Investor Update June 2026

Once again, apologies for being late with this update. I know I say that most times, so let's take it as read and get into it.

A newly updated full-team photo.

It will be no surprise, following our previous updates, that hospitality and beer remain a tough market, and have done for over five years now. We have watched some loved and famous names go bankrupt or get asset stripped, their brands tossed onto a pile of other unloved, unconnected labels, and plenty of our peers are wrestling with their balance sheets, ownership structures and cash flow.

Against that backdrop, I truly believe our focus on our three values (Humble, Adventurous and Lasting) is what has kept us in EBITDA and cash flow positive territory. I am deeply grateful for the work the team put in to drive us forward whilst keeping a firm hand on costs.

A few honest words on those. We remain EBITDA and cash flow positive, with EBITDA up to £265,093 from £223,077 the year before, and we have improved our gross margin, which is genuinely pleasing. I won't dress up the rest, though. We are still showing a loss before tax of £55,196. That is smaller than last year's £88,585, and it is heading in the right direction, but it is a number I want to keep pushing back onto the right side of the red line. Gross margin is the area we most need to keep improving, partly through better prices in the trade (difficult, and a work in progress) and partly through efficiencies and cost reduction.

Cost Savings

On to more positive news. We have had some really helpful advances in our yields lately, meaning the amount of beer we get from the same ingredients. Just by measuring the variances and spotting the patterns, we have found gains that will be hugely beneficial for the rest of the year. And please keep your fingers crossed that the cost of oil (which we use for the boiler) comes down soon and takes some of the pressure off our energy bills, where it has been sitting since the start of the Iran War.

Staying on cost savings, we have installed a Nitrogen Generator to replace CO2 as our main process gas, so moving beer around, purging tanks and the like. (We still use CO2 for carbonating the beer, by the way.) It has already given us a big saving. It is throwing up a few teething problems right now, but I am confident this is a positive move, and it takes out a huge risk that the CO2 market has posed to the whole beer industry for years.

Beers

Onto the good stuff, the beer. Since the last update we have put out a lot of liquid we are really proud of, and I hope you have enjoyed it too.

Jaggy Snake hit all the right notes for me: a clean, clear, crisp base, resin for days and a fantastic bitterness that landed perfectly. We worked with two of our heroes on a couple of Soundwave mash-ups, a Soundwave with Verdant and a Pale Fire Soundwave with Pressure Drop (I can't believe that's the first time we've worked with them).

Our newest Time Hops projects were huge fun. We worked with Garage Project in New Zealand on a version of their Pernicious Weed, dumping all the hops in right at the beginning just to see what would happen. Mountain Culture in Australia were a joy to work with, and Fort George brought some great ideas on getting the most out of Strata, along with some very specific techniques.

Above, our Time Hops 2025 beer lineup

We also carried on our brilliant relationship with Disney, with a release built on a Soundwave variant called First Hunt for the Predator: Badlands movie. Earlier this year we were lucky enough to attend the premiere of Ready Or Not 2, Searchlight's first ever sequel, the follow-up to their dark comedy with Samara Weaving.

The team at Hook Norton sent us this photo of the fire engine they bought in Ukraine, now in active use, funded by recent Mavka sales. That one means a lot.

Everyone loves Caribbean Chocolate Cake season, and this year's once-a-year celebration didn't disappoint. Going back to basics with a Dark and Milk chocolate CCC was a lot of fun, and they went down a treat. The Deconstructed Barrel was a fascinating project, and it is an idea we will definitely keep playing with.

Siren RG1

Over in hospitality, RG1 is ticking along nicely. Lucy has recently left us to join the police (we wish her all the best), and George, who headed up Brewdog Basingstoke, has taken on the mantle. If you haven't tried the Millionaire Burger in RG1, or in the G&D, you really should. The salty, sweet rub on the bacon is fantastic. As some of you will know, we have been working through all sorts of cuts and fat levels to improve our burger, and if you pop in shortly you can try the trials for our own dry-aged beef mix. We are aiming for a deeper, richer, more impactful flavour using 28-day dry-aged cuts and our own special blend, working hand in hand with the team at Reeves butchers. We are ageing close to a quarter of a cow at a time to create it.

Above, RG1 General Manager, George, poses for Father's Day with his daughter

Hopefully you will have noticed the improvements in our guest beer curation, on both the Tap List and the fridges, and you will be pleased to hear the Cellar is coming back with a very special list of hard-to-find aged and one-off beers. And if you still haven't tried the Barrel Aged Negroni on tap (or by the bottle in the G&D and tap room), you are missing a real treat. I took on the onerous task of developing that one myself, and I love the blend of gin, vermouth and Campari we use, and the way the wood lends a touch of tannin and spice.

George & Dragon

The George and Dragon has had more investment over the last year, on top of the internal repaint, car park renovations and gents' toilet update. Last year we took out the huge, oppressive trees that were blocking our customers' views of the fields, and expanded the outdoor space considerably. It has had a huge impact and made us a serious choice for a summer destination. The food keeps getting better, and the team under Sophie, with Rachel and Ewalina, goes from strength to strength. Food scores, service scores and value for money, our three top NPS measures, have all kept climbing.

Above, the renovated G&D garden at a regular Community Night

2026 and Beyond

On to the start of this year. We have had a lovely collaboration with Beer52, an extension of our Time Hops project; we have been playing with recipes under Pilot for a 5% gluten-free pale; and Every Minute Matters has taken shelf space in Waitrose, Asda and Morrisons. Our work with M&S has grown into a really nice relationship too, with the M&S Nitro Stout proving hugely popular in their range, and the recent Mexican Lager flying off the shelves.

I am also really excited to announce that M&S will be the first national stockist to take Hopwater, with our Krush variation.

And I am delighted to share that we are taking on a new site in Cheltenham. It is the old Brewdog site in the Brewery Quarter (which feels rather appropriate), and it will be our first site outside Berkshire. It is a great spot with a customer base who love craft beer, and we cannot wait to make it a brilliant addition to the family.

We are still a small team, and once again, from me and all of them, thank you. Your support means the world to us. Please keep spreading the good word, tell your friends, your coworkers and hell, why not tell your enemies too, and do use those investor discounts and get in quick.

Kind Regards,
Darron

P.S. Keep your eyes peeled for Hopwater Krush landing at M&S, and watch this space on Cheltenham.