Building

a Stronger

Greencore

Greencore Group plc

Annual Report and

Financial Statements 2025

2025

Greencore Group plc – Annual Report and Financial Statements 2025

Greencore Annual Report and Financial Statements 2025

James Macer

Chef at Wisbech

Find out more at www.greencore.com

Greencore Group plc is a leading

manufacturer of convenience foods.

We are proud to supply a wide range

of chilled, frozen and ambient foods

to some of the most successful retail

and food service customers in the UK.

Sustainability

Our Better Future Plan has

continued to mature and embed

across the business, strengthening

the foundations we need to grow as

a resilient, future-fit organisation that

creates positive impact for people

and the planet.

In this Report

We are

Greencore

Read more on page 43

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Revenue

£1,947.0m

FY24: £1,807.1m

Basic Earnings per Share

13.2p

FY24: 10.1p

Group Operating Profit

£101.1m

FY24: £84.3m

Adjusted Earnings per Share (‘EPS’)

18.6p

FY24: 12.7p

Adjusted Operating Profit

£125.7m

FY24: £97.5m

Free Cash Flow

£120.5m

FY24: £70.1m

Profit before taxation

£79.5m

FY24: £61.5m

Return on Invested Capital (‘ROIC’)

15.0%

FY24: 11.5%

Financial highlights

Our Strategy

Our strategy is focused on improving

financial returns and delivering growth

across each of our categories, and is

built on two pillars: ‘Strengthen our

Core’ and ‘Grow and Expand’.

Certain statements made in this Annual Report are forward-looking. These represent expectations

for the Group’s business, and involve known and unknown risks and uncertainties, many of which

are beyond the Group’s control. The Group has based these forward-looking statements on

current expectations and projections about future events based on information currently available

to the Group. These forward-looking statements include all statements that are not historical facts

and may generally, but not always, be identified by the use of words such as ‘will’, ‘aims’, ‘achieves’,

‘anticipates’, ‘continue’, ‘could’, ‘develop’, ‘should’, ‘expects’, ‘is expected to’, ‘may’, ‘maintain’,

‘grow’, ‘estimates’, ‘ensure’, ‘believes’, ‘intends’, ‘projects’, ‘sustain’, ‘targets’, or the negative thereof,

or similar future or conditional expressions.

At a glance 02

Strategic Report

Strategic framework 06

Chair’s statement 08

Chief Executive’s review 10

Business model 12

Market trends 14

Strategy 16

Key Performance Indicators 18

Operating and financial review 22

Managing our risks 26

Sustainability 42

Task force on Climate-related

Financial Disclosures (‘TCFD’) 52

Group Executive Team 66

Directors’ Report

Chair’s introduction to corporate governance 70

Board of Directors 72

Board leadership, culture and company purpose 74

Stakeholder engagement 76

Division of responsibilities 84

Composition, succession and evaluation 86

Report of the Nomination

and Governance Committee 88

Report of the Audit and Risk Committee 91

Report on Directors’ Remuneration 98

Report of the Sustainability Committee 122

Other statutory disclosures 124

Statement of Directors’ responsibilities 129

Financial Statements

Independent Auditor’s Report 132

Group Income Statement 140

Group Statement of Comprehensive Income 141

Group Statement of Financial Position 142

Group Statement of Cash Flows 143

Group Statement of Changes in Equity 144

Notes to the Group Financial Statements 146

Company Statement of Financial Position 189

Company Statement of Changes in Equity 190

Notes to the Company Financial Statements 191

Other Information

Alternative Performance Measures 196

Corporate Information 201

1. The Group uses Alternative Performance Measures (‘APMs’) which are non-International Financial Reporting

Standards (‘IFRS’) measures to monitor the performance of its operations and of the Group as a whole.

These APMs along with their definitions and reconciliations to IFRS measures are provided in the

APMs section on page 196.

Read more on page 16

Greencore Group plc (‘Greencore’

or the ‘Group’) Annual Report and

Financial Statements (this ‘Annual

Report’) for financial year ended

26 September 2025 (‘FY25’)

can be downloaded as a PDF

from this location:

www.greencore.com/investor-

relations/results-centre

Greencore Annual Report and Financial Statements 2025

locations across

the UK and Ireland

We supply all the major supermarkets

in the UK, as well as convenience and

travel retail outlets, discounters, coffee

shops, food service and other retailers.

Our principal customers include:

Protecting food safety

We source, store and prepare our

Great Food to the highest food safety

standards every day. Our customers

and their consumers can trust what

we place on the shelves.

Winning on quality

We care deeply about the experience

we deliver to consumers and take

great care in assuring food quality,

from the nutritional value, colour

and texture to the packaging it

reaches them in.

Delivering for

our customers

At a glance

Read more on page 20 Read more on page 48

Greencore Annual Report and Financial Statements 2025

Financial StatementsStrategic Report Directors’ Report

Delivering in

all weathers

Corporate

head office

distribution vehicles

across the UK

621

What we do and

where we operate

Manufacturing

We operate 16 industry-leading manufacturing

sites, and operations at these sites consist of

nine sandwich units, four chilled ready meal

units, three salad units, two sushi units, one

chilled soup and sauces unit, one chilled

quiche unit, one ambient cooking sauce and

pickles unit and one Yorkshire Pudding unit.

Distribution

We have built a strong Direct to Store

distribution operation comprising over

621 vehicles, three regional distribution

centres and 14 transport hubs.

Locations

Corporate head office

Manufacturing sites

Distribution centres

Transport hubs

Corporate services centre

Greencore Annual Report and Financial Statements 2025

Maple Bacon and

Vintage Cheddar Quiche

CEO’s review

Delivering excellence every day

“I am very proud

of my colleagues

across the Group for

another year of strong

performance.”

Read more on page 10

Strategic Report Directors’ Report Financial Statements

Greencore Annual Report and Financial Statements 2025

Strategic

Report

sandwiches and other

food to go items

764m

Strategic framework 06

Chair’s statement 08

Chief Executive’s review 10

Business model 12

Market trends 14

Strategy 16

Key Performance Indicators 18

Operating and financial review 22

Managing our risks 26

Sustainability 42

Task force on Climate-related

Financial Disclosures (‘TCFD’) 52

Group Executive Team 66

Greencore Annual Report and Financial Statements 2025

Salmon Poke Bowl

How it all

connects

This year we refreshed our

strategic framework, building

on our purpose and ambition

for the Group, to deploy and

embed the Greencore way

of winning.

Our strategy is focused on building a

strong growth portfolio in order for us

to achieve our ambition to lead the

way in convenience food. We do this

by implementing two pillars:

Strategic framework

“Making every day taste better” – These words

define who we are and inspire what we do.

Making: this is our call to action.

Manufacturing is at the heart of what we do.

Every day: we operate 24/7 throughout

the year and make a positive contribution

to the everyday lives of many people.

Taste: food is a core part of our DNA.

We are obsessed with making safe and

nutritious products that taste great.

Better: we constantly strive for better

in everything we do; in our products,

in our operations, with our people and

in the impact we have on our planet.

Our Purpose

Our Strategy

Strengthen our Core

• Do more with current customers

• Invest to get better

• Closely manage each part of the business

Grow and Expand

• Build new relationships

• Focus where we can win

• Selectively acquire other businesses

Read more on page 16

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Head Chefs

Jeremy Medley and

James Moulson

Pastrami Baguette

Our

Better Future Plan

is our

sustainability strategy and commitment

to improving the food system for both

people and the planet.

It has three corresponding strategic pillars: Sourcing

with Integrity, Making with Care and Feeding with Pride.

Each pillar comprises of an overarching ambition, key

focus areas and is underpinned by commitments by

which we operate.

DRIVEN BY:

Read more about our ‘Better Future Plan’ and our

sustainability approach in our Sustainability section.

Better Future Plan

The Greencore Way

Feeding with Pride

Sourcing with Integrity

Making with Care

The Greencore Way has always been our point

of difference, and our ‘differentiators’ have

evolved alongside our strategy to reinforce

the Greencore way of working.

Great Food

Create outstanding, quality

food that consumers love.

• Prioritise food safety

and quality

• Win through innovation

and taste

• Scale successful concepts

Delivery Excellence

Become the most efficient

manufacturer in our markets.

• Always strive for better

• Do things the right way

• Invest in technology

Lasting Partnerships

Be the most valued partner

to our customers, suppliers

and other stakeholders.

• Create win-win

opportunities

• Focus on the long-term

• Help each other grow

Sustainable Choices

Embed sustainability in

every choice we make.

• Source with integrity

• Make with care

• Feed with pride

People at the Core

Empower an ambitious, diverse and responsible team.

• Nurture a can-do, safe and inclusive culture

• Provide valued benefits and opportunities

• Build and prepare for success

Read more on page 42

Greencore Annual Report and Financial Statements 2025Greencore Annual Report and Financial Statements 2025

Leslie Van de Walle,

Board Chair

Adjusted Operating Profit

£125.7m

Revenue

£1,947.0m

Chair’s statement

Building

momentum

for the future

“Greencore is a business with excellent

fundamentals and further strong

growth potential. The Group has

executed well in both areas this year –

through financial performance in the

core business, as well as progressing

with our recommended acquisition

of Bakkavor Group plc.”

Introduction

During FY25, the Group shared a refreshed

strategic framework, underpinned by two

pillars of ‘Strengthen our Core’ and ‘Grow

and Expand’. We have progressed well on

both dimensions this year. With regards

to the former, the Group has continued

to deliver strong financial performance,

with profitability and returns back to pre-

pandemic levels. On the latter, I am pleased

that we have moved forward our growth

agenda by announcing and progressing

our recommended acquisition of Bakkavor

Group plc (‘Bakkavor’).

Strengthen our Core

This year, we laid out a new set of financial

targets to underpin our trajectory over the

medium-term, and we have begun to deliver

against these. Our revenue growth was 7.7%,

against a medium-term target of 3-5% – whilst

this is driven by manufactured volume growth

of 2.5%, it is also reflective of ongoing inflation

recovery measures. Adjusted Operating Margin

was 6.5%, 110bps higher than FY24.

One area which has been of particular focus

for me since I joined the Group has been

financial returns. We have now determined

Return on Invested Capital (‘ROIC’) as the

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

‘North Star’ metric by which we measure

performance. I was encouraged that we

achieved a 15.0% ROIC in FY25, up from

11.5% in the previous year. We have more

work to do to reach a point where every

part of the business is covering its cost of

capital, but we have made progress, owing to

disciplined portfolio and cost management.

This positive performance has strengthened

our financial position. We successfully

managed the Free Cash Flow generated by

the business, reducing Net Debt (pre-IFRS 16)

to £70.1m and bringing leverage to 0.4x.

Whilst we are mindful of headwinds ahead,

notably continued high levels of inflation,

our business is in a good place with the

required resilience to manage these

challenges. I would like to extend my thanks

to our Chief Executive Officer, Dalton Philips,

and the entire Greencore management

team for their delivery of these results.

Business performance is strong, and I see

significant room for further upside as we

continue to progress our Commercial

Excellence, Operational Excellence and cost

management agendas.

Grow and Expand

We were very pleased earlier this year to

announce the recommended acquisition

of Bakkavor, and that both Greencore and

Bakkavor shareholders voted in favour

of the acquisition at our respective

Extraordinary General Meetings that took

place in July. The Competition and Markets

Authority (‘CMA’) conducted a Phase 1

investigation in respect of the recommended

acquisition, and concluded that there was

no basis for competition concerns in relation

to approximately 99% of the revenues of

the combined group. Whilst this is positive

news which allows us to move forward, the

CMA did identify that there may be a risk

of a competition concern in the supply of

own-label chilled sauces. We are working

constructively with the CMA and Bakkavor

to come to a conclusion on this matter.

The rationale for the deal is so compelling

as these are two highly complementary

businesses, both of which have been

on a strong performance trajectory. The

combined business will be a true UK

convenience food champion, with greater

scale and resilience to better serve our

customers and end consumers.

The Board and I have worked closely with

management to ensure that there is a robust

value creation case for shareholders from

the deal. I am confident that there are clear

benefits for both sets of shareholders –

as post-completion, the current Bakkavor

shareholders will form part of the Greencore

shareholder base. These benefits include at

least £80m of cost synergies, an enhanced

financial profile delivering earnings accretion

in the first full financial year post-completion,

and strategic flexibility, with rapid deleveraging

and optionality around future capital allocation.

It must also be said that Bakkavor is a business

that we have always deeply respected at

Greencore. I would like to congratulate the

entire Bakkavor management team, notably

Chairman, Simon Burke, and Chief Executive

Officer, Mike Edwards, on their leadership of

the business. I greatly look forward to a new

chapter as a combined entity – including

welcoming Bakkavor’s founders Agust

Gudmundsson and Lydur Gudmundsson

onto our Board. The Gudmundssons bring a

wealth of experience, and their expertise and

guidance will be invaluable as we integrate

the two businesses, deliver synergies and

position for future growth.

Stakeholder engagement

Throughout FY25, I have continued to

engage with key stakeholders, including our

major shareholders, in order to hear their

views and share their feedback with the

Board. I was delighted to get the opportunity

to meet a wide range of industry analysts and

investors at the Group’s Capital Markets Day

which we held in London in February. More

details on our stakeholder engagement are

available on pages 76 to 83.

Shareholder returns

The Group remains committed to allocating

capital in a disciplined way to maximise

shareholder return. In November of last year,

we announced a £10m share buyback which

completed on 17 January 2025.

Last year, the Board reintroduced a dividend

of 2.0 pence per share. Given the continued

strong performance of the Group, the

Boardis now recommending a dividend

of 2.6 pence per share.

Conclusion

On behalf of the Board, I would like to

express our gratitude to all colleagues

for their contributions this year. Our

performance is the product of the focus

and dedication of our c.13,300 colleagues,

alongside the leadership of our management

team. We are now embarking on a new

chapter as a combined group with Bakkavor.

As we progress, we recognise the challenges

that we face in the external environment,

including persistent high inflation, and the

need to continue to build a resilient business

for the future.

Our focus in FY26 will be to execute on

both pillars of our strategic framework

– ‘Strengthen our Core’ and ‘Grow and

Expand’. On the former, we will remain

focused on driving Commercial and

Operational Excellence, as well as advancing

strategic initiatives including our technology

transformation programme and automation

agenda. Alongside this, pending the final

completion of the acquisition, we will

also progress the integration process with

Bakkavor and deliver on our committed

synergy targets. There is lots to do, but we

remain confident in our ability to continue

to deliver excellence in FY26.

Leslie Van de Walle

Board Chair

17 November 2025

Greencore Annual Report and Financial Statements 2025Greencore Annual Report and Financial Statements 2025

Dalton Philips,

Chief Executive Officer

Introduction

I would like to extend my sincere thanks to our

team of c.13,300 colleagues for their hard work

in FY25. Without you, it would not be possible to

deliver the strong performance that we have had

this year. I would also like to thank our suppliers

and customers for another year of strengthening

our partnerships, and enabling us to live our

purpose of ‘making every day taste better’.

Strong financial results

In FY25, Group revenue increased to £1,947.0m,

reflecting core volume growth and new business

wins. Group Operating Profit increased by

19.9% to £101.1m, and Adjusted Operating Profit

increased by 28.9% to £125.7m – a record level

of profitability for the Group. Adjusted Operating

Margin increased to 6.5%.

At our Capital Markets Day in February, we

highlighted the importance of Return on Invested

Capital (‘ROIC’) as a Key Performance Indicator.

This year, we improved ROIC by 350bps to 15.0%.

We also further strengthened our financial

position in FY25 – reducing Net Debt (pre-IFRS

16) to £70.1m and bringing leverage to 0.4x.

Commercial Excellence

We delivered manufactured volume growth of

2.5%, ahead of the overall grocery market of

0.7%. We continued to focus on innovation in

FY25 – launching 534 new products with our

customers. Some examples include a new pasta

sauce range, an elevated mac and cheese range

and a selection of limited edition sandwiches

and wraps.

We also won several new pieces of business

this year, notably across our food to go and

ambient grocery categories. Delivering great

food to consumers is why we do what we do,

and it has been fantastic to have more people

enjoying a widened range of products this year.

Delivering excellence

We remain focused on driving efficiencies in

cost management and Operational Excellence.

This year, inflationary pressures increased

Delivering

excellence

every day

“I am very proud of my colleagues

across the Group for another year of

strong performance. We have improved

our financial trajectory whilst further

developing our efficiency agendas

and investing for the future. While the

external market remains challenging,

we have the right foundations in place

to continue to deliver excellence for

our stakeholders.”

Chief Executive’s review

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

15.0%

Return on

Invested Capital

substantially– in labour due to National

Insurance and National Living Wage

increases, and in protein costs driven by

supply constraints. We’ve had positive

engagement with our customers on price

recovery, whilst maintaining disciplined cost

management to mitigate these headwinds.

We continued to roll out our Operational

Excellence framework, which applies a

diagnostic process to identify opportunities

for cost savings in our production processes.

We achieved a 4% improvement in units per

labour hour, a measure of productivity, and

have more opportunities to go after in the

coming years. In particular, we have made

good strides on building out our automation

Centre of Excellence and developing a

pipeline of future solutions, which we will

begin implementing from FY26.

I am particularly proud of two achievements

within the operational space. Firstly, we

achieved an average operational service

level of 99% in our manufacturing sites

– delivering on-time and in full for our

customers is of paramount importance.

Secondly, I am delighted that every one of

our sites and depots has been awarded the

top Brand Reputation Compliance Global

Standards (‘BRCGS’) food safety audit grade

of AA/AA+. This is a testament to the hard

work of our Operations and Technical teams.

People at the Core

I continue to be impressed by the efforts of

our colleagues in driving our business forward,

and have greatly enjoyed getting out into our

sites and meeting as many of them as possible

throughout this year.

Reducing our annual attrition rate is a key

focus – this has decreased from 24% in FY24

to 19% in FY25. We have many great people

at Greencore – we want to retain the best

talent and enable them to grow their careers

with us. Some of the key drivers in reducing

attrition have been the implementation

of best practice recruitment and induction

processes in all sites, a review of our site-

level communication processes, and analyses

on leaver profiles to identify trends.

Over the past year, we have continued to

strengthen our health, safety and wellbeing

framework. Our number one priority is

ensuring that our colleagues are safe and

well while at work. We continue to work

to reduce our accident frequency rate and

increase proactive reporting of potential

serious incidents, in order to build an open,

learning culture around health and safety.

We have enhanced support for colleague

wellbeing, expanding access to occupational

health services and mental health resources.

We have also delivered progress on our

Inclusion and Diversity Strategy. We’ve

worked hard on gender equity, with

investments in parenthood and menopause

policies at the forefront of our gender

action plans, as well as committing to the

Food Business Charter, seeking to improve

representation of women in the food and

drink sector. This year, we’ve also expanded

our work on ethnic representation –

culminating in the development of a three-

year plan of ethnicity-focused action.

Investing for the future

Alongside day-to-day delivery, it is critical

that we also make investments for the future.

We increased capital expenditure in FY25 to

reflect this – investing £43.4m, up 34.0% on

FY24, whilst maintaining a rigorous returns

focus. One key focus is our ‘Making Business

Easier’ transformation programme, which

will improve processes, technology and data.

The programme is now well established,

with quick wins achieved in FY25, as well as

progress on large multi-year initiatives such

as standardisation of manufacturing systems,

supply chain planning and Enterprise Resource

Planning (‘ERP’) system consolidation.

Delivering a Better Future

In sustainability, we continued to deliver

our Better Future Plan across Sourcing

with Integrity, Making with Care and

Feeding with Pride. I am pleased that we

achieved our in-year targets for Scope 1

and 2 carbon emissions and food waste

reduction. Initiatives which supported this

delivery include the roll-out of a fleet of

vehicles powered by Hydrotreated Vegetable

Oil, and the installation of solar panels at our

largest sandwich site. We recognise there

is more to do as we look ahead to our 2030

targets across Scope 1, 2 and 3; as well

as preparation for upcoming regulatory

reporting. However, I am encouraged

by our in-year progress and the positive

momentum within our business.

Strategic progress

Over the past few years, we have focused

on delivery of our three-horizon strategy, to

stabilise the business and rebuild profitability.

Following successful execution against this

strategy, we were pleased to announce

a new strategic framework at our Capital

Markets Day, with two pillars – ‘Strengthen

our Core’ and ‘Grow and Expand’. Our results

this year are the product of continued focus

on strengthening our core, whilst we have

also progressed our growth agenda through

our recommended acquisition of Bakkavor.

The combination of Greencore and Bakkavor

is a pivotal moment for our two businesses,

and brings huge opportunity. A combined

group gives us the ability to build deeper

partnerships with customers and suppliers,

a stronger balance sheet to manage

headwinds, and improved flexibility for

capital allocation options. Whilst we do not

underestimate the challenges that come

with combining two businesses of our size,

we are making good headway on integration

planning, and feel confident in our ability

to deliver our synergy targets. I personally

am hugely looking forward to welcoming

Bakkavor colleagues into our combined

business, including working closely

with Agust Gudmundsson and Lydur

Gudmundsson on our Board, and building

a shared culture and ambition for the future.

Looking forward

Whilst being mindful of external challenges,

most notably inflationary pressures, I believe

I speak on behalf of all my colleagues

when I say that we are optimistic about

Greencore’s future. Building on FY25, there

is much more to go after – including driving

innovation, accelerating automation plans

and advancing our People and Sustainability

strategies. Coming together with Bakkavor

will step-change our trajectory, and enable

us to truly deliver on our ambition to

‘lead the way in convenience food’. Most

importantly, the combined group will better

serve our key stakeholders – shareholders,

customers, suppliers, consumers, colleagues

and the communities in which we operate.

Finally, I would like to once again thank

our colleagues for all of their contributions

and hard work throughout FY25, and I look

forward to continuing to drive our business

forward together in FY26.

Dalton Philips

Chief Executive Officer

17 November 2025

Greencore Annual Report and Financial Statements 2025

Dragon Roll Sushi

We continue to deliver excellence across

the Group, while recognising that we

face risks in the execution of our strategy.

Understanding and managing those risks,

being decisive and effectively managing

stakeholders through the decision-making

process, are core elements of delivering

that excellence.

Delivering

better results

Business model

Managing our risks

Like all organisations, we face a wide

range of risks that could impede the

successful achievement of strategic

objectives. We recognise that

effectively managing these risks

is critical to our success.

We operate an Enterprise Risk

Management framework that ensures

that risks are understood, evaluated,

and mitigated in line with our risk

appetite and enables informed

decision-making. This is supported

by applying a standard methodology

and systematic oversight by the

Risk Oversight Committee and the

Audit and Risk Committee.

Read more on pages 76 to 83

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Greencore Annual Report and Financial Statements 2025

Chorizo Mac

and Cheese

Stakeholder value creation

For each of our stakeholders, we aim to add value by:

Our inputs

People

c.13,300

Ingredients

2,200

Manufacturing sites

Distribution fleet

621

Invested capital

c.£620m

Shareholders

Creating sustainable

value through disciplined

capital allocation.

Colleagues

Investing in career

development to shape career

opportunities to engage,

reward and retain our people.

Consumers

Addressing key consumer

demand drivers through

food innovation.

Customers

Providing best-in-class

customer outcomes

and satisfaction.

Suppliers

Partnering with suppliers

to achieve goals and drive

sustainable growth.

Community

Creating stronger and

healthier communities

through education and

food-focused engagement.

Read more about our Stakeholders on pages 76 to 83

Greencore Annual Report and Financial Statements 2025Greencore Annual Report and Financial Statements 2025

The Group’s dedicated team of consumer and shopper insight and

category professionals review multiple sources of market, shopper,

and consumer intelligence daily to unlock key insights which are used

to ensure we respond to evolving consumer trends and preferences.

we remain relevant. We are in constant

conversation with our community members

to understand more about their lives, their

priorities and the changing factors impacting

their food decisions.

The community platform’s best-in-class

integrated AI capability enables us to get to

deeper insights quicker, increasing the speed

of our decision-making. We have partnered

with our community agency to push the

boundaries in terms of our research and

analysis by incorporating AI on a test and

learn basis.

We understand what drives

purchase behaviour

In addition to our online research

programme, we use in-store and

ethnographic research to understand how

people make decisions in-the-moment.

We use advanced eye-tracking technology,

accompanied shopping trips, home visits,

longitudinal interviews and in-depth

discussion groups to understand total

decision pathways, both in general and

specific to our categories.

Shoppers are typically on autopilot when

buying food and we only have a short

window of opportunity to catch their

attention. From our extensive research we

have developed a set of shopper-focused

guiding principles for each of our categories,

and we work with our customers to ensure

we are giving our products and categories the

best chance of success in store.

We look to the future

At Greencore, we respond to evolving

consumer trends and preferences. Our

category drivers ensure we remain relevant

and focused.

We have worked extensively to understand

the consumer of the future. Our generational

research enables us to build a picture of

how consumers needs and expectations are

evolving and how this might translate to our

product ranges and stores of the future.

Cost consciousness

Despite recent signs of stability, inflation

remains high and is forecast to climb again,

leaving many UK households under ongoing

financial strain. In response to continuing

economic uncertainty, consumers are

increasingly focused on affordability, often

choosing to recreate occasions at home as a

more cost-effective alternative to eating out.

Savvy shopping has become deeply ingrained

in consumer behaviour as value for money

remains a key consideration, particularly in

the grocery channel.

However, when dining or purchasing food out

of home, the mindset shifts. Once consumers

have committed to the experience, they are

more open to treating themselves, creating

opportunities for premium and upgraded

offerings, such as premium lunchtime meal

deals or limited-edition treats.

Convenient solutions

People instinctively look to simplify life

where they can. Deciding what to eat can

feel like a constant chore and people want

help to make everyday eating easier. Our

products offer ease and flexibility and aim to

simplify decision-making while maximising

value and enjoyment.

We view convenience across the entire

consumer journey, from the shopping list

to the store to the kitchen, ensuring our

products and experiences make every stage

simpler. Our in-depth understanding of

shopper behaviour enables us to identify

meaningful changes that make shopping in-

store for our products easier, more intuitive

and more enjoyable.

Advancing our business with

insight-powered decisions

We understand people, shoppers

and consumers

Our expertise in interpreting diverse data

sets enables us to make informed, forward-

looking decisions. We leverage an extensive

range of data and insight sources to shape

our thinking and develop consumer-focused

strategies that drive growth. By continuously

monitoring and analysing the consumer and

shopper landscape, we generate unique

insights and identify emerging opportunities

to stay ahead.

Our team rigorously analyses multiple data

points, including end point-of-sale, loyalty,

and panel data, to understand shopper

behaviour (the ‘what’). We then enhance this

analysis with our proprietary consumer and

shopper research to understand sentiment

and motivations (the ‘why’).

We continually seek new ways

to better understand people

We partner with leading research agencies,

utilising the latest technology and robust

qualitative and quantitative methodologies

to get a deeper understanding of consumer

and market dynamics.

Our proprietary consumer community

‘Talking Taste’ enables us to get even closer

to our shoppers and consumers to ensure

100

hours spent

one-to-one with

shoppers in store

Market trends

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Greencore Annual Report and Financial Statements 2025

Directors’ Report

Masala

Cauliflower Soup

Thai Green Curry

Convenient access to food is now just as

important as convenient food itself, and our

channel-specific strategies are aligned to

how and where people want to shop. The

UK’s food delivery landscape has evolved

rapidly, driven by changing consumer

expectations, digital innovation, and the

ongoing shift towards convenience. Routes

to market are diversifying from rapid grocery

delivery (Q-Comm) and dark kitchens to

subscription and membership models, and

AI-powered apps that optimise efficiency and

elevate the customer experience.

Healthy sustainable choices

Awareness of health and nutrition is higher

than ever, but people tend to overstate

intentions when it comes to both health and

sustainability. Whilst health isn’t always at

the forefront of consumer decisions, it can

feature in many.

Health is difficult to navigate and increasingly

consumers are looking to retailers and

manufacturers for support and guidance. We

have a responsibility to use our influence to

drive positive system change and improve food

outcomes for consumers and the wider society.

Whilst the rise of GLP-1 (as defined on

page 42) usage is changing the way a small

proportion of people are eating, the core

focus needs to be on addressing the key UK

nutrient shortfalls (fibre, fruit and vegetable

consumption and protein variety) and making

healthy and sustainable food the easiest and

most attractive choice for shoppers.

Food experience

Taste remains the single biggest driver

of food choice. Younger generations are

motivated by both taste and a sense of

adventure; seeking bolder flavours, spicier

options, and inspiration from global cuisines.

Our categories play a key role in enabling

consumers to trial, adopt, and enjoy new

cuisines and food experiences.

Treat occasions continue to be a key driver

across our categories. Even in the current

economic climate consumers are willing to

trade up or reallocate their spend towards

moments and experiences that feel special

or rewarding. Product ranges that deliver on

these treat needs, whether at home or on the

go, are essential and enable us to compete

effectively with foodservice. The in-store

delivery of these occasions plays a critical

role in meeting these needs.

Enjoy together

Food remains a powerful social and

emotional connector. For many families the

evening meal remains one of the few times

that the household can come together.

Eating together doesn’t necessarily mean

eating the same thing. Modern households

need flexibility as well as connection, from

quick mid-week dinners to special weekend

occasions. Through innovative meal

solutions, sharable options and inspiring

convenience food, we aim to make eating

together easier and more enjoyable.

Our inputs

Best-in-class insight partners

Individual panel and data platforms

Online consumer community

members

650+

Large-scale bespoke research projects

with specialist agencies

Individual responses to quantitative

tracker surveys

10,000+

Minutes of video dialogue analysed

3,000+

Individual community research

briefs completed

160+

Greencore Annual Report and Financial Statements 2025

Dressed Chicken

Sandwich

This year, we evolved our 3 horizon strategy into an integrated strategic framework,

centred on the two pillars of ‘Strengthen our Core’ and ‘Grow and Expand’.

15%

ROIC

350 bps increase

in ROIC from

FY24 to FY25

Strategy

Strengthen our Core Grow and Expand

Delivering

our strategy

We are one of the leading convenience

food businesses in the UK, underpinned

by long-term partnerships with major UK

retailers in attractive product categories

and supported by outstanding innovation

and manufacturing capability.

Over the past three years, we have been guided by a clear strategy, set out over

three horizons, focused on accelerating financial returns, explicitly looking to

improve the Return On Invested Capital and drive profitable growth across each

of our categories. Execution against this strategy has been strong, with FY25

Operating Profit of £101.1m (FY24: £84.3m) and Adjusted Operating Profit of

£125.7m (FY24: £97.5m) considerably higher than pre-pandemic levels.

This integrated strategic framework, which was presented at the Group’s Capital Markets Day in February 2025, is designed to help focus our

resources and decision-making to continue to drive financial returns over the coming years, and underpins the medium-term financial targets

of the Group.

Lasting Partnerships

Greencore enjoys deep, enduring

partnerships with our customers,

with a focus on the long-term

and delivering daily for all the

leading UK food retailers

Great Food

High quality, tasty food, made

to the highest technical and

food safety standards, and with

a constant focus on innovation

to drive growth across our

product range

Sustainable Choices

What is good for the communities

we operate in and the planet

is good for Greencore, across

our environmental footprint,

healthy and sustainable diets

and human rights

People at the Core

Our people make and deliver 3.3 million products every day, and we strive to keep colleagues

engaged, motivated, representative of our communities and properly empowered

Delivery Excellence

Being the most efficient supplier

to our customers supports a

more resilient food supply chain,

enabled by our Making Business

Easier programme

Deploy and embed the Greencore way of winning

Build a strong growth portfolio

Our Purpose:

Making every day taste

Our Ambition:

To lead the way in convenience food

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

There has been continued focus on category

improvement driven by Commercial and

Operational Excellence. Process and

infrastructure improvements through Making

Business Easier are ongoing. In addition,

the announcement in May this year of the

recommended acquisition of Bakkavor

Group plc (‘Bakkavor’), which is expected

to complete in early 2026, is a significant

strategic development for the Group.

Portfolio and category optimisation has been

the foundational strategy of the Group over

the last couple of years. More specifically,

we have moved to managing the business

through the explicit lens of Return On

Invested Capital (‘ROIC’).

In FY22 more than half of our categories in

the Group had a negative ROIC. In FY25, all

categories have continued to improve their

ROIC and the four largest categories, among

others, had a ROIC in excess of the weighted

average cost of capital of the Group. This

has been delivered through multi-functional

teams tasked with identifying and delivering

multi-year plans with clear targets for

improvement to complement the granular

in year achievement of Commercial and

Operational Excellence.

Commercial Excellence is focused on a

range of enhancements and improvements

across the full life cycle of engagement with

our customers, with a clear organisational

structure to enable these. From Insight

(market and commercial strategy), through

Plan (product and portfolio planning),

Sell (sales cycle management) and Buy

(procurement excellence), Commercial

Excellence has brought a step change in how

we organise and deliver for our customers,

and has seen Greencore continue to

outperform the wider convenience food

market. In FY25, Greencore manufactured

volumes grew by 2.5% year-on-year, versus

market growth of 0.7%.

Operational Excellence is a framework that

we use to manage the efficiency of our

manufacturing and distribution network, with

a focus on granular process improvements

to enhance how we work. We use a forensic

diagnostic of the processes across the

Group to identify inefficiency and waste,

and deploy industry-wide best practices to

deliver cost savings and efficiencies. We use

a ‘lighthouse’ model whereby individual sites

pilot improvement plans and then share the

learnings across the full network.

Making Business Easier is our programme

to improve the Group’s infrastructure

around data, processes, systems and

technology. Historically, the Group had

developed in a federalised way with five

business units, and had never operated

in an integrated way from a systems and

processes perspective.

This changed in FY22 with the

implementation of a single, integrated

functional organisational model as part

of our Better Greencore transformation

programme. During FY24 we launched

Making Business Easier as a multi-year

change programme to deliver on the

opportunity this could bring. FY25 has

seen Making Business Easier become fully

mobilised with a clear multi-year roadmap

to support more efficient and effective

management of the Group, improved

processes, better data capture and analysis,

and underpin the ongoing delivery of

Commercial and Operational Excellence.

As we look further ahead, we recognise that

the Group will need to continue to evolve.

Today, our business is largely focused on

chilled food-to-go and is wholly centred

on the UK market. While there is some

potential to diversify the Group organically,

with food innovation as a driver for category

expansion, we will also need to invest in

inorganic opportunities. We consider this

across the three ‘C’s, of channel, category

and country – evolving the Group over time

to include higher growth markets in the UK

and potentially internationally.

In this context, the recommended acquisition

of Bakkavor announced earlier in the year

is a key development. This transaction

creates a UK convenience food champion,

combining businesses with complementary

categories across food-to-go and food-

for-later and enhanced capabilities across

a 36 factory network in the UK. The

combination will unlock significant value for

our customers and their shoppers, as well

as for shareholders. The cashflows of the

enlarged Group provide a very significant

platform for investment in growth and value

creation, although our immediate focus is

on completion of the transaction and on

integration planning which is well underway

to enable us to deliver on the significant

potential of the enlarged Group.

Our FY25 Progress

FY25 has been a year of significant progress for Greencore. We have rebuilt profitability materially above

pre-pandemic levels and improved the financial returns of the Group, with Operating Profit up 19.9% to

£101.1m and Adjusted Operating Profit up 28.9% in the year to £125.7m and Return On Invested Capital up

350bps to 15.0%.

Return On Invested Capital

>15%

Annual Revenue Growth

3-5%

Adjusted Operating Profit Margin

>7%

Free Cashflow Conversion

>55%

Target Leverage (Net Debt/

Adjusted EBITDA)

1.0-1.5x

Medium-term

financial targets

Greencore Annual Report and Financial Statements 2025Greencore Annual Report and Financial Statements 2025

FY25

FY24

FY25

FY24

Key Performance Indicators

We use our Key Performance

Indicators (‘KPIs’) to assess and

monitor the performance of the

Group and to measure our progress

against our strategic objectives.

Financial

Pro Forma Revenue Growth

+7.7%

FY24: -1.4%

Strategic relevance

The Group uses Pro Forma Revenue Growth

as it believes this provides an accurate guide

to underlying revenue performance. It is

central to our strategic framework.

FY25 performance

Pro Forma Revenue Growth increased

by 7.7% in FY25 driven by manufactured

volume growth of 2.5% and ongoing inflation

recovery measures. The Group are pleased

that this is ahead of the Group’s medium-

term target of 3-5% revenue growth.

Profitability

Strategic relevance

The Group uses Free Cash Flow to measure

the amount of underlying cash generation

and the cash available for distribution

and allocation.

FY25 performance

Free Cash Flow in FY25 was an inflow of

£120.5m compared to £70.1m in FY24. The

main driver of the increase is due to the

increased profitability of the Group in FY25

and the favourable inflow in working capital.

Free Cash Flow

£120.5m

FY24: 70.1m

Cash Flow

Our financial KPIs measure progress of our strategic priorities in

delivering profitability, returns and cash flow. In measuring this

progress, we also consider the relationship between each of

these measures.

All of the Group’s financial KPIs are non-IFRS measures or Alternative

Performance Measures (‘APMs’). The definitions, calculations and

reconciliations of all APMs (including these financial KPIs) to IFRS

are set out within the APMs section on pages 196 to 200.

Link to remuneration

The remuneration of Executive Directors is aligned closely with

financial and non-financial KPIs through the Company’s Performance

Share Plan (‘PSP’) and Annual Bonus Plan (‘ABP’). PSP awards granted

in FY25 were based on a scorecard of four measures comprising

ROIC, Adjusted EPS, Relative Total Shareholder Return (‘TSR’) and

Scope 1 and 2 carbon emission reduction. The financial element of

the ABP was linked to Adjusted Operating Profit (weighted 50%) and

Free Cash Flow (weighted 25%), with the remaining 25% linked to

strategic objectives selected each year to reflect our non-financial

KPIs and other short-term business priorities.

See Report on Directors’ Remuneration on page 98

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

FY25

FY24

FY25

FY24

FY25

FY24

FY25

FY24

FY25

FY24

FY25

FY24

Strategic relevance

The Group uses Adjusted Operating Profit

to measure the underlying and ongoing

operating performance of the Group as

a whole.

FY25 performance

Adjusted Operating Profit in FY25 was

£125.7m, an increase of £28.2m against

FY24, underpinned by the continued

effectiveness of the Group’s Commercial

and Operational Excellence initiatives

and disciplined cost management.

Strategic relevance

The Group uses Adjusted Operating Margin

to measure the underlying profitability and

operational efficiency of the Group.

FY25 performance

In FY25, Adjusted Operating Margin improved

by 110bps as a result of the continued

increase in the Group’s Adjusted Operating

Profit underpinned by disciplined cost

management and the effectiveness of

the Group’s Commercial and Operational

Excellence programmes. This marks

significant progress towards the Group’s

medium-term target of >7% Adjusted

Operating Margin.

Strategic relevance

The Group uses Adjusted EPS as a

key measure of the overall underlying

performance of the Group and returns

generated for each share.

FY25 performance

Adjusted EPS was 18.6 pence, representing

an increase of 5.9 pence against FY24 as

a result of an increase of £11.3m in profit

attributable to equity holders and a decrease

in the weighted average number of shares

in issue in FY25 to 435.1m due largely

to the full year impact of the FY24 share

buyback programme.

Adjusted Operating Profit

£125.7m

FY24: £97.5m

Adjusted Operating Margin

6.5%

FY24: 5.4%

Adjusted Earnings per Share (‘EPS’)

18.6p

FY24: 12.7p

Strategic relevance

The Group uses ROIC as a key measure

to determine what return is generated

from the Group’s capital employed, as well

as providing a baseline for the financial

assessment of potential new investments.

FY25 performance

The Group’s ROIC in FY25 was 15.0% which

was 350bps ahead of the FY24 measure of

11.5%. ROIC was positively impacted by the

increase in Adjusted Operating Profit and

decrease in the Group’s Net Debt. Average

invested capital decreased year-on-year

from £660.3m to £637.5m.

Strategic relevance

The Group has a target leverage of 1.0-1.5x

Net Debt to Adjusted EBITDA as measured

under financing agreements. The Group

monitors leverage as it provides insights into

risk, financing strategy and growth potential.

FY25 performance

The Group’s focus on cash management

during FY25 and improvement in underlying

performance has resulted in a reduction in

leverage to 0.4x which is below the Group’s

medium-term target of between 1.0-1.5x.

The Group’s Net Debt (excluding lease

liabilities) decreased from £148.1m in FY24

to £70.1m in FY25 and the Group’s Adjusted

EBITDA increased from £153.7m to £181.2m.

Return On Invested Capital (‘ROIC’)

15.0%

FY24: 11.5%

Leverage

0.4x

FY24: 1.0x

Strategic relevance

The Group uses Free Cash Flow

Conversion to measure how efficiently

profits from the overall underlying

performance of the Group are

transformed to cash available for

distribution and allocation.

FY25 performance

The Free Cash Flow Conversion metric

increased from 45.6% in FY24 to 66.5%

in FY25 consistent with Free Cash Flow.

This was due to increased operating cash

inflows in the financial year.

Free Cash Flow Conversion

66.5%

FY24: 45.6%

Returns

Greencore Annual Report and Financial Statements 2025

Our non-financial KPIs are designed to measure progress against the key drivers of our

purpose – People at the Core, Great Food, Delivery Excellence and Sustainable Choices

which lead to Lasting Partnerships.

Non-financial

People at the Core

Employee engagement

% Sustainable engagement in survey

84%

FY24: 81%

Strategic relevance

Our sustainable engagement score provides insight into how

committed our people are to our goals, how motivated they are to

contribute to our success and how likely they are to recommend

Greencore as an employer.

FY25 performance

The full People at the Core survey is completed by our colleagues

every 18 months. In the interim period, we issued a Pulse

Engagement survey. During FY25, a Pulse Engagement survey

was issued to certain sites and across all central functions asking

colleagues to share their thoughts on how we’ve progressed

on engagement action plans. We are pleased to report that the

sustainable engagement score has increased from 81% to 84%.

Employee attrition

% attrition

19%

FY24: 24%

Strategic relevance

Our colleagues in Greencore are a key driver for the continued

success of the business. Monitoring the rate of attrition is

important to the success of the Group as we want to ensure that

colleagues want to stay and grow their careers in Greencore.

FY25 performance

We are pleased that the rate of attrition has decreased

from 24% in FY24 to 19% in FY25. Some of the key drivers

in reducing attrition have been the implementation of best

practice recruitment and induction processes in all sites,

a review of our site level communication processes and

analysis on leaver profiles to identify trends.

Food safety

% BRCGS audits at AA/AA or AA/AA+ grades

100%

FY24: 100% BRCGS audits at AA/AA grades

Strategic relevance

Producing safe, authentic and excellent quality food is central

to everything we do. The Group utilises the Brand Reputation

Compliance Global Standards (the ‘BRCGS’) to measure food

safety levels, a standard that is recognised by the Global Food

Safety Initiative. Testing is carried out through audits on food

safety, quality and operational criteria at each of our sites.

FY25 performance

The Group is pleased that for FY25 all sites and depots achieved

the top BRCGS food safety audit grade of AA/AA+. The Group’s

performance of AA/AA+ is improved on FY24’s performance of

AA/AA and demonstrates the Group’s continued commitment to

ensuring that our food is produced to high quality standards and

this is a testament to the hard work of the Group’s Operations

and Technical teams.

Great Food

Key Performance Indicators continued

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Link to remuneration

The remuneration of Executive Directors is aligned closely with financial and non-financial KPIs through the Company’s Performance Share Plan

(‘PSP’) and Annual Bonus Plan (‘ABP’). PSP awards granted in FY25 were based on a scorecard of four measures comprising ROIC, Adjusted EPS,

Total Shareholder Return (‘TSR’) and Scope 1 and 2 carbon emission reduction. The financial element of the ABP was linked to Adjusted Operating

Profit (weighted 50%) and Free Cash Flow (weighted 25%), with the remaining 25% linked to strategic objectives selected each year to reflect our

non-financial KPIs and other short-term business priorities.

See Report on Directors’ Remuneration on page 98

Service

% products delivered on time and in full

99.0%

FY24: 99.2%

Strategic relevance

Building customer relationships underpins the Group’s strategic

priority to deepen customer relevance. An important component

of measuring this is our service level. We track our service level

by measuring the products we deliver to customers, on time and

in full.

FY25 performance

Delivering on-time and in-full for our customers is of paramount

importance to the Group are we are pleased that our operational

service levels remained consistently high at 99% in FY25.

Health and safety

Reportable Accident Frequency Rate (‘RAFR’)

per 100,000 hours

0.21

FY24: 0.18

Strategic relevance

We are committed to enhancing the health, safety and wellbeing

of our colleagues. We recognise this is critical to the success

of our business, and we work hard to understand risks to our

colleagues in order to build strategic, targeted and evidence-

based interventions.

FY25 performance

The Group’s RAFR increased slightly in FY25 versus FY24. This

increase was primarily due to a modest rise in lower severity

incidents. In response we have established dedicated working

groups to strengthen controls, enhance safeguards and share

best practice across sites.

Food waste

Food waste as a % of total food handled

6.92%

FY24: 7.16%

Strategic relevance

Managing food waste is a priority across our operations which we

address in multiple ways including prevention, redistribution, and

diversion to animal feed. Our actions on food waste drive progress

towards our commitment to halve our food waste (from an FY17

baseline) by 2030, in line with the UN Sustainable Development

Goal 12.3.

FY25 performance

This year we reduced food waste by another 6.92%, bringing us

to 27% of the way towards halving food waste as a percentage of

food handled by 2030.

Energy efficiency

Primary energy intensity ratio

(kWhp/tonne of production)

1,252

FY24: 1,324

Strategic relevance

Improving energy efficiency is an important part of reducing our

emissions and overall operational efficiency. Our science-based

targets define the pace and scale of change required to reduce our

emissions, and we continue to track our energy use per tonne of

production as a measure of energy efficiency.

FY25 performance

Performance improved, supported by a continued focus on

energy efficiency and tighter management of energy consumption,

enabled by expanded sub-metering coverage across sites. This was

complemented by investments in new technology, where we are

beginning to see reductions.

Delivery Excellence

Sustainable Choices

Greencore Annual Report and Financial Statements 2025

Operating review

1,2

Trading performance

Group Revenue increased by 7.7% to

£1,947.0m in FY25. The increase was driven

by net new business wins impact of 2.9%,

underlying volume and mix growth impact of

2.8% and inflation and pricing impacts of 2.0%.

Revenue in the Group’s Food to Go

categories (comprising sandwiches, salads,

sushi and chilled snacking) totalled £1,337.8m

and accounted for approximately 69%

of Group revenue. Revenue increased by

£93.2m following successful new business

wins, new product innovation and favourable

summer weather, as well as inflation and

pricing impacts. In particular, sandwiches and

sushi performed strongly across the period.

Revenue in the Group’s Other Convenience

categories (comprising chilled ready meals,

chilled soups and sauces, chilled quiche,

ambient sauces, pickles and frozen Yorkshire

Pudding categories) increased by £46.7m to

£609.2m in FY25. This increase was driven

by new business wins, particularly the large

ready meals contract won in FY24, and

inflation and pricing impacts.

The Group saw an increase in inflationary

pressures, particularly in labour due to

government-driven National Insurance and

National Living Wage increases, and protein

costs. We worked to offset these factors

through internal cost management and

positive engagement with our customers

on price recovery.

Adjusted Operating Profit increased by 28.9%

to £125.7m, resulting in margin increasing

110bps to 6.5%. The increase in Adjusted

Operating Profit was driven by volume

and mix, pricing and inflation recovery,

Operational Excellence and overheads

cost effectiveness, which effectively offset

the inflationary pressures. Pleasingly, this

performance represents strong progress

towards the Group’s medium-term financial

target of >7% Adjusted Operating Margin.

Group Cash Flow

The Group continued to carefully manage

cash flows and leverage in FY25 with

significant improvements in Group Cash Flow

performance reflecting the focus of the Group

on cash conversion during the year.

Free Cash Flow for FY25 was an inflow of

£120.5m and represented a 71.9% increase

on the prior year benefitting from a working

capital inflow of £27.6m (£8.0m outflow

in FY24) and the higher profitability of the

Group in FY25. Free Cash Flow Conversion

was 66.5%, an increase on the 45.6%

reported in FY24.

The Group’s Net Debt excluding lease

liabilities was £70.1m which represents

a £78.0m reduction compared to FY24.

The Group’s Net Debt: Adjusted EBITDA

leverage covenant as measured under

financing agreements was 0.4x, compared

to 1.0x at 27 September 2024 which is

below the Group’s medium-term target

of 1.0-1.5x – and provides flexibility given

the recommended acquisition of Bakkavor

Group plc (‘Bakkavor’).

Return On Invested Capital (‘ROIC’) increased

to 15.0% for FY25, compared to 11.5% for the

prior year. The year-on-year increase was

driven primarily by increased profitability

in the 12-month period. Average invested

capital decreased year-on-year from

£660.3m to £637.5m.

Strategic developments

In February, the Group shared a refreshed

strategic framework at its Capital Markets

Day. This framework was underpinned by

two pillars:

• Strengthening our core through our

Commercial and Operational Excellence

programmes, portfolio returns

management and a disciplined cost

management programme; and

• Growing and expanding through new

opportunities (including via M&A).

During FY25, the Group delivered strong

progress against these strategic priorities.

We were pleased to be able to do this while

achieving an average operational service

level of 99% in our manufacturing sites and

maintaining the highest quality standards,

with every one of our sites being awarded

the top Brand Reputation Compliance Global

Standards (‘BRCGS’) audit grade of AA/AA+.

Volume growth/

Commercial Excellence

We delivered manufactured volume growth

of 2.5% and underlying volume growth

(excluding new business wins) of 1.1%, ahead

of the wider grocery market growth of

0.7%

. Volume performance was particularly

strong in sandwiches and other food to go

categories. This volume performance was

partially enabled by favourable summer

weather and several key trends – including

opening of new convenience stores,

continued premiumisation and an ongoing

shift towards eating in versus eating out.

Innovation continued to be a key driver of

growth and we launched 534 new products

for our customers. These included a new

pasta sauce range, an elevated mac and

cheese range, an innovative takeaway range

of ready meals and a selection of limited

edition sandwiches and wraps – which

included a Japanese-inspired strawberry and

crème sandwich. Our customers continue to

value Greencore’s innovation capabilities and

we won several culinary awards during the

year – including at the Quality Food Awards

in November 2024.

From a customer perspective, the Group

successfully delivered new business during

the period, including the annualisation of

the large ready meals contract that was

onboarded at the Kiveton site in late Q4

FY24. New business was won in H1 25

across food to go and in ambient grocery,

which was successfully on-boarded into

the network across Q3 and Q4 FY25 and

will annualise into FY26.

Trading performance

FY25

£m

FY24

£m

Change

(As reported)

Group Revenue 1,947.0 1,807.1 +7.7%

Group Operating Profit 101.1 84.3 +19.9%

Adjusted Operating Profit 125.7 97.5 +28.9%

Adjusted Operating Margin 6.5% 5.4% +110bps

Group Profit Before Tax 79.5 61.5 +29.3%

1 The Group uses Alternative Performance Measures (‘APMs’) which are non-IFRS measures to monitor the performance of its operations and of the Group as a whole. These APMs along with

their definitions and reconciliations to IFRS measures are provided in the APMs section on page 196.

2 Kantar grocery market performance for the 52-week period to 5 October 2025.

Operating and financial review

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Operational Excellence

The Group continued to deliver on its

Operational Excellence programme and

reduce waste and drive labour efficiency

across the network. In FY25, we achieved a

4% improvement in units per labour hour, a

measure of productivity. We also made good

strides in investing in automation, investing

£4m of capital expenditure in automation

during FY25 and also standing up our

automation Centre of Excellence. Separately,

we also started to stand up our logistics

Centre of Excellence, to help standardise and

streamline how we approach logistics across

the Group.

People at the Core

During FY25, the Group made progress

in improving its value proposition for

colleagues. The annual attrition rate

decreased from 24% in FY24 to 19% in FY25

– through improvements in recruitment and

induction processes, a review of our-site

communications processes and analyses on

leavers to identify trends. At the same time, the

Group also made progress in strengthening

its health, safety and wellbeing framework

and Inclusion and Diversity Strategy.

Investing for the future

The Group increased its capital expenditure

to £43.4m in FY25, up 34.0% on FY24. This

included strategic capital expenditure of

£13.8m (FY24: £6.2m).

