YOUNG & CO.’S BREWERY, P.L.C.
INTERIM RESULTS FOR THE 26 WEEKS ENDED 28 SEPTEMBER 2026
OUTSTANDING FIRST-HALF TRADING
STRONG SUMMER OF SUNSHINE AND SPORT; CUBITT HOUSE INTEGRATION COMPLETE
| 2026 £m | 2025 £m | % change | |
| Revenue | 291.1 | 263.6 | +10.4 |
| Adjusted operating profit1 | 46.7 | 40.7 | +14.7 |
| Adjusted EBITDA1 | 69.8 | 62.5 | +11.7 |
| Adjusted profit before tax1 | 37.1 | 31.1 | +19.3 |
| Adjusted operating margin1 | 16.0% | 15.4% | +60bps |
| Profit before tax | 33.4 | 30.6 | +9.2 |
| Net debt (pre-IFRS 16) | 225.9 | 221.8 | +1.8 |
| Net debt to adjusted EBITDA (pre-IFRS 16)1 2 | 2.0x | 2.0x | 0.0 |
| Net debt | 321.6 | 308.5 | +4.2 |
| Net debt to adjusted EBITDA1 2 | 2.6x | 2.6x | 0.0 |
| Adjusted basic earnings per share1 | 48.30p | 35.59p | +35.7 |
| Basic earnings per share | 42.53p | 34.95p | +21.7 |
| Interim dividend per share3 | 12.22p | 12.22p | 0.0 |
| Net assets per share4 | £13.40 | £12.71 | +5.4 |
1 Reference to an ‘adjusted’ item means that item has been adjusted to exclude non-underlying items (see note 2 for adjusted items and note 6 for earnings per share).
2 Net debt to adjusted EBITDA has been calculated based on the last 12 months’ actual adjusted EBITDA of £112.3 million and £122.5 million including leases (see note 8 for net debt).
3 The interim dividend, in respect of the period ended 28 September 2026, is expected to be paid on 4 December 2026 (see note 7).
4 Net assets per share are the group’s net assets divided by the shares in issue at the period end.
HIGHLIGHTS
- Record half year performance, following continued strong momentum during the period. Total revenue increased 10.4% to £291.1 million, with like-for-like sales up 6.4% against a strong prior-year comparator.
- Adjusted operating profit up 14.7% to £46.7 million, driven by a sector-leading margin of 16.0%, up 60bps. from last year’s 15.4%.
- Adjusted profit before tax growth of 19.3% to a record £37.1 million for a half year, demonstrating the strength of Young’s proven strategy, consistently delivering profitable growth.
- Adjusted EPS growth of 35.7% to 48.30 pence per share, reflecting the underlying profit growth and continued impact of the share buyback programme, purchasing 0.9 million shares in the period.
- The integration of the nine Cubitt House pubs (eight operating, one still under development), acquired in April, is complete and the business contributed immediately to the strength of the group’s performance.
- £45.2 million of investment in the period including the acquisition of Cubitt House and continued investment in our existing estate, underpinning the long-term growth of Young’s.
- Young’s successfully moved from AIM to the Official List of the London Stock Exchange’s Main Market in April 2026 and was included in the FTSE 250 Index on 9 October 2026.
- A further share buyback programme of up to £10 million commenced in July 2026, consistent with the group’s disciplined capital allocation policy.
- Over the last thirty-two weeks, revenue increased by 10.3% compared to last year, up 6.2% on a like-for-like basis. In the six weeks since the period end, revenue has grown by 10.0%, representing a 5.1% like-for-like increase.
Simon Dodd, Chief Executive of Young’s, commented:
“Boosted by excellent trading across the summer months, supported by record weather and the FIFA World Cup, Young’s has delivered another period of outstanding performance. Our relentless focus on quality meant that when the sun shone and the matches were aired, customers chose Young’s for our premium offer and the fantastic atmosphere created by our brilliant teams.
Cubitt House’s exceptional collection of pubs is now fully embedded within the Young’s family and has contributed immediately to our performance. The move to the Main Market was an important milestone, and our continued investment and disciplined capital allocation support the next phase of sustainable growth.
As employment legislation evolves, we hope policymakers will recognise the importance of preserving the flexibility that so many hospitality employees actively seek and value. The Young’s Ram agency was created by a need from our teams for flexible working, very much an employee driven request. It continues to grow every year and now accounts for over 12% of our total workforce, covering all levels in Young’s.
While it is important to take a moment to celebrate this brilliant result, we remain focused on building this business further – operating premium, individual and well-invested pubs and bedrooms, while maintaining a strong balance sheet and investing selectively for long-term returns.”