EarningsQ2 2026 Earnings Report

Mitchells & Butlers (MABB) Q2 2026 Earnings Report

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Previous Report: Q4 2025

DE:MABB Q2 2026 EPS Results

Actual EPS€0.20

Consensus EPS―

Beat/Miss―

One Year Ago EPS€0.20

DE:MABB Q2 2026 Revenue Results

Actual Revenue€1.74B

Expected Revenue―

Beat/Miss―

YoY Revenue Growth+2.48%

Earnings Announcement Details

QuarterQ2 2026

Date05/21/2026

TimeBefore Open

Conference CallThursday, May 21, 2026

DE:MABB Upcoming Earnings

Mitchells & Butlers's next earnings date is estimated for November 26, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q2 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:May 21, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call balanced near‑term challenges (notably weather disruption, input cost inflation, energy exposure and higher near‑term cash tax) against a number of meaningful positives: maintained operating profit, EPS growth, strong cash generation and de‑gearing, a transformed pension position, high‑return capital investment, healthy guest and staff metrics and clear execution on Ignite. Management expects cost headwinds to moderate next year (guidance c. GBP 95 million) and retains an optimistic outlook supported by a stronger balance sheet and ongoing efficiency programs.

Company Guidance

Management reiterated that trading and cost guidance point to a solid outlook: H1 like‑for‑like sales were 3.3% (Q1 +4.5%, Q2 +1.8%), operating profit was GBP181m and EPS rose 3.6%, with net debt now just under GBP750m (~1.6x EBITDA ex‑leases) and net assets GBP4.91/share; cash flow was strong (GBP30m in excess of amortisation in H1) and the pension position has flipped to a ~GBP100m asset. Full‑year CapEx is guided to ~GBP230m (H1 GBP117m) with remodel paybacks within 5 years and returns ~33%; management expects to spend materially more on single‑site acquisitions (c. GBP25–30m increase vs last year’s ~GBP9m of new‑site spend) while maintenance capex was ~GBP65m last year and is expected to be a little higher this year. Reported cost headwinds for the year were slightly below prior GBP120–130m guidance (weighted ~60% to H1), incremental employer NI of c. GBP12m has been annualised out of next‑year headwinds, and FY27 cost inflation is guided to around GBP95m (~4% of the cost base) with c.15% of next‑year energy hedged and a small utilities uplift c. GBP10m; wage assumptions imply a measured living‑wage rise of ~4–5%. Finally, strategic metrics cited include a 7‑year remodel cycle, a 15m‑strong guest database, Ignite efficiencies already contributing (H1 efficiency figure referenced c. GBP12m), and sustainability progress (total carbon −16% vs 2019, Scope 1&2 −22%, Scope 3 −15%, 100% waste diverted from landfill, recycling >60%, food waste −23%).

Maintained Operating Profit and EPS Growth

Operating profit remained at GBP 181 million (flat year‑on‑year) and EPS increased by 3.6%, helped by reduced debt and lower interest charges.

Like‑for‑Like Sales Growth

Group like‑for‑like sales rose 3.3% in H1; Q1 LFL +4.5% and Q2 LFL +1.8% (noting Q2 was weather‑impacted).

Strong Cash Flow and De‑gearing

Strong cash performance: GBP 30 million cash in excess of amortisation in H1; net debt reduced to just under GBP 750 million (~1.6x EBITDA excluding leases).

Pension Position Transformed

Pension deficit converted to a derisked asset of about GBP 100 million (from a previous material deficit), improving balance sheet resilience.

Capital Investment with High Returns

H1 CapEx increased to GBP 117 million; full year CapEx guided to ~GBP 230 million. Remodel programme delivering circa 33% returns and management expects payback within 5 years.

Selective Site Acquisitions

Acquired five new sites in H1 (plus additional purchases after the period); management expects incremental spend on single‑site acquisitions (estimated additional GBP 25–30 million vs prior year).

Operational and Cultural Strength

Guest metrics and team engagement are at all‑time highs; continued progress across scorecard measures (cash, debt, returns, staff and guest scores).

Sustainability and Social Progress

Total carbon footprint down 16% vs 2019 (Scope 1 & 2 down 22%, Scope 3 down 15%); waste diverted 100% from landfill, recycling >60%, food waste reduced 23%. Social programs raised GBP 2.5 million and employed 40 people affected by homelessness.

DE:MABB Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 26, 2026	2026 (Q4)	0.17 / -	0.164	―
May 21, 2026	2026 (Q2)	- / 0.20	0.195	3.59% (<+0.01)
Nov 28, 2025	2025 (Q4)	0.14 / 0.16	0.151	8.53% (+0.01)
May 22, 2025	2025 (Q2)	0.18 / 0.20	0.159	22.79% (+0.04)
Nov 27, 2024	2024 (Q4)	0.14 / 0.15	-0.064	334.55% (+0.22)
May 22, 2024	2024 (Q2)	0.13 / 0.16	0.064	147.27% (+0.09)
Nov 30, 2023	2023 (Q4)	- / -0.06	-0.065	1.79% (<+0.01)
May 17, 2023	2023 (Q2)	- / 0.06	0.089	-27.63% (-0.02)
Dec 07, 2022	2022 (Q4)	- / -0.07	0.196	-133.33% (-0.26)
May 18, 2022	2022 (Q2)	- / 0.09	-0.372	123.90% (+0.46)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed