Slide 1: Preliminary Results
The Old Post Office, Bath PRELIMINARY RESULTS 2 October 2026
Slide 2: The Angel Inn, Wetherby
The Angel Inn, Wetherby 1
Slide 3: Financial summary
Financial summary 2026 2025 Var% 2024 2023 20222 20213 2020 2019 2018 20172 Revenue 2,238.0 2,127.5 +5.2% 2,035.5 1,925.0 1,740.5 772.6 1,262.0 1,818.8 1,693.8 1,660.8 (£ million) Like-for-like sales +4.2% +5.1% – +7.6% +12.7% -4.7% (vs -38.4% -29.5% +6.8% +5.0% +4.0% (vs 2022) 2019) Profit/(loss) b
Slide 4: Average weekly sales per pub (inc VAT)
Average weekly sales per pub (inc VAT) £000 65.0 66 61.9 62 58.1 58 53.0 54 48.0 50 46.5 45.3 44.4 46 41.7 42 38 34.1 34 30 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 - Financial years 2020, 2021 and 2022 were impacted from a VAT reduction during the COVID-19 pandemic (15 July 2020 - 31 March
Slide 5: Underlying earnings per share (pence)
Underlying earnings per share (pence)1,2 Pence 90 76.5 70.2 66.6 70 46.8 48.9 39.5 50 24.7 30 10 -10 -21.3 -30 -35.9 -50 -70 -90 -110 -119.1 -130 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 Underlying earnings/(losses) per share are before separately disclosed items and exclude gains/losses
Slide 6: Like-for-like performance
Like-for-like performance % 2026 2025 2024 2023 20222,3 2021 2020 2019 2018 2017 Bar +6.1 +5.1 +8.9 +9.0 -6.5 -42.2 -29.3 +5.8 +5.1 +3.1 Food +1.2 +5.0 +5.6 +17.7 -3.2 -37.4 -30.1 +8.3 +5.1 +5.7 Fruit/slot +7.4 +11.0 +10.8 +26.4 +12.3 -52.1 -20.9 +10.3 +2.9 -1.2 machines Hotel +1.3 -11.9 +2.7 +11.8
Slide 7: 10-year operating profit
10-year operating profit £ million 2026 2025 2024 2023 20221 20212 2020 2019 2018 20171 Turnover 2,238.0 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 Pub profit (pre repairs) 443.8 432.4 421.8 370.2 295.8 131.5 214.2 349.7 338.6 330.6 Repairs (131.6) (99.8) (114.3) (94.0) (1
Slide 8: Allocation of resources
Allocation of resources Dividend £13m Reinvestment in business and IT projects £14m Freehold reversions and investment properties £8m £1m £19m £13m Share buybacks £5m £12m £16m £13m Capex on new and existing pubs £19m £89m £7m £6m £98m £52m £22m £13m £3m £67m £77m £6m £26m £40m £14m £28m £6m £5m £5m
Slide 9: Cash capital expenditure
Cash capital expenditure 2026 2025 2025 2024 2023 2022 2021 2020 2019 2018 2017 £ million New Openings: Acquisition and development costs: Current year 17.9 13.2 8.5 10.0 26.2 11.5 18.6 19.8 32.0 27.2 38.6 Future year 10.8 10.9 3.5 10.4 24.9 9.6 31.8 7.5 14.4 13.1 16.6 Freehold reversions and invest
Slide 10: Movement in Net Debt
Movement in Net Debt £ million 2026 2025 2024 2023 2022 20212 2020 2019 2018 2017 Opening Net debt 724.3 660.0 641.8 891.6 845.5 817.0 737.0 726.2 696.3 650.8 Free cash flow (100.1) (56.7) (33.0) (271.1) (21.9) 83.3 58.9 (97.0) (93.4) (107.9) Disposal of fixed assets (10.1) (8.1) (17.9) (11.3) (10.5
Slide 11: People
People 43,5001 employees, 27,6001 of which are shareholders. £49 million of bonuses and free shares Bonus and Profit/(loss) Bonus and awarded to employees, of which 98.9% was paid to staff below board level and 93.5% was paid Financial free shares free shares after tax year as % of to staff working
Slide 12: Standards
Standards • Average food hygiene score of 4.99 out of 5 across 747 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 G
Slide 13: CGA Brandtrack research
CGA Brandtrack research J D Wetherspoon continues to rank as the most visited licensed brand Top 6 Licensed Brands In Visits in the last 6 Change in the last 6 GB months months JD Wetherspoon 25.8 million +15% Nando’s 11.9 million +7% Greene King 11.3 million +19% Toby Carvery 10.3 million +15% Harv
Slide 14: CGA Brandtrack research
CGA Brandtrack research J D Wetherspoon has the 3rd highest conversion rate amongst licensed and non-licensed brands 1st 2nd 3rd 4th 5th 49 Usage 63% 54% 53% 49% 41% Awareness 100% 91% 83% 89% 93% NIQ BrandTrack Q1 2026 13
Slide 15: ESG (Environmental, social and governance)
ESG (Environmental, social and governance Wetherspoon is committed to operating ethically and sustainably Social Waste & Recycling Energy • Over £27m raised for ‘Young Lives vs Our national distribution centre in Daventry includes • Combined energy consumption between Cancer’ since 2002, supporting
Slide 16: Changing sales mix since 2000
Changing sales mix since 2000 70,000 £65,000 £61,900 5% 60,000 5% Average weekly sales per pub including VAT (£) 50,000 £46,500 37% 38% 4% 40,000 £37,400 4% Other 36% £30,100 Food £26,200 30,000 5% Bar 37% 6% £22,700 25% 29% 6% 20,000 18% 58% 57% 60% 10,000 59% 70% 66% 76% - 2000 2005 2010 2015 2020
Slide 17: Taxation: £6.6bn of tax contributions in the last 10 years
Taxation £6.6bn of tax contributions in the last 10 years 1 2026 2025 2024 2023 2022 20212 2020 2019 2018 2017 TOTAL £m £m £m £m £m £m £m £m £m £m £m VAT 432.3 411.2 394.7 372.3 287.7 93.8 244.3 357.9 332.8 323.4 3,250.4 Alcohol duty 179.6 166.5 163.7 166.1 158.6 70.6 124.2 174.4 175.9 167.2 1,546.8
Slide 18: Franchised pubs
Franchised pubs • 23 Wetherspoon franchised pubs open at the year end. A further two pubs opened since the year end. • 5 university pubs – Hull, Newcastle, Birmingham, Surrey, St Andrews. • 9 pubs on Haven Holiday parks. • First international franchise pub opened in February 2026 at Alicante airport
Slide 19: What's next?
What’s next? Location Timeline Location Timeline Shaftesbury Avenue, Manchester Airport Now open Winter 2026 London Heathrow Airport T2 Now open Edinburgh Winter 2026 NEW Crewe Now open Farnham Summer 2027 PUBS Dibden Purlieu, Now open West Bromwich Spring 2027 Hampshire Ferndown, Dorset Now open St
Slide 20: Current trading and outlook
Current trading and outlook • Like-for-like sales in the last nine weeks (to 27 September 2026) were 8.6% higher than the same weeks last year. • Benefited from exceptional weather conditions and increased outside seating space. • Six managed pubs and two franchised pubs opened since the year end. •
Slide 21: Questions
Questions The Belle Vue, 20 Manchester Airport 20
Slide 22: Appendices
Appendices 21 The Mansfield Bank Farm House, Crewe 21
Slide 23: Appendices
Appendices • A 10 year overview • B 10 year debt overview • C Property update • D Summary of separately disclosed items • E ROC/CROCCE/ROE calculations 22
Slide 24: 10 year overview
Appendix A 10 year overview Number of pubs £ million Turnover 1000 2,000 950 1,800 900 1,600 850 1,400 2,036 2,128 2,238 800 1,925 1,200 1,819 1,740 895 1,661 1,694 750 883 879 872 861 852 826 1,000 700 800 794 792 1,262 650 800 773 600 600 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2017 2018
Slide 25: 10 year debt overview
Appendix B 10 year debt overview 4 4 £ million 2026 2025 2024 2023 2022 20211 2020 2019 2018 2017 Net Debt (before derivatives & leases) 716 724 660 642 892 846 817 737 726 696 Trade and other payables 325 289 298 329 282 260 255 308 291 314 Net Debt + Trade and other payables 1,041 1,013 958 971 1,
Slide 26: Property update
Appendix C Property update 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 Trading pubs at start of year 794 800 825 852 861 872 879 883 895 926 Freehold pubs opened 4 1 – – 7 4 2 4 6 9 Leasehold pubs opened 4 2 2 3 – 1 – 1 – 1 Sold or closed pubs (10) (9) (27) (30) (16) (16) (9) (9) (18) (41) Tot
Slide 27: Summary of separately disclosed items
Appendix D Summary of separately disclosed items 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 Depreciation (overcharge)/undercharge (506) 968 (4,139) – – – – – – – Gaming machine settlements – – – – – – (15,890) – – – Settlements – – – – (27,771
Slide 28: ROC/CROCCE/ROE
Appendix E ROC/CROCCE/ROE 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 Shareholders equity per accounts 336,828 361,996 401,627 399,458 321,855 300,344 325,199 316,812 286,562 258,432 Deferred tax balances (61,994) (57,211) (59,487) (65,752) (34
Slide 29: Notes
Notes ……………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………… …………
Slide 30: Wetherspoon hotels
wetherspoon wetherspoon hotels England @ Aldershot @ Kingston Upon Hull The Quee jote! The Admiral of the Humber @ Andover @ Leighton Buzzard The John Russell Fox. The Swan Hotel Furness @ March alway he Hippodrome © Beccles _ @ Minehead ; °e 1 Kings Head Hotel The Duke of Wellingter ‘The Saxon Crow