At the same time, the Group progressed

its ‘Making Business Easier’ transformation

programme, which will improve processes,

technology and data. This programme is

now well established, with several quick wins

achieved in FY25, as well as progress on large

multi-year initiatives such as standardisation

of manufacturing systems, supply chain

planning and Enterprise Resource Planning

(‘ERP’) consolidation. The quick wins

achieved in FY25 included a rollout of an

automated invoice processing solution,

a capital expenditure approval tool and an

artificial-intelligence based negotiation tool.

The Group recognised a charge of £12.0m

in exceptional items in respect of the work

carried out in the financial year.

Better Future Plan

The Group continues to progress its Better

Future Plan across three areas: Sourcing with

Integrity, Making with Care and Feeding with

Pride. During FY25, we achieved our in-year

targets for Scope 1 and 2 carbon emissions

and food waste reduction. Initiatives that

supported this delivery included the roll-out

of 10 vehicles powered by Hydrotreated

Vegetable Oil (‘HVO’) and the installation of

solar panels at our largest sandwich site.

Recommended acquisition

of Bakkavor Group plc

In May 2025, the Group announced the

recommended acquisition of Bakkavor.

This combination will bring together two

complementary businesses, enabling

the Group to strengthen its customer

partnerships, enhance its innovation and

technical capabilities and build a stronger,

more resilient business. The transaction

received approval from Greencore and

Bakkavor shareholders in July 2025.

In October 2025, the Competition and

Markets Authority (‘CMA’) concluded its

Phase 1 review into the transaction and

identified no competition concerns related

to 99% of the revenues of the combined

group. They identified competition concerns

in the supply of own-label chilled sauces.

On 14 November 2025, Greencore signed

a binding agreement to sell its Bristol chilled

soups and sauces manufacturing site to a

third party to address the concerns raised by

the CMA. The disposal is subject to formal

CMA approval and represents a further step

towards completion of the acquisition of

Bakkavor Group plc. The Group continues to

expect the acquisition to close in early 2026,

subject to regulatory approval.

Group Cash Flow

FY25

£m

FY24

£m

Change (as

reported)

Free Cash Flow 120.5 70.1 +£50.4m

Free Cash Flow Conversion 66.5% 45.6% +2090bps

Net Debt (excluding lease liabilities) 70.1 148.1 -£78.0m

Net Debt: EBITDA as per financing agreements 0.4x 1.0x

ROIC 15.0% 11.5% +350bps

Greencore Annual Report and Financial Statements 2025

Financial review

Revenue and Operating Profit

Group Revenue in the period was £1,947.0m,

an increase of 7.7% compared to FY24, due

to an increase in volume year-on-year linked

to a combination of new business wins and

the recovery of inflation and pricing.

Group Operating Profit increased from

£84.3m in FY24 to £101.1m in FY25 as a result

of continued strong focus on improving

returns across our portfolio, ongoing

effectiveness of the Group’s Commercial

and Operational Excellence programmes

and disciplined cost management during

the financial year. Adjusted Operating Profit

was £125.7m compared to £97.5m in FY24.

Adjusted Operating Margin was 6.5%, 110bps

higher than FY24 which is moving closer

to the 7% medium-term ambition outlined

at our Capital Markets Day.

Net finance costs

The Group’s net interest cost was £21.6m

in FY25, a decrease of £1.2m versus FY24.

The decrease was driven by lower levels

of debt during FY25. The Group recognised

a £1.3m interest charge relating to the

interest payable on lease liabilities in the

financial year (FY24: £1.4m).

The Group’s non-cash finance charge

in FY25 was a net £1.4m (FY24: £0.9m).

The change in the fair value of derivatives

and related debt adjustments including

foreign exchange in the financial year was

a charge of £0.5m (FY24: £0.2m credit) and

the non-cash pension financing charge

of £0.7m was £0.3m lower than the FY24

charge of £1.0m.

Profit before taxation

The Group’s profit before taxation increased

from £61.5m in FY24 to £79.5m in FY25,

driven by higher Group Operating Profit

offset by higher exceptional items. Adjusted

Profit Before Tax in the financial year was

£106.3m compared to £75.5m in FY24,

the increase primarily driven by the strong

operating performance of the Group.

Taxation

The Group’s reported effective tax rate

in FY25 was 28% (FY24: 25%), while the

adjusted effective tax rate was 24%

(FY24: 22%). The adjusted effective tax rate

adjusts profit before tax for exceptional items

and derivative financial instruments.

The increase in the reported effective tax rate

reflects higher expenses which are non-

deductible including the expenses incurred

in connection with the recommended

acquisition of Bakkavor.

Exceptional items

The Group had a pre-tax exceptional charge

of £23.1m in FY25 (FY24: £10.2m), and an

after-tax charge of £20.6m (FY24: £9.4m),

comprised as follows:

Exceptional Items £m

Transformation costs (12.0)

Transaction-related costs (10.9)

Pension restructuring related costs (0.2)

Exceptional items (before tax) (23.1)

Tax on exceptional items 2.5

Exceptional items (after tax) (20.6)

In FY25, the Group continued progressing

the multi-year transformation programme,

‘Making Business Easier’, which is focused

on transforming the Group’s technology

infrastructure and end-to-end processes

to drive efficiencies in the way the Group

operates. The programme is expected to

last over a period of up to five years, with

a total estimated cash cost of up to £80m.

The Group recognised a charge of £12.0m

in exceptional items in respect of the work

carried out in the financial year. The Group

also incurred transaction related costs of

£10.9m in FY25 relating to the Group’s

recommended acquisition of Bakkavor.

A cost of £0.2m was recognised in relation

to an ongoing pension restructure.

Earnings per share

The Group’s basic earnings per share for FY25

was 13.2 pence compared to 10.1 pence in

FY24. This was driven by an £11.3m increase

in profit attributable to equity holders and a

decrease in the weighted average number

of shares in issue in FY25 to 435.1m (FY24:

459.8m) due largely to the full year impact of

the FY24 share buyback programme.

Adjusted Earnings were £81.1m in the

financial year, £22.7m ahead of FY24 largely

due to an increase in Adjusted Operating

Profit offset by an increase in tax costs.

Adjusted Earnings Per Share of 18.6 pence

compared to adjusted earnings per share of

12.7 pence in FY24.

Cash Flow and Net Debt

Group operating profit before exceptional

items was £123.2m, £28.7m higher than

the FY24 amount of £94.5m. The Group

recognised a net working capital inflow

of £27.6m (FY24: working capital outflow

of £8.0m). Maintenance Capital Expenditure

of £29.6m was recorded in the financial

year (FY24: £26.2m). The cash outflow in

respect of exceptional charges was £17.4m

(FY24: £5.3m).

Interest paid in the financial year was £18.2m

(FY24: £20.9m), including interest of £1.3m

on lease liabilities (FY24: £1.4m), a decrease

on FY24 reflecting lower borrowings

throughout FY25. The Group recognised

tax paid of £7.5m (FY24: £5.4m) in the

financial year driven by an increase in the tax

charge for the year in line with the Group’s

profit. Cash repayments on lease liabilities

remained in line with the prior year at £15.5m

(FY24: £15.7m). The Group’s cash funding for

defined benefit pension schemes was £11.3m

(FY24: £11.5m).

In FY25, the Group recorded Strategic Capital

Expenditure of £13.8m (FY24: £6.2m).

The Group made an equity dividend cash

payment in FY25 of £8.9m (FY24: £Nil).

Net share purchases of £18.5m were made

in FY25 reflecting the continuation of the

Group’s share buyback programme costing

£10.0m in FY25 and the purchase of shares

by the Employee Benefit Trust for the Group’s

employee share ownership scheme of

£9.8m, offset by the proceeds from the issue

of shares of £1.3m. This compared to net

share purchases of £59.7m in FY24.

The Group’s Net Debt excluding lease

liabilities at 26 September 2025 was £70.1m,

a decrease of £78m compared to the end of

FY24 amount of £148.1m.

1 The Group uses Alternative Performance Measures (‘APMs’) which are non-IFRS measures to monitor the performance of its operations and of the Group as a whole. These APMs along with

their definitions and reconciliations to IFRS measures are provided in the APMs section on page 196.

Operational and financial review continued

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Greencore Annual Report and Financial Statements 2025

Financing

As at 26 September 2025, the Group had

total committed debt facilities of £415m with

a weighted average maturity of 3.6 years.

These facilities comprised:

• a £350.0m revolving credit bank facility

(RCF) with a maturity date of November

2029;

• a £50.0m bilateral bank facility with a

maturity date of January 2026; and

• £4.5m and $14.0m of outstanding Private

Placement Notes which are maturing in

June 2026.

At 26 September 2025, the Group had cash

and undrawn committed bank facilities of

£341.1m (FY24: £279.4m).

During FY25, the Group extended the

maturity of its £350.0m RCF by one year

to November 2029. Subsequent to the end

of the year the Group exercised its option

to extend the facility by a further one year

to November 2030.

In addition, the Group has secured £825.0m

in banking facilities in connection with the

recommended acquisition of Bakkavor,

with various maturities extending out to

November 2030.

Pensions

All of the Group’s legacy defined benefit

pension schemes are closed to future

accrual. The net pension deficit relating to

legacy defined pension schemes, before

related deferred tax, at 26 September 2025

was £5.0m, £9.8m lower than the position

at 27 September 2024. The net pension

deficit after related deferred tax was £2.7m

(FY24: £9.4m), comprising a net deficit on

UK schemes of £11.0m (FY24: £22.0m) and

a net surplus on Irish schemes of £8.3m

(FY24: £12.6m).

The decrease in the Group’s net pension

deficit was driven principally by contributions

paid by the Group offset by net actuarial

losses, particularly on the Irish scheme.

Separate to this IAS 19 Employee Benefits

valuation, the valuations and funding

obligations of the Group’s legacy defined

benefit pension schemes are assessed on

a triennial basis with the relevant trustees.

Full actuarial valuations were carried out

on the Irish and UK schemes at 31 March

2022 and 31 March 2023 respectively. The

UK defined benefit scheme achieved a fully

funded position on a triennial valuation basis

by the end of September 2025. Therefore,

in line with the agreement with the UK

scheme’s trustees, £9.8m of annual pension

contributions from the Group will cease

now that the fully funded position has

been achieved.

Return of value to shareholders

In FY25, we were pleased to pay a dividend

to our shareholders of 2.0 pence per share

and a share buyback of £10.0m. Due to

the continued strong performance of the

Group during the current year, we are now

pleased to announce a proposed dividend

of 2.6pence per share, which will be paid

subject to shareholder approval at our

Annual General Meeting.

Catherine Gubbins

Chief Financial Officer

17 November 2025

“FY25 was another successful year for

the Group with strong performance

across all key financial performance

indicators, underpinned by the

ongoing effectiveness of the Group’s

Commercial and Operational

Excellence programmes and

disciplined cost management.”

Catherine Gubbins

Chief Financial Officer, 17 November 2025

Greencore Annual Report and Financial Statements 2025

Governance

and assurance

Risk

process

Risk

strategy

Like all businesses, the Group faces a broad range of risks that could impact our

ability to successfully achieve our vision and strategy. We recognise that effective

risk management is critical to our success and have a Group Enterprise Risk

Management (‘ERM’) framework in place to support informed decision-making

and to ensure that such risks are understood, evaluated, prioritised and mitigated

in line with our risk appetite.

Managing our risks

Risk management strategy

The Group’s risk management strategy establishes our

commitments to:

• an ERM framework that enables us to be risk aware,

understand the risks we face, and make informed decisions;

• identifying, assessing and tracking risks that threaten the

achievement of the Group’s strategy and objectives, and

responding to them appropriately;

• appropriately embedding risk management in all areas

of our work;

• recognising that not all risk must be eliminated and

that some risk taking to support our ambitions may

be required;

• establishing a risk-aware culture to support informed

decision-making and ownership of risk throughout

the business;

• articulating a Statement of Risk Appetite to provide

direction and set boundaries on the amount or type of

risk that can be accepted throughout the business;

• producing insightful and value-add risk reporting;

• continually monitoring progress and evaluating the

effectiveness of our approach to risk management; and

• ensuring that all colleagues understand their

responsibilities in relation to ERM.

Risk management process

Our ERM framework is supported by a risk process and

methodology that incorporates a standardised toolkit across

a multi-stage cycle of activities:

Risk identification

Using various tools and techniques to consider and

identify the risk events that could impede the successful

achievement of business objectives. Risks are assigned

owners and categorised according to their nature.

Understanding the context

To inform our risk management cycle, a detailed

evaluation and understanding of the internal and

external risk context is undertaken to ensure the

relevance of our risk management activities.

Risk assessment

Evaluating risk impacts and likelihoods in accordance

with standard criteria, to support prioritisation and

decision-making, and documenting the existing control

environment to assess effectiveness and identify gaps.

Risk response

Planning and pursuing activities to reduce both the

likelihood of the risk materialising and its potential

impacts where the exposure is greater than the target

risk levels defined by our risk appetite.

Monitoring, reporting and escalation

Regular risk monitoring to track progress, evaluate

control effectiveness, and consider changes in the

risks or risk landscape, suitable reporting to provide

assurance across the Group, and the escalation of

significant risks according to defined criteria.

Communication and consultation

Ongoing communication and consultation to ensure

that risk management incorporates the views and

insights of a broad range of stakeholders.

Managing our risks

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

The Group continues to apply both top-down and bottom-up

approaches within its risk management framework to ensure

that the risk priorities of senior management are clearly defined,

monitored, managed and understood across the Group. This

approach also ensures comprehensive risk coverage and supports

risk-informed decision-making throughout the business.

Principal Risks – those considered most likely to significantly

impact the Group’s overarching objectives are identified by

the Group Executive Team. An Emerging Risks watchlist is also

maintained, monitoring those risks with a higher degree of

uncertainty with unclear but potentially far-reaching impacts.

Functional Risks – those relevant to functional responsibilities

and objectives – are identified and tracked across a range of risk

registers embedded within core business functions.

Principal, functional, and emerging risks are reported to and

reviewed by the Risk Oversight Committee (the ‘ROC’), which is

made up of the full Group Executive Team, the Director of Internal

Audit, Risk, Controls and Compliance and senior risk leads, and

meets quarterly. The remit of the ROC is to provide management

oversight of the suitability and effectiveness of the Group’s risk

management systems, including the risk management policy,

protocols and governance, sponsor and monitor the Group’s

principal risks, and direct risk management activities.

Overall accountability for reviewing and monitoring the

effectiveness of the Group’s risk management systems remains

with the Board, who also establishes the Group’s strategy and

risk appetite. The Board in part discharges these duties through

delegation to the Audit and Risk Committee (the ‘ARC’). The

ARC is responsible for overseeing and advising the Board on the

organisation’s risk exposures, risk management strategy, and

effectiveness of risk management systems.

The ERM framework is overseen by the Group Risk and Resilience

function, who provide the Group with risk management

methodology, training, support, advice and assurance over all

aspects of its risk management systems.

Governance and oversight

Principal risks

Group Risk and Resilience

Functional risks

Governance and oversightEmerging risks

Risk

Oversight

Committee

Audit and

Risk

Committee

Group

Board

Greencore Annual Report and Financial Statements 2025

More averse to risk More open to risk

Emerging risks

The Group uses a diverse range of sources to gather insights

on the risk landscape and perform horizon scanning to

identify relevant emerging risks and their potential impacts.

The emerging risks watchlist is reviewed periodically, at

minimum on an annual basis.

Current emerging risk areas include:

• Global geopolitics: Continued geopolitical tension

and volatility could result in significant disruption to our

supply chain and have major macroeconomic effects.

• Disruptive technology and misinformation: Advances

in technology, particularly with regards to artificial

intelligence capabilities, could represent significant

opportunities, but also material risk if we fail to embrace

the possibilities that it provides or fall behind competitors.

In addition, the spread of misinformation supported by

the use of generative AI platforms is increasing, which

could have reputational consequences.

• Impacts of climate change: The effects of climate

change include physical risks impacting our

manufacturing operations and our supply chain,

transitional risks with implications for consumer and

customer behaviours, and a need to adhere to an

evolving legal and regulatory landscape.

• Consumer preferences: Long-term structural changes

in consumer preferences driven by health-concerns,

climate-change, and broader societal, economic or

technological changes may result in significant changes

to demand for convenience food or decrease the

relevance of our current product portfolio.

• Evolving regulatory landscape: The regulatory and

legislative landscape remains dynamic and complex,

with changes that could have a significant impact on

our operating context.

These risk areas are kept under review throughout the year,

to evaluate whether such topics warrant escalation

as standalone principal risks and whether mitigation efforts

are sufficient.

Our risk appetite

The Group has a Statement of Risk Appetite designed to

support informed decision-making, improve consistency

across governance and assist in prioritisation.

At Greencore, our risk appetite is shaped by our commitments

to building profitability and growth for our stakeholders, our

passion for great food, pursuing operational and commercial

excellence, placing our people at our core, and having

a sustainable future underpinning all that we do.

We understand that taking calculated risks is essential for

growth and innovation, but that to do so, we must make

risk-informed decisions. Our preference is for reduced risk

and uncertainty, but we acknowledge that some risk may

be necessary and beneficial. We always strive to ensure

that risks are managed prudently but are willing to accept

risk where it can be carefully managed, measured and

monitored. Therefore, we may do things giving rise to risk

if the potential rewards outweigh the potential downsides.

There are some areas where the Group is willing to

take more risk than others and has defined risk appetite

statements accordingly.

The Group’s risk appetite is dynamic and will be updated

as necessary to reflect any significant changes in the context

in which it operates.

Managing our risks continued

Strategic

People and workplace

Operational delivery

Financial

Commercial,

customer and market

Leadership and talent

Operational integrity

Legal and compliance

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Position of risk indicates relative exposure severity,

with those closer to the centre being most severe.

Principal risks and uncertainties

The Group’s principal risks and uncertainties are influenced by our strategic

ambitions, the environment in which we operate, and our internal and

external operating context.

In FY25 we undertook a holistic review of our principal risks in the

context of our reframed strategic ambitions and ongoing business

priorities, resulting in several additions and revisions, whilst our

assessment of a number of risks has changed as a result of a changing

risk context.

The recommended acquisition of Bakkavor Group plc (‘Bakkavor’) may

result in a new risk associated with successfully integrating the two

businesses. In addition, as we step up our growth and transformation

ambitions more widely, we recognise the risks associated with

ensuring we have the right mindset, culture, talent and resource

planning to achieve these goals.

The Group is also aware of the evolving cyber-threat landscape and

acknowledges increased risk in this area, whilst an improving control

environment and increasing operational maturity has resulted in

a downwards trend in health and safety related risk.

The Group continues to monitor our risk environment closely and

is confident that our risk management systems and robust, agile

commercial and operational arrangements enable an effective

response to a changing risk context.

Competitive landscape

Legal and compliance

Growth in core categories

IT systems

Recommended acquisition of Bakkavor – integration

Sustainability

Growth and transformation readiness

Environmental impact

Supply chain disruption

Health and safety

Key customer relationships

Recruitment, retention and performance

Product contamination

Labour

Making Business Easier (‘MBE’) delivery

Operational Excellence

Cyber security

Resilience

Greencore Annual Report and Financial Statements 2025

Managing our risks continued

Competitive landscape

The Group operates in highly competitive

markets. Failure to identify and respond to

significant product innovations, technical

advances and/or the intensification of

competition in our markets and those of

our customers, could adversely affect the

Group’s results.

Progress in FY25

• Ongoing monitoring of sector trends

and competitor analysis and insights has

continued to support decision-making and

commercial propositions.

• Comprehensive market share analysis now

being conducted and reviewed weekly to

identify and act on any adverse trends.

• New category-level insights examines

competitor activity and product launches

in each segment, enhancing our

monitoring of competitive landscape.

Mitigations and controls

• Extensive nationwide production

and distribution network provides the

Group with a market-leading capacity

and capability.

• Collaborative customer relationships

and investment in innovation and new

product development, enables us to work

together with our customers to align our

product portfolio with evolving customer

and consumer needs.

• Agile production capabilities and

a broad product range enables the

Group to respond effectively and

quickly to changing customer needs.

• Comprehensive controls to ensure

consistent high-quality product.

• Ongoing competitor monitoring

and market insight gathering inform

decision-making.

• Regular analysis of syndicated market

data enables benchmarking of

performance across categories.

• Evaluation and benchmarking analysis

of competitor products.

Growth in core categories

The Group’s core product categories are in

mature and stable markets which may limit

volume and revenue growth opportunities.

Progress in FY25

• Volume growth in core categories,

ahead of market growth.

• Significant trajectory of new business

wins and category momentum late in

the financial year, generating momentum

for annualised impact.

• Established a strong pipeline of new

business opportunities to support

further growth.

• Able to mitigate impacts of volume

volatility resulting from a number of retail

customer cyber events.

• Cross-functional Insight and Strategy

meetings are now in place enabling

improved planning and commercial

decision-making.

Mitigations and controls

• Dedicated commercial strategy and

portfolio function ensures continuous

evaluation and alignment of the Group’s

portfolio strategy.

• Strong and collaborative customer

partnerships, with established joint

business plans and regular innovation

and product strategy discussions.

• Active innovation governance ensures

portfolio relevance and responsiveness

to market needs.

• Structured engagement and account

management to support strong existing

relationships with customers.

• Robust data and analytics capabilities

identify growth opportunities and support

structured business development

and negotiation.

• Integrated planning process enabling

holistic and longer-term planning,

allowing for better operations agility and

flexibility to meet emerging consumer

trends, and make informed category

and portfolio decisions.

Strategic link

Grow and Expand Lasting Partnerships Great Food Delivery Excellence Sustainable Choices People at the Core Strengthen our Core

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Recommended acquisition of Bakkavor – Integration

The recommended acquisition of Bakkavor

will require a complex integration of two

large businesses. Ineffective planning could

lead to an ineffective and unsuccessful

integration, impeding the delivery of

anticipated benefits.

Progress in FY25

• Integration Management Office

established and mobilised, supported by

external consultants, to plan and oversee

integration activity.

• Identification and mobilisation of key

personnel in both businesses to support

integration effort, initially in the planning

and development phases. This will broaden

out as we move into deployment and day 1

readiness implementation.

• Integration platforms established for

cross-cutting topics with experts (from

within and outside the businesses) leading

detailed planning and execution.

• Functional integration workstreams

established with experts leading detailed

planning and execution.

• Identification of synergy value potential

to meet targets, broken down to

functional level.

• Delivery roadmaps being built to deliver

synergies in the required timescales.

Mitigations and controls

• Dedicated integration programme with

clear leadership and accountability,

supported by cross-functional and cross-

business steering committee, coupled

with Group Executive Team oversight

and external consultant guidance.

• Integration Working Group established

which includes senior management from

both organisations, to provide strategic

oversight and alignment.

• Phased integration planning framework

developed and agreed, alongside formal

definition of focused strategic integration

platforms and workstreams.

• Robust modelling of synergy baselines,

targets and value drivers.

• Creation of integrated roadmap to deliver

value across the enlarged organisation.

Growth and transformation readiness

The Group has an ambitious growth,

transformation and expansion agenda.

Inadequate talent and resource planning

or ineffective cultural mindset may impede

the achievement of these goals and reduce

long-term Group performance.

Progress in FY25

• Cultural audit initiated to support

acquisition integration, providing insight

into cultural strengths and areas for

development.

• Strategic Workforce Planning established

and progressing, enabling improved

mapping of long-term resourcing needs.

• Data Academy launched to target

development of skillsets needed for

future business.

• Investment in targeted resourcing

and capabilities to support strategic

change initiatives.

• Talent calibration process extended to a

wider population, with clearer identification

of critical roles and individuals.

• HR platform launched, strengthening

people data, insights and reporting

capabilities.

Mitigations and controls

• Strategic Workforce Planning process

established to define and track capability,

talent and capacity needs now and in

the future.

• Robust employment brand and

organisational culture framework.

• Employee engagement and feedback

processes through People at the Core

and Pulse surveys.

• Group Executive Team sponsorship

of transformation initiatives and

growth strategies.

• HR strategy in place to provide long-term

roadmap for all things people related.

• Comprehensive talent calibration process

to evaluate and identify capability.

• Gender and ethnicity targets in variable

compensation.

Risk movement

NEW Risk increased Risk unchanged Risk decreased

Greencore Annual Report and Financial Statements 2025

Managing our risks continued

Supply chain disruption

The Group has established a broad supply

chain and maintains strong supplier

relationships. Nonetheless, external factors

ranging from crop failures, extreme weather,

natural disasters, and geopolitical conflict

may disrupt supply of some raw materials,

resulting in the potential for significant

shortages or increased costs, affecting the

ability to satisfy customer demand and

adversely impacting the Group’s financial

performance.

Progress in FY25

• Launched formal, cross-functional annual

‘Supply Chain Resilience’ review with

the Group Executive Team, to examine

multiple risk factors to our supply chain

resilience each year and any tactical or

strategic sourcing actions that could

improve resilience.

• Developed a multi-layered controlled

environment agriculture strategy for

all the Group’s leaf procurement to

improve availability resilience and reduce

contamination risk.

• Implemented changes to sourcing

strategies in a range of other products to

enhance supply reliability, whilst enhancing

monitoring and expanding supply

contingencies in other high-risk categories.

• Commenced tracking of disruption events

to inform future planning.

Mitigations and controls

• Formal processes in place to proactively

identify and respond to emerging supply risks.

• Ongoing assessment of geopolitical

events and agricultural conditions to

forecast potential supply constraints.

• Strong, cooperative relationships with

suppliers supported by continuous

dialogue on production and performance.

• Diverse supplier base across key

ingredients, with contingency

arrangements for high-risk areas.

• Formal supplier risk review process.

• Strategic sourcing plans for significant

proportion of raw materials spend,

evaluating risk across multiple dimensions.

• Flexible and responsive supply chain

capable of adapting to market changes.

• Formal technical concession process to

enable supply switch if required.

• Customer contracts include some

provisions for cost pass-through in the

event of supply-driven price increases.

Key customer relationships

Although the Group maintains a diverse

customer portfolio, any failure in price

competitiveness, customer service levels, or

product quality, could result in deterioration

in key relationships, the possible loss of key

customers and significant volumes, which

could adversely affect the Group’s financial

performance.

Progress in FY25

• Ongoing senior level engagement and

strong customer feedback on product

launches and service levels.

• Positive and proactive support on

customer cyber events.

• Some increased risk as the Group

and customers align on partnership

management following the Group’s

recommended acquisition of Bakkavor

is being monitored.

• Deployed a structured and balanced

approach to strategic decision-making

and price negotiations to maintain quality

of relationships.

• High service levels maintained through the

year (99%).

