Franchise Brands reported a resilient performance in FY25 reflecting the essential nature of the majority of its services. System sales and revenue increased +2%, adj. EBITDA up slightly, adj PBT up +12% as lower interest costs benefited, and net debt reduced from £65m to £55m as the cash generative nature of the franchise model was again evidenced. Early trading in FY26 has continued to be varied but outperformed against our FY25 forecasts enabling us to upgrade FY26E and FY27E EPS by +3%. Init ....
