Young & Co.'s Brewery (YNGA) H2 2025 earnings summary

Executive summary

• Revenue increased 24.9% year-over-year to £485.8m, driven by strong like-for-like sales and the full-year impact of the City Pub Group acquisition.

• Adjusted operating profit rose 24.6% to £71.4m, with adjusted EBITDA up 23.2% to £113.6m.

• Integration of City Pub Group completed, delivering £6.1m in annual overhead synergies and expanded geographical reach.

• Net debt reduced to £336.3m, with net debt to adjusted EBITDA at 3.0x, reflecting strong cash generation and asset disposals.

• Final dividend of 11.53p recommended, bringing total dividend to 23.06p, a 6% increase year-over-year.

Financial highlights

• Revenue: £485.8m (2024: £388.8m), up 24.9% year-over-year.

• Adjusted operating profit: £71.4m (2024: £57.3m), up 24.6%.

• Operating profit: £37.9m (2024: £28.6m).

• Adjusted profit before tax: £51.6m (2024: £49.4m).

• Profit before tax: £18.1m (2024: £20.7m), impacted by £33.5m in adjusting items, mainly property revaluation and integration costs.

• Adjusted EBITDA: £113.6m (2024: £92.2m).

• Basic EPS: 16.10p (2024: 18.89p); Adjusted EPS: 61.84p (2024: 62.97p).

• Net assets: £774.4m; Net assets per share: £12.47.

• Net debt: £336.3m (2024: £359.6m).

Outlook and guidance

• Trading in the first nine weeks of the new year up 9.4% in total and 8.0% like-for-like.

• Continued focus on operational benefits from City Pub Group integration and a strong investment pipeline.

• Cautious optimism for profitable growth despite macroeconomic headwinds and cost pressures.