**Summary**
Marstons PLC, a leading UK hospitality company with over 1,300 pubs, announced a strong trading update for the 52-week period ending September 27, 2025. Key highlights include
1. **Profit Growth**Underlying profit before tax exceeded market expectations, marking the second consecutive year of significant growth, following a 65% uplift in FY2024.
2. **Margin Expansion**Underlying EBITDA margins increased by over 100 basis points year-on-year, driven by a market-leading pub operating model focused on revenue management, labor efficiency, and procurement.
3. **Sales Performance**Like-for-like sales grew by 1.6%, outpacing the total market.
4. **Refurbishments**Completed 31 pub format refurbishments (exceeding the 30-pub target), with invested sites delivering average revenue uplifts of 23%.
5. **Cash Flow**Recurring free cash flow surpassed the £50 million target set at the Capital Markets Day, achieved ahead of schedule.
6. **Debt Reduction**Year-end net debt to EBITDA ratio fell below 5x, supported by improved profitability and a strong freehold asset base.
7. **Future Plans**An accelerated capex program is planned for FY2026 to further enhance pub formats and drive growth.
CEO Justin Platt highlighted the success of the company’s pub operating model, record guest experience scores, and strategic priorities for continued growth. Marston’s also appointed Panmure Liberum as a joint corporate broker to strengthen investor engagement. Full-year FY2025 results will be announced on November 25, 2025.