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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Marston's
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.Q4 2026 TU earnings summary13 Oct, 2026
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.
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Latest events from Marston's
- 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.MARSQ3 2026 TU
- Profit and margin growth, debt reduction, and new formats set up a strong H2 outlook.MARSH1 2026
- Festive sales up 4.0% and new pub formats drive confidence in FY2026 outlook.MARSQ1 2026 TU
- Profit up 71%, cash flow and margins strong, with new formats and digital driving growth.MARSH2 2025
- Profit and cash flow targets exceeded, with strong sales and margin expansion driving momentum.MARSQ4 2025 TU
- Sales growth, margin gains, and new formats position the business to meet profit expectations.MARSQ3 2025 TU
- Strong revenue, margin, and cash flow growth with reduced debt and positive outlook.MARSH2 2024
- Strong profit growth, margin expansion, and debt reduction support a robust FY2025 outlook.MARSH1 2025
Next Marston's earnings date
H2 202624 Nov, 2026
Marston's
Next Marston's earnings date
H2 202624 Nov, 2026
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Frequently asked questions
Marston's PLC is engaged in the brewing, wholesaling and supply of beer to licensed premises in the United Kingdom. The Company distributes, supplies and sources beer to public houses, hotels and restaurants. The Company’s brands include Marston’s Pedigree, Banks's and Ruddles. The company was founded in 1834 and is based in Wolverhampton, the United Kingdom.