Revenue rose to £105.1m from £97.3m a year earlier, while EBITDA increased to £27.5m, reflecting stronger performance across the estate and continued momentum in its Pub Partnerships model.
Punch said its community-focused, drink-led estate continues to support resilient trading.
Growth drivers
Punch said profit growth has been driven by inflationary price increases across the like for like estate, trade enhancing capex, improving returns from pubs moved from leased and tenanted into Pub Partnerships, and acquisitions.
The group completed 71 acquisitions over the past two years.
Punch spent £17m on expansionary and maintenance capital during the period, up from £10.7m, which it said largely reflected a faster pace of transfers into Pub Partnerships. It completed 16 transfers in the 16-week period, compared with two in the prior year period.
The group said its energy efficiency programme also continued, with 95% of non-listed pubs now holding an SAP rating of C or above, up from 84% in August 2024. Punch said it’s on track to reach 100% by the year-end.
Christmas trading
Punch said second quarter trading to date has been strong, with underlying EBITDA 10% ahead of the same period in 2025 over the eight weeks to 25 January 2026, covering Christmas and New Year.
For the 52 weeks to 25 January 2026, Punch reported revenue of £351.8m and underlying EBITDA of £101.6m.
Punch has completed, exchanged or agreed to acquire 49 pubs since the period end, including a 30 pub package from McMullen’s and four pubs acquired from Stonegate, previously operated under the Mash Inns joint venture.
Punch added that it is reviewing funding options for inorganic growth, including refinancing or financing amounts used to acquire the 49 pubs, and said this could include new senior secured debt, subject to market conditions.
The group also pointed to the Government’s further business rates relief for pubs, announced last month. Following the announcement, Punch said it now expects its business rates costs to remain broadly similar to the current year’s charge for the next three years, other than CPI inflation.
