Marston’s Grandstand pub conversions are set to accelerate sharply after the pub group said England World Cup matchdays delivered like-for-like sales growth of 22%, with the company now confident of hitting its full-year margin targets ahead of schedule. The group’s 36 Grandstand conversions completed to date are generating year-to-date like-for-like growth of around 30%. Marston’s plans to target approximately 100 conversions in FY2027, substantially stepping up investment in the format. Marston’s underlying EBITDA margin reached 22.8% in FY2025, up from 21.4% in 2024. Given this, as well as our progress on leverage reduction, the Group is well-placed to recommence shareholder returns in FY2027.’