C&C Group plc (LON:CCR), the owner of a range of market-leading branded drinks and a leading drinks wholesaler across the UK and Ireland, has announced its results for the six months ended 31 August 2025. The Group’s portfolio includes market-leading brands such as Tennent’s and Bulmers as well as a growing collection of premium beers and ciders.
FINANCIAL HIGHLIGHTS
C&C reports results in line with expectations for the period:
· Net Revenue down 4%, principally reflecting the transfer of Budweiser Brewing Group (‘BBG’) volume in the Republic of Ireland (ROI)
· Adjusted EBITDA up 2% to €58.1m and Operating Profit up 4% to €41.9m
· Operating Margin up 0.4% points, with improvements in both Branded and Distribution segments
· Strong underlying Free Cashflow of €41.7m, and half-year leverage maintained at 1.1x.
FINANCIAL KPIs
| €m | HY2026 | HY2025 | vs HY2025 |
| Net Revenue | 825.7 | 861.4 | (4)% |
| Adjusted EBITDA1 | 58.1 | 57.0 | +2% |
| Operating Profit before Exceptional Items | 41.9 | 40.3 | +4% |
| Operating Margin2 | 5.1% | 4.7% | +0.4 ppts |
| Adj. Profit Before Tax | 32.1 | 28.6 | +12% |
| Adj. Basic Earnings per Share | 6.7c | 5.9c | +14% |
| Basic Earnings per Share | 5.4c | 3.3c | +64% |
| Underlying Free Cashflow3 | 41.7 | 19.4 | +115% |
| Leverage Ratio4 | 1.1x | 1.1x | – |
OPERATING HIGHLIGHTS
· Tennent’s and Bulmers delivered Net Revenue growth and improved market share5
· Encouraging Magners progress in Great Britain’s (GB) Off-Trade
· Volume growth in GB On-Trade Distribution business
· Maintained strong Distribution service levels with >98% On Time and >96% In Full
· Initiated innovation programme for Bulmers and Tennent’s
OUTLOOK & CAPITAL RETURNS
· Current trading in-line and full-year earnings expectations maintained
· Interim dividend up 4% to 2.08c per share
· €150m capital return programme on track; €15m share buyback tranche completed in September 2025
· Search process underway for CFO replacement
Roger White, C&C Group Chief Executive Officer, commented:
“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.
We believe we are well prepared for the all-important festive trading period, and whilst we expect challenging economic conditions to persist, we remain committed to the delivery of our full-year earnings targets”.
