Slide 1: Interim Results
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Slide 2: Today's agenda
Today’s agenda 1 Key Headlines - Justin Platt, CEO 2 Financial Performance - Stephen Hopson, CFO 3 Strategic Progress - Justin Platt, CEO 4 Summary & Outlook - Justin Platt, CEO 5 Q&A 2
Slide 3: Excellent strategic progress sets up promising H2
Excellent strategic progress sets up promising H2 Strong underlying Continued margin profit growth expansion New formats delivering Significant H2 very strong returns opportunity On track to meet FY26 expectations1 3 1. Company-compiled market forecasts for FY2026 underlying profit before tax of £78
Slide 4: Financial Performance
FINANCIAL PERFORMANCE STEPHEN HOPSON, CFO 4
Slide 5: HY 2026 Financial Highlights
HY 2026 Financial Highlights Financial Highlights EBITDA (£m) & Margin (%) Underlying PBT (£m) Total Revenue EBITDA Expanding EBITDA margins Consistent increases in profits £422.7m £85.9m 20.3% 20.1% Down 1.1% YoY Flat YoY 17.6% 20.5 19.0 EBTIDA Margin Underlying PBT 85.9 85.9 75.5 20.3% £20.5m Up 2
Slide 6: Income Statement – Continued Margin Expansion and Profit Growth
Income Statement – Continued Margin Expansion and Profit Growth Income Statement Summary Commentary Continued profit growth, despite cost headwinds Underlying Performance Underlying Performance HY 2026 HY 2025 Change and short-term closure periods from new pub formats programme Revenue (£m) 422.7 42
Slide 7: Revenue Movements and H2 Opportunity
Revenue Movements and H2 Opportunity Revenue Overview H1 (£m) Commentary 427.4 Total revenue of £422.7m, impacted as (£2.0m) (£2.2m) 422.7 expected by closure periods for new pub (£0.5m) formats • HY LFL sales (0.5)%, ahead of market1 • New format LFL of +20%, supporting acceleration of the new pub
Slide 8: Disciplined Cost Management Delivering Margin Expansion
Disciplined Cost Management Delivering Margin Expansion Movement in EBITDA Margin +20bps 0.5% 1.1% 0.6% 20.7% (0.6%) (0.4%) 20.3% 20.1% (1.0%) Labour productivity efficiencies fully offsetting NLW and NIC increases HY 2025 Revenue & COGS NLW & NIC Labour Productivity Utilities Other HY 2026 (Excl. N
Slide 9: Estate Performance Continues to Improve
Estate Performance Continues to Improve Overview of Our Estate EBITDA per Pub (£k) Strategy successfully delivering growth through the core estate, with plans to Underlying Performance Our Pub Estate HY 20261 accelerate EBITDA per pub further through new pub formats Managed and Partnership 1,188 Tot
Slide 10: Recurring Free Cash Flow On Track for >£50m Full Year Target
Recurring Free Cash Flow On Track for >£50m Full Year Target Recurring Free Cash Flow Summary Commentary Working capital, tax and capex increases in H1 Underlying Performance (£m) HY 2026 HY 2025 Change £m expected to be unwound over the course of H2 • Marginal growth in cash EBITDA despite Cash adj
Slide 11: Continued Deleveraging Progress
Continued Deleveraging Progress Net Debt Summary1 Commentary Long term financing structures remain Underlying Performance (£m) HY 2026 HY 2025 Change £m RCF extension to July 2028 • Securitisation provides long-term, predictable Securitisation2 (2035) (494.1) (538.8) 44.7 financing (weighted average
Slide 12: Robust Balance Sheet
Robust Balance Sheet Balance Sheet Summary Commentary Robust balance sheet underpinned by £2.2bn of As at Period End (£m) HY 2026 HY 2025 Change £m property assets and decreasing net debt • 82% freehold estate Property, Plant and Equipment 2,215.1 2,078.5 136.6 • Net debt reduced year on year by £23
Slide 13: H2 2026 Outlook
