tax excluding exceptionals reducing by 9.4% to \u00a3171.9 million. Despite this fall in profits the Group remains highly cash generative with the net cash inflow from operating activities after lease payments increasing to \u00a3273.7 million (2024: \u00a3261.9 million). As such there is not considered to be a global indicator of impairment across the Group\u2019s asset base. Where indicators of impairment exist for specific cash-generating units (CGUs), with each individual shop considered a CGU, then an impairment review has been performed to calculate the recoverable value. The Group as a whole (comprising both company-managed shops and business-to-business) is also considered a group of CGUs for impairment testing purposes. For those shops with indications of impairment, the value-in-use has been calculated using the following assumptions: \u2022 Like-for-like sales for shops with more than two years trade has been assumed to grow at a rate of 2.4% for year one of the period of the impairment review, reducing to 1.5% for years two and three, before increasing to 3.0% in years four and five as volumes are assumed to recover. No growth has been assumed for year six onwards; \u2022 Earnings before interest, tax, depreciation, amortisation and rent (EBITDAR) is used as a proxy for net cash flow excluding rental payments; \u2022 In valuing individual shop CGUs, central overheads have been allocated to the CGUs to the extent that management consider them to be directly attributable or capable of being reasonably allocated with reference to shop sales, in order to assess recoverability of those shop assets. The group of CGUs as described above is then assessed for impairment considering all overheads of the business, including those not allocated to individual shop CGUs; \u2022 The discount rate is based on the Group\u2019s pre-tax cost of capital and at 27 December 2025 was 9.5% (28 December 2024: 10.0%); and \u2022 Cash flows are forecast up to the probable end date of the lease. Where considered appropriate, based on the estimated useful lives of fixtures and fittings within the CGU, cash flows may be included for periods beyond the lease probable end date (to a maximum of five years in total). On the basis of these assumptions, a net impairment charge of \u00a36.9 million has been recognised during the current year (2024: \u00a35.0 million), of which \u00a33.9 million relates to fixtures and fittings and \u00a33.0 million relates to right-of-use asset. The total impairment provision as at 27 December 2025 is \u00a313.9 million (2024: \u00a39.5 million) in respect of 167 shops (2024: 109 shops), of which \u00a37.0 million relates to fixtures and fittings and \u00a36.9 million relates to right-of-use assets. Change in Accounting Estimate During 2025 the value-in-use calculations have been updated to reflect the latest assessment of overhead allocations alongside updating the other inputs detailed above. The revised approach to allocating overheads (retail, supply chain and corporate overheads) between individual shop CGUs and the group of CGUs better aligns to the Group\u2019s assessment of central overheads, reflective of the ongoing investment in the central estate, a growing business-to-business segment, overheads incurred in respect of growing the company-managed estate and overheads related to exploring other growth opportunities. If the previous method of allocating overheads had been applied to the value-in-use calculations for 2025, the impairment charge in 2025 would be higher by \u00a38.9 million; however the approach taken in 2025 is considered a more appropriate basis for the reasons outlined above. If the 2025 methodology for overhead allocation had been applied to the prior year value-in-use calculations, whilst leaving all other inputs to the calculations unchanged, the impact on the 2024 impairment charge would have been immaterial. Given the uncertainties in the impairment model, the sensitivities of these assumptions on the impairment calculation have been tested: \u2022 A 1% increase in the discount rate would result in an increased impairment of \u00a31.0 million, with an additional three shops impaired. A 1% decrease in the discount rate would result in a reduced impairment of \u00a31.0 million, with six fewer shops impaired. \u2022 A 5% increase in the year one like-for-like assumption would result in a reduced impairment of \u00a34.7 million with 35 fewer shops impaired. A 5% decrease in the year one like-for-like assumption would result in an increased provision of \u00a36.5 million with an additional 37 shops impaired. Determining the rate used to discount property lease payments (judgement) At the commencement date of property leases the lease liability is calculated by discounting the lease payments. The discount rate used should be the interest rate implicit in the lease. However, if that rate cannot be readily determined, which is generally the case for property leases, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. As the Group had no suitable external borrowings from which to determine that rate, judgement is required to determine the incremental borrowing rate to be used. Given the volume of lease events and for simplicity, at the start of each month a risk-free rate is obtained, linked to the length of the lease and an adjustment is then made to reflect credit risk. This rate is applied to new leases and modifications arising in that month. During the year discount rates in the range 5.2% to 6.3% (2024: 5.1% to 6.1%) were used. Small changes in the discount rate would have an immaterial impact on the accounts. A 0.1% change in the discount rate used for each lease is estimated to adjust the total liabilities by circa \u00a32.3 million. Determining the lease term of property leases (judgement) At the commencement date of property leases, and based on previous experience, the Group normally determines the lease term to be the full term of the lease, assuming that any option to break or extend the lease is unlikely to be exercised and it is not reasonably certain that the Group will continue in occupation for any period beyond the lease term. Leases are regularly reviewed and will be revalued if it becomes reasonably certain, as a result of trading performance and/or further investment in the property, that a break clause or option to extend the lease will be exercised. The leases typically run for a period of 10 or 15 years. In England and Wales, the majority of the Group\u2019s property leases are protected by the Landlord and Tenant Act 1954 (LTA) which affords protection to the lessee at the end of an existing lease term. Judgement is required in respect of those property leases where the current lease term has expired but the Group has not yet renewed the lease. Where the Group believes renewal to be reasonably certain and the lease is protected by the LTA it will be treated as having been renewed at the date of termination of the previous lease term and on the same terms as the previous lease. Where renewal is not considered to be reasonably certain the leases are included with a lease term which reflects the anticipated notice period under relevant legislation. The lease will be revalued when it is renewed to take account of the new terms. As at 27 December 2025 the financial effect of applying this judgement, recognising lease liabilities outside of the contractual term, was an increase of \u00a337.5 million (28 December 2024: \u00a327.0 million).
Post-retirement benefits \u2013 defined benefit obligation (estimation)
The determination of the defined benefit obligation of the Group\u2019s defined benefit pension scheme depends on the selection of certain assumptions with significant estimation uncertainty including
the discount rate, inflation rate, mortality rates and commutation. Differences arising from actual experience or future changes in assumptions will be reflected in future years. The key assumptions,
sensitivities and carrying amounts for 2025 are given in Note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-396": { "value": "The accounts are presented in pounds sterling, rounded to the nearest \u00a30.1 million unless otherwise stated, and are prepared on the historical cost basis except for the defined benefit pension liability, which is recognised as the fair value of the plan assets less the present value of the defined benefit obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-397": { "value": "Going concern The Directors have considered the adoption of the going concern basis of preparation for these accounts in the context of recent trading performance, macroeconomic conditions and the trading outlook of the Group. At the end of the reporting period the Group had available liquidity totalling \u00a3145.8 million, comprised of cash and cash equivalents of \u00a370.8 million (including a \u00a325.0 million drawdown on the revolving credit facility (RCF)) plus the undrawn element of the RCF of \u00a375.0 million, which is committed to June 2028 with a further one-year extension option. The RCF includes financial covenants that the Group must comply with related to maximum leverage and a minimum fixed charge cover. How these covenants are measured and the required ratios are set out in Note 2. The Directors have reviewed cash flow forecasts prepared for the period up to December 2027 as well as covenant compliance for that period. In reviewing the cash flow forecasts the Directors considered the current trading performance of the Group and the likely capital expenditure and working capital requirements of its growth plans. After reviewing these cash flow forecasts and making enquiries, the Directors are confident that the Company and the Group will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the accounts. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-398": { "value": "Consideration of climate risk matters The Group continues to assess the impact of climate risk matters on many aspects of the business, including climate-related scenario analysis as required by the Task Force on Climate-related Financial Disclosures. Building on this scenario analysis, consideration has been given to the impact of climate-related risk on management judgements and estimates, and compliance with existing accounting requirements. Any incurred costs and investments associated with our sustainability strategy are reflected in the Group\u2019s accounts. The impact of climate-related risk matters is not expected to be material to these consolidated accounts, the Group going concern assessments to December 2027, or the viability of the Group over the next three years. ", "dimensions": { "concept": "greggsplc:DescriptionOfAccountingPolicyForConsiderationOfClimateRiskMatters", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-441": { "value": "Key estimates and judgements The preparation of financial information in conformity with UK-adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of revision and future years if the revision affects both current and future years. Impairment (estimation) Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. For example, shop fittings and right-of-use assets may be impaired if sales in that shop fall. When a review for impairment is conducted the recoverable amount is estimated based on the higher of the value-in-use calculations or fair value less costs of disposal. Value-in-use calculations are based on management\u2019s estimates of future cash flows generated by the assets and an appropriate discount rate. Consideration is also given to whether the impairment assessments made in prior years remain appropriate based on the latest expectations in respect of recoverable amounts. Where it is concluded that the impairment has reduced, a reversal of the impairment is recorded to the carrying value that would have been recognised if the original impairment had not occurred, net of depreciation that would have been charged. The Group has traded profitably throughout 2025; however volumes have been under pressure from reduced consumer spending impacting the wider food-to-go market. The volume pressure and increased fixed costs related to manufacturing, logistics and technology capacity have resulted in profit before tax excluding exceptionals reducing by 9.4% to \u00a3171.9 million. Despite this fall in profits the Group remains highly cash generative with the net cash inflow from operating activities after lease payments increasing to \u00a3273.7 million (2024: \u00a3261.9 million). As such there is not considered to be a global indicator of impairment across the Group\u2019s asset base. Where indicators of impairment exist for specific cash-generating units (CGUs), with each individual shop considered a CGU, then an impairment review has been performed to calculate the recoverable value. The Group as a whole (comprising both company-managed shops and business-to-business) is also considered a group of CGUs for impairment testing purposes. For those shops with indications of impairment, the value-in-use has been calculated using the following assumptions: \u2022 Like-for-like sales for shops with more than two years trade has been assumed to grow at a rate of 2.4% for year one of the period of the impairment review, reducing to 1.5% for years two and three, before increasing to 3.0% in years four and five as volumes are assumed to recover. No growth has been assumed for year six onwards; \u2022 Earnings before interest, tax, depreciation, amortisation and rent (EBITDAR) is used as a proxy for net cash flow excluding rental payments; \u2022 In valuing individual shop CGUs, central overheads have been allocated to the CGUs to the extent that management consider them to be directly attributable or capable of being reasonably allocated with reference to shop sales, in order to assess recoverability of those shop assets. The group of CGUs as described above is then assessed for impairment considering all overheads of the business, including those not allocated to individual shop CGUs; \u2022 The discount rate is based on the Group\u2019s pre-tax cost of capital and at 27 December 2025 was 9.5% (28 December 2024: 10.0%); and \u2022 Cash flows are forecast up to the probable end date of the lease. Where considered appropriate, based on the estimated useful lives of fixtures and fittings within the CGU, cash flows may be included for periods beyond the lease probable end date (to a maximum of five years in total). On the basis of these assumptions, a net impairment charge of \u00a36.9 million has been recognised during the current year (2024: \u00a35.0 million), of which \u00a33.9 million relates to fixtures and fittings and \u00a33.0 million relates to right-of-use asset. The total impairment provision as at 27 December 2025 is \u00a313.9 million (2024: \u00a39.5 million) in respect of 167 shops (2024: 109 shops), of which \u00a37.0 million relates to fixtures and fittings and \u00a36.9 million relates to right-of-use assets. Change in Accounting Estimate During 2025 the value-in-use calculations have been updated to reflect the latest assessment of overhead allocations alongside updating the other inputs detailed above. The revised approach to allocating overheads (retail, supply chain and corporate overheads) between individual shop CGUs and the group of CGUs better aligns to the Group\u2019s assessment of central overheads, reflective of the ongoing investment in the central estate, a growing business-to-business segment, overheads incurred in respect of growing the company-managed estate and overheads related to exploring other growth opportunities. If the previous method of allocating overheads had been applied to the value-in-use calculations for 2025, the impairment charge in 2025 would be higher by \u00a38.9 million; however the approach taken in 2025 is considered a more appropriate basis for the reasons outlined above. If the 2025 methodology for overhead allocation had been applied to the prior year value-in-use calculations, whilst leaving all other inputs to the calculations unchanged, the impact on the 2024 impairment charge would have been immaterial. Given the uncertainties in the impairment model, the sensitivities of these assumptions on the impairment calculation have been tested: \u2022 A 1% increase in the discount rate would result in an increased impairment of \u00a31.0 million, with an additional three shops impaired. A 1% decrease in the discount rate would result in a reduced impairment of \u00a31.0 million, with six fewer shops impaired. \u2022 A 5% increase in the year one like-for-like assumption would result in a reduced impairment of \u00a34.7 million with 35 fewer shops impaired. A 5% decrease in the year one like-for-like assumption would result in an increased provision of \u00a36.5 million with an additional 37 shops impaired. Determining the rate used to discount property lease payments (judgement) At the commencement date of property leases the lease liability is calculated by discounting the lease payments. The discount rate used should be the interest rate implicit in the lease. However, if that rate cannot be readily determined, which is generally the case for property leases, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. As the Group had no suitable external borrowings from which to determine that rate, judgement is required to determine the incremental borrowing rate to be used. Given the volume of lease events and for simplicity, at the start of each month a risk-free rate is obtained, linked to the length of the lease and an adjustment is then made to reflect credit risk. This rate is applied to new leases and modifications arising in that month. During the year discount rates in the range 5.2% to 6.3% (2024: 5.1% to 6.1%) were used. Small changes in the discount rate would have an immaterial impact on the accounts. A 0.1% change in the discount rate used for each lease is estimated to adjust the total liabilities by circa \u00a32.3 million. Determining the lease term of property leases (judgement) At the commencement date of property leases, and based on previous experience, the Group normally determines the lease term to be the full term of the lease, assuming that any option to break or extend the lease is unlikely to be exercised and it is not reasonably certain that the Group will continue in occupation for any period beyond the lease term. Leases are regularly reviewed and will be revalued if it becomes reasonably certain, as a result of trading performance and/or further investment in the property, that a break clause or option to extend the lease will be exercised. The leases typically run for a period of 10 or 15 years. In England and Wales, the majority of the Group\u2019s property leases are protected by the Landlord and Tenant Act 1954 (LTA) which affords protection to the lessee at the end of an existing lease term. Judgement is required in respect of those property leases where the current lease term has expired but the Group has not yet renewed the lease. Where the Group believes renewal to be reasonably certain and the lease is protected by the LTA it will be treated as having been renewed at the date of termination of the previous lease term and on the same terms as the previous lease. Where renewal is not considered to be reasonably certain the leases are included with a lease term which reflects the anticipated notice period under relevant legislation. The lease will be revalued when it is renewed to take account of the new terms. As at 27 December 2025 the financial effect of applying this judgement, recognising lease liabilities outside of the contractual term, was an increase of \u00a337.5 million (28 December 2024: \u00a327.0 million). Post-retirement benefits \u2013 defined benefit obligation (estimation) The determination of the defined benefit obligation of the Group\u2019s defined benefit pension scheme depends on the selection of certain assumptions with significant estimation uncertainty including the discount rate, inflation rate, mortality rates and commutation. Differences arising from actual experience or future changes in assumptions will be reflected in future years. The key assumptions, sensitivities and carrying amounts for 2025 are given in Note 22. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-399": { "value": "Key estimates and judgements The preparation of financial information in conformity with UK-adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of revision and future years if the revision affects both current and future years. Impairment (estimation) Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. For example, shop fittings and right-of-use assets may be impaired if sales in that shop fall. When a review for impairment is conducted the recoverable amount is estimated based on the higher of the value-in-use calculations or fair value less costs of disposal. Value-in-use calculations are based on management\u2019s estimates of future cash flows generated by the assets and an appropriate discount rate. Consideration is also given to whether the impairment assessments made in prior years remain appropriate based on the latest expectations in respect of recoverable amounts. Where it is concluded that the impairment has reduced, a reversal of the impairment is recorded to the carrying value that would have been recognised if the original impairment had not occurred, net of depreciation that would have been charged. The Group has traded profitably throughout 2025; however volumes have been under pressure from reduced consumer spending impacting the wider food-to-go market. The volume pressure and increased fixed costs related to manufacturing, logistics and technology capacity have resulted in profit before tax excluding exceptionals reducing by 9.4% to \u00a3171.9 million. Despite this fall in profits the Group remains highly cash generative with the net cash inflow from operating activities after lease payments increasing to \u00a3273.7 million (2024: \u00a3261.9 million). As such there is not considered to be a global indicator of impairment across the Group\u2019s asset base. Where indicators of impairment exist for specific cash-generating units (CGUs), with each individual shop considered a CGU, then an impairment review has been performed to calculate the recoverable value. The Group as a whole (comprising both company-managed shops and business-to-business) is also considered a group of CGUs for impairment testing purposes. For those shops with indications of impairment, the value-in-use has been calculated using the following assumptions: \u2022 Like-for-like sales for shops with more than two years trade has been assumed to grow at a rate of 2.4% for year one of the period of the impairment review, reducing to 1.5% for years two and three, before increasing to 3.0% in years four and five as volumes are assumed to recover. No growth has been assumed for year six onwards; \u2022 Earnings before interest, tax, depreciation, amortisation and rent (EBITDAR) is used as a proxy for net cash flow excluding rental payments; \u2022 In valuing individual shop CGUs, central overheads have been allocated to the CGUs to the extent that management consider them to be directly attributable or capable of being reasonably allocated with reference to shop sales, in order to assess recoverability of those shop assets. The group of CGUs as described above is then assessed for impairment considering all overheads of the business, including those not allocated to individual shop CGUs; \u2022 The discount rate is based on the Group\u2019s pre-tax cost of capital and at 27 December 2025 was 9.5% (28 December 2024: 10.0%); and \u2022 Cash flows are forecast up to the probable end date of the lease. Where considered appropriate, based on the estimated useful lives of fixtures and fittings within the CGU, cash flows may be included for periods beyond the lease probable end date (to a maximum of five years in total). On the basis of these assumptions, a net impairment charge of \u00a36.9 million has been recognised during the current year (2024: \u00a35.0 million), of which \u00a33.9 million relates to fixtures and fittings and \u00a33.0 million relates to right-of-use asset. The total impairment provision as at 27 December 2025 is \u00a313.9 million (2024: \u00a39.5 million) in respect of 167 shops (2024: 109 shops), of which \u00a37.0 million relates to fixtures and fittings and \u00a36.9 million relates to right-of-use assets. Change in Accounting Estimate During 2025 the value-in-use calculations have been updated to reflect the latest assessment of overhead allocations alongside updating the other inputs detailed above. The revised approach to allocating overheads (retail, supply chain and corporate overheads) between individual shop CGUs and the group of CGUs better aligns to the Group\u2019s assessment of central overheads, reflective of the ongoing investment in the central estate, a growing business-to-business segment, overheads incurred in respect of growing the company-managed estate and overheads related to exploring other growth opportunities. If the previous method of allocating overheads had been applied to the value-in-use calculations for 2025, the impairment charge in 2025 would be higher by \u00a38.9 million; however the approach taken in 2025 is considered a more appropriate basis for the reasons outlined above. If the 2025 methodology for overhead allocation had been applied to the prior year value-in-use calculations, whilst leaving all other inputs to the calculations unchanged, the impact on the 2024 impairment charge would have been immaterial. Given the uncertainties in the impairment model, the sensitivities of these assumptions on the impairment calculation have been tested: \u2022 A 1% increase in the discount rate would result in an increased impairment of \u00a31.0 million, with an additional three shops impaired. A 1% decrease in the discount rate would result in a reduced impairment of \u00a31.0 million, with six fewer shops impaired. \u2022 A 5% increase in the year one like-for-like assumption would result in a reduced impairment of \u00a34.7 million with 35 fewer shops impaired. A 5% decrease in the year one like-for-like assumption would result in an increased provision of \u00a36.5 million with an additional 37 shops impaired. Determining the rate used to discount property lease payments (judgement) At the commencement date of property leases the lease liability is calculated by discounting the lease payments. The discount rate used should be the interest rate implicit in the lease. However, if that rate cannot be readily determined, which is generally the case for property leases, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. As the Group had no suitable external borrowings from which to determine that rate, judgement is required to determine the incremental borrowing rate to be used. Given the volume of lease events and for simplicity, at the start of each month a risk-free rate is obtained, linked to the length of the lease and an adjustment is then made to reflect credit risk. This rate is applied to new leases and modifications arising in that month. During the year discount rates in the range 5.2% to 6.3% (2024: 5.1% to 6.1%) were used. Small changes in the discount rate would have an immaterial impact on the accounts. A 0.1% change in the discount rate used for each lease is estimated to adjust the total liabilities by circa \u00a32.3 million. Determining the lease term of property leases (judgement) At the commencement date of property leases, and based on previous experience, the Group normally determines the lease term to be the full term of the lease, assuming that any option to break or extend the lease is unlikely to be exercised and it is not reasonably certain that the Group will continue in occupation for any period beyond the lease term. Leases are regularly reviewed and will be revalued if it becomes reasonably certain, as a result of trading performance and/or further investment in the property, that a break clause or option to extend the lease will be exercised. The leases typically run for a period of 10 or 15 years. In England and Wales, the majority of the Group\u2019s property leases are protected by the Landlord and Tenant Act 1954 (LTA) which affords protection to the lessee at the end of an existing lease term. Judgement is required in respect of those property leases where the current lease term has expired but the Group has not yet renewed the lease. Where the Group believes renewal to be reasonably certain and the lease is protected by the LTA it will be treated as having been renewed at the date of termination of the previous lease term and on the same terms as the previous lease. Where renewal is not considered to be reasonably certain the leases are included with a lease term which reflects the anticipated notice period under relevant legislation. The lease will be revalued when it is renewed to take account of the new terms. As at 27 December 2025 the financial effect of applying this judgement, recognising lease liabilities outside of the contractual term, was an increase of \u00a337.5 million (28 December 2024: \u00a327.0 million). Post-retirement benefits \u2013 defined benefit obligation (estimation) The determination of the defined benefit obligation of the Group\u2019s defined benefit pension scheme depends on the selection of certain assumptions with significant estimation uncertainty including the discount rate, inflation rate, mortality rates and commutation. Differences arising from actual experience or future changes in assumptions will be reflected in future years. The key assumptions, sensitivities and carrying amounts for 2025 are given in Note 22. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-348": { "value": "
(c) Basis of consolidation
The consolidated accounts include the results of Greggs plc and its subsidiary undertakings for the 52 weeks ended 27 December 2025. The comparative period is the 52 weeks ended 28 December 2024.
