Slides
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1 Fy2027 Interim results 28 October 2026
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HY2027 Highlights 01 Financial Performance Strategy Update 02 03 Summary and Outlook 04 Q&A 05 agenda 2 06 Operating Update
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MEDIUM TERM FINANCIAL AND OPERATING TARGETS UPDATED €43.4m Operating Profit +4% vs HY2026 2.0c Dividend 1 C&C beer volume share Circana All Outlets Scotland 52we 05.09.26; CGA GB OPM, data to 05.09.26 2 C&C Cider volume share NIQ All Outlets ROI 52we 05.09.26; CGA Ireland OPM, data to 31.08.26 Building resilience Customer service, pricing and cost control Beer1 and Cider2 portfolio market share gains Updated strategy execution underway €36.9m Underlying Free Cash Flow +18% vs HY2026 HY2027 HIGHLIGHTS 4 SOLID BUSINESS PERFORMANCE WITH CLEAR STRATEGIC PROGRESS
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HY2027 FINANCIAL PERFORMANCE 4
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5 €m+ HY2027 (Reported) HY2026 (Reported) vs HY2026 Net revenue 794.9 825.7 (3)% Operating profit before exceptional Items 43.4 41.9 +4% Operating margin 5.5% 5.1% +40bps Adj. Profit before tax 33.3 32.1 +4% Adj. Earnings per share 7.1c 6.7c +6% Underlying Free Cash Flow 36.9 31.2 +18.3% Leverage 1.4x 1.1x 0.3x Strong cash generation underpinned by margin and earnings progression Group Operating Profit +4% vs HY2026 | Adj. Earnings Per Share +6% Headline financials
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6 Revenue decline in Distribution from planned exit of low margin business Net revenue bridge(€'m) 6.6 37.3 825.7 794.9 HY26 Reported Branded Distribution HY27 Reported
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7 Growth in branded business offsetting planned exit of low margin distribution business *pre-exceptional items 2.5 - 1.0 41.9 43.4 HY26 Reported Branded Distribution HY27 Reported Operating profit bridge* (€'m) Branded 26.7 Distribution 15.2 Group 41.9 Branded 29.2 Distribution 14.2 Group 43.4
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Cost outlook HY27 OPEX breakdown 70% 3rd-party goods for resale 11% Manufacturing input costs 10% Distribution costs 9% Overheads Unit cost movement Cost FY27 estimate FY28 estimate Manufacturing input costs Aluminium ↑ ↑ Utilities ↑ → Glass → ↑ Sugar / Glucose ↓ → Boxes / Board ↑ ↑ Cereals ↓ → Apple Concentrate ↓ → Distribution costs Fuel ↑ ↑ Vehicle Costs ↑ ↑ Other Distribution Costs → → Overheads Wages / People ↑ ↑ ↑ Inflation → Broadly flat ↓ Deflation Key cost lines hedged through FY27 and part in FY28; anticipate modest inflation in FY28
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9 €36.9m of Underlying Free Cash Flow; an increase of €5.7m €m HY2027 HY2026 vs HY2026 Adjusted EBITDA 60.5 58.1 +2.4 Net Capital Expenditure (7.0) (4.6) (2.4) Payment of Lease liabilities (10.1) (10.5) +0.4 Working Capital Movement 2.4 (4.9) +7.3 Income Tax Refund 1.3 1.4 (0.1) Net Finance Costs Paid (9.5) (10.1) +0.6 Fx/Other (0.7) 1.8 (2.5) Underlying Free Cash Flow 36.9 31.2 +5.7 Exceptional Cash Flows* (11.8) (6.9) (4.9) Free Cash Flow 25.1 24.3 +0.8 Free cash flow * Includes €5.7m in respect of exceptional costs incurred in FY26 and paid in cash in FY27
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10 €m HY2027 HY2026 Opening Net Debt (Excluding Leases) (121.4) (80.9) Leverage 1.6x 0.9x Free Cash Flow 25.1 24.3 Dividends Paid (13.6) (15.9) Share Buy back - (15.1) Acquisitions (5.1) - Other (0.3) (0.1) Translation Adjustment 1.6 (3.8) Closing Net Debt (Excluding Leases) (113.7) (91.5) Leverage 1.4x 1.1x Leverage Post IFRS16 2.4x 2.1x Leverage stable | No short-term refinancing requirements Movement in net debt (excluding leases)
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Medium term targets 11 C&C Brands: • Revenue growth • Small decline in operating margin of 50-100bps reflecting mix MCB: • Revenue decline (excluding any consolidation activity) • Operating margin increase to 3+% Free cash flow after leases and exceptional costs We are targeting over €100m of free cash flow over the three years to FY30 €85m Operating profit FY30 >€100m Free cash flow FY28-FY30
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01 Strong Balance Sheet Maintain a strong balance sheet targeting leverage of 1.0 – 1.5x on a pre-IFRS16 basis 02 Organic Investment Invest in the business to deliver long-term profitable growth 03 Ordinary Dividend Pay a sustainable and progressive ordinary dividend 04 Surplus Capital Deployed for Growth or Return Growth investment M&A Shareholder returns Capital allocation 12
