19 May 2026
AGENDA
FY2026 Highlights
02 03Financial Performance Strategic Update
and Operational Review
04Summary and Outlook
05Q&A
2
FY2026 HIGHLIGHTS
3
FY2026 | ENCOURAGING sTRATEGIC AND OPERATIONAL PROGREss
IN CHALLENGING MARKET CONDITIONS
PROGRESS MADE ACROSS KEY AREAS SET OUT AT START OF YEAR
Tennent's (i) and Bulmers
market share gains (ii)
Free-cashflow generation of
€45.3m(iii) supporting disciplined capital
allocation
A year of operational stabilisation in
difficult macro market conditions
€70.5m
Operating profit
(before exceptional items)
3.67C
Final Dividend
€105m
Returned to shareholders*
Core Brands building on market leading positions, innovation capability built
Relaunch of Magners
Simplification progress
Investment in people,
technology and processes
ESTABLISHING A PLATFORM FOR THE FUTURE
CGA OPM 28 w/e 21.02.26- Total Beer Scotland Volume
NIQ Total Off License Ireland, 6M to 22.03.26
Free-cashflow pre-exceptional items
* including FY2026 proposed final dividend payment
4
FINANCIAL PERFORMANCE5
HEADLINE FINANCIALs
€m | FY2026 | FY2025 | vs FY2025 |
Net Revenue | 1,569.8 | 1,665.5 | (5.7%) |
Adjusted EBITDA | 104.3 | 112.0 | (6.9%) |
Operating Profit before Exceptional Items | 70.5 | 77.1 | (8.6%) |
Operating Margin | 4.5% | 4.6% | (0.1 % ppts) |
Adjusted Profit Before Tax | 49.8 | 55.9 | (10.9%) |
Adj. Earnings per Share | 10.2c | 11.7c | (12.8%) |
Free cash flow (pre-exceptional items) | 45.3 | 68.8 | (34.2%) |
Net Debt / Adj. EBITDA (excluding leases) | 1.6x | 0.9x | (0.7x) |
Revenue decline reflects consumer demand, product mix, and removal of BBG volume in Ireland; operating margin broadly flat
Branded +4% Distribution -8%
1,665.5
1,569.8
27.5
13.9
16.6
120.5
1,800.0
1,600.0
1,400.0
1,200.0
1,000.0
€m
800.0
600.0
400.0
200.0
0.0
Core brand value growth offset by wider market declines and removal of BBG products in Ireland Distribution
FY2025 Branded volumes Branded price / mix Distribution volumes Distribution price / mix FY2026
OPERATING PROFIT BRIDGE (PRE-EXCEPTIONAL ITEMs)7.5
2.7
2.6
8.8
€m
Branded 51.0
Distribution 19.5
70.5
€m
Branded 46.1
Distribution 31.0
77.1
90.0
80.0
70.0
60.0
€m 50.0
70.5
77.1
40.0
30.0
20.0
10.0
0.0
Growth from Branded business offset by Distribution declines; operating margin broadly maintained
FY2025 Branded volumes Branded price / mix / other Distribution volumes Distribution price / mix / other FY2026
COsT OUTLOOK
FY26 OPEX
Breakdown
Unit Cost Movement
Cost FY27 Estimate
Manufacturing input costs
Aluminium |
Utilities |
Glass |
Sugar / Glucose |
Boxes / Board |
Cereals |
Other input costs |
Distribution costs
Fuel
Vehicle costs
Other distribution costs
Overheads
Cost change key
Unit cost inflation
Unit cost broadly flat
Unit cost deflationWages / people
Manufacturing input cost G% |
Distribution costs G% |
Overheads 8% |
3rd-Party Goods-for-resale, 73% |
Key cost lines are well hedged for FY27
FREE CAsH FLOW (PRE-EXCEPTIONAL ITEMs)
€m | FY2026 | FY2025 | vs FY2025 |
Adjusted EBITDA | 104.3 | 112.0 | (7.7) |
Net capital expenditure | (13.0) | (18.5) | 5.1 |
Working capital movement | (21.1) | 6.6 | (27.7) |
Tax received / (paid) | 0.1 | (7.1) | 7.2 |
Net finance costs paid | (20.7) | (21.0) | 0.4 |
Other | (4.3) | (3.2) | (0.8) |
Free Cash Flow (pre-exceptional items) | 45.3 | 68.8 | (23.5) |
FCF impacted by adverse working capital movement
Consistent with previous years, FCF (pre-exceptional items) is before both exceptional items and lease payments
NET DEBT€m | FY2026 | FY2025 |
Net Borrowings | (121.4) | (80.9) |
Leases | (139.0) | (131.4) |
Total Net Debt | (260.4) | (212.3) |
Leverage Pre IFRS16 | 1.6x | 0.9x |
Leverage Post IFRS16 | 2.5x | 1.9x |
Debt Facilities | Expiry | Facility | Drawn |
RCF | January 2030 | €250m | €59.2m |
Term Loan | January 2030 | €100m | €100m |
Private Placements | 2030/32 | €103.5m | €103.5m |
Maintain prudent leverage level, no short-term refinancing requirements
CAPITAL ALLOCATIONStrong cash generation characteristics
Allocated to...
