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Punch Pubs has reported an 8% rise in revenues to £105.1m in the 16-week period ended 30 November 2025, following increased investment in its partnerships and further expansion of its property portfolio.
The operator of some 1,264 sites saw underlying earnings increase by £1.6m to £39.4m for its pub estates before central costs.
Growth was driven by inflationary price increases, capital investment and the acquisition of 71 sites over the last two years, according to the group, as well as the implementation of a £5.1m cost-saving plan.
Capital expenditure rose to £17m during the period, up from £10.7m the year prior. This was attributed to an increased rate of site transfers to the pub partnerships division.
The company confirmed 95% of its non-listed pubs now hold an energy efficiency SAP rating of C or higher. The group aims to reach 100% by 31 December 2026.
Property assets were valued at £1.02bn following a rolling revaluation by Savills. The group maintains a freehold or long-leasehold interest in 92% of its estate.
Trading during the Christmas and New Year period remained strong, while earnings for the eight weeks to 25 January 2026 were 10% ahead of the same period in 2025.
Since the end of the quarter, the group has agreed to acquire 49 pubs for £42.2m. This includes 30 sites from McMullen and four from Stonegate.
The group is currently reviewing options to fund further inorganic growth. This may include the issuance of new senior secured debt depending on market conditions.
According to Punch Pubs, it remains firmly on target to deliver on the £111m pro forma run rate adjusted EBITDA as it was set out at the time of the £640m bond issue in May 2025.
