FY2026 First-Half Trading Update

C&C Group plc today announces that trading in the first half to 31 August 2025, has been in line with expectations. Net Revenues are 4%* below last year, reflecting the impact of lower distribution revenues following the previously disclosed transfer of control of AB InBev Off Trade Beer distribution in the Republic of Ireland and the planned exit of some lower margin business in the period.

Revenues in Matthew Clark Bibendum in the period were slightly below last year, reflecting lower volumes in our national customers in line with market trends, especially within the wines and spirits categories.

Underlying operating profit is expected to be in the range of €41.5-€42.0m, in line with our expectations, reflecting our continued strong focus across cost efficiencies and the continued investment in service, range and value for customers as we continue to build our Distribution business and support the development of our Branded business.

The Group's core brands, Tennent's and Bulmers, delivered solid performances in the period, with both achieving revenue growth. Following the transfer of control of Magners UK back to C&C Group in January 2025, we have commenced our activities to re-invigorate the brand. This will be a multi-year programme that has started with a new above-the-line marketing campaign and some initial brand distribution gains in the off trade which have improved performance, offset by continued challenges in the on trade where distribution gains will take more time to be delivered. Our Premium portfolio continues to build distribution in both the on and off trade.

Capital Returns

The Board remains committed to its previously disclosed distribution of €150m to shareholders over the three years to Financial Year 2027 through a combination of progressive dividends and share buybacks. We have now completed the latest €15m tranche of buyback which commenced on 1 May 2025.

To date we have distributed €84m to shareholders since the start of Financial Year 2025.

Outlook

Despite the challenging macroeconomic backdrop, we will continue to invest in the business to improve performance, support growth and ensure we deliver for all our customers and consumers.

Our immediate priorities remain to focus on winning new customers by delivering on our service, range and value proposition, growing market share of core brands, and driving the "Simply Better Growth" simplification programme to deliver efficiency across the organisation.

Whilst the macroeconomic environment remains challenging and we have the all-important Christmas trading period ahead of us, we remain on track to achieve operating profit in line with market expectations.

*Constant Currency Basis