Slide 1: Half Year Results 2026
Half Year Results 2026 Mitchells & Butlers - Restricted
Slide 2: Strong operational performance
Strong operational performance Highlights • Like-for-like sales growth of 3.3% - ahead of the market • Adjusted operating profit of £181m maintained despite inflationary costs • Record non-financial metrics for guest and teams • Established Ignite programme continuing to delivery value • Accelerated
Slide 3: Financial Review HY 2026
Financial Review HY 2026 Tim Jones Chief Financial Officer Mitchells & Butlers - Restricted
Slide 4: Income Statement – profits maintained despite cost challenge
Income Statement – profits maintained despite cost challenge (before adjusted items) HY 2026 HY 2025 Movement 28 week 28 week % £m £m Revenue 1,490 1,454 +2.5% Operating costs (1,309) (1,273) Operating profit 181 181 - Interest (45) (50) Pensions finance income 3 3 Profit before tax 139 134 +3.7% Op
Slide 5: Diversified estate delivering robust like-for-like sales
Diversified estate delivering robust like-for-like sales • Individual month volatility driven by year-on-year calendar changes • Like-for-like sales growth of 3.3% over the first half • Food like-for-like growth of 4.1% and drink like-for-like growth of 2.4% • Continued outperformance of the market
Slide 6: Adjusted EBIT movement
Adjusted EBIT movement +£12m +£57m +£12m £(9)m £(72)m HY 2025 FY 2025 openings FY 2026 openings Like-for-like trading Efficiencies Cost headwinds HY 2026 £181m and remodels and remodels £181m Margin Margin 12.4% 12.1% Mitchells & Butlers - Restricted
Slide 7: Forecast cost inflation
Forecast cost inflation FY 2026 FY 2027 130 130 120 120 110 110 100 100 90 90 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 Food/Drink Labour Other site and Energy Food/Drink Labour Other site and Energy central costs central costs FY 2026 FY 2027 - Full year headwinds slightly lower than prev
Slide 8: Strong cash generation
Strong cash generation HY 2026 HY 2025 £m £m Operating cash flow 270 261 Working capital movement 45 30 • Seasonal inflow of working capital during Pension – net returns (1) 12 first half Capital expenditure (117) (92) • Expansion of capital investment programme generating strong returns and Acquisi
Slide 9: Balance sheet strength
Balance sheet strength HY 2026 HY 2025 £m £m Assets Property, plant and equipment 4,645 4,451 Overall increase 4.3% driven by ROU leases 276 302 acquisitions and accelerated capital programme Pension surplus 123 141 Other 25 53 Net pension surplus now substantially locked in through buy out/in. Ongo
Slide 10: Strong performance
Strong performance Financial Highlights • Like-for-like sales growth of 3.3% - ahead of the market • Adjusted operating profit maintained despite inflationary costs Progress on strategic Priorities • Strong cashflow, net debt reduced to £747m, 1.6 times EBITDA (excl. leases) • Increased capital prog
Slide 11: Phil Urban Chief Executive Officer
Phil Urban Chief Executive Officer Mitchells & Butlers - Restricted
Slide 12: Outperformance vs. the market continues
Outperformance vs. the market continues Like-for-like sales +3.3% Guest review scores 4.7 out of 5 (FY26 4.6) Team engagement 87.9 (FY26 87.7) • Continued outperformance of the market (CGA Business Tracker) • Key event movement impacted relative performance in March • Wet-led brands delivering parti
Slide 13: Strong operating profit performance
Strong operating profit performance Energy saving initiatives reducing consumption Operating profits maintained despite significant • Solar panels inflationary cost headwinds • Voltage optimiser • Improved operational practices • Internet of things Centralised procurement functions • Deliver value b
Slide 14: Optimising trade and efficiencies through short-term actions
Optimising trade and efficiencies through short-term actions Targeted Promotions Sales driving initiatives Enhancing operational efficiency Drive sales through insight driven Teams delivering enhanced guest Using our labour rostering system to support targeted promotions focused on experiences whils
Slide 15: Capital programme delivering value
Capital programme delivering value Strategic priority to maintain a balanced business through capital investment: • Committed to a 7-year investment cycle • Keeping brands relevant and grounded in guest insight with structured and systematic raising of amenity level • Compelling returns from remodel
Slide 16: Ignite driving pace and efficiency across the business
Ignite driving pace and efficiency across the business Cost Inflation Product Sales Capital Investment Development • Began as a transformation programme in 2016 • Forged an ethos of constant and relentless continuous improvement Productivity Data Driven Insights Our Spaces Stock Management • Cross f
Slide 17: Identifying opportunities for AI
Identifying opportunities for AI Multiple opportunities for AI to drive value across the business • AI currently deployed in central functions • Introduction to guest experience through brand website chatbot and Guest Care • Further opportunities across operational processes freeing up our teams to
Slide 18: Sustainability Targets Progress
Sustainability Targets Progress 16% 100% 23% • Continued progress against our sustainability objectives, with zero operational waste to landfill now achieved • Energy consumption reduction, electrification and supplier engagement is driving emission reductions • Proud charity partnership with Social
Slide 19: Positioned for future growth
Positioned for future growth Summary • Robust like-for-like sales performance ahead of the market • Adjusted operating profit maintained despite significant cost headwinds • Opportunity for profit growth as cost headwinds abate in FY 2027 • Remain focused on the proven levers of Brand Management, Ca
Slide 20: Questions
Questions Mitchells & Butlers - Restricted
Slide 21: Half Year Results 2026 Supplementary slides
Half Year Results 2026 Supplementary slides Mitchells & Butlers - Restricted
Slide 22: HY 2026 – Outlet reconciliation
HY 2026 – Outlet reconciliation Total Managed 1 Franchised Total MAB Opening outlets (start FY 2026) 1,643 75 1,718 Transfers2 - (1) (1) Disposals (9) - (9) Acquisitions 4 - 4 Closing outlets (end H1 2026) 1,638 74 1,712 Notes: 1. Closing managed total includes 13 non-trading pubs 2. Transfers inclu
Slide 23: Securitisation profile
Securitisation profile £ms Year to Mitchells & Butlers - Restricted
Slide 24: Value creation through deleverage
Value creation through deleverage Net debt: £m ebitda • Excellent progress in reducing borrowings since 2010 from 5.1 times ebitda to 1.6 times • Pension liability of £400m now a derisked asset of over £100m, reducing future cash outgoings by c.£10m pa • Will continue to reduce debt, enhance resilie