Greencore : H1 FY24 Interim Financial Report

INTERIM FINANCIAL REPORT

For the half year ended 29 March 2024

21 May 2024

Strong profit growth as recovery accelerates - full year to be ahead of current market expectations1

Greencore Group plc ("Greencore" or the "Group"), a leading manufacturer of convenience food in the UK, today issues its results for the half year ended 29 March 2024 ("H1 24").

SUMMARY FINANCIAL PERFORMANCE

	H1 24	H1 23	Change
	£m	£m
Revenue	866.1	925.8	-6.4%
Like-for-Like Revenue Growth			+4.1%
Adjusted EBITDA	55.9	39.9	+40.1%
Group Operating Profit	25.3	3.6	+602.8%
Adjusted Operating Profit	28.3	11.8	+139.8%
Adjusted Operating Margin	3.3%	1.3%	+200bps
Profit/(Loss) Before Taxation	14.7	(6.2)	+£20.9m
Adjusted Profit Before Tax	16.9	3.4	+397.1%
Basic EPS (pence)	2.5	(0.9)	+3.4p
Adjusted EPS (pence)	2.8	0.5	+2.3p
Group Exceptional Items (after tax)	(1.3)	(4.8)	+72.9%
Free Cash Flow	(26.5)	(24.3)	-9.1%
Net Debt (excluding lease liabilities)	(198.0)	(219.4)	+£21.4m
Net Debt: EBITDA as per financing agreements	1.4x	1.9x	+0.5x
Return on Invested Capital ("ROIC")	10.2%	7.5%	+270bps

FINANCIAL HIGHLIGHTS2,3, 4

• Volume growth ahead of the wider market3 driven by key category outperformance
• Reported revenue decline reflects decision to exit a number of low margin contracts in FY23 and the Trilby Trading disposal, on a Like-for-Like ("LFL") basis4, revenue growth was 4.1% with a 1.2% increase from volume growth and mix impact
• Strong growth in Adjusted Operating Profit to £28.3m with 200bps margin improvement
• ROIC increased 270bps to 10.2%, driven by improvements across product portfolios, manufacturing footprint and disciplined capital investment
• Strong balance sheet at period end with Net Debt (excluding leases) to Adjusted EBITDA as per financing arrangements reducing to 1.4x (H1 23: 1.9x)
• Target to return a further £50m to shareholders over next 12 months, commencing with a share buyback of up to £30m and if the business continues to trade as expected the Board intends to declare a dividend for the year to September 2024
• Currently expect FY24 Adjusted Operating Profit in a range of £86-88m, ahead of current market expectations1

STRATEGIC & OPERATIONAL HIGHLIGHTS

• Strong progress across "Horizon 2", driving efficiency, rebuilding profitability and enhancing returns
• Outstanding operational service levels of 99.2% achieved in H1 24
• Continuing to enhance performance across manufacturing footprint and will consolidate soups business into single site providing efficiency gains
• New large ready meals contract win will be onboarded at the Kiveton site in late Q4 24
• Transformation programme launched in H1 24 addressing outdated IT infrastructure, targeted at improving process efficiencies across the Group
• Expect a reduction of £9.8m in annual UK pension funding contributions from September 2025

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

Page 1 of 32

INTERIM FINANCIAL REPORT

For the half year ended 29 March 2024

Dalton Philips, Chief Executive Officer, said:

"Greencore delivered excellent progress against its strategic priorities in the first half and continued to outperform the market in a difficult consumer spending environment.

The Group's accelerating financial performance is very encouraging as we focus on driving profitability and returns. We are working with our major retail customers to develop new products and new offerings which are driving the growth of our Food to Go segment ahead of the market. We have exited low margin business and are undertaking a range of actions to increase the returns profile of each element of the portfolio. We have many opportunities to continue to grow our business profitability and have commenced investing in our IT infrastructure to create a solid platform for growth and enable further efficiency gains across the Group.

Notwithstanding this additional investment, and while our seasonally stronger second half is still ahead of us, we now expect FY24 adjusted operating profit in a range of £86-88m, ahead of current market expectations1."

Presentation & Conference Call

A presentation of the results for analysts and institutional investors will take place at 8.30am on 21 May 2024.

The presentation slides will be available on the Investor Relations section on www.greencore.comfrom 7.00am that morning.

