Mitchells & Butlers (MAB) Q4 2025 TU earnings summary

Executive summary

• Outperformance against the market sustained, with robust results in mid-market pubs and restaurants, while London and premium segments were slightly weaker.

• Like-for-like sales grew 4.2% year-to-date, with food up 4.1% and drink up 4.0%.

• Total sales increased by 3.9% for the year to date.

Financial highlights

• Like-for-like sales growth: Q1 3.9%, Q2 4.7%, Q3 5.0%, Q4 3.1%, YTD 4.2%.

• Food sales up 4.1% and drink sales up 4.0% year-to-date.

Outlook and guidance

• Full year results expected to be in line with consensus expectations.

• Anticipates higher cost inflation of around £130m (approx. 6% of cost base) next year.

• Brands are positioned to continue outperforming the sector, supported by ongoing cost efficiencies.