C&C Group (CCR) Trading Update summary

Financial performance

• Revenues expected to match last year, with growth in Distribution offset by disposals and softer cider sales.

• Underlying EBIT forecast at €76m–€78m, up from €60m last year, despite market headwinds.

• Operating margins improved in both Branded and Distribution segments.

• Strong cash generation maintained; net debt/EBITDA at 1.0x, supporting further shareholder returns.

• €51m returned to shareholders via dividends and buybacks; new €15m buyback to start May 2025.

Business developments and brand performance

• Customer numbers in Matthew Clark Bibendum grew 7% in H2, reflecting high service levels.

• Market share value growth achieved for Tennent's in both on- and off-trade, and for Bulmers in ROI on-trade.

• Continued investment in brands and innovation planned, including Magners relaunch in FY2026.

Outlook and strategic focus

• Expecting continued consumer uncertainty and hospitality sector challenges.

• FY2026 earnings anticipated to be marginally ahead of FY2025, with ongoing investment in growth.

• Medium-term EBIT target of €100m reaffirmed; balance sheet remains robust for future initiatives.

• CEO expresses confidence in long-term opportunities and focus on increasing shareholder value.