REG - Marston's Plc - RESULTS FOR THE 26 WEEKS ENDED 28 MARCH 2026
Tue 07:00
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RNS Number : 8720D Marston's PLC 12 May 2026
12 May 2026
MARSTON'S PLC
("Marston's" or "the Group")
INTERIM RESULTS FOR THE 26 WEEKS ENDED 28 MARCH 2026
STRONG PROFIT AND MARGIN PERFORMANCE; ON TRACK TO MEET FULL YEAR EXPECTATIONS
WITH NEW PUB FORMATS SET TO DRIVE GROWTH IN H2
Marston's, a leading UK hospitality business with an estate of more than 1,300
pubs, today announces its Interim Results for the 26 weeks ended 28 March
2026.
Underlying Statutory / Total
H1 2026 H1 2025 Change H1 2026 H1 2025 Change
Revenue (£m) 422.7 427.4 (1.1)% 422.7 427.4 (1.1)%
EBITDA(1) (£m) 85.9 85.9 - 84.9 83.9 1.2%
EBITDA margin(1) (%) 20.3 20.1 20bps 20.1 19.6 50bps
Operating profit (£m) 64.4 63.3 1.7% 63.4 61.3 3.4%
Profit before tax (£m) 20.5 19.0 7.9% 23.3 19.5 19.5%
Basic earnings per share (pence) 2.4 2.2 9.1% 2.7 2.3 17.4%
Capex (£m) - - - 39.0 31.0 25.8%
Recurring free cash flow(1) (£m) - - - (15.6) 5.9 -
Net Debt ex IFRS 16(1) (£m) - - - 857.7 881.1 (2.7)%
Net Debt ex IFRS 16 / EBITDA(1) 4.7 4.9 (0.2) - - -
NAV per share(1) (£) - - - 1.28 1.07 19.6%
Reliably profitable, high-margin operator
· Underlying EBITDA maintained at £85.9 million (H1 2025: £85.9 million),
reflecting disciplined cost control and efficiency initiatives, offsetting the
impact of accelerated investment and associated closures.
· Underlying EBITDA margin improved to 20.3% (H1 2025: 20.1%), building on
the 140 basis point expansion delivered in FY2025, driven predominantly by
further labour productivity gains and reinforcing the Group's position as a
high-margin operator.
· Adjusting for the impact of closure periods at new format pubs, underlying
EBITDA was £2.0 million higher than H1 2025, and the underlying EBITDA margin
was 20.7%, up 60 basis points.
· Underlying operating profit increased to £64.4 million (H1 2025: £63.3
million) and underlying profit before tax increased to £20.5 million (H1
2025: £19.0 million), highlighting the strength of the Group's operating
model.
Strategic and operational delivery driven by new pub formats
· 60 new pub format refurbishments completed, ahead of the initial target of
at least 50 for the year. In total, 91 pubs have now been reformatted across
FY2025 and FY2026.
· All new formats performing well, delivering average ROIC of 35% and
like-for-like growth of approximately 20%, with formats enhancing guest
experience, increasing spend per visit and accelerating digital adoption.(2)
· Like-for-like sales for the half year were ahead of the market but down
0.5%.(3)
· Reputation score improved to 806 (H1 2025: 800), reflecting the continued
strength of the customer proposition, benefits from formats investment and
ongoing focus on guest experience.
· Digital transformation progressing well, with Order & Pay rollout
improving service speed, guest satisfaction and average spend uplift of
c.15%.(4)
· Demand-driving events strengthening customer proposition and includes the
return of Luke Humphries' Cool Hand Cup and Trivial Pursuit: Win a Wedge,
alongside new initiatives such as the Matilda partnership, supporting
engagement and footfall.
Disciplined capital allocation
· Capital investment of £39.0 million (H1 2025: £31.0 million) with
expansionary capex of £13.9 million (H1 2025: £2.5 million), reflecting
formats rollout and the full-year expansionary programme being delivered in
H1.
· Refurbishment costs remain around £260k per pub, with the low capex
requirement highlighting the attractive, high-return nature of the investment.
· Recurring free cash outflow of £15.6 million (H1 2025: £5.9 million
inflow), as expected and consistent with timing of expansionary capex
programme, working capital and tax.
· Net debt excluding IFRS 16 lease liabilities of £857.7 million (H1 2025:
£881.1 million) with leverage of 4.7x (H1 2025: 4.9x); on track to reduce
towards around 4.0x by year end.
· NAV per share increased to £1.28 (H1 2025: £1.07), up 19.6% year-on-year
and approximately 24% since FY2024 (£1.03), reflecting progress since the
October 2024 Capital Markets Day.
Strong summer trading outlook, well positioned for H2
· The Group is well positioned for the important summer trading period,
including the significant opportunity presented by the World Cup with all 91
newly invested sites now open and trading for the duration of H2.
· Like-for-like sales for the 31 weeks are down 1.5%, reflecting an
extremely strong April last year.
· Continued investment in our new pub formats is driving improved returns
with the Group actively evaluating an expanded rollout programme of c.100
sites for FY2027.
· Cost discipline expected to support continued margin progression with good
visibility; energy costs well managed, with electricity hedged to the end of
FY2026 and gas through FY2027.
· Remain on track to deliver >£50m recurring free cash flow target,
supporting balance sheet strength; leverage on track to reduce to around 4.0x
by year end.
· The Board remains confident in delivering full-year market expectations
and in continuing to make progress against the targets set out at the Capital
Markets Day.(5)
Justin Platt, CEO of Marston's PLC, commented:
"We have made excellent strategic progress in the first half, delivering a
strong profit performance underpinned by further margin expansion. Our
disciplined operating model continues to drive efficiencies across the
business, while enabling our hardworking local pub teams to focus on
delivering great experiences for our guests every day.
"Our pub investment strategy is performing particularly well, with 60 new pub
formats launched during the year, significantly ahead of our original target.
These new format pubs are proving incredibly popular with guests while
delivering very attractive commercial returns.
"Looking forward, we are very well positioned for the World Cup summer ahead
and expect our pubs, especially our new Grandstand formats, to be in high
demand. Against this backdrop, we are encouraged by the outlook for H2 and
remain on track to deliver full‑year market expectations."
Results Call:
An analyst and investor presentation will be held on 12 May 2026 at 09:30am UK
time. Participants need to register using this link:
https://brrmedia.news/MARS_HY_26 (https://brrmedia.news/MARS_HY_26)
A full playback of the presentation will be made available shortly after its
conclusion on the Marston's Investor Relations website:
https://www.marstonspubs.co.uk/investors/results-presentations/
(https://www.marstonspubs.co.uk/investors/results-presentations/)
Enquiries:
Investors
Marston's PLC
Justin Platt,
CEO
Tel: 01902 907250
Stephen Hopson,
CFO
Matthew Lee, Investor
Relations
matthew.lee@marstons.co.uk
Media
Marston's PLC
Giles Robinson, Director of Corporate Affairs
giles.robinson@marstons.co.uk
Sodali & Co
Ben
Foster
Tel: 020 7250 1446
Russ Lynch
marstons@sodali.com
Notes
1. Alternative Performance Measure. See note 15 of the financial statements
for a reconciliation to GAAP.
2. LFL growth calculated by site since opening, or over the last 12 months
where sites have been open longer than a year. Average ROIC of 35% based on 54
sites open for more than 3 months, calculated based on a projected 12-month
EBITDA post-opening, including an allocation of central costs, compared to
12-month EBITDA pre-investment.
3. Source: HDI hospitality market data.
4. 15% spend uplift versus till transactions based on four-week period to 11
April 2026.
5. Company-compiled market forecasts for FY2026: underlying profit before tax
of £78.7 million, with a range from £76.1 million to £83.2 million.
Notes to Editors
Marston's PLC, listed on the London Stock Exchange under the ticker MARS, is a
leading UK hospitality business with an estate of more than 1,300 pubs
nationally, comprising managed, partnership ('franchised') and tenanted and
leased pubs. Marston's employs around 9,000 people.
More information is available at https://www.marstonspubs.co.uk/
(https://www.marstonspubs.co.uk/)
H1 2026 Strategic and Operational Update
The Group has delivered a strong first half performance, with 7.9% underlying
profit growth, continued margin progression and significant strategic
progress. The rollout of differentiated new pub formats, alongside continued
execution of the Group's market-leading pub operating model and digital
initiatives, is driving improved returns and strengthening the customer
proposition. These actions are increasingly evident in performance across the
invested estate and position Marston's well to build further momentum into the
second half.
Trading performance
Total revenue for the period was £422.7 million (H1 2025: £427.4 million).
Revenue was impacted by the timing of investment activity, with temporary pub
closures associated with the accelerated rollout of new pub formats impacting
sales by £2.2 million. Outside of this, softer midweek demand was offset by
stronger performance across peak occasions. Peak trading days, including
Christmas and Easter, saw like-for-like sales growth of 5.3%, including a
record Christmas Day, highlighting the strength of the Group's proposition in
capturing demand during high-volume social occasions.
The Group delivered stable underlying EBITDA of £85.9 million (H1 2025:
£85.9 million), with the EBITDA margin increasing by 20 basis points to 20.3%
(H1 2025: 20.1%), reflecting strong cost control and operational execution.
Underlying profit before tax increased to £20.5 million (H1 2025: £19.0
million). Overall, the Group delivered strong profit performance and margin
progression, demonstrating the strength of its operating model and rigorous
cost discipline.
