News & Updates
Preliminary Results – 25 November 2025
25th November 2025
A year of strong delivery, ahead of plan: significant profit growth, margin expansion, free cash flow above target and record guest satisfaction
Marston’s, a leading UK hospitality business with an estate of more than 1,300 pubs, today announces its Preliminary Results for the 52 weeks ended 27 September 2025.
| Underlying | Statutory / Total | |||||
|---|---|---|---|---|---|---|
| FY2025 | FY2024 | Change | FY2025 | FY2024 | Change | |
| Total revenue (£m) | 897.9 | 898.6 | (0.1%) | 897.9 | 898.6 | (0.1%) |
| EBITDA1,2 (£m) | 205.1 | 192.5 | 6.5% | 224.9 | 197.0 | 14.2% |
| EBITDA margin1,2 (£m) | 22.8 | 21.4 | 140bps | 25.0 | 21.9 | 310bps |
| Operating profit1 (£m) | 159.9 | 147.2 | 8.6% | 179.7 | 151.7 | 18.5% |
| Profit before tax1 (£m) | 72.1 | 42.1 | 71.3% | 88.3 | 14.4 | 513.2% |
| Basic earnings per share1 (pence) | 8.5 | 5.2 | 63.5% | 11.3 | 2.8 | 303.6% |
| Capex (£m) | - | - | - | 61.2 | 46.2 | 32.5% |
| Recurring free cash flow2 (£m) | - | - | - | 53.2 | 43.6 | 22.0% |
| Pre IFRS 16 Net Debt2 (£m) | - | - | - | 837.5 | 883.7 | (5.2)% |
| Pre IFRS 16 Net Debt / EBITDA1,2 | 4.6 | 5.2 | (0,6) | - | - | - |
| NAV per share2 (£) | - | - | - | 1.25 | 1.03 | 21.4% |
1 - Results from continuing operations
2 - Alternative Performance Measure.
Step-change in profitability
- Total revenue of £897.9 million (2024: £898.6 million), with like-for-like (LFL) growth, format roll-out and revenue management initiatives offsetting impact of c. £50 million of pub disposals in the prior period
- LFL sales rose 1.6% (2024: 4.8%), ahead of the market, with, food, drink and machines all in growth3
- Underlying EBITDA margin up to 22.8% (2024: 21.4%), reflecting the strength of our market-leading pub operating model and strategic cost management including improvements to labour efficiency, procurement gains and energy management
- Underlying profit before tax up 71.3% to £72.1 million (2024: £42.1 million), marking the second consecutive year of significant profit growth driven by our progress on LFL sales, contribution from new formats, disciplined cost control, and reduced interest costs
Clear progress on recurring free cash flow and debt reduction
- Recurring free cash flow of £53.2 million (2024: £43.6 million), ahead of £50 million Capital Markets Day (CMD) target, delivered ahead of schedule and providing confidence in the Group’s ability to sustainably deliver significant levels of recurring free cash flow
- Capital investment of £61.2 million (2024: £46.2 million), including expansionary capital of £8.0 million, reflecting the first year of investment into the new pub formats and wider estate upgrades
- Net debt excluding IFRS 16 lease liabilities reduced to £837.5 million (2024: £883.7 million), down nearly one-third since FY2022 and underpinned by a predominantly freehold estate now valued at £2.2 billion (2024: £2.1 billion)
- Leverage ratio (pre-IFRS 16) reduced to 4.6x (2024: 5.2x); the Group remains committed to reducing leverage to less than 4.0x and expects to recommence shareholder returns at this point
- NAV per share increased to £1.25 (2024: £1.03), underpinned by improvement in profitability, estate revaluation and deleveraging
Strong strategic and operational delivery underpinning financial performance
- Record Reputation score of 816, up from 800 in the prior period, reflecting consistently high guest satisfaction and a continued focus on delivering excellent experiences across the estate
- 31 format conversions completed during FY2025, delivered on time and within budget, with exceptional guest feedback. Average revenue uplifts of 23% and return on invested capital of over 30%
- Demand-driving event programme supporting engagement and footfall, with highlights including Trivial Pursuit ‘Win a Wedge’, Pub Life, Paddington in Peru and the Cool Hand Cup darts tournament
- Enhanced Order & Pay platform now live across the entire managed estate, supporting a 10% increase in spend per guest and improving operational efficiency
- ‘Right People, Right Time’ labour model offsetting National Insurance and minimum wage increases, demonstrating ability to absorb external cost pressures and protect margins; with further opportunity ahead
Outlook
- LFL sales for the 8 weeks to 22 November are tracking in line with the prior year
- Christmas bookings are strong, 11% ahead of the same point last year. The Group is well positioned for a strong festive period and FY2026, supported by ongoing format conversions and a robust calendar of demand-driving events, including the 2026 World Cup
- The roll-out of our pub formats is building momentum, and we plan to accelerate this growth engine this year with at least 50 new format launches. Capex spend will remain in line with CMD guidelines of 7-8% of total revenue
- Cost pressures remain manageable within the context of our ongoing efficiency programme, we expect to deliver further margin uplifts in the year ahead given current cost visibility
- The Board remains focused on delivering long-term shareholder value through disciplined investment and deleveraging; shareholder returns are expected to commence once leverage reduces below 4.0x
- Remain firmly on track to deliver further strategic progress and achieve the targets set out at the CMD
Justin Platt, CEO of Marston’s PLC, commented:
“We’ve delivered another strong year ahead of plan, executing on our strategy to be a high-margin, highly cash-generative local pub company. For the second consecutive year, we’ve delivered significant growth in profit, margin and free cash flow, underlining the strength of our market-leading pub operating model and the outstanding work of our teams.
“Guest satisfaction has reached record levels – a fantastic endorsement of the passion and dedication of our people and the quality and consistency they deliver every day. Our new pub formats are performing exceptionally well, clearly demonstrating the growth opportunity ahead and giving us real conviction to scale further.
“We enter 2026 with significant momentum and confidence in our ability to keep driving growth, while delivering great experiences for our guests and creating sustainable value for our shareholders.”
A copy of the full announcement can be found here.
