Marston's (MARS) Q3 2026 TU earnings summary

Trading performance

• World Cup trading drove like-for-like sales growth of 22% on England matchdays and 170% year-on-year sales increase across Grandstand pubs.

• New pub formats, especially Grandstand, achieved around 30% like-for-like sales growth in 36 conversions.

• Year-to-date like-for-like sales are 1.6% lower than last year, with strong peak trading offset by softer off-peak conditions.

• Order & Pay sales rose 45% year-on-year, and guest reputation scores remain strong.

Strategic initiatives and investment

• Continued investment in new pub formats is driving significant revenue growth and higher guest engagement.

• FY2027 will see a substantial increase in conversions, with around 100 Grandstand format rollouts planned.

• Accelerated investment programme is enhancing trading momentum and guest experiences.

Financial outlook and shareholder returns

• EBITDA margin expansion target for FY2026 is expected to be achieved ahead of schedule, with over 200 basis points gained in two years.

• Pre-IFRS 16 leverage is expected to be around 4x by FY2026 Preliminary Results.

• Shareholder returns, likely via share buybacks, are set to recommence in FY2027, subject to market conditions.

• Focus remains on balancing investment in growth with delivering shareholder returns.