C&c Group Plc · LSE:CCR
C&c — H1 FY2026 Earnings Presentation
28 slides from C&c's earnings presentation, Oct 28, 2025
Slide 1: FY2026 Half Year Results
FY2026 Half Year Results 28 October 2025
Slide 2: Agenda
agenda 01 HY2026 Highlights 02 Financial Performance 03 Strategy Update 04 Operational Review 05 Summary & Outlook 06 Q&A 2
Slide 3: HY2026 Highlights
HY2026 HIGHLIGHTS 3
Slide 4: HY2026 Solid Business Performance in Challenging Market Conditions
HY2026 SOLID BUSINESS PERFORMANCE IN CHALLENGING MARKET CONDITIONS EARNINGS PERFORMANCE UNDERPINNED BY IMPROVED CUSTOMER SERVICE AND STRONG COST CONTROL Margin progression in both Strong free-cashflow generation of Tennent’s (ii) and Bulmers Branded and Distribution €42m(i) supporting disciplined ca
Slide 5: Financial Performance
BULMERS IRISH CIDER FINANCIAL , PERFORMANCE cac group ple “#8
Slide 6: Headline Financials
Headline Financials Group operating profit +4% vs HY2025; EPS +14% HY2025 vs HY2025 €m HY2026 (Reported) Net Revenue 825.7 861.4 (4)% Adjusted EBITDA 58.1 57.0 +2% Operating Profit before Exceptional Items 41.9 40.3 +4% Operating Margin 5.1% 4.7% +0.4 ppts Profit Before Tax 32.1 28.6 +12% Adj. Earni
Slide 7: Net Revenue Bridge (€'m)
Net Revenue Bridge 890 870 850 20.0 12.4 830 - (€'m) 5.1 3.2 1.4 810 861.4 790 825.7 770 750 FY25 HY25 Published Published BBG Underlying Distribution Magners/Orchard Pig Bulmers/Tennents Other FY26 HY26 Reported Reported Anticipated revenue decline from BBG ROI transfer, market driven national cust
Slide 8: Operating Profit Bridge (€'m)
Operating Profit Bridge* 43 43 42 42 0.9 (€'m) 41 0.7 41 41.9 +0.2% pts EBIT Margin 40 +0.6% pts 40.3 EBIT Margin 40 39 FY25 HY25Published Published Branded Distribution FY26 HY26Reported Reported Growth from efficiency and trading discipline driven margin improvement *pre-exceptional items 8
Slide 9: Cost Outlook
Cost Outlook Unit Cost Movement Cost FY26 Estimate FY27 Estimate FY25 OPEX Breakdown Manufacturing Manufacturing input costs input cost 7% Aluminium Distribution costs Utilities 9% Overheads Glass 8% Sugar / Glucose Cost change key Boxes / Board Cereals 3rd-Party Other input costs Unit cost inflatio
Slide 10: Free Cashflow (pre-exceptional items)
Free Cashflow (pre-exceptional items) €m HY2026 HY2025 vs HY2025 Adjusted EBITDA 58.1 57.0 1.1 Net capital expenditure (4.6) (9.3) 4.7 Full year capex €18-20m Working capital movement (4.9) (15.3) 10.4 Half year timing – to reverse in H2 Income taxes paid 1.4 (3.2) 4.6 Net finance costs paid (10.1)
Slide 11: Net Debt
Net Debt €m HY2026 HY2025 Net Borrowings 92 81 Leases 141 122 Total Net Debt 235 203 Leverage Pre IFRS16 1.1 1.1 Leverage Post IFRS16 2.0 1.9 Debt Facilities Expiry Facility Drawn RCF January 2030 €250m €25m Term Loan January 2030 €100m €100m Private Placements 2030/32 €103.5m €103.5m Maintain prude
Slide 12: Capital Allocation
Capital Allocation Primary driver of increased cash generation : Grow EBITDA FCF Target >€75m Allocated to: Predictable cashflow Progressive base dividend Working capital reduction opportunity €150m (HY26 Interim Dividend +4%) shareholder return FY2025 - 27 Share buybacks / Special dividends Modest
Slide 13: Strategy Update
STRATEGY UPDATE cac group plc “3
Slide 14: Strategic Evolution: Current to Future
STRATEGIC EVOLUTION Current Future “One C&C” “Leverage scale and develop winning business models” Responsive and specialised delivered wholesale Centrally leverage scale Premised on a single C&C business model ambition and efficiency – Goal was to fully integrate processes and ways of simplified
Slide 15: Simpler Centrally, Stronger Regionally