(i) Subsidiaries
Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. The accounts of subsidiaries are included in the consolidated accounts from the date on which control commences until the date on which control ceases.
(ii) Transactions eliminated on consolidation
Intragroup balances, and any unrealised gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing the consolidated accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-400": { "value": "(i) Subsidiaries Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The accounts of subsidiaries are included in the consolidated accounts from the date on which control commences until the date on which control ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-350": { "value": "(d) Exceptional items Exceptional items are defined as items of income and expenditure which are material and/or unusual in nature and which are considered to be of such significance that they require separate disclosure on the face of the income statement. Any future movements on items previously classified as exceptional will also be classified as exceptional ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-349": { "value": "
(e) Foreign currency
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet
date are translated at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange
rate at the date of the transaction. Foreign exchange differences arising on translation are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-351": { "value": "
(f) Intangible assets
The Group\u2019s only intangible assets relate to computer software and licences. These are initially recognised as the cost of acquisition, including any internal and external implementation and development
costs related to the software. Costs associated with internally generated software are recognised as an intangible asset only if they can be separately identified, it is probable that the asset will generate
future economic benefits which exceed one year, and the cost can be measured reliably. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the
specific asset to which it relates. All other expenditure is recognised in the income statement as incurred.
Intangible assets are measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in the income statement on a straight-line basis over the estimated
useful lives of intangible assets from the date that they are available for use. The estimated useful lives are five to ten years.
Assets in the course of development are recategorised and amortisation commences when the assets are available for use in the manner intended by management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-401": { "value": "(f) Intangible assets The Group\u2019s only intangible assets relate to computer software and licences. These are initially recognised as the cost of acquisition, including any internal and external implementation and development costs related to the software. Costs associated with internally generated software are recognised as an intangible asset only if they can be separately identified, it is probable that the asset will generate future economic benefits which exceed one year, and the cost can be measured reliably. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in the income statement as incurred. Intangible assets are measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in the income statement on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. The estimated useful lives are five to ten years. Assets in the course of development are recategorised and amortisation commences when the assets are available for use in the manner intended by management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-352": { "value": "(g) Leases (i) Lease recognition At inception of a contract the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. (ii) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, adjusted for any lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. Right-of-use assets are subject to, and reviewed regularly for, impairment. Depreciation on right-of-use assets is included in cost of sales, selling and distribution costs or administrative expenses in the consolidated income statement as appropriate. (iii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of the lease payments to be made over the lease term. Lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or rate. Any variable lease payments that do not depend on an index or rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. Generally the Group uses its incremental borrowing rate as the discount rate. When there are no external borrowings, judgement is required to determine an approximation, calculated based on UK Government gilt rates of an appropriate duration and adjusted by an indicative credit premium. After the commencement date, the lease liability is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term or a change in the fixed lease payments. The remeasured lease liability (and corresponding right-of-use asset) is calculated using a revised discount rate, based upon a revised incremental borrowing rate at the time of the change. Interest charges are included in finance expense in the income statement unless capitalised in accordance with accounting policy (h). (iv) Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery and equipment that have a lease term of less than 12 months and leases of low-value assets. Lease payments relating to short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. (v) Variable lease payments Some property leases contain variable payment terms that are linked to sales generated from a shop. For individual shops, up to 100% of lease payments are on the basis of variable payment terms. These payments are recognised in the income statement in the period in which the condition that triggers them occurs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-353": { "value": "(h) Property, plant and equipment (i) Owned assets Items of property, plant and equipment are stated at cost or deemed cost less accumulated depreciation (see below) and impairment losses (see accounting policy (m)). The cost of self-constructed assets includes the cost of materials and direct labour. Lease interest costs incurred on lease liabilities and depreciation of right-of-use assets are recognised as part of the cost of an asset where they are directly attributable to the acquisition or construction of that asset. (ii) Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Group, and its cost can be measured reliably. The carrying value of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in the income statement as incurred. (iii) Depreciation Depreciation is provided so as to write off the cost (less residual value) of each item of property, plant and equipment during its expected useful life using the straight-line method over the following periods: Freehold and long leasehold buildings 20 to 40 years Short leasehold improvements 10 years or length of lease if shorter Plant and equipment 3 to 20 years Fixtures and fittings 3 to 10 years Freehold land is not depreciated. Depreciation methods, useful lives and residual values (if not insignificant) are reassessed annually. (iv) Assets in the course of construction These assets are recategorised and depreciation commences when the assets are available for use in the manner intended by management. (v) Investment properties Certain properties included within land and buildings include floors which are not occupied by the Group and are therefore rented out on short-term residential leases to generate rental income. Investment properties are accounted for using the cost model and, given the immaterial value of the elements held to generate rental income, they have not been separately presented from property, plant and equipment within the accounts. The fair value of these residential rental units is not considered to be material and therefore no separate fair value disclosures have been provided. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-402": { "value": "(iii) Depreciation Depreciation is provided so as to write off the cost (less residual value) of each item of property, plant and equipment during its expected useful life using the straight-line method over the following periods: Freehold and long leasehold buildings 20 to 40 years Short leasehold improvements 10 years or length of lease if shorter Plant and equipment 3 to 20 years Fixtures and fittings 3 to 10 years Freehold land is not depreciated. Depreciation methods, useful lives and residual values (if not insignificant) are reassessed annually. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-403": { "value": "(iv) Assets in the course of construction These assets are recategorised and depreciation commences when the assets are available for use in the manner intended by management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-405": { "value": "(v) Investment properties Certain properties included within land and buildings include floors which are not occupied by the Group and are therefore rented out on short-term residential leases to generate rental income. Investment properties are accounted for using the cost model and, given the immaterial value of the elements held to generate rental income, they have not been separately presented from property, plant and equipment within the accounts. The fair value of these residential rental units is not considered to be material and therefore no separate fair value disclosures have been provided. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-442": { "value": "(i) Investments Non-current investments comprise investments in subsidiaries and associates which are carried at cost less impairment. Current investments comprise fixed-term, fixed-rate bank deposits where the term is greater than three months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-404": { "value": "(i) Investments Non-current investments comprise investments in subsidiaries and associates which are carried at cost less impairment. Current investments comprise fixed-term, fixed-rate bank deposits where the term is greater than three months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-354": { "value": "(i) Investments Non-current investments comprise investments in subsidiaries and associates which are carried at cost less impairment. Current investments comprise fixed-term, fixed-rate bank deposits where the term is greater than three months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-355": { "value": "(j) Inventories Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The cost of inventories includes expenditure incurred in acquiring the inventories and direct production labour costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-356": { "value": "(k) Cash and cash equivalents Cash and cash equivalents comprises cash at bank, in hand, debit and credit card receivables and call deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-360": { "value": "(l) Borrowings Borrowings are initially recognised at fair value, net of transaction costs, and subsequently measured at amortised cost using the effective interest method. Where borrowing costs are directly attributable to a qualifying asset they are capitalised as part of that asset and amortised over the estimated useful life of the asset. All other borrowing costs are expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-410": { "value": "(l) Borrowings Borrowings are initially recognised at fair value, net of transaction costs, and subsequently measured at amortised cost using the effective interest method. Where borrowing costs are directly attributable to a qualifying asset they are capitalised as part of that asset and amortised over the estimated useful life of the asset. All other borrowing costs are expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-409": { "value": "(m) Impairment of non-financial assets The carrying amounts of the Group and Company\u2019s assets, other than inventories and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. Impairment reviews are carried out on an individual shop basis. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in prior years are assessed at each reporting date and reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-359": { "value": "(m) Impairment of non-financial assets The carrying amounts of the Group and Company\u2019s assets, other than inventories and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. Impairment reviews are carried out on an individual shop basis. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in prior years are assessed at each reporting date and reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-406": { "value": "(n) Assets held for sale Assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets are remeasured in accordance with the Group and Company\u2019s accounting policies. Thereafter, generally, the assets are measured at the lower of their carrying amount and fair value less cost to sell. Once classified as held for sale, assets are no longer depreciated or amortised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-357": { "value": "(n) Assets held for sale Assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets are remeasured in accordance with the Group and Company\u2019s accounting policies. Thereafter, generally, the assets are measured at the lower of their carrying amount and fair value less cost to sell. Once classified as held for sale, assets are no longer depreciated or amortised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-358": { "value": "(o) Share capital and reserves (i) Repurchase of share capital When share capital recognised as equity is repurchased for cancellation, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity in the capital redemption reserve. Repurchased shares that are held in the employee share ownership plan are classified as treasury shares and are presented as a deduction from total equity. (ii) Dividends Dividends are recognised as a liability when the Company has an obligation to pay and the dividend is no longer at the Company\u2019s discretion. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-407": { "value": "(ii) Dividends Dividends are recognised as a liability when the Company has an obligation to pay and the dividend is no longer at the Company\u2019s discretion. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-361": { "value": "(p) Employee share ownership plan The Group and Parent Company accounts include the assets and related liabilities of the Greggs Employee Benefit Trust (EBT). In both the Group and Parent Company accounts the treasury shares held by the EBT are stated at cost and deducted from total equity. (q) Employee benefits (i) Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be measured reliably. (ii) Defined contribution pension plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement when they are due. (iii) Defined benefit pension plans The Company\u2019s net obligation in respect of defined benefit pension plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) is deducted. The Company determines the net interest on the net defined benefit asset/liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit asset/liability. The discount rate is the yield at the reporting date on bonds that have a credit rating of at least AA, that have maturity dates approximating to the terms of the Company\u2019s obligations and that are denominated in the currency in which the benefits are expected to be paid. Remeasurements arising from defined benefit pension plans comprise actuarial gains and losses and the return on plan assets (excluding interest). The Company recognises them immediately in other comprehensive income and all other expenses related to defined benefit pension plans in employee benefit expenses in the income statement. When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognised immediately in profit or loss when the plan amendment or curtailment occurs. The calculation of the defined benefit obligation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Company, the recognised asset is limited to the present value of benefits available in the form of any future refunds from the plan (net of tax) or reductions in future contributions and takes into account the adverse effect of any minimum funding requirements in accordance with IFRIC 14. (iv) Share-based payment transactions The share option programme allows Group employees to acquire shares in the Company. The fair value of share options granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date, using an appropriate model, taking into account the terms and conditions upon which the share options were granted, and is spread over the period during which the employees become unconditionally entitled to the options. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest except where forfeiture is only due to share prices not achieving the threshold for vesting. (v) Termination benefits Termination benefits are expensed at the earlier of the date at which the Group can no longer withdraw the offer of these benefits and the date at which the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date they are discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-408": { "value": "The Group and Parent Company accounts include the assets and related liabilities of the Greggs Employee Benefit Trust (EBT). In both the Group and Parent Company accounts the treasury shares held by the EBT are stated at cost and deducted from total equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-411": { "value": "(iv) Share-based payment transactions The share option programme allows Group employees to acquire shares in the Company. The fair value of share options granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date, using an appropriate model, taking into account the terms and conditions upon which the share options were granted, and is spread over the period during which the employees become unconditionally entitled to the options. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest except where forfeiture is only due to share prices not achieving the threshold for vesting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-412": { "value": "(v) Termination benefits Termination benefits are expensed at the earlier of the date at which the Group can no longer withdraw the offer of these benefits and the date at which the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date they are discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-362": { "value": "(r) Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability unless the impact of discounting is immaterial. (i) Restructuring A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. Future operating costs are not provided for. (ii) Onerous contracts Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting the contract obligations exceed the economic benefits expected to be received under the contract. At this point and before a provision is established the Group recognises any impairment loss on the associated assets. (iii) Dilapidations Shops The Group provides for shop property dilapidations, where appropriate, based on the future expected repair costs required to restore the Group\u2019s leased shops to their fair condition at the end of their respective lease terms, where it is considered a reliable estimate can be made and it is probable that the Group will be required to settle the obligation. Based on the Group\u2019s experience it is not considered probable at lease inception that it will be required to make any payment in respect of dilapidations. Therefore a provision is only recognised when circumstances suggest that there will be such a requirement. Other leased properties The Group provides for property dilapidations on other leased properties, where appropriate, based on the future expected repair costs required to restore these properties to their fair condition at the end of their respective lease terms. An estimate of these future expected repair costs is assessed at lease inception and recognised as part of the cost of the asset when a reliable estimate can be made and depreciated over the life of the related asset. Where the amount or timing of the obligation is of such a nature that the impact of discounting is considered material to the provision, then the provision is initially recognised as the present value of expected future cash flows using a pre-tax discount rate reflecting current market assessments of the time value of money. The unwinding of the discount is recognised within finance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-413": { "value": "(i) Restructuring A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. Future operating costs are not provided for.
(iii) Dilapidations
Shops
The Group provides for shop property dilapidations, where appropriate, based on the future expected repair costs required to restore the Group\u2019s leased shops to their fair condition at the end of their
respective lease terms, where it is considered a reliable estimate can be made and it is probable that the Group will be required to settle the obligation. Based on the Group\u2019s experience it is not considered
probable at lease inception that it will be required to make any payment in respect of dilapidations. Therefore a provision is only recognised when circumstances suggest that there will be such a requirement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-363": { "value": "(s) Revenue (i) Retail sales Revenue from the sale of goods is recognised as income when the customer receives the product, which coincides with the receipt of cash or card payment. Revenue is measured net of discounts, promotions and value added taxation. Revenue from delivery services is included in retail sales and recognised on delivery. (ii) Franchise sales Franchise sales are recognised when goods are delivered to franchisees. Additional franchise royalty fee income, generally calculated as a percentage of gross sales income, is recognised in line with the franchisees\u2019 product sales in accordance with the relevant agreement. Pre-opening capital fit-out costs are recharged to the franchisee and represent a key performance obligation of the overall franchise sales agreement. These recharges are recognised as income on completion of the related fit-out. Sales are invoiced to franchisees on credit terms of less than three months. (iii) Wholesale sales Wholesale sales are recognised when goods are delivered to customers. (iv) Loyalty programme The Group operates a loyalty programme where customers are entitled to a free product after a set number of purchases. A proportion of the consideration received during the period in which the entitlement is earned is deferred so that the revenue is recognised evenly across all of the linked transactions, including the redemption of the reward. An estimate of the likelihood of redemption is included when assessing the amount of revenue to be deferred, based on historic experience of actual redemptions. (v) Gift cards/promotional vouchers Amounts received for gift cards or promotional vouchers are initially deferred. They are recognised as revenue when the Group has fulfilled its obligation to supply products when the card or voucher is redeemed or when it is no longer probable that these amounts will be redeemed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-364": { "value": "
(t) Expenses classification
Operating expenses are presented in the income statement in the following categories:
Cost of sales
Cost of sales includes all costs directly attributable to the production of goods sold by the Group. These costs include:
\u2022 Direct materials \u2013 ingredients, packaging and finished products produced or bought in to sell to customers, net of any supplier rebates earned.
\u2022 Direct labour \u2013 wages and salaries of colleagues directly involved in production.
\u2022 Manufacturing overheads \u2013 indirect costs such as utility costs, maintenance and depreciation of production sites and plant and equipment.
Distribution and selling costs
Distribution and selling costs include all costs of operating our logistics and retail operations and include:
\u2022 Logistics costs \u2013 vehicle costs including depreciation, fuel, warehousing, wages and salaries.
\u2022 Shop costs \u2013 wages and salaries, property costs, utilities, cleaning and maintenance, and depreciation of shop fixtures, fittings and equipment.
\u2022 Marketing and advertising costs.
Administrative expenses
Administrative expenses are the costs of central and support functions and include:
\u2022 Wages and salaries of central and support teams.
\u2022 Insurance.
\u2022 IT costs, including software depreciation and amortisation.
\u2022 Professional fees.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-365": { "value": "
(u) Government grants
Government grants are recognised in the balance sheet initially as deferred income when there is a reasonable assurance that they will be received and that the Group will comply with the conditions
attaching to them. Grants that compensate the Group for expenses incurred are recognised net of the related expenses in the income statement on a systematic basis in the same periods in which the
expenses are incurred. Grants that compensate the Group for the cost of an asset are recognised in the income statement over the useful life of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-366": { "value": "
(v) Finance income and expense
Interest income or expense is recognised using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-443": { "value": "(v) Finance income and expense Interest income or expense is recognised using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-414": { "value": "(v) Finance income and expense Interest income or expense is recognised using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-367": { "value": "
(w) Income tax
Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised
in equity.
Current tax is the expected tax payable on the taxable profit for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous
years. The amount of current tax payable is the best estimate of the tax amount expected to be paid that reflects uncertainty related to income taxes, if any. Taxable profit differs from profit as reported in
the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible.
Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used in the calculation of taxable profit. It is accounted for using the balance sheet liability method. The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities, using tax rates that are expected to apply when the temporary differences reverse, based on rates enacted or substantively enacted at the balance sheet date. When the recovery of the carrying amount of an asset gives rise to multiple tax consequences which are not subject to the same income tax laws, separate temporary differences are identified, and the deferred tax on these is accounted for separately, including assessment of the recoverability of any deferred tax assets that arise. Deferred tax is not recognised on temporary differences arising on the initial recognition of assets or liabilities in transactions that are not business combinations and that, at the time of the transaction, affect neither accounting profit nor taxable profit, provided those transactions do not give rise to equal taxable and deductible temporary differences. Transactions that do give rise to equal taxable and deductible temporary differences fall outside this exemption and deferred tax is recognised accordingly. Deferred tax is also not recognised on temporary differences associated with investments in subsidiaries where the Group controls the timing of the reversal and it is probable the temporary differences will not reverse in the foreseeable future. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related deferred tax benefit will be realised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-415": { "value": "(w) Income tax Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable profit for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. The amount of current tax payable is the best estimate of the tax amount expected to be paid that reflects uncertainty related to income taxes, if any. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used in the calculation of taxable profit. It is accounted for using the balance sheet liability method. The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities, using tax rates that are expected to apply when the temporary differences reverse, based on rates enacted or substantively enacted at the balance sheet date. When the recovery of the carrying amount of an asset gives rise to multiple tax consequences which are not subject to the same income tax laws, separate temporary differences are identified, and the deferred tax on these is accounted for separately, including assessment of the recoverability of any deferred tax assets that arise. Deferred tax is not recognised on temporary differences arising on the initial recognition of assets or liabilities in transactions that are not business combinations and that, at the time of the transaction, affect neither accounting profit nor taxable profit, provided those transactions do not give rise to equal taxable and deductible temporary differences. Transactions that do give rise to equal taxable and deductible temporary differences fall outside this exemption and deferred tax is recognised accordingly. Deferred tax is also not recognised on temporary differences associated with investments in subsidiaries where the Group controls the timing of the reversal and it is probable the temporary differences will not reverse in the foreseeable future. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related deferred tax benefit will be realised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-368": { "value": "(x) Trade and other receivables Trade receivables are recognised initially at the amount of consideration that is unconditional. They are subsequently measured at amortised cost using the effective interest method, less loss allowance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-369": { "value": "(y) Trade and other payables Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. The amounts are unsecured and are usually paid within 45 days of recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-370": { "value": "(z) Research and development The Company continuously strives to improve its products and processes through technical and other innovation. Such expenditure is typically expensed to the income statement when the related intellectual property is not capable of being formalised or expected to generate an economic benefit to the Group in the future. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-416": { "value": "(aa) New standards and amendments not yet adopted The following new standards and amendments which will be relevant to the Group have not been applied in these accounts: \u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 (effective date 1 January 2026). \u2022 IFRS 18 Presentation and Disclosure in Financial Statements (effective date 1 January 2027). The adoption of the new standards and amendments is not expected to have a material effect on the accounts, with the possible exception of IFRS 18, the impact of which is currently being evaluated.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-371": { "value": "(aa) New standards and amendments not yet adopted The following new standards and amendments which will be relevant to the Group have not been applied in these accounts: \u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 (effective date 1 January 2026). \u2022 IFRS 18 Presentation and Disclosure in Financial Statements (effective date 1 January 2027). The adoption of the new standards and amendments is not expected to have a material effect on the accounts, with the possible exception of IFRS 18, the impact of which is currently being evaluated.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-372": { "value": "
1. Segmental analysis
The Executive Directors are considered to be the \u2018chief operating decision maker\u2019 of the Group in the context of the IFRS 8 definition. In addition to its company-managed retail activities, the Group
generates revenues from its business-to-business channel which includes franchise and wholesale activities. Both channels were categorised as reportable segments for the purposes of IFRS 8.
