Interim Results for 6M ended 31 August 2026
Summary by AI BETAClose X
LEI: 635400LNUHA2LDXXV850
28 October 2026
C&C Group plc
(‘C&C’ or ‘the Group’)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2026
Results in line with expectations with profit and margin up year on year
C&C Group plc, the owner of a range of market-leading branded drinks and a leading drinks wholesaler across the UK and Ireland, announces its results for the six months ended 31 August 2026 (‘HY2027’). The Group's portfolio includes 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 on a constant currency basis down 3% comprising:
- 3% growth in Branded, benefitting from favourable weather, the FIFA World Cup, targeted brand investment and innovation; and
- 4% decline in Distribution as some lower-margin customer business was exited as planned
- Operating profit3 up 4% to €43.4m, underpinned by operating margin3 improvement of 40 bps to 5.5%
- Underlying Free cash flow4 of €36.9m and half-year leverage of 1.4x
- Interim dividend of 2.00 cent per share
FINANCIAL KPIs
|
€m |
HY2027 |
HY2026 |
vs HY2026 |
|
Net revenue |
794.9 |
825.7 |
(3)%1 |
|
Operating profit3 |
43.4 |
41.9 |
+4% |
|
Operating margin3 |
5.5% |
5.1% |
+40 bps |
|
Adj. Profit before tax |
33.3 |
32.1 |
+4% |
|
Adj. Basic earnings per share |
7.1c |
6.7c |
+6% |
|
Basic Earnings per Share |
5.6c |
5.4c |
+4% |
|
Underlying free cash flow4 |
36.9 |
31.2 |
+18% |
|
Leverage ratio5 |
1.4x |
1.1x |
0.3x |
OPERATING & STRATEGIC HIGHLIGHTS
- Margin improvement from growth in core brands, mix and pricing, alongside disciplined cost control.
- Operational service levels across the Group remained stable and industry-leading.
- Innovation momentum continued across the portfolio. New Tennent’s and Bulmers variants delivered encouraging early performance during the period, and Tennent’s Stout launched after the period end.
- The brand and associated intellectual property of Innis & Gunn was acquired in March 2026 and has been integrated into the Group, further broadening C&C’s premium portfolio.
- The full integration of Matthew Clark and Bibendum has been completed in the period, to create MCB.
- The acquisition of Asahi UK’s wholesale interests was completed in October 2026, following the period end. Customer and supplier onboarding into MCB is under way.
- At the Capital Markets Day on 24 September 2026 the Group set out how it is transitioning to operate as two business units: C&C Brands and MCB. The medium-term priorities comprise volume growth in C&C Brands and margin expansion in MCB, alongside strong cash generation and disciplined capital allocation. The Group is targeting operating profit3 of €85m in FY2030 and cumulative Free Cash Flow4 of more than €100m across FY2028 to FY2030.
OUTLOOK
Trading performance since the period end has been in line with expectations. We remain on track to achieve full-year operating profit in line with market expectations, albeit noting that the market conditions remain volatile and we have the important Christmas trading period ahead of us.
Roger White, Chief Executive Officer, commented:
“We have delivered a solid first-half financial performance, reinforcing our actions to build resilience in our business.
We outlined our key areas of strategic focus at our recent Capital Markets Day, and I am pleased to report that we are seeing early signs of improved momentum across the business.
The general economic environment remains volatile, and we have the important festive trading period yet to deliver. However, we have strong trading plans in place for the balance of the year alongside a number of brand initiatives and the delivery of our developing innovation agenda, all of which give us confidence in our ability to meet market expectations for the full-year.”
Webcast Details | Analysts & Institutional Investors
C&C Group plc will host a webcast for analysts and institutional investors, today, 28 October 2026, at 0900 hours. Please contact candccapmkts@teamlewis.com for webcast joining details.
ENQUIRIES
C&C Group plc
Email: investor.relations@candcgroup.ie
Investors, Analysts & UK Media:
Team Lewis
Justine Warren
Tel: 07785 555692
Email: candccapmkts@teamlewis.com
Irish Media
FTI Consulting
Paddy Berkery
Tel: +353 86 602 5988
Email: C&CGroup@fticonsulting.com
About C&C Group plc
- C&C Group plc is a leading, vertically integrated premium drinks company which manufactures, markets and distributes branded beer, cider, wine, spirits, and soft drinks across the UK and Ireland.
- C&C Group’s portfolio of owned/exclusive brands includes: Bulmers, the leading Irish cider brand; Tennent’s, the leading Scottish beer brand; Magners, the premium international cider brand; as well as a range of fast-growing, premium and craft ciders and beers, including Innis & Gunn, Menabrea, Orchard Pig and Outcider. C&C exports its Magners and Tennent’s brands to over 40 countries worldwide.
- C&C Group has owned brand and contract manufacturing/packing operations in Co. Tipperary, Ireland and Glasgow, Scotland.
- C&C is the No.1 drinks distributor to the UK and Ireland hospitality sectors. Operating through the Matthew Clark, Bibendum, Tennent’s and Bulmers Ireland brands, the Group has a market-leading range, scale and reach including an intimate understanding of the markets it serves. Together this provides a key route-to-market for major international beverage companies.
C&C Group plc is headquartered in Dublin and is listed on the London Stock Exchange.
Note regarding forward-looking statements
This announcement includes forward-looking statements, including statements concerning current expectations about future financial performance and economic and market conditions which the Group believes are reasonable. However, these statements are neither promises nor guarantees but are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.
Certain figures contained in this announcement, including financial information, may have been subject to rounding adjustments and foreign currency conversions. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this announcement may not conform exactly to the total figure given.
Footnotes
All footnotes referenced from above or throughout this announcement are set out at the end of the Financial Review.
Reporting segments
As set out in the Capital Markets Day presentation, the Group is transitioning to operate as two business units: C&C Brands and MCB. This is currently in progress and, in the meantime, the reporting (included the results presented herein) will be on a consistent segment basis as previously presented: Branded and Distribution. The difference between Distribution as reported here and MCB, as will be reported going forwards, is that Distribution as reported here also includes the wholesale businesses in Scotland and Ireland, and Bibendum Off Trade.
GROUP OVERVIEW
The Group delivered a solid first-half performance in the six months ended 31 August 2026, against a market backdrop that remained challenging for hospitality customers and consumers, albeit supported in parts by favourable weather and the FIFA World Cup. We continued to improve operating discipline, maintain strong service levels and invest selectively in our brands, customer proposition, systems and controls.
Group net revenue was €794.9m, 3% lower on a constant currency basis. Branded revenue grew by 3%, supported by continued momentum in Tennent’s and Bulmers, favourable summer weather, targeted activity around the World Cup and a positive contribution from Innis & Gunn. Distribution revenue declined by 4%, principally reflecting the planned exit of specific lower-margin customer business alongside continued pressure on outlet numbers and certain drinks categories.
Operating profit before exceptional items increased by 4% to €43.4m (HY2026: €41.9m), while operating margin3 improved by 0.4 percentage points to 5.5%. Profit before tax3 increased by 4% to €33.3m (HY2026: €32.1m). This earnings progression reflects improved Branded performance, favourable customer mix impact in MCB (where lower-margin business was exited), and disciplined cost control.
The Group delivered Underlying Free Cash Flow4 of €36.9m (HY2026: €31.2m). Net debt excluding leases was €113.7m at the period end and leverage5 was 1.4x (FY2026: 1.6x, HY2026: 1.1x). The Group retains substantial liquidity headroom, with committed bank facilities extending to 2030 and no near-term refinancing requirements.
The interim dividend has been set at 2.00 cent per share (HY2026: 2.08 cent per share). This interim dividend is due to be paid on 18 December 2026 to Shareholders registered at the close of business on 13 November 2026. It is the Board’s intention to pay a progressive ordinary dividend for the full-year.
MARKET DYNAMICS
UK
The UK hospitality market remained challenging but resilient during the period despite ongoing pressure on household budgets and elevated operating costs across the sector. Consumer demand for social occasions continued to hold up well, with spend in pubs and bars remaining positive as consumers continued to prioritise experiences and spending time together. Favourable summer weather, alongside a busy sporting calendar including the FIFA World Cup, supported trading across a number of channels and regions during the period.
In the Off-Trade, alcohol continued to outperform the wider grocery market, supported by growth in beer, cider and ready-to-drink categories as retail benefited from increased at-home consumption, in particular driven by the favourable summer weather.
Ireland
The Irish market experienced a similar backdrop, with consumers continuing to balance cost-of-living pressures against a desire to maintain social and leisure occasions. Summer weather supported both On-Trade and Off-Trade performance, particularly within long alcoholic drinks categories, while consumer sentiment showed signs of gradual improvement despite ongoing pressure on household finances.
The Off-Trade remained competitive, although alcohol categories continued to perform well relative to overall fast-moving consumer goods (FMCG). Retail demand benefited from increased in-home consumption while cider sales, in particular, were supported by favourable weather and strong consumer demand during the summer months.
