Mitchells & Butlers
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Mitchells & Butlers (MAB) investor relations material

Mitchells & Butlers Q1 2026 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 TU earnings summary15 Jan, 2026

Executive summary

  • Achieved strong festive season trading with like-for-like sales growth of 7.7% over the core three-week period, and 10.5% growth over the five key festive days.

  • Like-for-like sales for the first quarter grew 4.5%, outperforming the market across the brand portfolio.

  • Total sales increased by 3.5% year-to-date.

Financial highlights

  • Food like-for-like sales rose 5.1% and drink sales 3.8% over the 15 weeks to 10 January 2026.

  • Like-for-like sales growth was 3.8% in the first 8 weeks, 5.2% in the next 7 weeks, and 4.5% for the full 15-week period.

Outlook and guidance

  • Confident in managing approximately £130m of year-on-year cost headwinds, mainly from higher labour and food costs.

  • Focus remains on cost efficiency and sales growth through the Ignite and capital investment programmes.

  • Well positioned to grow market share leveraging a diverse brand portfolio and prime estate locations.

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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

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