FY25 was a challenging year with weak consumer confidence impacting the food-to-go market and Greggs had to work hard to offset material opex inflation. Total sales grew 6.8% with company-managed shop LFL +2.4%. There was a QoQ improvement in LFL sales trend, with 4Q company-managed LFL sales up 2.9% (3Q +1.5%; 1H25 +2.6%). It was trading up against much weaker comps, though volumes remained negative as price inflation was mid-single digit. Total 4Q sales were up 7.4% Investment plans on track. A net 121 stores opened in 2025 with a similar number planned for FY26. Its supply chain capacity developments to support future growth are on track, with the phased operational roll-out of the Derby frozen manufacturing and logistics facility to its 6 RDCs starting mid-2026. The initial build phase of its chilled and ambient National Distribution Centre in Kettering is complete and on track to open in 2027. Management anticipates an FY25 outcome in-line with previous expectation but is cautious on the FY26 economic outlook, guiding to a similar underlying profit level to 2025, with any YoY improvement contingent on a recovery in the consumer backdrop. We expect no change to FY25 consensus PBT of £172m, but expect FY26 consensus of £180m to be trimmed by 4% to reflect guidance. We cut our top-of-the-range FY25E/FY26E PBT by 1.8%/10.6% which brings us in-line with guidance. Undemanding valuation (CY27E PE of 13.1x; DPS yield 4.0%), given depressed earnings & long-term future growth potential, trading at the bottom of its last 4 &10-year forward PE valuation range. Our TP is cut to 2000p (prev 2670p) reflecting the downgrade and change to our valuation basis from high double-digit PE to a mid-teens CY27E PE.