C&C Group H2 Earnings Call Highlights

Key Points

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• C&C Group’s FY 2026 results were weaker arsenic radical gross fell 6% and operating nett earlier exceptional items dropped to EUR 70.5 million, wounded chiefly by brushed hospitality conditions and a crisp diminution successful organisation performance.

• The branded drinks concern outperformed, with gross up 4% and operating nett rising to EUR 51 million, driven by stronger trading successful Tennent’s and Bulmers and improved margins successful the branded portfolio.

• C&C is reorganizing astir 2 halfway units — C&C Brands and Matthew Clark Bibendum (MCB) — and expects to rebuild MCB’s borderline to 3% to 4% implicit the adjacent fewer years portion continuing to instrumentality superior to shareholders done dividends.

C&C Group (LON:CCR) reported a hard FY 2026 fiscal show arsenic weaker hospitality marketplace conditions weighed connected volumes and mix, peculiarly successful its wholesale organisation business, adjacent arsenic its branded drinks portfolio grew revenue.

Opening the company’s full-year results presentation, Roger said the twelvemonth had been “busy” and that C&C had made “encouraging progress” connected strategical priorities. However, helium said the institution did “not yet person the resilience oregon agility arsenic a concern to withstand the headwinds” facing the hospitality sector.

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Adam Phillips, who precocious joined arsenic main fiscal officer, said radical gross declined 6% twelvemonth implicit year. Branded gross roseate 4% to EUR 310 million, supported by maturation for Tennent’s and Bulmers, portion organisation gross fell 8% amid anemic marketplace volumes, merchandise premix headwinds and the removal of BBG marque income successful the Republic of Ireland.

Operating Profit Declines arsenic Distribution Weakens

Phillips said operating nett earlier exceptional items fell to EUR 70.5 cardinal from EUR 77.1 cardinal a twelvemonth earlier, broadly tracking the gross decline. The operating borderline was broadly level astatine 4.5%, arsenic borderline enlargement successful branded drinks offset dilution successful distribution.

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In branded drinks, operating nett accrued to EUR 51 cardinal from EUR 46.1 million, with margins improving 1.1 percent points to 16.5%. Phillips attributed the betterment to efficiency, little costs and trading disciplines. In distribution, operating nett fell to EUR 19.5 cardinal from EUR 31 million, driven by measurement and premix pressures, including a displacement from higher-margin wines and spirits toward agelong alcoholic drinks.

Exceptional costs totaled EUR 40.7 cardinal earlier tax, including non-cash impairments of goodwill and assets. Phillips said the currency outgo of exceptional items was EUR 20.8 million, principally related to restructuring.