Marston’s PLC (LON: MARS) is trading higher following a trading update for the 52 weeks ended September 27, 2025, revealing that underlying profit before tax is expected to surpass market expectations.
It marks the second consecutive year of significant profit growth for the UK-based pub operator.
Marston’s shares have jumped more than 10% in early Wednesday trading following the news.
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The company’s underlying EBITDA margins are projected to increase by more than 100 basis points year-on-year, demonstrating the successful execution of financial targets set at the Capital Markets Day in October 2024.
Like-for-like sales grew by 1.6% for the full year, outperforming the broader market.
Marston’s completed 31 pub format refurbishments during the year, exceeding its target of 30. These investments are said to be yielding strong returns, with average initial revenue uplifts of 23%.
An accelerated capital expenditure program is planned for fiscal year 2026 to further capitalize on this momentum.
Recurring free cash flow is anticipated to exceed the Capital Markets Day target of £50 million, achieving this milestone ahead of schedule.
Year-end net debt (pre-IFRS 16) to EBITDA is now below 5x, driven by improved profitability and a robust freehold asset base.
CEO Justin Platt commented, “We have delivered another year of strong profit growth and significantly improved recurring free cash flow, providing us with continued opportunity to invest in our estate, reduce debt and unlock long-term value for shareholders.”
He further noted that their differentiated pub formats are already delivering impressive results with a defined plan to accelerate this further in FY2026.
Marston’s intends to announce its FY2025 results on November 25, 2025.
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