1,300
over 1,300 pubs
£53.2m
recurring free cash flow
816
record Reputation score (at end of FY2025)
No.1
UK pub industry’s No.1 employer (UK’s Best Employers 2025, Financial Times)
Execute a market-leading pub operating model
- We are focused on relentless execution and delivering on our market-leading pub operating model by balancing revenue growth, cost efficiency, and guest satisfaction across our estate.
- We aim to set the standard in operational excellence, ensuring high-quality service, effective cost management, and an outstanding guest experience.
Paddington in Peru – Driving Family Engagement Across Our Community Pubs
In February 2025, to celebrate the home release of 'Paddington in Peru', we launched a limited-edition kids’ menu across 250 of our community pubs. This initiative combined imaginative dishes inspired by Paddington’s world with a series of in-pub activations designed to surprise and delight our youngest guests.
Capex to create differentiated pub formats
- We have identified the opportunity to tailor our pub portfolio into five well-defined pub formats that meet consumer needs across different segments.
- We expect these unique propositions will drive increased consumer penetration as we roll them out across our estate.
Driving Growth and Guest Experience
Our differentiated pub formats are a key growth engine, and during FY2025 we completed 31 conversions across three of our five formats, reinforcing our strategy to deliver tailored experiences for every guest.
Digital transformation
- We are a people-led business but we believe there is significant opportunity to complement what we do with technology.
- To drive revenue, we will improve the guest journey and plan to deliver personalised, data-led interactions over time. On costs, our digital strategy focuses on labour productivity tools and AI to optimise stock management.
Digital Transformation – Enhanced Order & Pay Driving Guest Satisfaction
As part of our digital transformation strategy, we launched our enhanced Order & Pay app in March 2025. In December 2025, it was live across more than 1,100 pubs, delivering greater convenience for guests, improving speed of service, and boosting productivity – all contributing to higher levels of guest satisfaction.
Expansion of Managed & Partnership models
- One of our biggest strengths is the balance between our different management models, particularly between managed and partnership.
- These models are incredibly flexible and a key means of delivering our five distinct consumer-focused formats and our market-leading pub operating model.
Leveraging Marston’s synergies in targeted acquisitions
- Over time, we aim to leverage our significant operational strengths, established brand and scale to unlock synergies in targeted acquisitions.
- By applying our proven and market leading pub operating model and integrating digital capabilities, we expect to drive synergies from acquisitions that align with our strategic vision.
Our strategy and business model are underpinned by three key enablers. These support and help drive our strategic priorities, while reflecting our unique culture and how we operate responsibly and ethically.
Our values and behaviours
The heart of our business
There’s a reason we say that Marston’s is where people make pubs. Because our people really are the heart of our business and key to our collective success.
Moments that matter
We pride ourselves on the quality of service and support we provide to our guests and each other. We are welcoming, attentive and passionate, creating amazing experiences that leave a lasting impression and enhance our reputation.
Everyday Excellence
We are disciplined and set high standards which we work hard to achieve every day. We are responsible and committed to health & safety, while continually seeking out more productive, efficient and sustainable ways to operate our business.
Win Together
We are a united team focused on performance and exceeding expectations through collaboration, inclusion and teamwork. We commit to what we say we will do and always deliver, trusting and supporting each other to achieve our goals and celebrating our successes together.
Always Ambitious
We are results-driven, entrepreneurial and adaptable, committed to continuously learning and improving. We work at pace, embracing innovation and fresh approaches that delight our guests, develop our people and drive our performance.
Passionately Local
We are sociable, inclusive and authentically local, embedded at the heart of the communities we serve. We care and actively look for new ways to support and engage our local communities and enhance the positive impact we have on them and each other.
Chair’s statement
A strong year of progress
The passion, professionalism and dedication of our people is inspiring. From the thousands of colleagues across our pubs to our Board and Executive team, the commitment to delivering exceptional guest experiences is what defines Marston’s - and will continue to be the foundation of our success.
Ken Lever
Chair
Chief Executive’s statement
People-powered
Purpose-led
Performance-driven
During FY2025, Marston’s has continued to focus on being the UK’s leading local pub company. With improved profitability and margin expansion, record guest satisfaction and recurring free cash flow ahead of our target, we are laying the foundation for long-term, sustainable growth.
Justin Platt
Chief Executive Officer
Highlights of the year
Our 2025 financial highlights
Total revenue
£897.9m
2024: £898.6m
Underlying total earnings per share
8.5p
2024: 5.2p
Underlying EBITDA
£205.1m
2024: £192.5m
Profit before tax
£88.3m
2024: £14.4m
Underlying profit before tax
£72.1m
2024: £42.1m
Recurring free cash flow
£53.2m
2024: £43.6m
Total operating profit
£179.7m
2024: £151.7m
Sustainability highlights
Delivering impact through Shared Good Times
Our Planet promise
For our most fragile stakeholder, we are always striving to operate our business and supply chain more efficiently to reduce our energy consumption, carbon emissions and water use. We also want to reduce our impact on the environment by reducing and repurposing our waste, encouraging our suppliers to do the same.
