Mitchells & Butlers

MAB · Main Market · Travel and Leisure · mcap £1,705m · 291.0p

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Financials · balance sheet 11 Apr 26 · last twelve months · today’s market value

Source: results 21 May 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,746m
Owner’s net cash: −£760.0m
Net cash / market cap: -44%
EV ex leases: £2,506m
Revenue: £2,711m
Operating profit: £322.0m
Free cash flow after leases: £134.0m
EV / EBIT: 7.8×
FCF yield: 7.7%
Price / tangible book: 0.60×
ROCE: 7%
Net income (owners): £177.0m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Trading update 24 Sep 26ahead of the market6 figures since the last report

Like-for-like sales grew 2.1% year to date with Q4 returning to growth at 1.4% despite weather headwinds.

Like-for-like sales growth YTD	2.1%
Like-for-like sales growth Q4	1.4%
Like-for-like sales growth August Bank Holiday	5.3%
Total sales growth YTD	1.2%
Conversions and remodels completed YTD	222
Expected cost headwinds FY2027	approximately £95m

As stated by the company, unaudited. Read it →

Latest report: H1 Apr 26 (six months to 11 Apr 26), published 21 May 26 · read the results ↗

Source ↗

	11 April £m (Unaudited)	12 April £m (Unaudited)	27 September £m (Audited)
Goodwill and other intangible assets
Property, plant and equipment	4,645	4,451	4,591
Right-of-use assets	276	302	291
Finance lease receivables	9	10	10
Pension surplus	123	141	132
Deferred tax asset	2	3	2
Derivative financial instruments	13	19	15
Total non-current assets	5,096	4,947	5,069
Inventories	28	28	26
Trade and other receivables	75	73	79
Current tax asset	1	-	2
Finance lease receivables	1	2	1
Derivative financial instruments	-	1	-
Cash and cash equivalents	240	253	216
Total current assets	345	357	324
Total assets	5,441	5,304	5,393
LIABILITIES
Pension liabilities	(1)	(1)	(1)
Trade and other payables	(501)	(492)	(473)
Current tax liabilities	(3)	(2)	-
Borrowings	(172)	(156)	(174)
Lease liabilities	(37)	(42)	(42)
Derivative financial instruments	(3)	(2)	(4)
Total current liabilities	(717)	(695)	(694)
Pension liabilities	(21)	(21)	(21)
Other payables	-	(8)	-
Borrowings	(828)	(976)	(900)
Lease liabilities	(368)	(396)	(392)
Derivative financial instruments	(7)	(15)	(11)
Deferred tax liabilities	(559)	(514)	(546)
Provisions	(12)	(12)	(13)
Total non-current liabilities	(1,795)	(1,942)	(1,883)
Total liabilities	(2,512)	(2,637)	(2,577)
Net assets	2,929	2,667	2,816
EQUITY
Called up share capital	51	51	51
Share premium account	360	358	358
Capital redemption reserve	3	3	3
Revaluation reserve	1,209	1,143	1,209
Own shares held	(6)	(7)	(10)
Hedging reserve	(6)	(11)	(10)
Translation reserve	14	14	14
Retained earnings	1,304	1,116	1,201
Total equity	2,929	2,667	2,816

