Business
C&C : FY2026 Full Year Results Presentation
C&C : FY2026 Full Year Results
About this update from 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 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 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% 3 rd -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: sIG NIFICANT 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 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 28 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 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