J D Wetherspoon Plc · LSE:JDW
J D Wetherspoon — H1 2026 Earnings Presentation
30 slides from J D Wetherspoon's earnings presentation, Mar 20, 2026
Slide 1: Interim Results
The Sir Alexander Fleming, Paddington INTERIM RESULTS 20 March 2026
Slide 2: Sigered King of Essex, Basildon 1
Sigered King of Essex, Basildon 1
Slide 3: Financial summary
Financial summary H1 2026 H1 2025 Var% 2025 2024 2023 20222 20213 2020 2019 2018 20172 Revenue 1,087.8 1,029.5 5.7% 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 (£ million) Like-for-like sales 4.8% 4.8% – 5.1% +7.6% +12.7% -4.7% -38.4% -29.5% +6.8% +5.0% +4.0% (vs 2022) (vs
Slide 4: Average weekly sales per pub (inc VAT)
Average weekly sales per pub (inc VAT) £000 63.3 61.9 64 59.8 62 58.1 60 58 56 53.0 54 52 48.0 50 46.5 45.3 48 44.4 46 41.7 44 42 39.0 40 38 34.1 36 34 32 30 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 H1 2025 2026 - Financial years 2020, 2021 and 2022 were impacted from a VAT reduction dur
Slide 5: Underlying earnings per share (pence)
Underlying earnings per share (pence)1,2 pence 76.5 90 70.2 66.6 70 47.3 43.8 46.8 50 24.7 20.6 30 14.5 10 -10 -30 -21.3 -50 -35.9 -70 -90 -110 -119.1 -130 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 H1 2025 2026 1 Underlying earnings/(losses) per share are before separately disclosed items
Slide 6: Like-for-like performance
Like-for-like performance % H1 2026 H1 2025 2025 2024 2023 20222,3 2021 2020 2019 2018 2017 2016 Bar +7.0 +4.3 +5.1 +8.9 +9.0 -6.5 -42.2 -29.3 +5.8 +5.1 +3.1 +3.3 Food +1.3 +5.4 +5.0 +5.6 +17.7 -3.2 -37.4 -30.1 +8.3 +5.1 +5.7 +3.5 Fruit/slot +8.9 +12.4 +11.0 +10.8 +26.4 +12.3 -52.1 -20.9 +10.3 +2.9
Slide 7: 10-year operating profit
10-year operating profit £ million H1 2026 H1 2025 2025 2024 2023 20221 20212 2020 2019 2018 20171 2016 Turnover 1,087.8 1,029.5 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) 209.5 206.8 432.4 421.8 370.2 295.8 131.5 214.2 349.7 338.6 330.6 28
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 £14m £5m £12m £5m £16m £13m Capex on new and existing pubs £19m £89m £7m £36m £6m £98m £52m £22m £3m £67m £77m £54m £40m £26m £28m £6m £1
Slide 9: Cash capital expenditure
Cash capital expenditure H1 H1 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 £ million 2026 2025 New Openings: Acquisition and development costs: Current year 11.3 7.1 13.2 8.5 10.0 26.2 11.5 18.6 19.8 32.0 27.2 38.6 Future year 1.0 3.3 10.9 3.5 10.4 24.9 9.6 31.8 7.5 14.4 13.1 16.6 Freehold rev
Slide 10: Movement in Net Debt
Movement in Net Debt £ million H1 2026 H1 2025 2025 2024 2023 2022 20212 2020 2019 2018 2017 2016 Opening Net debt 724.3 660.0 660.0 641.8 891.6 845.5 817.0 737.0 726.2 696.3 650.8 601.1 Free cash flow 0.2 0.5 (56.7) (33.0) (271.1) (21.9) 83.3 58.9 (97.0) (93.4) (107.9) (90.5) Disposal of fixed asse
Slide 11: 10 year debt overview
10 year debt overview 4 4 £ million H1 2026 H1 2025 2025 2024 2023 2022 20211 2020 2019 2018 2017 2016 Net Debt 773 703 724 660 642 892 846 817 737 726 696 651 Trade and other payables 275 300 289 298 329 282 260 255 308 291 314 267 Net Debt + Trade and other 1,048 1,003 1,013 958 971 1,174 1,105 1,
Slide 12: Property update
Property update H1 2026 H1 2025 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Trading pubs at start of year 794 800 800 825 852 861 872 879 883 895 926 951 Freehold pubs opened 4 1 1 – – 7 4 2 4 6 9 10 Leasehold pubs opened 2 1 2 2 3 – 1 – 1 – 1 6 Sold or closed pubs (6) (6) (9) (27) (30) (16) (
Slide 13: People
People In the period, Wetherspoon awarded £24.0 42,0501 employees, 27,000 of which are shareholders. £24.0 million of bonuses and free million of bonuses and free shares, of which shares awarded to employees, of which 99.0% was paid to staff below board level and 91.5% 99.0% was paid to staff below
Slide 14: 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 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 22.9 million -3% Nando's 12.3 million - Greene King 11.5 million - Toby Carvery 10.3 million -7% Pizza Expre
Slide 16: CGA Brandtrack research