This presentation can also be accessed live from the Investor Relations section on www.greencore.com or alternatively via conference call. Registration and dial in details are available at www.greencore.com/investor-relations/

Basis of preparation

Details of the basis of preparation of the financial information within this Interim Financial Report can be found in Note 1 to the attached financial information.

Forward‐looking statements

Certain statements made in this document are, or may be deemed to be, 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. The forward-looking statements contained in this document include statements relating to the financial condition, results of operations, business, viability and future performance of the Group and certain of the Group's plans and objectives. These forward-looking statements include all statements that do not relate only to historical or current 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, but their absence does not mean that a statement is not forward-looking.

By their nature, forward-looking statements are prospective and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future and reflect the Group's current expectations and assumptions as to such future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements. There may be risks and uncertainties that the Group is unable to predict at this time or that the Group currently does not expect to have a material adverse effect on its business. You should not place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this announcement. The Group expressly disclaims any obligation to publicly update or review these forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

_________________________________________________________________________________

1. Market expectations as complied by Greencore from available analyst estimates on 14 May 2024(https://www.greencore.com/investor-relations/analyst-centre)
2. 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 are provided in the Appendix to the Half Year Results Statement.
3. Compared to Kantar grocery market performance for the 26 weeks to 1st April 2024.
4. Like-for-Like("LFL") Revenue Growth and like-for-like volume growth adjusts actual revenue and volumes respectively for the net impact of business wins and losses.

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INTERIM FINANCIAL REPORT

For the half year ended 29 March 2024

For further information, please contact:

Curtis Armstrong	Finance Director - FP&A and IR	Tel: +44 (0)	1246 384649
David Marshall	Head of Capital Markets	Tel: +353 (0)	1 605 1000
Jonathan Neilan	FTI Consulting	Tel: +353 (0)	86 231 4135
Nick Hasell	FTI Consulting	Tel: +44 (0)	203 727 1340

About Greencore

We are a leading manufacturer of convenience food in the UK and our purpose is to make every day taste better. To help us achieve this we have a model called The Greencore Way, which is built on the differentiators of People at the Core, Great Food, Excellence and Sustainability - The Greencore Way describes both who we are and how we will succeed. We supply all of the major supermarkets in the UK. We also supply convenience and travel retail outlets, discounters, coffee shops, foodservice and other retailers. We have strong market positions in a range of categories including sandwiches, salads, sushi, chilled snacking, chilled ready meals, chilled soups and sauces, chilled quiche, ambient sauces and pickles, and frozen Yorkshire Puddings.

During FY23 we manufactured 779m sandwiches and other food to go products, 132m chilled ready meals, 45m chilled soups and sauces and 245m jars of cooking sauces, pickles and condiments. We carry out more than 10,400 direct to store deliveries each day. We have 16 world-class manufacturing sites and 17 distribution centres in the UK, with industry-leading technology and supply chain capabilities. We generated revenues of £1.9bn in FY23 and employ 13,600 people. We are headquartered in Dublin, Ireland. For further information go to www.greencore.com or follow Greencore on social media.

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INTERIM FINANCIAL REPORT

For the half year ended 29 March 2024

OPERATING REVIEW2

Strategic developments

The Group delivered excellent progress against its strategic priorities in H1 24, underpinned by close customer engagement in a difficult consumer spending environment.

LFL volume growth of 0.5% represented a strong volume performance, relative to the wider market performance3. The Group maintained outstanding operational service levels during the financial period, working closely with our customers and supply partners, with overall service levels at 99.2% in H1 24 compared to 97.9% in H1 23.

Investment in new product development has increased over the past year. In particular, there has been an increase in demand for new premium product ranges, alongside demand for affordable family formats from several major retail partners. Greencore supported several major retailers in the development of new products and premium priced offerings and ranges. This has helped drive Food to Go category growth and contributed to the Food to Go category growing ahead of the market over the past year.

The Group has remained focused on proactively managing commercial returns and capacity management. A number of contracts, which delivered sub-optimal returns, were exited in FY23 and the Group shifted focus to maximising returns and optimising use of our manufacturing footprint. This has led to improved operational efficiencies in H1 24 across the manufacturing footprint of the Group and an improvement in the returns profile of the majority of sites.

The ready meals facility at Kiveton has been operating with excess capacity. A new ready meals contract with an existing customer will be on-boarded in Q4 24 at this site and is expected to deliver improved site profitability and returns in FY25.

The consolidation of two soup manufacturing sites is planned in Q4 24. This will lead to the closure of soup production capacity at the Kiveton facility and consolidation of soup production at the Bristol site.

