Greggs reports strong H1 2026 profits amid divided analyst outlook

Greggs reported strong financial results for the first half of 2026, with pre-tax profit rising 19.7% to £76.0m and operating profit increasing 22.9% to £86.5m. Total sales for the period reached £1,101.5m, a 7.2% year-on-year increase. The company's performance included 34 net new shop openings, with a target of 100 to 110 new openings for the full year.

Despite these results, analyst outlooks remain divided. While firms like JP Morgan, Barclays, and UBS maintain positive views—with JP Morgan calling the company a “structural winner”—others, such as Jefferies, have lowered ratings. A primary point of debate is the potential impact of GLP-1 weight-loss drugs on consumer behavior. CEO Roisin Currie noted there is “no doubt” that appetite-suppressing medications are influencing the business, leading customers to seek healthier options and smaller portions.