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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.
Mitchells & Butlers
Mitchells & Butlers (MAB) investor relations material
Mitchells & Butlers Trading update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading update summary24 Sep, 2026
Sales performance
Like-for-like sales grew 2.1% year-to-date, with Q4 growth of 1.4% as external factors normalized.
August Bank Holiday weekend saw a 5.3% like-for-like sales increase, highlighting strong guest demand.
Drink-led formats outperformed, with drink sales up 2.7% year-to-date.
Total sales increased by 1.2% year-to-date.
Investments and expansion
222 conversions and remodels completed year-to-date, maintaining an accelerated investment pace.
11 new sites acquired: 2 leaseholds in Germany and 9 freeholds in the UK, plus 4 freehold interests in existing sites.
Outlook and cost management
Full year outturn expected to be in line with consensus expectations.
Cost headwinds projected to moderate from £120m in FY2026 to £95m in FY2027, about 4% of the cost base.
Ongoing efficiency initiatives and capital investment programme expected to support further operating profit growth.
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Latest events from Mitchells & Butlers
- Like-for-like sales up 2.2% YTD; drink-led brands outperformed, food-led lagged.MAB
Q3 2026 TU - Sales up 3.3%, profit steady at £181m, and net debt reduced to £747m amid strong investment.MABH1 2026
- Festive trading delivered record sales and 4.5% like-for-like growth, outpacing the market.MABQ1 2026 TU
- Sales and profit growth outpaced the market, with strong cash flow and reduced leverage.MABH2 2025
- Like-for-like sales rose 4.2% YTD, with strong mid-market growth and resilient outlook.MABQ4 2025 TU
- Like-for-like sales growth reached 4.5% year-to-date, outperforming the market.MABQ3 2025 TU
- Strong profit growth and market outperformance, with robust sales and margin recovery.MABH2 2024
- Sales growth outpaces the market, with strong cost control and positive outlook.MABTrading Update
- Operating profit up 10.4% on 4.3% sales growth; outlook remains strong despite cost pressures.MABH1 2025
Next Mitchells & Butlers earnings date
H2 202627 Nov, 2026
Mitchells & Butlers
Next Mitchells & Butlers earnings date
H2 202627 Nov, 2026
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Frequently asked questions
Mitchells & Butlers plc engages in the management of pubs and bars as well as restaurants in the United Kingdom and Germany. The company operates its pubs and restaurants under the Alex, All Bar One, Browns, Castle, Ember Inns, Harvester, Innkeeper's Lodge, Miller & Carter, Nicholson's, O'Neill's, Premium Country Pubs, Sizzling Pubs, Stonehouse, Toby Carvery and Vintage Inns brands and formats; Innkeeper's Collection hotels in the UK; and restaurants and bars in Germany under the Alex brand. It also engages in the leisure retailing; property leasing, property management and development; and financing activities. Mitchells & Butlers plc was founded in 1898 and is based in Birmingham