Source ↗

	2026 28 weeks £m (Unaudited)	2025 28 weeks £m (Unaudited)	2025 52 weeks £m (Audited)
Operating profit	185	181	322
Add back/(deduct)
Movement in the valuation of the property portfolio	-	-	3
Net profit arising on property disposals	(4)	-	(1)
Depreciation of property, plant and equipment	55	51	96
Amortisation of intangibles	2	1	3
Depreciation of right-of-use assets	18	19	36
Cost charged in respect of share-based payments	5	4	9
Administrative pension costs	2	2	4
Amendment of past service cost in relation to the defined benefit obligation	-	-	3
Utilisation of pension surplus for DC contributions	7	3	9
Operating cash flow before movements in working capital and pension contributions	270	261	484
(Increase)/decrease in inventories	(2)	(1)	1
Decrease in trade and other receivables	2	26	16
Increase/(decrease) in trade and other payables	46	17	(17)
Decrease in provisions	(1)	-	(3)
Pension contributions	(1)	(1)	(1)
Cash flow from operations	314	302	480
Interest payments	(33)	(43)	(82)
Interest payments on interest rate swap	(2)	-	(1)
Interest receipts on cross currency swap	1	3	4
Interest payments on cross currency swap	(1)	(2)	(3)
Other interest paid - lease liabilities	(11)	(9)	(14)
Borrowing facility fees paid	-	-	(1)
Interest received	4	5	9
Tax paid	(20)	(10)	(24)
Net cash from operating activities	252	246	368
Investing activities
Acquisition of Pesto Restaurants Ltd - contingent consideration	(11)	-	-
Purchases of property, plant and equipment	(115)	(89)	(169)
Purchases of intangible assets	(2)	(3)	(12)
Net proceeds from sale of property, plant and equipment	1	-	1
Finance lease principal repayments received	1	1	1
Net cash used in investing activities	(126)	(91)	(179)
Financing activities
Issue of ordinary share capital	2	1	1
Purchase of own shares	(3)	(2)	(5)
Repayment of principal in respect of securitised debt	(70)	(67)	(134)
Principal receipts on currency swap	11	11	21
Principal payments on currency swap	(9)	(8)	(17)
Cash payments for the principal portion of lease liabilities	(27)	(23)	(39)
Net cash used in financing activities	(96)	(88)	(173)
Net increase in cash and cash equivalents	30	67	16
Cash and cash equivalents at the beginning of the period	181	164	164
Foreign exchange movements on cash	-	1	1
Cash and cash equivalents at the end of the period	211	232	181

Source ↗

	Before separately disclosed 2025 52 weeks items £m	Before Separately disclosed 2025 52 weeks items a £m	separately disclosed 2025 52 weeks Total £m	Separately disclosed 2024 52 weeks items £m	2024 52 weeks items a £m	2024 52 weeks Total £m
Revenue	2,711	-	2,711	2,610	-	2,610
Operating costs before depreciation, amortisation and movements in the valuation of the property portfolio	(2,246)	(6)	(2,252)	(2,168)	-	(2,168)
Net profit arising on property disposals	-	1	1	-	2	2
EBITDA b before movements in the valuation of the property portfolio	465	(5)	460	442	2	444
Depreciation, amortisation and movements in the valuation of the property portfolio	(135)	(3)	(138)	(130)	(14)	(144)
Operating profit/(loss)	330	(8)	322	312	(12)	300
Finance costs	(100)	-	(100)	(109)	-	(109)
Finance income	9	-	9	10	-	10
Net pensions finance income/(charge)	7	-	7	(2)	-	(2)
Profit/(loss) before tax	246	(8)	238	211	(12)	199
Tax (charge)/credit	(62)	1	(61)	(54)	4	(50)
Profit/(loss) for the period	184	(7)	177	157	(8)	149
Earnings per ordinary share
Basic	30.9p	29.7p	26.4p	25.0p	–	–
Diluted	30.6p	29.5p	26.2p	24.8p	–	–

Source ↗

	£m	£m
Assets
Goodwill and other intangible assets
Property, plant and equipment	4,591	4,419
Right-of-use assets	291	307
Finance lease receivables	10	11
Pension surplus	132	164
Deferred tax asset	2	3
Derivative financial instruments	15	19
Total non-current assets	5,069	4,943
Inventories	26	27
Trade and other receivables	79	98
Current tax asset	2	-
Finance lease receivables	1	1
Cash and cash equivalents	216	176
Total current assets	324	302
Total assets	5,393	5,245
Liabilities
Pension liabilities	(1)	(1)
Trade and other payables	(473)	(482)
Current tax liabilities	-	(1)
Borrowings	(174)	(143)
Lease liabilities	(42)	(33)
Derivative financial instruments	(4)	(2)
Total current liabilities	(694)	(662)
Pension liabilities	(21)	(24)
Other payables	-	(8)
Borrowings	(900)	(1,041)
Lease liabilities	(392)	(414)
Derivative financial instruments	(11)	(27)
Deferred tax liabilities	(546)	(491)
Provisions	(13)	(12)
Total non-current liabilities	(1,883)	(2,017)
Total liabilities	(2,577)	(2,679)
Net assets	2,816	2,566
Equity
Called up share capital	51	51
Share premium account	358	357
Capital redemption reserve	3	3
Revaluation reserve	1,209	1,143
Own shares held	(10)	(9)
Hedging reserve	(10)	(21)
Translation reserve	14	14
Retained earnings	1,201	1,028
Total equity	2,816	2,566