New pub formats are delivering strong returns
The rollout of new pub formats remains central to the Group's strategy and is
now delivering strong and increasingly visible results.
The programme has accelerated significantly in H1, with 60 refurbishments
completed, ahead of the original full-year target of 50. This includes 31
Grandstand and 29 Two Door sites, taking the total number of new format pubs
across FY2025 and FY2026 to 91. Delivery has been on time and on budget, with
average capital investment of approximately £260k per pub.
The decision to complete the full-year programme in H1 reflects the strength
of early returns and the opportunity to maximise the trading benefit within
the financial year, particularly ahead of the important summer period and key
events such as the World Cup.
Performance across the invested estate continues to be compelling and is
driving post-conversion like-for-like revenue growth of 20%, alongside
attractive returns with an average ROIC of 35% across the FY2025 and FY2026
investment programme (including all new format pubs open for more than three
months at the period end).
Within this, our sports-led format Grandstand is delivering particularly
strong results. Across the 10 sites that have been open for more than three
months, we have seen material gains in local market share, like-for-like
revenue growth is c.30%, the ROIC exceeds 40%, and EBITDA margins are
significantly ahead of the Group average. These improvements are driven by
increased visit frequency, higher spend per visit and strong appeal across
target demographics. We intend to accelerate investment into this format
moving forward and believe there is a material opportunity to expand the brand
beyond its current footprint of 36 pubs.
More broadly, formats are enhancing the customer proposition and delivering
strongly on other strategic growth drivers. Improvements in guest experience
are supporting higher reputation scores than the estate as a whole, while
digital adoption and Order & Pay penetration are increasing at a higher
rate, contributing to higher spend and improved operational efficiency. The
success of the programme reflects both the strength of the format propositions
and a disciplined approach to capital allocation. The estate has been mapped
against our five formats on a pub-by-pub basis, providing a clear runway for
future conversions and supporting confidence in further rollout through
FY2027.
Market-leading pub operating model
The Group continues to execute its market-leading pub operating model, which
underpins strong margin performance and operational efficiency.
Cost discipline remains central to this model. Ongoing labour productivity
initiatives, enabled by our data-led scheduling tool, continue to facilitate
more efficient deployment of teams aligned to trading patterns at a local
level, and have enabled the Group to fully offset the significant year-on-year
increases in National Insurance contributions and the National Living Wage.
Alongside labour, procurement savings and ongoing efficiency programmes in
areas such as reactive repairs continue to mitigate broader inflationary
pressures, supporting tight control across all key cost lines.
Importantly, these efficiencies are delivered alongside continued focus on the
customer proposition. Guest satisfaction continues to improve, with reputation
scores increasing to 806 (H1 2025: 800), reflecting the benefits of format
investment, operational execution and service delivery across the estate.
Taken together, this balanced approach to revenue, cost and guest experience
reinforces Marston's position as a high-margin operator, with a disciplined
and repeatable model supporting continued margin progression and future
growth.
Digital transformation
Digital continues to play an increasingly important role across the estate,
supporting revenue growth, improving operational efficiency and enhancing
guest satisfaction, with Order & Pay representing the most visible
component of this strategic value driver. Order & Pay is now well
established and continuing to scale, with up to 15% of weekly transactions
processed through the platform. Adoption is particularly strong across our new
pub formats, where digital is embedded within the customer proposition and
becoming a core part of the overall guest experience.
Digital transactions are also delivering a clear commercial benefit, with an
average spend uplift of around 15% compared to till transactions, reflecting
the effectiveness of in-journey prompts, upsell functionality and an
increasingly intuitive customer journey.
Alongside revenue benefits, Order & Pay is improving service speed and
convenience, while enabling teams to operate more efficiently, particularly
during peak trading periods. Overall, the Group's digital capability continues
to strengthen, supporting both the customer proposition and the efficiency of
the operating model, and will remain a key enabler of future growth.
Outlook
The Group enters the second half with strong momentum, and the estate is ready
to maximise the opportunity from the World Cup. Recent investment in our
Grandstand format, now rolled out across 36 sites, is set to be a key driver
of peak summer demand. Early performance reinforces our confidence in the
format's ability to drive strong trading during major sporting and social
occasions.
More broadly, our format conversions continue to build momentum, with the
increased proportion of the estate operating under these formats supporting
improved trading performance and returns through H2 and beyond. The Group is
actively evaluating an expanded rollout programme of c.100 sites for FY2027.
Cost pressures remain manageable, and, despite ongoing geopolitical
uncertainty, the Group expects to deliver further margin progression in H2,
supported by continued cost discipline, efficiency initiatives and the
benefits of its operating model. The Board remains confident in delivering
full-year market expectations and continuing to execute against the strategy
and targets set out at the October 2024 Capital Markets Day.
Financial Review
The Group's profitability has been transformed in recent years, and increased
again in the first half, with underlying profit before tax 7.9% higher
year-on-year at £20.5 million. Due to the strength of early returns, and the
opportunity to maximise the benefit from the key summer trading period
including the World Cup, H1 2026 saw an acceleration in our expansionary
investment programme. In total, 60 sites were reformatted into our Grandstand
and Two Door formats in the first half (H1 2025: 18 sites), and 91 sites now
converted in total, delivering strong increases in sales and profits and
enabling future growth. The closure periods associated with these conversions
impacted revenue by £2.2 million and EBITDA by £2.0 million in the period
(including pre-opening costs), however ongoing revenue management gains and
cost efficiencies more than offset the impact from the closures and
inflationary cost increases, resulting in a strong financial outcome in the
first half.
Revenue
Revenue was £422.7 million (H1 2025: £427.4 million), 1.1% lower
year-on-year. Total revenue in the Group's managed and partnership pubs for
the 26-week period was £411.2 million (H1 2025: £415.1 million) and revenue
in the tenanted and leased estate was £11.5 million (H1 2025: £12.3
million). Like-for-like sales within our managed and partnership pubs were
0.5% lower than H1 2025, reflecting softer off-peak trading, with strong peak
demand and continued outperformance versus the market (Source: HDI hospitality
market data). Our focus on revenue-driving activity, customer service and the
contribution from new pub formats is expected to support improved
like-for-like performance in the second half, alongside the benefit of the
World Cup. Closure periods for the accelerated conversion programme are kept
to a minimum (approximately three weeks per site), reducing net revenue by
c.£2.2 million year-on-year. Encouragingly, post-conversion sales for our new
pub formats were up 20% year-on-year.
Underlying EBITDA and operating profit
Marston's is a high margin operator, and underlying EBITDA was maintained at
£85.9 million in the period (H1 2025: £85.9 million) despite a £2.0 million
impact due to closure periods and pre-opening costs, as the Group accelerated
its new pub format conversion programme. Substantial increases in the rate of
the National Living Wage and National Insurance payments were, once again,
fully offset with further labour scheduling efficiencies, and other
inflationary headwinds in food, drink and energy costs were successfully
managed. The Group's underlying EBITDA margin increased to 20.3% (H1 2025:
20.1%), and, excluding the impact of the accelerated conversion programme, the
margin stepped forward 60 basis points to 20.7%.
As a result of the progress made this half, average EBITDA per pub increased
slightly to £155k in the 12 months to H1 2026 (12 months to H1 2025: £152k).
The Group has also seen a strong uplift in its invested estate, with EBITDA
per pub increasing on average by 33% from £265k per pub to £354k per pub in
the pre- to post-investment period, providing further confidence to the Group
to further accelerate its investment programme, particularly into the
Grandstand format.
Depreciation and amortisation costs of £21.5 million were down year-on-year
(H1 2025: £22.6 million), due to reduced capital expenditure in previous
years, and a greater proportion of current capital expenditure being
classified as land and buildings.
Underlying operating profit increased by 1.7% to £64.4 million (H1 2025:
£63.3 million). Underlying operating margins of 15.2% grew 40 basis points
compared to the prior period (H1 2025: 14.8%). Statutory operating profit,
including non-underlying items (see below), was £63.4 million (H1 2025:
£61.3 million).
The Group has good cost visibility moving into the second half of the year
over key input costs, including food, drink and energy, with all material
items secured for the remainder of the financial year. Energy costs are well
managed, with electricity hedged to the end of FY2026 and gas to the end of
FY2027, limiting exposure to short-term volatility.
Net finance costs
Underlying net finance costs were £43.9 million, lower than the prior period
(H1 2025: £44.3 million) as a result of the continued deleveraging of the
Group year-on-year. Please see the Debt and financing section below for a
breakdown of the components of net debt.
Underlying net finance costs include £16.3 million relating to the Group's
securitised debt (H1 2025: £17.8 million), £6.7 million relating to bank
borrowings and facilities (H1 2025: £5.8 million), £11.8 million relating to
other lease related borrowings (H1 2025: £11.6 million), a £9.3 million
expense relating to IFRS 16 lease liabilities (H1 2025: £9.5 million), and a
credit of £0.2 million of other items (H1 2025: credit of £0.4 million).
There was a non-underlying credit of £3.8 million relating to movements in
the value of the Group's interest rate swaps (H1 2025: credit of £2.5
million).
Profit before tax
As a result of a £1.1 million increase in underlying operating profit and a
£0.4 million decrease in underlying net finance costs, underlying profit
before tax increased year-on-year by £1.5 million, or 7.9%, to £20.5 million
(H1 2025: £19.0 million). Statutory profit before tax was £23.3 million (H1
2025: £19.5 million), including a net non-underlying profit of £2.8 million,
the details of which are set out below.
Non-underlying items
There was a net non-underlying profit of £2.8 million before tax. This
included a net gain of £3.8 million in respect of interest rate swap
movements partially offset by £1.0 million of reorganisation, restructuring
and relocation costs.
In the prior period, there was a net non-underlying profit of £0.5 million
before tax, consisting of a net gain of £2.5 million in respect of interest
rate swap movements partially offset by £2.0 million of reorganisation,
restructuring and relocation costs.
Taxation
The underlying tax charge was £5.3 million (H1 2025: £5.1 million), with an
underlying effective tax rate of 25.9% (H1 2025: 26.8%). The effective rate is
slightly higher than the standard rate of corporation tax primarily due to the
impact of disallowed depreciation on non-qualifying assets. We expect the
underlying effective tax rate to be approximately in line with the standard
rate of corporation tax in future years.
Tax on non-underlying items was a charge of £0.7 million (H1 2025: £0.1
million).
The statutory tax charge was £6.0 million (H1 2025: £5.2 million) on
statutory profit before tax of £23.3 million (H1 2025: £19.5 million), with
an effective tax rate of 25.8% (H1 2025: 26.7%).
Profit after tax and earnings per share
The statutory profit after tax was £17.3 million, compared to £14.3 million
in the prior period.
Basic underlying earnings per share increased to 2.4 pence per share (H1 2025:
2.2 pence per share). Statutory basic earnings per share were 2.7 pence (H1
2025: 2.3 pence).
Capital expenditure
Our capital expenditure strategy was set out at the Capital Markets Day in
October 2024, with a near-term target spend of 7-8% of revenue, including
projects to enhance the estate through differentiated formats. As a result of
the excellent performance of these new formats, we accelerated the programme
and completed a further 60 new format conversions during the period, bringing
the cumulative total of new format conversions to 91 sites, and completing the
plan for the financial year within the first half to maximise the value
generation potential in-year. All 60 conversions were completed on time and on
budget, with an average closure period of just 3 weeks.
Total capital expenditure was £39.0 million (H1 2025: £31.0 million),
representing 9.2% of revenue (H1 2025: 7.3% of revenue). Of the total
expenditure, £13.9 million was spent on the 60 format conversions, including
31 Grandstand and 29 Two Door formats. Since re-opening, these conversions
have delivered sales uplifts of 20% with EBITDA returns on investment of 35%
in trading to-date. In addition, we continued to invest in maintaining our
core business and in our IT platforms. Over the full year, we expect total
capital expenditure to remain within the target range of 7-8% of revenue.
Property and disposals
The carrying value of the estate is £2.2 billion (H1 2025: £2.1 billion) and
82% of the pubs are effective freeholds.
During the current period, the Group generated £1.1 million in net proceeds
from non-core pub and other asset disposals (H1 2025: £4.5 million), with
profit on disposals of £0.6 million.
The Group finished the period with 1,325 pubs (H1 2025: 1,333 pubs), of which
1,188 were operating under the managed or partnership models (H1 2025: 1,182)
and 137 were operating under the tenanted and leased models (H1 2025: 151
pubs).
Pensions
The balance on our defined benefit scheme was a £18.3 million surplus as at
28 March 2026 (H1 2025: £20.5 million surplus, FY2025: £15.4 million
surplus). The Group will continue to pay the administrative fees associated
with the scheme but is currently making no other contributions.
Net asset value
The table below shows the main movements in net asset value:
H1 2026 H1 2025 Variance Variance
£m £m £m %
Property, plant and equipment 2,215.1 2,078.5 136.6 6.6%
Other assets excluding cash* 100.5 101.2 (0.7) (0.7)%
Cash* 28.7 32.3 (3.6) (11.1)%
Total assets 2,344.3 2,212.0 132.3 6.0%
Borrowings (1,257.5) (1,284.7) 27.2 (2.1)%
Other liabilities (273.9) (248.9) (25.0) 10.0%
Total liabilities (1,531.4) (1,533.6) 2.2 (0.1)%
Net assets 812.9 678.4 134.5 19.8%
Net asset value per share £1.28 £1.07 £0.21 19.6%
* 'Cash' in this table refers to cash and cash equivalents, together with
other cash deposits.
Net assets increased to £812.9 million (H1 2025: £678.4 million, FY2025:
£790.7 million), with a net asset value per share of £1.28 (H1 2025: £1.07,
FY2025: £1.25). The changes in net asset value year-on-year were primarily
driven by an increase in property, plant and equipment as a result of the July
2025 property revaluation and the capital investment made in the business,
partially offset by depreciation, and an overall decrease in borrowings net of
cash due to the positive progress made in generating free cash flow, partially
offset by an increase in capital expenditure, cash tax payments and working
capital timing movements. The increase in liabilities is mainly due to an
increase in deferred tax liabilities, primarily as a result of the property
revaluation gain, partially offset by a reduction in the valuation of the
Group's interest rate swaps.
Cash flow
A summary of the Group's cash flow is given below:
H1 2026 H1 2025
£m £m
Cash adjusted total EBITDA 85.2 85.1
Working capital movement (9.3) (3.0)
DB pension contributions (1.1) (0.7)
Corporation tax payments (7.1) 0.0
Net cash inflow from operating activities 67.7 81.4
Net interest (including finance lease capital repayments received) (43.5) (42.8)
Capital expenditure (39.0) (31.0)
Bank fees (0.5) (0.9)
Purchase of and sales proceeds from own shares (0.3) (0.8)
Recurring free cash flow (RFCF) (15.6) 5.9
Sale of property, plant and equipment and assets held for sale 1.1 4.5
Disposal of associate 0.0 (2.8)
Net cash flow (NCF) (14.5) 7.6
Debt advances/(repayments) and transfers from other cash deposits 7.3 (20.8)
Net increase/(decrease) in cash and cash equivalents (7.2) (13.2)
There was a net cash inflow from operating activities of £67.7 million (H1
2025: £81.4 million). Within this, there was a working capital outflow of
£9.3 million (H1 2025: £3.0 million outflow) due to the seasonality of the
business and a number of one-off items; this is expected to reverse over the
second half of the year and the working capital movement for the full year is
expected to be a slight inflow. Payments in relation to the administration of
the defined benefit pension scheme were £1.1 million (H1 2025: £0.7
million); the Group is currently making no other contributions to the scheme.
Cash tax payments were £7.1 million (H1 2025: £nil), comprising two
quarterly payments in respect of FY2025 under the 'large company' regime and
two quarterly payments relating to FY2026 under the 'very large company'
regime. The Group expects to make two further cash tax payments in the second
half of the year in relation to FY2026 and, from FY2027, cash tax payments are
expected to normalise to four quarterly cash tax payments each year.
Net interest costs including finance lease capital repayments received were
£43.5 million (H1 2025: £42.8 million) and capital expenditure was £39.0
million (H1 2025: £31.0 million). Capital expenditure is expected to be lower
in the second half, given that all 60 new pub format refurbishments were
completed in H1. After bank fees and the purchase of and sales proceeds from
own shares, recurring free cash flow was an outflow of £15.6 million (H1
2025: £5.9 million inflow).
Taking into account disposals proceeds received of £1.1 million (H1 2025:
£4.5 million) and cash outflows in relation to the disposal of the Group's
remaining 40% interest in CMBC of £2.8 million in the prior period, the net
cash outflow for the period was £14.5 million (H1 2025: £7.6 million
inflow).
Mandatory securitised loan note repayments of £22.8 million (H1 2025: £21.5
million), net repayments of the capital element of lease liabilities relating
to IFRS 16 of £4.9 million (H1 2025: £4.3 million) and other debt advances
of £35.0 million (H1 2025: £5.0 million) resulted in an overall decrease in
cash and cash equivalents of £7.2 million (H1 2025: decrease of £13.2
million).
We expect to deliver the full-year CMD target of recurring free cash flow of
over £50 million, with cash generation weighted to H2 due to higher EBITDA
from natural seasonality of the business, lower outflows expected for capital
expenditure and cash tax, and a working capital inflow for the year as a
whole.
Debt and financing
Net debt, excluding IFRS 16 lease liabilities, was £857.7 million (H1 2025:
£881.1 million), a reduction of £23.4 million year-on-year. Including IFRS
16 lease liabilities of £371.1 million (H1 2025: £371.3 million), total net
debt was £1,228.8 million (H1 2025: £1,252.4 million).
The Group has continued to make progress in net debt reduction during the last
twelve months; with net debt to EBITDA excluding IFRS 16 falling from 4.9x as
at H1 2025 to 4.7x at the period end. Leverage including IFRS 16 reduced from
6.2x to 6.0x. Due to the seasonality of cash generation within the business,
net debt tends to be higher at the half year than the full year, and we expect
to continue the positive trend for the full year.
The Group's financing, providing an appropriate level of flexibility and
liquidity for the medium term, comprises:
Debt types Repayment/expiry date or average length Debt (£m) Cash balances (£m) Net Debt (£m)
Securitisation 2035 494.1 13.7 480.4
Securitisation liquidity facility (£120.0m) - - -
Marston's Issuer PLC's cash - 0.4 (0.4)
Securitisation totals 494.1 14.1 480.0
Other lease related borrowings 2047-2058 339.2 - 339.2
Bank facility (£200.0m) July 2028 56.0 14.6 41.4
Unamortised issue costs (3.0) - (3.0)
Seasonal overdraft (£5.0m) - - -
Bank facility totals 53.0 14.6 38.4
Preference shares 0.1 - 0.1
Total excluding IFRS 16 lease liabilities 886.4 28.7 857.7
IFRS 16 lease liabilities 24 years, on average 371.1 - 371.1
Total 1,257.5 28.7 1,228.8
The securitisation debt is long-term loan notes issued in 2005 and 2007,
secured on ring-fenced properties. All floating rate notes are economically
hedged in full by the Group using interest rate swaps. The weighted average
fixed interest rate payable by the Group on its securitised debt as at 28
March 2026 was 6.4%. The terms of the securitisation require a liquidity
facility to be in place, of which £nil was drawn at the period end.