Category dynamics
Across the UK and Ireland, beer and cider continued to benefit from evolving consumer drinking occasions. Consumers are increasingly drinking earlier in the day, socialising more frequently around food-led occasions and adopting broader drink repertoires, trends which continue to support the long alcoholic drinks category. Beer and cider remained at the centre of these occasions and continued to gain share of drinks spend.
Within beer, stout remained one of the strongest-performing segments, supported by continued consumer interest and strong growth among younger adult consumers. These favourable category dynamics reinforce the opportunity addressed by the launch of Tennent's Stout following the period end.
In contrast, wine and spirits remained more subdued, particularly within hotels, restaurants and casual dining. While these categories continue to represent an important part of the market, consumer spend has increasingly shifted towards beer, cider and RTD categories, affecting mix within the Distribution segment where wine and spirits typically generate higher unit margins.
OPERATING REVIEW
As set out in the Capital Markets Day presentation, the Group is transitioning to operate as two business units: C&C Brands and MCB. This is currently in progress and, in the meantime, the reporting for HY2027 will be on a consistent segment basis as previously presented: Branded and Distribution. The difference between Distribution as reported here and MCB, as will be reported going forwards, is that Distribution as reported here also includes the wholesale businesses in Scotland and Ireland, and Bibendum Off Trade.
Branded
|
€m |
HY2027 |
HY2026 |
vs HY2026 |
|
| |||
|
Net revenue |
176.5 |
170.0 |
+3.8% |
|
Operating profit3 |
29.2 |
26.7 |
+9.4% |
|
Operating margin3 |
16.5% |
15.7% |
0.8ppts |
Branded revenue increased by 3.8% (3.2% on a constant currency basis) to €176.5m. Growth was led by Tennent’s and Bulmers, supported by favourable weather, the FIFA World Cup, focused brand investment and innovation, together with a positive contribution from Innis & Gunn following its acquisition in March. Operating profit3 increased by 9.4% to €29.2m and operating margin3 expanded by 0.8 percentage points to 16.5%, reflecting pricing and mix, alongside disciplined cost control.
Tennent’s continued to outperform the lager segment in Scotland, gaining share in the On-Trade. Net revenue increased, with pricing offsetting overall market-driven lower volumes. Tennent's Bavarian Pilsner was launched last year and Tennent's Tops earlier this year, attracting new consumers. Subsequently, we have launched Tennent’s Stout, further supporting the renewed innovation pipeline.
Bulmers net revenue grew strongly, supported by innovation, summer weather, brand investment and category growth in Ireland. We also continued the marketing activity in support of the Magners brand, to further underpin and grow its retail distribution.
We continue to develop our range of premium brands and see significant growth opportunities in the medium-term for our premium brand portfolio across our key markets, now boosted by the addition of Innis & Gunn.
During the period we saw continued growth in the volume produced for third parties under partnership agreements and contract manufacturing. These partnership agreements are entered into selectively to utilise capacity in our well-invested sites, generating profit and improving operational gearing for the Group.
Distribution
|
€m |
HY2027 |
HY2026 |
vs HY2026 |
|
| |||
|
Net revenue |
618.4 |
655.7 |
(5.7) % |
|
Operating profit3 |
14.2 |
15.2 |
(6.6) % |
|
Operating Margin3 |
2.3% |
2.3% |
- |
The Distribution segment presented here includes the MCB wholesale business in England and Wales, the wholesale businesses in Scotland and Ireland, and Bibendum Off Trade.
Distribution revenue declined 5.7% (4.2% on a constant currency basis) in the period to €618.4m, principally driven by the planned exit of some lower-margin customer business, combined with the on-going impact of market attrition across outlets and underperformance in some wine and spirits categories. Operating profit3 of €14.2m was down 6.6% year on year with operating margins3 remaining flat at 2.3% reflecting gross margin benefits from customer mix offset by cost inflation.
Customer numbers in MCB were behind last year reflecting our continued drive on creating a business focused on higher value customers delivering sustainable growth and profitability.
Simplification, Efficiency and Sustainability
We continued to simplify the Group’s operating model while strengthening service, value and range for customers. During the period, management focused on actions that build the foundations for the medium-term priorities set out at the Capital Markets Day: growing brand volumes, improving MCB margins and creating a more efficient, cash-generative Group.
Investment continued in our data programme, commercial capability and financial and operational controls. This included progress on data integration and automated accounting reconciliation, building on the rollout of CRM capability and providing foundations to support more effective decisions on pricing, range, customer profitability and logistics.
Operationally, the Group maintained stable, industry-leading service while pursuing efficiency across manufacturing and the logistics network. Health and Safety remained a core operating priority, supported by continued focus on leadership, standards and colleague engagement.
The Group also continued to invest in sustainability and future capability. We have commenced investment in an E-Boiler and a dealcoholisation facility at Wellpark to support lower energy intensity, operational efficiency and the development of products addressing changing consumer preferences.
STRATEGY AND MEDIUM-TERM PRIORITIES
The Capital Markets Day on 24 September set out our strategic framework for the Group including transitioning to two businesses, C&C Brands and MCB, supported by Group-wide simplification and disciplined capital allocation.
For C&C Brands, the priority is sustained volume growth through building on the strong platform provided by the core brands, including the route to market strength, a more consistent innovation pipeline, and the development of the premium portfolio. The Group’s well-invested manufacturing capabilities provide significant capacity for growth in the Group’s own brands or to accommodate additional partnership operations.
For MCB, the priority is progressive margin improvement through customer and contract discipline, pricing, range optimisation, procurement, logistics efficiency and the impact of potential volume consolidation in the market. Correspondingly, the Group announced the acquisition of Asahi UK’s wholesale interests in September 2026 which is consistent with this strategy. The acquisition presents an attractive opportunity to structurally grow the MCB business whilst providing the acquired customer base with immediate access to the service and extensive range of the MCB proposition. The transaction completed on 20 October 2026 and the customer and supplier transition is on track and progressing well.
The medium-term framework targets operating profit3 of €85m in FY2030 and cumulative Free Cash Flow4 of more than €100m across FY2028 to FY2030.
Outlook
Trading performance since the period end has been in line with expectations. We remain on track to achieve full-year operating profit in line with market expectations, albeit noting that the market conditions remain volatile and we have the important Christmas trading period ahead of us.
FINANCIAL REVIEW
A summary of results for the six months ended 31 August 2026 is set out in the table below:
|
|
|
|
Period ended 31 August 2026 |
Period ended 31 August 2025 |
| |||
|
|
|
|
€m |
€m |
| |||
|
|
|
|
|
|
| |||
|
Net revenue |
|
|
794.9 |
825.7 |
| |||
|
|
|
|
|
|
| |||
|
Operating profit3 |
|
|
43.4 |
41.9 |
| |||
|
Net finance costs3 |
|
|
(10.1) |
(9.8) |
| |||
|
Profit before tax3 |
|
|
33.3 |
32.1 |
| |||
|
Income tax expense3 |
|
|
(7.1) |
(7.0) |
| |||
|
|
|
|
|
|
| |||
|
Profit for the financial period3 |
|
|
26.2 |
25.1 |
| |||
|
|
|
|
|
|
| |||
|
Basic EPS |
|
|
5.6 cent |
5.4 cent |
| |||
|
Adjusted basic EPS3 |
|
|
7.1 cent |
6.7 cent |
| |||
|
Diluted EPS |
|
|
5.6 cent |
5.3 cent |
| |||
|
Adjusted diluted EPS3 |
|
|
7.0 cent |
6.6 cent |
| |||
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
As described above, net revenue decreased 4% on a reported basis (3% on a constant currency basis) to €794.9m. The operating profit of the Group, before exceptional items, for the six-month period to 31 August 2026 was €43.4m compared to €41.9m in the prior period. This is despite the revenue reduction and reflects margin improvements from product and customer mix benefits, pricing, and continued disciplined cost control.
Basic EPS has increased by 4% compared to the same prior financial period, with adjusted diluted EPS increasing by 6%.
Finance costs and income tax
Net finance charges before exceptional items of €10.1m (31 August 2025: €9.8m) were incurred in the six months ended 31 August 2026. Of the €10.1m net finance cost, €1.5m relates to the Group’s debtor securitisation facility (31 August 2025: €1.9m), €1.9m relates to USPP notes (31 August 2025: €1.9m), €2.6m relates to the Group’s main bank lending facilities (31 August 2025: €2.3m), €3.9m relates to lease interest (31 August 2025: €3.9m), €0.4m relates to amortisation of prepaid debt issue costs (31 August 2025: €0.4m) and (€0.2)m relates to other interest income (31 August 2025: (€0.6)m).
Income tax expense for the period, excluding the impact of exceptional items, was €7.1m (31 August 2025: €7.0m). The income tax credit with respect to exceptional items was €1.5m (31 August 2025: €1.3m). In line with IAS 34 Interim Financial Reporting the effective tax rate for the period ended 31 August 2026 was 21.2% (31 August 2025: 22.0%). The effective tax rate is influenced by several factors including the mix of profits and losses generated across the main geographic locations.
