The business, that operates 1,310 pubs – 92% of which are owned as freeholds or on long-term leases – announced total revenue rose by 9.1% to £274.7m (from £251.7m in its previous financial year) while underlying EBITDA (earnings before interest, taxation, depreciation and amortisation) increased by £4.7m to reach £75.9m, in the 40 weeks to 17 May 2026.
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Punch said the rise in EBITDA was driven by like-for-like estate performance, profits from Pub Partnerships transfers and selective acquisitions of single sites and small pub portfolios.
There have been 50 pubs acquired in the year to date, including 30 from McMullen, two small packages of four and eight pubs respectively plus eight individual pub acquisitions, which Punch said IS “reflecting the Group’s disciplined, repeatable approach to identifying, investing in and revitalising community pubs”.
Transfers to managed estate
Further to this, Punch has completed on, exchanged or agreed to buy a further 24 pubs for £19.2m, including five additional pubs from RedCat Hospitality.
The business has increased the rate of its transfers of sites to its Pub Partnerships estate with 60 having taken place in the year to date compared to 22 last year. The estate ratio is now 69% in leased & tenanted and 31% in Pub Partnerships.
On current trade, Q4 has been strong with underlying EBITDA ahead of the same period in 2025, in part
due to very strong trading during the World Cup, which delivered a strong uplift in sales: like-for-like sales in its Pub Partnerships pubs increased by 59% during the seven England match days.
Momentum has continued
Spencer said: “We are pleased to deliver another quarter of revenue and profit growth, reflecting the strength of our differentiated model and the hard work of our publicans, who continue to drive strong performance across the estate. That momentum has continued into Q4, with the World Cup providing a real boost in recent weeks.
“Last week’s announcement of a business rates cut for pubs in England is a positive and much-needed step forward. It demonstrates that the Government is listening to an industry that sits at the heart of communities and makes a significant contribution to the UK economy. However, there is still more to do.
“We would like to see a broader package of support that recognises hospitality as a key growth sector and creates the confidence needed for businesses and publicans alike to invest more, growing businesses at an even greater pace, and creating even more local, and accessible, long-term jobs.
“With strong trading momentum, a clear growth strategy and continued investment across our business, we enter the final quarter with confidence and remain optimistic about the long-term opportunities ahead.”
