Marston's (MARS) Q4 2026 TU earnings summary

Executive summary

• Underlying PBT expected above the top of market forecasts; third consecutive year of significant profit growth, with profit now more than 3x FY2023.

• Underlying EBITDA margin increased ~100 bps in FY2026; recurring free cash flow supported further deleveraging.

Financial highlights

• FY2026 underlying PBT expected above the market forecast range of £76.1m–£83.2m, whose top end is £83.2m.

• Full-year like-for-like sales declined 1.2%; Q4 like-for-like sales improved to broadly flat YoY.

Outlook and guidance

• At least 100 pub format conversions planned for FY2027, up from 60 in FY2026, with a focus on Grandstand.

• FY2026 results scheduled for announcement on 24 November 2026.