Mitchells & Butlers (MAB) Trading update summary

Sales performance

• Like-for-like sales grew 2.1% year-to-date, with Q4 growth of 1.4% as external factors normalized.

• August Bank Holiday weekend saw a 5.3% like-for-like sales increase, highlighting strong guest demand.

• Drink-led formats outperformed, with drink sales up 2.7% year-to-date.

• Total sales increased by 1.2% year-to-date.

Investments and expansion

• 222 conversions and remodels completed year-to-date, maintaining an accelerated investment pace.

• 11 new sites acquired: 2 leaseholds in Germany and 9 freeholds in the UK, plus 4 freehold interests in existing sites.

Outlook and cost management

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

• Cost headwinds projected to moderate from £120m in FY2026 to £95m in FY2027, about 4% of the cost base.

• Ongoing efficiency initiatives and capital investment programme expected to support further operating profit growth.