Dividends
In respect of FY2026, the Board declared a final dividend of 3.67 cent per Ordinary Share in May 2026 which was approved at the AGM in July 2026 and paid to Shareholders on 17 July 2026 equating to a distribution of €13.6m, all of which was paid in cash.
The interim dividend has been set at 2.00 cent per share (HY2026: 2.08 cent per share). This interim dividend is due to be paid on 18 December 2026 to Shareholders registered at the close of business on 13 November 2026. It is the Board’s intention to pay a progressive ordinary dividend for the full-year.
Exceptional items
The Group incurred exceptional costs on a before tax basis of €6.9m (31 August 2025: €6.3m) in the current financial period, comprising €6.9m in respect of strategic restructuring programmes (31 August 2025: €5.8m), a €0.3m loss on disposal of equity investments (31 August 2025: €nil) and a €0.3m gain arising from an expected reduction in future cashflows on the Group’s apple contract provisions (31 August 2025: €nil). Further details are set out in the notes to the financial statements within this announcement.
From a cash perspective, the exceptional cash outflow was €11.8m (HY2026: €6.9m). This is higher than the income statement charge due to €5.7m of cash outflows in respect of exceptional items charged to the income statement in FY2026.
Cash flow
The Group generated Underlying Free Cash Flow4 of €36.9m (HY2026: €31.2m) in the period, as summarised in the table below. After exceptional cash flows, which in the first six months of FY2027 included exceptional costs charged to the income statement in FY2026, the Group generated Free Cash Flow4 of €25.1m (HY2026: €24.3m).
As set out in the Capital Markets Day presentation on 24 September 2026, the Group has updated its definition of Free Cash Flow 4 and Underlying Free Cash Flow 4 to include the cash outflows in respect of lease payments.
|
|
Six months ended 31 August 2026 |
Six months ended 31 August 2025 (restated4) | |
|
|
€m |
€m | |
|
Operating profit |
36.8 |
35.7 | |
|
Exceptional items |
6.6 |
6.2 | |
|
Operating profit before exceptional items |
43.4 |
41.9 | |
|
Amortisation and depreciation charge |
17.1 |
16.2 | |
|
Adjusted EBITDA2 |
60.5 |
58.1 | |
|
Tangible / intangible net expenditure |
(7.0) |
(4.6) | |
|
Payment of lease liabilities |
(10.1) |
(10.5) | |
|
Advances to customers |
0.2 |
1.1 | |
|
Working capital movement |
2.4 |
(4.9) | |
|
Income taxes received |
1.3 |
1.4 | |
|
Net finance costs paid |
(9.5) |
(10.1) | |
|
Translational foreign exchange movements |
(1.3) |
- | |
|
Pension contributions paid |
(0.2) |
(0.1) | |
|
Other |
0.6 |
0.8 | |
|
Underlying Free Cash Flow4 |
36.9 |
31.2 | |
|
Exceptional cash outflow |
(11.8) |
(6.9) | |
|
Free Cash Flow4 |
25.1 |
24.3 | |
|
|
|
| |
|
Reconciliation to Condensed Consolidated Cash Flow Statement |
|
|
|
|
Free Cash Flow4 |
25.1 |
24.3 | |
|
Dividends paid |
(13.6) |
(15.9) | |
|
Drawdown of debt |
5.8 |
- | |
|
Repayment of debt |
(40.4) |
- | |
|
Share sale/buy back |
- |
(15.1) | |
|
Acquisition of Innis & Gunn brand |
(5.1) |
- | |
|
Disposal of subsidiary / equity investment |
0.1 |
- | |
|
Proceeds from sale of assets held for sale |
- |
0.3 | |
|
Net decrease in cash |
(28.1) |
(6.4) | |
The Group maintains a £150.0m receivables securitisation facility (£120.0m committed, £30.0m uncommitted) renewable annually in May. As at 31 August 2026, the usage of this facility was unchanged year on year; €136.1m of this facility was drawn (28 February 2026: €104.2m; 31 August 2025: €136.1m). This is a working capital facility; the amounts drawn down are not included in net debt.
Tangible and intangible capital expenditure of €7.0m (HY2026: €4.6m) was increased year on year due to investment in the dealcoholisation plant and a new yeast room in Wellpark alongside new site air compressors at Clonmel. Payments of lease liabilities were broadly flat year on year at €10.1m (HY2026: €10.5m).
As is typical for the half-year August balance sheet compared to the full-year February balance sheet, receivables and payables both increase, creating working capital outflows and inflows respectively; this is due to seasonality. The outflow on receivables is typically softened in the first half of each year through additional draw down on the receivables facility at the half-year balance sheet, compared to the full-year. The net of all of this has been a broadly neutral net working capital position at the end of the first half compared to the prior year end.
Net finance costs paid of €9.5m (HY2026: €10.1m) were slightly reduced year on year reflecting timing of payments. Exceptional cash outflows of €11.8m (HY2026: €6.9m) included €5.7m of cash outflows in respect of exceptional items charged to the income statement in FY2026.
Net debt, leverage and liquidity
Net debt excluding leases was €113.7m at 31 August 2026. This is a reduction of €7.7m during the period; the Free Cash Flow4 generated in the period exceeded the cash outflows in respect of dividends. In the six-month period of the prior year, net debt increased by €10.6m. The table below sets out the movement in net debt excluding leases in the period.
|
|
Six months ended 31 August 2026 |
Six months ended 31 August 2025 |
|
|
€m |
€m |
|
Movement on net debt excluding leases |
|
|
|
Opening net debt excluding leases |
(121.4) |
(80.9) |
|
Free Cash Flow4 |
25.1 |
24.3 |
|
Dividends paid |
(13.6) |
(15.9) |
|
Share buy back |
- |
(15.1) |
|
Acquisition of Innis & Gunn brand |
(5.1) |
- |
|
Other |
(0.3) |
(0.1) |
|
Translation adjustment |
1.6 |
(3.8) |
|
Closing net debt excluding leases |
(113.7) |
(91.5) |
Leverage, on a pre-IFRS 16 basis, as of 31 August 2026 was 1.4x and compares to 1.6x at 28 February 2026 and 1.1x at 31 August 2025.
The Group maintains a robust liquidity position with available liquidity of €335.7m at 31 August 2026 (31 August 2025: €356.6m).
Pensions
In compliance with IFRS, the assets and actuarial liabilities of the various defined benefit pension schemes operated by Group companies, computed in accordance with IAS 19 Employee Benefits, are included on the Condensed Consolidated Balance Sheet as retirement benefits.
At 31 August 2026 the Group had a retirement benefit surplus of €43.4m (31 August 2025 net surplus: €36.6m, 28 February 2026 net surplus: €43.2m). All schemes are closed to new entrants. There are 2 active members in the Northern Ireland (‘NI’) scheme and 41 active members (less than 10% of total membership) in the Republic of Ireland (‘ROI’) schemes. The Group has an approved funding plan in place, the details of which are disclosed in Note 9 of the Condensed Consolidated Interim Financial Statements. The most recent actuarial valuations of the ROI defined benefit pension schemes were carried out with an effective date of 1 January 2024 while the date of the most recent actuarial valuation of the NI defined benefit pension scheme was 31 December 2023.
Arising from the formal actuarial valuations of the Group’s staff defined benefit pension scheme, the Group committed to contributions of €294,000 per annum commencing in 2025 and increasing at a rate of 2.3% each year thereafter. This will be reviewed at the next actuarial valuation, which is due to be completed in the normal course of events on 31 October 2027. There is no funding requirement with respect to the Group’s ROI executive defined benefit pension scheme or the Group’s NI defined benefit pension scheme, both of which are in surplus.
The key factors influencing the change in valuation of the Group’s defined benefit pension scheme obligations are as outlined below:
|
|
Six months ended 31 August 2026 |
Six months ended 31 August 2025 |
|
|
€m |
€m |
|
Opening net surplus |
43.2 |
32.0 |
|
Employer contributions paid |
0.2 |
0.1 |
|
Current service cost |
(0.2) |
(0.2) |
|
Net interest income on scheme liabilities/assets |
0.9 |
0.6 |
|
Experience gains and losses on scheme liabilities |
(0.5) |
10.0 |
|
Effect of changes in financial assumptions |
7.5 |
2.7 |
|
Actual return less Interest income on scheme assets |
(7.8) |
(8.4) |
|
Translation adjustment |
0.1 |
(0.2) |
|
Closing pension surplus |
43.4 |
36.6 |
The increase in the net surplus of the Group’s defined benefit pension schemes from 28 February 2026 to 31 August 2026, as computed in accordance with IAS 19 Employee Benefits, relates to net interest income in the period, offset by an actuarial loss driven by a loss on assets in excess of the reduction in scheme liabilities.
