C&c Group Plc · LSE:CCR
C&c — FY2025 Earnings Presentation
27 slides from C&c's earnings presentation, May 28, 2025
Slide 1: FY2025 Full Year Results
FY2025 Full Year Results 28 May 2025
Slide 2: Introduction
Introduction 01 FY2025 Highlights & 02 Financial Performance 03 Strategy & Initial Observations Operational Review 04 Summary & 05 Q&A Outlook 2
Slide 3: FY2025 Robust recovery in distribution & maintaining market share in branded
FY2025 Robust recovery in distribution & maintaining Market share in branded EARNINGS RECOVERY UNDERPINNED BY IMPROVED CUSTOMER SERVICE Stable underlying revenue performance Strong free-cashflow generation of net revenues +1% vs PY despite exit of €69m(i) supporting disciplined capital Tennent’s (ii
Slide 4: Initial Observations
INITIAL OBSERVATIONS Brands Distribution Simply better growth Harness Strength of Bulmers & Tennent’s Leverage Market Leading Distribution Simplification of Operations & Support Innovate & Refresh Growth Focused Programme Rebuild Magners in UK Opportunity to Improve Proposition Develop Digital Capab
Slide 5: Financial Performance
FINANCIAL ® PERFORMANCE cac group ple ah
Slide 6: Headline Financials
Headline Financials Group operating profit increased by €17.1m with Distribution up €15.6m FY2025 FY2024 vs FY2024 Comments €m €m Branded (5%) Net Revenue 1,666 1,653 +1% Distribution +2% Adjusted EBITDA 112.0 93.7 +20% Branded +3% Operating Profit before Exceptional Items 77.1 60.0 +29% Distributio
Slide 7: Net Revenue Bridge
Net Revenue Bridge FY2025: MCB Distribution growth, offset by disposal of Soft Drinks business, lower Contract Brewing Volumes & GB Cider 1,740 1,720 9 1,700 26 3 7 1,680 31 (€'m) 37 1,660 1,640 1,666 1,653 1,620 1,600 FY24 Published Currency MCB Distribution IOI Soft Drinks GB Cider Contract Brewin
Slide 8: Cost Outlook
Cost Outlook Unit Cost Movement FY25 OPEX Cost FY25 FY26 Estimate Breakdown Overheads Manufacturing input costs 8% Aluminium Distribution costs Utilities 9% Glass Manufacturing input cost 7% Sugar / Glucose Cost change key Boxes / Board Cereals 3rd-Party Other input costs Unit cost inflation Goods-f
Slide 9: FY25 Free Cash Flow
FY25 Free Cash Flow Continued strong FCF generation 140 120 6 19 100 35 7 80 21 2 60 112 25 40 77 69 20 44 0 Operating Profit Depr & Amort EBITDA Working Capital Capex Tax paid Finance costs Other Underlying Exceptional Net FCF additions Cash Flow items Cashflow support material shareholder returns
Slide 10: Net Debt
Net Debt €m FY2025 FY2024 Net Borrowings (80.9) (57.9) Leases (131.4) (110.1) Total Net Debt (212.3) (168.0) Leverage Pre IFRS 16 0.9x 0.8x Leverage Post IFRS 16 1.9x 1.8x Debt Facilities Expiry Facility Drawn RCF January 2030 €250m €25m Term Loan January 2030 €100m €100m Private Placements 2030/32
Slide 11: Capital Allocation
Capital Allocation Grow EBITDA FCF Target >€75m Allocated to: Progressive base dividend Working capital reduction opportunity €150m (Total FY25 Dividend +5%] shareholder return FY2025 - 27 Share buybacks / Special dividends Modest maintenance capex (FY25: €30m share buyback, €15m tranche commenced 1
Slide 12: Strategy & Operational Review
STRATEGY & Operational review 12
Slide 13: C&C Group Strategy Overview
C&C Group Strategy Overview Market leading portfolio of owned & Customer led drinks DISTRIBUTION business partnership BRAND assets across the UK & Ireland Maintain Tennent’s & Premium beer & Market leading Truly national Value led Bulmers No1 positions in cider growth service levels coverage & reach
Slide 14: Current Market Dynamics