H2 2026 Outlook Further Delivery and Progress Confident in FY 2026 Trading Outlook LFL sales expected to increase as a result of new pub formats and World Cup Accelerated Format Roll-out Driving Revenue and EBITDA 91 new format refurbishments all delivering in H2 Confident in delivery Further Margin
Slide 14: Strategic Progress
STRATEGIC PROGRESS JUSTIN PLATT, CEO 14
Slide 15: Delivering growth with our focus on key value drivers
Delivering growth with our focus on 5 key value drivers To create VISIONa high margin, highly cash generative local pub PURPOSE company based on differentiated formats and a brand portfolio that is naturally balanced to appeal across a range of consumer segments KEY VALUE DRIVERS 1 Execute a Market
Slide 16: Reliable profit delivery with our high margin operating model
Reliable profit delivery with our high margin operating model Resilient revenue performance Sustained margin expansion • Peak trading occasions continue to flourish +5.3% vs LY1 • Relentless focus on cost efficiency, +20bps margin expansion • Record breaking Xmas performance • Disciplined and judici
Slide 17: Continuing to deliver industry leading guest satisfaction
Continuing to deliver industry leading guest satisfaction MARSTON’S REPUTATION SCORE MAR 2026 806 MAR 2025 800 MAR 2024 787 • Events driving engagement across broad range of demographics • Order & Pay improving speed of service and guest experience • Guest obsessed culture – focused on consistency o
Slide 18: New differentiated formats are performing very strongly
New differentiated formats are performing very strongly 60 pubs launched in FY26 Delivering very attractive returns • 31 Grandstand & 29 Two Door pubs opened by end March • Sustained LFL revenue growth of +20%1 • 91 new format pubs launched across FY25 & FY26 • Returns are delivering ahead of plan –
Slide 19: Grandstand format is delivering in a big way
Grandstand format is delivering in a big way The sporting heartbeat of the community Stadium level matchday experience - in a pub Matchday food and premium drinks Highly repeatable - any day of the week 19
Slide 20: Grandstand format is delivering excellent commercial returns
Grandstand format is delivering excellent commercial returns +1% c. 30% 40%+ Market share gain LFL revenue growth Return on capex • Strong appeal across target demographic • Total spend per visit +7% • Limited levels of capex c. £280K per pub • Increased visit frequency – 5.5 to 6.3 p.a. • Order + P
Slide 21: Grandstand format is having a multiplier effect on the pub operating model
Grandstand format is having a multiplier effect on the pub operating model Turbo boosting demand driving events Strengthening guest reputation scores GRANDSTAND 848 +42 pts TOTAL MARSTON’S 806 Increasing Order & Pay penetration Building on a high margin operating model +3.5% 23% 31% 11.0% 14.5% FY25
Slide 22: Proven new formats model with significant rollout opportunity
Proven new formats model with significant rollout opportunity Grandstand delivers strong returns Attractive returns across all demographics • Proven driver of strong LFL revenue growth • Multiple formats driving appeal across audiences & occasions • 250+ pubs identified for Grandstand conversion • c
Slide 23: Promising outlook for H2
Promising outlook for H2 World Cup summer New formats growth engine • World Cup ‘26 LFL revenue growth opportunity • 91 new format pubs trading throughout H2 • Hugely popular beer gardens • Broad demographic appeal driving footfall • Confidence on cost visibility and margins • LFL revenue growth opp
Slide 24: Summary
Summary Strong H1 profit Excellent strategic delivery progress New formats are Significant H2 now delivering opportunity On track to meet FY26 expectations1 24 1. Company-compiled market forecasts for FY2026 underlying profit before tax of £78.7 million, with a range from £76.1 million to £83.2 mill
