Fuller, Smith & Turner P.l.c. Class A · LSE:FSTA
Fuller, Smith & Turner P.l.c. Class A — FY2026 Earnings Presentation
32 slides from Fuller, Smith & Turner P.l.c. Class A's earnings presentation, June 2026
Slide 1: Full Year Results
Full Year Results For the 52 weeks ended 28 March 2026
Slide 2: Agenda
Agenda Highlights Finance Review Strategic Progress Q Current Trading & Outlook Q&A 2 Fuller, Smith & Turner PLC Full Year Results FY2026
Slide 3: Another year of strong, sustainable growth
Another year of strong, sustainable growth +4.9% +90bps +28% LFL managed Improved managed Adjusted profit sales growth EBITDA margin before tax (FY2025: +5.2%) (FY2025: +100bps) (FY2025: +32%) Continued strong LFL sales growth, Improvements in profitability Sustained growth in underlying outperformi
Slide 4: Delivering impressive, consistent financial performance and shareholder returns
Delivering impressive, consistent financial performance and shareholder returns Adjusted profit before tax +48% CAGR Adjusted earnings per share +48% CAGR FY26 £34.6m FY26 47.18p FY25 £27.0m FY25 34.22p FY24 £20.5m FY24 24.48p FY23 £12.7m FY23 16.10p FY22 £7.2m FY22 9.79p Dividend per share +17% CAG
Slide 5: Our compounding growth model
Our compounding growth model High-quality operational execution and disciplined capital allocation driving long-term shareholder returns EPS Accretion Sustainable Top-Line Growth Profit growth plus disciplined capital Driven by premium positioning in affluent allocation drives sustained earnings per
Slide 6: A great investment
A great investment Fuller’s has always been – and remains – an investment for the long term A resilient business model − Strong Balance Sheet – freehold asset backing with low debt − Premium customer base, better equipped to withstand tougher economic times Underpinned by a high-quality freehold est
Slide 7: Finance Review
Finance Review
Slide 8: Income statement
Income statement FY2026 FY2025 £m £m Strong revenue growth, with total sales up by 6% Revenues 397.8 376.3 +6% Operating costs (351.9) (335.9) Operating margin increased from 10.7% to 11.5%, operational discipline and effective procurement Adjusted operating profit 45.9 40.4 Finance costs (11.3) (13
Slide 9: Divisional results
Divisional results FY2026 FY2025 £m £m Managed Pubs and Hotels Revenue in Managed Pubs and Hotels increased by 6%, on a LFL basis up Revenue 4.9% in Managed Pubs and Hotels increased by 6%, on Revenue 364.8 342.7 a like for like basis up 4.9% Operating profit* 53.9 47.6 EBITDA* 78.7 70.9 Managed Man
Slide 10: Managed revenue analysis
Managed revenue analysis LFL sales v PY Total sales £m 364.8 5.2% 342.7 5.0% 4.9% 4.6% 209.7 195.4 110.6 116.6 36.7 38.5 Rural Suburban Urban Total Drink Food Accommodation Total 36 70 71 177* FY2025 FY2026 Sites Sites Sites Sites Excellent like for like sales growth of +4.9% against prior year, Wel
Slide 11: Managed margin growth
Managed margin growth Managed EBITDA % Gross profit margin enhancement Elevated food offer 22.0% 21.6% Effective procurement and management of inflation − Soft drinks range review including move to Coca-Cola 21.0% 20.7% − Spirits tender 20.0% 19.7% − New illy coffee supply Continued strong relations
Slide 12: Inflationary environment – mitigation
Inflationary environment – mitigation Food and Drink Utilities Interest – Long-term supply agreement – Electricity and gas 100% – Interest rate swap over £60m with Asahi hedged for FY2027 of our existing term loan at – Forward buying agreements – FY2027 total forecast utilities 365 bps through to Au
Slide 13: Strong balance sheet
Strong balance sheet FY2026 FY2025 £m £m High quality asset base Property, plant & equipment* 594.0 585.7 – 87% of the estate are freehold sites Right-of-use assets (IFRS 16) 52.5 52.8 – Invested £32.2m in the estate to maintain and enhance our premium position Other non-current assets 30.1 30.0 – 6
Slide 14: Directors' valuation implies Net Asset Value per share of £15.21
Applying the Directors’ valuation implies Net Asset Value per share of £15.21 The valuation of the total estate is £991m which compares to the historical net book value of the estate included within the accounts of £594m Directors’ valuation = £991m Net Book Value = £594m New implied NAV: £807.4m Cu
Slide 15: Net debt
Net debt Net debt of £140.5m Reduced leverage Interest rate swap Bank facility At 28 March 2026, Net debt/EBITDA** of 2.14 Over £60 million of our Is split between a term excluding leases (29 March times (29 March 2025: 2.36 existing term loan at 365 bps loan of £85m and an RCF 2025: £142.2m) times)
Slide 16: Cashflow
Cashflow FY2026 FY2025 £m £m Adjusted EBITDA 74.6 67.6 Robust cashflow generation – 10% increase in Adjusted EBITDA Working capital 5.0 (7.7) Interest (7.7) (10.0) Tax payment (3.0) (2.0) Continue to invest in the existing estate to maintain its Pension (0.1) (1.5) premium position, £32.2m invested
