Greggs PLC: Feedback from CFO Fireside Chat: A debate centred on maturation

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Greggs PLC: Feedback from CFO Fireside Chat: A debate centred on maturation

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Greggs PLC

Feedback from CFO Fireside Chat: A

debate centred on maturation

Maintain Rating: UNDERPERFORM | PO: 1,383 GBp | Price: 1,726 GBp

We hosted CFO Richard Hutton last week 26 May 2026

We hosted a Fireside chat with CFO Richard Hutton on Friday. We covered a wide range Equity

of topics following the company’s 19-week trading update during which time trading

saw sequential acceleration to growth of 3.3% in the most recent 10-week period. Given Tim Ramskill, CFA >> Research Analyst

the stock has one of the largest short interests in the UK market – investor positioning MLI (UK)

remains a critical swing factor. +44tim.ramskill@bofa.com20 7996 3050

Central point of debate rests on maturation HalResearchPotter,AnalystCFA >>

For us the central debate for Greggs is the progression along its natural maturation cycle MLI+44 (UK)20 7996 3010

and when LFL growth and openings might slow. Consensus 2026 EPS expectations are hal.potter@bofa.com

12% lower than a year ago reflecting a lowering of assumptions on both. Key points of Jamie Murray >>

Research Analyst

discussion with CFO: 1) Recent trading was helped by a combination of menu innovation MLI (UK)

(notably protein focused products and matcha), weather effects and pricing. 2) On 44 20 7996-3794

jamie.murray3@bofa.com

pricing the company remain confident the relative value positioning has been maintained

despite multiple increases, noting app users benefit from effective 10% discounts and

price increases from peers. 3) For 2026 the opening of new logistics capacity (designed

for picking efficiency) sees added and well flagged extra cost from H2 onwards – we Stock Data

model 80bps of gross margin headwind across 2026E and 2027E.