Mitigations and controls

• The Group’s market-leading capabilities,

capacity and expertise, with our nationwide

network and agility in production

and portfolio and close collaborative

relationships with our customers, ensures

that we maintain strong and mutually

beneficial customer relationships.

• Dedicated teams closely manage

customer relationships, providing early

visibility of emerging issues.

• Clear cost modelling and commodity

tracking offer customers visibility into

pricing rationale.

• Industry-leading standards in technical

capability and food safety.

• Robust service-level tracking and

governance in place to monitor

performance and pursue corrective

action promptly as needed.

• Multi-year contracts in place with some

key customers.

• Market surveillance programme to

identify emerging threats and inform

customer engagement strategies.

• Ongoing monitoring of customer

satisfaction and feedback through regular

account reviews, customer scorecards,

tender feedback and win/loss analysis.

• Store visits and intelligence reporting on

product, category and customer metrics

supports data-driven decision-making.

Strategic link

Grow and Expand Lasting Partnerships Great Food Delivery Excellence Sustainable Choices People at the Core Strengthen our Core

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Product contamination

The Group produces a significant

volume of food annually and there

are risks of product contamination

at a Greencore manufacturing facility

or one of our approved suppliers,

through either accidental or deliberate

means. This may lead to potential harm

to consumers and result in significant

financial, reputational, and/or legal impacts

on the Group. In addition, product recalls

and withdrawals would require significant

resource investment.

Progress in FY25

• Established protected crop strategy

to reduce risk of microbiological

contamination.

• Increased engagement with regulator.

• Developed an enhanced overarching

policy framework.

• Site-level ‘Technical Blueprint’ structure

developed and agreed to provide

consistency and standardisation.

• Launch of bespoke training for upskilling

colleagues on root-cause analysis.

• Progressed digitisation roadmap as part

of Making Business Easier programme.

• Appointment of new Chief Technical,

Sustainability, and Corporate Affairs Officer

providing enhanced level of oversight and

strategic leadership.

Mitigations and controls

• A dedicated Technical function, led by

food safety professionals and subject

matter experts, sets strategy, develops

policies, monitors regulatory and

industry changes, audits compliance,

and supports site-level teams.

• Active collaboration with sector

bodies and peers to share and adopt

best practices.

• Dedicated technical resource at each

manufacturing site.

• Best-practice site food safety quality

management systems in place with

industry standard policies, procedures

and control environments.

• A robust training programme ensures

ongoing excellence in food safety

awareness.

• Dedicated allergen management

systems, hygiene teams and

microbiological testing regimes

at all sites.

• Formal supplier approval processes,

supply chain mapping and horizon

scanning provide insight into emerging

risks and inform control and testing

requirements.

• Extensive assurance provided by rigorous

internal and external independent

monitoring and audits, including

unannounced regulator, third-party

consultant and customer site visits.

• Documented recall procedures, including

mock exercises and crisis response plans,

ensure readiness and resilience.

• Structured process for monitoring

changes in food safety legislation.

Risk movement

NEW Risk increased Risk unchanged Risk decreased

Greencore Annual Report and Financial Statements 2025

Managing our risks continued

Making Business Easier

delivery

The Group has embarked on a significant,

multi-year change programme Making

Business Easier to transform business

processes into fit-for-future ways of working

empowered by mature data capabilities and

technology solutions. Failure to deliver the

scope and scale of this change could reduce

long-term Group performance.

Progress in FY25

• Appointment of Transformation Director

to provide senior leadership of programme.

• Established a transformation office with

expertise in programme and project

management, change management,

and enterprise and data architecture.

• Appointed a strategic delivery partner

for development of data, integration

and analytics services.

• Designed and built the Group’s data and

integration platforms along with our

strategic enterprise data model.

• Launched the Greencore Data Academy

to increase data literacy and handling skills

across the Group.

• Delivered a number of priority projects,

including the Group’s first agentic artificial

intelligence tooling used to drive efficiency

within procurement.

• Strong progress through design phases

of the most complex, multi-year delivery

projects, selecting tools to enhance

demand forecasting, production planning,

manufacturing, and workforce management.

Mitigations and controls

• Robust governance structures in place

including project and programme

steering committees, Group Executive

Team, and as part of the Group’s

Integrated Business Planning processes.

• Clear and formal delivery frameworks,

including a gated project lifecycle

that ensures continual alignment with

the Group’s strategic objectives and

validation of business benefits.

• Dedicated Programme Management

Office (‘PMO’) team, driving best

practices, continual improvement and

consistency of delivery.

• Independent assurance of the

effectiveness of programme governance

through a range of audit and embedded

assurance activities with findings reported

at Board level.

• Experienced subject matter experts

assigned to lead change initiatives,

ensuring fit-for-purpose process and

system design.

• Support from external experts, providing

market insights and building capability

within Greencore’s teams.

• Project and programme-level risk

management framework with active

monitoring and mitigation planning.

Strategic link

Grow and Expand Lasting Partnerships Great Food Delivery Excellence Sustainable Choices People at the Core Strengthen our Core

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Cyber security

The cyber threat landscape is complex and

constantly evolving. In common with all

large organisations, the Group is exposed to

the risk of a cyber-attack that could threaten

the availability and integrity of its systems,

and the confidentiality of data. Such attacks

could cause significant business disruption

and cause financial and reputational damage

to the Group.

Progress in FY25

• The Group acknowledges an increasing

trend in this risk, driven by recent attacks

on major UK businesses, an evolving threat

landscape, and potential increased risk

associated with complexity introduced

as part of our recommended acquisition

of Bakkavor.

• Continual enhancement of security

tooling, procedures, and operating

constraints to support both ongoing

improvements and respond to emerging

risks, ensuring a robust security posture.

• Development of security improvement

programme for operational technology,

with dedicated lead.

• Response to industry cyber events with

implementation of enhanced controls and

refined third-party access protocols.

• Further awareness raising activities to equip

colleagues to identify and defend against

social engineering attacks.

• Continue to improve our maturity

associated with the management and

security of unstructured data.

• Assurance provided over security

improvements through both internal

and external validation.

Mitigations and controls

• Dedicated IT security function works in

partnership with leading cyber security

providers, supported by a 24/7/365

security operations centre and advanced

security tooling.

• Regular assessment of cyber security

controls aligned with global standards,

through expert audits, testing,

penetration tests and ‘red team’ exercises.

• Comprehensive policies, standards,

procedures and risk management

frameworks underpin the Group’s cyber

security posture.

• Mandatory security awareness training

and assessments for all users.

Legal and compliance

The Group’s activities are subject to

a complex and constantly evolving

regulatory landscape. Failure to comply

with regulations and to enforce an effective

internal control environment, may lead to

serious operational, financial, reputational

and/or legal risk.

Progress in FY25

• Designed and deployed a new policy

management framework to codify policy

structure, governance and accessibility.

• Comprehensive review and update of

the Group’s Code of Business Conduct

to establish standards and expectations

for integrity and compliance.

• Further compliance training across a range

of high-risk areas.

Mitigations and controls

• In-house and external specialists provide

interpretation of regulatory requirements

and offer guidance and consultation to

the business.

• A mature Internal Audit function delivers

risk-based assurance through an annual

audit plan.

• Dedicated second-line-of-defence

compliance teams operate across key risk

areas including food safety, health and

safety, finance and IT.

• Structured internal controls framework

supports financial governance

and assurance.

• Broad assurance and monitoring

provided across a range of regulatory

compliance areas, including assurance

received from third-party independent,

regulator and customer inspections

and audits.

• Access to legal updates, industry

publications, and professional bodies

ensures the Group remains informed

of evolving regulatory landscapes.

Risk movement

NEW Risk increased Risk unchanged Risk decreased

Greencore Annual Report and Financial Statements 2025

Managing our risks continued

IT systems

The Group relies heavily on information

technology to support the business. Any

loss or failure of the IT estate may disrupt

business operations and impact Group

performance.

Progress in FY25

• Ongoing progress with our Making

Business Easier technology transformation

programme, supporting us to introduce

modern, fit for purpose systems across

our business.

• Making Business Easier has also continued

to be an enabler for decommissioning

older legacy platforms.

• Progressed with various system upgrades

including migrating our user computer

base onto Windows 11.

• Continued IT lifecycle management to

oversee proactive asset management and

hardware replacements, with significant

progress made this year in areas of IT

network and hosting hardware upgrades.

Mitigations and controls

• Technology risks are qualified and

mitigated by a comprehensive suite of

general IT controls, aligned with industry

standards, and these controls are subject

to internal and external audit.

• Formal procedures govern hardware

lifecycle and asset management

to ensure operational integrity and

efficiency.

• Dedicated IT Operations Improvement

team focused on continual improvement

of the IT estate.

• Well-defined processes are in place to

identify, assess and mitigate IT-related risks.

• Comprehensive and formal business

partnering to identify priorities, evaluate

gaps and develop remediation roadmaps.

• Documented and structured IT disaster

recovery processes ensure resilience and

continuity in the event of disruption.

Sustainability

The Group’s ‘Better Future Plan’ is a key

part of the Group’s strategy and important

to its stakeholders. Successful delivery of

these commitments will need to involve new

ways of thinking and working commercially

and operationally, a significant investment

in resources and the prioritisation of

these ambitions. Failing to deliver on our

commitments could impact the future success

of the Group and cause reputational damage.

In addition, failure to effectively and

accurately meet sustainability reporting

compliance requirements may result

in penalties.

Progress in FY25

• Worked closely with customers and

suppliers to deliver 79% of our 100%

transition target to cage-free eggs.

• Good progress made on Scope 1 and 2

emissions reduction, achieving a 5.91%

absolute carbon reduction versus FY24.

• Continued to reduce our food waste as a

percentage of food handled to 6.92%, over

delivering against the path towards our

2030 target of 4.76%.

• Strengthened our processes and people

capability to protect the business from

modern slavery risk.

• Upskilled 90 commercial colleagues to

help drive our Healthy and Sustainable

Diets (‘HSD’) agenda.

• Received approval from the Science

Based Target initiative (‘SBTi’) for our

2030 Scope 3 Forestry, Land and

Agriculture (‘FLAG’) target.

• Appointment of new Chief Technical,

Sustainability, and Corporate Affairs Officer

providing enhanced level of oversight and

strategic leadership.

Mitigations and controls

• The Group’s sustainability agenda is

driven by the Greencore ‘Better Future

Plan’, built around three interconnected

pillars: Sourcing with Integrity, Making

with Care, and Feeding with Pride.

• Comprehensive programme

governance includes a Sustainability

Oversight Committee, regular Group

Executive Team reviews, a dedicated

Board-level Sustainability Committee,

and detailed and regular monitoring

of performance metrics.

• Clear ownership structures are in place

across the business, with delivery plans

assigned and sponsored by Group

Executive Team members.

• The Group’s carbon reduction goals are

underpinned by approved SBTi targets.

• High-level roadmaps have been

developed for each topic under

the Better Future Plan pillars, and

implementation is underway.

• Relationships with value-chain partners,

including some customers and suppliers,

targeting specific initiatives such as HSD.

• Sustainability is embedded within

the broader Group strategy and

transformation programmes, ensuring

alignment and long-term impact.

Strategic link

Grow and Expand Lasting Partnerships Great Food Delivery Excellence Sustainable Choices People at the Core Strengthen our Core

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Environmental impact

The Group has significant manufacturing

operations and an obligation to minimise

the impact of these activities on the

environment. Failure to sufficiently monitor

and manage operational activities to

minimise the environmental impacts

could lead to business disruption and

cause financial and reputational damage

to the Group.

Progress in FY25

• Further investment and delivery of capital

programmes to enhance wastewater

treatment processes.

• Ongoing stringent monitoring of

Environment Agency permit compliance.

• All manufacturing sites have undergone

third-party biannual environmental

compliance audits.

• Ongoing development and

implementation of environmental

processes, procedures and training

via the iSHEMS management system.

Mitigations and controls

• Named Directors of relevant Group

subsidiaries hold formal responsibility

for all environmental permits held by

the business.

• Group production sites are equipped with

dedicated environmental management

systems, including effluent treatment and

dissolved air flotation plants.

• Comprehensive in-house and third-party

monitoring programmes track waste

products and environmental impact.

• Internal testing standards and escalation

procedures are in place, including effluent

compliance monitoring and management.

Health and safety

The nature of the Group’s operations

exposes our colleagues to inherent risks,

with the workforce encountering potential

hazards on a daily basis. Ensuring the

health and safety of our colleagues is of

paramount importance at Greencore, but

without effective management, these risks

could result in accidents leading to harm

to individuals as well as reputational and

potential financial damage.

Progress in FY25

• Notwithstanding the small increase in

our Reportable Accident Frequency

Rate (‘RAFR’) compared to last year (see

page 50), overall an improving control

environment and increasing operational

maturity has seen this risk trend

downwards.

• Introduction of a new external audit model

that promotes transparency, shared risk

ownership, and constructive engagement.

• Deployed a centralised platform for audit

recommendations to improve visibility,

traceability, and proactive follow-up.

• Enhanced focus on reporting and

learning from Potential Serious Injuries

and Fatalities (‘PSIFs’).

• Performed site-level gap analysis against

updated Safety, Health and Environment

(‘SHE’) management system procedures.

• Focused tactical improvements across

electrical safety, workplace transport risk

management, and ammonia safety.

Mitigations and controls

• Strong Board and Group Executive Team

commitment to embedding a safety first

culture across all business activities.

• A central team of qualified and

competent SHE professionals provides

expert guidance, policy development,

and oversight.

• Comprehensive health and safety

processes, procedures and training

in place.

• Rigorous monitoring protocols

including annual health and safety audits

and operational physical inspections

provide assurance of ongoing control

and compliance.

• Key health and safety performance

indicators are maintained to monitor

effectiveness and drive continuous

improvement.

• A robust investigation process ensures

that incidents are analysed, and learnings

are shared to prevent recurrence.

• Active engagement with professional

bodies and industry networks supports

benchmarking, best practice sharing,

and adoption of emerging safety

technologies.

• Site emergency preparedness plans.

Risk movement

NEW Risk increased Risk unchanged Risk decreased

Greencore Annual Report and Financial Statements 2025

Managing our risks continued

Recruitment, retention and performance

The Group is embarking on a heightened

period of change. A failure to retain key

talent or successfully recruit required skillsets

may cause business disruption and impact

financial performance, and any distraction

caused by such change may impact

Group performance.

Progress in FY25

• Attrition rates reduced significantly

to historically low levels.

• Improved onboarding and induction

processes to enhance employee experience.

• Developed new exit interview approach

and closer site-level attrition monitoring.

• Strengthened early careers development

programmes, including graduate and

apprentice schemes, and launch of

Greencore degree qualifications.

• Ongoing strengthening of employer brand,

as a result of Group performance and

strategic direction, has improved ability

to both recruit and retain colleagues.

• High completion rates for performance

conversations, supporting stronger

talent development.

• Talent calibration process extended to a

wider population, with clearer identification

of critical roles and individuals.

• Renewed and enhanced occupational

health and wellbeing offer launched,

enhancing employee support processes.

• Targeted retention incentives to support

key talent retention.

• Focused communications and

engagement around organisational

change initiatives.

Mitigations and controls

• Structured variable compensation

framework, including annual bonuses

and long-term incentive plans such

as Performance Share Plans, to reward

performance and align employee

interests with business outcomes.

• Additional benefits contributing to

employee retention, including salary

sacrifice car scheme and site canteens.

• Retention plans for critical roles.

• Comprehensive succession planning to

identify, develop and retain high-potential

colleagues.

• Talent and development framework

provides a structured and consistent

approach to attracting, developing and

retaining talent across the organisation.

• Regular remuneration benchmarking

to ensure market competitiveness for

talent recruitment.

• Strategic workforce planning process

established to define and track capability,

talent, and capacity needs now and in

the future.

• Robust employment brand and

organisational culture framework.

• Employee engagement and feedback

processes through People at the Core

and Pulse surveys.

• Group Executive Team oversight of talent

and change-related risks via programme

governance structures.

Strategic link

Grow and Expand Lasting Partnerships Great Food Delivery Excellence Sustainable Choices People at the Core Strengthen our Core

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Labour

The Group is reliant on high volumes

of labour in its production processes.

A dynamic political, economic and social

external context, and the fast-paced

and variable labour needs of the Group,

could increase the costs of this labour

in unsustainable ways. This could have

operational, commercial and financial

impacts across the Group.

Progress in FY25

• Automation diagnostic and strategic

roadmap development supported by

external expert consultancy.

• Establishment of dedicated expert

resources to lead long-term

automation strategy.

• Continued reduction in attrition rates.

• Continued progress in Operational

Excellence delivery, driving material

efficiency benefits exceeding

budgeted targets.

• Progressed a range of automation

initiatives, and developed a comprehensive

project pipeline for FY26.

• Appointed dedicated Head of Automation

and recruitment for programme managers

underway to further drive this roadmap.

Mitigations and controls

• Effective use of agency workforce

enables agility and responsiveness to

frontline labour demands.

• Mature forecasting systems support

proactive and accurate labour planning.

• Deployment of automation in production

processes reduces reliance on labour

requirements.

• Development and training frameworks

assist in retention and productivity,

including Line Manager Framework.

• Regular wage benchmarking in place

to ensure competitive rates of pay.

• Comprehensive labour attrition rate

monitoring and reporting.

• Proactive and collaborative relationships

with trade unions support constructive

dialogue and workforce stability.

• A dispersed, diverse, broad national

manufacturing network provides agility to

rationalise and move production if required.

Operational Excellence

Operational Excellence underpins the

Group’s strategy and future success.

Failing to continue delivering this across all

operational and supporting activities could

impede delivery of the Group’s strategic

ambitions and impact future performance.

Progress in FY25

• Continued progress in project delivery,

driving material efficiency benefits to

bottom-line performance exceeding

budgeted targets.

• Programme continues to mature, with

a focus on building capabilities and

developing frameworks to systematise

approach and build broad business

capabilities.

• End-to-end diagnostic approach designed,

and training conducted with central team

and General Managers.

• Designed and built scope, components

and roadmaps for all pillars of Operational

Excellence framework.

• Assigned new dedicated PMO resource

focused on supporting the framework and

three-year roadmaps across the Group,

sites, and categories.

• Established cohesive and integrated

planning across Operational Excellence

pillars, automation, capital expenditure,

and large transformation programmes.

Mitigations and Controls

• Dedicated central function providing

expertise and oversight.

• Structured approach to continuous

improvement embedded within

budgeting and planning processes.

• Central dashboard and live governance

model monitors project delivery, risks

and financial impacts.

• Dashboards established to monitor

spend on overheads, labour, materials

and capital spend, as well as overall

organisation loss.

• Robust processes to align operational

delivery with financial reporting and profit

and loss impact.

• Manufacturing Excellence is delivered

through standardised processes, tools

and techniques to optimise labour usage

and waste product.

• Bespoke technologies support real-

time operational decisions to drive

performance against targets.

• Broad business-intelligence embedded

as part of operational delivery.

• Key areas of risk identified and business

improvement opportunities mapped.

Risk movement

NEW Risk increased Risk unchanged Risk decreased

Greencore Annual Report and Financial Statements 2025

Managing our risks continued

Resilience

The external environment is increasingly

volatile and uncertain, and like all large,

complex businesses, the Group is exposed

to a range of potentially disruptive

influences, from geopolitics to climate

change and rapid advancements in

technology. A failure to effectively build

resilience into Group strategy and operations

may result in it being less equipped to

survive, innovate and thrive, in the face

of future risk.

Progress in FY25

• Tender completed for technology platform

to support enhanced operationalisation

of crisis plans and framework.

• Launched formal, cross-functional

annual ‘Supply Chain Resilience’ review

with Group Executive Team, to examine

multiple risk factors to our supply chain

resilience each year and any tactical or

strategic sourcing actions that could

improve resilience.

• Expanded scope of personnel trained

in crisis response protocols.

• Strengthened resilience planning in

relation to flood risk, with revalidation

of flood risk modelling across our sites,

a Group Executive Team deep-dive

resilience review at one of our higher

risk sites, and further detailed reviews

under consideration.

Mitigations and controls

• Centralised coordination of

resilience agenda through Risk

and Resilience function.

• Crisis management framework,

providing structured incident

management processes, roles and

responsibilities, and toolkit.

• Detailed manufacturing site business

continuity plans in place to ensure

operational resilience.

• Commercial and operational agility to

quickly respond to incidents, rationalise

product category, range and mix, or

adapt supply arrangements.

• Strong relationships with customers and

supply chain partners enable effective

coordination during periods of disruption.

• A dispersed and diverse national

manufacturing footprint provides

agility and flexibility to adapt operations

as needed.

Strategic link

Grow and Expand Lasting Partnerships Great Food Delivery Excellence Sustainable Choices People at the Core Strengthen our Core

Risk movement

NEW Risk increased Risk unchanged Risk decreased

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Going concern

The Directors, after making enquiries and having considered the

business activities of the Group, have a reasonable expectation that

the Group has adequate resources to continue operating as a going

concern for the foreseeable future.

In the current period, the Group’s performance has continued

to improve, which has driven a further reduction in net debt and

corresponding increase in headroom versus our available facilities,

with cash and undrawn committed bank facilities of £341.1m at

26 September 2025 (2024: £279.4m) and leverage (the ratio of Net

Debt to Adjusted EBITDA as measured under financing agreements)

decreasing to 0.4x (FY24: 1.0x). The Group continues to ensure

appropriate financing is available and during FY25, extended the

£350.0m revolving credit facility (‘RCF’) by one year to November

2029, and subsequent to the year-end, further extended the facility to

November 2030. As a result of the improved financial performance,

liquidity available to the Group and the strong trading relationships

with its customers and suppliers, the Directors believe that the Group

is well placed to manage its business risks successfully.

For the purpose of the going concern assessment, the Group have

used the latest internally approved forecasts and strategic plan as a

base case which takes into account the Group’s current position and

future prospects. The Group have used this to produce downside

and severe downside scenarios which consider the potential impact

of commercial risks materialising which would result in a decrease in

volume along with under delivery of targets set out under the Group’s

Commercial and Operational Excellence programmes and the impact

of under-recovery of inflation. The Group has also modelled the

potential impact of additional climate-related expenditure that may

be required if certain climate-related risks were to materialise. The

impact on revenue; profit; and cashflow are modelled, including the

consequential impact on working capital and bank covenants.

Based on the forecast cashflows, throughout the 24-month period

from the year end date, the Group is satisfied that it has sufficient

resources available and has adequate headroom to meet its covenant

requirements (as set out on page 172 within the Bank Borrowings

note to the Financial Statements) and if needed, the Group could

employ mitigants within its control, which would include a reduction

in non-business critical capital projects and other discretionary cash

flow items.

Given the recommended acquisition of Bakkavor Group plc

(‘Bakkavor’), we have also undertaken going concern analysis on

a combined group basis, using internally approved forecast and

strategic plans for Greencore and available information for Bakkavor.

As part of this transaction, we have obtained facilities of £825m

to fund the acquisition and therefore ensure sufficient liquidity on

completion. The acquisition facilities have maturities of between one

and five years. Based on the forecast cashflows, and ability to employ

mitigants within the combined group’s control, the Group is satisfied

that it has sufficient resources available and adequate headroom to

meet its covenant requirements.

As a result, the Directors believe that appropriate consideration has

been given to the existing Group and the potential impact of the

acquisition of Bakkavor in undertaking the going concern assessment.

The Group has sufficient liquidity to manage through a range of

different cashflow scenarios over the next 24 months from the year

end date. Accordingly, the Directors adopt the going concern basis

in preparing these Group Financial Statements.

Viability statement disclosure

In line with the Code Provision 31, the Directors have carried out

a review of the prospects of the current business and its ability

to meet its liabilities as they fall due over the medium-term. In

undertaking this review, the Directors concluded that a three-year

timeframe continues to be an appropriate period for this assessment

given that this is the key period of focus within the Group’s strategic

planning process and is a typical period for visibility of commercial

arrangements with the Group’s customers. The objectives of the

annual strategic planning process are to consider the key strategic

choices facing the Group and to build a consolidated financial model

with various scenarios taking into account the principal risks facing

the Group which may threaten the Group’s solvency, liquidity, cash

flow, future performance and business model. In the current year in

assessing viability, consideration has also been given to the impact

of the recommended acquisition of Bakkavor and its integration into

a combined group over the three-year timeframe as that represents

a key strategic acquisition for the Group.

Assumptions are built for the income statement with a flow through

to the financial position and cash flow. These are rigorously tested

by management and by the Directors. Sensitivity analysis is applied

to reflect the potential impact of some of the principal strategic

and commercial risks of the Group as described on pages 29 to

40 and also reflects potential impacts from climate-related risks

identified. These risks could affect the level of sales, profitability and

cash generation of the Group and the amount of capital required to

deliver them. Based on the results of this analysis, the Directors have

a reasonable expectation that the Group will be able to continue in

operation and meet its liabilities as they fall due over the three-year

period of their assessment.

Going concern and viability statement

Greencore Annual Report and Financial Statements 2025

Fran Haycock

Head of Sustainability

Our Better Future Plan

Greencore has an increasingly important role in helping to

transform the food system into one that works for both people

and the planet. By making products that are nutritious, affordable

and taste great, we can make it easier for consumers to make

choices that are good for their health and wellbeing, support local

communities, and reduce negative impacts on the planet.

Our Sustainability Strategy, Better Future Plan, reflects our

approach to sustainability and how we deliver on Sustainable

Choices – a key enabler for delivering our purpose, ambition and

strategy. Sustainable Choices means making a positive difference

for everyone who interacts with the business, from consumers

and suppliers to those in the communities where we operate,

whilst also working to improve and preserve the health of the

planet and those in it.

The external global landscape has evolved significantly in the last

year, bringing both momentum and challenge. The timing and

implementation of key regulations such as the EU Deforestation

Regulation and Corporate Sustainability Reporting Directive

(‘CSRD’), continue to evolve, adding complexity to long-term

planning and disclosure. Despite this, we remain committed to

our Better Future Plan journey and the critical role that sustainable

practices play in our business model now, and in the future.

Materiality

Greencore’s disclosures are focused on the issues considered

to be the most material to our business activities based on a

materiality assessment carried out in FY22. We will undertake

a more comprehensive Double Materiality Assessment in

FY26 in preparation for the Group’s CSRD disclosure in FY28.

The outcomes of this assessment will inform the evolution of

Greencore’s Sustainability Strategy and priorities.