Company-managed retail activities \u2013 the Group sells a consistent range of fresh bakery goods, sandwiches and drinks in its own shops or via delivery. Sales are made to the general public on a cash basis.
All results arise in the UK.
Business-to-business channel \u2013 the Group sells products to franchise and wholesale partners for sale in their own outlets as well as charging a licence fee to franchise partners. These sales and fees are
invoiced to the partners on a credit basis. All results arise in the UK.
All revenue in 2025 and 2024 was recognised at a point in time.
The Executive Directors regularly review the revenues and trading profit of each segment. They receive information on overheads, assets and liabilities on an aggregated basis consistent with the
Group accounts.
2025 2025 2024 2024
Retail company- Business-to- 2025 Retail company- Business-to- 2024
managed shops business Total managed shops business Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,897.2
254.0
2,151.2
1,781.7
232.7
2,014.4
Cost of sales
(581.6)
(135.0)
(716.6)
(533.0)
(127.0)
(660.0)
Gross profit
1,315.6
119.0
1,434.6
1,248.7
105.7
1,354.4
Supply costs
(203.1)
(50.3)
(253.4)
(191.4)
(48.5)
(239.9)
Retail costs
(861.1)
(2.2)
(863.3)
(780.0)
(1.7)
(781.7)
Trading profit
251.4
66.5
317.9
277.3
55.5
332.8
Overheads including profit share
(146.8)
(150.4)
Add back lease interest
16.4
12.9
Operating profit before exceptional items
187.5
195.3
Finance income
1.8
8.1
Finance expense (excluding exceptional items)
(17.4)
(13.6)
Profit before tax (excluding exceptional items)
171.9
189.8
Exceptional items (see Note 4)
(4.5)
14.1
Profit before tax
167.4
203.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-417": { "value": "1. Segmental analysis The Executive Directors are considered to be the \u2018chief operating decision maker\u2019 of the Group in the context of the IFRS 8 definition. In addition to its company-managed retail activities, the Group generates revenues from its business-to-business channel which includes franchise and wholesale activities. Both channels were categorised as reportable segments for the purposes of IFRS 8. Company-managed retail activities \u2013 the Group sells a consistent range of fresh bakery goods, sandwiches and drinks in its own shops or via delivery. Sales are made to the general public on a cash basis. All results arise in the UK. Business-to-business channel \u2013 the Group sells products to franchise and wholesale partners for sale in their own outlets as well as charging a licence fee to franchise partners. These sales and fees are invoiced to the partners on a credit basis. All results arise in the UK. All revenue in 2025 and 2024 was recognised at a point in time. The Executive Directors regularly review the revenues and trading profit of each segment. They receive information on overheads, assets and liabilities on an aggregated basis consistent with the Group accounts.
2025 2025 2024 2024
Retail company- Business-to- 2025 Retail company- Business-to- 2024
managed shops business Total managed shops business Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,897.2
254.0
2,151.2
1,781.7
232.7
2,014.4
Cost of sales
(581.6)
(135.0)
(716.6)
(533.0)
(127.0)
(660.0)
Gross profit
1,315.6
119.0
1,434.6
1,248.7
105.7
1,354.4
Supply costs
(203.1)
(50.3)
(253.4)
(191.4)
(48.5)
(239.9)
Retail costs
(861.1)
(2.2)
(863.3)
(780.0)
(1.7)
(781.7)
Trading profit
251.4
66.5
317.9
277.3
55.5
332.8
Overheads including profit share
(146.8)
(150.4)
Add back lease interest
16.4
12.9
Operating profit before exceptional items
187.5
195.3
Finance income
1.8
8.1
Finance expense (excluding exceptional items)
(17.4)
(13.6)
Profit before tax (excluding exceptional items)
171.9
189.8
Exceptional items (see Note 4)
(4.5)
14.1
Profit before tax
167.4
203.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-373": { "value": "2. Financial risk management Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Retail sales represent a large proportion of the Group\u2019s sales and present no credit risk as they are made for cash or card payments. The Group does offer credit terms on sales to its wholesale and franchise customers. In such cases the Group operates effective credit control procedures in order to minimise exposure to overdue debts. Counterparty risk is also considered low. All of the Group\u2019s surplus cash is held with highly-rated banks as specifically approved by the Board, in line with Group policy. Other receivables generally relate to sundry balances due from third parties, including in respect of supplier rebates. Credit risk is considered low as amounts are generally recoverable within 30 days. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group usually operates with net current liabilities and is therefore reliant on the continued performance of the retail portfolio to meet its short-term liabilities. Short and medium-term cash forecasting is used to manage liquidity risk. These forecasts are used to ensure the Group has sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions. During 2024 the Group arranged a new \u00a3100 million syndicated revolving credit facility (RCF) with maturity in June 2027 with two one-year extension options, one of which was exercised during 2025 such that the maturity date is now in June 2028. \u00a325 million was owing under this facility at 27 December 2025 (2024: undrawn). The covenants comprise: leverage (calculated as the ratio of total net borrowings to EBITDA) does not exceed 3:1; and fixed charge cover (calculated as the ratio of EBITDAR to net rent and interest payable) cannot be below 1.75:1. All covenants were complied with as at 27 December 2025. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. Other than for the defined benefit pension scheme, market risk is not significant and therefore sensitivity analysis would not be meaningful. Sensitivity analysis for the defined benefit pension scheme is given in Note 22. Currency risk The Group has no regular material transactions in foreign currency although there are occasional purchases, mainly of capital items, denominated in foreign currency. Whilst certain costs such as electricity and wheat can be influenced by movements in the US dollar, actual contracts are priced in sterling. In respect of those key costs which are volatile, such as electricity and flour, the price may be fixed for a period of time in line with Group policy. All such contracts are for the Group\u2019s own expected usage and therefore not considered to be derivative contracts as defined by IFRS 9. Interest rate risk Interest rate risk is the risk that movement in the interbank offered rates increase causing finance costs to increase. The Group\u2019s interest rate risk arises from its RCF. Equity price risk The Group has no significant equity investments other than in its subsidiaries and associate.
Capital management
The Group\u2019s capital management objectives are:
\u2022 To ensure the Group\u2019s ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders; and
\u2022 To provide an adequate return to shareholders by pricing products and delivering services commensurate with the level of risk.
To meet these objectives the Group reviews the budgets, forecasts, profitability and cash flows on a regular basis to ensure there is sufficient capital to meet the needs of the Group.
The capital structure of the Group consists of shareholders\u2019 equity as set out in the consolidated statement of changes in equity. All working capital requirements are financed from existing cash resources
and borrowings.
The Board reserves the option to purchase its own shares in the market dependent on market prices and surplus cash levels. The trustees of the Greggs Employee Benefit Trust also purchase shares for
future satisfaction of employee share options.
Financial instruments
Group and Parent Company
All of the Group\u2019s surplus cash or cash equivalents is invested as cash placed on deposit or fixed-term deposits.
The Group\u2019s treasury policy has as its principal objective the achievement of the maximum rate of return on cash balances whilst maintaining an acceptable level of risk. Other than mentioned below there
are no financial instruments, derivatives or commodity contracts used.
Financial assets and liabilities
A financial asset is measured at amortised cost if it meets both of the following conditions:
\u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and
\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
The Group\u2019s main financial assets comprise cash and cash equivalents and fixed-term deposits. Other financial assets include trade and other receivables arising from the Group\u2019s activities. These financial
assets all meet the conditions to be recognised at amortised cost.
The Group\u2019s financial liabilities comprise trade and other payables, lease liabilities and borrowings arising from the \u00a325.0 million drawdown on the RCF. These financial liabilities are measured at amortised
cost. Other than these items, the Group had no additional financial liabilities as at 27 December 2025 (2024: \u00a3nil).
Fair values
The fair value of the Group\u2019s financial assets and liabilities is not materially different from their carrying values. Financial assets and liabilities comprise principally of trade and other receivables and trade
and other payables and the only interest-bearing balances are the bank deposits and borrowings which attract interest at variable rates.
Interest rate, credit and foreign currency risk
The Group has not entered into any hedging transactions during the current and prior year and considers interest rate, credit and foreign currency risks not to be significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-418": { "value": "
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
Retail sales represent a large proportion of the Group\u2019s sales and present no credit risk as they are made for cash or card payments. The Group does offer credit terms on sales to its wholesale and franchise
customers. In such cases the Group operates effective credit control procedures in order to minimise exposure to overdue debts.
Counterparty risk is also considered low. All of the Group\u2019s surplus cash is held with highly-rated banks as specifically approved by the Board, in line with Group policy. Other receivables generally relate to
sundry balances due from third parties, including in respect of supplier rebates. Credit risk is considered low as amounts are generally recoverable within 30 days.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-419": { "value": "
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group usually operates with net current liabilities and is therefore reliant on the continued performance of the retail portfolio to meet its short-term liabilities. Short and medium-term cash forecasting
is used to manage liquidity risk. These forecasts are used to ensure the Group has sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions.
During 2024 the Group arranged a new \u00a3100 million syndicated revolving credit facility (RCF) with maturity in June 2027 with two one-year extension options, one of which was exercised during 2025 such
that the maturity date is now in June 2028. \u00a325 million was owing under this facility at 27 December 2025 (2024: undrawn). The covenants comprise: leverage (calculated as the ratio of total net borrowings
to EBITDA) does not exceed 3:1; and fixed charge cover (calculated as the ratio of EBITDAR to net rent and interest payable) cannot be below 1.75:1. All covenants were complied with as at 27 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-420": { "value": "
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments.
Other than for the defined benefit pension scheme, market risk is not significant and therefore sensitivity analysis would not be meaningful. Sensitivity analysis for the defined benefit pension scheme is
given in Note 22.
Currency risk
The Group has no regular material transactions in foreign currency although there are occasional purchases, mainly of capital items, denominated in foreign currency. Whilst certain costs such as
electricity and wheat can be influenced by movements in the US dollar, actual contracts are priced in sterling. In respect of those key costs which are volatile, such as electricity and flour, the price may be
fixed for a period of time in line with Group policy. All such contracts are for the Group\u2019s own expected usage and therefore not considered to be derivative contracts as defined by IFRS 9.
Interest rate risk
Interest rate risk is the risk that movement in the interbank offered rates increase causing finance costs to increase. The Group\u2019s interest rate risk arises from its RCF.
Equity price risk
The Group has no significant equity investments other than in its subsidiaries and associate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-421": { "value": "Capital management The Group\u2019s capital management objectives are: \u2022 To ensure the Group\u2019s ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders; and \u2022 To provide an adequate return to shareholders by pricing products and delivering services commensurate with the level of risk. To meet these objectives the Group reviews the budgets, forecasts, profitability and cash flows on a regular basis to ensure there is sufficient capital to meet the needs of the Group. The capital structure of the Group consists of shareholders\u2019 equity as set out in the consolidated statement of changes in equity. All working capital requirements are financed from existing cash resources and borrowings. The Board reserves the option to purchase its own shares in the market dependent on market prices and surplus cash levels. The trustees of the Greggs Employee Benefit Trust also purchase shares for future satisfaction of employee share options. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-422": { "value": "Financial instruments Group and Parent Company All of the Group\u2019s surplus cash or cash equivalents is invested as cash placed on deposit or fixed-term deposits. The Group\u2019s treasury policy has as its principal objective the achievement of the maximum rate of return on cash balances whilst maintaining an acceptable level of risk. Other than mentioned below there are no financial instruments, derivatives or commodity contracts used. Financial assets and liabilities A financial asset is measured at amortised cost if it meets both of the following conditions: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group\u2019s main financial assets comprise cash and cash equivalents and fixed-term deposits. Other financial assets include trade and other receivables arising from the Group\u2019s activities. These financial assets all meet the conditions to be recognised at amortised cost. The Group\u2019s financial liabilities comprise trade and other payables, lease liabilities and borrowings arising from the \u00a325.0 million drawdown on the RCF. These financial liabilities are measured at amortised cost. Other than these items, the Group had no additional financial liabilities as at 27 December 2025 (2024: \u00a3nil). Fair values The fair value of the Group\u2019s financial assets and liabilities is not materially different from their carrying values. Financial assets and liabilities comprise principally of trade and other receivables and trade and other payables and the only interest-bearing balances are the bank deposits and borrowings which attract interest at variable rates. Interest rate, credit and foreign currency risk The Group has not entered into any hedging transactions during the current and prior year and considers interest rate, credit and foreign currency risks not to be significant. 20. Borrowings
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Non-current
Revolving credit facility
25.0
\u2013
Total non-current
25.0
\u2013
Total borrowings
25.0
\u2013
During 2024 the Group arranged a new \u00a3100 million syndicated revolving credit facility (\u2018RCF\u2019) with maturity in June 2027 with two one-year extension options, one of which was exercised during 2025 such
that the maturity date is now in June 2028. The Group has the right to roll this facility over beyond 12 months and has therefore classified it as non-current.
The RCF is a committed facility available for general corporate purposes. Interest on the RCF is charged with a variable margin of between 1% and 2% (depending on the Group leverage) over compounded
daily SONIA. The covenants comprise: leverage (calculated as the ratio of total net borrowings to EBITDA) does not exceed 3:1; and fixed charge cover (calculated as the ratio of EBITDAR to net rent and
interest payable) cannot be below 1.75:1. All covenants were complied with as at 27 December 2025.
Movements in borrowings during the year were as follows:
Group and Parent Company
2025 2024
\u00a3m \u00a3m
At start of year
\u2013
\u2013
RCF drawdown
40.0
\u2013
Interest expense
0.6
\u2013
RCF repayments including interest
(15.6)
\u2013
At end of year
25.0
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-455": { "value": "Financial assets and liabilities A financial asset is measured at amortised cost if it meets both of the following conditions: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group\u2019s main financial assets comprise cash and cash equivalents and fixed-term deposits. Other financial assets include trade and other receivables arising from the Group\u2019s activities. These financial assets all meet the conditions to be recognised at amortised cost. The Group\u2019s financial liabilities comprise trade and other payables, lease liabilities and borrowings arising from the \u00a325.0 million drawdown on the RCF. These financial liabilities are measured at amortised cost. Other than these items, the Group had no additional financial liabilities as at 27 December 2025 (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-444": { "value": "Financial assets and liabilities A financial asset is measured at amortised cost if it meets both of the following conditions: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group\u2019s main financial assets comprise cash and cash equivalents and fixed-term deposits. Other financial assets include trade and other receivables arising from the Group\u2019s activities. These financial assets all meet the conditions to be recognised at amortised cost. The Group\u2019s financial liabilities comprise trade and other payables, lease liabilities and borrowings arising from the \u00a325.0 million drawdown on the RCF. These financial liabilities are measured at amortised cost. Other than these items, the Group had no additional financial liabilities as at 27 December 2025 (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-454": { "value": "Fair values The fair value of the Group\u2019s financial assets and liabilities is not materially different from their carrying values. Financial assets and liabilities comprise principally of trade and other receivables and trade and other payables and the only interest-bearing balances are the bank deposits and borrowings which attract interest at variable rates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-445": { "value": "Fair values The fair value of the Group\u2019s financial assets and liabilities is not materially different from their carrying values. Financial assets and liabilities comprise principally of trade and other receivables and trade and other payables and the only interest-bearing balances are the bank deposits and borrowings which attract interest at variable rates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-375": { "value": "
3. Profit before tax
Profit before tax is stated after charging/(crediting):
2024 2024
2025 Excluding Exceptional items 2024
Total exceptional items (see Note 4) Total
\u00a3m \u00a3m \u00a3m \u00a3m
Amortisation of intangible assets
4.7
4.2
\u2013
4.2
Depreciation of owned property, plant and equipment
90.7
76.6
\u2013
76.6
Depreciation of right-of-use assets
65.2
59.2
\u2013
59.2
Net impairment of owned property, plant and equipment
3.9
2.9
\u2013
2.9
Net impairment of right-of-use assets
3.0
2.1
\u2013
2.1
Loss/(profit) on disposal of property, plant and equipment
1.7
2.0
(13.8)
(11.8)
Release of government grants
(0.5)
(0.5)
\u2013
(0.5)
Auditor\u2019s remuneration for the audit of these accounts amounted to \u00a3355,495 (2024: \u00a3314,405) and for other assurance services \u00a316,500 (2024: \u00a324,450). Amounts paid to the Company\u2019s auditor in respect
of services to the Company, other than the audit of the Company\u2019s accounts, have not been disclosed as the information is required instead to be presented on a consolidated basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-459": { "value": "3. Profit before tax Profit before tax is stated after charging/(crediting):
2024 2024
2025 Excluding Exceptional items 2024
Total exceptional items (see Note 4) Total
\u00a3m \u00a3m \u00a3m \u00a3m
Amortisation of intangible assets
4.7
4.2
\u2013
4.2
Depreciation of owned property, plant and equipment
90.7
76.6
\u2013
76.6
Depreciation of right-of-use assets
65.2
59.2
\u2013
59.2
Net impairment of owned property, plant and equipment
3.9
2.9
\u2013
2.9
Net impairment of right-of-use assets
3.0
2.1
\u2013
2.1
Loss/(profit) on disposal of property, plant and equipment
1.7
2.0
(13.8)
(11.8)
Release of government grants
(0.5)
(0.5)
\u2013
(0.5)
Auditor\u2019s remuneration for the audit of these accounts amounted to \u00a3355,495 (2024: \u00a3314,405) and for other assurance services \u00a316,500 (2024: \u00a324,450). Amounts paid to the Company\u2019s auditor in respect of services to the Company, other than the audit of the Company\u2019s accounts, have not been disclosed as the information is required instead to be presented on a consolidated basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-456": { "value": "3. Profit before tax Profit before tax is stated after charging/(crediting):
2024 2024
2025 Excluding Exceptional items 2024
Total exceptional items (see Note 4) Total
\u00a3m \u00a3m \u00a3m \u00a3m
Amortisation of intangible assets
4.7
4.2
\u2013
4.2
Depreciation of owned property, plant and equipment
90.7
76.6
\u2013
76.6
Depreciation of right-of-use assets
65.2
59.2
\u2013
59.2
Net impairment of owned property, plant and equipment
3.9
2.9
\u2013
2.9
Net impairment of right-of-use assets
3.0
2.1
\u2013
2.1
Loss/(profit) on disposal of property, plant and equipment
1.7
2.0
(13.8)
(11.8)
Release of government grants
(0.5)
(0.5)
\u2013
(0.5)
Auditor\u2019s remuneration for the audit of these accounts amounted to \u00a3355,495 (2024: \u00a3314,405) and for other assurance services \u00a316,500 (2024: \u00a324,450). Amounts paid to the Company\u2019s auditor in respect of services to the Company, other than the audit of the Company\u2019s accounts, have not been disclosed as the information is required instead to be presented on a consolidated basis. 5. Personnel expenses The average number of persons employed by the Group and Parent Company (including Directors) during the year was as follows:
2025 2024
Number Number
Management
853
789
Administration
515
512
Production
3,889
3,747
Shop
28,026
27,210
33,283
32,258
The aggregate costs of these persons were as follows:
2025 2024
Note \u00a3m \u00a3m
Wages and salaries
650.0
599.5
Compulsory social security contributions
64.5
46.9
Pension costs \u2013 defined contribution plans
22
40.8
35.5
Equity-settled transactions (including compulsory social security contributions)
23
1.1
4.9
756.4
686.8
In addition to wages and salaries, the total amount accrued under the Group\u2019s employee profit sharing scheme is contained within the main cost categories as follows:
2025 2024
\u00a3m \u00a3m
Cost of sales
5.3
5.3
Distribution and selling costs
12.4
12.7
Administrative expenses
2.5
2.5
Amount shared with employees
20.2
20.5
Compulsory social security contributions
2.0
2.3
22.2
22.8
For the purposes of IAS 24 Related Party Disclosures, key management personnel comprises the Directors and the members of the Operating Board and their remuneration was as follows:
2025 2024
\u00a3m \u00a3m
Salaries and fees
3.7
3.5
Taxable benefits
0.1
0.1
Annual bonus (including profit share) paid during the year in respect of the prior year
1.3
2.2
Post-retirement benefits
0.2
0.2
Equity-settled transactions
(0.6)
2.2
4.7
8.2
The following amounts are disclosed in accordance with Schedule 5 of the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008.
