Slide 1: Preliminary Results
Preliminary Results 25 November 2025 1
Slide 2: Today's agenda
Today’s agenda 1 Key Headlines - Justin Platt, CEO 2 Financial Performance - Stephen Hopson, CFO 3 Strategic Progress - Justin Platt, CEO 4 Summary & Outlook - Justin Platt, CEO 5 Q&A 2
Slide 3: A strong year of delivery ahead of plan
A strong year of delivery ahead of plan Significant profit Powerful free cash growth flow generation PBT +71% YoY £53m Recurring FCF New pub formats Record guest satisfaction delivering sustained uplifts performance 31 launches in FY25 Reputation score 816 Poised for continued growth in FY26 3
Slide 4: Financial Performance
FINANCIAL PERFORMANCE STEPHEN HOPSON, CFO 4
Slide 5: FY 2025 financial highlights
FY 2025 financial highlights Financial highlights Underlying PBT1 (£m) Recurring free cash flow2 (£m) Total revenue EBITDA1 >£50m achieved significantly ahead +182% of schedule £897.9m £205.1m +1.6% LFL Growth Up 7% 72.1 53.2 43.6 EBITDA margin1 Underlying PBT1 22.8% £72.1m 42.1 Up 140bps Up 71% 25.
Slide 6: Another year of substantial profit growth
Another year of substantial profit growth Income statement summary Commentary Step change in profitability due to EBITDA Underlying Performance Underlying Performance FY 2025 FY 20241 Change margin gains and decreasing net finance costs • Revenue stable despite c. £50m of pub Revenue (£m) 897.9 898.
Slide 7: LFL growth offsetting FY 2024-5 disposals
LFL growth offsetting FY 2024-5 disposals Revenue overview (£m) LFL performance LFL performance ahead of market1, £13.6m with drink, food and machines all in 898.6 897.9 LFL growth 872.3 (£14.3m) LFL growth helping revenue remain stable despite 1.6% FY 2024-5 strategic disposals 0.7% FY 2023 FY 2024
Slide 8: Disciplined cost management delivering margin expansion
Disciplined cost management delivering margin expansion Movement in EBITDA margin +140bps 0.8% 0.4% 1.1% 0.9% (1.1%) (0.7%) 22.8% 21.4% FY 2024 Revenue & COGS Labour Productivity Electricity Savings Other Productivity Inflation Cost Investments FY 2025 Management Gains 8
Slide 9: Structured approach to capex
Structured approach to capex FY 2025 capex overview FY 2025 capex 6.8% of revenue FY 2025 capex £61.2m Nearing target of 7-8% revenue as outlined at the CMD Maintenance and other capex spread across our 1,300 Maintenance and wide pub estate equivalent to c. £40k per pub – incl. £53.2m other capex es
Slide 10: Performance of our estate
Performance of our estate Overview of our estate EBITDA per pub (£k) Growing EBITDA by pub highlighting operational Underlying Performance Our Pub Estate FY 2025 FY 2024 FY 2023 improvements and estate management +28% Managed and Partnership 1,182 1,182 1,184 Tenanted and Leased 146 157 230 154.4 14
Slide 11: Strong cash flow generation offset by debt repayments
Strong cash flow generation offset by debt repayments Summary cash flow statement Commentary Underlying Performance Cash Flow Summary (£m) FY 2025 FY 2024 Change £m Cash from operating activities increase driven by Cash from Operating Activities1 199.2 193.6 5.6 improved operational EBITDA Lower net
Slide 12: Continued deleveraging progress
Continued deleveraging progress Summary net debt Commentary Long-term financing arrangements, whilst the Underlying Performance Net Debt Summary 1 (£m) FY 2025 FY 2024 Change £m Group continues to delever at pace • Securitisation provides long-term, predictable Securitisation2 (2035) (516.7) (560.2)
Slide 13: Robust balance sheet
Robust balance sheet Balance sheet summary Commentary Robust balance sheet underpinned by £2.2bn of As at Period End (£m) FY 2025 FY 2024 Change £m property assets and decreasing net debt • Property revaluation drove book value to Property, Plant and Equipment 2,181.3 2,069.0 112.3 £2.2bn • Book qua
Slide 14: Strategic capital allocation
Strategic capital allocation Capital allocation overview Leverage evolution Strategic • Continue investing in long-term organic growth through 1 growth our formats growth engine delivering strong returns 8.0 Debt & leverage • Continue to pay down debt and reduce leverage to create 2 reduction a more
Slide 15: FY 2026 outlook
FY 2026 outlook Further delivery and progress Confident in FY 2026 LFL sales currently tracking in line with last year, Christmas bookings up 11% trading outlook Further margin Further progress towards target of 200-300bps expansion following 140bps this year expansion Accelerated format 50+ refurbi
Slide 16: Strategic Progress
STRATEGIC PROGRESS JUSTIN PLATT, CEO 16
Slide 17: Delivering growth with our focus on key value drivers