Aligning with external frameworks

Greencore aligns its sustainability external disclosures to

international non-financial reporting standards such as the

Global Reporting Initiative and the Sustainability Accounting

Standards Board.

Headquartered in Ireland, we remain closely focused on the

rapidly developing European regulatory landscape. We are

preparing to align with the CSRD, including the EU Taxonomy

and the Corporate Sustainability Due Diligence Directive,

in FY28. We are also monitoring the proposed UK Sustainability

Reporting Standards, the timing and scope of which remain

under consultation. In addition, we plan to disclose in line

with the Transition Plan Taskforce Disclosure Framework over

the coming years.

As the mandatory disclosure landscape evolves and strengthens,

we will review how to most appropriately balance commitments

between the voluntary and mandatory reporting demands of

the business.

Delivering a

better future

The food system remains under immense pressure, both locally and

globally. This has only sharpened our focus on the topics that drive

businesses resilience, and with this comes a responsibility to think

and act differently to protect our business, and meet the expectations

of our stakeholders.

Collaboration remains key to our journey, and achieving our

goals requires joint effort with customers and suppliers, but also

development of new and lasting partnerships with other food systems

actors. Only together, will we create a more sustainable food system

that benefits people, the planet, and ensures long-term success.

“This year, we have seen sustainability

become the face of business risk and

resilience across the food industry,

where it is increasingly viewed as a

critical enabler for business continuity

and future success.

At the same time, the health agenda

has taken centre stage with many

interconnected topics – such as GLP-1*

medication and personalised nutrition,

starting to shape consumer demand

for healthier products. This provides a

great opportunity for Greencore to show

leadership, support our customers and

unlock business opportunity.”

Sustainability

* GLP-1 stands for Glucagon-Like Peptide-1, a hormone that plays a key role in

regulating blood sugar, appetite, and digestion. GLP-1 medication aids with both

weight loss and treatment of diabetes. The brand names of these medications include

Mounjaro, Wegovy and Ozempic.

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Our

Better Future Plan

Our Better Future Plan is made up of three interlocking strategic pillars that reflect our business model: Sourcing with Integrity,

Making with Care, and Feeding with Pride. People at the Core underpins these pillars, which are then supported by four

Foundations that uphold the strategy and are fundamental to meaningful progress.

Responsible Sourcing

We will work to identify and replace

harmful practices in our supply chain

and place increasing focus on practices

which regenerate and add value to our

environment and society.

Human Rights in our Global

Supply Chains

We will operate within a global supply

chain where ethical conduct, respect

for human rights and the wellbeing

of worker rights are paramount.

Human Rights in our

Direct Operations

We will create a workplace

where ethical conduct, respect

for human rights, and colleague

wellbeing is central to our

direct operations.

Inclusion and Diversity

We will ensure everyone’s

experience of working with us

is an inclusive one, where our

colleagues can be themselves

and fulfil their potential.

Health, Safety

and Wellbeing

We are committed to

reducing health and safety

risks, creating a safer

workplace, and promoting

health and wellbeing.

Communities

We will integrate into our

local communities by using

our products, services,

capabilities and passion to

benefit the communities

where we operate.

Governance

We are committed to strong

and effective governance of

the programme at all levels,

including commitment from the

Board, Group Executive Team

and senior leaders.

Risk Management

We will ensure risks to the

delivery of our ambition are

monitored and managed

effectively by integrating them

into our business Enterprise Risk

Management framework.

Transparency

We will continuously work

to improve the quality and

accessibility of our data to

ensure we are being transparent

through our disclosures.

Embedding

We will invest to ensure our

people and processes are set

up for strategic delivery through

clear communication, targeted

upskilling and updating key

business processes.

Net Zero Operations

We will build and operate a business that

uses less to generate more and creates

both a circular and more self-sufficient

energy supply.

Food Waste

We will halve food waste within our

operations and work with others to

minimise waste in our supply chain.

Water Stewardship

We are committed to reducing

our water use in manufacturing

and are working towards a model

of water stewardship.

Healthy and Sustainable Diets

We are committed to positively

influencing the health of millions by

producing healthier, more sustainable

options, and making them more

available, accessible, affordable

and desirable.

Sustainable Packaging

We will design lower environmental

impact packaging, making it easier to

recycle and reuse, whilst eliminating

single-use plastics.

People at the Core

Foundations

Making with Care

Manufacturing our products with a

focus on energy efficiency, waste

reduction and water stewardship

Sourcing with Integrity

Sourcing ethically, sustainably

and with respect for human rights

across our global supply chain

Feeding with Pride

Improving diets and reducing

our impact through healthier

and more sustainable products

Greencore Annual Report and Financial Statements 2025

Year in review

We have strengthened our foundations as we transform into a future-fit business that

drives positive impact for people and the planet.

The food system today is complex and

is becoming increasingly fragile, and we

recognise our responsibility to help create

a brighter and more equitable system.

This year, our Better Future Plan has

continued to mature and strengthen,

becoming more deeply embedded in how

we operate and collaborate across our

value chain. Our Plan Ownership model and

the business’s partnership with the Group

Sustainability team have been central to

driving progress, enabling us to advance

the majority of our internal Key Performance

Indicators (‘KPIs’), build momentum and

upskill hundreds of our colleagues.

Focus on 2025 commitments

Progress continued across key commitments

related to cage-free eggs, soy, and plastic

packaging. For cage-free eggs, 79% of our

volume has successfully transitioned, with

90–95% expected by the end of 2025.

100% of soy across our supply chain is

certified, although progress on verified

deforestation and conversion-free (‘vDCF’)

soy was modest, increasing to 8%, as achieving

vDCF requires industry enablement.

Performance against our plastic packaging

commitments is positive, although some

materials are still classified as non-recyclable,

limiting full recyclability.

Industry collaboration

Collaboration is central to our Better Future

Plan and achieving our goals requires joint

action with both customers and suppliers.

This year, we undertook a first-of-its-kind

initiative by partnering with four leading

UK food businesses to develop shared

sustainability maturity standards for suppliers.

This approach will enable our suppliers,

many of whom we have in common, to

work towards clear, consistent customer

expectations more efficiently.

Governance

Governance at all levels continues to

strengthen and remains fundamental to

the success of our programme. The Group

Executive Team has deepened its engagement,

reviewing two sustainability topics each month

alongside updates on emerging reporting

requirements, helping to ensure the business

remains prepared for future obligations.

Our Sustainable Business Management

Groups have also evolved, with the

introduction of a dedicated Group for

Human Rights in our Global Supply Chains.

This reflects the increasing importance of the

topic, and our commitment to understanding

and managing associated business and

customer risks with greater focus and

accountability. An overview of Sustainability

Committee activities is on page 122.

Risk management

Failure to deliver on our commitments or

reporting requirements is recognised as a

Principal Risk within the Group’s Enterprise

Risk Management (‘ERM’) framework, and is

monitored alongside other key business risks.

The Group’s risk management platform

enables effective capture of all sustainability

related risks, ensuring the right ownership,

clear actions and tracking, and escalation

as needed.

Transparency

Data

During FY25, we made important progress

towards further strengthening our data

foundations in preparation for future mandatory

reporting, by partnering with an independent

audit and advisory firm to enhance governance,

documentation and controls, initially focusing

on food waste and water.

This work reflects our commitment to robust,

reliable data, recognising its vital role in driving

meaningful change and supporting future

reporting in an evolving regulatory landscape.

Disclosures

Following the EU Omnibus process, which

changed the implementation timetable for

CSRD, our first reporting is now expected

in FY28 rather than FY26. This provides

additional preparation time, and underlines

the need to continue strengthening our data

governance and reporting capability.

Embedding

To drive progress, we need all our teams to play

their full part in delivery. This year we focused

on building capability across two core functions

– Commercial and Human Resources.

Over two, three-day workshops we upskilled

commercial colleagues from sales, category

and product development – a significant and

progressive milestone to help drive healthy

and sustainable diets within our customer

base. We also invested in the capability of key

HR and operational colleagues on human

rights, to strengthen site-level controls and

enable early issue identification.

Scope 3

In FY25, our Scope 3 emissions increased by

8.7% compared to FY24, 6.5% higher than our

FY19 baseline. This increase reflects changes

to our portfolio, volume growth and a

methodology change for upstream transport.

We progressed our work to understand

how supplier decarbonisation efforts can

be incorporated into our footprint through

supplier-specific emissions factors, an

important step towards reducing reported

emissions and a key area of focus for FY26.

To align with our Scope 3 2030 Science

Based Targets initiative (‘SBTi’) targets, a

reduction of just over 10% of our emissions

will be required each year to 2030. To

achieve our Scope 3 targets, the Group will

begin developing a Scope 3 climate transition

plan in FY26, starting with an assessment

of the necessary requirements and resources

to develop it.

The plan will consider the role that key levers,

such as supply chain decarbonisation and

portfolio and product shifts, could play in

our decarbonisation pathway, recognising

that the latter represent the most significant

levers for reduction, and are the most

challenging to realise. See page 63 for more

information on our Scope 3 targets including

our Forest, Land and Agriculture (‘FLAG’)

emissions target, which was validated by the

SBTi earlier this year.

Looking ahead

The journey towards a sustainable future

requires resilience, collaboration and

innovation. We are committed to pushing

boundaries, holding ourselves to account,

and working with our partners to find better

and different ways of growing our respective

businesses, whilst maintaining a focus

on sustainability.

Sustainability continued

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Sourcing with Integrity

The impacts of our global food system on people and the planet are often most

pronounced at source, where ingredients are grown, animals reared, resources

extracted, and products manufactured.

We continue to use our influence to achieve

better outcomes in our supply chain, with a

primary focus on deforestation-free soy and

cage-free eggs. Human rights remain central

to our work, as we continue to work within

our Human Rights Due Diligence (‘HRDD’)

framework, both within our own operations

and our global supply chains.

Responsible Sourcing

Responsible sourcing means purchasing

materials in an environmentally sustainable

and socially conscious way, and our work

to identify and replace harmful practices

in our supply chain is ongoing. We are also

placing increasing focus on practices which

regenerate and add value to our environment

and society. Working closely with suppliers,

customers and industry partners is key to

upholding and strengthening our standards.

Through regular engagement with our

customers, we have made good progress

towards our goal of 100% cage-free eggs,

achieving 79% in FY25. We are expecting

several more customers to transition before

the end of the year, so we expect to be

closer to our target by the end of December

2025. For our customers yet to commit to

transitioning, we remain ‘cage-free ready’,

meaning we have contracts in place with

our egg suppliers ready for this transition.

In calendar year 2024 we achieved 8% vDCF

soy and, for the first time, we purchased

regional credits to ensure 100% of our

soy footprint was under certification. We

purchase a very small amount of soy directly,

most is ‘embedded’ in ingredients such as

animal protein.

While we continue to play our part in driving

demand for vDCF soy in the UK, progress

towards our goal of 100% vDCF soy remains

challenging. Legislation will be essential to

support a market-wide transition and at

present, supply chain complexities remain a

significant barrier. As a result, we will not meet

our original 2025 target and are reviewing a

revised deadline for achieving 100% vDCF soy

that aligns with industry, our customers, and

is both realistic and achievable. Our policies

will be updated to reflect this change in FY26.

Despite these challenges, we continue

to engage extensively across our supply

base. This includes direct collaboration

with the UK’s largest soy importers, active

membership in the UK Soy Manifesto’s

Embedded Soy Working Group, and

participation in a Responsible Commodities

Facility project to support a traceability

exercise within our poultry supply chain.

Human Rights in our

Global Supply Chains

Identifying and managing Human Rights risks

in our global supply chains is central to our

sourcing and supplier engagement strategy.

Our Human Rights in Global Supply Chains

Plan, guided by our HRDD framework,

strengthens our due diligence processes

across our supply base.

We continued to use our risk assessment

heat map to visualise and prioritise high-

risk ingredient categories, suppliers and

locations. This allows us to focus our

engagement strategies on suppliers in high-

risk areas, ensuring that our interventions

are targeted in addressing risks.

Looking ahead

Responsible Sourcing

• Communicate a revised

deadline for achieving 100%

vDCF soy and continue to

collaborate with industry and

suppliers to increase availability

in the UK.

• Focus on strengthening

relationships with key strategic

suppliers, specifically our

highest Scope 3 contributors to

drive decarbonisation progress.

Human Rights in our Global

Supply Chains

• Continue to prioritise in-depth

reviews of high-risk areas,

guided by our risk assessment

heat map, and work with our

suppliers to:

– Strengthen our mitigation

approach to human rights

risks; and

– Develop more effective

methods for monitoring and

reporting our findings.

This year, we introduced an initial-stage

human rights risk check into our new

supplier and ingredient approval process,

based on supplier location and ingredient

category, enabling early identification of

potential risks.

Human rights risks and challenges remain

at the forefront of our supplier engagement

activities, supported by ongoing briefings

and updates both internally and with

our customers, which have significantly

increased awareness.

Additionally, our bespoke training

programme, delivered by our expert training

partner, Stronger Together, equips our

Procurement and Technical teams with the

skills and knowledge to conduct informed

and safe interactions with our suppliers,

helping us to protect both Greencore’s

reputation, and safeguard vulnerable workers

from abuse.

Greencore Annual Report and Financial Statements 2025

Making with Care

We are committed to producing food in a way that is sustainable and responsible.

This means optimising our energy consumption, reducing food waste and conserving

precious resources, such as water, wherever possible.

This year we advanced our Net Zero agenda

across manufacturing and logistics, making

progress on energy efficiency, on-site

generation and decarbonising our logistics

network. We continued to perform well

against our food waste reduction pathway

and built capability in water stewardship

through training, water mapping and

targeted investment.

Net Zero Operations

Manufacturing

Our manufacturing network of 16 sites relies

heavily on gas and electricity to produce

millions of products each week. Our Scope

1 and 2 carbon reduction activities focus

on lowering emissions from gas, electricity

and fluorinated gases (F-gases, used in our

refrigeration systems).

Reducing our Scope 1 and 2 emissions has

been a long-standing challenge, but our

efforts to address this across the Group, are

now delivering positive performance.

In FY25, we achieved an absolute CO₂e

reduction of 5.9% compared with FY24.

Higher production volumes and the UK’s

warmest summer on record increased overall

energy demand; however, we reduced

gas and electricity consumption through

ongoing efficiency measures. Updated 2025

UK Government emissions factors also

contributed to the overall reduction in

Scope 1 and 2 emissions.

Key initiatives included:

• Further expansion of sub-metering

coverage across our sites to better identify

inefficiencies and target energy reductions.

• Strengthening the focus on the link

between water and gas use, leading

to the identification of further energy-

saving opportunities.

• Investment in on-site solar at our Manton

Wood facility, which, although not

operational for the full year, generated

electricity equivalent to 5% of the site’s

total annual usage.

• Electrifying toastie ovens at our

Northampton site, enabling the

decommissioning of steam boilers.

We have seen a positive decrease

in gas since installation and are expecting

continued decreases.

We recognise that achieving our SBTi-aligned

target of a 46.2% absolute reduction in Scope 1

and 2 emissions by 2030 will require significant

continued effort and investment. Current

progress against this target is an absolute

reduction of 7.1% against an FY19 baseline.

The scale of investment needed to meet

our 2030 target is being assessed to ensure

effective planning and prioritisation across

manufacturing and logistics for optimal Group

performance. We have also partnered with

a specialist energy management advisor to

develop Net Zero Transition Plans for our

four ‘lighthouse’ sites through to 2040. These

sites account for 31% of our Scope 1 and 2

emissions, and the insights gained will be

applied across the wider Group. Together,

these elements will form the foundation for

developing a Group-wide climate transition

plan in FY26, beginning with an assessment of

the actions and resources needed to deliver it.

Logistics

Our logistics network is made up of 621

vehicles and represents around 26% of our

Scope 1 and 2 emissions. This year, routing

efficiencies and improved driver behaviour

using telematics all contributed towards our

reduced mileage and improved mile per

gallon performance. We also launched a

new fleet of vehicles, 10 of which are being

run on Hydrotreated Vegetable Oil (‘HVO’)*,

a direct replacement for diesel. This trial has

delivered a fuel performance equivalent to

that delivered by diesel and is responsible for

over 70% of the logistics reduction of 813

tCO

e in the year.

* We are aware of ongoing UK Government investigations

into the HVO diesel market, including concerns around

the potential mislabelling of virgin palm oil as waste

material. Our HVO provider has confirmed that all HVO

supplied to Greencore complies with all legal requirements

including the EU Renewable Energy Directive II, and the

UK Renewable Transport Fuel Obligation which safeguard

against high-risk or unsustainable feedstocks like virgin

palm oil.

Sustainability continued

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Food Waste

In the context of rising food poverty in the

UK and the environmental impact of wasted

food, Greencore and our partners continue to

drive improvements in practices and outcomes.

We continued to make good progress

towards our 2030 food waste reduction

target, achieving a further 6.92% reduction in

food waste as a percentage of food handled

this year. We are now 27% of the way to our

goal of halving food waste as a percentage

of food handled by 2030.

This year’s progress on food waste reduction

has been driven by site-led initiatives,

supported by training and education, to help

colleagues reduce food waste at different

stages of manufacturing.

Operational Excellence improvements,

delivered through over 200 workstreams

across our 16 sites, have strengthened

process control and supported reductions.

These continuous efforts, despite increased

manufacturing volumes, have both

contributed to cost savings as part of our

Operational Excellence programme, and

supported our wider sustainability goals.

Water Stewardship

The value of water has come into sharper

focus, driven by forecast price increases in

the UK, the Independent Water Commission’s

review of the sector in England and

Wales, and the impact of dry weather – all

highlighting the operational and financial

risks of water scarcity, and reinforcing the

need for responsible management.

Our absolute water usage decreased by 1.4%

(all sites and operations) compared to FY24.

This was driven by significant reductions at

several manufacturing sites and supported

by the cross-functional Water Stewardship

Group, which is accelerating the deployment

of best practice across the business.

Key investments in FY25 included:

• Built capability through the Water Literacy

Programme, enabling colleagues to

understand the value of water, water risks

and to identify reduction opportunities.

• Four colleagues completed water

stewardship training in FY25, with nine

more starting in FY26.

• Strengthened water management

through detailed mapping and

independent audits at high-consumption

sites, providing insight to prioritise

efficiency actions and shape our long-

term strategy.

• Upgraded effluent treatment plants

at three sites, with the programme

continuing across more sites over the

next three to four years.

Colleague awareness of water stewardship

has also been strengthened through internal

campaigns featuring our environmental

brand ambassador, Roi (Reduce our impact),

and through colleague participation in the

Waterwise Water Literacy training programme.

Our Making with Care agenda is now

embedded within the operational leadership

group and integrated into our wider

Operational Excellence programme. While

progress is being made, we recognise the

need to accelerate delivery, particularly in

reducing carbon and water impacts.

Looking ahead

Net Zero Operations

Energy

• Embed energy optimisation

actions identified from Net Zero

Transition Plans at ‘lighthouse’

sites into the three-year site

planning process.

• Develop a Group Scope 1

and 2 climate transition plan,

starting with an assessment

of the necessary requirements

and resources to develop it.

Logistics

• Explore further use of HVO

fuel where feasible.

• Pilot a new electric vehicle

capable of covering around

half of our current routes.

• Assess aerodynamic upgrades

to existing fleet to reduce

fuel consumption.

Food Waste

• Identify the highest impact Group

and site level initiatives, and focus

our cross functional expertise

to deliver these opportunities.

Water Stewardship

• Refocus internal resources

on water reduction and

resilience for the top six largest

consumption sites.

• Continue to drive water efficiency

and awareness initiatives, such as

the Roi campaign, across more

operational and distribution sites.

Greencore Annual Report and Financial Statements 2025

Feeding with Pride

As a leading food producer, we understand the important role we play in working with

our partners to make healthy and sustainable choices more accessible, affordable and

appealing for consumers.

We have continued to shape what it means

to transform into a future-fit business. As a

private label manufacturer, collaboration is

essential, with progress dependent on strong

customer and supplier partnerships, as well

as new innovative partnerships across the

wider food system.

Healthy and Sustainable Diets

Building on the progress made in FY24,

we have invested significantly in improving

the quality and availability of the data used

to monitor progress against our Nutrient

Profiling Model (‘NPM’) and Red Traffic

Light targets. We now have a reporting

dashboard for the Commercial teams to view

their customer specific data.

In FY25, we increased the number of products

meeting our healthier nutrition criteria (with

an NPM score <4 by sales volume), increasing

from 71% to 74% of our product portfolio

(against a 2030 target of 85%).

Our Red Traffic Light percentage decreased

slightly to 54% of products (from 55% in

FY24) that have no Red Traffic Lights on pack

(against a 2030 target of 60%).

We have built a strong pipeline of

reformulation projects through our reduce,

replace and remove initiatives, which are

expected to deliver a mix of positive NPM

reductions at category level as well as

decarbonisation benefits. We have continued

to reduce animal protein, where we can

substitute with high-quality vegetables or

plant-based ingredients, maintain quality

and appeal, and where we have customer

alignment to the change.

Key activities in FY25 included:

• Revised our Group Healthy and

Sustainable Diets (‘HSD’) strategy –

while reformulation, decarbonisation and

positive nutrition remain core priorities,

we also recognise the importance

of other levers to influence both our

customers and end-consumers.

• Invested in upskilling – we upskilled

commercial colleagues from sales, category

and product development teams on Net

Zero and other topics, strengthening our

ability to influence change.

• Introduced the Mondra platform –

after maturing our understanding of the

platform, we introduced Mondra to our

commercial teams to provide them with

insight into the approach to monitor,

improve and communicate product

environmental performance.

• Drove innovation – we explored new

ingredients, processes and technologies

with the potential to shift the dial on health

and sustainability in the longer term.

We recognise the vital role of strong

leadership in creating traction and driving

meaningful action, both within our business

and across the wider industry. In March

2025, our Chief Executive Officer, Dalton

Philips, joined the UK Government’s Food

Strategy Advisory Board, contributing to the

development of a national food strategy.

We welcome the collaborative and cross-

functional approach being taken through

this forum.

We remain committed to supporting

consumers in making healthier and

more sustainable choices, and have seen

increasing demand for functionally healthy

products. This area will continue to expand

and forms a key part of our development

pipeline for the years ahead. However, the

extent that we can deliver this, depends on

consumer uptake and retailer adoption.

Whilst many challenges remain, we are

confident that through collective effort and

continuous improvement, we can provide

great food that is accessible, affordable,

appealing and sustainable, to our customers

and consumers.

Sustainability continued

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Sustainable Packaging

Packaging is a vital component of our

business – it protects our products, preserves

shelf life, and helps to reduce food waste. Our

ambition remains firmly focused on reducing

plastic use, improving recyclability, and

supporting a more circular economy, in line

with the UK Packaging Pact.

We have made strong progress towards our

2025 plastic packaging targets. In FY25, 98.6%

of our primary plastic packaging by weight

was reusable, recyclable or compostable,

as defined by On-Pack Recycling Labelling

(‘OPRL’) guidelines. While some packaging

materials are currently classified as non-

recyclable under OPRL guidelines, we remain

committed to achieving full recyclability.

Progress has also been made on increasing

the average amount of recycled content

in our packaging which stands at 55.9%,

exceeding our 30% target. This was driven by

improved availability of recycled plastic used

in rigid pots, tubs and trays.

We achieved our single-use plastic target

by removing all plastic cutlery and black

plastic, eliminating 100% of problematic

or unnecessary single-use plastic from our

primary packaging.

This year, we started a series of sustainable

packaging initiatives, which we expect to have

a positive impact on our overall packaging

footprint as a business.

Key activities in FY25 included:

• Invested in converting rigid clear plastic

lids on chilled salads to light weight

lidding film.

• Used ‘linerless’ paper labels on some poke

bowl salads to cut use of plastic tamper

tabs – offering great shelf presence and

quality perception as well as reducing

label material.

• Switched glass jar pickle labels from

plastic to paper.

• Reduced the width and overall

carton board tonnage on chilled

ready meal sleeves.

The packaging landscape is complex and

rapidly evolving, with innovation, technology,

legislation and changing consumer

expectations, continually shaping both

Greencore’s and our customers’ priorities.

Looking ahead

Healthy and Sustainable Diets

• Drive delivery of customer

specific reformulation initiatives

focused on positive nutrition

and NPM score improvements.

• Revisit our metrics and

targets to reflect UK

Government ambition and

changing retailer strategies.

• Continue to onboard the

Mondra platform internally with

our commercial teams and with

relevant customers to support

product-level decarbonisation.

Sustainable Packaging

• Enhance collaboration with

suppliers to drive innovation

across existing and emerging

materials to deliver a step change

in approach and thinking.

• Support strategic packaging

initiatives that are right for

our customers, the planet

and Greencore’s ambitions

in this area.

• Agree a new set of packaging

targets as the UK Plastics

Pact 2025 draws to a close

and continue to monitor

government policy, legislation

and best practice to inform

future metrics.

Greencore Annual Report and Financial Statements 2025

Warrington

Line Operative

People at the Core

Our colleagues, agency staff and contractors are critical to the success of our business.

By keeping them safe, nurturing our talent and protecting those in our communities,

we put people at the centre of The Greencore Way.

Our approach to people considers several

different groups and spans a range of key

areas, all of which contribute to Greencore’s

business performance and reputation.

Health, safety and wellbeing

Over the past year we have strengthened

our health, safety and wellbeing framework,

delivering improvements that reduce risk

and reinforce accountability.

Building on the Hearts and Minds and iCycle

initiative (‘I Care, I Connect, I Commit, I Check)

to enhance colleague engagement in safety

practices, we have embedded greater

ownership of safety at all levels, underpinned

by clear standards, enhanced assurance over

health and safety compliance, and a strong

focus on critical risks.

Our targeted programmes have also

progressed in high-risk areas. Electrical safety

improvements have strengthened standards,

including our machinery isolation process.

Workplace transport risks have also been

reduced through reviews, infrastructure

changes and internal awareness campaigns.

This year, we further strengthened our

approach to colleague health and wellbeing,

reinforcing the support available to

colleagues. The Occupational Health team

improved case management efficiency,

enhanced access to early intervention, and

provided more guidance to managers. We

also enhanced our mental health support,

by increasing the visibility of wellbeing

resources, and embedding more robust

processes for managing complex cases.

These efforts help ensure colleagues

are supported in preventing ill-health

and achieving recovery, reinforcing our

commitment to a workplace where

everyone can thrive.

