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Marston's (MARS) investor relations material
Marston's H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary25 Nov, 2025
Executive summary
Achieved profit before tax of £72.1 million, up 71% year-on-year, with recurring free cash flow of £53.2 million delivered ahead of schedule.
Launched 31 new pub formats and digital initiatives, driving strong revenue uplifts, record guest satisfaction, and operational improvements.
Positioned for continued growth in FY2026, with accelerated format roll-out and strong trading outlook.
Financial highlights
Total revenue was £898 million, broadly flat year-on-year, with like-for-like growth of 1.6%.
EBITDA increased 7% to £205.1 million, with margin expanding by 140 basis points to 22.8%.
Operating profit rose 8.6% to £159.9 million, with £12.6 million of EBITDA improvement flowing through.
Net debt/EBITDA reduced to 4.6x from 5.2x, with net debt (excl. leases) at £837.5 million.
Net asset value per share increased to £1.25, with net assets up 21% to £791 million.
Outlook and guidance
Confident in FY2026 trading outlook, with like-for-like sales tracking in line with last year and Christmas bookings up 11%.
Targeting further EBITDA margin expansion towards 23.4%-24.4%, with at least 50 new format refurbishments planned.
Recurring free cash flow expected to exceed £50 million again in FY2026.
Continued deleveraging towards sub-4x net debt/EBITDA, after which shareholder returns will resume.
Long-term format conversion target?
Timeline to sub-4x leverage target?
Primary FY26 margin expansion opportunities?
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Q1 2026 TU11 Feb, 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.
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