Tight working capital management
Ordinary dividend
Modest maintenance capex requirements
Share buybacks / special dividends
Stable finance costs and tax rate
Strategic growth capital optionality
Disciplined capital allocation
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CURRENT MARKET DYNAMICs
CONSUMER
CHANNEL
PRODUCT
Discretionary spending impacts
Frequency of social consumption occasions reducing
Consumption dynamics support move to multi beverage approach
Health and moderation continues to advance
Cost pressures mounting for hospitality
Earlier On-Trade occasions trend
Widespread price competition within retail
Wine consumption under pressure in hospitality
Category trends continue
Strength in established brands
Spirits mixed performance
On trade beer growth
BRAND PERFORMANCE REMAINS A CRITICAL DIFFERENTIATOR
PROGRESS OVER PAsT 12 MONTHs
LAYING STRATEGIC FOUNDATIONS
Refreshed senior management in Executive Committee
Completed a full financial allocation exercise with view to create clear separate cost structures
Progressed
Core financial control and risk programme
New approach to simplification, reducing bureaucracy and cost
Initiated a drive on innovation in our core brands, launching new products
Focused on product range reviews
Completed review of pricing systems and controls
Restructured depot network across GB and Ireland
Initiated full data review programme
Finally integrated Matthew Clark & Bibendum (April 2026)
OUR EXECUTIVE COMMITTEE
Adam Phillips Chief Financial Officer
Prior Experience
His experience includes senior financial roles at Mobico Group plc (previously National Express), Halfords Group plc and Molson Coors Brewing Company. Most recently he held the position of Chief Financial Officer at Headlam Group plc, a listed distribution business.
Key Skills
Corporate strategy
Performance
management
Wholesale
Capital Markets
Start Date | April 2026
Paul Graham
Chief Commercial Officer
Prior Experience Managing Director of Britvic GB&I and a member of the Britvic PLC Executive Committee.
Before joining Britvic, Paul was UK Commercial Director and General Manager for Ireland at United Biscuits.
His earlier career was spent
at Mars Confectionery.
Key Skills
Strategic planning
Commercial development
Customer & Channel
People & leadership
Start Date | March 2026
Karen Bates Chief People Officer
Prior Experience
Prior to C&C, Karen was the Global HR Director at BrewDog. Prior to that Karen has worked in Board level HR roles at Costa Coffee, Holland & Barrett, Drax, Gala, and Goldsmiths.
Key Skills
Transformation and organisational development
Performance Management
Leadership
Start Date | June 2025
Andrea Pozzi
Chief Operations Officer
Prior Experience
At C&C, Andrea has held several senior roles, including Group Manufacturing Director, Managing Director for EMEA, and Managing Director for Tennent's.
Previously, at Carlsberg, Scottish Newcastle and Mars, Andrea built experience in manufacturing in both direct and indirect procurement.
Key Skills
Deep sector experience
Operational improvement
and transformation
Supply chain optimisation
Procurement
Sustainability
Start Date | September 2010
Cara Chambers Chief Marketing Officer
Prior Experience
Prior to C&C, Cara was Global Marketing Director at International Beverage, and held several senior Marketing roles at Sainsbury's Bank, Whyte & MacKay, Heineken & Scottish & Newcastle, having started her marketing career at Guinness.