Our Reportable Accident Frequency Rate

increased slightly compared to last year,

from 0.18 to 0.21 per 100,000 hours.

This increase was primarily due to a modest

rise in lower-severity incidents such as slips,

trips and falls, and manual handling injuries.

All affected colleagues have fully recovered,

and no incidents were linked to critical

risks. However, this increase reinforces the

importance of maintaining focus on everyday

safety behaviours.

In response, we have established dedicated

working groups on slips, trips and falls,

manual handling, and electric pallet truck

safety to strengthen controls, enhance

safeguards, and share best practice across

sites. These initiatives demonstrate our

commitment to learning from incidents and

continuously strengthening safety across

our sites.

Human rights in our direct operations

Raising awareness and engagement in

human rights risks remained central to our

efforts in FY25, and under the leadership

of both the central Sustainability team and

our Plan Owner in Human Resources, we

significantly moved this agenda forward.

As part of internal awareness raising on

modern slavery and labour exploitation

risks, we developed a suite of materials

highlighting the key risks and warning signs,

including banners, posters, and videos,

and we refreshed our induction training.

At the Operations, Technology and

Sustainability (‘OTS’) leadership team

conference in August, our Human Rights

team led a session with support from a lived

experience modern slavery consultant. This

created an impactful opportunity for senior

leaders to engage directly with the realities

of exploitation and reinforce their role in

ensuring it remains a critical area of focus

for the business.

We updated our Human Rights Policy,

building on elements of our HRDD

framework, alongside a new Supplier

Code of Conduct providing further clarity

of expectations our suppliers – such as

labour, security and catering providers – are

expected to uphold, as well as best practices

we strongly encourage them to adopt.

Sustainability continued

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

To strengthen oversight of labour and

third-party service providers, we updated

our internal ethical audit programme,

placing greater emphasis on worker

testimony. To support this, we upskilled

52 colleagues from Human Resources,

Learning and Development, Talent

Acquisition and Technical, on speaking

directly with workers to help identify hidden

issues. We also continued the expansion

of our human rights programme into

our logistics network, with more audits

to follow in FY26.

Inclusion and Diversity

Our action plan continues to focus on

inclusive leadership, giving colleagues

a voice, attracting diverse perspectives,

creating opportunities for people to reach

their potential, and ensuring transparency.

We believe that this creates a culture

where colleagues can thrive and as a result,

contribute to better business decisions.

FY25 activities continued to focus on our

three priority areas of gender, ethnicity

and age. This included extensive colleague

engagement around how we can remove

barriers and improve the workplace for

underrepresented groups, leading to an

ethnicity-focused plan of action.

We continued to invest in improving the

environment for women, becoming founding

signatories of The Food Business Charter and

pledging to improve female representation.

We expanded policies to cover fertility and

child loss. Our investment in menopause

awareness continued and we trained 150

menopause champions to equip them with

the tools to engage colleagues at a local

level. In addition, our progress on gender

equity resulted in us being ranked as a top

UK employer in the Gender Equity Index by

Women in Work for the second consecutive

year. By the end of the financial year, 39% of

all colleagues were female.

We continued to leverage our colleague

catalysts groups with executive sponsorship

to support colleague-led engagement

activities around gender, age and ethnicity.

The Board endorsed and engaged in various

initiatives this year including leadership

education and colleague listening groups.

Leadership education continued to be a

major focus in the year. We successfully

met our target to train 800 of our hiring

managers on fair selection processes,

managing bias, and promoting balance in

hiring decisions. We also invested in Race

and Allyship education with The Diversity

Trust for our most senior leaders.

Communities

We continue to work closely with our

core charity partners FareShare, the Felix

Project, The Bread and Butter Thing and

The Company Shop (including Community

Shop), as well as charities local to our sites.

Redistributing our surplus food continued to

be a priority. While we are working to reduce

food waste through ongoing operational

improvements, when surplus does occur

we aim to make sure it goes to a good

cause wherever possible. This year we have

redistributed 413 tonnes of surplus food,

which is the equivalent of 984,201 meals.

We partnered with our customer Sainsbury’s

on the Coronation Food Project again

this year to produce one million meals for

FareShare. As part of Sainsbury’s work with

Comic Relief, 25p from every Sainsbury’s

Italian-style ready meal sold, helped fund the

production of the meals for FareShare, who

then distributed them through their network

of over 8,000 charities.

In our own network, we have continued to

expand our colleague shop concept, giving

colleagues the opportunity to buy heavily

discounted Greencore products across our

ranges in on-site shops. This remains a focus

for further development next year.

In partnership with Neighbourly, which

connects businesses looking to do more in

their local communities, with the UK’s largest

network of local charities and community

groups, we have committed to rolling out

a colleague volunteering programme. Two

trial sites and one central function (covering

around 1,200 colleagues in total), are

confirmed to take part, with the trial set to

begin in early FY26.

Looking ahead

Health, safety and wellbeing

• Maintain focus on critical risks,

including electrical safety,

workplace transport and

process safety.

• Further advance health and

wellbeing as the foundation

of a resilient, high-performing

organisation.

Human rights in our

direct operations

• Develop human rights training

for operational teams to

reinforce ethical compliance,

build confidence to raise

concerns, and strengthen

ownership of human rights

and modern slavery risks.

Inclusion and diversity

• Continue focus on priority

areas of gender, ethnicity and

age, measuring progress across

these areas.

• Provide ongoing education for

colleagues and leaders, and

deepen understanding of barriers

and biases.

Communities

• Trial our volunteering

programme across three

business areas (approximately

1,200 colleagues) and scope

wider business roll-out.

• Develop the colleague shop

programme with a view to

broadening the concept across

more of our sites.

Gender diversity metrics

Male Female

Other/Prefer

not to say

Across the Group

FY25 60.19% 39.40% 0.41%

FY24 60.36% 39.31% 0.33%

No. of colleagues (FY25) 8,002 5,238 55

At Board level

FY25 50% 50% 0%

FY24 50% 50% 0%

At Group Executive Team level

FY25 75% 25% 0%

FY24 86% 14% 0%

At Group Executive Team direct reports level (-1)

FY25 64% 36% 0%

FY24 64% 36% 0%

Across Group subsidiary boards

FY25 72% 28% 0%

FY24 72% 28% 0%

Greencore Annual Report and Financial Statements 2025Greencore Annual Report and Financial Statements 2025

Task Force on Climate-related

Financial Disclosures (‘TCFD’)

Greencore understands the importance of identifying, assessing and responding to climate-related

risks and opportunities to support sustainable business growth. While climate change is recognised in

the Group’s emerging risk watchlist and several principal risk disclosures, it also presents opportunities

through more sustainable practices and new commercial propositions.

Introduction

As a food business with operations in the UK

and a global supply chain, we recognise that

climate change will create additional physical

and transition risks, as well as opportunities

across our value chain. There are several risks

and opportunities associated with climate

change that are impacting the food industry.

In the near-term, an increasing frequency

and severity of extreme weather events,

including droughts, floods, and heatwaves,

are already directly impacting agricultural

yields and livestock health, and could also

increase disease risks and biodiversity loss.

Whilst our work in this area continues to

evolve, we have deepened our focus through

enhanced understanding and visibility of the

risks and opportunities presented by climate

change, alongside the development of action

plans to enhance business resilience.

We continue to strengthen our alignment with

the TCFD’s recommendations and further

embed climate-related risk and opportunity

management across the business. As such,

we anticipate that our disclosures will mature

and expand over time.

Summary of progress

A summary of our FY25 activities to both

mitigate climate-related risks and respond

to opportunities:

• Supply chain resilience review –

introduced an annual review at Group

Executive Team level to assess exposure

to climate-related risks and other

potential disruptions, such as geopolitical

events or regulatory change. The review

identifies areas of emerging vulnerability

and informs actions to strengthen supply

chain resilience.

• Flood risk planning – completed an

in-depth review at one of our highest-risk

sites, with plans to extend this process to

other high-risk manufacturing sites.

• Senior-level visibility and engagement–

conducted climate risk deep dives at both

the Audit and Risk Committee (‘ARC’) and

the Risk Oversight Committee (‘ROC’) to

strengthen oversight at Board and Group

Executive Team level.

• Operational resilience action planning –

developed measures to address identified

physical and transition risks, including

flood risk assessments, plant maintenance

and refrigeration upgrades.

• Strategic capex alignment – invested

£13.4m in projects with a sustainability or

climate change benefit. Of this amount,

£4.1m principally related to energy

projects and solar projects.

• Scope 3 supplier engagement –

established a long-term partnership with a

food sector carbon specialist to improve

the accuracy of supplier emissions data and

capture the impact of their decarbonisation

activities in our Scope 3 reporting.

Compliance statement

This disclosure (and the information available

at the locations referenced herein) has been

prepared in compliance with the Financial

Conduct Authority Listing Rule (LR 6.6.6R(8)),

consistent with the recommendations of

the TCFD.

In preparing the disclosures, we also

considered the TCFD Supplemental

Guidance for Non-Financial Groups and

specifically the Agriculture, Food, and

Forest products group. This is reflected

in our approach to scenario analysis, our

consideration of physical risk exposure

and use of metrics.

TCFD

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

TCFD index

TCFD pillar and recommended disclosure Page reference

Governance

1. Describe the Board’s oversight of climate-related risks and opportunities

2. Describe management’s role in assessing and managing climate-related risks and opportunities

Strategy

3. Describe the climate-related risks and opportunities the organisation has identified over the short-, medium-, and long-term

57 to 61

4. Describe the impact of climate-related risks and opportunities on the organisation’s business, strategy, and financial planning

57 to 61

5. Describe the resilience of the organisation’s strategy, taking into consideration different climate-related scenarios, including

a 2°C or lower scenario

57 to 61

Risk management

6. Describe the organisation’s processes for identifying and assessing climate-related risks

7. Describe the organisation’s processes for managing climate-related risks

8. Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation’s

overall risk management

Metrics and targets

9. Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and

risk management process

57 to 61

10. Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (‘GHG’) emissions and the related risks

11. Describe the targets used by the organisation to manage climate-related risks and opportunities and performance against targets

63 and 64

Governance

Strong governance across the Group is

essential to helping us act on our climate-

related risks and opportunities. The Group’s

well-established governance structure

supports informed business decision-

making related to climate change. The

Group recognises that management and

strong oversight of our Better Future Plan

will support climate-related risk adaptation

and mitigation and lead to climate-related

opportunity identification and realisation.

Board oversight

Greencore Group plc Board

The Board has overall accountability for

risk management, and climate-related risk

evaluation is embedded into the Group’s

Enterprise Risk Management (‘ERM’)

practices. Ultimate accountability for the

oversight of the Group’s Sustainability

Strategy also sits with the Board which

includes strategic delivery, and consideration

of climate-related risks and opportunities.

The Board delegates responsibility for these

areas to the Audit and Risk Committee

and Sustainability Committee respectively,

and receives summary updates from the

Committee meetings.

Sustainability Committee

The Sustainability Committee has delegated

responsibility for overseeing the Group’s

Better Future Plan. The Committee

provides oversight and counsel, ensuring

the sustainability agenda, which includes

climate-related considerations is led,

supported and managed appropriately by the

Group Executive Team and senior leaders.

The Sustainability Committee met four

times during FY25 and received in-year

performance updates for our climate-related

metrics as well as broader strategic updates

on areas such as energy, water and Scope 3

as part of these meetings.

The Sustainability Committee challenges

management on their approach to meeting

climate-related targets including their

consideration of appropriate strategic

planning and resourcing. The report on the

activities of the Sustainability Committee

during FY25 is included on page 122.

Audit and Risk Committee

The Audit and Risk Committee (‘ARC’) has

delegated responsibility for overseeing the

effectiveness of risk management processes

and controls, including the principal risks that

are influenced by the impacts of climate

change, the most notable being that related

to Supply Chain Disruption and Resilience

(on pages 32 to 40).

During FY25, the ARC received a climate

risk deep-dive session which provided the

Committee with an overview of climate risk

insights, analysis, and mitigation activities,

which ensured that the Board were engaged

with and endorsed the approaches being

pursued. The ARC also ensures financial

reporting disclosures of risks including

climate-related risks are fair, balanced and

understandable. The report on the activities

of the ARC specific to climate-related risks

is included on page 92.

Remuneration Committee

The Remuneration Committee has

responsibility for reviewing the appropriateness

of the remuneration framework and ensuring

that specific climate-related metrics have

been considered and included in the annual

incentives for the Group Executive Team and

wider colleagues.

The FY25 Annual Bonus Plan included

targets related to Scope 1 and 2, water

and food waste reduction. Scope 1 and

2 carbon emissions reduction has also

been embedded in the FY25 Performance

Share Plan to strengthen the link between

executive performance and our climate-

related targets.

Further information on the activities of the

Remuneration Committee can be found on

pages 98 to 121.

Greencore Annual Report and Financial Statements 2025

Greencore Group plc Board of Directors

Remuneration

Committee

Audit and Risk

Committee

Sustainability

Committee

Nomination and Governance

Committee

Risk Oversight Committee Sustainability Oversight Committee

Group Executive Team

Nomination and Governance Committee

The Nomination and Governance Committee

is responsible for Board succession

planning and ensuring that the Board has an

appropriate mix of skills to drive the Group’s

strategy, including considerations related to

climate change.

Management’s role

Group Executive Team

Executive responsibility for strategic climate

risk and opportunity oversight resides with

the Group Chief Executive Officer and the

Chief Strategy, Planning and Development

Officer. Better Future Plan executive sponsors

are responsible for embedding climate

considerations into their respective functions

where relevant, and for advancing actions to

address climate-related risks and opportunities.

Risk Oversight Committee

Climate-risk is governed through a risk-

led approach, with oversight provided by

the Risk Oversight Committee (‘ROC’) and

reported to the Board via the ARC. The ROC,

made up of the Group Executive Team, the

Director Internal Audit, Risk, Controls and

Compliance, and senior risk leads, meet

quarterly to review and assess the Group’s

risk landscape.

Although not every ROC meeting will

explicitly consider climate-related issues,

they consolidate and review risk inputs

from across the business which incorporate

broader operational, market, and regulatory

factors that inherently capture many of the

downstream impacts of climate change.

Sustainability Oversight Committee

The Sustainability Oversight Committee

(‘SOC’), supports the Group’s Better Future

Plan on overall programme direction,

decisions, and risks and opportunities which

includes those related to climate change.

The SOC is comprised of business leads from

Finance, Risk and Resilience, Commercial,

Technical, Company Secretarial, IT and

Strategy functions.

Strategy

Climate-related risks, opportunities

and their impacts

Climate change is not always considered as a

discrete strategic theme. However, strategic

decisions take account of pressures such

as energy cost volatility, evolving customer

and retailer expectations, regulatory

developments and resource availability – all

of which are affected by a changing climate.

Risks and opportunities are prioritised based

on the materiality of their potential financial

impact on the Group and its value chain, as

well as the level of certainty around potential

consequences and the range of strategic

or operational responses available.

The Group recognises the impacts of a

changing climate as an integral part of its

strategic and operational context which is

considered alongside commercial, financial,

and operational drivers when the Board

evaluates strategic opportunities.

Transitioning to a low-carbon

economy

Progress against our science-based carbon

reduction targets is managed through our

Better Future Plan, primarily through the

approach taken to Net Zero Operations (see

page 46) and Scope 3 (see page 44).

Summary of risks and opportunities

The Group faces a range of climate-related

risks and opportunities summarised below,

that vary in nature and severity depending on

assumptions about different possible futures,

often over timeframes much longer than the

Group’s typical planning horizons.

Risks and opportunities are summarised and categorised below.

Risks

Availability and price of raw materials – reduced availability and/or increased cost of raw materials

Operations and infrastructure – disruption, damage, or loss of manufacturing and distribution sites

Consumer preferences – changes in consumer preferences reducing demand for existing product portfolio

Increased financial costs – carbon pricing and transition investment risks

Opportunities

Business resilience – embedding more sustainable business practices and efficient production processes

Physical – direct impacts of climate change on operations and

supply chains from changing weather patterns or extreme events

Transition – broader economic, policy, and market shifts linked to

the low-carbon transition

TCFD continued

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Climate scenarios and time horizons

Scenario analysis approach

In FY24, the Group conducted its second

climate scenario analysis in partnership with

external climate specialists. The analysis

included interviews with functional leads

and senior stakeholders from Finance,

Procurement, Commercial, and Operations,

alongside a review of industry guidance and

insights from climate and industry experts.

The scenarios are based on the Business

for Social Responsibility Climate Scenarios:

Food, Beverage, and Agriculture, which build

from the Network for Greening the Financial

System (‘NGFS’) scenarios. NGFS scenarios

are widely recognised and draw on robust

inputs, including the Intergovernmental

Panel on Climate Change (‘IPCC’) data, NGFS

publications, and government reports. Insights

from peer approaches were also incorporated,

and each scenario aligns with defined

Representative Concentration Pathways.

Scenario selection

Three scenarios were chosen to provide

a range of plausible and challenging futures

in line with TCFD recommendations.

Scenarios include an ambitious <2°C pathway

alongside higher warming cases, to inform

strategic understanding of potential business

impacts and the resilience of the business

under different climate and policy conditions.

Our scenario analysis considered both

qualitative and quantitative climate impacts,

as well as opportunities for future business

performance. This informed the Group’s

risk identification process and was applied

to the most significant climate-related risks

that management had identified through

a bottom-up review.

Scope of analysis

The analysis covered Greencore’s

manufacturing and logistics property portfolio

as well as the ‘top 25’ spend categories across

ingredient and packaging procurement. The

analysis assessed the potential unmitigated

impact on the Group and its supply chain

under each climate scenario.

Time horizons

To ensure a consistent approach to assessing

climate-related risks and opportunities, the

Group applies defined short-, medium-, and

long-term horizons.

Climate scenarios (in order of increasing likelihood)

Smooth Transition (less probable): Global action is taken quickly to cut emissions and

keep temperature rise well below 2°C, aiming for 1.5°C. Governments bring in policies early

and steadily tighten them, giving businesses time to adapt. Transition risks are higher in the

short-term, as suppliers and industries invest in low-carbon solutions, but physical climate

risks (like extreme weather) are much lower in the long-term.

Delayed Transition: Action to cut emissions is postponed until after 2030, then policies

are introduced suddenly and stringently to limit warming to around 2°C. This creates high

transition risks, with sharp changes to regulation and costs, while physical risks also rise due

to higher emissions in the meantime.

Hot House World (current trajectory): Little further action is taken beyond current policies,

leading to more than 3°C of warming. Transition risks are low because there is limited policy

change, but physical risks become severe, with major disruption to weather patterns, crop

yields and ecosystems.

Resilience assessment criteria

We use the following criteria to assess Greencore’s resilience under each of the above scenarios for the identified risks.

High: Financial pressures can be accurately forecast, planned for, and/or mitigated against within financial performance; operational infrastructure

can be adapted effectively to ensure resilience against the impacts of climate change; and commercial product portfolios can be adapted,

remain relevant, and maintain competitiveness.

Medium: Climate-related financial risks can be partially forecast and offset, but are unable to be fully integrated into financial planning;

some impacts on operational infrastructure can be risk assessed and mitigated, but this may be uneven, incomplete and reactive; and

some commercial adaptation of product portfolios is possible but this is not sustained and does not translate to retained or renewed

competitive advantage.

Low: Financial impacts are unable to be budgeted for or suitably evaluated in investment decisions, with cost shock exposure remaining;

operational infrastructure remains vulnerable to climate disruption with limited adaptation options; and ability to adapt commercial offering

to evolving consumer preferences is low, leading to reduced competitiveness and market relevance.

Time horizons are based on asset lifecycles,

strategic sustainability commitments,

2030 SBTi targets and our 2040 Net Zero

commitment, and are used alongside the

climate scenarios to evaluate how risks and

opportunities may evolve over time.

This provides a consistent basis for assessing

risks, opportunities, and mitigation priorities.

Most of the risks and opportunities we face

are possible or likely in each timeframe, albeit

to varying degrees of severity.

Climate scenarios and

time horizons identified

The analysis indicated that the most likely

risks would materialise in a Hot House World

scenario, which aligns most closely with

the existing policy environment. Greencore

therefore considers the Hot House World

scenario to be ‘business as usual’ and focuses

its risk response activities on the impact

of this pathway. The Smooth Transition

scenario represents an ambitious pathway

aligned with international climate goals but

is considered less probable based on the

current pace of global decarbonisation.

However, it has been retained in line with

TCFD guidance to model at least one below

2°C scenario.

Time horizons

Short-term (0–<5 years)

Aligned to typical capital expenditure

payback periods, useful life of assets linked

to our Better Future Plan commitments, and

the Group’s longer-term financing strategy.

Medium-term (5–<15 years)

Aligned to the useful life of plant and

machinery, Scope 1, 2 and 3 2030 SBTi

targets, and extending beyond immediate

planning cycles.

Long-term (15–25 years)

Aligned to the useful life of infrastructure

assets and the Group’s overall 2040

Net Zero commitment.

Greencore Annual Report and Financial Statements 2025

Exploration of climate impacts under each scenario

The Group has assessed how its key climate-related risks and opportunities may be affected under different climate scenarios. The table below

provides a qualitative view of how these impacts could materialise.

Smooth Transition (well below 2°C) Delayed Transition (2°C) Hot House World (over 3°C)

Risks

Availability and price of raw

materials – reduced availability and/

or increased cost of raw materials

Near-term costs rise as suppliers

invest in low-carbon production,

but long-term supply is more stable.

Some crop yield reduction and

harvest failures still likely due to

existing levels of warming.

Extreme weather disrupts crop

yields before adaptation is complete,

driving volatility in supply and prices.

Sudden policy shifts post-2030

cause sharp medium-term price

increases. Producers face pressure

to invest rapidly, passing on costs to

Greencore.

Severe climate impacts reduce

crop yields, leading to sustained

shortages and significant cost

inflation.

Operations and infrastructure–

disruption, damage, or loss

of manufacturing and

distribution sites

Enhanced building and asset

resilience standards, along with

resilience investments, increase

near-term costs, but long-term

physical risks from flooding and

sea-level rise, while still present,

are less severe.

More frequent flooding and

heatwaves cause site disruption

before adaptation is complete; later,

sharp policy changes raise costs and

investment requirements.

Severe and frequent flooding,

sea-level rise, and prolonged

heatwaves increase the likelihood

of site disruption, repair costs and

production losses. Some sites in

higher risk areas become untenable.

Consumer preferences – changes

in consumer preferences reducing

demand for Greencore’s existing

product portfolio

Demand may shift towards low-

carbon products more quickly,

requiring faster portfolio changes.

Risk is reduced through proactive

investment in healthy and

sustainable products and packaging.

Transition delays create uncertainty

in demand trends or more sudden

shifts, making portfolio planning

more difficult.

Consumer demand may shift

sharply if climate impacts intensify,

potentially reducing demand for

carbon-intensive products.

Increased financial costs –

carbon pricing and transition

investment risks

Carbon pricing and compliance

costs increase steadily, and

potentially materially, as

policies tighten.

Abrupt policy changes increase

costs significantly in the mid-term.

Direct financial costs from transition

policies are lower, but physical

damage and disruption drive higher

overall cost pressures.

Opportunities

Business resilience – embedding

more sustainable business practices

and efficient production processes

Efficiency gains from embedding

sustainable practices reduce costs

and support long-term resilience.

Investments in resilience and

adaptation may create efficiency

improvements and strengthen the

business against volatility, whilst

also positioning the Group ahead

of peers.

Strong resilience investments

protect operations and supply,

creating long-term value even under

severe climate conditions.

Climate risks and opportunities:

impacts and resilience of the Group

The Group’s climate risk and opportunity

assessment identified a range of potential

impacts – both positive and negative- that

could influence our operations, supply chain,

and markets over the short, medium, and

long-term. This section provides more detail

on these, the impacts to the business and the

extent of the Group’s resilience.

Detailed assumptions or quantified financial

estimates have not been disclosed under

each climate scenario, reflecting the inherent

uncertainty in modelling future climate-

related outcomes at the level of specific risks

and opportunities. The Group will continue

to review its approach as methodologies

develop, and industry practice evolves.

Financial impacts on the business

The Group determines the potential

financial impact of climate-related risks

and opportunities using thresholds based

on their potential impact on Adjusted

Operating Profit.

Impact Financial range

High

Greater than £10m

Medium

£5m to £10m

Low

Less than £5m

Although we are not yet in a position to link

these impacts to specific financial statement

lines, we recognise that providing further

clarity on the financial implications of

climate-related risks and opportunities would

enhance our disclosures. Over time, we will

continue to explore how best to develop

this approach as our internal capabilities

and scenario analysis mature.

The Group has assessed the potential

financial impacts of climate-related risks

and opportunities based on the timing of

when they are most likely to crystallise.

However, specific estimates of financial

impact by time horizon (short, medium and

long-term) have not been disclosed due

to the inherent uncertainty of modelling

long-term consumer, market and climate

dynamics. Further work will be undertaken

as methodologies develop, and industry

practice evolves.

TCFD continued

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Risks

Availability and price of raw materials

Reduced availability and/or increased cost of raw materials

Climate change will increase extreme weather and alter climate patterns, reducing crop and raw material yields. This may lead to supply

shortages and higher costs, further amplified by suppliers passing on expenses from low-carbon transitions.

Time horizon

This risk is expected to arise in the short to medium-term, as suppliers face transition costs and extreme weather affects commodity

yields. Over the long-term, the impact will depend on the global response to climate change: in orderly or delayed transition scenarios,

costs should stabilise and physical risks remain partly contained, while in a ‘Hot House World’ scenario, lower transition costs are offset

by increasing long-term physical impacts such as more severe weather events, reduced yields, and supply chain disruption.

Impact on the business, strategy and financial planning

Potential unmitigated financial impact: High

Analysis shows that flooding and drought pose a potentially high

financial impact on raw material costs across all time horizons and

scenarios if left unmitigated. Transition costs, such as suppliers

moving to lower-carbon and more resilient production methods

are also expected to increase and be passed through the value

chain, creating further upward pressure on raw material costs

if left unmitigated.

Observed impacts in FY25

Our strategic sourcing planning and agile supply chain meant that

we experienced no material supply shortages or price spikes that

impacted our ability to service customers or maintain margins.

Strategic and operational response

In FY25, the Group launched an annual ‘Supply Chain Resilience’

review with the Group Executive Team to assess risks and identify

sourcing actions to strengthen resilience. Climate disruption,

alongside other risks such as geopolitics and supplier finances, are

factored into strategic sourcing plans. Procurement, Sustainability,

and Risk and Resilience teams jointly review the Group’s highest-

risk commodities and propose mitigating actions, aligned with the

budget cycle to capture cost implications.