The Group launched a multi-year transformation programme in H1 24 focused on bringing the Group's IT estate onto a single enterprise resource planning platform and improving process efficiency across the Group. An exceptional charge of £1.5m was recognised in H1 24 relating to the programme. The Group expects to invest £6.0m to £7.0m in total during FY24 in commencing this multi-year transformation programme.

The Group's cost base has risen following several years of high-cost inflation and therefore new initiatives commenced in H1 24 targeted at reducing the cost base. We also are partnering with academic institutions on industrial robotics development to support increased manufacturing automation across production lines.

The Group's priorities continue to be guided by the strategic framework for recovery and growth, with goals set across a three-horizon framework:

• The first objective was to stabilise the business through the first horizon, which was achieved in FY23;
• The second horizon is focused on the rebuilding of profitability and returns; and
• The focus of the third horizon is to further develop our strong growth platform.

Our horizon framework will guide the prioritisation and sequencing of our long-term strategic objectives.

The Group continued the implementation of commercial and operational efficiencies to support profitability and mitigate fixed cost inflation in H1 24 and made progress in implementing these in H1 24 as outlined below.

• A commercial excellence programme combining profit enhancement activities across volume, cost, pricing and product mix:
  o new product development and innovation has enabled the Group to drive volume and unlock value for both Greencore and customers; and
  o in H1 24, the number of SKUs resigned by the business was 10% with volume per SKU increasing 3%; while the Group continued to be a supplier of choice to the Group's chosen partners.

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INTERIM FINANCIAL REPORT

For the half year ended 29 March 2024

OPERATING REVIEW2 (continued)

Strategic developments (continued)

• A structured operational excellence programme has been established across the business aimed at deploying best practice learnings throughout the network. This involves:
  o wider diagnostic benchmarking of the Group's manufacturing facilities;
  o implementation of four large pilot sites for improvement activities, which together account for c.50% of the Group's cost of goods sold; and
  o new improvement methodologies introduced, with each of the four sites focused on one of material waste, labour, planning, supply chain planning or engineering.

The Group will continue to focus on commercial and operational excellence and continued tight management of costs.

Balance Sheet

Debt Re-financing

In November 2023, the Group further strengthened its balance sheet and lengthened its debt maturity profile when it refinanced a £340.0m Revolving Credit Facility ('RCF') and a £45.0m term loan with a new five year £350.0m sustainability linked RCF. The new RCF is a five year facility with the option of two additional one year extensions.

Pension funding

The Triennial valuation of the UK defined benefit pension scheme was completed in March 2023. The scheme is expected to achieve a fully funded position on a triennial valuation basis by September 2025. Following discussions with the UK scheme's trustees, it has been agreed that £9.8m of annual pension contributions from the Group will cease when the fully funded position is achieved. This is currently expected to be no later than the end of September 2025.

Better Future Plan

The primary focus during H1 24 has been on improving sustainability data and preparation for new upcoming regulatory requirements including the Corporate Sustainability Reporting Directive and transition plans.

We have also deepened collaborations with key customers and supply chain partners. In particular, on scope 3 carbon and Healthy and Sustainable Diets.

Trading Performance

	H1 24	H1 23	Change	Change
	£m	£m	(As reported)	(Like-for-Like
				Basis)
Revenue	866.1	925.8	-6.4%	+4.1%
Group Operating Profit	25.3	3.6	+602.8%
Adjusted Operating Profit	28.3	11.8	+139.8%
Adjusted Profit Before Tax	16.9	3.4	+397.1%

Group reported revenue decreased by 6.4% to £866.1m in H1 24. The decline was driven by the disposal of the Trilby Trading business in September 2023, accounting for a decrease of 4.6% and the proactive decision to exit a number of low returning contracts during FY23 accounting for a further 5.9% decline. This was partially offset by the impact of inflation recovery and price totalling 2.9% and a 1.2% benefit from volume increases (a combination of underlying growth and price mix). LFL Revenue Growth increased by 4.1%.

Overall, Group Operating Profit in H1 24 increased 602.8% to £25.3m and Adjusted Operating Profit increased by 139.8% to £28.3m. The Adjusted Operating Profit improvement was driven by the increase in Gross Profit underpinned by the operational and commercial initiatives implemented during the financial period. Group Adjusted Profit Before Tax was £16.9m in H1 24, compared to £3.4m in H1 23.

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INTERIM FINANCIAL REPORT

For the half year ended 29 March 2024

OPERATING REVIEW2 (continued)

Trading Performance (continued)

With the exception of labour costs, inflation in the Group's main cost components has slowed and the majority incurred was recovered or mitigated in the period, through a range of mechanisms, including pass-through of cost increases, cost reductions, product and range reformulations, and alternative sourcing. Efficiency initiatives also supported the offsetting, recovery and mitigation of labour, fixed cost and other overhead cost inflation. Labour costs will continue to increase with the introduction of further national living wage increases in the UK from April 2024.

An exceptional charge of £1.5m was recognised in H1 24 for business transformation costs related to the group wide technology and end-to-end processes transformation programme.

The Group managed a very active commercial agenda with customers in H1 24 and launched approximately 184 new products, within the Group's total SKU range of more than 2,000 products. The new product development teams were more active in the development of premium ranges and supported major retailers in the development of numerous new products and offerings.

LFL volumes increased 10% (1.1m units) on the prior year during the Christmas period, across numerous categories (sandwich, soup and sauce, grocery and quiche) and the Group delivered 15.2m Christmas sandwiches to customers. Other examples of launches with key customers during H1 24 were health and vegan ranges launched in the new year and Valentine's Day meal deal ranges across the ready meals and quiche market. The Group also launched several seasonal limited-edition ranges across soup and sandwiches to support key food trends.

Revenue in the Group's Food to Go categories (comprising sandwiches, salads, sushi and chilled snacking) totalled £578.9m and accounted for approximately 67% of reported revenue. Reported revenue decreased by £1.5m in these categories, as LFL volume growth, inflation recovery and pricing impacts were offset by the proactive decision to exit a number of low margin contracts. LFL Revenue Growth across the Food to Go category was 4.6% in the period. The Group experienced LFL volume growth of 2.5% across the Food to Go sandwiches category, outperforming the wider market3, however there were weaker performances in the Food to Go salads and the own label sushi categories.

The Group's Other Convenience categories comprise activities in the chilled ready meals, chilled soups and sauces, chilled quiche, ambient sauces and pickles, and frozen Yorkshire Pudding categories. Reported revenue across these categories decreased by 16.9% to £287.2m in H1 24. The decrease was driven by the disposal of the Trilby Trading business and exiting low margin contracts which offset inflation recovery. Volumes declined 0.3% on a LFL basis in the period. LFL Revenue Growth across the Other Convenience category was 3.1% in the period. The Group achieved a strong volume performance in the chilled ready meals category, increasing 1.7% on a LFL basis, outperforming the wider market3. This was in addition to a strong LFL volume performance across cooking sauce, table sauce and bakery categories, however much of the remainder of the grocery category saw a more challenging performance.

Group Cash Flow and Returns

	H1 24	H1 23	Change (as
	£m	£m	reported)
Free Cash Flow	(26.5)	(24.3)	-9.1%
Net Debt	(243.9)	(268.8)	+£24.9m
Net Debt (excluding lease liabilities)	(198.0)	(219.4)	+£21.4m
Net Debt: EBITDA as per financing agreements	1.4x	1.9x	0.5x
ROIC	10.2%	7.5%	+270bps

The Group continued to carefully manage both Cash Flows and leverage in H1 24, in the context of recovering profitability, seasonal working capital outflows, and the investment programme to support future growth.

The Group recorded a Free Cash outflow of £26.5m in H1 24 compared to an outflow of £24.3m in H1 23 as the higher profitability in H1 24 was offset by increases in financing and tax costs. Free Cash Flow conversion was 36.7% compared with 42.4% in H1 23.

The Group's Net Debt at H1 24 was £243.9m, a decrease of £24.9m compared to H1 23. Net Debt excluding lease liabilities was £198.0m, down £21.4m on the prior year due to increased profitability, a reduction in capital expenditure and the receipt of disposal proceeds of Trilby Trading Limited. The Group's Net Debt: EBITDA leverage covenant as measured under financing agreements was 1.4x at period end, compared to 1.9x at H2 23.

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INTERIM FINANCIAL REPORT

For the half year ended 29 March 2024

OPERATING REVIEW2 (continued)

Group Cash Flow and Returns (continued)

In November 2023, the Group further strengthened its balance sheet and lengthened its debt maturity profile when it refinanced a £340.0m revolving credit facility and a £45.0m term loan with a new five year £350.0m sustainability linked revolving credit facility. As at H1 24, the Group had total committed debt facilities of £446.7m, a weighted average maturity of 4.0 years and cash and undrawn committed bank facilities of £246.0m.