Delivering growth with our focus on 5 key value drivers To create VISIONa high margin, highly cash generative local pub PURPOSE company based on differentiated formats and a brand portfolio that is naturally balanced to appeal across a range of consumer segments KEY VALUE DRIVERS 1 Execute a Market
Slide 18: Strong progress executing our market leading operating model
Strong progress executing our market leading operating model Continued revenue momentum Powerful events encouraging visitation Use Halloween visual here (even though its FY26) • Peak trading occasions continue to flourish +5.8% vs LY1 • 8 demand driving events in FY25 • +1.6% LFL Revenue growth, ahe
Slide 19: Strong progress executing our market leading operating model
Strong progress executing our market leading operating model Cost transformation building a high margin business • Improved rota optimisation with enhanced labour tool LABOUR • Scheduling technology anchored in live trading patterns FOOD • Category management aligning product range to formats + DRIN
Slide 20: Strong progress executing our market leading operating model
Strong progress executing our market leading operating model Delivering industry-leading guest satisfaction MARSTON’S REPUTATION SCORE SEPT 2025 816 SEPT 800 2024 SEPT 766 2023 • Events, menus and digital enhancing guest experience • Reputation uplift of +30pts in those pubs running all 8 events • G
Slide 21: Delivering on our digital transformation journey
Delivering on our digital transformation journey NEW Order & Pay supporting revenue and reputation • Launched March 2025 • 10%+ uplift in Revenue per transaction1 • Pubs with 10%+ O&P mix score +23pts higher on Reputation2 • ‘Win a Wedge’ event drove O&P mix higher by +20% 21 1 – Compared to till tr
Slide 22: Differentiated pub formats delivering very promising results
Differentiated pub formats delivering very promising results LOCALS PUB LOCALS SPORT PUB FAMILY PUB ADULT DINING TWO DOOR PUB Regulars + locals Events-focused Families with Affluent adults Families + Adults 35 -64 Adults 35-64 children 35-64 Pub regulars 22
Slide 23: NEW Grandstand pub launches are performing very strongly
NEW Grandstand pub launches are performing very strongly Stadium sized Where every HD screens game is a and surround big game sound Matchday Programme of menu events every sports bar style night of the food options week 23
Slide 24: Successful 'test & learn' year has proven the growth opportunity
Successful ‘test & learn’ year has proven the growth opportunity 31 pub launches in FY25 Significant estate roll-out potential • 21 Two Door, 5 Grandstand and 5 Woodie’s pubs opened • FY25 performance demonstrates opportunity to scale • Revenue growth of 23% with great guest feedback • Efficient use
Slide 25: Promising outlook for FY26
Promising outlook for FY26 Driving demand to fuel revenue growth Accelerated pub formats roll-out • 8 major demand driving events, including World Cup ‘26 • 50+ new format pub launches in FY26 • Revenue management to maximise every occasion • Two Door and Grandstand are key near-term priorities • Or
Slide 26: Summary
Summary Significant profit Strong year of delivery growth and cash flow ahead of plan generation New formats provide Promising outlook major growth for FY2026 opportunity Delivering as a reliable growth business 26
Slide 27: Q&A
GRANDSTAND SIGNAGE Q&A 27
Slide 28: Appendices
APPENDICES 28
Slide 29: Continued progress on our ESG agenda
Continued progress on our ESG agenda Delivering impact through shared good times • 74% achievement of target to reduce food and waste by 2030 PRODUCT • Prevented over 43 tonnes of food waste through Too Good to Go • c. 560 EV chargers across over 200 of our pubs PLANET • Glass reuse scheme across mo
Slide 30: Capital Markets Day targets
Capital Markets Day targets Revenue growth ahead of EBITDA margin expansion the market of 200-300 basis points Over £50 million recurring >30% ROIC on investment free cash flow focused capex Expect to achieve over the near-to-medium term 30
Slide 31: Statutory P&L
Statutory P&L Statutory P&L (£m) FY 2025 FY 2024 Change £m Revenue 897.9 898.6 (0.7) Operating Profit1 179.7 151.7 28.0 Profit Before Tax1 88.3 14.4 73.9 Earnings per Share1 11.3p 2.8p 8.5p Loss from Associates (Discontinued) - (36.0) 36.0 Notes: 1. From Continuing Operations 31
Slide 32: IFRS 16 vs FRS 102 profit comparison
IFRS 16 vs FRS 102 profit comparison Analysis (£m) FY 2025 FY 2024 IFRS 16 FRS 102 IFRS 16 FRS 102 Revenue 897.9 897.9 898.6 898.6 Net Operating Expenses (738.0) (748.6) (751.4) (761.1) Operating Profit 159.9 149.3 147.2 137.5 Net Finance Costs (87.8) (74.3) (105.1) (91.3) Profit Before Tax 72.1 75.
