C&c Group PlcLSE: CCR

FY2026 Full Year Results Presentation

· Issued by C&c Group Plc

‌19 May 2026



‌AGENDA

01

FY2026 Highlights

02 03

Financial Performance Strategic Update

and Operational Review

04

Summary and Outlook

05

Q&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

  1. CGA OPM 28 w/e 21.02.26- Total Beer Scotland Volume

  2. NIQ Total Off License Ireland, 6M to 22.03.26



  3. Free-cashflow pre-exceptional items

* including FY2026 proposed final dividend payment

4

‌FINANCIAL PERFORMANCE

5



‌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

‌NET REVENUE BRIDGE

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 deflation

Wages / 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 ALLOCATION

Strong 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

‌STRATEGY UPDATE AND OPERATIONAL REVIEW

13





‌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 - FY2026

SEGMENTAL 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 FOCUs

C&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

19



‌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 OPERATIONAL

Customer 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

25



‌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

  1. CGA OPM 28 w/e 21.02.26- Total Beer Scotland Volume

  2. CGA OPM 28 w/e 21.02.26- Total Lager Scotland - Volume; IRI (Circana) 28 w/e 21.03.26- Total Lager Scotland - Volume

  3. 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)

  1. CGA OPM, Republic of Ireland, 6M to 28.02.26. Bulmers = 2.95 times nearest competitor

    28

  2. NIQ Total Off License Ireland, 6M to 22.03.26

  3. 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)

    1. YouGov Brand Index pre & post campaign analysis GB; 12 we data to 30.04.2025 vs 12 we data to 31.08.2025

    2. Circana All Outlets GB 12we 24.01.26

    3. CGA OPM 12 w/e 28.12.25 - GB Cider

    4. CGA OPM 28 w/e 21.02.26 - GB Cider

    5. 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)

  1. Premium World Lager Draught Value +6.9%, GB On-Trade Apple Cider +4.8% (CGA OPM 28 weeks to 21.02.26),

  2. 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)

  1. YouGov Brand Index, among Scotland consumers likely to drink beer or cider in next 30 days, 52-week data to 28/02/2026

  2. CGA OPM 28 w/e 21.02.26 - Total Beer Scotland - Volume; IRI (Circana) 28 w/e 21.02.26 - Total Beer Scotland - Volume

31



‌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 SUSTAINABILITY

11% 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

34



‌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



35

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