Key Skills
Portfolio strategy
Brand building
Innovation and NPD
Capability building
Driving effective brand investment
Start Date | April 2024
Carole Kingsbury Chief Technical Officer
Prior Experience
With a background in technology consulting and senior leadership roles spanning multiple sectors-including energy, telecommunications, government, reinsurance and retail. Carole has held senior positions at Tesco, Currys and Ted Baker.
Key Skills
Technical development
Network architecture and
Cyber security
Business transformation
Retail and wholesale experience
Start Date |May 2024
DATA DNA PROGRAMME
Excel
OUR REALITY OF WRANGLING DATA TODAY …
JDE:
Tennent's NI Bulmers M&J Gleeson
Data structure 3
JDE:
Magners GB
C&C Int'l
Data structure 2
JDE:
TCB and Wallaces
Data structure 1
Data structure 8
Price Edge
AS400/Prism
Data structure 6/7
Netsuite: Bibendum Off trade
Data structure 5
JDE:
Matthew Clark
and Bibendum
Data structure 4
CRM:
Ireland, Scotland E&W
Data structure 9/10/11
…etc
= SILOED, COMPLEX, HEAVILY MANUAL, RISK, UNTRUSTED
Connect disparate data sources
Map data to a single, defined data model
DATA PROGRAMME
Provide for all the attributes we need to do business
Align business terms and definitions
Define data quality rules and governance processes
DATA INTEGRATION PLATFORM - SINGLE VIEWS OF TRUSTED DATA
Automated, single views of data
Unified processes and automated workflows
Reduced manual effort and risk
Improved operational efficiency and agility
Pathway to simpler tech migrations
Foundation for AI and ML
CURRENT BUSINESS CONSTRUCT - FY2026SEGMENTAL REPORTING
BRANDED
EBIT €51.0m
16.5% EBIT Margin
1.9 mhl
18 brands Omnichannel
DISTRIBUTION
EBIT €19.5m
1.5% EBIT Margin
3.2 mhl
MCB plus Scotland and Ireland Wholesale
c.6,000 SKUS
Hospitality focused
BRAND VOLUME MIX MCB VOLUME MIX
55%
Beer
45%
Cider
64%
Beer / Cider
15%
Soft Drinks
7% 1%
13%
Wine
Spirits
RTD 18
GROUNDWORK FOR BUsINEss sEPARATION AND RENEWED FOCUsC&C Brands Matthew Clark Bibendum
Procure
Procure
Manufacture
Market
Sell
Distribute
Vertically integrated, brand-led wholesale model
Channels
Scotland and IOI On-Trade, Off-Trade, International
Volume and value
growth focus
Wholesale model, wine
agency and private label
Channels
On-Trade, Hotels
and Restaurants, National Accounts
Margin expansion focus
Trade Market/ Category Development
Sell
Distribute
19
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A DIVERSIFIED, GROWTH GENERATING PORTFOLIO
THREE DISTINCT sEGMENTs CREATING A SINGLE, POWERFUL BRAND-LED ECOSYSTEM
Role in portfolio
Our
brands
Trade focus
Value to business
CORE BRANDS
Scale and Reach
Power brands that deliver scale, category leadership and consistent performance. Innovate to grow into adjacent segments.
Must-stock brands with unwavering consumer appeal. Platform on which to build rest of portfolio.
Strong cash generation, operational scale and portfolio platforming
PREMIUM BRANDS
Growth
Differentiated premium challenger brands with headroom to grow in attractive categories
High quality liquids with authentic brand stories. Driving continued growth across categories.
Higher margins, category headroom, and strong growth potential.
HERITAGE BRANDS
Trading
Longstanding brands with strong latent equity and lasting consumer relevance
Mainstays of the trade with loyal fanbases and sustained listings and availability.
Resilient brand equity, consistent revenue, and portfolio enhancing.
Portfolio impact
Maintain margin
Volume growth
Invest
Volume growth
Dynamic margin Volume growth
ONE PORTFOLIO.
MULTIPLE PATHS TO GROWTH
Our diversified brand portfolio drives predictable revenue, premium margin expansion and proven long-term brand equity. Led by core power brands with permission to innovate into growth segments, supported by an attractive premium portfolio of challengers, and a suite of enduring heritage brands.
