Tesco PLC

Strong delivery vs expectations (and resilient demand) - Customer-focused investment (price, quality, service) worked despite higher competition. - U.K. market share hit 28.5% (highest in a decade), +120 bps total share gain over 3 years; gains were volume and value led. - Net Promoter Score improved vs competition, including better value perception. - Finances beat internal plan: management implied profit/EPS upside came from better-than-expected returns on investment and sustained market-share-led volume growth (they said they didn’t expect profit growth at the start of the year).

Headline financials: modest profit growth, strong cash - Group sales: +4.3% at constant FX; like-for-like +3.5%. - Adjusted operating profit: £3.15bn, +0.6% at constant rates (offsetting inflation and investment with Save to Invest + sales growth). - EPS: +6% YoY to 29p. - Cash: Free cash flow £1.96bn (+12% YoY), ahead of the upper end of guidance.

Capital returns: dividends + additional buyback - Dividend: final 9.7p, full-year 14.5p (+5.8% YoY), aligned with ~50% payout of earnings policy. - Buyback: announced additional £750m share buyback for the year ahead (on top of continued buyback activity already underway).