560
560 EV chargers installed, across 200 pubs
65
65 pubs now with solar panels installed
Our People promise
Our People promise is a clear commitment to what life at Marston’s looks and feels like, for every team member at every stage of their journey. It sets out what our people can expect from us, and what we expect in return: a culture built on trust, inclusion, development and performance.
No.1
UK pub industry’s No.1 employer (UK’s Best Employers 2025, Financial Times)
90
Partners or members of their team on apprenticeships
Our Product promise
We’re committed to sourcing food and drink responsibly, working closely with partners like the Zero Carbon Forum to reduce our carbon footprint across the supply chain. By minimising waste and offering guests clear, accessible information about allergens and ingredients, we empower them to make informed, balanced choices that suit their dietary needs and lifestyles — all while protecting the planet.
18,394
Providing balanced menu choices to our Guests, selling on average 18,394 plant-based meals each week
74%
of the way towards achieving our 2030 target of reducing food waste by 50%
Our Policy promise
Our policies and risk management frameworks set the standards from which we operate. They embody the parameters that we’ve set ourselves as a business to operate safely, ethically and legally, while capturing how we manage risk and communicate our expectation to all our employees.
95%
pubs with 5* EHO rating
120
suppliers utilising the SEDEX platform
Downloads
Full Annual Report 2025
- Chair statement
- CEO statement
- Financial review
- Impact report
- Strategic report
- Financial statements
- Governance
- Additional information
Paddington in Peru – Driving Family Engagement Across Our Community Pubs
In February 2025, to celebrate the home release of 'Paddington in Peru', we launched a limited-edition kids’ menu across 250 of our community pubs. This initiative combined imaginative dishes inspired by Paddington’s world with a series of in-pub activations designed to surprise and delight our youngest guests.
Highlights included interactive ‘theatre at the table’ moments, from build-your-own Blue Bear-y pancakes and classic marmalade sandwiches to Peru-fect chicken strips. These experiences brought fun and creativity to family dining, reinforcing our commitment to delivering exceptional guest satisfaction.
To further engage local families, participating pubs hosted themed events – from picnics to discos – on the last two Saturdays in February and March. These gatherings encouraged families to enjoy our Paddington-inspired menu while connecting with their local community.
This initiative contributed to our recognition as 'Best Kids Menu' at the 2025 MIDAS Awards, a testament to our focus on quality and innovation. Our kids’ menus remain a cornerstone of family dining, supported by value-led offers such as ‘Kids Eat for £1’ during the school holidays and partnerships that deliver standout experiences.
By combining creativity, value, and community engagement, this campaign reflects Marston’s commitment to driving guest satisfaction and strengthening our reputation as the UK’s leading community pub operator.
Driving Growth and Guest Experience
Our differentiated pub formats are a key growth engine, and during FY2025 we completed 31 conversions across three of our five formats, reinforcing our strategy to deliver tailored experiences for every guest.
Two Door – Versatility for Every Occasion
The rollout of our new Two Door format began in February 2025, with The Glassworks in Stourbridge leading the way. Designed to appeal to both family diners and pub regulars, Two Door creates a welcoming, vibrant atmosphere for all occasions – from family meals and midweek catch-ups to watching sport with friends and celebrating special moments. By year-end, 21 Two Door pubs were launched, strengthening our ability to meet diverse guest needs.
Grandstand Locals Sport – Immersive Viewing Experiences
In April, we introduced our first Grandstand Locals Sport pub at The Gospel Oak in Tipton. This innovative format delivers market-leading technology, including stadium-size HD screens, state-of-the-art sound systems, and tiered seating for unbeatable views. Outdoor bars with large screens and our enhanced Order & Pay app ensure guests never miss a moment of the action, combining convenience with excitement.
Woodie’s – Family Fun Meets Local Comfort
July saw the launch of Woodie’s at The Skymaster in Warrington. This concept blends a family-focused space with the familiar comfort of our local pubs. Guests enjoy zoned areas for relaxed dining and drinks, alongside the fantastical Woodie’s Sweet Factory. The menu offers a full range of pub classics and our award-winning kids’ menu, creating memorable experiences for families while maintaining the warm, welcoming environment our guests love.
Strategic Impact
These differentiated formats demonstrate our commitment to innovation, guest satisfaction, and sustainable growth. By tailoring experiences to local communities and diverse occasions, we continue to strengthen Marston’s position as the UK’s leading community pub operator.
Digital transformation
As part of our digital transformation strategy, we launched our enhanced Order & Pay app in March 2025. In December 2025, it was live across more than 1,100 pubs, delivering greater convenience for guests, improving speed of service, and boosting productivity – all contributing to higher levels of guest satisfaction.
The platform enables guests to order seamlessly without leaving their tables, reducing wait times and enhancing the overall experience. Early adoption has already delivered measurable benefits, with pub teams reporting improved service flow and an uplift in sales.
This achievement reflects the combined efforts of teams across the business and our partners. Our pub teams have embraced the technology, ensuring smooth implementation and delivering the benefits of digital innovation directly to our guests.
The enhanced Order & Pay app is a cornerstone of our digital transformation journey, reinforcing Marston’s commitment to innovation, operational excellence, and guest satisfaction.