Highlights

  • CCR’s adjusted EBITDA increased 2% to EUR 58.1m, driven by improved margins.
  • Operating Profit rose 4% to EUR 41.9m, with margin up 0.4 percentage points.
  • Interim dividend declared at 2.08c per share, up 4% year-on-year.

C&C Group plc (LSE:CCR), a leading drinks wholesaler and owner of brands such as Tennent’s and Bulmers, announced its interim results for the six months ended 31 August 2025 (HY2026).  Net revenue declined 4% year-on-year to EUR 825.7m, primarily due to the transfer of Budweiser Brewing Group (BBG) volume in the Republic of Ireland. Adjusted EBITDA rose 2% to EUR 58.1m, while Operating Profit before exceptional items increased 4% to EUR 41.9m. Operating Margin improved by 0.4 percentage points to 5.1%.

Adjusted Profit Before Tax grew 12% to EUR 32.1m, and Adjusted Basic Earnings per Share rose 14% to 6.7c. Basic Earnings per Share increased 64% to 5.4c. Underlying Free Cashflow more than doubled to EUR 41.7m compared to EUR 19.4m in the prior year, with the Group maintaining a leverage ratio of 1.1x.

Operational Overview

The Group’s key brands, Tennent’s and Bulmers, delivered Net Revenue growth and improved market share. Magners recorded encouraging progress in the Great Britain (GB) Off-Trade channel, while the GB On-Trade Distribution business saw volume growth.

C&C maintained high distribution service levels, achieving over 98% On Time and 96% In Full delivery rates. The company also initiated innovation programmes for Bulmers and Tennent’s to support product development.

Outlook and Capital Returns

The company stated that current trading remains in line with expectations, and full-year earnings guidance is unchanged. The interim dividend has been increased by 4% to 2.08c per share.

C&C’s EUR 150m capital return programme remains on schedule, with a EUR 15m share buyback tranche completed in September 2025. The Group also confirmed that the search process for a new Chief Financial Officer is underway.

CEO Commentary

Roger White, Chief Executive Officer, said:
“We have delivered a solid first-half performance against a challenging market backdrop. We continue to invest in initiatives to support improved business performance - building brands, delivering service, range and value to customers and consumers. In addition, we have made good initial progress in our programme to simplify and improve our core business processes.”

Share Performance

CCR shares are currently trading at GBX 131.26, down by 3.49% from its previous close of GBX 136.