FY2025 First-Half Trading Update

Dublin, London, 9 September 2024: C&C Group plc ('C&C' or the 'Group') announces that earnings in the first half of the financial year to 31 August 2024 have been in line with expectations, with Net Revenues expected to be -3%1, reflecting growth in Matthew Clark & Bibendum, in-line performance across our core and premium brands, offset by the impact from the disposal of our NAB business in Ireland, lower contract brewing volumes and softer cider volumes in GB. Underlying Operating Profit is expected in the range of €39m-€41m, in line with our expectations, principally reflecting the phased rebuilding of our Distribution business profitability following last year's ERP disruption.

Tennent's achieved volume and value share growth over the latest 12-weeks2, supported by targeted marketing campaigns around the Euro 2024 tournament and, despite mixed summer weather, Bulmers outperformed the cider market in Ireland3. Our Premium beer and cider brands, driven by Menabrea and Orchard Pig, continued to perform strongly, reporting double digit revenue growth.

Performance in our Matthew Clark and Bibendum business has also been encouraging with Net Revenues expected to be +2%. Recovery from lost distribution customers in FY2024 has been strong, with distribution points for Matthew Clark and Bibendum in August +10% compared to August 2023. This growth, together with the efficiency initiatives implemented in the year to date, is expected to result in improved distribution margins in H1 FY2025.

Distribution Agreement with Budweiser Brewing Group

C&C and Budweiser Brewing Group ('BBG'), part of AB InBev, have mutually agreed to restructure elements of our trading relationship. Effective from 1st January 2025, C&C will reassume control and distribution of the Group's cider portfolio, including Magners, in Great Britain. On the same date, AB InBev will assume control and distribution of its beer portfolio in the Off Trade in the Republic of Ireland. Bringing the sales, trade marketing and distribution responsibilities in house will provide both companies with the opportunity to strengthen their respective brand portfolios and distribution platforms.

Outlook and Capital Returns

While current market conditions remain challenging, improving efficiencies, business simplification, winning customers and brand distribution remain our top priorities. We remain confident on achieving our operating profit target for the current financial year and making progress towards the operating profit target of €100m by FY2027.

The Board reaffirms its intention to distribute at least €150million to shareholders over three years while maintaining the Group's financial leverage target of approximately 1x EBITDA on a pre-IFRS16 basis. The second €15m tranche of our share buyback programme will commence today, 9 September 2024.

Board and CEO Appointment Process

Since the Annual General Meeting on 15 August 2024, we have been pleased to welcome Feargal O'Rourke as Non-Executive Director of the Board. Prior to retirement Feargal was Managing Partner of PwC Ireland and brings his considerable financial expertise to C&C. As previously announced, we intend to make a further non-executive appointment to the Board in the near future. We have also commenced the recruitment process for the new Chief Executive Officer with the support of executive search firm Russell Reynolds Associates. A progress update on these appointments will be provided in due course.

1 On a constant currency basis

2 On-Trade - CGA OPM (BWS) 52 w/e 13/7/2024, Off-Trade - IRI (Circana) Total GB 52 w/e 13/7/2024.

3 CGA 13 w/e to 30.06.24 - Ireland Total Cider