2025 2024
\u00a3m \u00a3m
Aggregate Directors\u2019 remuneration
2.1
2.8
Aggregate amount of gains on exercise of share options
0.3
1.9
2.4
4.7
During the year the number of Directors in the defined contribution pension scheme was two (2024: two) and in the defined benefit pension scheme was one (2024: one). No contributions were made to the pensions schemes in 2025 (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-446": { "value": "3. Profit before tax Profit before tax is stated after charging/(crediting):
2024 2024
2025 Excluding Exceptional items 2024
Total exceptional items (see Note 4) Total
\u00a3m \u00a3m \u00a3m \u00a3m
Amortisation of intangible assets
4.7
4.2
\u2013
4.2
Depreciation of owned property, plant and equipment
90.7
76.6
\u2013
76.6
Depreciation of right-of-use assets
65.2
59.2
\u2013
59.2
Net impairment of owned property, plant and equipment
3.9
2.9
\u2013
2.9
Net impairment of right-of-use assets
3.0
2.1
\u2013
2.1
Loss/(profit) on disposal of property, plant and equipment
1.7
2.0
(13.8)
(11.8)
Release of government grants
(0.5)
(0.5)
\u2013
(0.5)
Auditor\u2019s remuneration for the audit of these accounts amounted to \u00a3355,495 (2024: \u00a3314,405) and for other assurance services \u00a316,500 (2024: \u00a324,450). Amounts paid to the Company\u2019s auditor in respect of services to the Company, other than the audit of the Company\u2019s accounts, have not been disclosed as the information is required instead to be presented on a consolidated basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-424": { "value": "3. Profit before tax Profit before tax is stated after charging/(crediting):
2024 2024
2025 Excluding Exceptional items 2024
Total exceptional items (see Note 4) Total
\u00a3m \u00a3m \u00a3m \u00a3m
Amortisation of intangible assets
4.7
4.2
\u2013
4.2
Depreciation of owned property, plant and equipment
90.7
76.6
\u2013
76.6
Depreciation of right-of-use assets
65.2
59.2
\u2013
59.2
Net impairment of owned property, plant and equipment
3.9
2.9
\u2013
2.9
Net impairment of right-of-use assets
3.0
2.1
\u2013
2.1
Loss/(profit) on disposal of property, plant and equipment
1.7
2.0
(13.8)
(11.8)
Release of government grants
(0.5)
(0.5)
\u2013
(0.5)
21. Non-current liabilities \u2013 other payables
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Deferred government grants
1.4
1.8
The Group has been awarded five government grants relating to the extension of existing facilities and construction of new facilities. The grants, which have all been recognised as deferred income, are being amortised over the weighted average of the useful lives of the assets they have been used to acquire.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-423": { "value": "Auditor\u2019s remuneration for the audit of these accounts amounted to \u00a3355,495 (2024: \u00a3314,405) and for other assurance services \u00a316,500 (2024: \u00a324,450). Amounts paid to the Company\u2019s auditor in respect of services to the Company, other than the audit of the Company\u2019s accounts, have not been disclosed as the information is required instead to be presented on a consolidated basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-376": { "value": "
4. Exceptional items
2025 2024
\u00a3m \u00a3m
Redundancy/dilapidations provisions no longer required
\u2013
0.3
Profit on disposal of Twickenham bakery site (net of fees)
\u2013
13.8
Prior year VAT underpayment
(4.5)
\u2013
(4.5)
14.1
In 2025 the exceptional item relates to a VAT error which has resulted in an underpayment of VAT for the current and prior years. The amount that relates to prior years is \u00a34.5 million and this includes
\u00a30.7 million in respect of interest on the underpaid amount. There has been no cash settlement of this item to date \u2013 the full amount is included as a provision (see Note 24).
In 2024, the disposal of the Twickenham bakery site resulted in sales proceeds (net of associated fees) of \u00a314.9 million being received during the year whilst the release of provisions no longer required was
a non-cash movement.
", "dimensions": { "concept": "greggsplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-374": { "value": "
5. Personnel expenses
The average number of persons employed by the Group and Parent Company (including Directors) during the year was as follows:
2025 2024
Number Number
Management
853
789
Administration
515
512
Production
3,889
3,747
Shop
28,026
27,210
33,283
32,258
The aggregate costs of these persons were as follows:
2025 2024
Note \u00a3m \u00a3m
Wages and salaries
650.0
599.5
Compulsory social security contributions
64.5
46.9
Pension costs \u2013 defined contribution plans
22
40.8
35.5
Equity-settled transactions (including compulsory social security contributions)
23
1.1
4.9
756.4
686.8
In addition to wages and salaries, the total amount accrued under the Group\u2019s employee profit sharing scheme is contained within the main cost categories as follows:
2025 2024
\u00a3m \u00a3m
Cost of sales
5.3
5.3
Distribution and selling costs
12.4
12.7
Administrative expenses
2.5
2.5
Amount shared with employees
20.2
20.5
Compulsory social security contributions
2.0
2.3
22.2
22.8
For the purposes of IAS 24 Related Party Disclosures, key management personnel comprises the Directors and the members of the Operating Board and their remuneration was as follows:
2025 2024
\u00a3m \u00a3m
Salaries and fees
3.7
3.5
Taxable benefits
0.1
0.1
Annual bonus (including profit share) paid during the year in respect of the prior year
1.3
2.2
Post-retirement benefits
0.2
0.2
Equity-settled transactions
(0.6)
2.2
4.7
8.2
The following amounts are disclosed in accordance with Schedule 5 of the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008.
2025 2024
\u00a3m \u00a3m
Aggregate Directors\u2019 remuneration
2.1
2.8
Aggregate amount of gains on exercise of share options
0.3
1.9
2.4
4.7
During the year the number of Directors in the defined contribution pension scheme was two (2024: two) and in the defined benefit pension scheme was one (2024: one). No contributions were made to
the pensions schemes in 2025 (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-379": { "value": "
6. Finance income and expense
2025 2025
Excluding Exceptional items 2025
exceptional items (see Note 4) Total 2024
Note \u00a3m \u00a3m \u00a3m \u00a3m
Finance income
Interest income on cash balances
1.8
\u2013
1.8
8.1
Total finance income
1.8
\u2013
1.8
8.1
Finance expense
Interest expense on borrowings and other related charges
20
(0.6)
(0.7)
(1.3)
(0.9)
Foreign exchange loss
(0.1)
\u2013
(0.1)
(0.1)
Interest on lease liabilities
11
(16.7)
\u2013
(16.7)
(13.0)
Net interest on defined benefit pension liability
22
\u2013
\u2013
\u2013
0.4
Total finance expense
(17.4)
(0.7)
(18.1)
(13.6)
Net finance expense
(15.6)
(0.7)
(16.3)
(5.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-461": { "value": "6. Finance income and expense
2025 2025
Excluding Exceptional items 2025
exceptional items (see Note 4) Total 2024
Note \u00a3m \u00a3m \u00a3m \u00a3m
Finance income
Interest income on cash balances
1.8
\u2013
1.8
8.1
Total finance income
1.8
\u2013
1.8
8.1
Finance expense
Interest expense on borrowings and other related charges
20
(0.6)
(0.7)
(1.3)
(0.9)
Foreign exchange loss
(0.1)
\u2013
(0.1)
(0.1)
Interest on lease liabilities
11
(16.7)
\u2013
(16.7)
(13.0)
Net interest on defined benefit pension liability
22
\u2013
\u2013
\u2013
0.4
Total finance expense
(17.4)
(0.7)
(18.1)
(13.6)
Net finance expense
(15.6)
(0.7)
(16.3)
(5.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-460": { "value": "6. Finance income and expense
2025 2025
Excluding Exceptional items 2025
exceptional items (see Note 4) Total 2024
Note \u00a3m \u00a3m \u00a3m \u00a3m
Finance income
Interest income on cash balances
1.8
\u2013
1.8
8.1
Total finance income
1.8
\u2013
1.8
8.1
Finance expense
Interest expense on borrowings and other related charges
20
(0.6)
(0.7)
(1.3)
(0.9)
Foreign exchange loss
(0.1)
\u2013
(0.1)
(0.1)
Interest on lease liabilities
11
(16.7)
\u2013
(16.7)
(13.0)
Net interest on defined benefit pension liability
22
\u2013
\u2013
\u2013
0.4
Total finance expense
(17.4)
(0.7)
(18.1)
(13.6)
Net finance expense
(15.6)
(0.7)
(16.3)
(5.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-457": { "value": "6. Finance income and expense
2025 2025
Excluding Exceptional items 2025
exceptional items (see Note 4) Total 2024
Note \u00a3m \u00a3m \u00a3m \u00a3m
Finance income
Interest income on cash balances
1.8
\u2013
1.8
8.1
Total finance income
1.8
\u2013
1.8
8.1
Finance expense
Interest expense on borrowings and other related charges
20
(0.6)
(0.7)
(1.3)
(0.9)
Foreign exchange loss
(0.1)
\u2013
(0.1)
(0.1)
Interest on lease liabilities
11
(16.7)
\u2013
(16.7)
(13.0)
Net interest on defined benefit pension liability
22
\u2013
\u2013
\u2013
0.4
Total finance expense
(17.4)
(0.7)
(18.1)
(13.6)
Net finance expense
(15.6)
(0.7)
(16.3)
(5.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-447": { "value": "6. Finance income and expense
2025 2025
Excluding Exceptional items 2025
exceptional items (see Note 4) Total 2024
Note \u00a3m \u00a3m \u00a3m \u00a3m
Finance income
Interest income on cash balances
1.8
\u2013
1.8
8.1
Total finance income
1.8
\u2013
1.8
8.1
Finance expense
Interest expense on borrowings and other related charges
20
(0.6)
(0.7)
(1.3)
(0.9)
Foreign exchange loss
(0.1)
\u2013
(0.1)
(0.1)
Interest on lease liabilities
11
(16.7)
\u2013
(16.7)
(13.0)
Net interest on defined benefit pension liability
22
\u2013
\u2013
\u2013
0.4
Total finance expense
(17.4)
(0.7)
(18.1)
(13.6)
Net finance expense
(15.6)
(0.7)
(16.3)
(5.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-425": { "value": "6. Finance income and expense
2025 2025
Excluding Exceptional items 2025
exceptional items (see Note 4) Total 2024
Note \u00a3m \u00a3m \u00a3m \u00a3m
Finance income
Interest income on cash balances
1.8
\u2013
1.8
8.1
Total finance income
1.8
\u2013
1.8
8.1
Finance expense
Interest expense on borrowings and other related charges
20
(0.6)
(0.7)
(1.3)
(0.9)
Foreign exchange loss
(0.1)
\u2013
(0.1)
(0.1)
Interest on lease liabilities
11
(16.7)
\u2013
(16.7)
(13.0)
Net interest on defined benefit pension liability
22
\u2013
\u2013
\u2013
0.4
Total finance expense
(17.4)
(0.7)
(18.1)
(13.6)
Net finance expense
(15.6)
(0.7)
(16.3)
(5.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-377": { "value": "
7. Profit attributable to Greggs plc
Of the Group profit for the year, \u00a3122.2 million (2024: \u00a3153.4 million) is dealt with in the accounts of the Parent Company. The Company has taken advantage of the exemption permitted by s408 of the
Companies Act 2006 from presenting its own income statement.
", "dimensions": { "concept": "greggsplc:DisclosureOfProfitAttributableToGreggsPlc", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-378": { "value": "
8. Income tax expense
Recognised in the income statement
2025 2025 2024 2024
Excluding Exceptional items 2025 Excluding Exceptional items 2024
exceptional items (see Note 4) Total exceptional items (see Note 4) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current tax
Current year
27.3
(0.9)
26.4
26.3
\u2013
26.3
Adjustment for prior years
(1.6)
\u2013
(1.6)
7.1
\u2013
7.1
25.7
(0.9)
24.8
33.4
\u2013
33.4
Deferred tax
Origination and reversal of temporary differences
18.9
\u2013
18.9
22.3
1.7
24.0
Adjustment for prior years
1.5
\u2013
1.5
(6.9)
\u2013
(6.9)
20.4
\u2013
20.4
15.4
1.7
17.1
Total income tax expense in income statement
46.1
(0.9)
45.2
48.8
1.7
50.5
Reconciliation of effective tax rate
The tables below explain the differences between the expected tax expense calculated at the UK statutory rate of 25% (2024: 25%) and the actual tax expense for each year for both the total tax expense
and the underlying tax expense, excluding the effect of exceptional items.
2025 2024
2025 Excluding 2025 2024 Excluding 2024
Excluding exceptional items 2025 Total Excluding exceptional items 2024 Total
exceptional items \u00a3m Total \u00a3m exceptional items \u00a3m Total \u00a3m
Profit before tax
171.9
167.4
189.8
203.9
Income tax using the domestic corporation tax rate
25.0%
43.0
25.0%
41.9
25.0%
47.5
25.0%
51.0
Items not taxable for tax purposes
1.2%
2.1
1.4%
2.3
\u2013
\u2013
(0.9%)
(1.8)
Non-tax-deductible depreciation
0.7%
1.1
0.7%
1.1
0.6%
1.1
0.6%
1.1
Adjustment for prior years
(0.1%)
(0.1)
(0.1%)
(0.1)
0.1%
0.2
0.1%
0.2
Total income tax expense in income statement
26.8%
46.1
27.0%
45.2
25.7%
48.8
24.8%
50.5
Tax recognised in other comprehensive income or directly in equity
2025 2025 2025 2024
Current tax Deferred tax Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Debit/(credit):
Relating to equity-settled transactions
\u2013
0.4
0.4
0.2
Relating to defined benefit pension plans \u2013 remeasurement losses
(0.3)
0.3
\u2013
(0.9)
(0.3)
0.7
0.4
(0.7)
The deferred tax movements in both the current and prior years relating to equity-settled transactions are in respect of share-based payments and arise as a result of fluctuations in share price in the year
and the stage of maturity of existing schemes.
The current and deferred tax movements in both the current and prior years relating to defined benefit pension plans are in respect of plan remeasurements accounted for in other comprehensive income
and special contributions made to the scheme.
During 2023 legislation was enacted to implement the Organisation for Economic Co-operation and Development Base Erosion and Profit Shifting Pillar Two income inclusion rule in the UK, which applies
to accounting periods that begin on or after 31 December 2023. Although the Group has turnover in excess of the Pillar Two threshold, all trade is carried out through a single UK-based trading company and
there is no \u2018top-up\u2019 tax requirement arising from this new regime in respect of 2025.
14. Deferred tax assets and liabilities
Group
Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(95.5)
(76.7)
(95.5)
(76.7)
Employee benefits
0.7
3.2
\u2013
\u2013
0.7
3.2
Short-term temporary differences
1.1
0.9
\u2013
\u2013
1.1
0.9
Tax assets/(liabilities)
1.8
4.1
(95.5)
(76.7)
(93.7)
(72.6)
The Group and Parent Company has a deferred tax asset of \u00a38.4 million relating to buildings which previously qualified for industrial buildings allowance that is unrecognised at 27 December 2025, as it is
not considered to be recoverable (28 December 2024: \u00a38.4 million).
The movements in temporary differences during the 52 weeks ended 28 December 2024 were as follows:
Balance at
Balance at
31 December Recognised in Recognised in
28 December
2023 income
equity
2024
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(61.5)
(15.2)
\u2013
(76.7)
Employee benefits
4.8
(0.8)
(0.8)
3.2
Short-term temporary differences
0.7
0.2
\u2013
0.9
Unused tax losses
1.3
(1.3)
\u2013
\u2013
(54.7)
(17.1)
(0.8)
(72.6)
The movements in temporary differences during the 52 weeks ended 27 December 2025 were as follows:
Balance at
Balance at
29 December Recognised in Recognised in
27 December
2024 income
equity
2025
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(76.7)
(18.8)
\u2013
(95.5)
Employee benefits
3.2
(1.8)
(0.7)
0.7
Short-term temporary differences
0.9
0.2
\u2013
1.1
(72.6)
(20.4)
(0.7)
(93.7)
Parent Company
Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(94.9)
(76.1)
(94.9)
(76.1)
Employee benefits
0.7
3.2
\u2013
\u2013
0.7
3.2
Short-term temporary differences
1.1
0.9
\u2013
\u2013
1.1
0.9
Tax assets/(liabilities)
1.8
4.1
(94.9)
(76.1)
(93.1)
(72.0)
The movements in temporary differences during the 52 weeks ended 28 December 2024 were as follows:
Balance at
Balance at
31 December Recognised in Recognised in
28 December
2023 income
equity
2024
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(60.9)
(15.2)
\u2013
(76.1)
Employee benefits
4.8
(0.8)
(0.8)
3.2
Short-term temporary differences
0.7
0.2
\u2013
0.9
Unused tax losses
1.3
(1.3)
\u2013
\u2013
(54.1)
(17.1)
(0.8)
(72.0)
The movements in temporary differences during the 52 weeks ended 27 December 2025 were as follows:
Balance at
Balance at
29 December Recognised in Recognised in
27 December
2024 income
equity
2025
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(76.1)
(18.8)
\u2013
(94.9)
Employee benefits
3.2
(1.8)
(0.7)
0.7
Short-term temporary differences
0.9
0.2
\u2013
1.1
(72.0)
(20.4)
(0.7)
(93.1)
19. Current tax
The current tax liability of \u00a32.1 million in the Group and the Parent Company (2024: Group and Parent Company \u00a39.1 million) represents the estimated amount of income taxes payable in respect of current
and prior years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-380": { "value": "
9. Earnings per share
Basic earnings per share
Basic earnings per share for the 52 weeks ended 27 December 2025 is calculated by dividing profit attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during
the 52 weeks ended 27 December 2025 as calculated below.
Diluted earnings per share
Diluted earnings per share for the 52 weeks ended 27 December 2025 is calculated by dividing profit attributable to ordinary shareholders by the weighted average number of ordinary shares, adjusted for
the effects of all dilutive potential ordinary shares (which comprise share options granted to employees) in issue during the 52 weeks ended 27 December 2025 as calculated below.
Profit attributable to ordinary shareholders
2025 2025 2024 2024
Excluding Exceptional items 2025 Excluding Exceptional items 2024
exceptional items (see Note 4) Total exceptional items (see Note 4) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Profit for the financial year attributable to equity holders of the Parent
125.8
(3.6)
122.2
141.0
12.4
153.4
Basic earnings per share
123.5p
(3.5p)
120.0p
138.5p
12.2p
150.7p
Diluted earnings per share
122.8p
(3.5p)
119.3p
137.5p
12.1p
149.6p
Weighted average number of ordinary shares
2025 2024
Number Number
Issued ordinary shares at start of year
102,255,675
102,255,675
Effect of own shares held
(366,219)
(480,247)
Weighted average number of ordinary shares during the year
101,889,456
101,775,428
Effect of share options in issue
593,439
782,816
Weighted average number of ordinary shares (diluted) during the year
102,482,895
102,558,244
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-381": { "value": "
ACCOUNTS DIRECTORS\u2019 REPORT STRATEGIC REPORT
10. Intangible assets
Group and Parent Company
Assets under
Software development Total
\u00a3m \u00a3m \u00a3m
Cost
Balance at 31 December 2023
42.0
5.3
47.3
Additions
3.8
7.0
10.8
Transfers
0.2
(0.2)
\u2013
Balance at 28 December 2024
46.0
12.1
58.1
Balance at 29 December 2024
46.0
12.1
58.1
Additions
3.4
19.4
22.8
Transfers
6.6
(6.6)
\u2013
Balance at 27 December 2025
56.0
24.9
80.9
Amortisation
Balance at 31 December 2023
29.0
\u2013
29.0
Amortisation charge for the year
4.2
\u2013
4.2
Balance at 28 December 2024
33.2
\u2013
33.2
Balance at 29 December 2024
33.2
\u2013
33.2
Amortisation charge for the year
4.7
\u2013
4.7
Balance at 27 December 2025
37.9
\u2013
37.9
Carrying amounts
At 31 December 2023
13.0
5.3
18.3
At 28 December 2024
12.8
12.1
24.9
At 29 December 2024
12.8
12.1
24.9
At 27 December 2025
18.1
24.9
43.0
All amortisation is charged to administrative expenses in the income statement.
Assets under development relate to software projects arising from the investment in an upgraded Enterprise Resource Planning system.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-426": { "value": "ACCOUNTS DIRECTORS\u2019 REPORT STRATEGIC REPORT 10. Intangible assets Group and Parent Company
Assets under
Software development Total
\u00a3m \u00a3m \u00a3m
Cost
Balance at 31 December 2023
42.0
5.3
47.3
Additions
3.8
7.0
10.8
Transfers
0.2
(0.2)
\u2013
Balance at 28 December 2024
46.0
12.1
58.1
Balance at 29 December 2024
46.0
12.1
58.1
Additions
3.4
19.4
22.8
Transfers
6.6
(6.6)
\u2013
Balance at 27 December 2025
56.0
24.9
80.9
Amortisation
Balance at 31 December 2023
29.0
\u2013
29.0
Amortisation charge for the year
4.2
\u2013
4.2
Balance at 28 December 2024
33.2
\u2013
33.2
Balance at 29 December 2024
33.2
\u2013
33.2
Amortisation charge for the year
4.7
\u2013
4.7
Balance at 27 December 2025
37.9
\u2013
37.9
Carrying amounts
At 31 December 2023
13.0
5.3
18.3
At 28 December 2024
12.8
12.1
24.9
At 29 December 2024
12.8
12.1
24.9
At 27 December 2025
18.1
24.9
43.0
All amortisation is charged to administrative expenses in the income statement. Assets under development relate to software projects arising from the investment in an upgraded Enterprise Resource Planning system.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-448": { "value": "ACCOUNTS DIRECTORS\u2019 REPORT STRATEGIC REPORT 10. Intangible assets Group and Parent Company
Assets under
Software development Total
\u00a3m \u00a3m \u00a3m
Cost
Balance at 31 December 2023
42.0
5.3
47.3
Additions
3.8
7.0
10.8
Transfers
0.2
(0.2)
\u2013
Balance at 28 December 2024
46.0
12.1
58.1
Balance at 29 December 2024
46.0
12.1
58.1
Additions
3.4
19.4
22.8
Transfers
6.6
(6.6)
\u2013
Balance at 27 December 2025
56.0
24.9
80.9
Amortisation
Balance at 31 December 2023
29.0
\u2013
29.0
Amortisation charge for the year
4.2
\u2013
4.2
Balance at 28 December 2024
33.2
\u2013
33.2
Balance at 29 December 2024
33.2
\u2013
33.2
Amortisation charge for the year
4.7
\u2013
4.7
Balance at 27 December 2025
37.9
\u2013
37.9
Carrying amounts
At 31 December 2023
13.0
5.3
18.3
At 28 December 2024
12.8
12.1
24.9
At 29 December 2024
12.8
12.1
24.9
At 27 December 2025
18.1
24.9
43.0
All amortisation is charged to administrative expenses in the income statement. Assets under development relate to software projects arising from the investment in an upgraded Enterprise Resource Planning system.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-382": { "value": "
11. Leases
Amounts recognised in the balance sheets
The balance sheets include the following amounts relating to leases:
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Right-of-use assets
Land and buildings
402.1
377.3
Plant and equipment
10.9
9.9
413.0
387.2
2025 2024
\u00a3m \u00a3m
Lease liabilities
Current
62.5
53.8
Non-current
387.3
361.3
449.8
415.1
The remaining maturities of the lease liabilities, which are gross and undiscounted, are as follows:
2025 2024
\u00a3m \u00a3m
Less than one year
79.1
71.1
One to two years
75.1
69.2
Two to three years
66.9
61.7
Three to four years
59.2
54.2
Four to five years
51.8
46.5
Five to ten years
171.0
149.6
Ten to twenty years
65.0
62.5
More than twenty years
14.2
18.2
Total undiscounted lease liability
582.3
533.0
Additions to right-of-use assets during the 52 weeks ended 27 December 2025 as a result of entering into new leases (either as a result of acquiring new shops/supply sites or completing a lease renewal for
an existing property) were \u00a374.8 million (2024: \u00a3143.8 million).
