C&C Group (CCR) investor relations material

Strategic direction and business model

• Transitioning to two distinct business models: C&C Brands and MCB, each with tailored value creation strategies and clear priorities.

• C&C Brands focuses on volume growth, innovation, manufacturing flexibility, and expanding into multi-beverage and new channels, leveraging strong local brands and manufacturing assets.

• MCB targets margin improvement through operational excellence, customer service, consolidation, partnerships, and integration of Matthew Clark and Bibendum, with a focus on the hospitality channel.

• Emphasis on building resilience and momentum, with simplification, efficiency, and cost control as core operating principles.

• Sustainability commitments include a 42% carbon reduction target by 2030, transition to renewable energy, and a pragmatic, agile culture underpinning all activities.

Brand and innovation strategy

• Leading brands Tennent's and Bulmers hold dominant positions in Scotland and Ireland, leveraging local relevance and cultural resonance.

• Innovation pipeline includes launches such as Bulmers 0.0%, Tennent's Stout, and new flavors/formats, with a dedicated team and three-year launch plan.

• Outcider, a Gen Z-focused cider brand, is scaling rapidly in Northern Ireland and Scotland, with targeted expansion in England and Wales.

• Acquisition of Innis & Gunn and agreement to acquire Asahi's Nectar wholesale business strengthen the branded portfolio and customer base.

• Manufacturing capacity at Wellpark and Clonmel can double without significant capex, supporting organic and partnership-driven growth.

Financial guidance and targets

• Targeting €85m operating profit by FY30 and cumulative free cash flow of over €100m from FY28–FY30, with improved margins expected as headwinds stabilize.

• C&C Brands expects revenue growth with a slight margin decline (50–100bps), while MCB targets margin expansion to 3%+ by exiting low-margin business.

• Free cash flow definition now includes lease costs; €72m generated over the last three years, with a target of €100m+ in the next three.

• Capital allocation priorities: maintain leverage at 1x-1.5x, invest organically, pay progressive dividends, and deploy surplus capital for growth or returns.

• €600m in committed borrowing facilities and €373m available liquidity as of February 2026.