Trading improved through 1st 20 weeks – Total sales grew 7.4%, with company-managed LFL sales up 2.9%. This is an improvement on the 1st 9 weeks when LFLs were +1.7%. January was impacted by weather with a better February (LFLs c2.5%). Mathematically, the unweighted implied LFL growth rate for the stub 11 weeks was c.3.9%, implying an improvement in the volume decline rate vs the 1st 9 weeks. Management guided to negative 1H volumes and a 2H recovery when LFL comps ease (1H24 +7.4%: 2H +3.8%). No change to FY25 PBT guidance with expectations maintained. Guidance was to grow FY25 PBT YoY (FY24 £189.8m). Visible Alpha suggests market consensus PBT is £186.6m (INVe £191.7m). We leave our forecast unchanged. There is no change to management’s 6% cost inflation expectations for the year and it still plans to open a net 140-150 new stores in FY25 (gross 66 new stores YTD or net 20 opened). Supply chain investment is in-line with projected plans and on budget. The Derby/Kettering facilities are due to be operational in 2026 & 2027, and add enough capacity to support 3,500+ stores (vs 2,638 as at 17 May). Further progress with range development. Over-ice drinks are now available in 1,300 shops (1,152 in March). Its newly launched Mac & Cheese went viral and its hot made-to-order range is now in over 300 shops (c140 in March). This should help drive evening daypart and digital sales too. As highlighted in our note, Confronted cycles before (published 3/4/25), Greggs should emerge with a structurally higher cash margin post elevated investment cycle and ROCE should start rebuilding back to its targeted 20% in FY27. Also, by FY27, Greggs should be generating significant surplus cash which it could return to shareholders. This is not reflected in valuation.