Half Year Results 2025

(For the 28 weeks ended 12 April 2025)

Highlights

• Strong trading performance with like-for-like sales^a growth of 4.3% over the first half
• Operating profit of £181m up 10.4% from prior half-year
• Operating margin increased to 12.4% (HY 2024 11.7%)
• Full year operating profit expected to be at the top end of current consensus

Reported results

• Total revenue of £1,454m (HY 2024 £1,396m)
• Operating profit of £181m (HY 2024 £164m)
• Profit before tax of £134m (HY 2024 £108m)
• Basic earnings per share of 16.8p (HY 2024 13.6p)

Trading results

• Adjusted operating profit^a £181m (HY 2024 £164m)
• Adjusted earnings per share^a of 16.8p (HY 2024 13.6p)

Balance sheet and cash flow

• Cash inflow before bond amortisation of £131m (HY 2024 £137m)
• Net debt^a reduced to £860m (HY 2024 £1,037m), excluding £438m of IFRS 16 lease liabilities (HY 2024 £449m)

Phil Urban, Chief Executive, commented:

“The strength of our first half performance is driven by continued focus on maximising the guest appeal of our diverse portfolio of brands to drive sales, supported by efficiency initiatives delivered through our Ignite programme of work. We are delighted with the like-for-like sales^a performance which continues to outperform against the market^b.

As we enter the second half of the year, with increased employer national insurance contributions, we remain focused on the effective delivery of our Ignite programme of initiatives and our capital investment programme, driving further cost efficiencies and increased sales. Notwithstanding a likely increase in cost headwinds next year, we have confidence that relentless focus on delivery of our strategic priorities will generate further value from our well invested and strategically located estate portfolio and compelling customer offers.”

Definitions

a – The Directors use a number of alternative performance measures (APMs) that are considered critical to aid the understanding of the Group’s performance. APMs are explained later in this announcement.

b – As measured by the CGA Business Tracker.

There will be a presentation held today at 8:30am accessible by phone on 020 3807 9124, access code: 699179 and at https://www.netroadshow.com/events/login?show=2c5d75e9&confId=81719

The slides will also be available on the website at www.mbplc.com The replay will then be available at https://www.mbplc.com/hy2025/analystspresentation.

All disclosed documents relating to these results are available on the Group’s website at www.mbplc.com

For further information, please contact:

Note for editors:

Mitchells & Butlers is a leading operator of managed restaurants and pubs. Its portfolio of brands and formats includes Harvester, Toby Carvery, All Bar One, Miller & Carter, Premium Country Pubs, Sizzling Pubs, Stonehouse, Vintage Inns, Browns, Castle, Nicholson's, O'Neill's, Ember Inns, Ego Restaurants and Pesto. In addition, it operates Innkeeper's Collection hotels in the UK and Alex restaurants and bars in Germany. Further details are available at www.mbplc.com and supporting photography can be downloaded at www.mbplc.com/imagelibrary.