'Other lease related borrowings' is debt recognised against properties subject
to sale and leaseback arrangements with repurchase options available to the
Group at nominal value. Caps and collars are in place to limit the
index-linked increases in interest costs.
During the period, the Group successfully secured a one-year extension to its
banking facility. The revised bank facility to July 2028 is for £200.0
million, of which £56.0 million was drawn at the period end.
IFRS 16 lease liabilities are obligations from leases including sale and
leaseback arrangements that completed without an option to repurchase the
asset at nominal value.
The Group holds three interest swaps in relation to its borrowing facilities
with a net accounting valuation of £(46.9) million as at the period end (H1
2025: £(51.2) million), which are excluded from net debt.
The vast majority of our borrowings are long-dated and asset-backed, including
the securitisation debt. The loan to value of securitised net debt, which is
decreasing year-on-year, is currently 39% (H1 2025: 45%), and the loan to
value of net debt excluding lease liabilities is 45% (H1 2025: 50%).
In summary, we have adequate cash headroom in our financing structures to
provide operational flexibility. Importantly, all of our medium to long-term
financing is hedged or contains caps and collars, thereby minimising any
exposure to interest rate movements.
Capital allocation and shareholder returns
As set out at our CMD, our capital allocation framework is focused on
enhancing long-term shareholder value through a disciplined balance of
delivering strong returns on investment and deleveraging. Deleveraging has
continued and net debt to EBITDA before IFRS 16 has fallen year-on-year from
4.9x as at H1 2025 to 4.7x at this period end. However, leverage remains
higher than target and, as such, no interim dividend will be paid in respect
of FY2026.
We remain on track in delivering against our leverage reduction targets and
will provide an update at the FY2026 Preliminary Results.
Going concern
Having considered the Group's forecast financial position and exposure to
principal risks and uncertainties, including cost and inflationary pressures,
the Directors have a reasonable expectation that the Group has adequate
resources to continue to operate within its borrowing facilities and covenants
for a period of at least 12 months from the date of signing the financial
statements. Accordingly, the financial statements have been prepared on the
going concern basis. Full details are included in note 1 of the financial
statements.
Key estimates and significant judgements
Under IFRS the Group is required to make estimates and assumptions that affect
the application of policies and
reported amounts. Details are provided in note 1 of the financial statements.
Notes:
· Prior period was a 26-week period to 29 March 2025.
· The Group uses a number of alternative performance measures (APMs) to
enable management and users of the financial statements to better understand
elements of financial performance in the period. APMs are explained and
reconciled in note 15 to the interim financial statements.
Responsibility Statement of the Directors in respect of the Interim Results
The Directors confirm, to the best of their knowledge, that these condensed
consolidated interim financial statements have been prepared in accordance
with UK-adopted IAS 34 'Interim Financial Reporting', give a true and fair
view of the assets, liabilities, financial position and profit or loss of the
Group, and that the interim management report includes a fair review of the
information required by DTR 4.2.7R and DTR 4.2.8R of the United Kingdom
Financial Conduct Authority, namely:
· an indication of important events that have occurred during the first six
months of the financial year and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year; and
· material related party transactions in the first six months of the
financial year and any material changes in the related party transactions
described in the last Annual Report and Accounts.
The Directors of Marston's PLC are listed in the Marston's PLC Annual Report
and Accounts for 27 September 2025. A list of current Directors is
maintained on the Marston's PLC website: www.marstonspubs.co.uk
(http://www.marstonspubs.co.uk) .
By order of the Board:
Justin
Platt
Stephen Hopson
Chief Executive Officer Chief Financial
Officer
12 May 2026
12 May
2026
GROUP INCOME STATEMENT (UNAUDITED)
For the 26 weeks ended 28 March 2026
26 weeks to 28 March 2026 26 weeks to 29 March 2025 52 weeks to
27 September
2025
Note Non- Non- Total
Underlying(1) underlying(1) Total Underlying(1) underlying(1) Total £m
£m £m £m £m £m £m
Revenue 3 422.7 - 422.7 427.4 - 427.4 897.9
Net operating expenses 4 (358.3) (1.0) (359.3) (364.1) (2.0) (366.1) (718.2)
Operating profit/(loss) 64.4 (1.0) 63.4 63.3 (2.0) 61.3 179.7
Finance costs 5 (44.8) - (44.8) (45.1) - (45.1) (90.0)
Finance income 5 0.9 - 0.9 0.8 - 0.8 2.2
Interest rate swap movements 4, 5 - 3.8 3.8 - 2.5 2.5 (3.6)
Net finance (costs)/income 4, 5 (43.9) 3.8 (40.1) (44.3) 2.5 (41.8) (91.4)
Profit before taxation 20.5 2.8 23.3 19.0 0.5 19.5 88.3
Taxation 4, 6 (5.3) (0.7) (6.0) (5.1) (0.1) (5.2) (16.7)
Profit for the period attributable to equity shareholders 15.2 2.1 17.3 13.9 0.4 14.3 71.6
Earnings per share:
Basic 8 2.7 2.3 11.3
earnings per share
Basic underlying(1) 8 2.4 2.2 8.5
earnings per share
Diluted 8 2.7 2.1 11.1
earnings per share
Diluted underlying(1) 8 2.3 2.1 8.3
earnings per share
(1) Alternative performance measures (APMs) are reconciled to the interim
financial information in note 15.
GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
For the 26 weeks ended 28 March 2026
26 weeks to 26 weeks to 52 weeks to
28 March 29 March 27 September
2026 2025 2025
£m
£m
£m
Profit for the period 17.3 14.3 71.6
Items of other comprehensive income that may subsequently be reclassified to
profit or loss
Gains arising on cash flow hedges - 1.9 1.9
Transfers to the income statement on cash flow hedges 3.2 3.4 6.8
Tax on items that may subsequently be reclassified to profit or loss (0.8) (1.3) (2.2)
2.4 4.0 6.5
Items of other comprehensive income that will not be reclassified to profit or
loss
Remeasurement of retirement benefits 2.3 7.0 1.5
Unrealised surplus on revaluation of properties - - 109.8
Reversal of past revaluation surplus - - (38.6)
Tax on items that will not be reclassified to profit or loss (0.6) (1.8) (16.2)
1.7 5.2 56.5
Other comprehensive income for the period 4.1 9.2 63.0
Total comprehensive income for the period attributable to equity shareholders 21.4 23.5 134.6
GROUP CASH FLOW STATEMENT (UNAUDITED)
For the 26 weeks ended 28 March 2026
26 weeks to 26 weeks to 52 weeks to
28 March 29 March 27 September
Note 2026 2025 2025
£m
£m
£m
Operating activities
Profit for the period 17.3 14.3 71.6
Taxation 6.0 5.2 16.7
Net finance costs 40.1 41.8 91.4
Depreciation and amortisation 21.5 22.6 45.2
Working capital movement (9.3) (3.0) 3.0
Non-cash movements 0.5 1.3 (21.5)
Decrease in provisions and other non-current liabilities (0.2) (0.1) (0.3)
Difference between defined benefit pension contributions paid and amounts (1.1) (0.7) (1.6)
charged
Income tax paid (7.1) - (5.3)
Net cash inflow from operating activities 67.7 81.4 199.2
Investing activities
Interest received 0.9 0.9 2.2
Sale of property, plant and equipment and assets held for sale 1.1 4.5 6.4
Purchase of property, plant and equipment and intangible assets (39.0) (31.0) (61.2)
Disposal of associate - (2.8) (2.8)
Finance lease capital repayments received 0.7 0.6 1.2
Net cash outflow from investing activities (36.3) (27.8) (54.2)
Financing activities
Interest paid (45.1) (44.3) (86.6)
Arrangement costs of bank facilities (0.5) (0.9) (0.9)
Purchase of own shares (0.6) (0.8) (0.8)
Proceeds from sale of own shares 0.3 - 0.1
Repayment of securitised debt (22.8) (21.5) (43.8)
Repayment of bank borrowings * (76.0) (90.0) (215.0)
Advance of bank borrowings * 111.0 95.0 201.0
Net repayment of capital element of lease liabilities (4.9) (4.3) (8.6)
Net cash outflow from financing activities (38.6) (66.8) (154.6)
Net decrease in cash and cash equivalents 11 (7.2) (13.2) (9.6)
* The Group reports cash flows arising from its bank borrowing facilities on a
gross basis where the maturity periods were greater than three months. The net
advance of bank borrowings in the current period was £35.0 million (26 weeks
to 29 March 2025: £5.0 million).