Source ↗

	2025 52 weeks £m	2024 52 weeks £m
Cash flow from operations
Operating profit	322	300
Add back/(deduct)
Movement in the valuation of the property portfolio	3	14
Net profit arising on property disposals	(1)	(2)
Depreciation of property, plant and equipment	96	92
Amortisation of intangibles	3	4
Depreciation of right-of-use assets	36	34
Cost charged in respect of share-based payments	9	7
Administrative pension costs	4	5
Amendment of past service cost in relation to the defined benefit obligation	3	-
Utilisation of pension surplus for DC contributions	9	-
Operating cash flow before movements in working capital and additional pension contributions	484	454
Decrease/(increase) in inventories	1	(1)
Decrease in trade and other receivables	16	44
(Decrease)/increase in trade and other payables	(17)	8
Decrease in provisions	(3)	(1)
Pension contributions	(1)	(1)
Cash flow from operations	480	503
Interest payments a	(82)	(96)
Interest (payments)/receipts on interest rate swaps a	(1)	3
Interest receipts on cross currency swap a	4	7
Interest payments on cross currency swap a	(3)	(5)
Other interest paid - lease liabilities	(14)	(17)
Borrowing facility fees paid	(1)	-
Interest received	9	9
Tax paid	(24)	(18)
Net cash from operating activities	368	386
Investing activities
Acquisition of Pesto Restaurants Limited	-	(2)
Purchases of property, plant and equipment	(169)	(152)
Purchases of intangible assets	(12)	(2)
Proceeds from sale of property, plant and equipment	1	1
Finance lease principal repayments received	1	1
Net cash used in investing activities	(179)	(154)
Financing activities
Issue of ordinary share capital	1	-
Purchase of own shares	(5)	(7)
Repayment of principal in respect of securitised debt b	(134)	(128)
Principal receipts on currency swap b	21	21
Principal payments on currency swap b	(17)	(16)
Cash payments for the principal portion of lease liabilities	(39)	(41)
Repayment of other borrowings	-	(1)
Short-term financing of employee advances	-	2
Net cash used in financing activities	(173)	(170)
Net increase in cash and cash equivalents	16	62
Cash and cash equivalents at the beginning of the period	164	103
Foreign exchange movements	1	(1)
Cash and cash equivalents at the end of the period	181	164

	LTM Apr 26	FY Sep 25	FY Sep 24
Revenue to operating profit
Revenue	2,747.0	2,711.0	2,610.0
EBITDA	–	460.0	444.0
Adjusted operating profit	330.0	330.0	312.0
Operating profit	326.0	322.0	300.0
Depreciation (owned assets)	100.0	96.0	92.0
Depreciation (right-of-use)	35.0	36.0	34.0
Amortisation	4.0	3.0	–
Share-based payments	10.0	9.0	–
Operating profit to net income
Finance costs	(94.0)	(100.0)	–
Profit before tax	247.0	238.0	199.0
Tax	(63.0)	(61.0)	(50.0)
Net income (owners)	184.0	177.0	149.0
Per share
EPS basic	30.8p	29.7p	25.0p
EPS diluted	30.6p	29.5p	24.8p

	H1 Apr 26	vs H1 Apr 25	H2 Sep 25	H1 Apr 25
Revenue to operating profit
Revenue	1,490.0	+2%	1,257.0	1,454.0
Adjusted operating profit	181.0	0%	149.0	181.0
Operating profit	185.0	+2%	141.0	181.0
Depreciation (owned assets)	55.0	+8%	45.0	51.0
Depreciation (right-of-use)	18.0	−5%	17.0	19.0
Amortisation	2.0	+100%	2.0	1.0
Share-based payments	5.0	+25%	5.0	4.0
Operating profit to net income
Finance costs	(49.0)	−11%	(45.0)	(55.0)
Profit before tax	143.0	+7%	104.0	134.0
Tax	(36.0)	+6%	(27.0)	(34.0)
Net income (owners)	107.0	+7%	77.0	100.0
Per share
EPS basic	17.9p	–	12.9p	16.8p
EPS diluted	17.8p	–	12.8p	16.7p

	LTM Apr 26	FY Sep 25	FY Sep 24
Operating activities
Cash from operations	374.0	368.0	386.0
Tax paid	(34.0)	(24.0)	(18.0)
Investing activities
Capex (PP&E)	(195.0)	(169.0)	(152.0)
Capex (intangibles)	(11.0)	(12.0)	(2.0)
Financing activities
Lease principal paid	(43.0)	(39.0)	(41.0)
Lease interest paid	(16.0)	(14.0)	–
Share buybacks	(6.0)	(5.0)	(7.0)
Shares issued	2.0	1.0	–

	H1 Apr 26	vs H1 Apr 25	H2 Sep 25	H1 Apr 25
Operating activities
Cash from operations	252.0	+2%	122.0	246.0
Tax paid	(20.0)	+100%	(14.0)	(10.0)
Investing activities
Capex (PP&E)	(115.0)	+29%	(80.0)	(89.0)
Capex (intangibles)	(2.0)	−33%	(9.0)	(3.0)
Financing activities
Lease principal paid	(27.0)	+17%	(16.0)	(23.0)
Lease interest paid	(11.0)	+22%	(5.0)	(9.0)
Share buybacks	(3.0)	+50%	(3.0)	(2.0)
Shares issued	2.0	+100%	0.0	1.0

	11 Apr 26	27 Sep 25	28 Sep 24
Non-current assets
Goodwill	28.0	28.0	–
Property, plant & equipment	4,645.0	4,591.0	4,419.0
Non-current assets	5,096.0	5,069.0	4,943.0
Current assets
Inventories	28.0	26.0	27.0
Trade receivables	75.0	79.0	98.0
Cash	240.0	216.0	176.0
Current assets	345.0	324.0	302.0
Total assets	5,441.0	5,393.0	5,245.0
Current liabilities
Trade payables	501.0	473.0	482.0
Borrowings, current	172.0	174.0	143.0
Lease liabilities, current	37.0	42.0	33.0
Current liabilities	717.0	694.0	662.0
Non-current liabilities
Borrowings, non-current	828.0	900.0	1,041.0
Lease liabilities, non-current	368.0	392.0	414.0
Pension surplus / (deficit)	123.0	132.0^r	139.0
Non-current liabilities	1,795.0	1,883.0	2,017.0
Total liabilities	2,512.0	2,577.0	2,679.0
Equity
Total equity	2,929.0	2,816.0	2,566.0
Net cash and other figures
Net cash / (debt) ex leases	(747.0)	–	–
Net cash / (debt) incl. leases	(1,152.0)	–	–
Shares in issue	–	598.9m	598.1m

	11 Apr 26	27 Sep 25	12 Apr 25	28 Sep 24
Non-current assets
Goodwill	28.0	28.0	21.0	–
Property, plant & equipment	4,645.0	4,591.0	4,451.0	4,419.0
Non-current assets	5,096.0	5,069.0	4,947.0	4,943.0
Current assets
Inventories	28.0	26.0	28.0	27.0
Trade receivables	75.0	79.0	73.0	98.0
Cash	240.0	216.0	253.0	176.0
Current assets	345.0	324.0	357.0	302.0
Total assets	5,441.0	5,393.0	5,304.0	5,245.0
Current liabilities
Trade payables	501.0	473.0	492.0	482.0
Borrowings, current	172.0	174.0	156.0	143.0
Lease liabilities, current	37.0	42.0	42.0	33.0
Current liabilities	717.0	694.0	695.0	662.0
Non-current liabilities
Borrowings, non-current	828.0	900.0	976.0	1,041.0
Lease liabilities, non-current	368.0	392.0	396.0	414.0
Pension surplus / (deficit)	123.0	132.0^r	141.0	139.0
Non-current liabilities	1,795.0	1,883.0	1,942.0	2,017.0
Total liabilities	2,512.0	2,577.0	2,637.0	2,679.0
Equity
Total equity	2,929.0	2,816.0	2,667.0	2,566.0
Net cash and other figures
Net cash / (debt) ex leases	(747.0)	–	(860.0)	–
Net cash / (debt) incl. leases	(1,152.0)	–	(1,298.0)	–
Shares in issue	–	598.9m	–	598.1m

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