In addition a net increase of \u00a320.3 million to right-of-use assets has been recognised during the 52 weeks ended 27 December 2025 as a result of lease modifications and assumptions relating to lease term
once a lease has become expired (2024: net increase of \u00a38.4 million). A further \u00a30.7 million has been recognised as an addition to right-of-use assets in 2025 (2024: \u00a3nil) as an estimate of the present value
of the restoration costs at the new Derby facility following works undertaken during the year (see Note 24).
Amounts recognised in the income statement
2025 2024
\u00a3m \u00a3m
Depreciation charge on right-of-use assets
Land and buildings
61.8
56.8
Plant and equipment
3.4
2.4
65.2
59.2
Impairment charge on right-of-use assets \u2013 land and buildings
4.9
4.9
Impairment release on right-of-use assets \u2013 land and buildings
(1.9)
(2.8)
Interest expense (included in finance expense)
16.7
13.0
Expense included for short-term leases (included in cost of sales and administrative expenses)
0.1
0.1
Expense related to lease of low-value assets that are not shown above as short-term leases (included in administrative expenses)
0.3
0.3
Expense related to variable lease payments not included in lease liabilities (included in distribution and selling costs)
11.8
11.4
The net impairment charge is charged to distribution and selling costs in the income statement and arises due to changes in the trading performance of the shops.
The total cash outflow in 2025 for which a lease liability has been recognised in accordance with IFRS 16 was \u00a380.0 million (2024: \u00a370.1 million) and for other lease payments where no lease liability has
been recognised was \u00a312.2 million (2024: \u00a311.8 million). In addition, \u00a31.9 million of lease depreciation (2024: \u00a30.3 million) and \u00a32.9 million of interest on lease liabilities (2024: \u00a30.4 million) was capitalised to
property, plant and equipment.
Variable lease payments relate wholly to lease payments that are linked to sales generated from a shop. As of 27 December 2025, there were 166 shops trading with such agreements (2024: 146 shops). For
an individual shop, up to 100% of lease payments are on the basis of variable payment terms. Variable payments for the 166 shops are estimated to be c.\u00a313.5 million in 2026, but this will vary based on the
trading performance of individual shops.
The components of the movement in the total lease liability were as follows:
2025 2024
\u00a3m \u00a3m
Opening total liability
415.1
319.6
Additions in respect of new leases
74.8
143.8
Lease modifications
20.3
8.4
Interest on lease liabilities recognised in the income statement
16.7
13.0
Interest on lease liabilities capitalised to property, plant and equipment
2.9
0.4
Rental payments (including interest paid on lease liabilities within operating activities)
(80.0)
(70.1)
Closing total liability
449.8
415.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-427": { "value": "11. Leases Amounts recognised in the balance sheets The balance sheets include the following amounts relating to leases: Group and Parent Company
2025 2024
\u00a3m \u00a3m
Right-of-use assets
Land and buildings
402.1
377.3
Plant and equipment
10.9
9.9
413.0
387.2
2025 2024
\u00a3m \u00a3m
Lease liabilities
Current
62.5
53.8
Non-current
387.3
361.3
449.8
415.1
The remaining maturities of the lease liabilities, which are gross and undiscounted, are as follows:
2025 2024
\u00a3m \u00a3m
Less than one year
79.1
71.1
One to two years
75.1
69.2
Two to three years
66.9
61.7
Three to four years
59.2
54.2
Four to five years
51.8
46.5
Five to ten years
171.0
149.6
Ten to twenty years
65.0
62.5
More than twenty years
14.2
18.2
Total undiscounted lease liability
582.3
533.0
Additions to right-of-use assets during the 52 weeks ended 27 December 2025 as a result of entering into new leases (either as a result of acquiring new shops/supply sites or completing a lease renewal for an existing property) were \u00a374.8 million (2024: \u00a3143.8 million). In addition a net increase of \u00a320.3 million to right-of-use assets has been recognised during the 52 weeks ended 27 December 2025 as a result of lease modifications and assumptions relating to lease term once a lease has become expired (2024: net increase of \u00a38.4 million). A further \u00a30.7 million has been recognised as an addition to right-of-use assets in 2025 (2024: \u00a3nil) as an estimate of the present value of the restoration costs at the new Derby facility following works undertaken during the year (see Note 24). Amounts recognised in the income statement
2025 2024
\u00a3m \u00a3m
Depreciation charge on right-of-use assets
Land and buildings
61.8
56.8
Plant and equipment
3.4
2.4
65.2
59.2
Impairment charge on right-of-use assets \u2013 land and buildings
4.9
4.9
Impairment release on right-of-use assets \u2013 land and buildings
(1.9)
(2.8)
Interest expense (included in finance expense)
16.7
13.0
Expense included for short-term leases (included in cost of sales and administrative expenses)
0.1
0.1
Expense related to lease of low-value assets that are not shown above as short-term leases (included in administrative expenses)
0.3
0.3
Expense related to variable lease payments not included in lease liabilities (included in distribution and selling costs)
11.8
11.4
The net impairment charge is charged to distribution and selling costs in the income statement and arises due to changes in the trading performance of the shops. The total cash outflow in 2025 for which a lease liability has been recognised in accordance with IFRS 16 was \u00a380.0 million (2024: \u00a370.1 million) and for other lease payments where no lease liability has been recognised was \u00a312.2 million (2024: \u00a311.8 million). In addition, \u00a31.9 million of lease depreciation (2024: \u00a30.3 million) and \u00a32.9 million of interest on lease liabilities (2024: \u00a30.4 million) was capitalised to property, plant and equipment. Variable lease payments relate wholly to lease payments that are linked to sales generated from a shop. As of 27 December 2025, there were 166 shops trading with such agreements (2024: 146 shops). For an individual shop, up to 100% of lease payments are on the basis of variable payment terms. Variable payments for the 166 shops are estimated to be c.\u00a313.5 million in 2026, but this will vary based on the trading performance of individual shops. The components of the movement in the total lease liability were as follows:
2025 2024
\u00a3m \u00a3m
Opening total liability
415.1
319.6
Additions in respect of new leases
74.8
143.8
Lease modifications
20.3
8.4
Interest on lease liabilities recognised in the income statement
16.7
13.0
Interest on lease liabilities capitalised to property, plant and equipment
2.9
0.4
Rental payments (including interest paid on lease liabilities within operating activities)
(80.0)
(70.1)
Closing total liability
449.8
415.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-383": { "value": "
12. Property, plant and equipment
Group
Plant and Fixtures and Assets under
Land and buildings equipment fittings construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 31 December 2023
192.1
221.8
473.5
66.8
954.2
Additions
11.2
25.7
124.4
76.9
238.2
Disposals
(3.8)
(3.6)
(42.9)
\u2013
(50.3)
Transfers
56.7
4.6
0.2
(61.5)
\u2013
Balance at 28 December 2024
256.2
248.5
555.2
82.2
1,142.1
Balance at 29 December 2024
256.2
248.5
555.2
82.2
1,142.1
Additions
2.6
22.2
118.5
121.4
264.7
Disposals and adjustments
(0.5)
(2.2)
(12.9)
\u2013
(15.6)
Balance at 27 December 2025
258.3
268.5
660.8
203.6
1,391.2
Depreciation
Balance at 31 December 2023
67.3
122.8
253.8
\u2013
443.9
Depreciation charge for the year
8.1
22.0
46.5
\u2013
76.6
Impairment charge for the year
\u2013
\u2013
4.1
\u2013
4.1
Impairment release for the year
\u2013
\u2013
(1.2)
\u2013
(1.2)
Disposals
(2.0)
(3.5)
(40.5)
\u2013
(46.0)
Balance at 28 December 2024
73.4
141.3
262.7
\u2013
477.4
Balance at 29 December 2024
73.4
141.3
262.7
\u2013
477.4
Depreciation charge for the year
9.7
23.5
57.5
\u2013
90.7
Impairment charge for the year
\u2013
\u2013
5.5
\u2013
5.5
Impairment release for the year
\u2013
\u2013
(1.6)
\u2013
(1.6)
Disposals and adjustments
(0.4)
(2.2)
(10.3)
\u2013
(12.9)
Balance at 27 December 2025
82.7
162.6
313.8
\u2013
559.1
Carrying amounts
At 31 December 2023
124.8
99.0
219.7
66.8
510.3
At 28 December 2024
182.8
107.2
292.5
82.2
664.7
At 29 December 2024
182.8
107.2
292.5
82.2
664.7
At 27 December 2025
175.6
105.9
347.0
203.6
832.1
Assets under construction at 27 December 2025 relate to the building of new logistics/manufacturing facilities in Derby and Kettering.
In 2025, disposals and adjustments include the removal of historic balances within both cost and accumulated depreciation for fixtures and fittings following review of the Group and Parent\u2019s fixed asset
register. These adjustments reduce both the cost and accumulated depreciation on disposals by \u00a331.2 million and consequently these adjustments do not impact the net carrying amount of any
asset category.
Assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable and provision is made where necessary. The method and assumptions
used in these calculations, together with the associated sensitivities and reasons for impairment, are set out in the basis of preparation \u2013 key estimates and judgements on page 135 and 136. Any
impairment charge/(reversal) is charged/(credited) to distribution and selling costs in the income statement.
Parent Company
Plant and Fixtures and Assets under
Land and buildings equipment fittings construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 31 December 2023
192.6
222.3
474.0
66.8
955.7
Additions
11.2
25.7
124.4
76.9
238.2
Disposals
(3.8)
(3.6)
(42.9)
\u2013
(50.3)
Transfers
56.7
4.6
0.2
(61.5)
\u2013
Balance at 28 December 2024
256.7
249.0
555.7
82.2
1,143.6
Balance at 29 December 2024
256.7
249.0
555.7
82.2
1,143.6
Additions
2.6
22.2
118.5
121.4
264.7
Disposals and adjustments
(0.5)
(2.2)
(12.9)
\u2013
(15.6)
Balance at 27 December 2025
258.8
269.0
661.3
203.6
1,392.7
Depreciation
Balance at 31 December 2023
67.6
123.0
254.2
\u2013
444.8
Depreciation charge for the year
8.1
22.0
46.5
\u2013
76.6
Impairment charge for the year
\u2013
\u2013
4.1
\u2013
4.1
Impairment release for the year
\u2013
\u2013
(1.2)
\u2013
(1.2)
Disposals
(2.0)
(3.5)
(40.5)
\u2013
(46.0)
Balance at 28 December 2024
73.7
141.5
263.1
\u2013
478.3
Balance at 29 December 2024
73.7
141.5
263.1
\u2013
478.3
Depreciation charge for the year
9.7
23.5
57.5
\u2013
90.7
Impairment charge for the year
\u2013
\u2013
5.5
\u2013
5.5
Impairment release for the year
\u2013
\u2013
(1.6)
\u2013
(1.6)
Disposals and adjustments
(0.4)
(2.2)
(10.3)
\u2013
(12.9)
Balance at 27 December 2025
83.0
162.8
314.2
\u2013
560.0
Carrying amounts
At 31 December 2023
125.0
99.3
219.8
66.8
510.9
At 28 December 2024
183.0
107.5
292.6
82.2
665.3
At 29 December 2024
183.0
107.5
292.6
82.2
665.3
At 27 December 2025
175.8
106.2
347.1
203.6
832.7
Land and buildings
The carrying amount of land and buildings comprises:
Group
Parent Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Freehold land
11.6
11.6
11.6
11.6
Freehold property
162.9
169.7
163.1
169.9
Long leasehold property
0.2
0.3
0.2
0.3
Short leasehold improvements
0.9
1.2
0.9
1.2
175.6
182.8
175.8
183.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-384": { "value": "
13. Investments
Non-current investments
Parent Company
Shares in
subsidiary
undertakings
\u00a3m
Cost
Balance at 31 December 2023, 29 December 2024 and 27 December 2025
5.8
Impairment
Balance at 31 December 2023, 29 December 2024 and 27 December 2025
0.8
Carrying amount
Balance at 31 December 2023, 28 December 2024, 29 December 2024 and 27 December 2025
5.0
The undertakings in which the Company\u2019s interest at the year end is more than 20% are as follows:
Proportion of
Address of voting rights and
Principal activity registered office shares held
Charles Bragg (Bakers) Limited
Non-trading
1
100%
Greggs (Leasing) Limited
Dormant
1
100%
Thurston Parfitt Limited
Non-trading
1
100%
Greggs Properties Limited
Non-trading
1
100%
Olivers (UK) Limited
Dormant
2
100%
Olivers (UK) Development Limited*
Non-trading
2
100%
Birketts Holdings Limited
Dormant
1
100%
J.R. Birkett and Sons Limited*
Non-trading
1
100%
Greggs Trustees Limited
Trustees
1
100%
Solstice Zone A Management Company Limited
Non-trading
3
28%
* Held indirectly.
1 Greggs House, Quorum Business Park, Newcastle upon Tyne NE12 8BU.
2 Clydesmill Bakery, 75 Westburn Drive, Clydesmill Estate, Cambuslang, Glasgow G72 7NA.
3 The Abbey, Preston Road, Yeovil, Somerset BA20 2EN.
Solstice Zone A Management Company Limited was not consolidated on the grounds of materiality in either the current or prior year.
The Company\u2019s subsidiary undertakings listed above were all entitled to exemption, under subsections (1) and (2) of s480 of the Companies Act 2006 relating to dormant companies, from the requirement to
have their accounts audited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-428": { "value": "13. Investments Non-current investments Parent Company
Shares in
subsidiary
undertakings
\u00a3m
Cost
Balance at 31 December 2023, 29 December 2024 and 27 December 2025
5.8
Impairment
Balance at 31 December 2023, 29 December 2024 and 27 December 2025
0.8
Carrying amount
Balance at 31 December 2023, 28 December 2024, 29 December 2024 and 27 December 2025
5.0
The undertakings in which the Company\u2019s interest at the year end is more than 20% are as follows:
Proportion of
Address of voting rights and
Principal activity registered office shares held
Charles Bragg (Bakers) Limited
Non-trading
1
100%
Greggs (Leasing) Limited
Dormant
1
100%
Thurston Parfitt Limited
Non-trading
1
100%
Greggs Properties Limited
Non-trading
1
100%
Olivers (UK) Limited
Dormant
2
100%
Olivers (UK) Development Limited*
Non-trading
2
100%
Birketts Holdings Limited
Dormant
1
100%
J.R. Birkett and Sons Limited*
Non-trading
1
100%
Greggs Trustees Limited
Trustees
1
100%
Solstice Zone A Management Company Limited
Non-trading
3
28%
* Held indirectly. 1 Greggs House, Quorum Business Park, Newcastle upon Tyne NE12 8BU. 2 Clydesmill Bakery, 75 Westburn Drive, Clydesmill Estate, Cambuslang, Glasgow G72 7NA. 3 The Abbey, Preston Road, Yeovil, Somerset BA20 2EN. Solstice Zone A Management Company Limited was not consolidated on the grounds of materiality in either the current or prior year. The Company\u2019s subsidiary undertakings listed above were all entitled to exemption, under subsections (1) and (2) of s480 of the Companies Act 2006 relating to dormant companies, from the requirement to have their accounts audited.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-449": { "value": "14. Deferred tax assets and liabilities Group Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(95.5)
(76.7)
(95.5)
(76.7)
Employee benefits
0.7
3.2
\u2013
\u2013
0.7
3.2
Short-term temporary differences
1.1
0.9
\u2013
\u2013
1.1
0.9
Tax assets/(liabilities)
1.8
4.1
(95.5)
(76.7)
(93.7)
(72.6)
The Group and Parent Company has a deferred tax asset of \u00a38.4 million relating to buildings which previously qualified for industrial buildings allowance that is unrecognised at 27 December 2025, as it is not considered to be recoverable (28 December 2024: \u00a38.4 million). The movements in temporary differences during the 52 weeks ended 28 December 2024 were as follows:
Balance at
Balance at
31 December Recognised in Recognised in
28 December
2023 income
equity
2024
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(61.5)
(15.2)
\u2013
(76.7)
Employee benefits
4.8
(0.8)
(0.8)
3.2
Short-term temporary differences
0.7
0.2
\u2013
0.9
Unused tax losses
1.3
(1.3)
\u2013
\u2013
(54.7)
(17.1)
(0.8)
(72.6)
The movements in temporary differences during the 52 weeks ended 27 December 2025 were as follows:
Balance at
Balance at
29 December Recognised in Recognised in
27 December
2024 income
equity
2025
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(76.7)
(18.8)
\u2013
(95.5)
Employee benefits
3.2
(1.8)
(0.7)
0.7
Short-term temporary differences
0.9
0.2
\u2013
1.1
(72.6)
(20.4)
(0.7)
(93.7)
Parent Company Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(94.9)
(76.1)
(94.9)
(76.1)
Employee benefits
0.7
3.2
\u2013
\u2013
0.7
3.2
Short-term temporary differences
1.1
0.9
\u2013
\u2013
1.1
0.9
Tax assets/(liabilities)
1.8
4.1
(94.9)
(76.1)
(93.1)
(72.0)
The movements in temporary differences during the 52 weeks ended 28 December 2024 were as follows:
Balance at
Balance at
31 December Recognised in Recognised in
28 December
2023 income
equity
2024
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(60.9)
(15.2)
\u2013
(76.1)
Employee benefits
4.8
(0.8)
(0.8)
3.2
Short-term temporary differences
0.7
0.2
\u2013
0.9
Unused tax losses
1.3
(1.3)
\u2013
\u2013
(54.1)
(17.1)
(0.8)
(72.0)
The movements in temporary differences during the 52 weeks ended 27 December 2025 were as follows:
Balance at
Balance at
29 December Recognised in Recognised in
27 December
2024 income
equity
2025
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(76.1)
(18.8)
\u2013
(94.9)
Employee benefits
3.2
(1.8)
(0.7)
0.7
Short-term temporary differences
0.9
0.2
\u2013
1.1
(72.0)
(20.4)
(0.7)
(93.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-429": { "value": "14. Deferred tax assets and liabilities Group Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(95.5)
(76.7)
(95.5)
(76.7)
Employee benefits
0.7
3.2
\u2013
\u2013
0.7
3.2
Short-term temporary differences
1.1
0.9
\u2013
\u2013
1.1
0.9
Tax assets/(liabilities)
1.8
4.1
(95.5)
(76.7)
(93.7)
(72.6)
The Group and Parent Company has a deferred tax asset of \u00a38.4 million relating to buildings which previously qualified for industrial buildings allowance that is unrecognised at 27 December 2025, as it is not considered to be recoverable (28 December 2024: \u00a38.4 million). The movements in temporary differences during the 52 weeks ended 28 December 2024 were as follows:
Balance at
Balance at
31 December Recognised in Recognised in
28 December
2023 income
equity
2024
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(61.5)
(15.2)
\u2013
(76.7)
Employee benefits
4.8
(0.8)
(0.8)
3.2
Short-term temporary differences
0.7
0.2
\u2013
0.9
Unused tax losses
1.3
(1.3)
\u2013
\u2013
(54.7)
(17.1)
(0.8)
(72.6)
The movements in temporary differences during the 52 weeks ended 27 December 2025 were as follows:
Balance at
Balance at
29 December Recognised in Recognised in
27 December
2024 income
equity
2025
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(76.7)
(18.8)
\u2013
(95.5)
Employee benefits
3.2
(1.8)
(0.7)
0.7
Short-term temporary differences
0.9
0.2
\u2013
1.1
(72.6)
(20.4)
(0.7)
(93.7)
Parent Company Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(94.9)
(76.1)
(94.9)
(76.1)
Employee benefits
0.7
3.2
\u2013
\u2013
0.7
3.2
Short-term temporary differences
1.1
0.9
\u2013
\u2013
1.1
0.9
Tax assets/(liabilities)
1.8
4.1
(94.9)
(76.1)
(93.1)
(72.0)
The movements in temporary differences during the 52 weeks ended 28 December 2024 were as follows:
Balance at
Balance at
31 December Recognised in Recognised in
28 December
2023 income
equity
2024
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(60.9)
(15.2)
\u2013
(76.1)
Employee benefits
4.8
(0.8)
(0.8)
3.2
Short-term temporary differences
0.7
0.2
\u2013
0.9
Unused tax losses
1.3
(1.3)
\u2013
\u2013
(54.1)
(17.1)
(0.8)
(72.0)
The movements in temporary differences during the 52 weeks ended 27 December 2025 were as follows:
Balance at
Balance at
29 December Recognised in Recognised in
27 December
2024 income
equity
2025
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(76.1)
(18.8)
\u2013
(94.9)
Employee benefits
3.2
(1.8)
(0.7)
0.7
Short-term temporary differences
0.9
0.2
\u2013
1.1
(72.0)
(20.4)
(0.7)
(93.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-385": { "value": "
15. Inventories
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Raw materials and consumables
37.3
38.6
Work in progress
18.4
16.6
55.7
55.2
Inventory recognised as an expense during the year was \u00a3670.9 million (2024: \u00a3613.2 million). The write-down of inventories that was recognised as an expense in the period was \u00a358.3 million
(2024: \u00a349.3 million). There was no reversal of write-down of inventories in the current or prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-386": { "value": "
16. Trade and other receivables
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Trade receivables
42.3
35.0
Other receivables
10.5
13.8
Prepayments
16.6
13.6
69.4
62.4
At 27 December 2025 and 28 December 2024 the allowance for expected credit losses (ECLs) on financial assets is not material.