GROUP BALANCE SHEET (UNAUDITED)
As at 28 March 2026
Note 28 March 29 March 27 September
2026 2025 2025
£m
£m
£m
Non-current assets
Intangible assets 24.6 27.6 26.9
Property, plant and equipment 9 2,215.1 2,078.5 2,181.3
Other non-current assets 14.0 13.9 14.7
Retirement benefit surplus 18.3 20.5 15.4
Derivative financial instruments 10 1.4 1.2 0.7
2,273.4 2,141.7 2,239.0
Current assets
Inventories 12.7 13.4 13.8
Trade and other receivables 27.5 23.7 27.6
Current tax assets 1.9 - -
Other cash deposits 11 1.1 1.1 1.1
Cash and cash equivalents 11 27.6 31.2 34.8
70.8 69.4 77.3
Assets held for sale 0.1 0.9 -
70.9 70.3 77.3
Current liabilities
Borrowings 11 (63.4) (60.0) (62.2)
Trade and other payables (175.7) (170.9) (182.1)
Current tax liabilities - (3.9) (3.9)
Provisions for other liabilities and charges (0.6) (0.6) (0.6)
(239.7) (235.4) (248.8)
Non-current liabilities
Borrowings 11 (1,194.1) (1,224.7) (1,179.4)
Derivative financial instruments 10 (48.3) (52.4) (54.6)
Other non-current liabilities (9.9) (8.9) (9.4)
Provisions for other liabilities and charges (2.4) (2.6) (2.5)
Deferred tax liabilities (37.0) (9.6) (30.9)
(1,291.7) (1,298.2) (1,276.8)
Net assets 812.9 678.4 790.7
Shareholders' equity
Equity share capital 48.7 48.7 48.7
Share premium account 334.0 334.0 334.0
Revaluation reserve 487.8 430.9 486.2
Capital redemption reserve 6.8 6.8 6.8
Hedging reserve (31.9) (36.8) (34.3)
Own shares (105.8) (110.0) (108.3)
Retained earnings 73.3 4.8 57.6
Total equity 812.9 678.4 790.7
GROUP STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
For the 26 weeks ended 28 March 2026
Equity Share Revaluation Capital Retained
share premium reserve redemption Hedging Own earnings Total
£m
£m
capital account reserve reserve shares equity
£m
£m
£m
£m
£m
£m
At 28 September 2025 48.7 334.0 486.2 6.8 (34.3) (108.3) 57.6 790.7
Profit for the period - - - - - - 17.3 17.3
Remeasurement of retirement benefits - - - - - - 2.3 2.3
Tax on remeasurement of retirement benefits - - - - - - (0.6) (0.6)
Transfers to the income statement on cash flow hedges - - - - 3.2 - - 3.2
Tax on hedging reserve movements - - - - (0.8) - - (0.8)
Total comprehensive income - - - - 2.4 - 19.0 21.4
Share-based payments - - - - - - 1.1 1.1
Purchase of own shares - - - - - (0.6) - (0.6)
Sale of own shares - - - - - 3.1 (2.8) 0.3
Transfer tax to retained earnings - - 1.6 - - - (1.6) -
Total transactions with owners - - 1.6 - - 2.5 (3.3) 0.8
At 28 March 2026 48.7 334.0 487.8 6.8 (31.9) (105.8) 73.3 812.9
For the 26 weeks ended 29 March 2025
Equity Share Revaluation Capital Retained
share premium reserve redemption Hedging Own earnings Total
£m
£m
capital account reserve reserve shares equity
£m
£m
£m
£m
£m
£m
At 29 September 2024 48.7 334.0 431.6 6.8 (40.8) (110.2) (15.3) 654.8
Profit for the period - - - - - - 14.3 14.3
Remeasurement of retirement benefits - - - - - - 7.0 7.0
Tax on remeasurement of retirement benefits - - - - - - (1.8) (1.8)
Gains on cash flow hedges - - - - 1.9 - - 1.9
Transfers to the income statement on cash flow hedges - - - - 3.4 - - 3.4
Tax on hedging reserve movements - - - - (1.3) - - (1.3)
Total comprehensive income - - - - 4.0 - 19.5 23.5
Share-based payments - - - - - - 0.9 0.9
Purchase of own shares - - - - - (0.8) - (0.8)
Sale of own shares - - - - - 1.0 (1.0) -
Transfer disposals to retained earnings - - (0.8) - - - 0.8 -
Transfer tax to retained earnings - - 0.1 - - - (0.1) -
Total transactions with owners - - (0.7) - - 0.2 0.6 0.1
At 29 March 2025 48.7 334.0 430.9 6.8 (36.8) (110.0) 4.8 678.4
NOTES
1 BASIS OF PREPARATION OF INTERIM FINANCIAL INFORMATION
Marston's PLC (the 'Company') is a company domiciled in the UK. The
consolidated interim financial information for the 26 weeks ended 28 March
2026 incorporates the financial statements of Marston's PLC and all of its
subsidiary undertakings (the 'Group'). The Group is primarily an operator of
pubs and bars across the UK.
This interim financial information has been prepared in accordance with
UK-adopted IAS 34 'Interim Financial Reporting' in conformity with the
requirements of the Companies Act 2006. The same accounting policies,
presentation and methods of computation are followed in the interim financial
information as applied in the Group's audited financial statements for the 52
weeks ended 27 September 2025 and the new standards and interpretations that
were only applicable from the beginning of the current financial year. The
audited financial statements for the 52 weeks ended 27 September 2025 contain
details of the new standards and interpretations now applicable to the Group.
The adoption of these standards and interpretations has had no material impact
on the interim financial information.
The financial information for the 52 weeks ended 27 September 2025 is
extracted from the audited accounts for that period, which have been delivered
to the Registrar of Companies. The Auditor's report was unqualified and did
not contain a statement under section 498 (2) or (3) of the Companies Act
2006.
The interim financial information does not constitute statutory accounts
within the meaning of section 434 of the Companies Act 2006. Accordingly, this
report should be read in conjunction with the Annual Report and Accounts for
the 52 weeks ended 27 September 2025. The interim financial information for
the 26 weeks ended 28 March 2026 and the comparatives to 29 March 2025 are
unaudited.
The Group does not consider that any standards or interpretations issued by
the International Accounting Standards Board, but not yet applicable, will
have a significant impact on the financial statements for the 52 weeks ending
26 September 2026.
Going concern
The Group successfully secured the extension of its bank facility, which was
due to expire in July 2027. The revised funding comprises a £200.0 million
bank facility available until July 2028 (of which £56.0 million was drawn at
28 March 2026) and a £5.0 million overdraft facility (of which £nil was
drawn at 28 March 2026). The Group's sources of funding also include its
securitised debt.
There are three covenants associated with the Group's amended bank borrowings
for the non-securitised group of companies - Debt Cover, Interest Cover and
Liquidity. The Debt Cover covenant is a measure of net borrowings to EBITDA,
the Interest Cover covenant is a measure of EBITDA to finance charges, and the
Liquidity covenant is a measure of headroom on the Group's bank borrowings.
The covenant levels remain unchanged except for the Interest Cover covenant
which does not step up to 2.0 times until 1 April 2028 (previously 3 April
2027).
There are two covenants associated with the Group's securitised debt. The
FCF DSCR is a measure of free cash flow to debt service for the group headed
by Marston's Pubs Parent Limited and the Net Worth is derived from the net
assets of that group of companies.
The Directors have performed an assessment of going concern over the period of
12 months from the date of signing these interim financial statements, to
assess the adequacy of the Group's financial resources. In performing their
assessment, the Directors considered the Group's financial position and
exposure to principal risks, including the risk of 'uncertain economic and
geopolitical outlook', with ongoing geopolitical conflicts and uncertainties
and inflationary pressures including energy and supply chain cost increases.
The Group's base case forecast assumes moderate sales price increases and
operational costs (that have not already been secured) rising broadly in line
with inflation together with continuing progress on the margin expansion
programme. The conclusion of this assessment was that the Directors are
satisfied that the Group has adequate liquidity, is not forecast to breach any
covenants within its banking group or securitisation in its base case forecast
and has sufficient resources to continue in operational existence for a period
of at least 12 months from the date of approval of these financial
statements.
Due to the uncertain economic and geopolitical outlook, risk of further
inflationary pressures and the potential impact of this on guest sentiment,
the Group has analysed a downside scenario in which a lower level of sales are
achieved compared to the base case forecast with additional costs beyond those
forecast in the base case and variable costs flexing with the reduced volume,
excluding any mitigating actions other than the reduction of discretionary
employee reward payments. The result of this downside scenario is that the
Group would still have sufficient liquidity to settle liabilities as they fall
due and headroom within its financial covenants throughout the going concern
review period.
The Group has also performed a reverse stress test case, which analyses to
what extent sales would need to decrease from the base case in order to breach
financial covenants, with similar cost assumptions to that of the base case
forecast and variable costs flexing with the reduced volume. This reverse
stress test shows that the Group could withstand a reduction in sales of over
10% from those assessed in the base case throughout the going concern period,
excluding any mitigating actions other than the removal of discretionary
employee reward payments. The Directors consider this scenario to be remote
as, other than when the business was closed during the pandemic, the Group has
never experienced sales declines to this level. Additionally, the Group could
take management actions within the Directors' control including deferral or
reduction of discretionary spend to partially mitigate the financial impact.
Accordingly, the interim financial statements have been prepared on the going
concern basis.
Key estimates and significant judgements
The following are the critical judgements, apart from those involving
estimates (which are dealt with separately below), that the Directors have
made in the process of applying the Group's accounting policies and that have
had the most significant effect on the amounts recognised in the interim
financial statements in the current and prior periods:
Non-underlying(1) items
· Determination of items to be classified as non-underlying(1).
