C&C Group (CCR) H1 2027 earnings summary

Executive summary

• HY2027 operating profit rose 4% to €43.4m, operating margin increased 40 bps to 5.5%, adjusted EPS rose 6% to 7.1c and underlying free cash flow grew 18%, despite lower revenue.

• Branded growth, favorable customer mix, pricing and cost discipline supported profit progression; priorities are volume growth in C&C Brands and margin improvement in MCB.

Financial highlights

• Net revenue was €794.9m, down 4% reported and 3% at constant currency; Branded revenue was €176.5m and Distribution revenue €618.4m.

• Operating profit before exceptional items rose €1.5m to €43.4m; adjusted PBT was €33.3m, up 4%, and adjusted EBITDA was €60.5m versus €58.1m.

• Underlying free cash flow, after leases and before exceptionals, was €36.9m versus €31.2m; free cash flow after leases and exceptional cash flows was €25.1m versus €24.3m.

• Profit for the period was €20.8m versus €20.1m; basic EPS was 5.6c versus 5.4c, and adjusted basic EPS was 7.1c versus 6.7c.

Outlook and guidance

• FY2027 operating profit expectations remain on track; FY2028 operating profit is expected to be flat versus FY2027, with growth thereafter and a €85m FY2030 target.

• Targeting more than €100m cumulative free cash flow across FY2028–FY2030, after lease payments and exceptional costs.

• Medium-term targets include C&C Brands revenue growth, with a 50–100 bps operating-margin decline from mix, and MCB revenue decline excluding consolidation with operating margin above 3%.

• Key cost lines are hedged through FY2027 and partly into FY2028; modest FY2028 inflation is anticipated. Christmas expectations are similar to last year, though trading remains difficult to forecast.