A hand holding a pint of Tennent's on a bar table
Woman in orange safety vest holding notebook, inspecting shelves in a warehouse.

Annual Report and Accounts 2026

Chair's Statement

Our strategy to simplify the Group, enhance operating discipline and drive sustainable growth has continued to gain traction. Improvements in commercial execution within our Branded business, alongside further efficiency gains across production, distribution and warehousing, demonstrate progress.

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Ralph Findlay

Chair

Chief Executive Officer's Review

In 2026, our main focus has been service, stability and simplicity. We do this by focusing on our strengths: making, branding, selling and delivering.

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Roger White

Chief Executive Officer

Chief Financial Officer's Review

We continued to standardise and strengthen our finance organisation in FY2026. We have migrated to common, automated core processes to improve accuracy and control, embedded a reinforced three lines model, and expanded Risk and Internal Audit capabilities.

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Adam Phillips

Chief Financial Officer

Financial Highlights

Net revenue

1,569.8m

2025: €1,665.5m
Liquidity

326.5m

2025: €369.0m
Net debt

121.4m

2025: €80.9m
Operating profit

70.5m

2025: €77.1m
Free cash flow conversion

43.4%

2025: 61.4%
Operating profit after exceptional items

30.4m

2025: (€45.8m)
Free cash flow

45.3m

2025: €68.8m
Leverage ratio

1.6x

2025: 0.9x
DOWNLOAD KEY PERFORMANCE INDICATORS

C&C At a Glance

At a Glance

We are a leading premium drinks company which manufactures, markets and distributes branded beer, cider, wine, spirits and soft drinks across the UK and Ireland. We are the number one distributor to the UK and Ireland hospitality sectors.

Our Purpose

Play a role in every drinking occasion, delivering joy to our customers and consumers with remarkable brands and service.

Our Vision

To be the pre-eminent brand-led drinks distribution platform, serving the UK and Ireland drinks markets, generating stable margins, delivering strong free cash flow and returns for our Shareholders.

Our Values

Our values underpin everything we do.

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We respect people and the planet

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We bring joy to life

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Quality is at our core

Our Brands & Strategic Partners

Our heritage, skill and passion for brewing means we create a portfolio of some of the industry’s most admired beers and ciders for the UK, Ireland, and export markets across the world.

Core brands

BULMERS
TENNENT’S
MAGNERS

Premium brands

ORCHARD PIG
HEVERLEE
FIVE LAMPS
MENABREA
DRYGATE
OUTCIDER
INNIS & GUNN

Heritage brands

LINDEN VILLAGE
BLACKTHORN
K CIDER
CALEDONIA BEST
SWEETHEART STOUT

Strategic partners

JUBEL
journey’s end
GRAHAM BECK
YEALANDS
VINARCHY
CASELLA

Route-to-Market brands

MATTHEW CLARK BIBENDUM
TENNEnT’S Direct
BULMERS IRELAND
TENNEnT’S NI
WALKER & WODEHOUSE

Where we Operate

We operate two well-invested and state-of-the-art manufacturing sites. Our operational footprint can reach over 99% of the UK population on a next-day delivery basis.

Owned manufacturing site and stocked
Owned and stocked
Owned and not stocked
Owned and stocked, third‑party operated
Third-party owned and operated
Leased and stocked
Leased and not stocked
Map of UK and Ireland showing labeled locations with colored dots marking cities and towns.

Case Studies

Our Business Model

Our Business Model

Our primary objective is to develop a business model that can deliver sustainable value and growth into the longer-term, despite the current macroeconomic challenges in our core markets.

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Brand Strength

An attractive portfolio of Owned and Agency brands leveraging C&C’s existing strengths and market opportunities.

Core Brands

Our three flagship brands – Bulmers, Magners, and Tennent’s – are deeply rooted in the communities and regions where they are produced. These brands carry rich heritage, strong local relevance, and growing international appeal. Their enduring popularity is sustained through continued brand investment, marketing activity, and innovation.

Premium and Craft

As the premium segment of the drinks market continues to expand, we have developed a diverse range of premium and craft beers to meet evolving consumer tastes. While this segment remains fragmented, our curated portfolio – alongside our core local brands – ensures we meet abroad spectrum of customer needs. Innovation remains a strategic focus, supported by exclusive distribution partnerships and equity investmentsin high-growth craft brands.

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Distribution Strength

Our Distribution business plays a vital role in the UK and Ireland’s hospitality infrastructure, acting as a trusted route-to-market for both international and local beverage brands. With unmatched scale and reach, C&C operates across high-value On-Trade markets and provides nationwide coverage.

We serve over 99% of the UK population with next-day delivery capability, supported by a network of 22 depots and an owned fleet that completes almost 900,000 deliveries annually. Our final-mile distribution capability enables us to consistently meet the service expectations of our On-Trade customers, reinforcing our market-leading position.

I have been delighted with the collaborative relationship and customer service focused approach from the team. Drinks delivery is a vital service to us at Admiral Taverns. We appreciate the high levels of service, continuous improvement and active service development agenda.

David Wigham

Commercial Director, Admiral Taverns

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All underpinned by Sustainability

A structured and ambitious programme of continuous improvement ensuring C&C delivers to a better world. We recognise the important role that sustainability plays in the decision-making of all our stakeholders. C&C has proven track record of investing and delivering against ESG targets and a clear strategy anchored in six priorities. See our Sustainability Report below for more information.

Sustainability

Sustainability

Our sustainability strategy is integral to C&C Group’s purpose and our three core values: ‘We respect people and the planet’; ‘We bring joy to life’; and ‘Quality is at our core.’

Our six strategic pillars

Environment

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Reduce our Carbon Footprint

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Sustainably produce and source our Products & Services

Social

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Ensure Alcohol is Consumed Responsibly

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Enhance Health, Wellbeing & Capability of Colleagues

Governance

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Build a more Inclusive, Diverse, and Engaged C&C

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Collaborate with Government, Non-Governmental Organisations (‘NGOs’), and Industry Programmes

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During FY2026 the Committee discussed and approved an adjustment to the Company’s carbon emission reduction target from 35% to 42%. This new target aligns with the Paris Agreement ambition to limit global warming from a target of well-below 2°C to 1.5°C and signifies the Company’s commitment to strengthening its accreditation with the Science Based Targets initiative subject to revalidation in FY2027.

Sarah Newbitt

Non-Executive Director, Employee Engagement Non-Executive Director and Sustainability Committee Chair