Full Year Trading Update

Coppa Collective PLC

27 October 2026

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 27 October 2026

Coppa Collective plc

("Coppa Collective" or "the Company"

and, together with its subsidiaries, "the Group")

Trading Update

Record adjusted EBITDA and positive trading momentum provide a stronger platform for growth

Coppa Collective plc (AIM: COPC), a premium, multi-format hospitality group, provides the following unaudited trading update for the 52-week period ended 27 September 2026 ("FY26").

FY26 Highlights

·	Adjusted EBITDA1 expected to double to a record £2.8m, in line with market expectations2.
·	Organic adjusted EBITDA expected to increase by 44% to £2.0m.
·	Adjusted EBITDA margin expected to improve to 5.0% from 2.6%, reflecting improved operational efficiency.
·	Revenue growth of 8% to £56.4m, supported by the enlarged estate.
·	Return to like-for-like ("LFL") sales growth in Q4, with Group sales up 2.2% and Coppa Club up 2.6%3.
·	Acquisition of The Linwood Collection, a group of premium pubs with rooms, at a highly attractive multiple of approximately 7x historical site-level EBITDA4.

Trading and Operational Progress

FY26 has been a year of significant operational and strategic progress, with the Group delivering a substantial improvement in profitability whilst continuing to strengthen and develop its estate.

The improvement in underlying earnings has been driven by a sustained focus on operational performance, labour productivity, purchasing and cost management. These initiatives have strengthened the profitability of the existing business and established a more efficient operating model to support future growth.

Following strong first-half growth and a more challenging third quarter due to specific prior-year factors, trading strengthened in the final quarter, with Group LFL sales increasing by 2.2% and Coppa Club by 2.6%³, providing positive momentum heading into FY27.

For FY26 as a whole, Group LFL sales were broadly flat, with Coppa Club delivering growth of 0.3%³.

The Group's overall trading performance was also impacted by prolonged landlord works at its London Bridge site during FY26. The Group took the opportunity to refurbish and convert the venue, resulting in a closure of nearly two months before reopening as Coppa Club London Bridge on 23 July 2026. With the external restrictions now removed, the venue enters FY27 better positioned for improved performance.

Coppa Club continues to provide an established platform for organic growth. During FY26, the Group strengthened the brand's London presence through the conversion of Tavolino and 31 Below into the Coppa Club format, creating further opportunities to improve trading performance. The Group is building on this progress through active negotiations for a major new Coppa Club site in the capital.

Noci continued to develop its customer proposition during FY26, broadening its menu beyond fresh pasta to include a wider range of Italian dishes. These changes have supported increased average customer spend, although trading conditions remained challenging, with revenue below the prior year. Despite this, Noci delivered a 12% improvement in site-level EBITDA, reflecting better operational efficiency and cost management. The Group remains focused on building customer volumes, increasing awareness of the broader offer and improving returns across the brand's estate.

The Linwood Collection

The acquisition of The Linwood Collection, which completed in March and April 2026, marked an important step in the Group's growth strategy, broadening its portfolio of premium hospitality venues and adding a complementary platform for future growth.

The four venues, comprising three freeholds and one long leasehold, were acquired for £11.25m, representing approximately 7x historical site-level EBITDA⁴, which the Board considers a highly attractive acquisition multiple for a predominantly freehold estate. The transaction provides the Group with an established earnings contribution, valuable property assets and further opportunities to enhance performance and create long-term shareholder value.

The collection continues to trade in line with management expectations, with integration progressing well. The Group remains focused on enhancing operational performance and introducing purchasing benefits while preserving the individual character of each venue.

The previously announced potential acquisition of The Queen's Head will not proceed due to the Asset of Community Value process.

Current Trading and Outlook

The Group has carried its final-quarter trading momentum into FY27. A full-year contribution from The Linwood Collection, the return to unrestricted trading at Coppa Club London Bridge and improved operational efficiency across the existing estate underpin the Board's confidence in the outlook.

Management remains focused on maximising the performance of the existing estate, progressing the integration of Linwood and selectively pursuing expansion opportunities that offer a clear strategic fit and attractive long-term returns.

Following the acquisition of The Linwood Collection and continued investment in the estate, the Group ended FY26 with cash at bank of £2.8m (FY25: £8.0m) and net debt, excluding IFRS 16 lease liabilities, of £10.3m (FY25: net cash of £4.6m).

The Company expects to announce its FY26 results in February 2027.

Mark Loughborough, Chief Executive Officer of Coppa Collective, said:

"FY26 has been a positive year for Coppa Collective. We expect to report a doubling of adjusted EBITDA, higher revenue, and, importantly, significant earnings growth from our existing business. This represents a strong result and demonstrates the progress we're making in building a more efficient and profitable business.

"We've worked hard over the past year to improve the performance of our venues, strengthen operational discipline and create a business that's better positioned for growth. I'm particularly pleased that these improvements are translating into stronger earnings, and I would like to thank our teams for their contribution.

"The acquisition of The Linwood Collection has been an important step in our development. Securing a predominantly freehold collection of premium pubs at an attractive multiple represents a compelling investment for the Group. It is a format we know well, and one where we see significant opportunities to build on the existing earnings base. Alongside the continued development of Coppa Club, we now have a broader platform from which to grow the business.

"We've been encouraged by the return to like-for-like sales growth in the final quarter and the positive start to FY27. With a stronger earnings base, an enlarged estate and a clear focus on delivering further improvements, I'm confident in the direction of the business and excited about the opportunities ahead."

¹ Adjusted EBITDA is presented before IFRS 16 and excludes pre-opening costs, share-based payments, property gains and losses, and restructuring costs.

² Current market expectations for FY26 are revenue of £57.8m and adjusted EBITDA of £2.8m.

³ LFL sales exclude the London Bridge site for the period affected by landlord works. The site was reintroduced into LFL calculations for the final three weeks of FY26 following the removal of the external trading restrictions.

⁴ The acquisition multiple is calculated using historical site-level EBITDA of £1.6m for the 52 weeks ended 28 December 2025, based on the seller's unaudited management information.

Contacts:

Coppa Collective plc	Via Alma
Mark Loughborough (Chief Executive Officer)
Sharon Badelek (Chief Financial Officer)
Zeus (Sole Broker & NOMAD)	[phone]
Harry Ansell
Antonio Bossi
Darshan Patel
George Duxberry
Alma Strategic Communications	[phone]
David Ison	[e-mail]
Rebecca Sanders-Hewett
Will Merison

About Coppa Collective plc 

Coppa Collective is a premium, multi-format hospitality group operating in the United Kingdom.

The Group operates three core brands across 24 locations:

·	Coppa Club, a multi-use, all-day concept that combines restaurant, terrace, café, lounge, bar, workspaces and rooms.
·	The Linwood Collection, a group of premium pubs with rooms.
·	Noci, a modern Italian concept which serves very high-quality dishes at reasonable prices.

For more information, visit www.coppacollective.co.uk.

 

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