Fuller, Smith & Turner P.l.c. Class A · LSE:FSTA
Fuller, Smith & Turner P.l.c. Class A — H1 FY2026 Earnings Presentation
29 slides from Fuller, Smith & Turner P.l.c. Class A's earnings presentation, November 2025
Slide 1: Half Year Results
Half Year Results For the 26 weeks ended 27 September 2025
Slide 2: Agenda
Agenda Overview Financial review Strategic progress Current trading & outlook Q&A 2 Fuller, Smith & Turner PLC Half Year Results HY 2026
Slide 3: Overview
Overview
Slide 4: A great first half for the company
A great first half for the company Highlights Successful evolution of Strong sales growth from Enhanced our iconic senior team with new roles our premium and resilient freehold estate with of Executive Chairman and customer base investment of £13.5 million Chief Operating Officer Exceptional financi
Slide 5: Strong financial results
Strong financial results Like for like (‘LFL’) sales Adjusted profit before tax Market average Managed LFL 12.7% £22.5m £17.6m £14.5m 5.2% 4.6% HY24 HY25 HY26 HY24 HY25 HY26 Consistently outperforming the market Strong growth of underlying profitability Delivered volume growth in HY26 Margin improve
Slide 6: Strong shareholder returns
Strong shareholder returns Adjusted earnings per share (‘EPS’) Interim dividend per share 7.85p 30.03p 7.41p 21.81p 17.16p 6.63p HY24 HY25 HY26 HY24 HY25 HY26 Profit growth plus share buybacks yielding industry The excellent EPS growth has enabled strong growth leading EPS growth in income for share
Slide 7: Standing out from the crowd
Standing out from the crowd A predominately freehold estate of timeless classics Continued Dedicated and investment in our talented teams freehold estate Highly cash The perfect offer for generative premium customers 7 Fuller, Smith & Turner PLC Half Year Results HY 2026
Slide 8: Financial Review
Financial Review
Slide 9: Income statement
Income statement HY2026 HY2025 £m £m Strong revenue growth, with total sales up by 7% Revenues 207.5 194.1 +7% Operating costs (179.2) (169.9) Further improvement in operating margins, despite challenging environment, up from 12.5% to 13.6% Adjusted operating profit 28.3 24.2 Finance costs (5.8) (6.
Slide 10: Divisional results
Divisional results HY2026 HY2025 £m £m Managed Pubs and Hotels Revenue in Managed Pubs and Hotels increased by 8%, strong performances across the estate with benefit of Revenue 190.6 176.6 acquisition of Lovely Pubs Operating profit* 32.5 27.7 EBITDA* 44.7 39.1 Managed operating profit up 17% on pri
Slide 11: Managed revenue analysis
Managed revenue analysis LFL sales v PY Total sales £m +5.9% 190.6 176.6 +5.1% +4.6% 109.0 +3.2% 100.0 55.7 60.2 20.9 21.4 Drink Food Accommodation Total Rural Suburban Urban Total 37 72 70 179* HY 2025 HY 2026 Sites Sites Sites Sites Excellent like for like sales growth of +4.6% against prior year,
Slide 12: Managed margin growth
Managed margin growth Managed EBITDA % Gross profit margin enhancement: Effective procurement and management of inflation − Move to Coca-Cola 23.5% − New spirits range − New illy coffee supply 22.1% Continued strong relationship with Asahi – current LTSA in 21.5% place until 2029 19.5% EBITDA margin
Slide 13: Strong balance sheet
Strong balance sheet HY2026 FY2025 £m £m High quality asset base Property, plant & equipment* 584.4 585.7 – 87% of the estate are freehold sites Right-of-use assets (IFRS 16) 54.5 52.8 – Invested £13.5m in the estate to maintain and enhance our premium position Other non-current assets 30.4 30.0 – 6
Slide 14: Net debt
Net debt Net debt of £138.3m Reduced leverage Executed an interest Bank facility At 27 September 2025, Net debt/EBITDA** of 2.18 rate swap Is split between a term loan excluding leases (29 March times (28 September 2024: Over £60 million of our of £85m and a RCF of £100m 2025: £142.2m, 28 September
Slide 15: Cashflow
Cashflow HY2026 HY2025 £m £m Adjusted EBITDA 42.4 37.6 Robust cashflow generation Working capital (3.8) (10.8) Interest (4.1) (5.0) Tax payment (1.8) (1.4) Continue to invest in the existing estate to maintain its premium position, £13.5m invested Pension (0.1) (1.4) Acquisitions - (21.1) Capital ex
Slide 16: Capital allocation framework
Capital allocation framework Policy Targets & philosophy HY2026 update & FY2026 outlook £13.8m Capital returned to Invest in long-term Returns-based approach Invested £13.5m into the estate shareholders in HY2026 organic growth to capital investment in HY2026 with plans to invest £25-£30m in FY2026
Slide 17: FY2026 guidance
FY2026 guidance We will continue to deliver sales and earnings growth £29m £12m 27% £25m-£30m Depreciation Estimated interest charge Estimated adjusted Capital investment effective tax rate 17 Fuller, Smith & Turner PLC Half Year Results HY 2026 IFRS16 reconciliation in appendix
Slide 18: Strategic Progress
Strategic Progress
Slide 19: A winning formula
A winning formula Financial strength, premium customers, and a high-quality property portfolio Underlying Amazing Tailored Clearly Well-invested strength customer offer identified core iconic of the business experience Supported by customer predominately As reflected Delivered by our enticing reason
Slide 20: Premium and resilient customers
Premium and resilient customers Over-indexed against the market Household Fuller’s average Fuller’s average Out-of-home spend behaviour, split by income (£) index (2024) index (2025) household pre-tax income 75k+ 144 144 100% 15% 50-75k 126 128 90% 10% 80% 70% 40-50k 116 122 60% 5% 50% 0% 30-40k 106
Slide 21: Innovative reasons to visit
Innovative reasons to visit Attracting existing and new customers Events that surprise Enjoying Driving pre-booked An engaged and delight the outdoors sales community From music and theatre Beautiful supplier Christmas bookings 16% Two million customers to arts and crafts and supported external spac
Slide 22: Beautiful bedrooms for work and leisure
Beautiful bedrooms for work and leisure Well-invested accommodation driving additional income Our modern, well-invested 1,028 rooms continue to trade very well Average room Helping drive our wedding rate of £143.10 business An increase of 3.8% Hosted 510 weddings across (HY2025: £137.90) the estate
Slide 23: Our quality estate
The Chamberlain, Minories Our quality estate Well-invested, iconic properties in areas with 64 £4.0m affluent customers Number of rooms Investment Result Total investment in H1 of £13.5m 10% Rise in sales – £12.2m in Managed Pubs & Hotels – £1.3m in Tenanted Inns The Hampshire Hog, Clanfield 20 £1.8
Slide 24: Our people
Our people Talented and dedicated team members delivering excellent hospitality Continue to drive our Reignited the Fuller’s 82% of GMs and 72% New sales and front of Investment in, and staff retention rates – Chefs’ Guild with its new of Head Chefs now house apprenticeships commitment to, our avera
Slide 25: Tenanted Inns
Tenanted Inns An industry-leading Tenanted estate Maintaining both Managed The Tenanted business is High quality tenanted Launched improved and Tenanted business a strong cash contributor freehold estate marketing hub with better models retains flexibility with low investment − average EBITDA per ac
Slide 26: Our Journey to Net Zero
Our Journey to Net Zero Scope 1 and 2 35,000 2030 Target 32,407 90% Carbon 30,000 tCO2 Emissions Reduction ct Carbon emissions (Tonnes CO2) pa Ele 25,000 m ct i 20% m ric Tea kit che 20,000 B o il e r u p g r a d e ns NET 50% 15,000 ZERO 30% BASELINE 10,000 sa nd he 7,645 at 3,241 re c 5,000 tCO2 ov
Slide 27: Current trading and outlook
Current trading and outlook Positive momentum Well-placed to Further enhancing Continued development We remain confident continues into H2 deliver a great Christmas the estate of our people with a positive outlook experience for our With like for like sales in With investment of To deliver outstandi
Slide 28: Appendix
Appendix Fuller’s estate 29 Mar 2025 Transferred* Disposed 27 Sep 2025 12 Nov 2025 Total Fuller’s 339 (1) (2) 336 336 Managed Pubs and Hotels 186 (1) - 185 185 Tenanted Inns 153 - (2) 151 151 Number of bedrooms 1,028 - - 1,028 1,028 28 Fuller, Smith & Turner PLC Half Year Results HY 2026 *One Manage
Slide 29: IFRS16 reconciliation
Appendix IFRS16 reconciliation Pre IFRS16 IFRS16 Post IFRS16 £m £m £m Revenue and other income 207.5 - 207.5 Operating costs (180.7) 1.5 (179.2) Adjusted operating profit 26.8 1.5 28.3 Finance costs (4.3) (1.5) (5.8) Adjusted profit before tax 22.5 - 22.5 Separately disclosed items (1.3) (0.1) (1.4)
Fuller, Smith & Turner P.l.c. — H1 FY2026 Earnings Presentation on 6ix