In addition, subject matter experts monitor commodity markets and

maintain strong supplier relationships, enabling rapid sourcing from

alternative suppliers. Mechanisms are also in place to pass increased

costs on to customers, helping to protect margins.

While these measures strengthen resilience, some residual risk

remains from external shocks, such as extreme weather events

or global supply shortages, which may not be fully mitigated.

In such scenarios, the Group will be dependent on alternative

sourcing arrangements and cost-pass through mechanisms

to protect profit margins.

Impact on financial planning

Financial planning processes incorporate measures to manage

cost volatility and margin pressures. Procurement budgeting and

forecasting cycles include assumptions for ongoing cost increases.

Established practices such as cost forecasting, alternative sourcing,

and supplier price agreements are embedded in the Group’s standard

financial discipline to support resilience and protect margins.

Related metrics and targets

The Group’s Procurement team assesses climate-related risks across

its 50 major ingredient and packaging categories to understand

potential impacts on availability and cost. We are considering the

development of external metrics, such as cost and price exposure

and supplier resilience to strengthen how we monitor and report

on supply chain climate risk in future years.

Link to Group strategy

Ensuring reliable and cost-effective access to raw materials is central

to the Group’s ability to deliver Great Food for customers and

maintain long-term competitiveness.

While the business does not typically label these challenges as

climate-related, our sourcing strategies already address, at least

in the short-term, the downstream effects of climate change, such

as crop variability, supply disruption and supplier cost pressures,

as part of good business practice.

Resilience under climate scenarios

Resilience assessment

Across all scenarios, material impacts on the availability and/or cost of raw materials are expected. The Group has considered how the risk

of reduced availability and increased cost of raw materials could manifest under different climate scenarios, and the extent to which existing

mitigation measures provide resilience.

Smooth Transition: High

Diversified sourcing and progression

towards sustainable practices support

resilience, though margins may tighten as

suppliers move to low-carbon methods.

Delayed Transition: Medium

Supplier diversification and investment

in low carbon production strengthen

resilience, though sharp cost increases

and supply volatility remain, with mid-term

physical risks potentially driving shortages

and price pressures.

Hot House World: Medium

Long-term adaptation of the product

portfolio, commodity mix, and strategic

sourcing arrangements, supported by cost

pass-through mechanisms, underpins

ongoing business model resilience.

Greencore Annual Report and Financial Statements 2025

Risks continued

Operations and infrastructure

Disruption, damage, or loss of manufacturing and distribution sites

A changing climate is likely to bring sea level rise, flooding, and other extreme weather events, which may damage manufacturing and

distribution sites. More frequent heatwaves could also strain refrigeration systems, disrupt operations and lead to product loss.

Time horizon

The risk of disruption, damage, or loss to manufacturing and distribution sites spans all time horizons. They may emerge in the

short-term and are expected to intensify over the medium to long-term, with some sites already identified as being vulnerable

to flooding and heatwave disruption.

Impact on the business, strategy and financial planning

Potential unmitigated financial impact: High

The most significant risks to sites arise from flooding, sea level rise,

and heatwaves impacting refrigeration. These events could lead

to major repair costs, investment in additional refrigeration, loss of

sales from extended manufacturing disruption and worst case, site

closures. Heatwave impacts may also cause raw material or product

losses and higher energy use.

If left unmitigated, the financial consequences could be material

across all scenarios, although increasing over time – with extended

site closures or production downtime resulting in revenue losses

equivalent to several weeks of output, alongside emergency repair

costs, product or material write-offs.

Observed impacts in FY25

We experienced no material loss or disruption to site operations

resulting from climate-related events in FY25.

Strategic and operational response

Flood risk assessment and business continuity

The Group has strengthened resilience at some of our high-risk

flood-exposed sites. At a high-risk site with a history of flooding,

the Group Executive Team reviewed the flood resilience plan

considering local defence strategies and site-level measures such

as elevating equipment and enhancing incident management. Flood

modelling for all sites has been revalidated following the latest UK

Government assessments, with further reviews under consideration.

Residual risk remains, as severe floods could still disrupt operations,

particularly as the timing of public investment in flood protection is

outside the Group’s control, potentially leading to temporary closures

or production disruption. Business continuity plans and insurance

help to mitigate against flooding and heatwave disruption*.

Site maintenance and capital investment

In FY25, the Group tendered a new refrigeration maintenance

contract to ensure reliable cooling. As part of regular capital

renewal, refrigeration plant requirements are evaluated against

climate and heatwave risk, and future-proofed where necessary.

Residual risk remains, as prolonged heatwaves could still overwhelm

systems, causing product loss, higher energy use, and operational

disruption. Comprehensive business interruption and property

insurance mitigate potential financial losses*.

Impact on financial planning

Maintenance and Strategic Capital Expenditure are incorporated

into the annual budget and reflected in financial metrics such as

Free Cash Flow, Free Cash Flow Conversion, Net Debt leverage and

Return on Invested Capital (‘ROIC’). These metrics support financial

forecasts and resilience assessments by accounting for the cost of

asset maintenance, protection and investment in new technology.

The Group also undertakes an annual reassessment of insurance

to maintain adequate cover over time*.

Related metrics and targets

The Group currently tracks operational resilience through

existing processes, including site flood risk assessments, incident

management plans, and capital investment in critical assets, rather

than specific climate-related metrics. The Group will explore

new indicators to quantify and monitor climate resilience more

systematically in future reporting cycles.

In FY25, the Group maintained excellent service levels above 99%

with no material impact on production.

Link to Group strategy

Maintaining resilient operations is essential to meeting customer

demand and delivering on Great Food and Lasting Partnerships.

While not framed as climate risks, investment in site resilience

and continuity planning is embedded in good business practice,

supporting uninterrupted production and asset and employee

protection, and underpins the Group’s financial performance.

* Subject to insurance policy terms, conditions and limits. Any claim will be assessed

on its specific circumstances with reference to the policy.

Resilience under climate scenarios

Resilience assessment

The Group has reasonable short-term resilience, supported by site incident planning, flood reviews, and refrigeration maintenance. However,

severe flooding or prolonged heatwaves could still exceed system capacity, and without continued mitigation, medium- to long-term

exposure remains significant.

Smooth Transition: High

Some near-term costs may arise from

investment in site resilience, but overall

disruption is less severe compared with

other scenarios.

Delayed Transition: Medium

Flooding and heatwave risks increase, and

site-level resilience measures such as flood

planning and refrigeration upgrades may

not fully prevent disruption, leading to more

frequent site interruptions and higher costs.

Hot House World: Medium

Severe flooding, storms and heatwaves

could exceed site resilience measures.

While ongoing improvements may not avert

disruption, they could mitigate impacts,

and long-term site portfolio evolution may

provide some renewed resilience.

TCFD continued

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Risks continued

Consumer preferences

Changes in consumer preferences reducing demand for Greencore’s existing product portfolio

As climate awareness grows, consumer demand for lower-carbon products may grow. Changing weather patterns and seasonal shifts may

also alter demand and sales cycles, while higher costs from yield loss or regulation could further impact Greencore’s portfolio.

Time horizon

This risk is most likely to crystallise in the medium-term and beyond, as climate awareness, government policy and retailer requirements

begin to shape consumer demand more directly.

Impact on the business, strategy and financial planning

Potential unmitigated financial impact: Medium

If not addressed or properly monitored, shifts in consumer

preferences could reduce demand for certain categories within

Greencore’s portfolio, leading to potential reduced sales volume,

revenue loss, customer dissatisfaction.

Observed impacts in FY25

No material changes in consumer demand specifically linked to

climate-related factors were observed in FY25. The Group continues

to monitor category performance, retailer requirements and

seasonal demand trends as potential early indicators of future shifts.

Strategic and operational response

Greencore manages exposure to changing consumer and retailer

preferences by:

• Introducing the Mondra platform to provide commercial teams

with insight into the approach to test product scenarios monitor,

improve and communicate product environmental performance.

• Monitoring market trends through ongoing research and analysis,

regularly reviewed by the Commercial leadership team and

Group Executive Team.

• Adapting production strategies and product innovation in close

collaboration with customers.

• Developing new products and formulations and considering the

recruitment of a nutritionist to enhance capability in healthy and

sustainable diet innovation.

These actions help reduce the risk of misalignment with consumer

preferences, though rapid or unexpected shifts in demand or retailer

ranges could still create revenue or margin pressure if the Group

is unable to adapt quickly enough.

This risk also presents an opportunity for Greencore. As consumers,

retailers, and policymakers place increasing focus on health and

climate, Greencore can innovate through reformulation and lower-

carbon product development, supporting a shift towards more

sustainable and lower-carbon diets and gaining a competitive edge

in emerging categories. However, the extent of this opportunity

depends on consumer uptake and retailer adoption.

Impact on financial planning

Early consideration is being given to how research, development

and innovation budgets, including internal and external expertise,

might support product reformulation and portfolio diversification

in response to changing consumer preferences and sustainability

goals. The impact of declining categories would also be considered

within budgeting, forecasting and strategic planning processes so

that potential financial impacts can then identified and managed.

Related metrics and targets

Targets related to packaging and product innovation:

• 100% of primary plastic packaging to be reusable, recyclable, or

compostable by 2025, in line with On-Pack Recycling Labelling

(‘OPRL’) guidance – packaging is a visible indicator of product

sustainability, progress in this area supports our ability to meet

rising expectations for low-impact products.

• 85% of products to be classed as ‘healthier’ (NPM score <4 by

sales volume) by 2030 – this reflects alignment with health and

policy trends shaping long-term demand, positioning lower-

carbon food choices as both a health and climate solution.

While the Nutrient Profiling Model (‘NPM’) metric is not directly

linked to the climate agenda, it serves as a proxy to address the

identified risk and upside opportunity. The Group will consider the

development of future indicators to monitor the mitigation of this

risk as part of a broader business update on our strategic response

to the Healthy and Sustainable Diets (‘HSD’) agenda.

Link to Group strategy

Links directly to the Feeding with Pride pillar of the Better Future

Plan, inclusive of our approach to HSD and Sustainable Packaging.

The pillar sets direction to evolve the portfolio over time towards

higher-growth markets and categories as preferences change,

working with our customers to deliver Great Food that meets

evolving demand and supports sustainable growth.

Resilience under climate scenarios

Resilience assessment

The Group has resilience due to its track-record of and ability to reformulate products, adapt product portfolios, and respond to changing

customer demand at pace. However, without continued investment in innovation, insights and upskilling of colleagues, the Group may be

more exposed to demand shifts in the medium to long-term.

Smooth Transition: High

Substantial change in consumer preferences

will likely be required in this scenario. Ongoing

innovation and portfolio evolution through

collaboration with customers provides strong

resilience to changing preferences.

Delayed Transition: Medium

More sudden shift in consumer preferences

owing to policy interventions. Greencore’s

ability to adapt provides some resilience,

but faster shifts could still create revenue

pressure as product portfolios are adapted.

Hot House World: Medium

In the absence of strong policy intervention,

consumer preferences are likely to shift more

gradually, but potentially in less predictable

ways as severe climate impacts and sustained

disruption influence demand changes.

Greencore Annual Report and Financial Statements 2025

Risks continued

Increased financial costs

Carbon pricing and transition investment risks

Stricter climate policies and supplier decarbonisation efforts could raise costs and put pressure on margins. Achieving our 2040 Net Zero

commitment may also require earlier asset upgrades or replacements, increasing capital expenditure and affecting asset value.

Time horizon

The timing of this risk is highly dependent on the scenario. Under a Smooth Transition, stronger policy intervention and carbon pricing

could emerge in the short-term. In a Delayed Transition, these pressures are more likely to crystallise in the medium-term, while in a Hot

House World scenario, policy intervention is likely to be limited.

Impact on the business, strategy and financial planning

Potential unmitigated financial impact: High

In all climate scenarios, the Group has assumed increases in the cost

of electricity and gas, and recognises that significant investment

is needed to support our 2030 SBTi targets and 2040 Net Zero

commitment. If unmitigated, there is a potential for even higher

financial impacts on cost of sales and capital expenditure.

Observed impacts in FY25

No material financial impacts have been identified from carbon

pricing to date. Asset lifecycles are reviewed to assess future

implications for meeting the Group’s targets.

Strategic and operational response

The Group monitors policy and regulatory developments in the UK

and Ireland to anticipate changes in carbon pricing and emissions

standards, drawing on internal knowledge, external advisors,

regulatory updates, and through engagement with industry bodies.

In FY25, the Group developed several potential future scenarios

towards our 2030 SBTi targets which consider options for capital

expenditure and green energy procurement.

The capital expenditure process incorporates carbon-related

considerations to highlight investments in lower-emission

technology, and Net Zero Transition Plans continue to be developed

at site level to guide decarbonisation pathways. In FY25, the Group’s

capital additions for projects with a sustainability or climate change

benefit amounted to £13.4m (2024: £2.8m). Of this amount £4.1m

principally related to energy projects and solar projects, as disclosed

in Note 13 to the Group Financial Statements.

Despite these measures, uncertainty remains and sudden regulatory

changes or shifts in market expectations could still increase

operating and capital costs, potentially affecting margins, cash flow,

or asset valuations, and could slow progress towards the Group’s

2040 Net Zero commitment.

Impact on financial planning

Maintenance and Strategic Capital Expenditure are incorporated

into the annual budget and reflected in financial metrics such as

Free Cash Flow, Free Cash Flow Conversion, Net Debt leverage and

ROIC. Looking ahead, increased capital expenditure will be required

to support the decarbonisation of the business. The Group will

budget for any related costs in the event of further UK Government

action on carbon pricing.

Related metrics and targets

The Group has a science-based carbon emissions target of a 46.2%

reduction in absolute Scope 1 and 2 carbon emissions by 2030

against FY19 baseline of 89,606 tCO

e. Published metrics also

include energy consumption for fuel and electricity.

Future metrics may include the percentage of sites with Net

Zero Transition Plans in place and proportion of annual capital

expenditure linked to climate or Net Zero investments.

Link to Group strategy

This risk links directly to the Making with Care pillar of the

Better Future Plan, which embeds operational resilience and

decarbonisation into Group strategy.

Resilience under climate scenarios

Resilience assessment

Ongoing investment in low-carbon technologies and efficiency improvements is expected to reduce exposure and enhance resilience.

Smooth Transition: Medium

In this scenario, climate-related financial

risks can be partially forecast and offset,

but are unable to be fully integrated into

financial planning.

Delayed Transition: Low

Policy intervention and capital investment

needs will likely be material and potentially

sudden, with less time to spread costs.

Hot House World: Medium

Limited policy intervention and weak

carbon pricing reduce pressure for rapid

decarbonisation but increase exposure

to physical climate risks.

TCFD continued

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Opportunities

Business resilience

Embedding more sustainable business practices and efficient production processes

Embedding more sustainable practices and efficient operations can reduce exposure to carbon pricing and energy volatility while improving

competitiveness. Investment in efficient, climate-resilient assets, logistics, and refrigeration can lower costs, cut waste including food waste,

and enhance long-term resilience. Reducing our dependency on water through investments such as water recycling can bring further

opportunities to reduce costs over the longer term.

Time horizon

This opportunity is expected to be realised primarily in the medium to long-term, as the Group progresses towards its Making with Care

targets covering carbon, water and food waste, and efficiency investments begin to deliver measurable cost and carbon benefits, alongside

shorter-term savings. However, without targeted investment, the full value of this opportunity may not be captured.

Impact on the business, strategy and financial planning

Potential financial benefit: Medium

Improving energy efficiency, infrastructure resilience and production

efficiency through both investment and increased management

focus will lower production costs and protect revenues over time.

Investment in resilient infrastructure and efficiency programmes,

including water, energy and food waste reduction, can lower

overheads and protect revenues. Overall financial benefits are

expected to be medium to high, depending on uptake and delivery,

changing energy prices and the cost difference between green and

fossil fuel energy over time. These actions can also enhance revenue

potential through stronger reputation and competitiveness.

Observed impacts in FY25

All savings, including those linked to sustainable business practices,

are captured within the broader Operational Excellence programme,

although no material financial impacts have been identified

specifically from sustainable business practices this year.

Where benefits arise from capital investment, payback periods

are typically longer and will take time to be reflected in overall

financial performance.

Strategic and operational response

To strengthen long-term business resilience, the Group is continuing

to embed more sustainable practices and enhance operational

efficiency. A key area of focus is assessing how to reduce exposure

to energy volatility and carbon pricing through investments in lower-

emission technologies, renewable energy sources, and energy-

efficiency measures. Work is underway to develop Net Zero Transition

Plans for the higher usage sites, which will consider site-specific

decarbonisation pathways and the integration of climate resilience.

The Group is also reviewing operational practices and data to

identify opportunities to reduce waste, including food waste,

through improved equipment efficiency and enhanced monitoring.

New partnerships are being explored to work with waste specialists

to convert food waste into value streams, such as inputs for animal

feed or higher-value circular routes for human consumption, as an

alternative to disposal. Water stewardship has been identified as a

further opportunity area, with potential investments such as water

recycling systems under consideration to reduce dependency on

this critical resource over the longer term and ensure we have the

supply needed to maintain and grow the business.

Impact on financial planning

Increased capital investment will impact the Group’s short- and

medium-term planning, with related efficiency savings incorporated

into forecasts through existing Operational Excellence processes.

Related metrics and targets

The Group has internal remuneration-linked targets to reduce Scope

1 and 2 emissions, the amount of water withdrawn from external

sources, and food waste.

Our SBTi target of a 46.2% reduction in absolute Scope 1 and 2

carbon emissions by 2030 define the pace and scale of change

required. Published metrics also include energy consumption and

energy intensity ratios as a measure of efficiency.

The Group has an external target to reduce 50% of its food waste

as a percentage of food handled by 2030.

Link to Group strategy

This opportunity aligns with the Making with Care pillar of the Better

Future Plan, with activities to embed more sustainable business

practices to enhance overall business resilience.

Opportunity outlook under climate scenarios

Opportunity outlook

This strategic opportunity aims to enhance competitiveness, protect margins, and strengthen overall resilience, with potential for medium

to high financial benefits over time, subject to future investment and delivery.

Smooth Transition

Resilience is an enabler of commercial

advantage and those who act early

capture savings and strengthen customer

positioning. Early investment in efficiency

and low-carbon technology allows

the business to secure long-term cost

advantages before input prices (energy,

and water) rise more sharply.

Delayed Transition

Resilience safeguards production and

revenue continuity during volatile policy

and commodity swings, protecting margins

when competitors face penalties or

production interruptions.

Hot House World

Resilience drives business continuity and

the opportunity lies in being one of the few

businesses who are able to operate reliably

under sustained physical stress.

Greencore Annual Report and Financial Statements 2025

Impact on the Financial Statements

Climate change impacts, both positive and negative, are inherently reflected in the Group’s financial information that is reported, and therefore

influence the Group’s Financial Statements. In FY25, these impacts were reflected in the following areas:

Area Climate-related considerations in FY25

Going concern and

viability statement

The Group considered whether there are any material uncertainties regarding its ability to continue as a going concern

as a result of climate-related risks. The short-term risks identified through scenario analysis were also incorporated into

the viability statement.

Fixed asset

impairment review

As part of the annual impairment review of fixed assets, the Group assessed whether any assets were impaired due to

changes in processes responding to climate change or from investment in alternative assets. During FY25, £Nil (FY24:

£0.1m) was recorded as impaired in connection with climate change.

Retirement benefit

obligations

For the IAS 19 assumptions underpinning retirement benefit obligations, the Group considered the impact of climate

change on demographic assumptions, particularly mortality assumptions. The assessment concluded that the Group’s

current view on long-term mortality improvements is not materially impacted by climate change.

Goodwill and

intangible assets

Each year, the Group reassesses the carrying value of goodwill and intangible assets with indefinite useful lives,

calculating value in use based on projected future cash flows. In FY25, the scenario analysis conducted in FY24 was used

to perform sensitivity analysis on these projections.

Risk management

Integrated approach for identifying and assessing climate-related risks

The Group recognises that identifying, assessing, and prioritising climate-related risks is critical to strengthening resilience, protecting long-term

value, and reducing the likelihood and impact of these risks materialising. The impact of climate change continues to be an emerging risk for the

Group as the effects of climate change are uncertain, but are likely to be varied, widespread, and affect all aspects of our business.

The Group follows an established process for identifying and managing risks, including those related to climate change, which is integrated

into its existing Group ERM framework. While opportunities are not yet assessed through a formal process, climate-related considerations are

indirectly reflected in broader strategic discussions and decision-making, alongside commercial, financial, and operational factors.

Climate risk identification

To identify risks, management use a combination of external scenario modelling, internal management expertise, and industry research, to evaluate

the ways in which the effects of climate change could disrupt the achievement of the Group’s objectives or otherwise impede performance.

At the Group level, the ROC, comprising the Group Executive Team and senior risk leads, meets quarterly to review and assess the Group’s risk

landscape, including climate-related risks. This is supported by functional risk identification, led by risk champions and risk advisors within each

business function, who compile, track, and monitor risks relevant to their operational areas.

Principal risks, defined as those most likely to have a significant impact on the Group’s objectives, are identified by the Group Executive Team and

then cascaded to the Group. Climate change is a key consideration that underpins the Group’s principal risks related to organisational resilience

and supply chain disruption, in addition to consumer preferences, changes in which are considered to be partly driven by climate change.

Climate-related risks identified at the functional risk level ultimately report up through to the Group level, facilitated by risk champions and risk

advisors within our business functions, who are responsible for guiding the risk identification and assessment processes and ensuring regular risk

reviews take place.

Climate-risk assessment

While the ERM framework considers risks over a typical three-year time horizon, the assessment of climate-related risks requires consideration

over extended timeframes to capture their potential to materialise beyond standard business planning cycles. For TCFD purposes, the Group

uses the extended horizon approach as set out on page 55 which are based on asset lifecycles, strategic sustainability commitments, 2030 SBTi

targets and our 2040 Net Zero commitment.

Risks identified through the FY24 scenario analysis were assessed for their potential impact on the Group’s value chain and operations, with

priority given to those most likely to materialise in the short to medium-term under a Hot House World scenario. Some of these risks may also

be systemic or strategically significant over the long-term, as they could affect multiple parts of the business or supply chain at the same time,

or have significant long-term implications, even if they are less likely to occur in the short-term.

The Group’s climate risk assessment is conducted through a combination of periodic modelling (scenario modelling is every two to three years),

annual risk reviews, and ad hoc assessments as a result of significant internal or external developments such as regulatory changes, or significant

supply disruptions. This considers a range of sources including internal operational data and subject matter expertise, supplier and partner input,

sector benchmarking, and regulatory updates, ensuring a comprehensive and forward-looking view of climate-related exposures. Climate risks

are monitored on an ongoing basis through established risk governance structures, including oversight by the ROC.

TCFD continued

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Integrated approach for managing climate-related risks

Climate-related risks are managed through the Group’s ERM framework, with responsibility allocated to the relevant functions depending on the

nature of the risk, with oversight by the ROC. Functional risks and progress against mitigating actions are reviewed on a quarterly basis and any

significant matters identified as part of this review are escalated to the Group level for review by the ROC.

Climate change is not always treated as a discrete theme, but the Group considers related pressures, such as energy cost volatility, evolving

customer expectations, regulation and resource availability – all influenced by a changing climate. Mitigation is embedded across functions, with

the Group Executive Team ensuring procurement, operations, investment and product development reflect these risks. This integrated approach

supports risk monitoring, alignment with the Better Future Plan, and long-term resilience.

Metrics and targets

In addition to the metrics reported below, the FY25 Annual Bonus Plan included internal targets related to Scope 1 and 2, water and food

waste reductions. Scope 1 and 2 reduction has been embedded in the FY25 Performance Share Plan to strengthen the link between executive

performance and our climate-related targets. Refer to pages 112 to 121 of the Annual Report on Remuneration for more information. The Group

will continue to refine its metrics to measure and monitor performance against climate-related risks and opportunities as our disclosures evolve.

Annual Greenhouse Gas (‘GHG’) emissions (tonnes CO

The Group’s GHG emissions across Scope 1, 2 and 3 are presented below as well as intensity measures.

Scope 1, 2 and 3 emissions FY25 FY24 Base FY19

Combustion of fuel and operation of facilities (Scope 1) † 65,092 66,739 60,952

Electricity, heat, steam and cooling purchased for own use (Scope 2) 18,138 21,719 28,654

Total gross Scope 1 and 2 emissions (tCO

e) ‡ 83,230 88,458 89,606

Green tariff (tCO

e from green energy certificates) § – – (28,624)

Total net Scope 1 and 2 emissions 83,230 88,458 60,982

Scope 3 FLAG-related emissions 713,056 646,313 661,104

Scope 3 Energy and Industry-related emissions 331,152 314,386 319,823

Total Scope 3 emissions ¶ 1,044,208 960,699 980,927

Total Scope 1, 2 and 3 GHG emissions 1,127,438 1,049,157 1,070,532

GHG intensity measures FY25 FY24 Base FY19

Revenue in £’000 1,947,008 1,807,133 1,446,100

Scope 1 and 2 kilogrammes CO

e/£1 revenue 0.043 0.049 0.062

Scope 3 tCO

e/tonne of raw material purchased * 2.55 2.33 2.18

† Immaterial increase in FY24 from 66,585 tCO

e to 66,739 tCO

e as a result of data improvements. Biogenic emissions are reported separately and are excluded from Scope 1 totals in

accordance with the GHG Protocol. FY25 biogenic emissions are 360 tCO

‡ The Group’s Scope 1 and Scope 2 GHG emissions have been calculated using the GHG Protocol Corporate Accounting and Reporting Standard, and emissions factors from the Department

for Energy, Security and Net Zero using the UK Government GHG Conversion factors for company reporting (where factors have not been provided directly by a supplier). Immaterial increase

in FY24 from 88,304 to 88,458 as a result of data improvements related to Scope 1 emissions.

§ In the absence of any contractual instruments, such as renewable energy certificates or power purchase agreements, the Group’s market-based Scope 2 emissions are equivalent to its

location-based emissions.

