J D Wetherspoon warned that full-year profits are likely to come in below market expectations due to weaker-than-expected final-quarter sales and rising costs across food, labour, repairs, energy and business rates, despite around 4% like-for-like sales growth year-to-date. The group reported eight managed pubs opened and nine sold, with its franchised estate expanding to 23 sites, and continued capital allocation through the purchase of about 6.4 million shares for cancellation and the acquisition of four freehold reversions for £12.2 million. Net debt is anticipated to be about £720 million, broadly in line with last year's level, and management signalled margin pressures amid persistent cost headwinds. The results update, alongside prior warnings, underscores a cautious outlook for the year as Wetherspoon navigates a high-cost environment and modest pricing power. Overall, the company maintains a path of steady estate expansion and ownership, while guidance points to profits underperforming market expectations for the year.