We had always anticipated an improved trend given the unfavourable spring/summer weather and annualisation of slower consumer trends in Q4'24 and, while light of mgmt guidance (c.+4%), we think market expectations had softened materially in recent months. The combination of resilient trading and cost management means the Board expects FY PBT to be in line with previous expectations, and we anticipate little change to FY25 consensus (£173m). with consumer confidence called out as a headwind, the company is guiding to a flat YoY profit outturn, suggesting c.5% downside to consensus (£181m). Views. Set against a significant short position, Greggs' improved LFL trend (Q4 +2.9%, Q3 +1.5%) and reiteration of FY25 guidance look to be a relatively resilient outcome. That said, cons. FY26 expectations will likely nudge lower, and we remain wary of ongoing volume declines.