CURRENT Market Dynamics Market resilience despite macro challenges CONSUMER Channel CHANNEL PRODUCT Product Stability in GB licensed outlets Resilient market performance for first time post Covid (i) Beer & Cider share growth (ii) Experiential led demand Focus on premium experience Continued shift t
Slide 15: Brand Story Tennent's
Brand Story Tennent’s Tennent's outsells the rest of the top 5 best-selling beers combined in the Scottish on trade(i) Tennent’s Share of Beer (Value)(ii) Tennent’s Share of Lager (Value)(ii) FY2025 +0.9 ppts vs PY +0.2 ppts vs PY +2.6 ppts vs PY +0.2 ppts vs PY Net-revenue €120.6m 34.0% 17.4% 46.4%
Slide 16: 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 (Value) FY2025 Net-revenue +0.3 ppts vs PY -0.6 ppts vs PY €63.5m (1.7%) vs PY Ireland’s N0.1 60.5%(i) 56.1%(ii) cider On trade Off trade Bulmers brand undergoing selective revi
Slide 17: Brand Story Bulmers
Brand Story Bulmers FY25 – BUILDING FOR THE FUTURE FY26 – GROWING SHARE OF LAD Launched the ‘It’s Our Time’ – fully integrated plan driving uplift in brand First fully-integrated campaign for Bulmers 0.0 – aligned to increasing trends buzz and demand power in H2 in moderation amongst Irish consumers
Slide 18: Brand Story Reinvigorate Magners & GB Cider portfolio
Brand Story Reinvigorate Magners & GB Cider portfolio • Significant consumer & channel marketing campaign • Largest brand investment in over a decade • Modernised packaging to increase desirability • Set to capitalise on the latent love for the brand • Providing a platform for growth in premium cide
Slide 19: Brand Story Magners
Brand Story MAGNERS REINVIGORATING MAGNERS AND DRIVING MOMENTUM THROUGH FY26 CAMPAIGN REFRESH CHANNEL That’s Magnertism activated through-the-line, A modern, distinctive brand refresh to drive Year-round channel activation – early start in including nationwide OOH and digital standout on shelf and c
Slide 20: Brand Story Premium Beer & Cider
Committed brand investment delivering sustained growth Brand Story Fundamentals FY2025 FY2025 Premium Beer & Cider NSR/HL supported by volume share gains 9% Near term target 15% of €204 in World Lager & Apple Cider in GB of Branded Branded Net +5.6% vs PY* Net Revenues Revenues On Trade (i) Growing
Slide 21: Distribution Overview
Distribution Overview Distribution EBIT represents 40% of total Group EBIT Improved Customer Service FY2025 On Time & In Full Metrics Net-revenue Volume growth Price/Mix growth €1,367m +2.7% -0.7% 98% 98% 97% On Time 96% 96% 93% In Full Distribution net-revenue MCB Distribution Points growth FY24 FY
Slide 22: Future Margin Build "building blocks"
Future Margin Build “building blocks” Branded EBIT Margin Distribution EBIT Margin Future Target >17% Future Target>3.5% FY23 3.1% FY25 FY25 2.3% 15% FY24 14% FY24 FY23 1.1% 13% Market share + Innovation + Premiumisation Service + Value + Choice Core brand share NPD & Brand Expansion of margin- Impr
Slide 23: Summary & Outlook
Summary & outlook Resilient FY25 performance Strong cash generation driving capital returns to shareholders Restoration of market leading service levels Growth opportunities in Branded & Distribution Encouraging start to year & on track for full year expectations 23
Slide 24: cac group ple
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Slide 25: Disclaimer
Disclaimer This presentation is not intended to & 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 a
Slide 26: Appendix
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Slide 27: Exceptional Items
Exceptional Items €m Cash Non-Cash FY2025 Total Strategic programmes – logistics restructuring (8.4) (3.3) (11.7) Strategic programmes – group transformation (9.3) (0.5) (9.8) Professional fees – risk management & control reviews (6.1) 0 (6.1) Director settlement arrangements (1.4) (0.4) (1.8) Provi