Punch reports underlying Ebitda growth, acquires Mash Inn JV: Punch Pubs & Co, the Fortress-backed operator of circa 1,300 community pubs, has reported revenue of £105.1m for the 16 weeks to 30 November 2025 compared to £97.3m in the prior year, and said that both its segments (Leased and Tenanted and Pub Partnerships) delivered like-for-like underlying Ebitda growth during the period. Underlying Ebitda for the pub estates before central costs increased by £1.6m to £39.4m. Ebitda for the period was £27.5m (prior year 16 weeks: £26.5m). Underlying Ebitda for the 52 weeks to 30 November 2025 was £100.1m compared to the £76m of adjusted underlying Ebitda from the wider Punch Group in the year to August 2019. The company said its performance was underpinned by growth in its like-for-like estate driven by inflationary price increases and trade enhancing capex investment; maturing profits from pubs converted from L&T to Pub Partnerships; opportunistic acquisitions of single sites and small pub portfolios with 71 acquisitions completed in the last two years; and optimising its cost base as it implemented a £5.1m cost saving plan. In the 16-week period the group has spent £17m (prior year 16 weeks: £10.7m) on expansionary and maintenance capital. It said that the increase in capital expenditure in the 16-week period over the prior year was primarily due to the increased rate of transfers to Pub Partnerships with 16 transfers in the period versus two transfers in the prior year period. As at the 30 November 2025 period end date the group had £93m of available liquidity, represented by £8m of cash and cash equivalents and £85m undrawn against its revolving credit facility. The company said: “We remain firmly on target to deliver on the £111m pro forma run rate adjusted Ebitda as set out at the time of the £640m bond issue in May 2025. The acquisitions described below are incremental to this pro forma Ebitda. Quarter two trading to date (eight weeks to 25 January 2026) which includes the Christmas and New Year trading period has been strong with underlying Ebitda 10% ahead of the same period in 2025. In the 52 weeks to 25 January 2026, Punch achieved revenue of £351.8m and underlying Ebitda of £101.6 million. On 27 January 2026 the government announced further business rates relief for pubs. Following this announcement we now expect our business rates costs to remain broadly similar to the current year’s charge for the next three years (other than for CPI inflation). Since the quarter end we have completed on, exchanged or agreed to acquire 49 pubs for an aggregate cost of £42.2m (including appraised capital investment and fees), with an appraised Ebitda after investment of £6.5m, equating to a multiple of 6.5x. The 49 pubs include 30 pubs acquired in a single package from McMullen’s and four pubs acquired from Stonegate (previously operated under the Mash Inns joint venture). Punch is actively monitoring market conditions and reviewing options to fund inorganic growth (including, in particular, options to refinance or finance amounts that have been, or will be, used to acquire the 49 pubs referenced above). This may involve the borrowing or issuance of new senior secured debt in the near term, including by opportunistically accessing the debt capital markets subject to market conditions. Potential incremental debt raised and potential acquisitions pursued will remain consistent with Punch’s conservative financial policy and will be net leverage neutral.”