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13 STRATEGY update
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Resilience People & culture Tech & data Improved efficiency Cost controls Customer service Momentum Launch of MCB C&C Brands portfolio Core brand innovation Consolidation acquisition Profitable partnerships RESILIENCE and MOMENTUM We are entering a three-year period that will be defined by our focus on building… Building immediate significant improvements in quality of earnings and cash flow leading to improved overall profitability in the medium term 14
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WE MAKE WE MOVE WE SELL We are a branded multi- beverage, multi-channel drinks specialist, driven by a challenger mindset and focused on sustainable, efficient growth. Our business OUR PURPOSE We bring people together – through remarkable brands, trusted partnerships and excellence in execution WHO WE ARE 15
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Wholesale model in England & Wales Vertically integrated, asset- backed brand-led model C&C Brands Hospitality, hotels & restaurants, national accountsHospitality, retail, International Volume growth through: • Powerful brand bases to build on • Innovation agenda • Manufacturing flexibility, capability and capacity • Route to market strength • Value-added partnerships Margin growth through: • Volume consolidation • Brand partnerships • Price optimisation • Improved branded mix • Optimise cost to serve Model Channels Strategy Enabled by Operational Excellence | People & Culture | Technology & Data c.€900m revenue and c.1% operating margin c.€600m revenue and c.10% operating marginSize C&C operates through two focused businesses with distinct approaches to value creation 16
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Delivering our innovation agenda. Our core brands’ strength allows stretch to deliver incremental growth – launching Tennent’s Tops and Bulmers Flavours in H1 We have been busy since late May… The integration of Matthew Clark and Bibendum is up and running and initial ‘carve-in’ underway: reporting set up, operating model well advanced, and reporting for FY28 onwards. Innis & Gunn settling into the portfolio following acquisition creating an enhanced premium offering, supported by core brand development and innovation. Embedding simplification and resilience-building principles across the Group. Stable and industry-leading customer service levels. Completion of the acquisition of all of Asahi UK’s wholesale interests – Nectar Imports Ltd and the direct distribution operations of Asahi UK. 17
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Building partnerships to create long-term value We are the brewing partner for a number of significant global beer brands Core brewing partner Brewing and packing partnership Branded sales partnership Shareholder and sales partner 18
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19 Operating update
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1. All cited: Circana All Outlets Scotland/E&W 52we 05.09.26; CGA GB OPM, data to 05.09.26; 2. Dunnhumby 12we 21.06.26 portfolio Review beer 20 Tennent’s NPD is attracting new consumers – category newcomers accounted for two-thirds of Tennent’s Tops sales after launch (2) HY2027 Net-revenue +3.2% vs PY BEER PORTFOLIO DELIVERING VALUE GROWTH AHEAD OF THE MARKET (1) Scotland's No.1 beer +4.5% C&C GB Beer value sales (+60bps vs market) +£6.8m Tennent’s value sales vs PY +0.2% C&C share gains Total Scotland Lager (40.2%) +8.1% Menabrea value sales growth Scotland
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INNOVATION LAUNCH: Tennent’s Stout 21 Innovation gaining momentum: Why now: stout interest has expanded fast - Scotland leads growth in stout alternatives* Who: 18–34 drives the style, and 60% of stout drinkers are open to trying new brands** Right to win: Tennent's Pilsner already proved we recruit drinkers beyond core lager The liquid: blind taste test winner - 22% ahead of the market leader † Distribution on track for c.20% of customer base by end FY27 Significant trial. Outselling other major brands in key outlets Driving consumers into outlets THE FASTEST GROWING STYLE IN BEER… FROM THE BRAND SCOTLAND TRUSTS TO BREW IT *CGA OPM 52 w/e 16.05.26 (GB); **CGA OPUS Jan 2026 (GB), n=500+; †Blind taste test, 99 respondents, 05.05.26, liquids rotated .
