C&C Group (CCR) H2 2026 earnings summary

Executive summary

• FY 2026 was marked by strategic progress and operational stabilization despite challenging macroeconomic and sector headwinds, with a shift to two focused business units and a refreshed executive team.

• Significant leadership changes, data integration, and cost allocation initiatives were implemented to build a more agile and transparent organization.

• Market share gains were achieved for Tennent's and Bulmers, with relaunches and innovation in core brands.

• Completed integration of Matthew Clark & Bibendum, with business simplification and operational improvements prioritized.

Financial highlights

• Net revenue was €1,569.8m, down 5.7% year-on-year, with branded revenue up 4% and distribution revenue down 8%.

• Operating profit before exceptionals fell to €70.5m from €77.1m, with margin broadly flat year-on-year.

• Adjusted EBITDA was €104.3m, down 6.9% year-on-year; branded operating profit rose to €51m (16.5% margin), distribution operating profit dropped to €19.5m.

• Free cash flow before exceptionals was €45.3m, down 34.2% year-on-year; net debt increased by €40.5m to €122m (pre IFRS 16).

• Shareholder returns totaled €105m, including dividends and buybacks; proposed final dividend of €0.0367, full-year €0.0575.

Outlook and guidance

• Cost inflation is expected in FY 2027, but key cost lines are well hedged and unit costs expected to remain broadly flat.

• Trading early in FY 2027 is in line with expectations, with improvement initiatives underway.

• Margin recovery in MCB is underway, and volume growth in C&C brands is expected.

• More detailed financial targets and strategic updates to be provided at the September Capital Markets Day.