ROIC increased to 10.2% for the 12 months ended 29 March 2024, compared to 7.5% for the prior year. The year-on-year increase was driven primarily by increased profitability in the 12-month period to 29 March 2024. Average invested capital decreased year-on-year from £717.4m to £709.8m.

FINANCIAL REVIEW1

Revenue and Operating Profit

Reported revenue in the period was £866.1m a decrease of 6.4% compared to H1 23, due to a decrease in volume year on year, driven by the decision to proactively resign a number of low margin contracts in FY23 and the disposal of the Trilby Trading business. These decreases were partially offset by the impact of the recovery of inflation and pricing, in addition to underlying volume increases. LFL Revenue Growth was 4.1%, due to LFL volume growth and inflation recovery and pricing impacts. LFL Revenue Growth adjusts for the disposal of Trilby Trading Limited in FY23 and the impact of net business wins and losses.

Group Operating Profit increased from £3.6m in H1 23 to £25.3m in H1 24 as a result of the increased gross profit performance underpinned by the operational and commercial initiatives implemented during the financial period. Adjusted Operating Profit was £28.3m compared to £11.8m in H1 23. Adjusted Operating Margin was 3.3%, 200bps higher than in H1 23.

Net finance costs

The Group's net bank interest cost was £10.7m in H1 24, an increase of £2.9m versus H1 23. The increase was driven by higher cost of debt during H1 24. The Group also recognised a £0.7m interest charge relating to the interest payable on lease liabilities in the period (H1 23: £0.6m).

The change in the fair value of derivative financial instruments and related debt adjustments including foreign exchange in the financial period was a credit of £1.4m (H1 23: £0.8m charge) and the non-cash pension financing charge of £0.6m in line with the H1 23 charge of £0.6m.

Profit before taxation

The Group's Profit before taxation of £14.7m in H1 24 increased from a loss of £6.2m in H1 23. The increase was driven by higher Group Operating Profit partly offset by higher finance costs. Adjusted Profit Before Tax in the period was £16.9m compared to £3.4m in H1 23.

Taxation

The underlying ETR for the half year is 24% (H1 23: 21%) when adjusted for the change in fair value of derivative financial instruments and related debt adjustments and exceptional items included in the half year period. The Group expects the annual ETR to be in line with the guidance rate of c.25%. The increase in the effective tax rate reflects the increase in the UK corporation tax rate.

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INTERIM FINANCIAL REPORT

For the half year ended 29 March 2024

FINANCIAL REVIEW1 (continued)

Exceptional items

The Group had a pre‐tax exceptional charge of £1.5m in H1 24, and an after-tax charge of £1.3m, comprised as follows:

Exceptional Items	£m
Transformation costs	(1.5)
Exceptional items (before tax)	(1.5)
Tax on exceptional items	0.2
Exceptional items (after tax)	(1.3)

The charge relates to costs incurred for the Group's transformation programme launched in H1 24 focusing on transformation of the Group's technology infrastructure and end-to-end processes.

Earnings per share

The Group's basic earnings per share for H1 24 was 2.5 pence compared to a loss of 0.9 pence in H1 23. This was driven by a £16.3m increase in profit attributable to equity holders and a decrease in the weighted average number of shares in issue in H1 24 to 468.6m (H1 23: 505.9m) due to the impact of the share buyback programme.

Adjusted Earnings were £13.0m in the period, £10.3m ahead of H1 23 largely due to an increase in Adjusted Operating Profit partly offset by an increase in interest and tax costs. Adjusted Earnings Per Share of 2.8 pence compared to 0.5 pence in H1 23.

Cash Flow and Net Debt

Adjusted EBITDA was £16.0m higher in H1 24 at £55.9m. The Group reported a seasonal net working capital outflow of £43.2m (H1 23: working capital outflow of £32.3m). Maintenance Capital Expenditure of £10.1m was recorded in the period (H1 23: £8.8m). In H1 24, the Group recorded Strategic Capital Expenditure of £2.5m (H1 23: £4.2m). The cash outflow in respect of exceptional charges was £2.9m (H1 23: £2.3m).

