1、Tesco PLC Interim Results 2025/26 Analyst Call 2 October 2025 Transcript Disclaimer This transcript is derived from a recording of the event.Every possible effort has been made to transcribe accurately.However,neither Tesco PLC nor BRR Media Limited shall be liable for any inaccuracies,errors,or omi

2、ssions.Ken Murphy:Good morning,everyone,and welcome.Im in Welwyn with Imran to share an update on our performance over the first half of the year,as well as the progress we are making to unlock our longer-term growth opportunities.Im pleased with the progress weve made across the half.Our strong mom

3、entum is once again down to the brilliant work our colleagues do,day in-day out,to put our customers first.Id like to start today by saying a huge thank you to all of them.In the face of increased competitive intensity and additional taxes,we took decisive action to further invest in delivering the

4、best possible value,quality,and service.Our actions have resonated with customers.Satisfaction has increased and consequentially we have continued to grow market share.In fact,even more share than we anticipated.Alongside strengthening our competitive position,weve continued to invest in both our co

5、re business and long-term growth opportunities enabled by our Save to Invest program.The strong response from customers to the improvements in our offer is reflected in our financial performance,which Imran will take us through in more detail shortly.To summarise,our Group sales grew 5.1%with growth

6、 in all operating segments and our adjusted operating profit increased by 1.6%.Though we are pleased with our performance so far,we remain focused on delivering the best possible value for our customers as they start to get ready for Christmas.Building customer trust and satisfaction is at the very