Solid H1 profit delivery and outlook maintained; Reit Buy

研报英文原文证据摘录

Solid H1 profit delivery and outlook maintained; Reit Buy

Market share: GRG’s share of food-to-go visits increased 30bps to 8.7%, despite

market visits declining 1.9%, highlighting continued market outperformance.

Supply Chain

Supply-chain investment is progressing well, with Derby expected to be fully operational

by end-2026 and Kettering in 2027, expanding capacity to support at least 3,500 shops.

Derby commissioning will create an H2 cost headwind, while increased automation

should support future efficiency and ROCE recovery towards the c.20% target.

UBS Evidence lab shows GRG in a

strong competitive position with white

space for store growth remaining

We leverage four different datasets from UBS Evidence Lab. 1) UK Consumer perception

and preference (> Access Dataset) ;2) European Consumer Transaction Monitor (>

Access Dataset) 3) Global app usage monitor- consumer (> Access Dataset) to analyse

Gregg's competitive position vs peers and 4) European Transaction Monitor(> Access

dataset) 4)UK coffee shop Location monitor (> Access Dataset).

UK consumer Perception and preference (Fig 1-3) survey points to slight detonation

in GRG's consumer metrics among QSR/Coffee shop peers. GRG holds on to its #2

position on price perception.

European Consumer Transaction Monitor (Fig 4-7) dataset points to GRGs relative

strength on Spend, transactions and retaining customers all pointing to strong and

improving 'Consumer' perception and implies stable market share at least. Overall

market seems to be returning to modest growth in FY26e at this early stage.

Global Consumer app usage monitor (Fig 11) dataset shows GRG is #3 in terms of

monthly active users (MAUs) on the app amongst key competitors.

UK Coffee shop location monitor (Fig 12-19 ) points to cannibalisation rate well