DAVY VIEW

Greencore has sustained its strong trading momentum into Q4-26, achieving +4.5% pro-forma sales growth (Davy implied: +3.6%), underpinned by +2.1% manufactured volume growth. Underlying profit momentum was ahead of expectations in Q4-26, supported by a combination of volume growth and continued efficiency-led margin improvement. Greencore now anticipates FY26 adjusted operating profit of c.£248m (previously: £234-242m, compiled consensus: £238m). Additionally, Greencore has made material progress in reducing its leverage, with net debt (ex-leases) now expected to be c.£600m (compiled consensus: c.£744m), implying a year-end leverage of 1.8x. At first look, we envisage healthy upside to our forecasts.