NOTES (CONTINUED)
1 BASIS OF PREPARATION OF INTERIM FINANCIAL INFORMATION (CONTINUED)
Key estimates and significant judgements (continued)
The following estimates and assumptions have a significant risk of causing a
material adjustment to the carrying amount of assets and liabilities:
Property, plant and equipment
· Valuation of effective freehold land and buildings.
Retirement benefits
· Actuarial assumptions in respect of the defined benefit pension
plan, which include discount rates, rates of increase in pensions, inflation
rates and life expectancies.
Financial instruments
· Valuation and accounting treatment of derivative financial
instruments.
2 SEGMENT REPORTING
The Group is considered to have one operating segment under IFRS 8 'Operating
Segments' and no disclosures are presented. This is in line with the
reporting to the chief operating decision maker and the operational structure
of the business. The measure of profit or loss reviewed by the chief
operating decision maker is underlying(1) profit/loss before tax.
3 REVENUE
Revenue 28 March 29 March
2026 2025
£m £m
Sales from managed and pub partnership sites 411.2 415.1
Wholesale sales 8.6 9.2
Revenue from contracts with customers 419.8 424.3
Rental income 2.9 3.1
Total revenue 422.7 427.4
4 NON-underlying(1) items
In order to illustrate the underlying(1) performance of the Group,
presentation has been made of performance measures excluding those items which
it is considered would distort the comparability of the Group's results.
Non-underlying(1) items are defined as those items of income and expense
which, because of the size, nature and/or expected infrequency of the events
giving rise to them, are considered material, and merit separate presentation
to enable users of the financial statements to better understand elements of
financial performance in the period, and to facilitate comparison with future
and prior periods.
In determining whether an item should be presented as non-underlying(1), the
Group considers items which are significant either because of their size or
their nature, and which may be non-recurring. For an item to be considered as
non-underlying(1), it must initially meet at least one of the following
criteria:
· Its size is significant in the context of the element of the
results or balance it relates to.
· The nature of the item is outside the normal or core business
activities.
· It may span accounting periods but is not expected to recur
routinely in future periods.
If an item meets at least one of the criteria, the Group then exercises
judgement as to whether the item should be classified as non-underlying(1). In
exercising this judgement, the Group also takes into account consistency with
any disclosures in prior periods.
Non-underlying(1) items are one of the matters which involve significant
judgment. Items of significant judgement are reviewed by the Board, through
the Audit Committee.
28 March 29 March
2026 2025
£m
£m
Non-underlying(1) operating items
Reorganisation, restructuring and relocation costs 1.0 2.0
1.0 2.0
Non-underlying(1) non-operating items
Interest rate swap movements (3.8) (2.5)
(3.8) (2.5)
Total non-underlying(1) items (2.8) (0.5)
NOTES (CONTINUED)
4 NON-underlying(1) items (CONTINUED)
Reorganisation, restructuring and relocation costs
As previously reported in the financial statements for the 52 weeks ended 27
September 2025 (and initially disclosed in the interim results for the 26
weeks ended 29 March 2025), the Group commenced a programme to align and
resource teams against the Group's strategic priorities and reduce cost for
future resilience of the business. During the current period, the programme
was extended to specific functions and the costs identified as
non-underlying(1) in the current period are one-off headcount-related costs
which are expected to be short term in nature. The cost of implementing this
programme in the current period was £1.0 million (26 weeks ended 27 September
2025: £1.1 million and 26 weeks ended 29 March 2025: £2.0 million). The
current period cost of £1.0 million is a cash cost of which £1.0 million was
paid in the current period in addition to cash payments of £0.5 million from
the 52 weeks ended 27 September 2025. Cumulative costs since the programme
commenced total £4.1 million. The cost has been recorded within
non-underlying(1) items in the income statement based on its significance,
nature, expected infrequency and consistency with treatment of similar
historic programmes.
Interest rate swap movements
The Group's interest rate swaps are revalued to fair value at each balance
sheet date. These fair value gains/losses have been recognised in the hedging
reserve or the income statement as appropriate. Reclassifications within the
income statement and/or with the hedging reserve have also been made as
required.
26 weeks to 28 March 2026 26 weeks to 29 March 2025
Hedging reserve Underlying(1) net finance costs Non-underlying(1) interest rate swap movements Hedging reserve Underlying(1) net finance costs Non-underlying(1) interest rate swap movements
£m
£m
£m
£m
£m
£m
Interest rate swaps designated as part of a hedging relationship:
Effective portion
Gain on change in fair value - - - (1.9) - -
Reclassification in respect of cash received - - - 0.1 (0.1) -
- - - (1.8) (0.1) -
Ineffective portion
Loss on change in fair value - - - - - 0.6
Reclassification in respect of cash paid - - - - 0.6 (0.6)
- - - - 0.6 -
Interest rate swaps not designated as part of a hedging relationship:
Gain on change in fair value - - (5.4) - - (6.6)
Reclassification in respect of cash paid/received - 1.6 (1.6) - (0.6) 0.6
- 1.6 (7.0) - (0.6) (6.0)
Reclassification in respect of discontinued cash flow hedges (3.2) - 3.2 (3.5) - 3.5
(3.2) - 3.2 (3.5) - 3.5
Total interest rate swap movements (3.2) 1.6 (3.8) (5.3) (0.1) (2.5)
A loss of £nil (2025: £0.6 million) on the ineffective portion of the fair
value movement of interest rate swaps designated as part of a hedging
relationship and a fair value gain of £5.4 million (2025: £6.6 million) on
interest rate swaps not designated as part of a hedging relationship have been
recognised within non-underlying(1) items in the income statement.
Cash paid of £nil (2025: £0.6 million) in respect of interest rate swaps
designated as part of a hedging relationship and cash paid of £1.6 million
(2025: received of £0.6 million) in respect of interest rate swaps not
designated as part of a hedging relationship were reclassified from
non-underlying(1) items to underlying(1) net finance costs to ensure that
underlying(1) net finance costs reflect the fixed rate paid on the associated
debt.
Finally, £3.2 million (2025: £3.5 million) of the balance remaining in the
hedging reserve in respect of discontinued cash flow hedges has been
reclassified as a charge to the income statement within non-underlying(1)
items.
The treatment of the amounts as non-underlying(1) has been made based on their
significance, nature and consistency with previous classification. Unless
specified, the movements have no cash impact.
Impact of taxation
The current tax credit relating to the above non-underlying(1) items amounts
to £0.2 million (2025: £0.5 million). The deferred tax charge relating to
the above non-underlying(1) items amounts to £0.9 million (2025: £0.6
million).
NOTES (CONTINUED)
5 FINANCE COSTS AND INCOME
28 March 29 March
2026 2025
£m £m
Finance costs
Bank borrowings 6.7 5.8
Securitised debt 16.3 17.8
Lease liabilities 9.3 9.5
Other lease related borrowings 11.8 11.6
Other interest payable and similar charges 0.7 0.4
Total finance costs 44.8 45.1
Finance income
Finance lease and other interest receivable (0.9) (0.8)
Total finance income (0.9) (0.8)
Interest rate swap movements
Change in carrying value of interest rate swaps (7.0) (6.0)
Transfer of hedging reserve balance in respect of discontinued hedges 3.2 3.5
(3.8) (2.5)
Net finance costs 40.1 41.8
6 TAXATION
The underlying(1) taxation charge for the 26 weeks ended 28 March 2026 has
been calculated by applying an estimate of the underlying(1) effective tax
rate for the 52 weeks ending 26 September 2026 of 25.9% (26 weeks ended 29
March 2025: 26.8%).
Income statement 28 March 29 March
2026 2025
£m
£m
Current tax 1.3 1.1
Deferred tax 4.7 4.1
6.0 5.2
The taxation charge includes a current tax credit of £0.2 million (2025:
£0.5 million) and a deferred tax charge of £0.9 million (2025: £0.6
million) relating to the tax on non-underlying(1) items.
In December 2021, the Organisation for Economic Co‑operation and Development
(OECD) published the Pillar Two model rules to introduce a global minimum
effective tax rate of 15% under its Inclusive Framework on Base Erosion and
Profit Shifting (BEPS). UK legislation adopting the Pillar Two rules was
substantively enacted on 20 June 2023 and first applied to the Group for the
52 weeks ended 27 September 2025.
Based on its assessment of its trading results, the Group anticipates that it
will benefit from the transitional safe harbour rules and does not expect to
pay any Pillar Two top-up tax in respect of the 52 weeks ending 26 September
2026 or the 52 weeks ending 27 September 2025.
The Group has applied the exemption under the IAS 12 'Income Taxes' amendment
for recognising and disclosing information about deferred tax assets and
liabilities relating to Pillar Two income taxes.
7 DISCONTINUED OPERATIONS
On 8 July 2024, the Group announced the sale of its remaining non-core brewing
assets, with a binding agreement to sell the whole of its 40% interest in
Carlsberg Marston's Limited to a subsidiary of Carlsberg A/S for £206.0
million in cash. The transaction subsequently completed on 31 July 2024 at
which point Carlsberg Marston's Limited ceased to be a related party of the
Group.
The Directors considered that Carlsberg Marston's Limited constituted a
separate major line of business that had been disposed of and as a result met
the criteria to be classified as a discontinued operation.
Results of discontinued operations
There were no revenues, expenses or results from discontinued operations in
the 26 weeks to 28 March 2026 or the comparative periods (52 weeks to 27
September 2025 and 26 weeks to 29 March 2025).
