Mitchells & Butlers (MAB) Q3 2026 TU earnings summary

Executive summary

• Year-to-date like-for-like sales growth reached 2.2%, demonstrating resilience despite challenging weather and tough comparatives.

• Third quarter trading was impacted by the timing of Easter and extended periods of extreme heat, with food-led businesses particularly affected.

• Drink-led brands performed well, aided by the football World Cup on selected days.

Financial highlights

• Like-for-like sales growth for the year to date stands at 2.2%.

• Total sales increased by 1.3% year-to-date.

• Food sales saw a 2.4% increase year-to-date, while drink sales were flat at 0.0% in the third quarter.

Outlook and guidance

• Cost inflation expectations remain at approximately £120m for the financial year.

• Full-year outturn is expected to be in line with consensus expectations, supported by ongoing investment and operational initiatives.