Capital reduction
The capital reduction exercise, highlighted in our FY2026 results announcement in May 2026, has now been completed. Shareholder approval was received at the Annual General Meeting on 10 July 2026 to reduce the Company’s share premium balance and to transfer the balance into retained earnings. On 6 October 2026, the Irish High Court approved the Company’s reduction of capital. Upon the reduction in capital becoming effective, the share premium of €1,048.2m has been cancelled and transferred into the Company’s retained earnings, which has increased distributable reserves accordingly.
Currency Risk Management
The reporting currency and the currency used for all planning and budgetary purposes is Euro. However, as the Group transacts in foreign currencies and consolidates the results of non-Euro reporting foreign operations, it is exposed to both transaction and translation currency risk.
Currency transaction exposures primarily arise on the Sterling and US Dollar denominated sales of the Group’s Euro subsidiaries, and Euro purchases in the Group’s GB business. The Group seeks to minimise this exposure, when possible, by offsetting the foreign currency input costs against the same foreign currency receipts, creating a natural hedge. When the remaining net currency exposure is material, the Group enters into foreign currency forward contracts to mitigate and protect against adverse movements in currency risk and remove uncertainty over the foreign currency equivalent cash flows. Forward foreign currency contracts are used to manage this risk in a non-speculative manner when the Group’s net exposure exceeds certain limits as set out in the Group’s treasury policy. In the current financial year, the Group had €10.3m of forward foreign currency cash flow hedges outstanding.
The average rate for the translation of results from Sterling currency operations was €1:£0.8624 (6 months to 31 August 2025: €1:£0.8525) and from US Dollar operations was €1:$1.157 (6 months to 31 August 2025: €1:$1.136).
Principal risks and uncertainties
We have an established risk management process to identify, assess and monitor the principal risks that we face as a business. We have performed a robust assessment of the principal risks facing the Group, including those that would threaten its business model, future performance, solvency or liquidity.
The Directors consider that the principal risks and uncertainties which could have a material impact on the Group's performance in the remaining 26 weeks of the financial year remain substantially the same as those stated on pages 52 to 61 of the Group’s Annual Financial Statements for the year ended 28 February 2026, which are available on the Group’s website, C&C Group 2026 Annual Report.
NOTES TO INTERIM RESULTS, INCLUDING FINANCIAL REVIEW, FOR THE SIX MONTHS ENDED 31 AUGUST 2026
1 On a constant currency basis.
2 Adjusted EBITDA is earnings before exceptional items, finance income, finance expense, tax, depreciation, amortisation charges and equity accounted investments’ profit/(loss) after tax. A reconciliation of the Group’s operating profit to EBITDA is set out below.
3 Before exceptional items.
4 The Group has updated its definition of Free Cash Flow and Underlying Free Cash Flow to include the cash outflows in respect of lease payments. Prior year comparatives for the period ended 31 August 2025 have been restated to include cash outflows on lease payments of €10.5m. Free Cash Flow comprises cash flow from operating activities net of capital investment cash outflows which form part of investing activities and also includes the cash flows in respect of leases and exceptional items. It excludes cash flows in respect of acquisitions of businesses or parts thereof. Underlying Free Cash Flow is defined as Free Cash Flow excluding cash flows in respect of exceptional items. A reconciliation of Free Cash Flow to net movement in cash per the Group’s Cash Flow Statement is set out in the Financial Review.
5 Leverage ratio is defined as net debt (excluding lease liabilities) divided by adjusted EBITDA (on a pre-IFRS 16 basis) for the preceding twelve months.
Directors’ responsibility statement in respect of the half-yearly financial report for the six months ended 31 August 2026
We confirm our responsibility for the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules (‘DTR’) of the Financial Conduct Authority (‘FCA’) and with IAS 34 Interim Financial Reporting as adopted by the EU, and that to the best of our knowledge:
· the condensed set of financial statements comprising the Condensed Consolidated Income Statement, the Condensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Balance Sheet, the Condensed Consolidated Cash Flow Statement, the Condensed Consolidated Statement of Changes in Equity and the related notes have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;
· the interim management report includes a fair review of the information required by:
(b) DTR 4.2.7R,
· being an indication of important events that have occurred across the first six months of the financial year and their impact on the condensed set of financial statements; and,
· a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R,
· being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period; and,
· any changes in the related party transactions described in the last Group Annual Financial Statements that could have a material effect on the financial position or performance of the Group in the first six months of the current financial year.
The Directors of C&C Group plc, and their functions, are listed in the Group’s Annual Financial Statements for the year ended 28 February 2026.
The Group’s auditor has not audited or reviewed the Condensed Consolidated Interim Financial Statements or the remainder of the half-yearly financial report.
On behalf of the Board
Roger White Adam Phillips
Chief Executive Officer Chief Financial Officer
28 October 2026
Condensed Consolidated Income Statement (unaudited)
For the six months ended 31 August 2026
|
|
|
Six months ended 31 August 2026 |
Six months ended 31 August 2025 |
| ||||
|
|
|
Before exceptional items |
Exceptional items (Note 3) |
Total |
Before exceptional items |
Exceptional items (Note 3) |
Total | |
|
|
Notes |
€m |
€m |
€m |
€m |
€m |
€m | |
|
Revenue |
2 |
943.9 |
- |
943.9 |
985.7 |
- |
985.7 | |
|
Excise duties |
|
(149.0) |
- |
(149.0) |
(160.0) |
- |
(160.0) | |
|
Net revenue |
2 |
794.9 |
- |
794.9 |
825.7 |
- |
825.7 | |
|
Operating costs |
|
(751.5) |
(6.6) |
(758.1) |
(783.8) |
(6.2) |
(790.0) | |
|
Group operating profit/(loss) |
2 |
43.4 |
(6.6) |
36.8 |
41.9 |
(6.2) |
35.7 | |
|
Net loss on disposal |
|
- |
(0.3) |
(0.3) |
- |
- |
- | |
|
Finance income |
|
0.9 |
- |
0.9 |
1.1 |
- |
1.1 | |
|
Finance expense |
|
(11.0) |
- |
(11.0) |
(10.9) |
(0.1) |
(11.0) | |
|
Profit/(loss) before tax |
|
33.3 |
(6.9) |
26.4 |
32.1 |
(6.3) |
25.8 | |
|
Income tax (expense)/credit |
4 |
(7.1) |
1.5 |
(5.6) |
(7.0) |
1.3 |
(5.7) | |
|
Group profit/(loss) for the financial period |
|
26.2 |
(5.4) |
20.8 |
25.1 |
(5.0) |
20.1 | |
|
|
|
|
|
|
|
|
| |
|
Basic earnings per share (cent) |
5 |
|
|
5.6 |
|
|
5.4 | |
|
Diluted earnings per share (cent) |
5 |
|
|
5.6 |
|
|
5.3 | |
|
|
|
|
|
|
|
|
|
|
All of the results are related to continuing operations.
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
Condensed Consolidated Statement of Comprehensive Income (Unaudited)
For the six months ended 31 August 2026
|
|
|
Six months ended 31 August 2026 |
Six months ended 31 August 2025 |
|
|
Notes |
€m |
€m |
|
Other Comprehensive Income: |
|
|
|
|
Items that may be reclassified to Income Statement in subsequent periods: |
|
|
|
|
Foreign currency translation differences arising on the net investment in foreign operations |
|
8.0 |
(18.4) |
|
Gain relating to cash flow hedges |
|
1.7 |
0.6 |
|
|
|
|
|
|
Items that will not be reclassified to Income Statement in subsequent periods: |
|
|
|
|
Remeasurement on retirement benefits |
9 |
(0.8) |
4.3 |
|
Deferred tax on remeasurement |
|
0.1 |
(0.5) |
|
Net profit/(loss) recognised directly within Other Comprehensive Income |
|
9.0 |
(14.0) |
|
Group profit for the financial period |
|
20.8 |
20.1 |
|
Total comprehensive income for the financial period |
|
29.8 |
6.1 |
|
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. |
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheet (unaudited)
As at 31 August 2026
|
|
|
At 31 August 2026 |
At 28 February 2026 |
|
|
Notes |
€m |
€m |
|
ASSETS |
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
|
284.1 |
285.5 |
|
Goodwill and intangible assets |
7 |
507.8 |
499.3 |
|
Equity accounted investments and financial assets |
|
1.1 |
1.5 |
|
Retirement benefits |
9 |
43.4 |
43.2 |
|
Derivative financial assets |
|
2.0 |
- |
|
Deferred tax assets |
|
21.1 |
21.4 |
|
Trade and other receivables |
|
16.8 |
22.9 |
|
|
|
876.3 |
873.8 |
|
Current assets |
|
|
|
|
Inventories |
|
135.2 |
147.8 |
|
Trade and other receivables |
|
171.8 |
130.1 |
|
Current income tax assets |
|
4.5 |
8.8 |
|
Financial assets |
|
0.7 |
0.7 |
|
Derivative financial assets |
|
- |
0.1 |
|
Cash and cash equivalents |
|
110.4 |
135.6 |
|
|
|
422.6 |
423.1 |
|
Assets held for sale |
|
0.8 |
0.8 |
|
|
|
423.4 |
423.9 |
|
TOTAL ASSETS |
|
1,299.7 |
1,297.7 |
|
|
|
|
|
|
EQUITY |
|
|
|
|
Capital and reserves |
|
|
|
|
Equity share capital |
|
3.7 |
3.7 |
|
Share premium |
|
347.2 |
347.2 |
|
Treasury shares |
|
(34.3) |
(34.3) |
|
Other reserves |
|
96.4 |
85.7 |
|
Retained income |
|
120.2 |
113.7 |
|
Total Equity |
|
533.2 |
516.0 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Non-current liabilities |
|
|
|
|
Lease liabilities |
|
115.2 |
120.0 |
|
Interest bearing loans and borrowings |
8 |
225.1 |
257.7 |
|
Other financial liabilities |
|
3.9 |
4.1 |
|
Provisions |
|
6.3 |
5.6 |
|
Deferred tax liabilities |
|
42.8 |
40.6 |
|
|
|
393.3 |
428.0 |
|
Current liabilities |
|
|
|
|
Lease liabilities |
|
19.3 |
19.0 |
|
Derivative financial liabilities |
|
0.2 |
- |
|
Other financial liabilities |
|
0.9 |
0.9 |
|
Trade and other payables |
|
346.3 |
325.1 |
|
Provisions |
|
6.5 |
8.7 |
|
|
|
373.2 |
353.7 |
|
Total liabilities |
|
766.5 |
781.7 |
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
1,299.7 |
1,297.7 |
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
Condensed Consolidated Cash Flow Statement (unaudited)
For the six months ended 31 August 2026
|
|
|
Six months ended 31 August 2026 |
Six months ended 31 August 2025 | |||||
|
|
Notes |
€m |
€m | |||||
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| |||||
|
Group profit for the period |
|
20.8 |
20.1 | |||||
|
Finance income |
|
(0.9) |
(1.1) | |||||
|
Finance expense |
|
11.0 |
11.0 | |||||
|
Income tax expense |
4 |
5.6 |
5.7 | |||||
|
Depreciation of property, plant and equipment |
|
15.9 |
15.0 | |||||
|
Amortisation of intangible assets |
|
1.2 |
1.2 | |||||
|
Loss on disposal of equity investments |
|
0.3 |
- | |||||
|
Translational foreign exchange movements |
|
(1.3) |
- | |||||
|
Decrease in exceptional items payable |
|
(5.1) |
- | |||||
|
Charge for equity settled share-based payments |
|
1.2 |
1.3 | |||||
|
Pension contributions: adjustment from credit to payment |
9 |
(0.6) |
(0.5) | |||||
|
Cash inflow before working capital movements |
|
48.1 |
52.7 | |||||
|
Decrease in inventories |
|
14.8 |
1.5 | |||||
|
Increase in trade and other receivables |
|
(31.9) |
(40.2) | |||||
|
Increase in trade and other payables |
|
21.2 |
34.9 | |||||
|
Decrease in provisions |
|
(1.8) |
(0.8) | |||||
|
Cash generated from operations |
|
50.4 |
48.1 | |||||
|
Interest received |
|
0.9 |
0.8 | |||||
|
Interest and similar costs paid |
|
(10.4) |
(10.9) | |||||
|
Income taxes received |
|
1.3 |
1.4 | |||||
|
Net cash inflow from operating activities |
|
42.2 |
39.4 | |||||
|
|
|
|
| |||||
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| |||||
|
Purchase of property, plant and equipment |
|
(7.0) |
(4.6) | |||||
|
Purchase of intangible assets |
|
(5.1) |
- | |||||
|
Net proceeds on disposal of property, plant and equipment |
|
- |
0.3 | |||||
|
Net cash outflow from investing activities |
|
(12.1) |
(4.3) | |||||
|
|
|
|
| |||||
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| |||||
|
Dividends paid to Company Shareholders |
6 |
(13.6) |
(15.9) | |||||
|
Drawdown of debt |
|
5.8 |
- | |||||
|
Repayment of debt |
|
(40.4) |
- | |||||
|
Share buybacks |
|
- |
(15.1) | |||||
|
Payment of lease liabilities |
|
(10.1) |
(10.5) | |||||
|
Proceeds of disposal of equity investments |
|
0.1 |
- | |||||
|
Net cash outflow from financing activities |
|
(58.2) |
(41.5) | |||||
|
|
|
|
| |||||
|
Net decrease in cash |
|
(28.1) |
(6.4) | |||||
|
|
|
|
| |||||
|
Reconciliation of opening to closing cash |
|
|
| |||||
|
Cash and cash equivalents at beginning of the period (1 March) |
|
135.6 |
144.0 | |||||
|
Translation adjustment |
|
2.9 |
(6.0) | |||||
|
Net decrease in cash |
|
(28.1) |
(6.4) | |||||
|
Cash and cash equivalents at the end of period (31 August) |
|
110.4 |
131.6 | |||||
|
|
|
|
|
|
|
|
|
|
A reconciliation of net debt is presented in Note 8.
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
Condensed Consolidated Statement of Changes in Equity (unaudited)
For the six months ended 31 August 2026
|
|
Equity share capital |
Share premium |
Other capital reserves |
Cash flow hedge reserve |
Share-based payments reserve |
Currency translation reserve |
Revaluation reserve |
Treasury shares |
Retained income |
Total |
|
|
€m |
€m |
€m |
€m |
€m |
€m |
€m |
€m |
€m |
€m |
|
At 1 March 2025 |
3.8 |
347.2 |
26.0 |
(0.4) |
4.7 |
57.6 |
16.0 |
(36.2) |
142.0 |
560.7 |
|
Profit for the financial period |
- |
- |
- |
- |
- |
- |
- |
- |
20.1 |
20.1 |
|
Other comprehensive income/(loss) |
- |
- |
- |
0.6 |
- |
(18.4) |
- |
- |
3.8 |
(14.0) |
|
Total comprehensive income/(loss) |
- |
- |
- |
0.6 |
- |
(18.4) |
- |
- |
23.9 |
6.1 |
|
Dividend paid on Ordinary Shares |
- |
- |
- |
- |
- |
- |
- |
- |
(15.9) |
(15.9) |
|
Purchase of Treasury shares – Share buybacks |
- |
- |
- |
- |
- |
- |
- |
(15.1) |
- |
(15.1) |
|
Cancellation of Treasury shares |
- |
- |
- |
- |
- |
- |
- |
15.1 |
(15.1) |
- |
|
Equity settled share-based payments |
- |
- |
- |
- |
0.9 |
- |
- |
- |
- |
0.9 |
|
Total transactions with owners |
- |
- |
- |
- |
0.9 |
- |
- |
- |
(30.1) |
(30.1) |
|
At 31 August 2025 |
3.8 |
347.2 |
26.0 |
0.2 |
5.6 |
39.2 |
16.0 |
(36.2) |
134.9 |
536.7 |
|
At 1 March 2026 |
3.7 |
347.2 |
26.1 |
0.1 |
5.1 |
35.1 |
19.3 |
(34.3) |
113.7 |
516.0 |
|
Profit for the financial period |
- |
- |
- |
- |
- |
- |
- |
- |
20.8 |
20.8 |
|
Other comprehensive income/(loss) |
- |
- |
- |
1.7 |
- |
8.0 |
- |
- |
(0.7) |
9.0 |
|
Total comprehensive income |
- |
- |
- |
1.7 |
- |
8.0 |
- |
- |
20.1 |
29.8 |
|
Dividend paid on Ordinary Shares |
- |
- |
- |
- |
- |
- |
- |
- |
(13.6) |
(13.6) |
|
Equity settled share-based payments |
- |
- |
- |
- |
1.0 |
- |
- |
- |
- |
1.0 |
|
Total transactions with owners |
- |
- |
- |
- |
1.0 |
- |
- |
- |
(13.6) |
(12.6) |
|
At 31 August 2026 |
3.7 |
347.2 |
26.1 |
1.8 |
6.1 |
43.1 |
19.3 |
(34.3) |
120.2 |
533.2 |
Notes to the Condensed Consolidated Interim Financial Statement (unaudited)
For the six months ended 31 August 2026
- Basis of preparation
The Condensed Consolidated Interim Financial Statements (unaudited) for the six months ended 31 August 2026:
- Are prepared in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’ (‘IAS 34’) as issued by the International Accounting Standards Board (‘IASB’) and as adopted by the European Union;
- Are presented on a condensed basis as permitted by IAS 34 and therefore do not include all disclosures that would otherwise be required in a full set of financial statements and should be read in conjunction with the Group’s Annual Report for the year ended 28 February 2026;
- Apply the same accounting policies, presentation and methods of calculation as those followed in the preparation of the Group’s consolidated financial statements for the year ended 28 February 2026, which were prepared in accordance with European Union-adopted International Accounting Standards (‘IAS’), with International Financial Reporting Standards (‘IFRS’) as issued by the IASB and with the requirements of the Irish Companies Act 2014;
- Income taxes are accrued using the tax rate that is expected to be applicable for the full financial year, adjusted for certain discrete items which occurred in the interim period in accordance with IAS 34;
- Include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the periods presented;
- Do not represent full statutory accounts. Full statutory accounts for the year ended 28 February 2026 prepared in accordance with IFRS, as adopted by the EU, upon which the auditors have given an unqualified audit report, are available on the Group's website (www.candcgroupplc.com); and
- Were approved by the Board of Directors on 27 October 2026.
