C&c Group Plc · LSE:CCR
C&c — Investor Day (September 2026)
65 slides from C&c's investor day presentation, Sep 24, 2026
Slide 1: Capital Markets Day Glasgow
CAPITAL MARKETS DAY GLASGOW 24 September 2026
Slide 2: Introduction
Introduction
Slide 3: Presenting alongside me today
Presenting alongside me today Andrea Pozzi Cara Chambers Carole Kingsbury Karen Bates Paul Graham Adam Phillips Chief Operations Officer Chief Marketing Officer Chief Technology Officer Chief People Officer Chief Commercial Officer Chief Financial Officer Prior Experience Prior Experience Prior Expe
Slide 4: Our business
Our business OUR PURPOSE WHO WE ARE WE MAKE WE MOVE We bring people together – We are a branded multi- through remarkable brands, beverage, multi-channel drinks trusted partnerships and specialist, driven by a challenger excellence in execution mindset and focused on sustainable, efficient growth. W
Slide 5: C&C operates through two focused businesses with distinct approaches to value creation
C&C operates through two focused businesses with distinct approaches to value creation C&C Brands c.€600m revenue and c.10% c.€900m revenue and c.1% Size operating margin operating margin Vertically integrated, asset- Wholesale model in Model England & Wales backed brand-led model Hospitality, hotel
Slide 6: The focus for today
The focus for today: C&C Brands Business Volume growth through: Margin growth through: Strategy • Powerful brand bases to build on • Volume consolidation • Innovation agenda • Brand partnerships • Manufacturing flexibility, capability • Price optimisation and capacity • Improved branded mix • Route
Slide 7: Resilience and momentum
We are entering a three-year period that will be defined by our focus on building… RESILIENCE and MOMENTUM People & Improved Customer Resilience culture Tech & data efficiency Cost controls service Launch of C&C Brands Core brand Consolidation Profitable Momentum MCB portfolio innovation acquisition
Slide 8: We have been busy since late May…
We have been busy since late May… The integration of Innis & Gunn settling Announcement of the Embedding Matthew Clark and into the portfolio acquisition of all of simplification and Bibendum is up and following acquisition Asahi UK’s wholesale resilience-building running and initial creating an enh
Slide 9: Building partnerships to create long-term value
Building partnerships to create long-term value Core Global Branded Shareholder brewing brewing sales and sales partner and packing partnership partner partnership We are the brewing partner for a number of significant global beer brands 9
Slide 10: What next?
What next? Resilience Momentum Delivery Quality of We are still in the Our momentum Reinforce our Earnings resilience building driving phase is ability to deliver Quality of earnings phase. now established consistently and and cash flow and building. translate that improvement. successfully into fin
Slide 11: Financial outputs
Financial outputs €85m >€100m Operating Free Cash Flow Profit FY30 FY28 – FY30 Notes: 11 • Free cash flow is after leases and exceptional costs • FY30 is the year ended February 2030
Slide 12: Setting the Context: Category Overview
Setting the Context: Category Overview
Slide 13: Macro: Despite cost-of-living pressures, people prioritise social occasions
Macro: Despite cost-of-living pressures, people have been prioritising social occasions and experiences Spend up 2.7% in UK pubs, bars & clubs and 1.5% in restaurants, cafés & bakeries, shows social occasions holding firm against cost pressures. UK inflation rose to 2.9% in the UK consumer confidenc
Slide 14: People are continuing to come together through drinks
People are continuing to come together through drinks, both in hospitality and at home Latest 12 weeks – Drinks Category Ireland Ireland GB Hospitality GB Retail Hospitality Retail +5.5% Value +3.2% Value +1.6% Value +5.5% Value -0.8% Volume +6.0% Volume -3.6% Volume +4.9% Volume LAD, spirits, wine,
Slide 15: Hospitality: people value socialising, and drinks remain at the centre
Hospitality: people value socialising, and drinks remain at the centre of those moments Earlier Occasions Mixed Repertoires Food led 2-7pm 1 in 3 60% Saturday afternoons and On-Trade soft drink Of alcohol occasions are early evenings occasions with food Biggest gain in alcohol’s relative Also involv
Slide 16: Retail: long alcohol drinks are outperforming wider basket
Retail: long alcohol drinks are outperforming wider basket as growth broadens across categories and occasions Total FMCG Alcohol Beverages Growth Pockets +0.7% +6.0% Beer, Cider, RTD Unit Growth Volume Growth Consumer Demand FMCG growth is limited by price At home drinking occasions drive Flavour an
Slide 17: Recap: why we remain confident in our categories