Slide 25: Q&A
Q&A LOCALS’ BAR skyEEE (Pj srorrs “| FAMILY LOUNGE
Slide 26: Appendices
APPENDICES 26
Slide 27: Pubs with Purpose - continued progress on our ESG agenda
Pubs with Purpose - continued progress on our ESG agenda Launched refreshed sustainability strategy - Pubs with Purpose - focused on our People, Planet and Product priorities People Planet Product • Maintained Median Gender Pay Gap of • Heads of terms agreed with second EV • >74% achievement of targ
Slide 28: Capital Markets Day targets
Capital Markets Day targets Revenue growth ahead of EBITDA margin expansion the market of 200-300 basis points1 Over £50 million recurring >30% ROIC on investment free cash flow focused capex Expect to achieve over the near-to-medium term Notes: 1. EBITDA margin expansion of 200-300 basis points bey
Slide 29: Statutory P&L
Statutory P&L Statutory P&L 44.7)H11 (£m) HY 2026 HY 2025 Change £m Revenue 422.7 427.4 (4.7) Operating Profit 63.4 61.3 2.1 Profit Before Tax 23.3 19.5 3.8 Earnings per Share (pence) 2.7 2.3 0.4 29
Slide 30: IFRS vs FRS profit comparison
IFRS 16 vs FRS 102 profit comparison Analysis (£m) HY 2026 HY 2025 IFRS 16 FRS 102 IFRS 16 FRS 102 Revenue 422.7 422.7 427.4 427.4 Net Operating Expenses (358.3) (363.8) (364.1) (369.6) Operating Profit 64.4 58.9 63.3 57.8 Net Finance Costs (43.9) (37.3) (44.3) (37.5) Profit Before Tax 20.5 21.6 19.
Slide 31: IFRS vs FRS analysis
IFRS 16 vs FRS 102 analysis Analysis 1.3 (£m) HY 2026 HY 2025 Depreciation: Non-IFRS 16 15.6 16.8 Depreciation: IFRS 16 5.9 5.8 Total Depreciation 21.5 22.6 Interest: Non-IFRS 16 37.3 37.5 Interest: IFRS 16 6.6 6.8 Total Interest 43.9 44.3 FRS 102 net rent charge 11.4 11.3 31
Slide 32: Overview of pub estate
Overview of pub estate Our Pub Estate (£m) 896 Pubs Lodges Total Analysis Number Value (£m) Number Value (£m) Value (£m) Securitised 815 1,192 5 15 1,207 Unsecured Freehold 138 271 5 13 284 Effective Freehold – Property Lease 127 368 10 29 397 Total Effective Freehold 1,080 1,831 20 57 1,888 Leaseho
Slide 33: Estate by operating model
Estate by operating model1 Analysis (£m) No. Pubs Revenue Analysis HY 2026 HY 2025 HY 2026 HY 2025 Managed and Partnership1 1,188 1,182 411.3 415.2 Tenanted and Leased1 137 151 11.3 12.2 Total 1,325 1,333 422.7 427.4 Notes: 1. Results reflect the operating model of each pub as at the relevant period
Slide 34: Estate by operating model cont.
Estate by operating model1 cont. Analysis (£m) EBITDA Operating Profit Analysis HY 2026 HY 2025 HY 2026 HY 2025 Managed and Partnership1 79.4 79.0 58.3 57.0 Tenanted and Leased1 6.5 6.9 6.1 6.3 Total 85.9 85.9 64.4 63.3 Notes: 1. Results reflect the operating model of each pub as at the relevant per
Slide 35: Securitised debt profile
Securitised debt profile Securitised debt Tranche Type Principal Outstanding1 Step-up Date Final Maturity A2 Fixed / Floating £51.9m July 2019 2027 A3 Fixed / Floating £200.0m April 2027 2032 A4 Floating £88.8m October 2012 2031 B Fixed / Floating £155.0m July 2019 2035 Total - £495.7m Notes: 1. Bas
Slide 36: Securitised debt service
Securitised debt service Securitised debt (£m) Debt service Interest Principal 100 Max £82.4m 80 A3 Step-up 60 40 20 0 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 £m FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Principal1 46.3 48
Slide 37: Other lease related borrowings service
Other lease related borrowings service Other lease related borrowings Interest Principal Debt service 40 30 20 £m 10 Principal repayments commence FY2033 0 FY 2026 FY 2031 FY 2036 FY 2041 FY 2046 FY 2051 FY 2056 Notes: 1. Indicative cash payments as at 28 March 2026 with debt service reflecting the