CGA Brandtrack research J D Wetherspoon has the 3rd highest conversion rate amongst licensed and non-licensed brands Conversion rate Awareness Usage (awareness to usage) McDonald's 100% 65% 65% Costa Coffee 92% 54% 59% J D Wetherspoon 83% 47% 57% 49 Greggs 90% 51% 57% Starbucks 94% 41% 44% Greene Ki
Slide 17: ESG (Environmental, social and governance)
ESG (Environmental, social and governance Wetherspoon is committed to operating ethically and sustainably Social Recycling Energy • Wetherspoon has been the biggest Our national distribution centre in Daventry • Automated meter readers for electricity corporate sponsor of ‘Young Lives vs includes a
Slide 18: Changing sales mix since 2000
Changing sales mix since 2000 70,000 £61,862 £63,262 5% 5% 60,000 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% 57% 58% 60% 10,000 59% 70% 66% 76% - 2000 2005 2010 2015 2020
Slide 19: Taxation: £6.8bn of tax contributions in the last 10.5 years
Taxation £6.8bn of tax contributions in the last 10.5 years 1 TOTAL 2026 H1 2025 2024 2023 2022 20212 2020 2019 2018 2017 2016 2016 to 2026 H1 £m £m £m £m £m £m £m £m £m £m £m £m VAT 210.3 411.2 394.7 372.3 287.7 93.8 244.3 357.9 332.8 323.4 311.7 3,340.1 Alcohol duty 86.9 166.5 163.7 166.1 158.6 70
Slide 20: Franchised pubs
Franchised pubs • There are currently 18 Wetherspoon franchised pubs. • In March 2024, we partnered with Haven Holiday parks who have opened six franchised pubs to date. • Earlier in the year, we partnered with Papas Group who opened their first franchised pub on 1st October in Lincoln, and a furthe
Slide 21: What's next?
What’s next? Location Timeline Location Timeline Beaconsfield Now open Edinburgh Summer 2026 Wetherby Farnham, Surrey Summer/Autum 2026 Now open NEW Strand, London Summer/Autumn 2026 PUBS Bath Now open Manchester Airport Summer/Autumn 2026 Whiteley shopping centre, Fareham Spring 2026 Heathrow Airpo
Slide 22: Current trading and outlook
Current trading and outlook • Like-for-like sales in the last seven weeks (to 15 March 2026) were 2.6% higher than the same weeks in FY25; – Over £1 billion of sales in H1; – Average sales per pub per week £63k; – The company owns 73% of its pubs; – 14 new pubs in H1 (6 x company owned and 8 x franc
Slide 23: Questions
Questions 22 The Chiltern, Beaconsfield 22
Slide 24: Appendices
Appendices The Sun Wharf, London23 Bridge 23
Slide 25: Appendices
Appendices • A 10 year overview • B Summary of separately disclosed items • C1 ROC/CROCCE/ROE calculations • C2 ROC/CROCCE/ROE calculations The Chiltern, Beaconsfield 24
Slide 26: 10 year overview
Appendix A 10 year overview Number of pubs £ million Turnover 1000 2,000 950 1,800 900 1,600 850 1,400 800 1,925 2,036 2,128 1,200 1,819 1,740 895 1,661 1,694 750 883 879 872 861 852 826 794 1,000 700 800 794 796 1,262 1,030 1,088 650 800 773 600 600 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 H
Slide 27: Summary of separately disclosed items
Appendix B Summary of separately disclosed items HY 2026 HY 2025 2025 £000 £000 £000 Depreciation adjustment on impaired assets – 968 968 Other operating costs (112) 838 3,281 Separately disclosed operating (income)/costs (112) 1,806 4,249 Disposal of pubs 578 2,160 2,203 Impairment posted during th
Slide 28: ROC/CROCCE/ROE
Appendix C1 ROC/CROCCE/ROE HY 2026 HY 2025 2025 £000 £000 £000 Shareholders equity per accounts 335,545 392,338 361,996 Deferred tax balances (58,531) (56,660) (57,211) Interest rate swaps valuations (7,999) 653 (8,063) Impairment balances1 123,005 128,670 123,731 Net book value of revalued assets (
Slide 29: ROC/CROCCE/ROE
Appendix C2 ROC/CROCCE/ROE HY 20261 HY 20251 20251 £000 £000 £000 EBITDA (cash return) (e) 110,727 122,350 258,782 Depreciation and amortisation (f) (57,522) (57,522) (113,321) EBIT (g) 53,205 64,827 145,461 Interest (30,835) (31,959) (64,016) Profit before tax 22,370 32,868 81,445 Current tax (h) (
Slide 30: Wetherspoon hotels
wetherspoon hotels England @ Aldershot @ Kingston UponHull The Queen Hotel The Admiral of the Humber @ Andover @ Leighton Buzzard The John Russell Fox: The Swan Hotel © Barrow-in-Furness @ March The Furness Railway The Hippodrome © Beccles @ Minehead ° The Kings Head Hotel The Duke of Wellington © B