C&C Group (CCR) Trading update summary

Executive summary

• Trading for the year to date is below Board expectations due to weak consumer confidence and softer demand in hospitality, especially after the November UK Budget.

• Christmas trading met expectations, but January has seen continued softness in consumer demand, expected to persist for the rest of the year.

• Progress made in customer service, brand execution, innovation, and operational efficiency, but not enough to offset subdued volumes and competitive pricing.

Financial highlights

• Adjusted operating profit now expected in the range of €70m–€73m, reflecting lower profits in the Distribution business.

• Brands like Tennent's and Bulmers performed strongly during the festive period and met innovation objectives.

• Business remains cash generative with a strong balance sheet, significant liquidity, and covenant headroom.

• €92m of the planned €150m capital return has already been completed.

Outlook and guidance

• Macroeconomic and consumer headwinds are expected to continue into next year.

• FY27 profits anticipated to be similar to FY26, with planned volume reductions in Distribution and a lag between revenue decrease and cost reduction leading to short-term profit dilution.

• Focus areas include operational simplification, margin rebuild in Distribution, brand innovation, and accelerated efficiency programmes.

• Full year results and strategic update scheduled for 19th May 2026.