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Edge12 Dec 2025
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Mitchells & Butlers (MAB) investor relations material
Mitchells & Butlers H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary28 Nov, 2025
Executive summary
Like-for-like sales grew 4.3%, consistently outperforming the market for the ninth consecutive year, with strong guest reviews, record-low team turnover, and high engagement.
Adjusted operating profit increased 5.8% to £330m, with operating margin up 0.2ppts to 12.2%, despite a GBP 11 million unexpected National Insurance cost in H2.
Record non-financial metrics achieved for guest satisfaction and team engagement.
Accelerated capital investment programme delivered strong returns, with ROI of 35-36% across remodels.
Strong balance sheet and cash flow, with net debt reduced to £843m (1.8x EBITDA) and pension position moved from deficit to £132m surplus.
Financial highlights
Revenue rose 3.9% to £2,711m year-over-year.
Adjusted operating profit up 5.8% to £330m; profit before tax up 16.6% to £246m.
Earnings per share increased 17% to 30.9p.
Net cash flow of £16m after bond amortisation; cash flow from operations was £146m.
Net assets per share increased to £4.76, up from £4.33.
Outlook and guidance
Facing a £130m cost headwind this year (6% of cost base), mainly from labour and red meat inflation.
Cost inflation expected to ease by 2027-2028.
Capex to rise to approximately £210m in FY 2026, with further site acquisitions possible.
Mitigation efforts ongoing, with Ignite program and efficiencies driving incremental savings.
No immediate plans for dividends or share buybacks; focus remains on deleveraging and prudent capital allocation.
Post-2030/31 capital return strategy
How to offset GBP 130M cost headwinds this year?
Expected impact of new HR/CRM systems
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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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