Cash flows from discontinued operations
Net cash ouflow from investing activities was £nil (52 weeks to 27 September
2025 and 26 weeks to 29 March 2025: £2.8 million). There was no net cash
outflow from operating or financing activities in the 26 weeks to 28 March
2026 or the comparative periods (52 weeks to 27 September 2025 and 26 weeks to
29 March 2025).
NOTES (CONTINUED)
8 EARNINGS PER ORDINARY SHARE
Basic earnings per share are calculated by dividing the profit attributable to
equity shareholders by the weighted average number of ordinary shares in issue
during the period, excluding treasury shares and those held on trust for
employee share schemes. Underlying(1) earnings per share figures are presented
to exclude the effect of non-underlying(1) items.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. These represent share options granted to employees where the exercise
price is less than the weighted average market price of the Company's shares
during the period.
28 March 2026 29 March 2025
Earnings Per share Earnings Per share
£m
£m
amount amount
p
p
Basic earnings per share 17.3 2.7 14.3 2.3
Diluted earnings per share 17.3 2.7 14.3 2.1
Underlying(1) earnings per share figures
Basic underlying(1) earnings per share 15.2 2.4 13.9 2.2
Diluted underlying(1) earnings per share 15.2 2.3 13.9 2.1
28 March 29 March
2026 2025
m
m
Basic weighted average number of shares 632.9 633.4
Dilutive potential ordinary shares 14.9 31.8
Diluted weighted average number of shares 647.8 665.2
9 PROPERTY, PLANT AND EQUIPMENT
£m
Net book amount at 28 September 2025 2,181.3
Additions 54.0
Net transfers to assets held for sale and disposals (1.0)
Depreciation and other movements (19.2)
Net book amount at 28 March 2026 2,215.1
£m
Net book amount at 29 September 2024 2,069.0
Additions 32.3
Net transfers to assets held for sale and disposals (2.7)
Depreciation and other movements (20.1)
Net book amount at 29 March 2025 2,078.5
Capital expenditure authorised and committed at the period end but not
provided for in this interim financial information was £2.1 million (at 27
September 2025: £2.7 million).
The Group's effective freehold land and buildings are revalued by external
independent qualified valuers on an annual basis using open market values so
that the carrying value of an asset does not differ significantly from its
fair value at the balance sheet date. The last external valuation of the
Group's effective freehold land and buildings was performed at 29 June 2025.
During the current period the Group has performed an assessment for
significant changes that could impact the value of its effective freehold land
and buildings at the balance sheet date. The Group's recent trading
performance supports the forecasts which determined fair maintainable trade at
29 June 2025. Disposal proceeds during the 26 weeks to 28 March 2026 were in
line with book value and property multiples adopted in the prior period
revaluation are supported by the current property market. As such, no internal
valuation has been performed as at the balance sheet date.
A reasonably possible increase of 10% in the multiple would increase the fair
value by £186.1 million and a reasonably possible decrease of 10% in the
multiple would decrease the fair value by £186.1 million. A reasonably
possible increase of 10% in the fair maintainable trade would increase the
fair value by £186.1 million and a reasonably possible decrease of 10% in the
fair maintainable trade would decrease the fair value by £186.1 million.
These are based on the top ends of observable multiples achieved in the market
and historical movements in the average fair maintainable trade.
Leasehold properties, comprising leasehold land and buildings and associated
fixtures, fittings, tools and equipment and computer software, are held under
the cost model. During the current period the Group has performed an
assessment for indicators of impairment which concluded that there have been
no new indicators of impairment since the last annual reporting date that
would reasonably be expected to result in a material impairment charge or
reversal. Accordingly, the Group is not required to perform a further review
of impairment. As set out on page 87 of the 2025 Annual Report and Accounts,
the 2025 impairment charge/reversal exhibited minimal sensitivity to changes
in key assumptions.
NOTES (CONTINUED)
10 FINANCIAL INSTRUMENTS
The only financial instruments which the Group holds at fair value are
derivative financial instruments, which are classified as at fair value
through profit or loss or derivatives used for hedging.
Fair value hierarchy
IFRS 13 'Fair Value Measurement' requires fair value measurements to be
recognised using a fair value hierarchy that reflects the significance of the
inputs used in the measurements, according to the following levels:
Level 1 - unadjusted quoted prices in active markets for identical assets or
liabilities.
Level 2 - inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly or indirectly.
Level 3 - inputs for the asset or liability that are not based on observable
market data.
The tables below show the levels in the fair value hierarchy within which fair
value measurements have been categorised:
28 March 2026 27 September 2025
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Assets as per the balance sheet £m £m £m £m £m £m £m £m
Derivative financial instruments - 1.4 - 1.4 - 0.7 - 0.7
28 March 2026 27 September 2025
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Liabilities as per the balance sheet £m £m £m £m £m £m £m £m
Derivative financial instruments - 48.3 - 48.3 - 54.6 - 54.6
There were no transfers between Levels 1, 2 and 3 fair value measurements
during the current or prior period. The Level 2 fair values of derivative
financial instruments have been obtained using a market approach and reflect
the estimated amount the Group would expect to pay or receive on termination
of the instruments, adjusted for the Group's own credit risk. The Group
utilises valuations from counterparties who use a variety of assumptions based
on market conditions existing at each balance sheet date. The fair values are
highly sensitive to the inputs to the valuations, such as discount rates,
analysis of credit risk and yield curves.
The fair values of all the Group's other financial instruments are equal to
their book values, with the exception of borrowings. The carrying amount less
impairment provision of finance lease receivables, trade receivables and other
receivables, and the carrying amount of other cash deposits, cash and cash
equivalents, trade payables and other payables, are assumed to approximate
their fair values.
The fair value of the Group's securitised debt of £467.6 million (2025:
£485.6 million) is based on quoted market prices and is within Level 1 of the
fair value hierarchy. The fair values of all of the Group's other borrowings
are considered to approximate to their carrying amounts and are within Level 2
of the fair value hierarchy. However, the Group acknowledges that market
conditions and credit risk in relation to its other lease related borrowings
may have changed since inception.
The carrying amounts (excluding unamortised issue costs) of the Group's
borrowings are as follows:
28 March 27 September
2026 2025
£m
£m
Bank borrowings 56.0 21.0
Securitised debt 495.7 518.5
Lease liabilities 371.1 368.2
Other lease related borrowings 361.7 361.7
Preference shares 0.1 0.1
1,284.6 1,269.5
NOTES (CONTINUED)
11 NET DEBT
Analysis of net debt 28 March 27 September
2026 2025
£m
£m
Cash and cash equivalents
Cash at bank and in hand 27.6 34.8
27.6 34.8
Financial assets
Other cash deposits 1.1 1.1
1.1 1.1
Debt due within one year
Bank borrowings 1.3 1.8
Securitised debt (47.2) (45.9)
Lease liabilities (18.0) (18.6)
Other lease related borrowings 0.5 0.5
(63.4) (62.2)
Debt due after one year
Bank borrowings (54.3) (19.5)
Securitised debt (446.9) (470.8)
Lease liabilities (353.1) (349.6)
Other lease related borrowings (339.7) (339.4)
Preference shares (0.1) (0.1)
(1,194.1) (1,179.4)
Net debt (1,228.8) (1,205.7)
28 March 27 September
2026 2025
£m
£m
Net debt excluding lease liabilities (857.7) (837.5)
Lease liabilities (371.1) (368.2)
Net debt (1,228.8) (1,205.7)
Other cash deposits and cash and cash equivalents include deposits securing
letters of credit for reinsurance contracts. Included within cash and cash
equivalents is an amount of £5.3 million (27 September 2025: £5.4 million),
which relates to collateral held in the form of cash deposits. These amounts
are considered to be restricted cash. In addition, any cash held in connection
with the securitised business is governed by certain restrictions under the
covenants associated with the securitisation.
Reconciliation of net cash flow to movement in net debt 28 March 29 March
2026 2025
£m
£m
Decrease in cash and cash equivalents in the period (7.2) (13.2)
Cash (inflow)/outflow from movement in debt (7.3) 20.8
Net cash (outflow)/inflow (14.5) 7.6
Non-cash movements and deferred issue costs (8.6) (2.6)
Movement in net debt in the period (23.1) 5.0
Net debt at beginning of the period (1,205.7) (1,257.4)
Net debt at end of the period (1,228.8) (1,252.4)
12 SIGNIFICANT EVENTS AND TRANSACTIONS
Detail regarding significant events and transactions that have taken place
since 27 September 2025 is provided outside of the interim financial
statements in the Performance and Financial Review.
13 ORDINARY DIVIDENDS ON EQUITY SHARES
An interim dividend has not been proposed for the current period. No interim
dividend was paid for the prior period.
NOTES (CONTINUED)
14 PRINCIPAL RISKS AND UNCERTAINTIES
The Group set out on pages 22 to 25 of its 2025 Annual Report and Accounts the
principal risks and uncertainties that could impact its performance. These
risks and uncertainties were as follows:
Strategy delivery and transformation
A range of factors could impact the successful delivery of our strategic
objectives and transformation plans. These include organisational capability
and structure, pace and scale of change, competitive environment, pricing,
attractiveness of offer to guests, capital deployment and reputation of the
business.
Information technology, cyber security and business critical systems
Many of our key business operations rely on the continued resilience of our IT
network and continuous enhancement and investment in our infrastructure is
required to ensure effectiveness. We continue to face the threat of malicious
cyber-attacks and disruptive technologies (the nature of which constantly
evolves and becomes more sophisticated) data breaches, leaks of confidential
information, and network or infrastructure outages.
