C&C Group (CCR) H1 2026 earnings summary

Executive summary

• Delivered solid first-half FY2026 performance amid challenging market conditions, supported by efficiency improvements, cost control, and strong customer service.

• Core brands such as Tennent's and Bulmers achieved market share gains and resilience.

• Strategic simplification, operational improvements, and investment in brand building and innovation are underway.

Financial highlights

• Net revenue declined 4% year-over-year to €825.7m, mainly due to the loss of Budweiser Brewing Group distribution and market-driven volume changes.

• Operating profit increased 4% to €41.9m; operating margin improved by 0.4 percentage points to 5.1%.

• Adjusted EBITDA rose 2% to €58.1m; EPS up 14% to 6.7c.

• Free cash flow (pre-exceptional items) more than doubled to €41.7m, up 115% year-over-year.

• €92m returned to shareholders, including interim dividend and share buybacks.

Outlook and guidance

• Full-year earnings targets reaffirmed, with trading in line with expectations.

• Modest inflation expected to continue into FY2027, with key cost lines hedged.

• Capital allocation priority remains returning €150 million to shareholders by FY2027, with €60 million remaining.

• Further updates on strategic actions and KPIs expected in May 2026.