3m hl Cider Production Capacity
3.5ml hl Packaging
Capacity
PET
Bottling
Kegging
Canning
Cider Production
AVAILABLE CAPACITY AND AGILE MOBILISATION PRESENTS SIGNIFICANT OPPORTUNITY
CLONMEL
TIPPERARY, IRELAND
C&C BRANDS: sIGNIFICANT EXIsTING CAPACITY
WELLPARK BREWERY
GLASGOW, SCOTLAND
3m hl Brewing Capacity 4ml hl Packaging Capacity
Bottling
Kegging
Canning
Brewing
Inverness
Kintore
Matthew Clark Bibendum manages the UK's largest in-house supply chain in the On-Trade
Cambuslang
Dumfries
Boldon
We deliver 172 million+ litres annually
We supply circa 15,000 venues per year
Runcorn
Wetherby
We process circa
600,000 orders per
We operate
nationally
Grantham
Birmingham
year
Templeton
Bristol Port
Bedford
Bristol
Shepton
Orbital West
Launceston Mallet Southampton
22
MCB RECOVERY: PATH TO REBUILD A SUsTAINABLE MARGIN
EBIT 3% - 4%
EBIT 1% - 2%
Reshaping our portfolio and
reducing complexity Redefining our service
Operational improvement focus and cost competitiveness
Developing renewed partnerships with
brand owners
Strengthening commercial
performance
proposition
FY2027 FY2030
Full Geographical reach
On Time 98.4% In Full 96.8%
c.12,000 deliveries to customers each week
Serving over 15,000 hospitality customers annually
Margin pressures across the value chain, shrinking profit pools
Rising costs
Overlapping capabilities and increasingly underutilised capacity
Fragmented Market Structure
INDUsTRY CONsOLIDATION ANTICIPATED - CORPORATE AND OPERATIONALCustomer Service Expectations
Demand for national coverage and broader ranges
Industry volume growth headwinds
Operational Efficiency
Sustainability
Considerations
Logical
Efficiency
Overhead Duplication
STRATEGY SUMMARY
Complete operational separation
Margin recovery in MCB underway
Volume growth in C&C brands underway
Capital Markets Day in September 2026
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OPERATIONAL REVIEW
26
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)
40.5%
+3.1 ppts vs PY
20.3%
-0.4 ppts vs PY
55.1%
+3.8ppts vs PY
24.0%
-0.5ppts v PY
On Off On Off
In the On-Trade, Tennent's entered the top 10 GB beers (by volume) for the first time, in the
Christmas 12 weeks(iii), despite only being available in Scotland
CGA OPM 28 w/e 21.02.26- Total Beer Scotland Volume
CGA OPM 28 w/e 21.02.26- Total Lager Scotland - Volume; IRI (Circana) 28 w/e 21.03.26- Total Lager Scotland - Volume
CGA OPM 12 w/e 28.12.25 - Total Beer GB Volume 27
TENNENT's
FY2026
Net-revenue
€121.7M
+0.9% vs PY
Scotland's
N0.1
beer
BULMERs
FY2026
Net-revenue
€65.1M+2.6% vs PY
Ireland's
N0.1
cider
In the Irish On-Trade Bulmers is 3 times the size of the nearest competitor (i)
Bulmers Share of Cider (Volume) (i) & (ii)
59.2%
-0.6 ppts vs PY
56.8%
+1.5 ppts vs PY
On Off
Bulmers grew volume at 1.7% for full year(iii)
CGA OPM, Republic of Ireland, 6M to 28.02.26. Bulmers = 2.95 times nearest competitor
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NIQ Total Off License Ireland, 6M to 22.03.26
CGA OPM, Republic of Ireland; NIQ Total Off License Ireland; 12M to 28.02.26
MAGNERS
Launched Magners largest ever campaign 'Magnertism' across TV, OOH, digital, social - driving +3.5ppt lift in awareness, +1.9ppt in consideration(i)
In GB Off trade - Magners Original grows volume across all time periods (+1.5% YOY) (ii)
In GB On-Trade, Magners pint bottle was the fastest growing of the top 10 packaged ciders during the festive 12 weeks to 28th December (iii)
#1
Magners remains the number one packaged apple cider brand in the GB On-Trade (iv)
77.9%
Brand awareness across GB consumers (v)
49m
pints of Magners sold annually (on and off trade)
YouGov Brand Index pre & post campaign analysis GB; 12 we data to 30.04.2025 vs 12 we data to 31.08.2025
Circana All Outlets GB 12we 24.01.26
CGA OPM 12 w/e 28.12.25 - GB Cider
CGA OPM 28 w/e 21.02.26 - GB Cider
YouGov Brand Index, among GB consumers likely to drink beer or cider in next 30 days, 52-week data to 28/02/2026
29
Strong value growth in Premium World Lager and Apple Cider categories in GB On Trade (i)
FY2026
9.3%
of Branded
Net Revenues
Near term target 15% of Branded Net Revenues
Outcider net revenue growth of 67% vs prior year
