Marston's (MARS) Trading Update summary

Trading performance

• Like-for-like sales rose 5.2% year-to-date, with total retail sales up 6.2% in managed and franchised pubs.

• Like-for-like sales increased 2.4% in the last 16 weeks, with an 8.0% boost during Euro 2024 semi-final and final week.

• Food sales showed strong growth, driven by popular menu changes.

Strategic developments

• Agreed to sell 40% stake in Carlsberg Marston's Limited (CMBC) for £206 million in cash.

• Sale enables focus as a pure-play pub company and accelerates net debt reduction to below £1 billion.

• Transaction expected to be accretive to adjusted earnings per share.

• Shareholder approval for the sale is no longer required due to UK Listing Rules changes effective 29 July 2024.

• Completion of the CMBC transaction is targeted for 31 July 2024.

Outlook and capital allocation

• Debt reduction remains a key priority, with plans to secure financing aligned to the new leverage level.

• Update to capital allocation framework will be provided at an Investor Day in autumn.

• Board confident that performance, adjusted for CMBC, will meet market expectations.