Punch Pubs FY earnings rise amid conversions boost
During the year, Punch converted 36 pubs to its partnership model and acquired 35 new sites for £20m
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Punch Pubs Group has reported a “strong uplift” in trading from pubs converted to its partnership model, helping to lift underlying EBITDA from £88.6m to £95.8m for the year ended 10 August.
The group said performance across its leased and tenanted and pub partnership segments had strengthened, with total revenue rising to £337.9m from £323.5m a year earlier.
During the year, Punch converted 36 pubs to its partnership model and acquired 35 new sites for £20m.
Capital investment reached £40m, up from £28.8m the previous year, including energy-efficiency upgrades that saw 94% of non-listed pubs reach a SAP rating of C or higher. The company expects all sites to reach that standard by the end of 2026.
Underlying EBITDA before central costs rose by £7.1m to £129.8m, supported by inflation-linked price growth, targeted acquisitions and the continued rollout of cost-saving measures worth £5.1m.
Meanwhile, property assets increased by £95.4m to £1.01bn after a full revaluation by Savills, while the group’s loan-to-value ratio stood at 62%.
Punch also completed a £640m refinancing of senior secured notes, due to mature in December 2030, and extended its £85m revolving credit facility to June 2030.
According to chief executive Clive Chesster, the uplift reflected “the maturity of our pub partnership model, a resilient community estate and disciplined cost management”.
Trading in the first eight weeks of the new financial year to 5 October 2025 was ahead of the same period last year, with the group expecting further growth from ongoing conversions, acquisitions and operational efficiencies.
