The Suffolk brewer and pub operator reported revenue of £63.7m for the year to 31 December 2025, down from £68.1m the year before, partly due to a reduction in owned sites.
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EBITDA increased to £3m, while operating profit reached £0.47m, compared with an operating loss of £1.17m in 2024. Net debt reduced from £15.3m to £9.2m following its asset disposal programme.
‘Further improvement’
Chair Simon Townsend said the results represented further improvement on the prior year, but did “not yet illustrate the sustainable recovery of underlying business profitability”.
Adnams said its pub and hotel estate traded well during the year, particularly in the run up to and during Christmas. The estate now has nine managed properties, one temporarily managed site and 17 tenanted properties.
The White Hart in Aldeburgh was transferred from tenanted to managed during the year, with the site operating a similar wet led offer to the Lord Nelson in Southwold. The group said the two sites had low operating costs and high footfall.
Its Five Bells site in Wrentham delivered 10% growth, while room occupancy across the estate remained strong.
In the tied business, wet sales and rental income fell due to the reduced size of the estate, although like for like performance increased 1.7% year on year.
‘Build on our wins’
Chief executive Jenny Hanlon said: “2026 will see our actions continuing to focus on delivering a more resilient business.
“We will build on wins in our sales activities, whether in our ale performance, improvement in wine rankings, or better returns when stores are moved, all of which need to continue delivering into 2026.
“This is being balanced against clear execution of change in our core operations to reduce our cost base, which is moving at pace.”
The group said 2025 had not yet returned the business to a sustainable footing, with further changes ahead as it continues to reduce costs and simplify the business.
The results follow the appointment of Andy Driscoll as CFO, who joined Adnams in September 2025 and was appointed to the board in October.
At the time of his appointment, Adnams said Driscoll would support its focus on growth and profitability.
