C&C Group (CCR) H2 2026 earnings summary

Executive summary

• FY 2026 saw strategic progress and operational stabilization despite sector headwinds and challenging macroeconomic conditions.

• Significant leadership changes and a refreshed strategic direction were implemented, including a shift to two core business units: C&C Brands and MCB.

• Completed integration of Matthew Clark & Bibendum, initiating business simplification and creating a unified wholesale operation.

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

• Focus on stabilizing operations, improving customer service, and laying foundations for future growth.

Financial highlights

• Net revenue €1,569.8m, down 5.7% year-over-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; adjusted EBITDA €104.3m, down 6.9%.

• Branded operating profit rose to €51m (margin 16.5%), distribution operating profit dropped to €19.5m (1.5% margin).

• Exceptional costs totaled €40.7m (pre-tax), half of which were cash costs mainly for restructuring.

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

• €105m returned to shareholders since FY 2025, including proposed final dividend.

Outlook and guidance

• Cost inflation 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; improvement initiatives underway.

• Margin recovery in MCB underway; volume growth in C&C brands expected.

• Capital Markets Day planned for September 2026 to provide detailed financial targets and strategic updates.