Slide 33: IFRS 16 vs FRS 102 analysis
IFRS 16 vs FRS 102 analysis Analysis (£m) FY 2025 FY 2024 Depreciation: Non-IFRS 16 33.4 33.3 Depreciation: IFRS 16 11.8 12.0 Total Depreciation 45.2 45.3 Interest: Non-IFRS 16 74.3 91.3 Interest: IFRS 16 13.5 13.8 Total Interest 87.8 105.1 FRS 102 net rent charge 22.4 21.7 33
Slide 34: Overview of pub estate
Overview of pub estate Our Pubspub estate1 Lodges Total Analysis Number Value (£m) Number Value (£m) Value (£m) Securitised 816 1,176 5 15 1,191 Unsecured Freehold 138 266 5 13 279 Effective Freehold – Property Lease 127 364 10 29 393 Total Effective Freehold 1,081 1,806 20 57 1,863 Leasehold – Secu
Slide 35: Estate by operating model
Estate by operating model1 Analysis (£m) No. Pubs Revenue Analysis FY 2025 FY 2024 FY 2025 FY 2024 Managed and Partnership2 1,182 1,182 872.3 870.5 Tenanted and Leased2 146 157 25.6 28.1 Total 1,328 1,339 897.9 898.6 Notes: 1. From Underlying Continuing Operations 2. Results reflect the operating mo
Slide 36: Estate by operating model cont.
Estate by operating model1 cont. Analysis (£m) EBITDA Operating Profit Analysis FY 2025 FY 2024 FY 2025 FY 2024 Managed and Partnership2 190.7 177.4 146.7 133.2 Tenanted and Leased2 14.4 15.1 13.2 14.0 Total 205.1 192.5 159.9 147.2 Notes: 1. From Underlying Continuing Operations 2. Results reflect t
Slide 37: Securitised debt profile
Securitised debt profile Securitised debt Tranche Type Principal Outstanding1 Step-up Date Final Maturity A2 Fixed / Floating £68.3m July 2019 2027 A3 Fixed / Floating £200.0m April 2027 2032 A4 Floating £95.2m October 2012 2031 B Fixed / Floating £155.0m July 2019 2035 Total - £518.5m Notes: 1. Pri
Slide 38: Securitised debt service
Securitised debt service Securitised debt 100 Max £82.4m Debt service Interest Principal 80 A3 Step-up 60 40 20 0 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 £m FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Princip
Slide 39: Other lease related borrowings service
Other lease related borrowings service Other lease related borrowings 40 Debt Service Interest Principal 35 30 25 20 15 10 5 0 FY 2025 FY 2030 FY 2035 FY 2040 FY 2045 FY 2050 FY 2055 Notes: 1. Indicative cash payments as at 27 September 2025 with debt service reflecting the current expected rent pay
Slide 40: NAV walk
NAV walk Movement in NAV (£) 0.07 0.01 0.18 0.00 (0.04) 1.25 1.03 FY 2024 Property, Plant & Other Assets Net Debt Lease Liabilities Other Liabilities FY 2025 Equipment 40