The preparation of the unaudited condensed consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period, and the reported amounts of revenue and expenses during the period. Actual results could vary from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revisions affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
New accounting pronouncements adopted
The following amendments to IFRS Accounting Standards became effective for the Group as of 1 March 2026:
- Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)
- Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)
- Annual Improvements to IFRS Accounting Standards – Volume 11
The Group adopted these amendments on their effective date. The adoption of these amendments did not have a material impact on the Group’s condensed consolidated interim financial statements.
Going concern
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the date of this report. Liquidity of the Group, defined as cash and undrawn credit facilities, as at 31 August 2026 was €335.7m.
Accordingly, the Directors continue to adopt the going concern basis in preparing the Condensed Consolidated Interim Financial Statements.
Significant judgements and estimates
The Group’s significant judgements and estimates, which remain unchanged during the period, are disclosed in the Group’s Annual Report for the year ended 28 February 2026.
Impairment review
Brands and goodwill assets considered to have an indefinite life are reviewed for indicators of impairment regularly and are subject to impairment testing on an annual basis unless events or changes in circumstances indicated that the carrying values may not be recoverable and impairment testing is required earlier.
The value of brands and goodwill considered to have an indefinite life were assessed for impairment at 28 February 2026 and, given no material changes in circumstances since that date, they will be formally assessed again at 28 February 2027.
Cyclicality of interim results
Under a normal trading environment, C&C Brands within the Group’s portfolio, particularly its cider brands, tend to have higher consumption during the summer months, which fall within the first half of the financial year. In addition, external factors such as weather and significant sporting events, which traditionally take place in the summer months, will have a greater impact on first half trading. Accordingly, trading profit is usually higher in the first half than in the second. For Distribution, the most important trading period in terms of sales, profitability and cash flow has been the Christmas season, in which case the second half of the year will have a greater impact on the Group’s Distribution business.
- Segmental reporting
The Group’s business activity is the manufacturing, marketing and distribution of branded beer, cider, wine, spirits and soft drinks.
The Group continually reviews and updates the manner in which it monitors and controls its financial operations, resulting in changes in the manner in which information is classified and reported to the Chief Operating Decision Maker (‘CODM’). The CODM, identified as the Executive Directors, assesses and monitors the operating results of segments separately via internal management reports in order to manage the business and allocate resources effectively.
The Group has two segments, Branded and Distribution, reflecting the operating model of the business and enabling the CODM to evaluate the results of the business in the context of the economic environment in which the business operates, to make appropriate strategic decisions and to more accurately reflect the business model under which the Group operates in both areas.
The identified business segments are as follows:
(i) Branded
This segment is defined as brands fully owned or that are exclusively distributed by the Group, whereby the Group is responsible for marketing as well as sale of the brand in the associated geography. It includes the financial results from sale of own branded products being principally Bulmers, Tennent’s, Magners and the growing portfolio of premium beers and ciders including Drygate Brewing, Five Lamps, Heverlee, Menabrea and Orchard Pig.
(ii) Distribution
This segment is defined as third-party brands sold through the Group’s distribution businesses and brands where the Group acts as an exclusive agent for a brand in a specific geography. It includes the results from the Matthew Clark Bibendum (‘MCB’) business which includes third-party brand distribution, wine wholesaling and distribution, together with the Gleesons distribution business in Ireland and the distribution of private label products.
The Group’s analysis by segment includes both items directly attributable to a segment and those, including central overheads, which are allocated on a reasonable basis in presenting information to the CODM. Inter-segmental revenue is not material and thus not subject to separate disclosure.
a) Analysis by segment
|
|
Six months to 31 August 2026 |
Six months to 31 August 2025 | ||||
|
|
Revenue |
Net revenue |
Operating profit |
Revenue |
Net revenue |
Operating profit |
|
|
€m |
€m |
€m |
€m |
€m |
€m |
|
Branded |
259.5 |
176.5 |
29.2 |
250.1 |
170.0 |
26.7 |
|
Distribution |
684.4 |
618.4 |
14.2 |
735.6 |
655.7 |
15.2 |
|
Total before exceptional items |
943.9 |
794.9 |
43.4 |
985.7 |
825.7 |
41.9 |
|
Exceptional items |
- |
- |
(6.6) |
- |
- |
(6.2) |
|
Total |
943.9 |
794.9 |
36.8 |
985.7 |
825.7 |
35.7 |
|
Finance income |
|
|
0.9 |
|
|
1.1 |
|
Loss on sale of equity accounted investments |
|
|
(0.3) |
|
|
- |
|
Finance expense |
|
|
(11.0) |
|
|
(10.9) |
|
Finance expense exceptional items |
|
|
- |
|
|
(0.1) |
|
Profit before tax |
|
|
26.4 |
|
|
25.8 |
Of the exceptional items in the current financial period, €1.1m charge relates to Branded (31 August 2025: €1.8m) and €0.7m charge relates to Distribution (31 August 2025: €4.9m) and €4.8m was unallocated as it did not relate to any particular segment (31 August 2025: €3.0m).
(b) Geographical analysis of non-current assets
|
|
|
|
|
Ireland |
Great Britain |
International |
Total |
|
At 31 August 2026 |
€m |
€m |
€m |
€m | |||
|
Property, plant and equipment |
76.2 |
207.9 |
- |
284.1 | |||
|
Goodwill and intangible assets |
159.1 |
326.8 |
21.9 |
507.8 | |||
|
Equity accounted investments and financial assets |
0.6 |
0.5 |
- |
1.1 | |||
|
Total |
235.9 |
535.2 |
21.9 |
793.0 | |||
|
|
|
|
|
Ireland |
Great Britain |
International |
Total |
|
At 28 February 2026 |
€m |
€m |
€m |
€m | |||
|
Property, plant and equipment |
75.7 |
209.8 |
- |
285.5 | |||
|
Goodwill and intangible assets |
159.6 |
317.8 |
21.9 |
499.3 | |||
|
Equity accounted investments and financial assets |
0.6 |
0.8 |
0.1 |
1.5 | |||
|
Total |
235.9 |
528.4 |
22.0 |
786.3 | |||
The geographical analysis of non-current assets, with the exception of goodwill and intangible assets, is based on the geographical location of the assets. The geographical analysis of goodwill and intangible assets is allocated based on the country of origin.
- Exceptional items
|
|
|
|
|
|
|
Six months to 31 August 2026 |
Six months to 31 August 2025 |
|
|
|
|
|
|
|
€m |
€m |
|
Restructuring costs (a) |
(6.9) |
(5.8) | |||||
|
Risk management and control reviews (b) |
- |
(0.4) | |||||
|
Bittersweet cider apple contracts (c) |
0.3 |
- | |||||
|
Loss on disposal of equity investments (d) |
(0.3) |
- | |||||
|
Operating loss exceptional items |
(6.9) |
(6.2) | |||||
|
Finance expense (e) |
- |
(0.1) | |||||
|
Included in profit before tax |
(6.9) |
(6.3) | |||||
|
Income tax credit (f) |
1.5 |
1.3 | |||||
|
Included in profit after tax |
(5.4) |
(5.0) | |||||
- Restructuring costs
During the period, the Group invested in a number of strategic initiatives to realign support functions and optimise organisational structures to more efficiently support the business operations. The overall objective of the strategic initiatives is to reduce costs and drive efficiency improvements across the operating model and enhance the future growth of the business. During the period, the Group incurred costs of €6.9m (31 August 2025: €5.8m) primarily related to the following:
- €6.0m (31 August 2025: €4.2m) related to the ongoing strategic review of the Group’s commercial, supply and head office functions to optimise organisational design of the business and enable a more efficient and robust governance and reporting structure moving forward. This charge primarily reflects costs associated with implementing and embedding transformation process improvements and related redundancy costs.
- In the period to 31 August 2025, €1.0m was spent on brand development costs relating to the Group’s strategic vision for cider, including the relaunch of the Magners brand following the agreement with BBG to reassume control and distribution of Magners and the wider cider portfolio in Great Britain as of 1 January 2025.
- €0.9m (31 August 2025: €0.6m) related to the continued rationalisation of the Group’s depot and distribution operations, reflecting redundancy costs and other onerous costs.
