Slide 1: Preliminary Results
Walham Green, Fulham PRELIMINARY RESULTS 3 October 2025
Slide 2: The Dictum of Kenilworth, Kenilworth
The Dictum of Kenilworth, Kenilworth
Slide 3: Financial Summary
Financial Summary 2025 2024 Var% 2023 20222 20213 2020 2019 2018 20172 2016 Revenue 2,127.5 2,035.5 +4.5% 1,925.0 1,740.5 772.6 1,262.0 1,818.8 1,693.8 1,660.8 1,595.2 (£ million) Like-for-like sales +5.1% +7.6% +12.7% -4.7% -38.4% -29.5% +6.8% +5.0% +4.0% +3.4% (vs 2022) (vs 2019) Profit/(loss) bef
Slide 4: Average weekly sales per pub (including VAT)
Average weekly sales per pub (including VAT) £000 61.9 62 58.1 60 58 56 53.0 54 52 48.0 50 46.5 48 45.3 44.4 46 41.7 44 42 39.0 40 38 34.1 36 34 32 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 • Financial years 2020, 2021 & 2022 were impacted by a VAT reduction during the COVID-19 pandemic (15
Slide 5: Underlying earnings per share (pence)
Underlying earnings per share (pence)1,2 Pence 90 76.5 66.6 70.2 70 46.8 47.3 43.8 50 24.7 30 10 -10 -21.3 -30 -35.9 -50 -70 -90 -110 -119.1 -130 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 Underlying earnings/(losses) per share are before separately disclosed items and exclude property gain
Slide 6: Like-for-like performance
Like-for-like performance % 2025 2024 2023 20222,3 2021 2020 2019 2018 20172 2016 Bar +5.1 +8.9 +9.0 -6.5 -42.2 -29.3 +5.8 +5.1 +3.1 +3.3 Food +5.0 +5.6 +17.7 -3.2 -37.4 -30.1 +8.3 +5.1 +5.7 +3.5 Fruit/slot machines +11.0 +10.8 +26.4 +12.3 -52.1 -20.9 +10.3 +2.9 -1.2 -2.8 Hotel -11.9 +2.7 +11.8 +6.5
Slide 7: 10 year operating profit
10 year operating profit £ million 2025 2024 20232,3 20221,2 20212 2020 2019 2018 20171 2016 Turnover 2,127.5 2,035.5 1,925.0 1,740.5 772.6 1,262.0 1,818.8 1,693.8 1,660.8 1,595.2 Pub profit (pre repairs) 432.4 421.8 370.2 295.8 131.5 214.2 349.7 338.6 330.6 288.3 Repairs (99.8) (114.3) (94.0) (100.
Slide 8: Allocation of Resources
Allocation of Resources Dividend Reinvestment in business and IT projects £13m £14m Freehold reversions and investment properties £8m £1m £19m £13m Share buybacks £14m £5m £12m £5m £16m £13m £7m Capex on new and £19m £36m £89m existing pubs £6m £98m £52m £22m £3m £67m £77m £54m £40m £26m £28m £6m £5
Slide 9: Cash capital expenditure
Cash capital expenditure 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 £ million New Openings - Acquisition and development costs: Current year 13.2 8.5 10.0 26.2 11.5 18.6 19.8 32.0 27.2 38.6 Future year 10.9 3.5 10.4 24.9 9.6 31.8 7.5 14.4 13.1 16.6 Freehold reversions and investment propertie
Slide 10: Movement in net debt
Movement in net debt £ million 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Opening net debt 660.0 641.8 891.6 845.5 817.0 737.0 726.2 696.3 650.8 601.1 Free cash flow (56.7) (33.0) (271.1) (21.9) 83.3 58.9 (97.0) (93.4) (107.9) (90.5) Disposal of fixed assets (8.1) (17.9) (11.3) (10.5) (2.6) (
Slide 11: 10 year debt overview
10 year debt overview £ million 2025 2024 2023 2022 20211 2020 2019 2018 2017 2016 Net Debt 724 660 642 892 846 817 737 726 696 651 Trade and other payables 289 298 329 282 260 255 308 291 314 267 Net Debt + Trade and other 1,013 958 971 1,174 1,105 1,072 1,045 1,017 1,010 918 payables 2025 2024 202
Slide 12: Property update
Property update 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Trading pubs at start of year 800 825 852 861 872 879 883 895 926 951 Freehold pubs opened 1 – – 7 4 2 4 6 9 10 Leasehold pubs opened 2 2 3 – 1 – 1 – 1 6 Sold or closed pubs (9) (27) (30) (16) (16) (9) (9) (18) (41) (41) Total trading
Slide 13: People
People 42,700 employees, 25,400 of which are shareholders1. The Company paid £45 million in bonuses and free shares during the period, of which 98.9% paid to staff below board level and 86.3% to Recognised as a Top Employer United Kingdom 2025 – it is the 20th time that Wetherspoon pub staff has bee
Slide 14: Standards
Standards • Average food hygiene score of 4.99 out of 5 across 740 pubs, including franchises (not including Scotland) • In Scotland, all of the assessed pubs have achieved the maximum score for food hygiene • Awarded the highest 3 star rating by the Sustainable Restaurant Association (Food Made Goo
Slide 15: CGA Brandtrack research
CGA Brandtrack research J D Wetherspoon continues to rank as the most visited licensed brand Top 6 Licensed Brands In GB Visits in the last 6 months Change in the last 6 months JD Wetherspoon 23.6 million +6% Nando's 12.3 million +10% Greene King 11.5 million -5% Toby Carvery 11.1 million +9% Pizza
Slide 16: CGA Brandtrack research
CGA Brandtrack research J D Wetherspoon has the 2nd highest conversion rate amongst licensed and non-licensed brands Conversion rate Awareness Usage (awareness to usage) McDonald's 100% 63% 63% J D Wetherspoon 83% 49% 59% Costa Coffee 92% 54% 59% 49 Greggs 91% 51% 56% Starbucks 93% 40% 43% Greene Ki
Slide 17: Average GB consumer spend
Average GB consumer spend Average Average Spend Per Spend Per Ranking Brand Ranking Brand GB GB Consumer Consumer #1 JD Wetherspoon £ 29.65 #11 Burger King £ 9.16 #2 McDonald's £ 23.99 #12 Caffè Nero £ 8.89 #3 Costa £ 16.74 #13 Pizza Hut £ 8.62 #4 Greggs £ 15.11 #14 Toby Carvery £ 8.13 #5 KFC £ 14.3
Slide 18: ESG (Environmental, social and governance)
ESG (Environmental, social and governance)) Wetherspoon is committed to operating ethically and sustainably Social Recycling • 276 pubs are listed in CAMRA’s Good Beer Our national distribution centre in Guide 2026 with 49 pubs featuring for 10 Daventry includes a 24-hour recycling consecutive years
Slide 19: ESG (Environmental, social and governance)
ESG (Environmental, social and governance)) Wetherspoon is committed to operating ethically and sustainably Energy Financial contributions • Electricity and gas automated meter readers are installed in the majority of In the year, the company has paid £16.7m pubs. We are now trialling water automati
Slide 20: Changing sales mix since 2000
Changing sales mix since 2000 70,000 £61,900 60,000 5% Average weekly sales per pub including VAT (£) £46,500 50,000 38% 4% Other £37,400 Food 40,000 Bar 4% 36% £30,100 £28,200 30,000 5% 37% 5% £22,700 29% 25% 6% 20,000 18% 57% 60% 59% 10,000 70% 66% 76% - 1 2000 2005 2010 2015 2020 2025 19 1 FY 202
Slide 21: Taxation: £6.4bn of tax contributions in the last 10 years
TAXATION £6.4 bn of tax contributions in the last 10 years1 TOTAL 2025 2024 2023 2022 20212 2020 2019 2018 2017 2016 2016 to 2025 £m £m £m £m £m £m £m £m £m £m £m VAT 411.2 394.7 372.3 287.7 93.8 244.3 357.9 332.8 323.4 311.7 3,129.8 Alcohol duty 166.5 163.7 166.1 158.6 70.6 124.2 174.4 175.9 167.2
Slide 22: Franchised pubs
Franchised pubs • There are currently 10 Wetherspoon franchised pubs • Last year, we partnered with Haven Holiday parks. They opened a further four franchised pubs this year The Humberstone, Haven, Cleethorpes • More recently, we have partnered with Papa’s who opened their first franchised pub on 1s
Slide 23: What's next?
What’s next? In financial year 2025/26 Location Timeline Location Timeline Merchant Square, Now open Fountain Park, Edinburgh Spring 2026 Paddington Whiteley shopping centre, NEW London Bridge Station Now open Fareham Spring 2026 PUBS Kennilworth Now open Heathrow Airport T2 Spring 2026 Basildon Aut
Slide 24: Current Trading and Outlook
Current Trading and Outlook • Like-for-like (LFL) sales in the first nine weeks of the current financial year were 3.2% higher than the same weeks in FY25; • LFL sales in August 2025 +3.7% vs CGA RSM Hospitality Business Tracker +0.5% • 36 months in a row where Wetherspoon LFL sales are higher than
Slide 25: Questions
Questions
Slide 26: Appendices
Appendices The Dictum of Kenilworth, Kenilworth
Slide 27: Appendices
Appendices •A 10 year overview •B Summary of separately disclosed items • C1 ROC/CROCCE/ROE calculations • C2 ROC/CROCCE/ROE calculations 26
Slide 28: 10 Year Overview
Appendix A 10 Year Overview £ million Turnover Number of pubs 950 2,200 900 2,000 1,800 850 1,600 800 926 1,400 2,128 895 2,036 750 883 879 872 1,925 861 852 1,200 1,819 1,740 825 1,595 1,661 1,694 700 800 794 1,000 1,262 650 800 773 600 600 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 201
Slide 29: Summary of separately disclosed items
Appendix B Summary of separately disclosed items 2025 2024 £000 £000 Operating separately disclosed items Local government support grants – (14) Depreciation adjustment on impaired assets 968 (4,139) Other operating costs 3,281 1,059 Separately disclosed operating costs/(income) 4,249 (3,094) Dispos
Slide 30: ROC/CROCCE/ROE
Appendix C1 ROC/CROCCE/ROE 2025 2024 £000 £000 Shareholders equity per accounts 361,996 401,627 Deferred tax balances (57,211) (59,487) Interest rate swaps valuations (8,063) (4,774) Impairment balances1 123,731 130,005 Net book value of revalued assets (2,506) (2,738) Adjusted shareholders equity (
Slide 31: ROC/CROCCE/ROE
Appendix C2 ROC/CROCCE/ROE 20251 20241 £000 £000 EBITDA (cash return) (e) 258,782 245,938 Depreciation and amortisation (f) (113,321) (106,436) EBIT (g) 145,461 139,502 Interest (64,016) (65,627) Profit before tax 81,445 73,875 Current tax (h) (11,823) (2,901) Profit after cash tax (i) 69,622 70,974
Slide 32: Notes
Notes ……………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………… …………
Slide 33: Wetherspoon hotels
wetherspoon wetherspoon hotels England © Aldershot @ Kingston UponHull The Queen Hotel The Admiral of the Humber © Andover The John Russell Fox: © Barrow-in-Furness @ March Ss Railway The Hippodrame © Beccles * @ Minehead ° he Kings Head Hotel he Duke of Wellington Saxon Crown (Carby, England) Over