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Marston's (MARS) investor relations material
Marston's Q4 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Underlying PBT expected above the top of market forecasts; third consecutive year of significant profit growth, with profit now more than 3x FY2023.
Underlying EBITDA margin increased ~100 bps in FY2026; recurring free cash flow supported further deleveraging.
Financial highlights
FY2026 underlying PBT expected above the market forecast range of £76.1m–£83.2m, whose top end is £83.2m.
Full-year like-for-like sales declined 1.2%; Q4 like-for-like sales improved to broadly flat YoY.
Outlook and guidance
At least 100 pub format conversions planned for FY2027, up from 60 in FY2026, with a focus on Grandstand.
FY2026 results scheduled for announcement on 24 November 2026.
- Underlying EPS rose 12% as revenue grew, leverage eased and pub investment continued.MARS
H2 2011 - World Cup trading and new formats boost sales; margin gains and buybacks planned for FY2027.MARS
Q3 2026 TU - Profit and margin growth, debt reduction, and new formats set up a strong H2 outlook.MARS
H1 2026 - Festive sales up 4.0% and new pub formats drive confidence in FY2026 outlook.MARS
Q1 2026 TU - Profit up 71%, cash flow and margins strong, with new formats and digital driving growth.MARS
H2 2025 - Profit and cash flow targets exceeded, with strong sales and margin expansion driving momentum.MARS
Q4 2025 TU - Sales growth, margin gains, and new formats position the business to meet profit expectations.MARS
Q3 2025 TU - Strong revenue, margin, and cash flow growth with reduced debt and positive outlook.MARS
H2 2024 - Strong profit growth, margin expansion, and debt reduction support a robust FY2025 outlook.MARS
H1 2025
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