Mitchells & Butlers (MAB) Q3 2025 TU earnings summary

Executive summary

• Like-for-like sales growth for the year to date reached 4.5%, outperforming the market, aided by favorable weather and Easter timing.

• Total sales increased by 4.4% year-to-date, reflecting strong trading momentum.

• Management remains confident in delivering full-year results at the top end of consensus expectations.

Financial highlights

• Like-for-like food sales grew 4.2% and drink sales 4.5% year-to-date compared to the same period last year.

• Q3 like-for-like sales growth accelerated to 5.0% from 4.3% in H1.

Outlook and guidance

• Continued strong performance expected to result in full-year outcomes at the top end of consensus.

• Management remains focused on cost efficiencies and sales growth despite sector cost inflation.