The ageing of trade receivables at the balance sheet date was:
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Not past due date
38.7
30.6
Past due 1-30 days
3.2
3.9
Past due 31-90 days
0.2
0.2
Past due over 90 days
0.2
0.3
42.3
35.0
The Group believes that all amounts that are past due by more than 30 days that have an immaterial allowance for ECLs are still collectable in full based on historical payment behaviour and extensive
analysis of customer credit risk. Based on the Group\u2019s monitoring of customer credit risk, the Group believes that no significant allowance for ECLs is necessary in respect of trade receivables not past due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-430": { "value": "16. Trade and other receivables
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Trade receivables
42.3
35.0
Other receivables
10.5
13.8
Prepayments
16.6
13.6
69.4
62.4
At 27 December 2025 and 28 December 2024 the allowance for expected credit losses (ECLs) on financial assets is not material. The ageing of trade receivables at the balance sheet date was:
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Not past due date
38.7
30.6
Past due 1-30 days
3.2
3.9
Past due 31-90 days
0.2
0.2
Past due over 90 days
0.2
0.3
42.3
35.0
The Group believes that all amounts that are past due by more than 30 days that have an immaterial allowance for ECLs are still collectable in full based on historical payment behaviour and extensive analysis of customer credit risk. Based on the Group\u2019s monitoring of customer credit risk, the Group believes that no significant allowance for ECLs is necessary in respect of trade receivables not past due. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-388": { "value": "
17. Cash and cash equivalents
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Cash
70.8
59.0
Call deposits with an original maturity of three months or less
\u2013
66.3
70.8
125.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-387": { "value": "
18. Trade and other payables
Group
Parent Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables \u2013 capital
20.0
22.7
20.0
22.7
Trade payables \u2013 other
123.4
97.8
123.4
97.8
Amounts owed to subsidiary undertakings
\u2013
\u2013
7.7
7.7
Other taxes and social security
12.5
10.3
12.5
10.3
Other payables
55.0
63.0
55.0
63.0
Accruals
40.0
33.5
40.0
33.5
Deferred income
21.4
16.1
21.4
16.1
Deferred government grants
0.5
0.5
0.5
0.5
272.8
243.9
280.5
251.6
The amounts owed to subsidiary undertakings are repayable on demand.
Other payables includes \u00a322.8 million (2024: \u00a325.7 million) for performance-related remuneration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-431": { "value": "18. Trade and other payables
Group
Parent Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables \u2013 capital
20.0
22.7
20.0
22.7
Trade payables \u2013 other
123.4
97.8
123.4
97.8
Amounts owed to subsidiary undertakings
\u2013
\u2013
7.7
7.7
Other taxes and social security
12.5
10.3
12.5
10.3
Other payables
55.0
63.0
55.0
63.0
Accruals
40.0
33.5
40.0
33.5
Deferred income
21.4
16.1
21.4
16.1
Deferred government grants
0.5
0.5
0.5
0.5
272.8
243.9
280.5
251.6
The amounts owed to subsidiary undertakings are repayable on demand. Other payables includes \u00a322.8 million (2024: \u00a325.7 million) for performance-related remuneration.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-389": { "value": "
20. Borrowings
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Non-current
Revolving credit facility
25.0
\u2013
Total non-current
25.0
\u2013
Total borrowings
25.0
\u2013
During 2024 the Group arranged a new \u00a3100 million syndicated revolving credit facility (\u2018RCF\u2019) with maturity in June 2027 with two one-year extension options, one of which was exercised during 2025 such that the maturity date is now in June 2028. The Group has the right to roll this facility over beyond 12 months and has therefore classified it as non-current. The RCF is a committed facility available for general corporate purposes. Interest on the RCF is charged with a variable margin of between 1% and 2% (depending on the Group leverage) over compounded daily SONIA. The covenants comprise: leverage (calculated as the ratio of total net borrowings to EBITDA) does not exceed 3:1; and fixed charge cover (calculated as the ratio of EBITDAR to net rent and interest payable) cannot be below 1.75:1. All covenants were complied with as at 27 December 2025. Movements in borrowings during the year were as follows:
Group and Parent Company
2025 2024
\u00a3m \u00a3m
At start of year
\u2013
\u2013
RCF drawdown
40.0
\u2013
Interest expense
0.6
\u2013
RCF repayments including interest
(15.6)
\u2013
At end of year
25.0
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-390": { "value": "
21. Non-current liabilities \u2013 other payables
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Deferred government grants
1.4
1.8
The Group has been awarded five government grants relating to the extension of existing facilities and construction of new facilities. The grants, which have all been recognised as deferred income, are
being amortised over the weighted average of the useful lives of the assets they have been used to acquire.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-462": { "value": "21. Non-current liabilities \u2013 other payables
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Deferred government grants
1.4
1.8
The Group has been awarded five government grants relating to the extension of existing facilities and construction of new facilities. The grants, which have all been recognised as deferred income, are being amortised over the weighted average of the useful lives of the assets they have been used to acquire.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-391": { "value": "
22. Employee benefits \u2013 Pensions
Scheme background
The Company sponsors a funded final salary defined benefit pension plan (the \u2018scheme\u2019) for qualifying employees. The scheme was closed to future accrual in 2008 and all remaining employees who are still
members of the scheme are now members of the Company\u2019s defined contribution scheme.
The scheme is administered by a trustee company (the \u2018Trustee\u2019) which is legally separate from the Company. The directors of the trustee company are composed of representatives of both the employer
and employees and are required by law to act in the interest of all relevant beneficiaries and are responsible for the investment policy with regard to the assets plus the day-to-day administration of
the benefits.
UK legislation requires that pension schemes are funded prudently. The last funding valuation of the scheme was carried out by a qualified actuary as at 5 April 2023 and showed a deficit. The Company
made a special contribution to the scheme in April 2024 of \u00a34.5 million which facilitated the purchase in May 2024 of a bulk annuity \u2018buy-in\u2019 policy with Aviva covering all scheme members. This policy
provides regular payments to the Trustee to fund future pension payments and significantly reduces the Company\u2019s exposure to the funding risks associated with its defined benefit pension liabilities. In
2024 the Company agreed a new schedule of contributions with the scheme which sets out the circumstances when further contributions to the scheme may be required, rather than a specific amount
to be paid. Any call for further funds may arise from the guaranteed minimum pension equalisation exercise which the scheme is currently undertaking, following the judgment in the Lloyds Banking Group
case. Current indications are that the timing is uncertain and this would not be a material amount.
Profile of the scheme
The defined benefit pension obligation includes benefits for deferred members and current pensioners.
At 27 December 2025, the scheme had no active members (2024: nil), 289 deferred members (2024: 317) and 339 pensioners (2024: 312).
The scheme duration is an indicator of the weighted average time until benefit payments are made. For the scheme as a whole, the duration is approximately 11 years (2024: 12 years).
Investment strategy
The assets of the scheme comprise the bulk annuity buy-in policy with Aviva purchased in 2024 together with a small amount of residual cash as detailed below. The prime objective of the scheme is to
provide pension and lump sum benefits for members on their retirement and/or benefits on death, before or after retirement, for their dependants, on a defined benefits basis. Under the policy, Aviva
makes monthly payments to the Trustee to cover the insured member benefits and the scheme liabilities have been substantially secured.
Risks to the scheme
The purchase during 2024 of the bulk annuity policy substantially secured the scheme\u2019s liabilities. All members covered by the policy continue to be members of the scheme, and the Trustee continues
to have ultimate responsibility for the payment of benefits to these members. The purchase of the policy has introduced some concentration and illiquidity risk (as the policy cannot be readily sold) and
exposes the scheme to a degree of insurance provider risk, i.e. the risk that Aviva fails to meet their obligations to the scheme and its members. The Trustee expects the insurance provider risk to be
addressed through the supervisory regime applicable to insurance companies within the UK.
Defined benefit pension liability
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Defined benefit obligation
(78.0)
(80.5)
Fair value of plan assets
77.7
80.1
Net defined benefit pension liability
(0.3)
(0.4)
No IFRIC 14 adjustment is required in either the current or prior year, as the scheme shows a net deficit before and after consideration of minimum funding requirements.
Liability for defined benefit pension obligations
Changes in the present value of the defined benefit pension obligation are as follows:
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Opening defined benefit pension obligation
80.5
82.8
Interest cost
4.3
3.6
Remeasurement losses/(gains):
\u2013 changes in mortality assumptions
\u2013
1.4
\u2013 changes in financial assumptions
(1.8)
(8.6)
\u2013 experience
0.5
5.7
Benefits paid
(5.5)
(4.4)
Closing defined benefit pension obligation
78.0
80.5
Changes in the fair value of plan assets are as follows:
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Opening fair value of plan assets
80.1
95.4
Net interest on plan assets
4.3
4.3
Remeasurement losses
(1.2)
(19.7)
Company special contribution
\u2013
4.5
Benefits paid
(5.5)
(4.4)
Closing fair value of plan assets
77.7
80.1
The costs charged in the income statement are as follows:
Group
2025 2024
\u00a3m \u00a3m
Interest income on net defined pension liability
\u2013
0.7
Associated movement in IFRIC 14 adjustment
\u2013
(0.3)
Net interest income
\u2013
0.4
The amounts recognised in other comprehensive income are as follows:
Group
2025 2024
\u00a3m \u00a3m
Remeasurement losses on defined benefit pension plans
0.1
(18.2)
Associated movement in IFRIC 14 adjustment
\u2013
6.3
Net remeasurement losses on defined benefit pension plans
0.1
(11.9)
The fair value of the plan assets is as follows:
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Bulk annuity policy \u2013 UK
77.3
79.3
Cash and cash equivalents/other
0.4
0.8
77.7
80.1
Principal actuarial assumptions (expressed as weighted averages):
Group and Parent Company
2025
2024
Discount rate
5.55%
5.50%
Future salary increases
n/a
n/a
Future pension increases
1.80%-2.50%
1.90%-2.80%
Rate of price inflation (RPI)
2.90%
3.15%
Rate of price inflation (CPI)
2.50%
2.75%
In November 2020 the Government announced that RPI is to be aligned with CPIH (CPI with owner occupiers\u2019 costs) from 2030. As a result the RPI assumption has been updated along with the assumed
future gap between RPI and CPI.
Mortality assumption
Mortality in retirement is assumed to be in line with the S3PMA (males) and S3PFA (females) tables, with 95% scaling, together with future mortality improvements in line with the CMI 2024 core model. The
CMI 2024 model incorporates an overlay to reflect the pattern of excess mortality during the Covid-19 pandemic, with a half-life parameter of 1.0, an \u2018A\u2019 parameter of 0.25% and a long-term improvement rate
of 1.25% per annum. Under these assumptions, pensioners aged 65 now are expected to live for a further 22.4 years (2024: 22.0 years) if they are male and 23.7 years (2024: 23.3 years) if they are female.
Members currently aged 45 are expected to live for a further 24.7 years (2024: 24.5 years) from age 65 if they are male and for a further 26.1 years (2024: 25.9 years) from age 65 if they are female.
The sensitivities regarding the principal assumptions used to measure the scheme liabilities as at 27 December 2025 are set out below:
Change in assumption
Impact on scheme liabilities
Discount rate
0.5% increase
Decrease of \u00a34.0m
Inflation
0.5% decrease
Decrease of \u00a32.6m
Mortality rates
1-year increase
Increase of \u00a33.1m
The other demographic assumptions have been set having regard to latest trends in the scheme.
The Group is aware of a UK High Court legal ruling in June 2023 between Virgin Media Limited and NTL Pension Trustees II Limited which decided that certain historic rule amendments were invalid if they
were not accompanied by the actuarial certifications. The ruling was subject to appeal and in July 2024 the Court of Appeal confirmed the 2023 UK High Court legal ruling. The Group is considering, with the
scheme Trustee, the impact of this ruling. An initial review of scheme rule amendments has not shown any immediate concerns and the Group will continue to monitor any developments. As the outcome
of any impact is unknown, no adjustments have been made in these accounts.
Defined contribution plans The Company also operates defined contribution schemes for other eligible employees. The assets of the schemes are held separately from those of the Group. The pension cost represents contributions payable by the Group and amounted to \u00a340.8 million (2024: \u00a335.5 million) in the year. At 27 December 2025 regular monthly employee and employer contributions of \u00a33.9 million were not paid over to the schemes (27 December 2024: \u00a33.4 million). These amounts were paid to the schemes in January. 23. Share-based payments \u2013 Group and Parent Company The Group has established a Savings-Related Share Option Scheme, an Executive Share Option Scheme and a Performance Share Plan. The terms and conditions of the grants for these schemes are as follows, whereby all options are settled by physical delivery of shares:
Number of shares
Date of grant
Employees entitled
Exercise price
granted
Vesting conditions
Contractual life
Executive Share Option Scheme 18
March 2015
Senior employees
\u00a310.22
298,045
Three years\u2019 service and EPS growth of 1%-7% over RPI on average over those
10 years
three years
Executive Share Option Scheme 19
April 2016
Senior employees
\u00a310.88
235,857
Three years\u2019 service and EPS growth of 2%-8% over RPI on average over
10 years
those three years
Executive Share Option Scheme 20
April 2017
Senior employees
\u00a310.33
246,219
Three years\u2019 service and EPS growth of 5%-11% on average over those three
10 years
years
Performance Share Plan 10
April 2019
Senior executives
\u00a3nil
128,534
Three years\u2019 service, EPS average annual growth of 5%-11% over those three
10 years
years and average annual ROCE of 24%-28% over those three years
Executive Share Option Scheme 22
April 2019
Senior employees
\u00a318.30
140,913
Three years\u2019 service, EPS average annual growth of 5%-11% over those three
10 years
years and average annual ROCE of 24%-28% over those three years
Executive Share Option Scheme 23
November 2020 Senior employees
\u00a317.20
121,202
Three years\u2019 service, EPS performance in FY2022, ROCE performance in
10 years
FY2022 and two strategic objectives
Savings-Related Share Option Scheme 22
April 2021
All employees
\u00a316.72
291,979
Three years\u2019 service
3.5 years
Performance Share Plan 12
April 2021
Senior executives
\u00a3nil
120,022
Three years\u2019 service, EPS performance in FY2023, ROCE performance in
10 years
FY2023
Performance Share Plan 12 (retained)
April 2021
Senior executives
\u00a3nil
29,512
Three years\u2019 service
10 years
Executive Share Option Scheme 24
April 2021
Senior employees
\u00a322.63
120,994
Three years\u2019 service, EPS performance in FY2023, ROCE performance in
10 years
FY2023
Savings-Related Share Option Scheme 23
April 2022
All employees
\u00a319.68
265,209
Three years\u2019 service
3.5 years
Performance Share Plan 13
March 2022
Senior executives
\u00a3nil
91,305
Three years\u2019 service, EPS average annual growth of 3%-8% over those three
10 years
years and average annual ROCE of 19.6%-22.6% over those three years
Performance Share Plan 13a
May 2022
Senior executives
\u00a3nil
36,014
Three years\u2019 service, EPS average annual growth of 3%-8% over those three
10 years
years and average annual ROCE of 19.6%-22.6% over those three years
Number of shares
Date of grant
Employees entitled
Exercise price
granted
Vesting conditions
Contractual life
Executive Share Option Scheme 25
March 2022
Senior employees
\u00a324.31
118,357
Three years\u2019 service, EPS average annual growth of 3%-8% over those three
10 years
years and average annual ROCE of 19.6%-22.6% over those three years
Savings-Related Share Option Scheme 24
May 2023
All employees
\u00a321.06
268,478
Three years\u2019 service
3.5 years
Performance Share Plan 14
May 2023
Senior executives
\u00a3nil
109,583
Three years\u2019 service, EPS average annual growth of 4%-9% over those three
10 years
years, average annual ROCE of 18.7%-21.2% over those three years and a CO
2
emissions reduction target
Executive Share Option Scheme 26
May 2023
Senior employees
\u00a327.92
130,075
Three years\u2019 service, EPS average annual growth of 4%-9% over those three
10 years
years, average annual ROCE of 18.7%-21.2% over those three years and a CO
2
emissions reduction target
Performance Share Plan 15
March 2024
Senior executives
\u00a3nil
114,763
Three years\u2019 service, EPS average annual growth of 5%-10% over those three
10 years
years, average annual ROCE of 18.4%-20.8% over those three years and a
Scope 3 CO emissions target
2
Executive Share Option Scheme 27
March 2024
Senior employees
\u00a328.29
148,587
Three years\u2019 service, EPS average annual growth of 5%-10% over those three
10 years
years, average annual ROCE of 18.4%-20.8% over those three years and a
Scope 3 CO emissions target
2
Savings-Related Share Option Scheme 25
May 2024
All employees
\u00a322.50
340,160
Three years\u2019 service
3.5 years
Performance Share Plan 15a (retained)
December 2024 Senior executive
\u00a3nil
2,000
One year\u2019s service
1 year
Performance Share Plan 15b (retained)
December 2024 Senior executive
\u00a3nil
2,000
Two years\u2019 service
2 years
Performance Share Plan 16
March 2025
Senior executives
\u00a3nil
184,511
Three years\u2019 service, EPS average annual growth of 2%-5% over those three
10 years
years, average annual ROCE of 16.1%-18.5% over those three years and a CO
2
emissions target
Executive Share Option Scheme 28
March 2025
Senior employees
\u00a318.12
183,130
Three years\u2019 service, EPS average annual growth of 2%-5% over those three
10 years
years, average annual ROCE of 16.1%-18.5% over those three years and a CO
2
emissions target
Savings-Related Share Option Scheme 26
May 2025
All employees
\u00a314.30
517,172
Three years\u2019 service
3.5 years
Performance Share Plan 16a (retained)
January 2025
Senior executive
\u00a3nil
3,000
Three year\u2019s service
3 years
Performance Share Plan 16b (retained)
February 2025
Senior executive
\u00a3nil
1,500
One year\u2019s service
1 year
Performance Share Plan 16c (retained)
February 2025
Senior executive
\u00a3nil
1,500
Two years\u2019 service
2 years
The number and weighted average exercise price of share options is as follows:
2025
2024
Weighted average Weighted average
exercise price
Number of options
exercise price
Number of options
Outstanding at the beginning of the year
\u00a317.70
1,716,618
\u00a314.60
1,680,816
Forfeited during the year
\u00a318.29
(388,038)
\u00a324.77
(55,906)
Exercised during the year
\u00a312.08
(135,887)
\u00a39.04
(516,902)
Granted during the year
\u00a312.03
890,813\ue01d
\u00a319.56
608,610
Outstanding at the end of the year
\u00a315.53
2,083,506\ue01d
\u00a317.70
1,716,618
Exercisable at the end of the year
\u00a317.05
271,067
\u00a317.53
206,449
No options expired during the period covered by the above tables. The options outstanding at 27 December 2025 have an exercise price in the range of \u00a3nil to \u00a328.29 (2024: \u00a3nil to \u00a328.29) and have a
weighted average contractual life of 5.0 years (2024: 5.0 years). The options exercised during the year had a weighted average market value of \u00a319.33 (2024: \u00a328.24).