Menabrea growth accelerates nationally: +29% off-trade vs LY(ii)
Premium World Lager Draught Value +6.9%, GB On-Trade Apple Cider +4.8% (CGA OPM 28 weeks to 21.02.26),
Source: Circana All Outlets GB 12we 21.03.26 30
PREMIUM BEER AND CIDER
Growing portfolio of premium beers and ciders
Committed brand investment in premium beer and cider delivering sustained growth
INNIS & GUNN
Innis & Gunn brand and associated global intellectual property acquired in March 2026.
The brand's range of premium beers and ales is complementary to our existing portfolio and will utilise established production capability, routes to market and infrastructure.
The brand adds >65kHl to owned beer volumes in FY2027
69%
Current drinkers would recommend the brand (i)
74%
Brand awareness with Scottish consumers (i)
1.3%
Share of total beer in Scotland (ii)
YouGov Brand Index, among Scotland consumers likely to drink beer or cider in next 30 days, 52-week data to 28/02/2026
CGA OPM 28 w/e 21.02.26 - Total Beer Scotland - Volume; IRI (Circana) 28 w/e 21.02.26 - Total Beer Scotland - Volume
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At C&C Group, we strive for better, with a sustainability strategy focusing on
Delivering for our Planet and People, with Integrity at our core and Performance in every drop.
OUR
PLANET
OUR
PEOPLE
OUR
PERFORMANCE
FY2026:
C&C Group named a climate leader by CDP & FT's Europe Climate Leaders
Stronger climate targets in FY2027 and increased ambition through SBTi
99% of the Group's electricity is from renewable sources
Bulmers awarded Best Energy Achievement and secured Origin Green Certificate
Health & Safety developed 48 Management & Risk Control Standards and 70 Safe Work Procedures to keep colleagues safe at work
PAUSE for Safety initiative launched across the Group
New Employee Assistance Programme launched through Grocery Aid
32
RAISING OUR BAR ON SUSTAINABILITY11% reduction in Scope 1 and 2
carbon emissions against 4% target
Investment in electric boiler at
Wellpark in FY2027
c.900 Learning and Development courses available to staff
12.08% improvement in reportable injuries in FY2026 against FY2025
Investment in de-alcoholiser at Wellpark in FY2027
SUMMARY & OUTLOOK
FY26 - A year of stabilisation in difficult macro market conditions
Improvement initiatives across the Group
Clear refreshed strategic direction established
New Executive team in place
Current trading in line with expectations
Capital Markets Day in September 2026
33
Q&A
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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 CCC Group plc (the 'Group'), in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.
This presentation contains statements which are, or may be deemed to be, forward-looking statements including statements about the Group's intentions, beliefs and expectations. These statements are based on the Group's current plans, estimates and projections, as well as the Group's expectations of external conditions and events. Forward-looking statements involve inherent known and unknown risks and uncertainties, are based on certain assumptions and speak only as of the date they are made. The Group undertakes no duty to and will not necessarily update any such statements in light of new information or future events, except to the extent required by any applicable law or regulation. Recipients of this presentation are therefore cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements.
Past performance is no guide to future performance and should not be taken as an indication or guarantee of future results and no representation or warranty, express or implied, is made regarding future performance. Persons needing advice should consult an independent financial adviser.
The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Group, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this presentation. All information in this presentation is subject to verification, correction, completion and change without notice.
This presentation is based on the audited Group's FY2026 financial performance.
For further information see https://www.candcgroupplc.com
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