SIMPLER CENTRALLY, STRONGER REGIONALLY Investing for growth Targeted and Regionally strong with national potential tailored brand Consumer and insight driven building via Multi-channel driven strong RTM Winning = Growing brands and building portfolio Group Central Leveraging the benefits
Slide 16: Our people: 'Back to basics' approach
Our people: ‘Back to basics’ approach Reaffirming our core values, simplifying how we work, and sharpening our focus on what matters most: our customers, our brands, and our people. Organisational How we organise People focus Culture and capability blueprint Redefining organisational Doubling down o
Slide 17: Operational Review
Operational review 17
Slide 18: Current Market Dynamics
CURRENT Market Dynamics CONSUMER CHANNEL Channel PRODUCT Product • Importance of value • Pubs and bars under pressure – • Beer and Cider share growth (i) costs and revenue • Low-tempo occasion growth • Wine and spirits remain under • Value for money driven outlets pressure • Consumption dynamics dri
Slide 19: Brand Story: Tennent's
Brand Story Tennent’s Tennent's outsells the rest of the top 10 best-selling beers combined in the Scottish on trade(i) Tennent's Share of Beer (Volume) (ii) Tennent's Share of Lager (Volume) (ii) HY2026 +0.0 ppts vs PY -0.4 ppts vs PY +0.6 ppts vs PY -0.2 ppts vs PY Net-revenue €66.3M 42.0% 21.2% 5
Slide 20: Brand Story: Bulmers
Brand Story Bulmers In the Irish On-Trade Bulmers is 3 times the size of the nearest competitor (i) Bulmers Share of Cider (Volume) (i) & (ii) HY2026 -2.3 ppts vs PY +1.8 ppts vs PY Net-revenue €38.0M Ireland’s N0.1 60.3% 54.9% +6.6% vs PY On Off cider Bulmers brand invests in the future with launch
Slide 21: Brand Story: Magners
Brand Story MAGNERS • Launched Magners largest ever campaign ‘Magnertism’ across TV, OOH, digital, social – driving +2ppt lift in awareness, +1ppt in consideration • Fully launched new packaging and visual identity – driving premium and modernity associations with consumers (+4% pt and +16% pt respe
Slide 22: Brand Story: Magners
Brand Story MAGNERS REINVIGORATING MAGNERS AND DRIVING MOMENTUM THROUGH FY26 ABOVE THE LINE AND IN CHANNEL 22
Slide 23: Brand Story: Premium Beer & Cider
Committed brand investment in premium beer and cider delivering sustained growth Brand Story Fundamentals HY2026 FY2026 Premium Beer & Cider NSR/HL supported by value growth in World 7.6% Near term target 15% of +6% vs PY* Lager & Apple Cider in GB On Trade (i) of Branded Branded Net Revenues Growin
Slide 24: Distribution
Distribution Distribution EBIT represents 36% of total Group EBIT Improved Customer Service HY2026 On Time & In Full Metrics Net-revenue €656M MCB Volume growth 97% 98% 98% +2% MCB Distribution Points On Time 96% 96% 93% 12,798 In Full FY24 FY25 -5.9% vs PY HY26 No.1 distributor to UK & IOI On-Trade
Slide 25: Investing in Sustainability
INVESTING IN SUSTAINABILITY “Sustainability has always been at the heart of all we do at C&C Group. Now we believe it's more focussed; better invested and more relevant than ever” Our Planet - Confirmed moving our SBTi target to a ‘well-below 1.5°C’ trajectory - Decarbonisation is tracking well agai
Slide 26: Summary & Outlook
Summary & outlook Resilient H1 FY26 performance Strong cash generation driving capital returns to shareholders Restoration of market leading service levels Clear growth opportunities in Brands Clear margin opportunities in Distribution Encouraging momentum across improvement actions Further update o
Slide 27: C&C Group plc
cac group plc
Slide 28: Disclaimer
Disclaimer This presentation is not intended to and does not constitute or form part of any offer, or invitation, or solicitation of any offer to issue, underwrite, subscribe for, or otherwise acquire or dispose of any shares or other securities of C&C Group plc (the "Group"), in any jurisdiction or