Takeaways from the Q2’26 Lender Call

研报英文原文证据摘录

Takeaways from the Q2’26 Lender Call

Deutsche Bank

Research

Europe Company Date

19 June 2026

High Yield Corporates Stonegate

Consumer Services, Leisure &

Gaming

Takeaways from the Q2'26 Lender Call

Ricardo Chinchilla

In our view, the call conveyed a distinctly positive and confident tone. Key

Research Analyst

Takeaways include: +44-207-541-6172

Volume and price dynamics in Q2'26. The Leased & Tenanted business

experienced a 3% to 4% volume decline, partially offset by near-flat pricing. Overall

turnover growth is attributed to a 5% increase in rent, driven by CPI-plus

adjustments on capital schemes, enhancing fixed income as a proportion of the

P&L. The operator-led segment shows a ~2% volume decrease and a 5% price

increase, with premiumization, particularly from brands like Guinness and Moretti,

contributing to inflationary pricing. The managed segment recorded a 5% volume

reduction and a 2% price increase, reflecting a more cautious pricing strategy.

Purely within the pub business, volume decreased by 2%, while pricing increased

by 2%, resulting in flat sales.

Current Trading: Management reiterates the company remains on track for

material profit growth in FY'26. Regarding Q3'26 performance, STONPB noted Q3

has Easter last year but 4 weeks of the FIFA World Cup, which will be very positive

for trade in all divisions.

Management also highlighted continued reduction in exposure to more volatile

trading within the managed business and momentum building on exiting loss-

making sites with deals agreed with landlords.

World Cup volumes: Business volumes related to the World Cup have been robust

and aligned with management expectations, partially benefiting from the

advantageous scheduling of England matches. Forward bookings indicate