¶ Scope 3 data scoping, collection and analysis has been performed in line with GHG Protocol Corporate Accounting and Reporting Standard. The key categories for Scope 3 included in

the footprint are Category 1 purchased goods and services (ingredients and packaging) and Category 4 emissions from upstream transport as these are the most material. Data has been

prepared using procurement data for ingredients and packaging purchased in addition to spend data for upstream transport from suppliers to Greencore’s manufacturing sites. Emissions

factor sources include Agribalyse 3.1 for ingredients emissions, EcoInvent 2024 for packaging emissions and UK Government emissions factors for Category 4 emissions. The methodology for

upstream transport emissions (4% of the total Scope 3 footprint) was updated in FY25 to a spend-based approach for simplification reasons, increasing total emissions by a c.10,000 tCO

e and

representing an estimated 1% increase in Scope 3 emissions for FY25. Prior year data has not been restated using the updated methodology as the impact is not considered material.

* The tonne of raw material purchased is based on the total weight of ingredients and packaging purchased.

GHG emissions targets

Performance against Greencore’s SBTi targets for Scope 1, 2 and 3 are provided below. In June 2025, the SBTi approved our Forest, Land and

Agriculture (‘FLAG’) greenhouse gas emissions target. Greencore now has two Scope 3 targets following SBTi validation in 2025. A FLAG-based

(covering agricultural and land-based emissions) and an energy and industry-based reduction target (covering fossil fuel and energy use). This

enables Greencore to focus on tailored strategies to address the unique challenges and opportunities within each area.

Scope 1, 2 and 3 science-based emissions reduction targets FY25 FY24 Base FY19

Scope 1 and 2: 46.2% reduction in absolute Scope 1 and 2 GHG emissions by 2030 against a

FY19 baseline of 89,606 tCO

e -7.1% -1.5% N/a

Scope 3 (FLAG): 33.3% reduction in absolute FLAG-related Scope 3 emissions against FY19

baseline of 661,104 tCO

e +10.3% -2.2% N/a

Scope 3 (Energy and Industry): 46.2% reduction in absolute Energy and Industry-related Scope

3 emissions against FY19 baseline of 319,823 tCO

e +5.3% -1.7% N/a

Greencore Annual Report and Financial Statements 2025

Additional metrics and targets

The below metrics and targets represent additional metrics and targets used by the Group to assess and manage certain of the Group’s

identified climate-related risks and opportunities and therefore have been included in the TCFD report. Our disclosures will continue to evolve,

incorporating comparable prior-year data where feasible.

Annual energy consumption

Metrics FY25 FY24 Baseline FY19

Fuel non-renewable (MWh)

Calculated as the total non-renewable fuel (natural gas, diesel, petrol, LPG and gas oil) used

across the manufacturing facilities 312,868 321,813 289,954

Fuel renewable (MWh)

Calculated as the total renewable fuel (bio-gas, hydrogenated vegetable oil and solar) used

across the manufacturing facilities 4,599 2,149 1,045

Total fuel consumption (MWh)

Total renewable and non-renewable fuel consumption used 317,467 323,962 290,999

Total electricity consumption (MWh)

Total electricity consumption used across the manufacturing facilities 102,755 104,894 108,012

Total energy consumption (MWh)

Total fuel and electricity consumption 420,222 428,856 399,011

Energy KPIs (for manufacturing only)

Metric FY25 FY24 Baseline FY19

Total primary energy consumption (MWhp) 477,016 487,811 467,617

Primary energy intensity ratio (kWhp/tonne of production) 1,252 1,324 1,235

Total primary energy consumption (MWhp) measures the full energy input, including conversion losses, required to power our operations.

Water metrics (for manufacturing only)

Metric FY25 FY24 Baseline FY23

Water withdrawal (megalitres) – manufacturing only* 2,642 2,675 2,717

Water intensity ratio (m3 water withdrawn/tonne of production) – manufacturing only 6.93 7.26 6.93

* Immaterial increases in FY24 from 2,669 megalitres to 2,675 megalitres as a result of data improvements (manufacturing only). Data for all sites and operations: FY25: 2,653, FY24: 2,690,

FY23: 2,717 megalitres.

Water withdrawal data is compiled using a defined data hierarchy, prioritising automated meter readings, followed by manual meter readings,

and supplemented by invoiced consumption where direct readings are unavailable.

Food waste

Target FY25 FY24 Baseline FY17

50% reduction in food waste (as % of total food handled) by 2030 against FY17 baseline of 9.52% 6.92% 7.16% 9.52%

Food waste data is calculated in line with the Food Loss and Waste Accounting and Reporting Standard and is based on collections data from

our third-party waste suppliers. This forms the basis of our commitment to halve our food waste (from an FY17 baseline) by 2030, in line with the

UN Sustainable Development Goal 12.3.

Plastic packaging

Target FY25 FY24 Baseline

100% of primary plastic packaging purchased is reusable, recyclable or

compostable based on On-Pack Recycling Labelling (‘OPRL’) guidance by 2025 98.62% 99.96% n/a

Our plastic packaging metric is based on procurement data for primary plastic packaging purchased, supplier material composition, and internal

expertise. Some packaging materials remain non-recyclable under OPRL guidelines due to necessary adhesives, such as self-adhesive labels and

ready meal lidding films.

Healthy and sustainable diets

Target FY25 FY24 Baseline

85% of products classified as healthier (Nutrient Profiling Model score <4 by sales volume) by 2030 74% 71% n/a

The healthy and sustainable diets target is based on sales and the nutritional information contained on product labels.

TCFD continued

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Sustainability and other business-related policies, policy summaries and key document

This section provides an overview of our policies that guide sustainability and other business-related practices and across our operations and

supply chain, reflecting our commitment to both people and the planet. Our policies, policy summaries and key documents and can be found

on www.greencore.com.

Policy, policy summary or key document Description

Code of Business Conduct

Outlines the ethical standards and expectations for all colleagues, partners, and stakeholders.

Environmental Policy Statement

Sets out our commitment to managing our environmental impact including related to pollution,

water, energy and waste and complying with legislation.

Responsible Sourcing Policy

Sets out how Greencore approaches responsible sourcing across our entire supply chain.

It communicates our high-level expectations for all stakeholders in Greencore’s value chain,

both directly and indirectly involved in the sourcing, production, and distribution of our products.

Supplier Code of Conduct

Outlines the ethical and environmental standards that our suppliers are expected to uphold,

as well as best practices we strongly encourage them to adopt.

Community Policy

Outlines our commitments to investing in our local communities to help them thrive and applies

to all Greencore sites and colleagues across the business.

Inclusion and Diversity Policy

Outlines our commitment to maintaining a diverse and inclusive workforce at all levels across the

Group by treating all colleagues and potential colleagues equally, enabling them to thrive at work

by being themselves.

Board Diversity Policy

Outlines the Board’s commitment to ensuring that its composition is diverse and balanced, and

its approach when carrying out its duty of reviewing the Board composition.

Greencore Group Gender and Ethnicity

Pay Gap Report

Outlines our commitment to fair and equitable pay, which is guided by our reward principles,

the first of which is striving for fairness and consistency.

Development Policy summary

Outlines our commitment helping new colleagues join and settle in by offering a broad range

of educational routes to build skills and grow capability.

Menopause Policy summary

Outlines the key aspects of our approach to menopause.

Recruitment Policy summary

Outlines the key aspects of our approach to inclusive recruitment.

Young People Policy summary

Summarises some of our key policies and approaches, and how we best support colleagues

at Greencore.

Health and Wellbeing Policy summary

Greencore’s health and wellbeing policy focuses on providing a safe and healthy working

environment, supporting physical and mental health, and promoting a positive work-life balance.

Parenthood Policy

Explains how colleagues will be supported during various types of parental leave and sets out what

is considered an acceptable time away from work. It outlines the expectations of colleagues when

requesting or taking leave and clarifies which categories of leave are paid and which are unpaid.

Human Rights Policy

Affirms our commitment to respecting and promoting human rights across both our direct

operations and global supply chain. It establishes clear expectations for Greencore and our

suppliers to uphold human rights standards and take proactive steps to prevent abuses, such

as forced labour, child labour, unsafe working conditions, and other violations.

Modern Slavery and Human Trafficking

Transparency Statement

Affirms our commitment to promoting ethical conduct, safeguarding worker well-being and

rights, and effectively managing risks associated with labour practices and modern slavery

in both our own operations and our global supply chain. Regular training is also provided to

relevant colleagues.

Anti-Bribery and Corruption Policy

Statement

Affirms Greencore’s zero-tolerance policy for bribery and corruption. Bribery and corruption risks

are considered as part of the Internal Audit planning process and regular training is provided on

our Anti-Bribery and Corruption Policy, including gifts and hospitality to relevant colleagues.

Corporate Criminal Offence Policy

Greencore’s Corporate Criminal Offence Policy is part of Greencore’s commitment to prevent the

criminal facilitation of tax evasion. Regular training is also provided to relevant colleagues.

Speak Up Policy

Greencore’s whistleblowing process is referred to as Speak Up. Speak Up is the action a colleague

takes when reporting suspected wrongdoing at Greencore outside the normal management

channels. Training and awareness campaigns take place regularly throughout the year.

Supplementary Information

Greencore Annual Report and Financial Statements 2025

Group Executive Team

Nigel Smith

Chief Strategy, Planning and

Development Officer

Nigel is Chief Strategy, Planning and Development

Officer, with responsibility for development and

integration of Group strategy and our broader

change agenda.

He joined Greencore in 2017, and has held a variety

of roles supporting the strategic development of the

Group, before taking on executive leadership of strategy

since 2021. Prior to joining Greencore, Nigel worked

as a strategy consultant with McKinsey & Company,

and in multiple public policy positions within European

Union institutions.

Nigel is an alum of Trinity College Dublin, Sciences-Po

in Paris and the College d’Europe in Bruges. He has

also completed Executive Education at the UCD

Smurfit School.

Lee Finney

Chief Operating Officer

Lee joined Greencore in October 2022 as Chief

Operating Officer. He is the executive accountable

for technology and the end-to-end supply chain.

He has extensive experience in transforming the

operational performance of global businesses,

having held vice president, chief transformation

officer and chief supply officer roles in the UK,

Europe, North America and Australasia.

Lee has an MBA, was awarded the Advanced

Management Program, and has completed

executive programmes at MIT and Stanford, USA.

Dalton Philips

Chief Executive Officer

Dalton joined as Chief Executive Officer in September

2022 and has overall responsibility for running the

business, driving shareholder value and developing

strong relationships with stakeholders.

Dalton’s roles, prior to joining Greencore include chief

executive of daa plc, the global airports and travel retail

group, chief executive of Wm Morrison plc, then a FTSE

100 company and the UK’s fourth largest supermarket

chain, chief executive of luxury goods retailer Brown

Thomas Group, and chief operating officer of Canadian

retailer Loblaw Companies Limited.

Dalton also served as a senior advisor to the Boston

Consulting Group. He started his career with Jardine

Matheson followed by Walmart.

Catherine Gubbins

Chief Financial Officer

Catherine joined as Chief Financial Officer in February

2024 and is responsible for managing the financial

affairs of the Group and optimising its financial

performance. Catherine is also responsible for

internal audit and risk management as well as the

Group’s tax affairs.

Catherine joined Greencore from daa plc, having

worked there for nine years in various finance roles

including as director of finance and since March 2021,

as group chief financial officer.

Before moving to daa plc, Catherine spent 16 years as

a senior manager in assurance and business advisory

with PwC Ireland.

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Damien Moynagh

Group General Counsel and Company Secretary

Damien joined Greencore in November 2022 and is

responsible for leading Greencore’s Legal and Company

Secretariat functions.

With over 20 years’ experience as a corporate/M&A

lawyer and senior executive in Europe, the US and

Asia, Damien was most recently general counsel and

company secretary of FTSE 250 listed UDG Healthcare

plc (now Inizio), responsible for its legal, corporate

secretarial, risk, compliance, quality and sustainability

functions. Prior to this, Damien practiced at Freshfields

and Maples.

Educated at University College Dublin and Université

Toulouse Capitole, he has also completed executive

education programmes at Cambridge University and

Columbia University.

Ruth McDonald

Chief Technical, Sustainability

and Corporate Affairs Officer

Ruth joined Greencore in September 2025 and is

responsible for Greencore’s Technical, Sustainability

and Corporate Affairs functions.

With nearly 30 years’ technical experience with various

food manufacturers and retailers, Ruth was most recently

Corporate Services Director at Morrisons Supermarkets,

one of the UK’s leading retailers, where she was responsible

for sustainability, product safety, health and safety,

compliance, quality, business continuity/resilience

and security.

In addition to her core role, Ruth is an IGD board director

and trustee and a Fiin (Food Industry Information Network)

board member. Educated at University of Bradford

Business School, Ruth has a Postgraduate Certificate

in Business and Management.

Andy Parton

Chief Commercial Officer

Andy is Chief Commercial Officer, responsible for

setting and delivering the commercial strategy and

agenda. The role covers marketing, insights and category

management, product development and management,

sales and procurement.

Prior to this Andy was Business Director for our Food

to Go business. Andy joined Greencore in 2014 having

previously held senior commercial positions in Aldi

and PepsiCo.

Guy Dullage

Chief People Officer

Guy is Chief People Officer and is responsible for human

resources across the Group. Prior to this, Guy served as

HR Director of our Prepared Meals business.

Guy joined Greencore in 2015. Previously, he held

a variety of senior HR roles in the UK and Europe, with

the majority of his experience over this time within the

manufacturing sector. Guy has also held a number of

directorships, board and pension trustee roles during

his career. Guy became a fellow of the CIPD in 2014.

Greencore Annual Report and Financial Statements 2025

Directors’

Report

74%

of our products

classified as ‘healthier’

Chair’s introduction to corporate governance 70

Board of Directors 72

Board leadership, culture and company purpose 74

Stakeholder engagement 76

Division of responsibilities 84

Composition, succession and evaluation 86

Report of the Nomination and Governance Committee 88

Report of the Audit and Risk Committee 91

Report on Directors’ Remuneration 98

Report of the Sustainability Committee 122

Other statutory disclosures 124

Statement of Directors’ responsibilities 129

Greencore Annual Report and Financial Statements 2025

Directors’ ReportStrategic Report

Financial Statements

Key FY25

Board activities

Read more on page 77 and 78

Greencore Annual Report and Financial Statements 2025

Leslie Van de Walle

Board Chair

The Directors present their

report and Financial Statements

for the year ended 26 September

2025 (FY25’). The Directors’

Report (this ‘Report’) is

contained on pages 70 to 129.

This Report provides an

overview of the way in which

the Board and its Committees

operated in the past year,

highlights the primary areas

of focus and outlines the way

in which the principles of the

2018 UK Corporate Governance

Code (the ‘2018 Code’) were

implemented. The 2018 Code,

which is available on the

Financial Reporting Council’s

website, www.frc.org.uk,

continued to be the standard

against which we measured

ourselves in FY25.

Corporate governance in FY25

The Board has been focused on determining

the Group’s strategic direction, while

continuing to focus on overseeing the

Group’s core business. Improved corporate

governance processes have continued to

serve effective decision-making. The Board

and Committee evaluations for FY25 showed

further progress, particularly in the context

of the Board’s detailed work and focus on

the recommended acquisition of Bakkavor

Group plc (‘Bakkavor’). Further details on

these effectiveness reviews are on pages 86

and 87.

Stakeholder engagement allows the Board to

understand what matters to our stakeholder

groups, consider all relevant factors and

drive discussion in the boardroom. Further

information as to how the Board had regard

to key stakeholders is set out on pages 76

to 83.

The Board remained engaged with our

people through site visits gaining valuable

insights into morale and the needs and

the wants of our colleagues. The work of

Workforce Engagement Director, Anne

O’Leary, also continued during the year, with

further detail available on pages 82 and 83.

Priorities for FY26

The Board remains committed to delivering

value and creating a positive and sustainable

impact for all our stakeholders, in particular

by focusing on the Group’s medium- to

long-term strategic priorities.

As noted, the Board was diligent and focused

on its consideration of the recommended

acquisition of Bakkavor, which is anticipated

to close in early 2026. In addition to

welcoming Agust Gudmundsson and Lydur

Gudmundsson to the Board as part of the

acquisition, the Board is committed to

ensuring smooth integration and the delivery

of anticipated synergies and will work with the

Group Executive Team to promote the desired

organisational design and culture to support

continued growth and value creation for all

stakeholder groups into FY26 and beyond.

I would like to thank my Board colleagues

for their ongoing commitment and look

forward to further progress and delivery

of our objectives in FY26.

Leslie Van de Walle

Board Chair

17 November 2025

Continuing

to build strong

governance

“The Board has been focused on

maintaining momentum of strong

performance and resetting the

strategy for the Group.”

Chair’s introduction to corporate governance

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

50%50%

75%

25%

Board diversity as at 26 September 2025

Compliance with the UK Corporate Governance Code

The Company applied the principles of the 2018 UK Corporate

Governance Code (the ‘2018 Code’) for the financial year

26 September 2025.

The Board are pleased to report that the Group has complied with

all of the relevant provisions of the 2018 Code for the financial year

ended 26 September 2025.

The UK Corporate Governance Code 2024 (the ‘2024 Code’)

applies to the Group starting from the financial year commencing

27 September 2025 (‘FY26’) with the exception of Provision 29 of the

2024 Code which will apply from 26 September 2026 (‘FY27’). The

Board is familiar with the updated provisions of the 2024 Code and

believes that it is currently compliant with the applicable provisions.

Both the 2018 Code and the 2024 Code are available at www.frc.org.uk.

Number of scheduled Board meetings

in FY25

Number of unscheduled Board meetings

in FY25

Scheduled Board meeting attendance

in FY25

100%

Independence of the Board excluding the

Chair as at the end of FY25

71%

Final dividend for FY24

£8.9m

(2.00 pence per share)

Directors scheduled Board meeting attendance during FY25

Director

Number of

scheduled Board

meetings held

Number of

scheduled

Board meetings

attended

Catherine Gubbins 7 7

Linda Hickey 7 7

Alastair Murray 7 7

Anne O’Leary 7 7

Dalton Philips 7 7

Helen Rose 7 7

Harshitkumar (‘Hetal’) Shah 7 7

Leslie Van de Walle 7 7

1. Five additional unscheduled meetings were held throughout the year, predominantly to discuss the recommended

acquisition of Bakkavor. All unscheduled meetings related to the recommended acquisition of Bakkavor were attended

in full by all directors.

Executive Non-Executive

By role

1 – 3 years 4 – 6 years 7+ years

By tenure

By gender

Female Male

Read our Report of the Nomination and Governance Committee: pages 88 to 90

Further information on these governance matters can be

found as follows:

Board leadership, culture and company purpose:

See more on page 74

Division of responsibilities:

See more on page 84

Composition, succession and evaluation:

See more on page 86

Audit, risk and internal controls:

See more on page 91

Remuneration:

See more on page 98

Greencore Annual Report and Financial Statements 2025

Leslie Van de Walle, 69

Non-Executive Director

(Board Chair)

Linda Hickey, 63

Non-Executive Director

(Senior Independent

Director), BBS

Anne O’Leary, 58

Non-Executive Director

(Workforce Engagement

Director), CDir

Board of

Directors

Board Committees

Audit and Risk

Nomination and Governance

Remuneration

Sustainability

Committee Chair

Appointed as Non-Executive Director with effect from 1 February 2021. Appointed as Non-Executive Director with effect from 1 April 2023. Appointed as Group General Counsel and Company Secretary with effect from

7 November 2022.

Anne brings extensive experience across a variety of sectors including digital integrations,

data analytics, cultural change programmes, and strategic acquisitions and partnerships.

Anne previously served as chief executive officer of Vodafone Ireland for nine years before

joining Meta in her current role as vice president of the mid-market business division for

the EMEA region. Prior to this she acted as managing director of BT Ireland.

Anne sits on the board of Meta Platforms Ireland Limited and Whatsapp Ireland Limited.

Anne is also a board member of Ludgate, an Irish non-profit enterprise facilitating job

growth via digital technology and remote working hubs, and the Economic and Social

Research Institute. Anne previously served as a non-executive director of Vodacom

Group Ltd, as chair of Goal Global and as president of the Dublin Chamber of Commerce.

Anne was also previously a director of IBEC CLG for six years, a business and employer

association for organisations based in Ireland and served as its president in 2025.

Hetal has a strong record as a senior finance professional with significant experience

gained in large, international groups and has proven leadership credentials.

Hetal has held several finance roles in both publicly listed and private

organisations, including a 17-year career at Cadbury plc where he held finance

director roles spanning the UK, US, Asia and Africa, and where he was also

responsible for leading transformational projects across supply chain, finance,

IT and strategy in various locations. Hetal is currently serving as the director

of group finance at Belron International, a portfolio company of Clayton,

Dubilier & Rice. Hetal is also a member of Chapter Zero.

In addition to his financial experience, Hetal brings experience in corporate

strategy, M&A and operational improvements.

Damien brings over 20 years’ experience as a corporate lawyer and senior

executive across Europe, the US and Asia. Damien was responsible for the legal

and corporate secretarial functions, as well as the risk, sustainability, quality and

compliance functions, in his previous role as general counsel and company

secretary of FTSE 250 listed UDG Healthcare plc (now Inizio). Prior to this, Damien

acted as chief operating officer and general counsel at Sysnet Global Solutions

(now Viking Cloud), a fast-growing global technology business.

Damien trained and practiced as a corporate/M&A lawyer with Freshfields in

their London, Tokyo and New York offices before moving to Maples’ Dublin

office and has extensive experience advising global clients on public and private

large-scale multi-jurisdictional transactions. He has also completed executive

education programmes most recently at Cambridge University (in sustainability

management) and Columbia University (in leading strategic change).

Appointed as Non-Executive Director and Chair Designate on

1 December 2022. Leslie became Board Chair on 26 January 2023.

Appointed as Chief Executive Officer and Executive Director with effect from

26 September 2022.

Appointed as Chief Financial Officer and Executive Director with effect from

6 February 2024.

Leslie joined Greencore in December 2022 bringing a wealth of extensive leadership

and non-executive and chair experience across multiple sectors. Leslie has a deep

knowledge of the food industry having held previous positions at Danone, Cadbury,

Schweppes and United Biscuits, where he served as group chief executive officer.

Leslie has held multiple non-executive roles throughout his career including

currently serving as the chair of the Robert Walters Group and chair of their

nomination committee, having previously served as chair between 2012 and 2018.

He has held various non-executive roles and was previously chair of Euromoney

Institutional Investor plc and SIG plc, as well as deputy chair and a non-executive

director and chair of the nomination committee at Crest Nicholson Holdings plc,

a non-executive director of HSBC UK Bank plc and senior independent director

and chair of the remuneration committee of DCC plc.

Dalton joined Greencore on 26 September 2022. Dalton started his career with

Jardine Matheson followed by Walmart before moving into roles including chief

executive of daa plc, the global airports and travel retail group, chief executive

of Wm Morrison plc, then a FTSE 100 company and the UK’s fourth largest

supermarket chain, chief executive of luxury goods retailer Brown Thomas Group,

and chief operating officer of Canadian retailer Loblaw Companies Limited. Dalton

has also previously served as a senior advisor to the Boston Consulting Group.

Dalton is currently serving as a non-executive director of IBEC CLG.

Dalton has a BA from University College Dublin, an MBA from Harvard University,

and an honorary Doctorate of Management from Bradford University.

Catherine joined Greencore on 6 February 2024. Prior to joining Greencore,

Catherine served as group chief financial officer at daa plc, the global airports

and travel retail group, having held various finance roles for nine years including

as director of finance.

Catherine successfully led all finance, legal and procurement functions while at

daa plc. Prior to that Catherine spent 16 years as a senior manager in assurance

and business advisory with PwC Ireland, working with a broad range of the firm’s

most significant clients.

Catherine has a BA Law and Accounting from University of Limerick and a MAcc

from Smurfit Business School.

Appointed as Non-Executive Director with effect from 1 February 2021. Appointed as Non-Executive Director with effect from 1 February 2023. Appointed as Non-Executive Director with effect from 11 April 2018.

Linda brings extensive corporate experience and knowledge to the Board

having spent her executive career in stockbroking and investment banking.

Linda previously worked at NCB Stockbrokers and Merrill Lynch, before serving

as head of corporate broking at Goodbody Stockbrokers for 15 years.

Linda is a non-executive director of Cairn Homes plc where she is senior

independent director, remuneration committee chair and a member of the audit

and risk committee. She also serves as non-executive director and chair of the

audit and remuneration committees of Avolon. She is a member of the investment

committee of the Irish Strategic Investment Fund and has previously served as

chair of the Irish Blood Transfusion Service. Linda is a member of Chapter Zero.

Until May 2025, Linda served as non-executive director of Kingspan Group plc.

Alastair brings extensive food industry and financial experience having previously

held the role of chief financial officer and director of Premier Foods plc until

September 2019.

Alastair is a chartered management accountant having financial, property, and

IT experience across a number of listed companies including Premier Foods plc,

Dairy Crest plc and The Body Shop International plc. In addition to the above

Alastair has a proven track record in corporate strategy, restructuring and M&A.

Alastair is a non-executive director and chairs the audit and risk committee of

McBride plc, a British-based business manufacturing own brand household goods.

Alastair is also serving as an independent member of the audit and risk committee

for the Department for Education in England.

Helen brings significant operational, financial, risk and UK retail experience and

previously held senior finance roles at Dixons, Forte, Safeway and Lloyds Banking

Group over a 30-year executive career. Helen brings strong change leadership

and transformation experience gained from her roles as retail integration director

at Lloyds Banking Group and as chief operating officer at TSB Banking Group plc.

Helen’s previous experience extends to cyber security, risk matters and internal

controls. Helen is a non-executive director of WH Smith plc and deputy chair of

Compton Verney. Helen is also an executive coach and mentor.

Helen is a fellow of the Institute of Chartered Accountants in England and Wales,

having trained with Coopers & Lybrand. Helen is also a member of Chapter Zero.

Helen has been integral to the establishment of the Group’s Sustainability Committee.

Board of Directors

Greencore Annual Report and Financial Statements 2025

Strategic Report Directors’ Report Financial Statements

Dalton Philips, 57

Chief Executive Officer

BA, MBA

Alastair Murray, 64

Non-Executive Director

MA, MBA, FCMA

Harshitkumar

(‘Hetal’) Shah, 53

Non-Executive Director

BS, CIMA

Catherine Gubbins, 50

Chief Financial Officer

BA Law & Acc, FCA, MAcc

Helen Rose, 60

Non-Executive Director

BSc, FCA

Damien Moynagh, 48

Group General Counsel

and Company Secretary

BCL, DEUE