Recap: why we remain confident in our categories Consumer Occasions Channels Growth People continue to Beer and cider Hospitality and Premiumisation, prioritise social remain large, retail play flavour, moderation occasions and relevant and complementary and convenience experiences. resilient catego
Slide 18: Growing volume in C&C Brands
Growing volume in C&C Brands | BULMERS | i cad group a OUTCIDER
Slide 19: The focus for this breakout session
The focus for this breakout session: Business Strategy C&C Brands Volume growth through: Margin growth through: • Powerful brand bases to build on • Volume consolidation • Innovation agenda • Brand partnerships • Manufacturing flexibility, capability • Price optimisation and capacity • Improved bran
Slide 20: Growing volume in C&C Brands
Growing volume in C&C Brands 1 2 3 4 5 Powerful Innovation Manufacturing Route to Value added bases to build agenda flexibility, market partnerships from capacity and strength capability A vertically integrated, asset backed brand-led model 20
Slide 21: Our strongest brands lead in Scotland and Ireland
Our strongest brands lead in Scotland and Ireland, where local relevance creates resilient advantage SCOTLAND IRELAND TENNENT’S BULMERS No.1 99.5% 97% 59% Bigger 91% Best selling Brand Cider volume than Brand alcohol brand Distribution awareness share Guinness awareness Must-stock On & Off 2025 Kant
Slide 22: Build Brand Power: Tennent's is Scotland's undisputed beer leader
Build Brand Power: Tennent’s is Scotland’s undisputed beer leader and our largest platform for creating value Scotland’s Facing category Resilient and undisputed no.1 headwinds growing momentum • 1 in 2 on-trade pints is a • Beer category in Scotland has • Attracting incremental Tennent’s₁ contracte
Slide 23: Tennent's is a Cultural Icon
Above all – Tennent’s is a Cultural Icon, connected to and embedded in the lives of the people of Scotland 23
Slide 24: Bulmers is the cider powerhouse
Build brand power: Bulmers is the cider powerhouse, unrivalled category leadership, primed to deliver the next wave of growth Ireland’s Category & consumer Primed for further favourite cider Leadership growth • 100% on/off-trade penetration • The largest and most valuable • Leading cider for awarene
Slide 25: Bulmers is an Irish cultural icon
Bulmers is an Irish cultural icon… continuing to win new drinkers and its place in Ireland’s hearts and minds 25
Slide 26: We've transformed our approach to innovation
We’ve transformed our approach to innovation enabling us to build on powerful brand bases to drive momentum Consumer Powerful Innovation Manufacturing Route to & category brand capability & market Dedicated team, insight bases capacity strength stage gate process Data-rich – Culturally and 3-year la
Slide 27: Innovation: Our core brands' strength allows stretch to deliver growth
Innovation: Our core brands’ strength allows stretch to deliver growth New Bulmers Tennent’s Tops Bulmers Glass Tennent’s Stout Bulmers / Tennent’s Stout 0.0% Innovation Bottle into Retail launch Magners Flavour Off-Trade (spring 2025) (March 2026) (summer 2026) (Autumn 2026) (spring 2027) (Autumn 2
Slide 28: The fastest growing style in beer
THE FASTEST GROWING STYLE IN BEER… FROM THE BRAND SCOTLAND TRUSTS TO BREW IT Why now: stout interest has expanded fast - Scotland leads growth in stout alternatives* Who: 18–34 drives the style, and 60% of stout drinkers are open to trying new brands** Right to win: Tennent's Pilsner already proved
Slide 29: New Brand Creation Success: Outcider
New Brand Creation Success: Outcider – a distinctive Gen Z challenger brand built to drive the next wave of cider growth. Recruiting new Winning in the Opportunity to drinkers market scale • Northern Ireland's No.1 draught • Early proof of concept • Sweeter profile suited to younger cider on-trade e
Slide 30: Innis & Gunn acquisition strengthens our beer portfolio
Innis & Gunn acquisition strengthens our beer portfolio and expands our route to growth An attractive Enhances our Exciting growth acquisition portfolio potential • Established and recognised • Broadens the premium beer • Brand permission to grow in premium beer brand offering England and Wales • In
Slide 31: Scalable manufacturing platform
Scalable manufacturing platform Wellpark Brewery Clonmel Glasgow, Scotland Tipperary, Ireland Brewing, canning, kegging and bottling Brewing, canning, kegging, bottling and PET 3m HL brewing and 4m HL packaging capacity 3m HL cider production and 3.5m HL packaging capacity Ability to double producti
Slide 32: Operational efficiency of our manufacturing facilities
Operational efficiency – we are continually reviewing the efficiency of our manufacturing facilities Planning Shift patterns Maintenance Operational New equipment excellence Structure Implemented Proactive and Investments change and new shift preventative Systematically include can filler, improved
Slide 33: Our owned route to market enhances our ability to scale
Our owned route to market enhances our ability to scale C&C brands and deliver attractive scale for partners Owned logistics Partnerships that add Unrivalled customer network value base A network of depots throughout Partnerships with leading brands Our portfolio of must-stock brands Scotland and Ir
Slide 34: Reducing our environmental impact across the value chain
Reducing our environmental impact across the value chain – how we source, produce, move and report Building sustainability Making and moving Clear commitments, into every sourcing products more transparent reporting decision sustainably - Longstanding, local supplier - Target 50% reduction in natura
Slide 35: Recap: Leading brands, proven innovation, and a platform
Recap: Leading brands, proven innovation, and a platform built to make, move and sell 1: Powerful 2: Innovation 3: Manufacturing 4: Route to 5: Value added bases to build agenda flexibility, market partnerships from capacity and strength capability Category leading Familiar brands Wellpark and RTM a
Slide 36: Growing margin in MCB
Growing margin in MCB
Slide 37: The focus for this breakout session
The focus for this breakout session: Business Strategy C&C Brands Volume growth through: Margin growth through: • Powerful brand bases to build on • Volume consolidation • Innovation agenda • Brand partnerships • Manufacturing flexibility, capability • Price optimisation and capacity • Improved bran
Slide 38: Converting MCB's significant scale into an appropriate return
Our focus is on converting MCB’s significant scale into an appropriate return c. €0.9bn c. 1% Turnover Operating Margin FY to 28 February 2026 Current conversion 3%+ Medium-term Ambition Scale is already in place The value creation agenda is margin expansion Not turnover for its own sake Better buyi
Slide 39: Five practical levers turn platform strength into margin
Five practical levers turn platform strength into margin 1 2 3 4 5 Volume Brand Price Improve Optimise cost consolidation partnerships optimisation branded mix to serve Fold acquired and Strong commercial Revenue Growth Proactive mix Network efficiency, partner volume into agreements with our Manage
Slide 40: Consolidating volume into a network that already has the capacity
1 Consolidating volume into a network that Volume consolidation already has the capacity to carry it The Asahi deal Capacity to Proven to Headroom for Nectar Imports and Asahi absorb execute growth UK direct distribution – 400+ vehicles serve 13,000+ 5 depots consolidated, We serve under 10% of scal
Slide 41: A route to market brand owners cannot easily replicate
Nectar 2 A route to market brand National Brand Reach owners cannot easily A range of hospitality partnerships replicate – and terms that channels in every postcode should reflect it Capacity Composite to Scale Range Current network has c.7000 SKUs spare capacity for across every major added volume
Slide 42: Pricing with structure and discipline
3 Pricing with structure and discipline, Price not at the customer’s expense optimisation Structure Segmentation Discipline • Recover input cost movements • Structured RGM and pricing • Price to customer type, volume promptly governance and service level • Manage discount and rebate • Clear rules, f
Slide 43: Shift the mix towards brands, categories and customers that create value
4 Shift the mix towards the brands, Improve categories and customers that create value branded mix FROM TO 20% OF SKUs Breadth as the objective Too many low-value SKUs and slower operations Demand-led range Relevant choice, better availability, less capital Undifferentiated supply Own brand and prem
Slide 44: Take cost and complexity out of the network
5 Take cost and complexity out of the Optimise cost network, protect what customers value to serve Protect Remove cost and complexity Reliability Minimum drop size Delivery frequency Fewer uneconomic deliveries Use day-one-for-day-three Availability patterns where appropriate Consistency Picking eff
Slide 45: The prize is a structurally stronger MCB
The prize is a structurally stronger MCB c.1% CURRENT MARGIN 200+bps MARGIN IMPROVEMENT PLAN 3%+ MEDIUM-TERM AMBITION Improved Margin More Resilient Better Platform Better revenue conversion Less dependence on Capacity and service focused into profit low-return volume on value creation A defined pla
Slide 46: Our Enablers
Our Enablers
Slide 47: The focus for this breakout session
The focus for this breakout session: Business Strategy C&C Brands Volume growth through: Margin growth through: • Powerful brand bases to build on • Volume consolidation • Innovation agenda • Brand partnerships • Manufacturing flexibility, capability • Price optimisation and capacity • Improved bran
Slide 48: People and Culture
People and Culture o :
Slide 49: Creating resilience
Creating resilience THE THREE PILLARS OF OUR PEOPLE STRATEGY 01 02 03 Culture People Capability A culture that gets things done The right people, in the right roles Relentless focus on high in the right structure performance 49
Slide 50: Impact so far
Impact so far WHERE WE WERE, WHERE WE ARE EMPLOYEE NUMBERS ENGAGEMENT SCORE SURVEY RESPONSE EMPLOYEE TURNOVER 2,633 70% 80% 20% from 2,884 in 2024 from 69% in 2024 unchanged from 2024 from 30% in 2024 A leaner, simpler Up a point through Participation Turnover cut organisation major change holding f
Slide 51: Building the momentum
Building the momentum OUR FOUR PRIORITIES FOR THE YEAR AHEAD 01 02 03 04 Operating Employee value Culture Technology model proposition A performance-led Systems that drive An operating model Harnessing our brands culture where people performance, measure it built to perform and to attract and retain
Slide 52: Technology and Data
Technology and Data
Slide 53: Protect today – Build tomorrow
Protect today – Build tomorrow Operating model Improved value Data as an asset Digital route ✓ Strengthened Security proposition ✓ Trusted Data foundation to market and Service operating ✓ Industry-standard ✓ Self-serve insight and ✓ Improved digital model process dynamic reporting capability ✓ Stru
Slide 54: What this delivers for C&C Group
What this delivers for C&C Group Legacy platforms retired and a Proof points to date Culture materially stronger security posture ✓ Cyber Essentials Plus Accreditation across people, technology and data. ✓ Security Scorecard rating significantly improved – from 82% to 94% Simplified processes, techn
Slide 55: Enablers: in summary
Enablers: in summary PEOPLE & CULTURE AND TECHNOLOGY & DATA 01 02 03 04 Culture and people A leaner, steadier Protect today, Momentum into base build tomorrow 2026 Restructure delivered a stable, accountable Headcount down 9.5% to Security, service and data Operating model, EVP, organisation with fe
Slide 56: Financial Framework
Financial Framework
Slide 57: Context
Context Earnings have been volatile in recent years due to internal and external factors. The Group has inherently good cash generation characteristics, albeit weaker in the last couple of years and leverage has increased Volume decline partially offset by High cost inflation price increases Good ca
Slide 58: Profiles of our two businesses
Profiles of our two businesses The two businesses have different margin profiles as set out below C&C Brands MCB Includes: Wholesale of third-party brands and route to market for C&C Brands in England & Wales • Manufacturing and sale of our brands • Partnership operations 96% of sales are third part
Slide 59: Operating margin
Operating margin Operating margin has averaged 4.3% in the last three years. Cost inflation, mix and volume have diluted margins, offset by price and cost reduction initiatives. Going forward, we anticipate Group operating margins to improve as we take actions, whilst headwinds stabilise slightly an
Slide 60: Financing
Financing The Group has €600m of diversified committed borrowing facilities and substantial liquidity headroom Receivables securitisation 150 €600m of committed facilities facility renewed annually 101 PP maturing in 2030 and 2032 €373m available liquidity1 at February 2026 100 Term loan maturing in
Slide 61: Financing
Financing For many years the Group has used a receivables securitisation facility. This is a relatively low cost and flexible financing facility. This is a working capital facility; any amounts drawn on this are not presented in net debt Efficient, flexible form of financing Low interest cost and no
Slide 62: Free cash flow definition
Free cash flow definition Going forward we are adopting a revised definition of free cash flow, which now includes lease costs, as set out below Definition of free cash flow Two amended metrics: Underlying free cash flow = includes lease costs but excludes exceptional costs Free cash flow = as above
Slide 63: Free cash flow
Free cash flow In the last three years, the Group has generated €72m of free cash flow (€62m if the additional drawdown on the receivables facility is excluded); we are targeting over €100m of free cash flow in the next three years Free cash flow history Free cash flow outlook Over €100m free cash f
Slide 64: Medium term targets
Medium term targets We have established the following P&L and cash targets for the next three years €85m >€100m Operating profit Free cash flow FY30 FY28-FY30 C&C Brands: • Revenue growth Free cash flow after leases and • Small decline in operating margin exceptional costs of 50-100bps reflecting mi
Slide 65: Capital allocation
Capital allocation Our capital allocation priorities start with maintaining a strong balance sheet and organic investment, followed by a progressive ordinary dividend. The choice for deployment of surplus capital depends on the attractiveness of the options at the time 01 02 03 04 Strong Balance Org