DAVY VIEW

Greencore has sustained its strong trading momentum into Q4-25, achieving 8% reported sales growth (VA implied: +5.5%), driven by new business wins, new product innovation and favourable weather. Profit conversion was ahead of expectations in Q4-25, supported by strong progress across its operational and commercial initiatives. Greencore is now upgrading its FY25 adjusted operating profit guidance to c.£125m (previously: £118-121m, Davy: £122m), marking its fourth consecutive upgrade this year. At first look, we envisage upside to our FY25 and FY26 forecasts.