Slide 17: Capital allocation framework
Capital allocation framework Policy Targets & philosophy FY2026 update & FY2027 outlook £25.1m Capital returned to Invest in long-term Returns-based approach Invested £32.2m into the estate shareholders in FY2026 organic growth to capital investment in FY2026 with plans to invest similar levels in F
Slide 18: FY2027 guidance
FY2027 guidance We aim to continue to deliver sales and earnings growth £30m £11m 26% £30m Forecast depreciation Estimated interest charge Estimated adjusted Capital investment effective tax rate 18 Fuller, Smith & Turner PLC Full Year Results FY2026 IFRS16 reconciliation in appendix
Slide 19: Strategic Progress
Strategic Progress
Slide 20: A winning formula
A winning formula Financial strength, premium customers, and a high-quality property portfolio Underlying Clearly identified Tailored Amazing Well-invested strength core customer offer customer iconic of the business Premium Supported by experience predominately As reflected customer groups enticing
Slide 21: Premium and resilient customers
Premium and resilient customers Affluent customers, looking for a premium experience Household Fuller’s average Fuller’s average Fuller’s average Average weekly discretionary income by quintile Income (£) Index (2024) Index (2025) Index (2026) March 2026 75k+ 144 144 146 £1,000 £ YOY % 100% £800 £92
Slide 22: Carefully curated customer journeys – for example, summer
Carefully curated customer journeys – for example, summer The best places… invested Targeted marketing in pub and Reasons to visit… over 2,500 £1.5m in our gardens. digital… double the industry rate of summer theatre tickets engagement for our digital comms already sold Checking back to see what our
Slide 23: A highly successful accommodation business
A highly successful accommodation business Well-invested bedrooms driving additional income Our modern, well-invested 1,030 rooms continue to trade very well Average room rate of £127.50 An increase of 2.1% (FY2025: £124.90) Room Price Genie Using AI to maximise revenue and improve agility Strong Re
Slide 24: Our quality estate
The Wellington, Waterloo Our quality estate Driving returns by continually investing £2.2m 26 Investment Number of rooms Total investment in FY2026 of £32.2m Result – £29.2m in Managed Pubs & Hotels – £3.0m in Tenanted Inns 22% Rise in sales Building for the future With the acquisition of two iconic
Slide 25: Investing in our people
Investing in our people Talented and dedicated team members delivering excellent hospitality Launch of Lead your Maximise the Invest in a further Continue to build Promote our Colleague Way Stage Two opportunity of the 100 apprentices from within Network Groups Developing the best new Fuller’s Kitch
Slide 26: Tenanted Inns
Tenanted Inns An industry-leading Tenanted estate Maintaining both Managed The Tenanted business is a High quality Tenanted High rate of occupancy and Tenanted business strong cash contributor with freehold estate with average with 97% of the estate fully models retains flexibility low investment ne
Slide 27: Current Trading & Outlook
Current Trading & Outlook Positive momentum Ready for strong summer Further enhancing Resilience We remain confident continues trading opportunities the estate The Company is in with a positive outlook With like for like sales World Cup ready, Plans to invest a a strong position to Balance Sheet str
Slide 28: Fuller, Smith & Turner PLC Full Year Results FY2026
28 Fuller, Smith & Turner PLC Full Year Results FY2026
Slide 29: Appendices
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Slide 30: Updated Directors' portfolio valuation
Updated Directors’ portfolio valuation Directors’ valuation Independent validation – Standard valuation methodology, using – Fleurets were engaged to provide a cashflows based upon FY2026 actuals, and valuation for 20% of the freehold Managed applying a suitable multiple, taking into estate to provi
Slide 31: Appendix: Fuller's estate
Appendix Fuller’s estate 29 Mar 2025 Transferred* New Disposed 28 March 2026 Disposed 10 June 2026 Total Fuller’s 339 (1) 2 (3) 337 - 337 Managed Pubs and 186 (1) - - 185 - 185 Hotels Tenanted Inns 153 - 2 (3) 152 - 152 Number of bedrooms 1,028 2 - - 1,030 - 1,030 31 Fuller, Smith & Turner PLC Full
Slide 32: Appendix: IFRS16 reconciliation
Appendix IFRS16 reconciliation Pre IFRS16 IFRS16 Post IFRS16 £m £m £m Revenue and other income 397.8 - 397.8 Operating costs (354.9) 3.0 (351.9) Adjusted operating profit 42.9 3.0 45.9 Finance costs (8.3) (3.0) (11.3) Adjusted profit before tax 34.6 - 34.6 Separately disclosed items (5.0) (0.1) (5.1
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