**Summary**
Mitchells & Butlers PLC released a pre-close trading update for the 51 weeks ended 20 September 2025, highlighting strong performance and market outperformance. Key points include
1. **Sales Performance**
Like-for-like sales growth across food (4.1%) and drink (4.0%) year-to-date, with total sales up 3.9%.
Robust performance in mid-market pubs and pub restaurants, offset by slightly weaker sales in London (within the M25) and premium businesses.
2. **Investments**
Accelerated capital program with 201 conversions and remodels completed (up from 185 in FY2024).
Opened two new sites (Alex in Germany and Browns in London) and purchased two freehold interests.
Ongoing initiatives to reduce energy usage, including solar panels and sensors.
3. **Outlook**
Full-year results expected to align with consensus expectations, driven by strong sales outperformance.
Anticipated cost inflation of £130m (c.6% of cost base) in the next year, but confidence in continued sector outperformance and cost efficiencies from the Ignite program.
4. **Management Commentary**
Chief Executive Phil Urban expressed satisfaction with broad-based sales growth, supported by cost efficiencies and a successful capital program.
Mitchells & Butlers remains well-positioned with its diverse portfolio of brands, including Harvester, Toby Carvery, and All Bar One, as well as operations in the UK, Germany, and hotels under the Innkeepers Collection.