The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted. The estimate of the fair value of the services received is measured
based on the Black-Scholes model. The fair value per option granted and the assumptions used in these calculations are as follows:
2025
2024
Savings-Related Performance Performance Performance Savings-Related Performance Performance
Performance Executive Share Share Option Share Plan 16a Share Plan Share Plan Performance Executive Share Share Option Share Plan Share Plan
Share Plan 16 Option Scheme 28 Scheme 26 (retained) 16b (retained) 16c (retained) Share Plan 15 Option Scheme 27 Scheme 25 15a (retained) 15b (retained)
March 2025 March 2025 May 2025 January 2025 February 2025 February 2025 March 2024 March 2024 May 2024 December 2024 December 2024
Fair value at grant date
\u00a316.18
\u00a33.48
\u00a35.28
\u00a325.87
\u00a320.42
\u00a319.76
\u00a326.49
\u00a36.12
\u00a38.65
\u00a327.19
\u00a326.59
Share price
\u00a318.14
\u00a318.14
\u00a318.57
\u00a327.86
\u00a321.10
\u00a321.10
\u00a328.29
\u00a328.29
\u00a328.12
\u00a327.80
\u00a327.80
Exercise price
\u00a3nil
\u00a318.14
\u00a314.30
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
\u00a328.29
\u00a322.50
\u00a3nil
\u00a3nil
Expected volatility
30.94%
30.94%
30.85%
28.69%
30.96%
30.96%
30.52%
30.52%
29.99%
28.66%
28.66%
Option life
3 years
3 years
3 years
3 years
1 year
2 years
3 years
3 years
3 years
1 year
2 years
Expected dividend yield
3.80%
3.80%
3.72%
2.48%
3.27%
3.27%
2.19%
2.19%
2.20%
2.23%
2.23%
Risk-free rate
4.14%
4.14%
3.68%
4.23%
4.00%
4.05%
4.07%
4.07%
4.47%
4.32%
4.26%
The expected volatility is based on historical volatility, adjusted for any expected changes to future volatility due to publicly available information. The historical volatility is calculated using a weekly rolling
share price for the three-year period immediately prior to the option grant date.
The costs charged to the income statement relating to share-based payments were as follows:
2025 2024
\u00a3m \u00a3m
Share options granted in 2021
\u2013
0.4
Share options granted in 2022
0.3
1.2
Share options granted in 2023
(0.1)
1.7
Share options granted in 2024
0.4
1.2
Share options granted in 2025
0.9
\u2013
1.5
4.5
Social security contributions
(0.4)
0.4
Total expense recognised as employee costs
1.1
4.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-432": { "value": "Scheme background The Company sponsors a funded final salary defined benefit pension plan (the \u2018scheme\u2019) for qualifying employees. The scheme was closed to future accrual in 2008 and all remaining employees who are still members of the scheme are now members of the Company\u2019s defined contribution scheme. The scheme is administered by a trustee company (the \u2018Trustee\u2019) which is legally separate from the Company. The directors of the trustee company are composed of representatives of both the employer and employees and are required by law to act in the interest of all relevant beneficiaries and are responsible for the investment policy with regard to the assets plus the day-to-day administration of the benefits. UK legislation requires that pension schemes are funded prudently. The last funding valuation of the scheme was carried out by a qualified actuary as at 5 April 2023 and showed a deficit. The Company made a special contribution to the scheme in April 2024 of \u00a34.5 million which facilitated the purchase in May 2024 of a bulk annuity \u2018buy-in\u2019 policy with Aviva covering all scheme members. This policy provides regular payments to the Trustee to fund future pension payments and significantly reduces the Company\u2019s exposure to the funding risks associated with its defined benefit pension liabilities. In 2024 the Company agreed a new schedule of contributions with the scheme which sets out the circumstances when further contributions to the scheme may be required, rather than a specific amount to be paid. Any call for further funds may arise from the guaranteed minimum pension equalisation exercise which the scheme is currently undertaking, following the judgment in the Lloyds Banking Group case. Current indications are that the timing is uncertain and this would not be a material amount. Profile of the scheme The defined benefit pension obligation includes benefits for deferred members and current pensioners. At 27 December 2025, the scheme had no active members (2024: nil), 289 deferred members (2024: 317) and 339 pensioners (2024: 312). The scheme duration is an indicator of the weighted average time until benefit payments are made. For the scheme as a whole, the duration is approximately 11 years (2024: 12 years). Investment strategy The assets of the scheme comprise the bulk annuity buy-in policy with Aviva purchased in 2024 together with a small amount of residual cash as detailed below. The prime objective of the scheme is to provide pension and lump sum benefits for members on their retirement and/or benefits on death, before or after retirement, for their dependants, on a defined benefits basis. Under the policy, Aviva makes monthly payments to the Trustee to cover the insured member benefits and the scheme liabilities have been substantially secured. Risks to the scheme The purchase during 2024 of the bulk annuity policy substantially secured the scheme\u2019s liabilities. All members covered by the policy continue to be members of the scheme, and the Trustee continues to have ultimate responsibility for the payment of benefits to these members. The purchase of the policy has introduced some concentration and illiquidity risk (as the policy cannot be readily sold) and exposes the scheme to a degree of insurance provider risk, i.e. the risk that Aviva fails to meet their obligations to the scheme and its members. The Trustee expects the insurance provider risk to be addressed through the supervisory regime applicable to insurance companies within the UK. Defined benefit pension liability
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Defined benefit obligation
(78.0)
(80.5)
Fair value of plan assets
77.7
80.1
Net defined benefit pension liability
(0.3)
(0.4)
No IFRIC 14 adjustment is required in either the current or prior year, as the scheme shows a net deficit before and after consideration of minimum funding requirements. Liability for defined benefit pension obligations Changes in the present value of the defined benefit pension obligation are as follows:
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Opening defined benefit pension obligation
80.5
82.8
Interest cost
4.3
3.6
Remeasurement losses/(gains):
\u2013 changes in mortality assumptions
\u2013
1.4
\u2013 changes in financial assumptions
(1.8)
(8.6)
\u2013 experience
0.5
5.7
Benefits paid
(5.5)
(4.4)
Closing defined benefit pension obligation
78.0
80.5
Changes in the fair value of plan assets are as follows:
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Opening fair value of plan assets
80.1
95.4
Net interest on plan assets
4.3
4.3
Remeasurement losses
(1.2)
(19.7)
Company special contribution
\u2013
4.5
Benefits paid
(5.5)
(4.4)
Closing fair value of plan assets
77.7
80.1
The costs charged in the income statement are as follows:
Group
2025 2024
\u00a3m \u00a3m
Interest income on net defined pension liability
\u2013
0.7
Associated movement in IFRIC 14 adjustment
\u2013
(0.3)
Net interest income
\u2013
0.4
The amounts recognised in other comprehensive income are as follows:
Group
2025 2024
\u00a3m \u00a3m
Remeasurement losses on defined benefit pension plans
0.1
(18.2)
Associated movement in IFRIC 14 adjustment
\u2013
6.3
Net remeasurement losses on defined benefit pension plans
0.1
(11.9)
The fair value of the plan assets is as follows:
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Bulk annuity policy \u2013 UK
77.3
79.3
Cash and cash equivalents/other
0.4
0.8
77.7
80.1
Principal actuarial assumptions (expressed as weighted averages):
Group and Parent Company
2025
2024
Discount rate
5.55%
5.50%
Future salary increases
n/a
n/a
Future pension increases
1.80%-2.50%
1.90%-2.80%
Rate of price inflation (RPI)
2.90%
3.15%
Rate of price inflation (CPI)
2.50%
2.75%
In November 2020 the Government announced that RPI is to be aligned with CPIH (CPI with owner occupiers\u2019 costs) from 2030. As a result the RPI assumption has been updated along with the assumed future gap between RPI and CPI. Mortality assumption Mortality in retirement is assumed to be in line with the S3PMA (males) and S3PFA (females) tables, with 95% scaling, together with future mortality improvements in line with the CMI 2024 core model. The CMI 2024 model incorporates an overlay to reflect the pattern of excess mortality during the Covid-19 pandemic, with a half-life parameter of 1.0, an \u2018A\u2019 parameter of 0.25% and a long-term improvement rate of 1.25% per annum. Under these assumptions, pensioners aged 65 now are expected to live for a further 22.4 years (2024: 22.0 years) if they are male and 23.7 years (2024: 23.3 years) if they are female. Members currently aged 45 are expected to live for a further 24.7 years (2024: 24.5 years) from age 65 if they are male and for a further 26.1 years (2024: 25.9 years) from age 65 if they are female. The sensitivities regarding the principal assumptions used to measure the scheme liabilities as at 27 December 2025 are set out below:
Change in assumption
Impact on scheme liabilities
Discount rate
0.5% increase
Decrease of \u00a34.0m
Inflation
0.5% decrease
Decrease of \u00a32.6m
Mortality rates
1-year increase
Increase of \u00a33.1m
The other demographic assumptions have been set having regard to latest trends in the scheme. The Group is aware of a UK High Court legal ruling in June 2023 between Virgin Media Limited and NTL Pension Trustees II Limited which decided that certain historic rule amendments were invalid if they were not accompanied by the actuarial certifications. The ruling was subject to appeal and in July 2024 the Court of Appeal confirmed the 2023 UK High Court legal ruling. The Group is considering, with the scheme Trustee, the impact of this ruling. An initial review of scheme rule amendments has not shown any immediate concerns and the Group will continue to monitor any developments. As the outcome of any impact is unknown, no adjustments have been made in these accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-450": { "value": "Defined benefit pension liability
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Defined benefit obligation
(78.0)
(80.5)
Fair value of plan assets
77.7
80.1
Net defined benefit pension liability
(0.3)
(0.4)
No IFRIC 14 adjustment is required in either the current or prior year, as the scheme shows a net deficit before and after consideration of minimum funding requirements. Liability for defined benefit pension obligations Changes in the present value of the defined benefit pension obligation are as follows:
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Opening defined benefit pension obligation
80.5
82.8
Interest cost
4.3
3.6
Remeasurement losses/(gains):
\u2013 changes in mortality assumptions
\u2013
1.4
\u2013 changes in financial assumptions
(1.8)
(8.6)
\u2013 experience
0.5
5.7
Benefits paid
(5.5)
(4.4)
Closing defined benefit pension obligation
78.0
80.5
Changes in the fair value of plan assets are as follows:
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Opening fair value of plan assets
80.1
95.4
Net interest on plan assets
4.3
4.3
Remeasurement losses
(1.2)
(19.7)
Company special contribution
\u2013
4.5
Benefits paid
(5.5)
(4.4)
Closing fair value of plan assets
77.7
80.1
The costs charged in the income statement are as follows:
Group
2025 2024
\u00a3m \u00a3m
Interest income on net defined pension liability
\u2013
0.7
Associated movement in IFRIC 14 adjustment
\u2013
(0.3)
Net interest income
\u2013
0.4
The amounts recognised in other comprehensive income are as follows:
Group
2025 2024
\u00a3m \u00a3m
Remeasurement losses on defined benefit pension plans
0.1
(18.2)
Associated movement in IFRIC 14 adjustment
\u2013
6.3
Net remeasurement losses on defined benefit pension plans
0.1
(11.9)
The fair value of the plan assets is as follows:
Group and Parent Company
2025 2024
\u00a3m \u00a3m
Bulk annuity policy \u2013 UK
77.3
79.3
Cash and cash equivalents/other
0.4
0.8
77.7
80.1
Principal actuarial assumptions (expressed as weighted averages):
Group and Parent Company
2025
2024
Discount rate
5.55%
5.50%
Future salary increases
n/a
n/a
Future pension increases
1.80%-2.50%
1.90%-2.80%
Rate of price inflation (RPI)
2.90%
3.15%
Rate of price inflation (CPI)
2.50%
2.75%
In November 2020 the Government announced that RPI is to be aligned with CPIH (CPI with owner occupiers\u2019 costs) from 2030. As a result the RPI assumption has been updated along with the assumed future gap between RPI and CPI. Mortality assumption Mortality in retirement is assumed to be in line with the S3PMA (males) and S3PFA (females) tables, with 95% scaling, together with future mortality improvements in line with the CMI 2024 core model. The CMI 2024 model incorporates an overlay to reflect the pattern of excess mortality during the Covid-19 pandemic, with a half-life parameter of 1.0, an \u2018A\u2019 parameter of 0.25% and a long-term improvement rate of 1.25% per annum. Under these assumptions, pensioners aged 65 now are expected to live for a further 22.4 years (2024: 22.0 years) if they are male and 23.7 years (2024: 23.3 years) if they are female. Members currently aged 45 are expected to live for a further 24.7 years (2024: 24.5 years) from age 65 if they are male and for a further 26.1 years (2024: 25.9 years) from age 65 if they are female. The sensitivities regarding the principal assumptions used to measure the scheme liabilities as at 27 December 2025 are set out below:
Change in assumption
Impact on scheme liabilities
Discount rate
0.5% increase
Decrease of \u00a34.0m
Inflation
0.5% decrease
Decrease of \u00a32.6m
Mortality rates
1-year increase
Increase of \u00a33.1m
The other demographic assumptions have been set having regard to latest trends in the scheme. The Group is aware of a UK High Court legal ruling in June 2023 between Virgin Media Limited and NTL Pension Trustees II Limited which decided that certain historic rule amendments were invalid if they were not accompanied by the actuarial certifications. The ruling was subject to appeal and in July 2024 the Court of Appeal confirmed the 2023 UK High Court legal ruling. The Group is considering, with the scheme Trustee, the impact of this ruling. An initial review of scheme rule amendments has not shown any immediate concerns and the Group will continue to monitor any developments. As the outcome of any impact is unknown, no adjustments have been made in these accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-458": { "value": "The sensitivities regarding the principal assumptions used to measure the scheme liabilities as at 27 December 2025 are set out below:
Change in assumption
Impact on scheme liabilities
Discount rate
0.5% increase
Decrease of \u00a34.0m
Inflation
0.5% decrease
Decrease of \u00a32.6m
Mortality rates
1-year increase
Increase of \u00a33.1m
The other demographic assumptions have been set having regard to latest trends in the scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-433": { "value": "
Defined contribution plans
The Company also operates defined contribution schemes for other eligible employees. The assets of the schemes are held separately from those of the Group. The pension cost represents contributions
payable by the Group and amounted to \u00a340.8 million (2024: \u00a335.5 million) in the year. At 27 December 2025 regular monthly employee and employer contributions of \u00a33.9 million were not paid over to the
schemes (27 December 2024: \u00a33.4 million). These amounts were paid to the schemes in January.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-434": { "value": "
23. Share-based payments \u2013 Group and Parent Company
The Group has established a Savings-Related Share Option Scheme, an Executive Share Option Scheme and a Performance Share Plan.
The terms and conditions of the grants for these schemes are as follows, whereby all options are settled by physical delivery of shares:
Number of shares
Date of grant
Employees entitled
Exercise price
granted
Vesting conditions
Contractual life
Executive Share Option Scheme 18
March 2015
Senior employees
\u00a310.22
298,045
Three years\u2019 service and EPS growth of 1%-7% over RPI on average over those
10 years
three years
Executive Share Option Scheme 19
April 2016
Senior employees
\u00a310.88
235,857
Three years\u2019 service and EPS growth of 2%-8% over RPI on average over
10 years
those three years
Executive Share Option Scheme 20
April 2017
Senior employees
\u00a310.33
246,219
Three years\u2019 service and EPS growth of 5%-11% on average over those three
10 years
years
Performance Share Plan 10
April 2019
Senior executives
\u00a3nil
128,534
Three years\u2019 service, EPS average annual growth of 5%-11% over those three
10 years
years and average annual ROCE of 24%-28% over those three years
Executive Share Option Scheme 22
April 2019
Senior employees
\u00a318.30
140,913
Three years\u2019 service, EPS average annual growth of 5%-11% over those three
10 years
years and average annual ROCE of 24%-28% over those three years
Executive Share Option Scheme 23
November 2020 Senior employees
\u00a317.20
121,202
Three years\u2019 service, EPS performance in FY2022, ROCE performance in
10 years
FY2022 and two strategic objectives
Savings-Related Share Option Scheme 22
April 2021
All employees
\u00a316.72
291,979
Three years\u2019 service
3.5 years
Performance Share Plan 12
April 2021
Senior executives
\u00a3nil
120,022
Three years\u2019 service, EPS performance in FY2023, ROCE performance in
10 years
FY2023
Performance Share Plan 12 (retained)
April 2021
Senior executives
\u00a3nil
29,512
Three years\u2019 service
10 years
Executive Share Option Scheme 24
April 2021
Senior employees
\u00a322.63
120,994
Three years\u2019 service, EPS performance in FY2023, ROCE performance in
10 years
FY2023
Savings-Related Share Option Scheme 23
April 2022
All employees
\u00a319.68
265,209
Three years\u2019 service
3.5 years
Performance Share Plan 13
March 2022
Senior executives
\u00a3nil
91,305
Three years\u2019 service, EPS average annual growth of 3%-8% over those three
10 years
years and average annual ROCE of 19.6%-22.6% over those three years
Performance Share Plan 13a
May 2022
Senior executives
\u00a3nil
36,014
Three years\u2019 service, EPS average annual growth of 3%-8% over those three
10 years
years and average annual ROCE of 19.6%-22.6% over those three years
Number of shares
Date of grant
Employees entitled
Exercise price
granted
Vesting conditions
Contractual life
Executive Share Option Scheme 25
March 2022
Senior employees
\u00a324.31
118,357
Three years\u2019 service, EPS average annual growth of 3%-8% over those three
10 years
years and average annual ROCE of 19.6%-22.6% over those three years
Savings-Related Share Option Scheme 24
May 2023
All employees
\u00a321.06
268,478
Three years\u2019 service
3.5 years
Performance Share Plan 14
May 2023
Senior executives
\u00a3nil
109,583
Three years\u2019 service, EPS average annual growth of 4%-9% over those three
10 years
years, average annual ROCE of 18.7%-21.2% over those three years and a CO
2
emissions reduction target
Executive Share Option Scheme 26
May 2023
Senior employees
\u00a327.92
130,075
Three years\u2019 service, EPS average annual growth of 4%-9% over those three
10 years
years, average annual ROCE of 18.7%-21.2% over those three years and a CO
2
emissions reduction target
Performance Share Plan 15
March 2024
Senior executives
\u00a3nil
114,763
Three years\u2019 service, EPS average annual growth of 5%-10% over those three
10 years
years, average annual ROCE of 18.4%-20.8% over those three years and a
Scope 3 CO emissions target
2
Executive Share Option Scheme 27
March 2024
Senior employees
\u00a328.29
148,587
Three years\u2019 service, EPS average annual growth of 5%-10% over those three
10 years
years, average annual ROCE of 18.4%-20.8% over those three years and a
Scope 3 CO emissions target
2
Savings-Related Share Option Scheme 25
May 2024
All employees
\u00a322.50
340,160
Three years\u2019 service
3.5 years
Performance Share Plan 15a (retained)
December 2024 Senior executive
\u00a3nil
2,000
One year\u2019s service
1 year
Performance Share Plan 15b (retained)
December 2024 Senior executive
\u00a3nil
2,000
Two years\u2019 service
2 years
Performance Share Plan 16
March 2025
Senior executives
\u00a3nil
184,511
Three years\u2019 service, EPS average annual growth of 2%-5% over those three
10 years
years, average annual ROCE of 16.1%-18.5% over those three years and a CO
2
emissions target
Executive Share Option Scheme 28
March 2025
Senior employees
\u00a318.12
183,130
Three years\u2019 service, EPS average annual growth of 2%-5% over those three
10 years
years, average annual ROCE of 16.1%-18.5% over those three years and a CO
2
emissions target
Savings-Related Share Option Scheme 26
May 2025
All employees
\u00a314.30
517,172
Three years\u2019 service
3.5 years
Performance Share Plan 16a (retained)
January 2025
Senior executive
\u00a3nil
3,000
Three year\u2019s service
3 years
Performance Share Plan 16b (retained)
February 2025
Senior executive
\u00a3nil
1,500
One year\u2019s service
1 year
Performance Share Plan 16c (retained)
February 2025
Senior executive
\u00a3nil
1,500
Two years\u2019 service
2 years
The number and weighted average exercise price of share options is as follows:
2025
2024
Weighted average Weighted average
exercise price
Number of options
exercise price
Number of options
Outstanding at the beginning of the year
\u00a317.70
1,716,618
\u00a314.60
1,680,816
Forfeited during the year
\u00a318.29
(388,038)
\u00a324.77
(55,906)
Exercised during the year
\u00a312.08
(135,887)
\u00a39.04
(516,902)
Granted during the year
\u00a312.03
890,813\ue01d
\u00a319.56
608,610
Outstanding at the end of the year
\u00a315.53
2,083,506\ue01d
\u00a317.70
1,716,618
Exercisable at the end of the year
\u00a317.05
271,067
\u00a317.53
206,449
No options expired during the period covered by the above tables. The options outstanding at 27 December 2025 have an exercise price in the range of \u00a3nil to \u00a328.29 (2024: \u00a3nil to \u00a328.29) and have a weighted average contractual life of 5.0 years (2024: 5.0 years). The options exercised during the year had a weighted average market value of \u00a319.33 (2024: \u00a328.24). The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted. The estimate of the fair value of the services received is measured based on the Black-Scholes model. The fair value per option granted and the assumptions used in these calculations are as follows:
2025
2024
Savings-Related Performance Performance Performance Savings-Related Performance Performance
Performance Executive Share Share Option Share Plan 16a Share Plan Share Plan Performance Executive Share Share Option Share Plan Share Plan
Share Plan 16 Option Scheme 28 Scheme 26 (retained) 16b (retained) 16c (retained) Share Plan 15 Option Scheme 27 Scheme 25 15a (retained) 15b (retained)
