J D Wetherspoon (JDW) Trading update summary

Trading performance

• Like-for-like sales rose 4.0% in the 12 weeks to 19 July 2026 and 4.2% year-to-date.

• Eight new pubs opened and nine sold in the year to date; 793 managed pubs now operated.

• Fifteen franchised pubs opened year-to-date, bringing the total to 23.

Financial position

• 6,402,368 shares repurchased for cancellation at an average price of £6.52 per share.

• Four pub freehold reversions acquired for £12.2 million, total spend since 2011 now £489 million.

• Year-end net debt expected to be £720 million, consistent with last year.

Outlook and guidance

• Full-year profits expected to be below market expectations due to slightly lower sales in the final quarter and higher costs in food, labour, repairs, energy, and business rates.

• Preliminary results scheduled for release on 2 October 2026.