Interest paid in the period was £10.1m (H1 23: £8.2m), including interest of £0.7m on lease liabilities, an increase of £1.9m

on H1 23 reflecting higher interest costs on borrowings in H1 24. The Group recognised tax paid of £4.2m (H1 23: £1.4m) in the period. The cash tax payable by the Group will remain low due to the availability of full expensing relief for capital expenditure. The Group's effective tax rate will be higher than the cash tax rate in the medium term as deferred tax liabilities will arise on assets where full expensing relief has been claimed. The deferred tax liabilities will release over the useful life of the assets. Cash repayments on lease liabilities were £8.4m (H1 23: £8.3m). The Group's cash funding for defined benefit pension schemes was £6.7m (H1 23: £5.3m).

The Group made net share purchases of £15.2m in H1 24 reflecting the completion of the Group's share buyback programme in H1 24 with £15.0m of shares bought back in H1 24 and the purchase of £0.2m of shares for employee share based payments. This compared to net share purchases of £15.2m in H1 23.

The Group's Net Debt excluding lease liabilities at 29 March 2024 was £198.0m, a decrease of £21.4m compared to the end of H1 23.

Financing

On 20 November 2023, the Group refinanced its debt facilities with a new five-year £350.0m sustainability-linked revolving credit facility ('RCF'), maturing in November 2028 with the option to extend for up to a further two years. This new facility replaces the previous £340.0m RCF that was due to mature in January 2026. A £45.0m term loan due to mature in June 2024 was also repaid in full as part of this debt restructuring.

At 29 March 2024 the Group had cash and undrawn committed bank facilities of £246.0m (H1 23: £277.8m).

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INTERIM FINANCIAL REPORT

For the half year ended 29 March 2024

FINANCIAL REVIEW1 (continued)

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 29 March 2024 was £22.1m, £2.0m higher than the position at 29 September 2023. The net pension deficit after related deferred tax was £15.2m (FY23: £12.8m), comprising a net deficit on UK schemes of £24.4m (H1 23: £28.3m) and a net surplus on Irish schemes of £9.2m (FY23: £15.5m).

The increase in the Group's net pension deficit was driven principally by net actuarial losses particularly on the Irish scheme partially offset by contributions paid by the Group.

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. A full actuarial valuation was carried out on the Irish scheme at 31 March 2022 and for the UK defined benefit scheme at 31 March 2023. The Group expects the annual cash funding requirement for all schemes to be approximately £12m - £15m in FY24.

The UK defined benefit scheme is expected to achieve a fully funded position on a triennial valuation basis by the end of September 2025. Following discussions with the UK scheme's trustees, it has been agreed that £9.8m of annual pension contributions from the Group will cease when the fully funded position is achieved. The Group has engaged with the trustees of the UK scheme and, relative to the liabilities on the triennial funding basis the UK scheme is now 100% hedged for movements in gilt yields, reducing the Group's exposure to risk. The Group has also agreed with the trustees that these contributions will cease sooner if the UK scheme remains ahead of schedule.

Return of value to shareholders

The Group completed its commitment to return £50m to shareholders over two years in H1 24, with the remaining £15.0m returned through buybacks in H1 24.

The Group has announced additional shareholder distributions totalling £50m anticipated across the next 12 months, initially in the form of a share buyback of up to £30m. The Board continually reviews the Group's capital management policy and while no final decision has been taken, if the business continues to trade as expected the Board intends to declare a dividend for the year to September 2024.

Principal risks and uncertainties

The Directors continue to assess the principal risks and uncertainties of the Group on a frequent basis. The principal risks and uncertainties faced by the business at 29 September 2023 are described in detail in the Risk Management section of the Annual Report and Financial Statements for the year ended 29 September 2023 issued on 28 November 2023, a copy of which is available on the Group's website.

A description of the principal risks and uncertainties for the remaining six months of the financial year is set out in the Appendix to the Interim Financial Report.

Page 9 of 32

INTERIM FINANCIAL REPORT

For the half year ended 29 March 2024

Responsibility Statement

Each of the Directors of Greencore Group plc confirm that, to the best of each person's knowledge and belief as required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority ('FCA'):

• The Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union;
• The Interim Management Report includes a fair review of important events that have occurred during the first six months of the financial year, and their impact on the condensed financial statements, and also contains a description of the principal risks and uncertainties for the remaining six months of the financial year; and
• The Interim Management Report includes a fair review of the related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last Annual Report that could have a material effect on the financial position or performance of the Group in the first six months of the current financial year.

Dalton Philips	Catherine Gubbins
Chief Executive Officer	Chief Financial Officer
Date: 20 May 2024	Date: 20 May 2024

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