March 2025 March 2025 May 2025 January 2025 February 2025 February 2025 March 2024 March 2024 May 2024 December 2024 December 2024
Fair value at grant date
\u00a316.18
\u00a33.48
\u00a35.28
\u00a325.87
\u00a320.42
\u00a319.76
\u00a326.49
\u00a36.12
\u00a38.65
\u00a327.19
\u00a326.59
Share price
\u00a318.14
\u00a318.14
\u00a318.57
\u00a327.86
\u00a321.10
\u00a321.10
\u00a328.29
\u00a328.29
\u00a328.12
\u00a327.80
\u00a327.80
Exercise price
\u00a3nil
\u00a318.14
\u00a314.30
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
\u00a328.29
\u00a322.50
\u00a3nil
\u00a3nil
Expected volatility
30.94%
30.94%
30.85%
28.69%
30.96%
30.96%
30.52%
30.52%
29.99%
28.66%
28.66%
Option life
3 years
3 years
3 years
3 years
1 year
2 years
3 years
3 years
3 years
1 year
2 years
Expected dividend yield
3.80%
3.80%
3.72%
2.48%
3.27%
3.27%
2.19%
2.19%
2.20%
2.23%
2.23%
Risk-free rate
4.14%
4.14%
3.68%
4.23%
4.00%
4.05%
4.07%
4.07%
4.47%
4.32%
4.26%
The expected volatility is based on historical volatility, adjusted for any expected changes to future volatility due to publicly available information. The historical volatility is calculated using a weekly rolling share price for the three-year period immediately prior to the option grant date. The costs charged to the income statement relating to share-based payments were as follows:
2025 2024
\u00a3m \u00a3m
Share options granted in 2021
\u2013
0.4
Share options granted in 2022
0.3
1.2
Share options granted in 2023
(0.1)
1.7
Share options granted in 2024
0.4
1.2
Share options granted in 2025
0.9
\u2013
1.5
4.5
Social security contributions
(0.4)
0.4
Total expense recognised as employee costs
1.1
4.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-451": { "value": "
Number of shares
Date of grant
Employees entitled
Exercise price
granted
Vesting conditions
Contractual life
Executive Share Option Scheme 18
March 2015
Senior employees
\u00a310.22
298,045
Three years\u2019 service and EPS growth of 1%-7% over RPI on average over those
10 years
three years
Executive Share Option Scheme 19
April 2016
Senior employees
\u00a310.88
235,857
Three years\u2019 service and EPS growth of 2%-8% over RPI on average over
10 years
those three years
Executive Share Option Scheme 20
April 2017
Senior employees
\u00a310.33
246,219
Three years\u2019 service and EPS growth of 5%-11% on average over those three
10 years
years
Performance Share Plan 10
April 2019
Senior executives
\u00a3nil
128,534
Three years\u2019 service, EPS average annual growth of 5%-11% over those three
10 years
years and average annual ROCE of 24%-28% over those three years
Executive Share Option Scheme 22
April 2019
Senior employees
\u00a318.30
140,913
Three years\u2019 service, EPS average annual growth of 5%-11% over those three
10 years
years and average annual ROCE of 24%-28% over those three years
Executive Share Option Scheme 23
November 2020 Senior employees
\u00a317.20
121,202
Three years\u2019 service, EPS performance in FY2022, ROCE performance in
10 years
FY2022 and two strategic objectives
Savings-Related Share Option Scheme 22
April 2021
All employees
\u00a316.72
291,979
Three years\u2019 service
3.5 years
Performance Share Plan 12
April 2021
Senior executives
\u00a3nil
120,022
Three years\u2019 service, EPS performance in FY2023, ROCE performance in
10 years
FY2023
Performance Share Plan 12 (retained)
April 2021
Senior executives
\u00a3nil
29,512
Three years\u2019 service
10 years
Executive Share Option Scheme 24
April 2021
Senior employees
\u00a322.63
120,994
Three years\u2019 service, EPS performance in FY2023, ROCE performance in
10 years
FY2023
Savings-Related Share Option Scheme 23
April 2022
All employees
\u00a319.68
265,209
Three years\u2019 service
3.5 years
Performance Share Plan 13
March 2022
Senior executives
\u00a3nil
91,305
Three years\u2019 service, EPS average annual growth of 3%-8% over those three
10 years
years and average annual ROCE of 19.6%-22.6% over those three years
Performance Share Plan 13a
May 2022
Senior executives
\u00a3nil
36,014
Three years\u2019 service, EPS average annual growth of 3%-8% over those three
10 years
years and average annual ROCE of 19.6%-22.6% over those three years
Number of shares
Date of grant
Employees entitled
Exercise price
granted
Vesting conditions
Contractual life
Executive Share Option Scheme 25
March 2022
Senior employees
\u00a324.31
118,357
Three years\u2019 service, EPS average annual growth of 3%-8% over those three
10 years
years and average annual ROCE of 19.6%-22.6% over those three years
Savings-Related Share Option Scheme 24
May 2023
All employees
\u00a321.06
268,478
Three years\u2019 service
3.5 years
Performance Share Plan 14
May 2023
Senior executives
\u00a3nil
109,583
Three years\u2019 service, EPS average annual growth of 4%-9% over those three
10 years
years, average annual ROCE of 18.7%-21.2% over those three years and a CO
2
emissions reduction target
Executive Share Option Scheme 26
May 2023
Senior employees
\u00a327.92
130,075
Three years\u2019 service, EPS average annual growth of 4%-9% over those three
10 years
years, average annual ROCE of 18.7%-21.2% over those three years and a CO
2
emissions reduction target
Performance Share Plan 15
March 2024
Senior executives
\u00a3nil
114,763
Three years\u2019 service, EPS average annual growth of 5%-10% over those three
10 years
years, average annual ROCE of 18.4%-20.8% over those three years and a
Scope 3 CO emissions target
2
Executive Share Option Scheme 27
March 2024
Senior employees
\u00a328.29
148,587
Three years\u2019 service, EPS average annual growth of 5%-10% over those three
10 years
years, average annual ROCE of 18.4%-20.8% over those three years and a
Scope 3 CO emissions target
2
Savings-Related Share Option Scheme 25
May 2024
All employees
\u00a322.50
340,160
Three years\u2019 service
3.5 years
Performance Share Plan 15a (retained)
December 2024 Senior executive
\u00a3nil
2,000
One year\u2019s service
1 year
Performance Share Plan 15b (retained)
December 2024 Senior executive
\u00a3nil
2,000
Two years\u2019 service
2 years
Performance Share Plan 16
March 2025
Senior executives
\u00a3nil
184,511
Three years\u2019 service, EPS average annual growth of 2%-5% over those three
10 years
years, average annual ROCE of 16.1%-18.5% over those three years and a CO
2
emissions target
Executive Share Option Scheme 28
March 2025
Senior employees
\u00a318.12
183,130
Three years\u2019 service, EPS average annual growth of 2%-5% over those three
10 years
years, average annual ROCE of 16.1%-18.5% over those three years and a CO
2
emissions target
Savings-Related Share Option Scheme 26
May 2025
All employees
\u00a314.30
517,172
Three years\u2019 service
3.5 years
Performance Share Plan 16a (retained)
January 2025
Senior executive
\u00a3nil
3,000
Three year\u2019s service
3 years
Performance Share Plan 16b (retained)
February 2025
Senior executive
\u00a3nil
1,500
One year\u2019s service
1 year
Performance Share Plan 16c (retained)
February 2025
Senior executive
\u00a3nil
1,500
Two years\u2019 service
2 years
The number and weighted average exercise price of share options is as follows:
2025
2024
Weighted average Weighted average
exercise price
Number of options
exercise price
Number of options
Outstanding at the beginning of the year
\u00a317.70
1,716,618
\u00a314.60
1,680,816
Forfeited during the year
\u00a318.29
(388,038)
\u00a324.77
(55,906)
Exercised during the year
\u00a312.08
(135,887)
\u00a39.04
(516,902)
Granted during the year
\u00a312.03
890,813\ue01d
\u00a319.56
608,610
Outstanding at the end of the year
\u00a315.53
2,083,506\ue01d
\u00a317.70
1,716,618
Exercisable at the end of the year
\u00a317.05
271,067
\u00a317.53
206,449
No options expired during the period covered by the above tables. The options outstanding at 27 December 2025 have an exercise price in the range of \u00a3nil to \u00a328.29 (2024: \u00a3nil to \u00a328.29) and have a weighted average contractual life of 5.0 years (2024: 5.0 years). The options exercised during the year had a weighted average market value of \u00a319.33 (2024: \u00a328.24). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-392": { "value": "
24. Provisions
2025 2025 2025 2025 2024 2024 2024 2024 2024
Dilapidations National Insurance Other Total Dilapidations National Insurance Redundancy Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at start of the year
5.1
0.9
0.3
6.3
4.1
1.3
0.1
0.7
6.2
Additional provision in the year
\u2013 Ordinary provisions
2.7
0.1
2.3
5.1
2.8
0.5
\u2013
0.1
3.4
\u2013 Exceptional provisions
\u2013
\u2013
4.5
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
Utilised in the year
(1.1)
(0.2)
(0.1)
(1.4)
(1.0)
(0.9)
\u2013
(0.2)
(2.1)
Provisions reversed during the year
\u2013 Ordinary provisions
(0.3)
(0.5)
\u2013
(0.8)
(0.6)
\u2013
\u2013
(0.3)
(0.9)
\u2013 Exceptional provisions (Note 4)
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.1)
\u2013
(0.3)
Balance at end of the year
6.4
0.3
7.0
13.7
5.1
0.9
\u2013
0.3
6.3
Included in current liabilities
3.1
0.2
7.0
10.3
2.7
0.6
\u2013
0.1
3.4
Included in non-current liabilities
3.3
0.1
\u2013
3.4
2.4
0.3
\u2013
0.2
2.9
6.4
0.3
7.0
13.7
5.1
0.9
\u2013
0.3
6.3
The provisions at the end of the year relate to ordinary or exceptional activity as follows:
Ordinary
6.4
0.3
2.5
9.2
5.1
0.9
\u2013
0.3
6.3
Exceptional
\u2013
\u2013
4.5
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
6.4
0.3
7.0
13.7
5.1
0.9
\u2013
0.3
6.3
Dilapidation provisions have been made based on the future expected repair costs required to restore the Group\u2019s leased properties to their fair condition at the end of their respective lease terms, where it is
considered a reliable estimate can be made and it is probable that the Group will be required to settle the obligation. Based on the Group\u2019s experience in respect of shops it is not considered probable at lease
inception that it will be required to make any payment in respect of dilapidations. Therefore a provision is only recognised in respect of shops when circumstances suggest that there will be such a requirement.
For other leased properties, an estimate of these future expected repair costs is assessed at lease inception and recognised as part of the cost of the asset when a reliable estimate can be made.
National Insurance costs are provided in respect of future share options exercises.
Other provisions are in respect of:
i. onerous costs relating to closed shops where the lease has not yet expired.
ii. \u00a36.8 million in respect of a historic VAT error which has resulted in an underpayment of VAT for the current and prior years (\u00a32.3 million in respect of the current year and \u00a34.5 million in respect of prior
years (see Note 4)). This amount includes \u00a30.7 million in respect of interest on the underpaid amount and is expected to be settled in 2026.
The majority of all of the provisions are expected to be utilised between one and four years such that the impact of discounting would not be material, except for \u00a30.7 million relating to a dilapidations
provision made at the end of 2025, being the present value of the estimated restoration costs at the new Derby facility following works undertaken during the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-435": { "value": "24. Provisions
2025 2025 2025 2025 2024 2024 2024 2024 2024
Dilapidations National Insurance Other Total Dilapidations National Insurance Redundancy Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at start of the year
5.1
0.9
0.3
6.3
4.1
1.3
0.1
0.7
6.2
Additional provision in the year
\u2013 Ordinary provisions
2.7
0.1
2.3
5.1
2.8
0.5
\u2013
0.1
3.4
\u2013 Exceptional provisions
\u2013
\u2013
4.5
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
Utilised in the year
(1.1)
(0.2)
(0.1)
(1.4)
(1.0)
(0.9)
\u2013
(0.2)
(2.1)
Provisions reversed during the year
\u2013 Ordinary provisions
(0.3)
(0.5)
\u2013
(0.8)
(0.6)
\u2013
\u2013
(0.3)
(0.9)
\u2013 Exceptional provisions (Note 4)
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.1)
\u2013
(0.3)
Balance at end of the year
6.4
0.3
7.0
13.7
5.1
0.9
\u2013
0.3
6.3
Included in current liabilities
3.1
0.2
7.0
10.3
2.7
0.6
\u2013
0.1
3.4
Included in non-current liabilities
3.3
0.1
\u2013
3.4
2.4
0.3
\u2013
0.2
2.9
6.4
0.3
7.0
13.7
5.1
0.9
\u2013
0.3
6.3
The provisions at the end of the year relate to ordinary or exceptional activity as follows:
Ordinary
6.4
0.3
2.5
9.2
5.1
0.9
\u2013
0.3
6.3
Exceptional
\u2013
\u2013
4.5
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
6.4
0.3
7.0
13.7
5.1
0.9
\u2013
0.3
6.3
Dilapidation provisions have been made based on the future expected repair costs required to restore the Group\u2019s leased properties to their fair condition at the end of their respective lease terms, where it is considered a reliable estimate can be made and it is probable that the Group will be required to settle the obligation. Based on the Group\u2019s experience in respect of shops it is not considered probable at lease inception that it will be required to make any payment in respect of dilapidations. Therefore a provision is only recognised in respect of shops when circumstances suggest that there will be such a requirement. For other leased properties, an estimate of these future expected repair costs is assessed at lease inception and recognised as part of the cost of the asset when a reliable estimate can be made. National Insurance costs are provided in respect of future share options exercises. Other provisions are in respect of: i. onerous costs relating to closed shops where the lease has not yet expired. ii. \u00a36.8 million in respect of a historic VAT error which has resulted in an underpayment of VAT for the current and prior years (\u00a32.3 million in respect of the current year and \u00a34.5 million in respect of prior years (see Note 4)). This amount includes \u00a30.7 million in respect of interest on the underpaid amount and is expected to be settled in 2026. The majority of all of the provisions are expected to be utilised between one and four years such that the impact of discounting would not be material, except for \u00a30.7 million relating to a dilapidations provision made at the end of 2025, being the present value of the estimated restoration costs at the new Derby facility following works undertaken during the current year.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-393": { "value": "25. Capital and reserves Share capital
Ordinary shares
2025 2024
Number Number
In issue and fully paid at start of year \u2013 ordinary shares of 2p
102,255,675
102,255,675
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. Share premium account The share premium reserve relates to the proceeds received in excess of the nominal value of shares issued, net of any transaction costs. Capital redemption reserve The capital redemption reserve relates to the nominal value of issued share capital bought back by the Company and cancelled. Own shares held Deducted from retained earnings is \u00a361.7 million (2024: \u00a363.3 million) in respect of own shares held by the Greggs Employee Benefit Trust (EBT). The EBT, which was established during 1988 to act as a repository of issued Company shares, holds 300,661 shares (2024: 436,548 shares) with a market value at 27 December 2025 of \u00a35.1 million (2024: \u00a312.1 million) which have not vested unconditionally in colleagues. During the year the EBT purchased nil (2024: 177,898) shares for an aggregate consideration of \u00a3nil (2024: \u00a35.0 million) and sold 135,807 (2024: 516,902) shares for an aggregate consideration of \u00a31.6 million (2024: \u00a34.7 million). The shares held by the Greggs EBT can be purchased either by employees on the exercise of an option under the Greggs Executive Share Option Schemes, Greggs Savings-Related Share Option Scheme and Greggs Performance Share Plan or by the trustees of the Greggs Employee Share Scheme. The trustees have elected to waive the dividends payable on these shares. Dividends The following tables analyse dividends when paid and the year to which they relate:
2025 2024
Per share Per share
pence pence
2023 final dividend
\u2013
46.0p
2023 special dividend
\u2013
40.0p
2024 interim dividend
\u2013
19.0p
2024 final dividend
50.0p
\u2013
2025 interim dividend
19.0p
\u2013
69.0p
105.0p
The proposed final dividend in respect of 2025 amounts to 50.0 pence (\u00a350.9 million). This dividend is not included as a liability in these accounts. Dividends paid during the year are as follows:
2025 2024
\u00a3m \u00a3m
2023 final dividend
\u2013
46.8
2023 special dividend
\u2013
40.7
2024 interim dividend
\u2013
19.3
2024 final dividend
50.9
\u2013
2025 interim dividend
19.4
\u2013
70.3
106.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-436": { "value": "Share capital
Ordinary shares
2025 2024
Number Number
In issue and fully paid at start of year \u2013 ordinary shares of 2p
102,255,675
102,255,675
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-452": { "value": "
Share premium account
The share premium reserve relates to the proceeds received in excess of the nominal value of shares issued, net of any transaction costs.
Capital redemption reserve
The capital redemption reserve relates to the nominal value of issued share capital bought back by the Company and cancelled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-437": { "value": "
Own shares held
Deducted from retained earnings is \u00a361.7 million (2024: \u00a363.3 million) in respect of own shares held by the Greggs Employee Benefit Trust (EBT). The EBT, which was established during 1988 to act as a
repository of issued Company shares, holds 300,661 shares (2024: 436,548 shares) with a market value at 27 December 2025 of \u00a35.1 million (2024: \u00a312.1 million) which have not vested unconditionally in
colleagues. During the year the EBT purchased nil (2024: 177,898) shares for an aggregate consideration of \u00a3nil (2024: \u00a35.0 million) and sold 135,807 (2024: 516,902) shares for an aggregate consideration
of \u00a31.6 million (2024: \u00a34.7 million).
The shares held by the Greggs EBT can be purchased either by employees on the exercise of an option under the Greggs Executive Share Option Schemes, Greggs Savings-Related Share Option Scheme
and Greggs Performance Share Plan or by the trustees of the Greggs Employee Share Scheme. The trustees have elected to waive the dividends payable on these shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-439": { "value": "
Dividends
The following tables analyse dividends when paid and the year to which they relate:
2025 2024
Per share Per share
pence pence
2023 final dividend
\u2013
46.0p
2023 special dividend
\u2013
40.0p
2024 interim dividend
\u2013
19.0p
2024 final dividend
50.0p
\u2013
2025 interim dividend
19.0p
\u2013
69.0p
105.0p
The proposed final dividend in respect of 2025 amounts to 50.0 pence (\u00a350.9 million). This dividend is not included as a liability in these accounts.
Dividends paid during the year are as follows:
2025 2024
\u00a3m \u00a3m
2023 final dividend
\u2013
46.8
2023 special dividend
\u2013
40.7
2024 interim dividend
\u2013
19.3
2024 final dividend
50.9
\u2013
2025 interim dividend
19.4
\u2013
70.3
106.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-6": { "value": "0.50", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-7": { "value": "50900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-394": { "value": "
26. Capital commitments
During the 52 weeks ended 27 December 2025, the Group entered into contracts to purchase property, plant and equipment and intangible assets for \u00a384.0 million (2024: \u00a3100.5 million) all of which is
expected to be settled in 2026 and 2027.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-438": { "value": "26. Capital commitments During the 52 weeks ended 27 December 2025, the Group entered into contracts to purchase property, plant and equipment and intangible assets for \u00a384.0 million (2024: \u00a3100.5 million) all of which is expected to be settled in 2026 and 2027.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-395": { "value": "
27. Related parties
Identity of related parties
The Group has a related party relationship with its subsidiaries (see Note 13), Directors and executive officers, and pension schemes.
Amounts owed to related parties
Amounts owed by related parties
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Dormant subsidiaries
7.7
7.7
\u2013
\u2013
The Greggs Foundation is also a related party and during the year the Company made a donation to The Greggs Foundation of \u00a33.4 million (2024: \u00a33.1 million), as well as passing on \u00a31.4 million (2024: \u00a31.4
million) from customers, raised from donations, the sale of carrier bags, and a contribution from sales of designated charity products. The Greggs Foundation holds 281,000 shares (2024: 281,000 shares) in
Greggs plc and Richard Hutton, a Director of Greggs plc, is a trustee of The Greggs Foundation.
Transactions with key management personnel
Details of Directors\u2019 shareholdings, share options, emoluments, pension benefits and other non-cash benefits can be found in the Directors\u2019 Remuneration Report on pages 95 to 119.
Summary information on remuneration of key management personnel is included in Note 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-440": { "value": "27. Related parties Identity of related parties The Group has a related party relationship with its subsidiaries (see Note 13), Directors and executive officers, and pension schemes.
Amounts owed to related parties
Amounts owed by related parties
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Dormant subsidiaries
7.7
7.7
\u2013
\u2013
The Greggs Foundation is also a related party and during the year the Company made a donation to The Greggs Foundation of \u00a33.4 million (2024: \u00a33.1 million), as well as passing on \u00a31.4 million (2024: \u00a31.4 million) from customers, raised from donations, the sale of carrier bags, and a contribution from sales of designated charity products. The Greggs Foundation holds 281,000 shares (2024: 281,000 shares) in Greggs plc and Richard Hutton, a Director of Greggs plc, is a trustee of The Greggs Foundation. Transactions with key management personnel Details of Directors\u2019 shareholdings, share options, emoluments, pension benefits and other non-cash benefits can be found in the Directors\u2019 Remuneration Report on pages 95 to 119. Summary information on remuneration of key management personnel is included in Note 5.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-453": { "value": "Transactions with key management personnel Details of Directors\u2019 shareholdings, share options, emoluments, pension benefits and other non-cash benefits can be found in the Directors\u2019 Remuneration Report on pages 95 to 119. Summary information on remuneration of key management personnel is included in Note 5.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-343": { "value": "Greggs House Quorum Business Park Newcastle upon Tyne NE12 8BU", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } } } }