Mitchells & Butlers (MAB) Q1 2026 TU earnings summary

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.