€11.7m of these costs were cash settled in the current financial period, including settlement of €5.6m of costs accrued at 29 February 2026.
- Risk management and control reviews
For the period ended 31 August 2025, the Group incurred costs of €0.4m associated with the control issues notified to the market on 7 June 2024 which caused the Group to defer publication of its FY2024 annual results. These costs primarily related to legal and professional costs associated with internal and external reviews into the issues, additional audit and accounting fees, retention costs for key personnel and external accounting support costs.
Cash spend in the current financial period totalled €0.1m in respect of these costs accrued at 28 February 2026.
- Bittersweet cider apple contracts
Following the significant alcohol duty reforms in the UK during FY2024, the Group reassessed its bittersweet cider apple requirements resulting in recognition of costs associated with the exit of surplus apple supply arrangements. During the current period, the Group recognised a net gain in respect of reduced future cash outflows on the onerous contracts.
- Loss on disposal of equity investments
The loss on disposal incurred includes a loss of €0.2m from the sale of the Group’s 33.33% investment in Braxatorium Parcensis CVBA and a loss of €0.1m from the sale of Group’s 33% investment in Shanter Inns Limited.
- Finance expense
For the period ended 31 August 2025, a finance charge of €0.1m was recognised in respect of the interest impact on discounted cashflows related to the onerous contracts provision for apple growers recorded in prior period.
- Income tax credit
The tax credit in the current financial period, with respect to the above exceptional items, amounted to a credit of €1.5m (31 August 2025: €1.3m credit).
- Income tax expense
Income tax expense for the period, excluding the impact of exceptional items, was €7.1m (31 August 2025: €7.0m). The income tax credit with respect to exceptional items was €1.5m (31 August 2025: €1.3m).
In line with IAS 34 Interim Financial Reporting the effective tax rate for the period ended 31 August 2026 was 21.2% (31 August 2025: 21.9%). The effective tax rate is influenced by several factors including the mix of profits and losses generated across the main geographic locations.
- Earnings per share
|
|
|
|
|
|
|
31 August 2026 |
31 August 2025 |
|
|
|
|
|
|
|
Millions |
Millions |
|
Weighted average number of shares for basic earnings per share |
369.6 |
373.8 | |||||
|
Adjustment for the effect of conversion of options |
3.0 |
3.8 | |||||
|
Weighted average number of shares for diluted earnings per share |
372.6 |
377.6 | |||||
|
|
|
|
|
|
|
31 August 2026 |
31 August 2025 |
|
|
|
|
|
|
|
€m |
€m |
|
Group profit for the financial period |
20.8 |
20.1 | |||||
|
Adjustment for exceptional items, net of tax (Note 3) |
5.4 |
5.0 | |||||
|
Earnings as adjusted for exceptional items, net of tax |
26.2 |
25.1 | |||||
|
|
|
|
|
|
|
31 August 2026 |
31 August 2025 |
|
|
|
|
|
|
|
Cent |
Cent |
|
Basic earnings per share: |
|
| |||||
|
Basic earnings per share |
5.6 |
5.4 | |||||
|
Adjusted basic earnings per share |
7.1 |
6.7 | |||||
|
|
|
|
|
|
|
31 August 2026 |
31 August 2025 |
|
|
|
|
|
|
|
Cent |
Cent |
|
Diluted earnings per share: |
|
| |||||
|
Diluted earnings per share |
5.6 |
5.3 | |||||
|
Adjusted diluted earnings per share |
7.0 |
6.6 | |||||
Employee share awards (excluding awards which were granted under plans where the rules stipulate that obligations must be satisfied by the purchase of existing shares) which are performance-based are treated as contingently issuable shares because their issue is contingent upon satisfaction of specified performance conditions in addition to the passage of time. In accordance with IAS 33: Earnings per Share, these contingently issuable shares are excluded from the computation of diluted earnings per share where the vesting conditions would not have been satisfied as at the end of the reporting period. If dilutive other contingently issuable Ordinary Shares are included in diluted EPS, this is based on the number of shares that would be issuable if the end of the reporting period was the end of the contingency period. Contingently issuable shares excluded from the calculation of diluted earnings per share at 31 August 2026 totalled 885,063 (31 August 2025: 2,779,468)
- Dividends
|
|
|
|
|
|
|
31 August 2026 |
31 August 2025 |
|
|
|
|
|
|
|
€m |
€m |
|
Declared during the financial period: |
|
| |||||
|
Final dividend for the year ended 28 February 2026: 3.67 cent per share (28 February 2025: 4.13 cent per share) |
13.6 |
15.9 | |||||
|
|
|
| |||||
|
Proposed after the end of the period and not recognised as a liability |
|
| |||||
|
Interim dividend at 31 August 2026: 2.00 cent per share (31 August 2025: 2.08 cent per share) |
7.4 |
7.8 | |||||
In order to achieve better alignment of the interest of share-based remuneration award recipients with the interests of Shareholders, Shareholder approval was given at the 2012 AGM to a proposal that awards made and that vest under the LTIP incentive programme should reflect the equivalent value to that which accrues to Shareholders by way of dividends during the vesting period. The Deferred Bonus Plan and the Buy-Out Awards also accrue dividends during the vesting period.
A final dividend of 3.67 cent (FY2025: 4.13 cent) was paid to Shareholders on 17 July 2026 equating to a distribution of €13.6m (2025: €15.9m), all of which was paid in cash.
The Board has announced an interim dividend of 2.00 cent per share for the period ended 31 August 2026. Payment will be on 18 December 2026 to Shareholders registered at the close of business on 13 November 2026. There is no scrip dividend alternative proposed.
Final dividends on Ordinary Shares are recognised as a liability in the financial statements only after they have been approved at an Annual General Meeting of the Company. Interim dividends on Ordinary Shares are recognised when they are paid.
- Intangible assets
On 6 March 2026, the Group completed the acquisition of the Innis & Gunn brand, associated intellectual property rights, and certain inventory and operating assets from the administrators of the Innis & Gunn group for total consideration of €5.1 million. The transaction has been accounted for as an asset acquisition and resulted in the recognition of intangible assets of €5.0 million, principally representing the acquired Innis & Gunn brand and related intellectual property.
- Interest-bearing loans and borrowings
|
|
|
|
|
|
|
31 August 2026 |
28 February 2026 |
|
|
|
|
|
|
|
€m |
€m |
|
Current assets |
|
| |||||
|
Unsecured loans - issue costs |
0.6 |
0.6 | |||||
|
Private Placement notes - issue costs |
0.1 |
0.1 | |||||
|
|
0.7 |
0.7 | |||||
|
Non-current liabilities |
|
| |||||
|
Unsecured loans repayable on maturity |
(125.0) |
(159.1) | |||||
|
Unsecured loans - issue costs |
1.4 |
1.6 | |||||
|
Private Placement notes - issue costs |
0.3 |
0.4 | |||||
|
Private Placement notes repayable by one repayment on maturity |
(101.5) |
(100.6) | |||||
|
|
(224.8) |
(257.7) | |||||
|
Total borrowings |
(224.1) |
(257.0) | |||||
Covenants
The Group’s multi-currency revolving facility, which are all classified as non-current, are contingent on future compliance with the following financial covenants:
- Interest cover: The ratio of EBITDA to net interest for a period of twelve months ending on each half-year date will not be less than 3.5:1
- Net debt: EBITDA: The ratio of net debt on each half-year date to EBITDA for a period of twelve months ending on a half-year date will not exceed 3.5:1
There is no effect on the Group’s covenants as a result of implementing IFRS 16 Leases as all covenants are calculated on a pre-IFRS 16 Leases adoption basis.
The net debt (excluding leases): Adjusted EBITDA (12 month trailing) ratio was 1.4x, with interest cover (12 month trailing) of 6.5x at the current financial period end.
Analysis of net debt
|
|
Interest bearing loans and borrowings1 |
Cash and cash equivalents |
Net debt excluding leases |
Lease liabilities |
Net debt including leases |
|
|
€m |
€m |
€m |
€m |
€m |
|
1 March 2026 |
(257.0) |
135.6 |
(121.4) |
(139.0) |
(260.4) |
|
Translation adjustment |
(1.3) |
2.9 |
1.6 |
(3.1) |
(1.5) |
|
Additions, disposals and remeasurements |
- |
- |
- |
(2.5) |
(2.5) |
|
Net cash flow |
34.6 |
(28.1) |
6.5 |
14.0 |
20.5 |
|
Non-cash changes |
(0.4) |
- |
(0.4) |
(3.9) |
(4.3) |
|
31 August 2026 |
(224.1) |
110.4 |
(113.7) |
(134.5) |
(248.2) |
1 Interest-bearing loans and borrowings at 31 August 2026 are net of unamortised issue costs of €2.4m (28 February 2026: €2.7m). Unamortised borrowing costs of €0.7m (28 February 2026: €0.7m) are presented within financial assets.
The non-cash charge to the Group’s interest-bearing loans and borrowings relates to the amortisation of issue costs. The non-cash changes for the Group’s lease liabilities relates to lease interest/discount unwinding.
- Retirement benefits
The Group operates a number of defined benefit pension schemes for certain employees, past and present, in the Republic of Ireland (‘ROI’) and in Northern Ireland (‘NI’), all of which provide pension benefits based on final salary and the assets of which are held in separate trustee administered funds. The Group closed its defined benefit pension schemes to new members in March 2006 and provides only defined contribution pension schemes for employees joining the Group since that date. For further details of each of these schemes please see Note 23 in the Group’s Annual Report for the year ended 28 February 2026.
Reconciliation of net defined benefit obligation
|
|
ROI |
NI |
Total |
|
|
€m |
€m |
€m |
|
Pension surplus at 1 March 2026 |
39.8 |
3.4 |
43.2 |
|
Cost included in Income Statement: |
|
|
|
|
Current service cost |
(0.2) |
- |
(0.2) |
|
Interest cost on scheme liabilities |
(2.4) |
(0.1) |
(2.5) |
|
Interest income on scheme assets |
3.2 |
0.2 |
3.4 |
|
Scheme remeasurement included in the Statement of Comprehensive Income: |
|
|
|
|
Actual return on scheme assets |
(7.1) |
(0.7) |
(7.8) |
|
Effect of changes in financial assumptions |
7.1 |
0.4 |
7.5 |
|
Effect of experience adjustments |
(0.5) |
- |
(0.5) |
|
Cash contributions |
0.2 |
- |
0.2 |
|
Translation adjustment |
- |
0.1 |
0.1 |
|
Pension surplus at 31 August 2026 |
40.1 |
3.3 |
43.4 |
Significant actuarial assumptions
The principal long-term financial assumptions used by the Group’s actuaries in the computation of the defined benefit liabilities arising on pension schemes as at 31 August 2025 and 28 February 2026 are as follows:
|
|
|
At 31 August 2026 |
At 28 February 2026 | ||
|
|
|
ROI |
NI |
ROI |
NI |
|
Salary increases |
|
0.0 – 2.9% |
3.6% |
0.0 - 2.7% |
3.5% |
|
Increases to pensions in payment |
|
2.3% |
1.9% |
2.1% |
1.9% |
|
Discount rate |
|
4.5 - 4.9% |
6.4% |
4.2% |
5.7% |
|
Inflation rate |
|
2.3% |
3.2% |
2.1% |
3.1% |
Independent actuarial valuations of the defined benefit pension schemes are carried out on a triennial basis using the attained age/aggregate method. The most recently completed actuarial valuations of the ROI defined benefit pension schemes were carried out with an effective date of 1 January 2024 while the date of the most recent actuarial valuation of the NI defined benefit pension scheme was 31 December 2023.
The funding requirements in relation to the Group’s ROI defined benefit pension schemes are assessed at each valuation date and are implemented in accordance with the advice of the actuaries. Arising from the formal actuarial valuations of the Group’s staff defined benefit pension scheme, the Group committed to contributions of €294,000 per annum in calendar year 2025 and increasing at a rate of 2.3% each calendar year thereafter. There is no funding requirement with respect to the Group’s ROI executive defined benefit pension scheme or the Group’s NI defined benefit pension scheme, both of which are in surplus. The Group has an unconditional right to any surplus remaining in these schemes in the event the scheme concludes.
- Financial assets and liabilities
|
|
|
|
|
31 August 2026 |
28 February 2026 | ||
|
|
|
|
|
Carrying value |
Fair value |
Carrying value |
Fair value |
|
|
€m |
€m |
€m |
€m | |||
|
Financial assets: |
|
|
|
| |||
|
Cash and cash equivalents1 |
110.4 |
110.4 |
135.6 |
135.6 | |||
|
Trade receivables1 |
107.3 |
107.3 |
90.6 |
90.6 | |||
|
Advances to customers1 |
38.8 |
38.8 |
38.1 |
38.1 | |||
|
Unamortised borrowing costs1,2 |
0.7 |
0.7 |
0.7 |
0.7 | |||
|
Derivative contracts3 |
2.0 |
2.0 |
0.1 |
0.1 | |||
|
|
259.2 |
259.2 |
265.1 |
265.1 | |||
|
|
|
|
|
| |||
|
Financial liabilities: |
|
|
|
| |||
|
Interest-bearing loans and borrowings |
(225.1) |
(227.5) |
(257.0) |
(259.7) | |||
|
Trade and other payables1 |
(299.6) |
(299.6) |
(282.7) |
(282.6) | |||
|
Derivative contracts3 |
(0.2) |
(0.2) |
- |
- | |||
|
Other financial liabilities1 |
(4.8) |
(4.8) |
(5.0) |
(5.0) | |||
|
|
(529.7) |
(532.1) |
(544.7) |
(547.3) | |||
1 At amortised cost, excluding statutory balances (VAT of €20.5m (FY2026: €18.8m), excise duty of €21.1m (FY2026: €18.3m) and payroll taxes
and social security of €5.1m (FY2026: €5.3m).
2 Unamortised borrowing costs classified as financial assets are held at amortised cost.
3 Derivative contract financial assets and financial liabilities are initially recognised at fair value on the date that a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period.
- Related party transactions
The principal related party relationships requiring disclosure in the consolidated financial statements of the Group under IAS 24: Related Party Disclosures pertain to the existence of subsidiary undertakings and equity accounted investments, transactions entered into by the Group with these subsidiary undertakings and equity accounted investments and the identification and compensation of and transactions with key management personnel.
Transactions
Transactions between the Group and its related parties are made on terms equivalent to those that prevail in arm’s length transactions.
Subsidiary undertakings
The consolidated financial statements include the financial statements of the Company and its subsidiaries. A listing of all subsidiaries is provided in Note 30 in the Group’s Annual Report for the year ended 28 February 2026. Sales to and purchases from subsidiary undertakings, together with outstanding payables and receivables, are eliminated in the preparation of the consolidated financial statements in accordance with IFRS 10 Consolidated Financial Statements.
Equity accounted investments
A listing of all equity accounted investments is provided in Note 30 in the Group’s Annual Report for the year ended 28 February 2026. In the period to 31 August 2026, the Group disposed of its shareholding in Braxatorium Parcensis CVBA and Shanter Inns Limited which resulted in a loss on disposal of €0.3m (refer to Note 3).
Loans extended by the Group to equity accounted investments are considered trading in nature and are included within advances to customers in trade and other receivables.
Details of transactions with equity accounted investments during the period and related outstanding balances at the period end are as follows:
|
|
|
Associates | ||||||||
|
|
|
|
31 August 2026 |
31 August 2025 | ||||||
|
|
|
|
|
|
|
€m |
€m | |||
|
Net revenue |
|
|
0.1 |
0.6 |
| |||||
|
Purchases |
|
|
0.3 |
0.3 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associates | ||||||
|
|
|
|
31 August 2026 |
28 February 2026 | ||||
|
|
|
|
|
|
|
€m |
€m | |
|
Trade and other receivables |
|
|
- |
0.2 |
| |||
|
Trade and other payables |
|
|
- |
- |
| |||
|
Loans |
|
|
- |
- |
| |||
|
|
|
|
|
|
|
|
|
|
All outstanding trading balances with equity accounted investments, which arose from arm’s length transactions, are to be settled in cash within 60 days of the reporting date.
Key management personnel
For the purposes of the disclosure requirements of IAS 24: Related Party Disclosures, the Group has defined the term ‘key management personnel’, as its Executive and Non-Executive Directors. Executive Directors participate in the Group’s equity share award schemes and are covered for death in service by an insurance policy. Executive Directors may also benefit from medical insurance under a Group policy (or the Group offers a cash alternative). No other non-cash benefits are provided. Non-Executive Directors do not receive share-based payments nor post-employment benefits.
During the current and prior financial periods, there were no transactions or balances between the Group and its key management personnel or members of their close family apart from the Group sells stock to St Austell Brewery Company Limited, of which Jill Caseberry is a Non-Executive Director. All transactions with related parties involve the normal supply of goods or services and are priced on an arm’s length basis.
- Post-balance sheet events
Acquisition of Asahi UK distribution operations
On 11 September 2026, the Group announced it had reached an agreement with Asahi UK to acquire all of its UK wholesale interests for nominal consideration, with the transaction perimeter comprising Nectar Imports Ltd and the direct distribution operations of Asahi UK. Post completion, the businesses will be fully integrated into the Group’s MCB operations. In addition, MCB will enter into a long-term business partnership associated with Asahi brands in the UK.
C&C Group plc capital reduction
The C&C Group plc received shareholder approval at the Annual General Meeting on 10 July 2026 to reduce the Company’s share premium balance and to transfer the balance into retained earnings. On 6 October 2026, the Irish High Court approved the Company’s reduction of capital. Upon the reduction in capital becoming effective, the share premium of €1,048.2m has been cancelled and the reduction included in retained earnings as a realised profit.
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