These may cause loss of revenue, regulatory action, loss of consumer trust or
our competitive advantage.
Talent pipeline
We are a people powered business. Risks relating to ineffective succession
planning, new talent attraction, remuneration, culture and engagement could
affect our ability to execute our strategy to the required standard, attract
new talent as our business develops and grows, and deliver against our
critical value drivers.
Health and safety (including food safety)
The safety of our guests and people is paramount to our business. Risks such
as non‑compliance with EHO standards, allergen/food safety incidents and
fire risk could lead to serious injury or harm, loss of trust, reputational
damage or regulatory penalties.
Business continuity and supply chain
Risks of critical supplier failure (food, drink, utilities),
network/infrastructure outages, and forced closure of pubs (national or
regional) could disrupt operations and impact revenue.
Property and estate management
Misstatement of property valuation and significant estate management or
maintenance issues could affect financial reporting and operational
effectiveness.
Climate and environment
Risks from extreme weather, challenges in achieving Net Zero and increased
regulation or energy costs could impact trading, estate management and
compliance with ESG commitments.
Financial instability resulting from a major decline in trade or financial
misstatement
The Group's ability to meet its financial obligations and to support the
strategic plans and operations of the business is dependent on having
sufficient liquidity and cash flow. We are also reliant on the continuing
availability of financing from our banks, and access to capital markets, to
meet our liquidity needs, which are often seasonal in nature. The Group might
suffer financial loss or loss of investor confidence in the event of financial
misstatement or other unforeseen event such as a serious decline in trade or
serious fraudulent activity. Economic downturns can strain liquidity,
especially if pubs cannot pass cost increases to guests.
Uncertain economic and geopolitical outlook
High inflation, slow GDP growth, and elevated interest rates reduce disposable
income, which may lead to lower discretionary spending on leisure activities,
leading to reduced footfall and average spend per visit. Rising input costs
(energy, food, wages) and supply chain volatility can also squeeze margins. If
inflation persists, financing costs and operational expenses are likely to
increase, which could impact business performance.
Shifts in government policy, such as employment legislation (for example
minimum wage increases), health-related regulations (alcohol consumption) or
ESG mandates can increase compliance costs and operational complexity. New
taxes or duties on alcohol, energy or carbon emissions could also increase
costs.
NOTES (CONTINUED)
15 ALTERNATIVE PERFORMANCE MEASURES (APMs)
In addition to statutory financial measures, these interim results include
financial measures that are not defined or recognised under International
Financial Reporting Standards (IFRS), all of which the Group considers to be
alternative performance measures (APMs). APMs should not be regarded as a
complete picture of the Group's financial performance, which the Group
presents within its total results.
The APMs are used by the Board and management to analyse operational and
financial performance and track the Group's progress against long-term
strategic plans. The APMs provide additional information to investors and
other external shareholders to enhance their understanding of the Group's
results and facilitate comparison with industry peers.
Definitions of APMs, along with the reconciliation of the APMs used to the
Group's strategy, remain unchanged from the 2025 Annual Report and Accounts,
commencing on page 114 of that report.
Loan to value
Interim financial information reference 28 March 29 March 27 September
2026 2025 2025
£m
£m
£m
Securitised pubs and lodges 1,227.5 1,152.7 1,211.0
Non-securitised effective freehold pubs and lodges 681.3 622.5 671.9
1,908.8 1,775.2 1,882.9
Non-securitised leasehold pubs and lodges 280.7 281.8 274.1
Other non-core properties and administration assets 25.6 21.5 24.3
Property, plant and equipment total Note 9 2,215.1 2,078.5 2,181.3
Securitised debt due within one year Note 11 47.2 44.7 45.9
Securitised debt due after one year Note 11 446.9 494.1 470.8
494.1 538.8 516.7
Cash balances in respect of the securitisation (14.1) (21.6) (21.8)
Securitised net debt 480.0 517.2 494.9
Loan to value of securitised net debt 39% 45% 41%
Net debt excluding lease liabilities at end of the period Note 11 857.7 881.1 837.5
Loan to value of net debt excluding lease liabilities 45% 50% 44%
Like-for-like (LFL) sales
Interim financial information reference 26 weeks to 26 weeks to LFL
%
28 March 29 March
2026 2025
£m
£m
LFL sales from managed and pub partnership sites 407.2 409.1 (0.5)
Non-LFL retail sales from managed and pub partnership sites 4.0 6.0
Sales from managed and pub partnership sites Note 3 411.2 415.1
Net asset value (NAV) per share
Interim financial information reference 28 March 29 March 27 September
2026 2025 2025
Net assets (£m) Balance sheet 812.9 678.4 790.7
Number of shares outstanding (m) 633.5 632.8 633.2
NAV per share (£) 1.28 1.07 1.25
NOTES (CONTINUED)
15 ALTERNATIVE PERFORMANCE MEASURES (APMs) (CONTINUED)
Net cash flow
Interim financial information reference 28 March 29 March 27 September
2026 2025 2025
£m
£m £m
Underlying EBITDA 85.9 85.9 205.1
Non-underlying EBITDA (1.0) (2.0) 19.8
Total EBITDA 84.9 83.9 224.9
Non-cash movements Cash flow statement 0.5 1.3 (21.5)
Decrease in provisions and other non-current liabilities Cash flow statement (0.2) (0.1) (0.3)
Cash adjusted total EBITDA 85.2 85.1 203.1
Income tax paid Cash flow statement (7.1) - (5.3)
Working capital movement Cash flow statement (9.3) (3.0) 3.0
Difference between defined benefit pension contributions paid and amounts Cash flow statement (1.1) (0.7) (1.6)
charged
Net cash inflow from operating activities 67.7 81.4 199.2
Net interest paid and finance lease capital repayments received (43.5) (42.8) (83.2)
Purchase of property, plant and equipment and intangible assets Cash flow statement (39.0) (31.0) (61.2)
Arrangement costs of bank facilities and swap termination costs (0.5) (0.9) (0.8)
Purchase of own shares Cash flow statement (0.6) (0.8) -
Proceeds from sale of own shares Cash flow statement 0.3 - 0.1
Recurring free cash flow (15.6) 5.9 53.2
Sale of property, plant and equipment and assets held for sale Cash flow statement 1.1 4.5 6.4
Disposal of associate Cash flow statement - (2.8) (2.8)
Net cash flow (14.5) 7.6 56.8
Cash inflow/(outflow) from movement in debt Note 11 7.3 (20.8) (66.4)
Net decrease in cash and cash equivalents Cash flow statement (7.2) (13.2) (9.6)
Net debt
Interim financial information reference 52 weeks to 52 weeks to 52 weeks to
28 March 29 March 27 September
2026 2025 2025
£m
£m
£m
Underlying EBITDA under IFRS 16 205.1 202.9 205.1
Net rental charge (22.5) (21.9) (22.4)
Underlying EBITDA pre IFRS 16 182.6 181.0 182.7
Net debt including lease liabilities at end of the period Note 11 1,228.8 1,252.4 1,205.7
Net debt to EBITDA leverage including lease liabilities 6.0 6.2 5.9
Net debt excluding lease liabilities at end of the period Note 11 857.7 881.1 837.5
Net debt to EBITDA leverage excluding lease liabilities 4.7 4.9 4.6
Underlying EBITDA per pub
52 weeks to 28 March 2026 52 weeks to 29 March 2025
Number of Underlying EBITDA Number of Underlying EBITDA
EBITDA
per pub
EBITDA
per pub
pubs
£m
£'000 pubs
£m
£'000
Managed and pub partnership sites 1,188 191.1 160.9 1,182 190.1 160.8
Tenanted and leased sites 137 14.0 102.2 151 12.8 84.8
Total 1,325 205.1 154.8 1,333 202.9 152.2
Annualised profit post investment 12-month EBITDA pre-investment
Number of Underlying EBITDA Number of Underlying EBITDA
EBITDA
per pub
EBITDA
per pub
pubs
£m
£'000 pubs
£m
£'000
Invested estate 54 19.1 354.3 54 14.3 265.4
Increase in EBITDA per pub 33%
NOTES (CONTINUED)
15 ALTERNATIVE PERFORMANCE MEASURES (APMs) (CONTINUED)
Underlying operating margin and underlying EBITDA margin
Interim financial information reference 26 weeks to 26 weeks to 52 weeks to
28 March 29 March 27 September
2026 2025 2025
£m
£m
£m
Operating profit Income statement 63.4 61.3 179.7
Non-underlying operating items Note 4 1.0 2.0 (19.8)
Underlying operating profit 64.4 63.3 159.9
Depreciation and amortisation Cash flow statement 21.5 22.6 45.2
Underlying EBITDA 85.9 85.9 205.1
Revenue Income statement 422.7 427.4 897.9
Underlying operating margin 15.2% 14.8% 17.8%
Underlying EBITDA margin 20.3% 20.1% 22.8%
16 SEASONALITY
The Group's financial results and cash flows have historically been subject to
seasonal trends between the first and second half of the financial year.
Traditionally, the second half of the financial year sees higher revenue and
profitability, as a result of better weather conditions. There is no assurance
that this trend will continue in the future.
17 INTERIM RESULTS
The interim results were approved by the Board on 12 May 2026.
18 COPIES
Copies of these results are available on the Marston's PLC website
(www.marstonspubs.co.uk (http://www.marstonspubs.co.uk) ) and on request from
the General Counsel & Company Secretary, Marston's PLC, St Johns House, St
Johns Square, Wolverhampton, WV2 4BH.
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