**Summary**
C&C Group Plc, a leading drinks company in the UK and Ireland, reported its final results for the year ended February 28, 2026. Despite a 5.7% decline in group net revenue, primarily due to the planned exit of Budweiser Brewing Group contractual volume and challenging hospitality market conditions, the company demonstrated resilience with adjusted EBITDA of €104.3 million and operating profit before exceptional items of €70.5 million. Key highlights include net revenue growth in core brands like Bulmers and Tennents, progress in premium brands, and the launch of new products such as Tennents Bavarian Pilsner. The company also made strategic progress, moving towards two distinct operating models: C&C Brands and Matthew Clark Bibendum (MCB), with a focus on growth and margin recovery, respectively. Despite increased leverage to 1.6x, the company proposed a final dividend of 3.67c. The outlook remains cautious due to macroeconomic uncertainty, but the company expects to meet full-year financial objectives and advance its strategic framework.
| Metric | FY2026 (€m) | FY2025 (€m) | Change (€m) |
|---|---|---|---|
| Net Revenue | 1,569.8 | 1,665.5 | (95.7) |
| Adjusted EBITDA | 104.3 | 112.0 | (7.7) |
| Operating Profit before Exceptional Items | 70.5 | 77.1 | (6.6) |
| Profit Before Tax | 49.8 | 55.9 | (6.1) |
| Free Cash Flow (excluding exceptionals) | 45.3 | 68.8 | (23.5) |
| Net Debt (excluding leases) | 121.4 | 80.9 | 40.5 |
| Leverage Ratio | 1.6x | 0.9x | 0.7x |