DAVY VIEW

Greencore’s healthy Q1 like-for-like (LFL) growth of +4.9% was supported by strong underlying and above market volume growth of +2.6%. Food to Go (FtG) performance was supported by a solid overall sandwich LFL volume increase of +2.5%. Profit conversion was in line with management expectations during the period and the group anticipates FY25 profit delivery to be in line with current market consensus. As such, we envisage limited changes to our forecasts. The group will host its Capital Markets Event next Wednesday, February 5th.