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19 consecutive periods of Bulmers value share growth (2) portfolio REview CIDER 22 CIDER PORTFOLIO GAINING SHARE IN PRIORITY MARKETS (1) 1. All cited: Circana All Outlets NI 52we 05.09.26; NIQ All Outlets ROI 52we 05.09.26; CGA GB OPM, data to 05.09.26; CGA Ireland OPM, data to 31.08.26 2. NIQ All Outlets ROI 52we 05.09.26 +0.3% C&C share of Ireland Cider (58.6%) +4.0% Bulmers value sales (+1.5 pp market share) +17% Outcider value growth NI On Trade (market -1.3%) No.1 Magners Packaged Apple Cider GB On Trade HY2027 Net-revenue +0.7% vs py Ireland’s No.1 cider
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INNOVATION LAUNCH: Bulmers & magners 23 Innovation gaining momentum: We have brought innovation to the cider category with the launch of Bulmers Flavours (Strawberry & Lime; Bulmers Berries), and with the introduction of Bulmers 0.0% and Magners 0.0% in the iconic pint bottle format. In Ireland, the ‘Tonight’s Hero, Tomorrow’s Zero’ campaign has been a key feature of the Bulmers advertising strategy. Bulmers Zero is the #1 LoNo Cider product in Volume & Value in ROI Off Since May launch Bulmers Flavours holds 2% of Cider value sales in ROI c.800 On-Trade stockists of Magners 0.0% pint bottle since June launch ‘53% PENETRATION OF UK adults’ DRINK No/low alcohol PRODUCTS EVERY MONTH Source: NIQ All Outlets ROI 52we 05.09.26; CGA GB OPM, data to 05.09.26; CGA Ireland OPM, data to 31.08.26
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24 NECtar and asahi direct distribution acquisition 2 Fuller, Smith & Turner Supply to the prestigious FST estate of pubs and hotels. 3 Operational efficiency Hindon depot lease, vehicles, stock, operating assets, tech and systems. 4 Long-term partnership Business agreement for Asahi brands across the MCB network. 1 IFT customer integration c.800 IFT accounts – additive to MCB’s core across the UK hospitality universe. Industry consolidation Deal agreed in September Completion October 2026
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Committed to INVESTING IN SUSTAINABILITY 25 HY2027 Highlights: - Installation of the planned de-alcoholisation plant at the Wellpark Brewery has commenced (pictured). Due to be operational in early 2027. - We reached a sustainable procurement milestone with alignment to ISO 20400 Sustainable Procurement Standard. - C&C named in the Financial Times Top 500 Climate Leaders list for 2026 (rising 154 places to #236) - Our Clonmel Manufacturing site has achieved "Origin Green" Gold Membership, recognising the site’s commitment to sustainability and continuous improvement
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26 Summary & Outlook Solid H1 performance across the Group Operating profit +4%, adjusted EPS +6% and margin +40bps Planned exit of lower-margin volume in Distribution Good underlying free cash flow +18% Acquisitions and industry consolidation adding value Building resilience into the Group Partnerships and brands building momentum On track and committed to deliver full-year earnings expectations
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Q&A 27
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Disclaimer This presentation is not intended to and does not constitute or form part of any offer, or invitation, or solicitation of any offer to issue, underwrite, subscribe for, or otherwise acquire or dispose of any shares or other securities of C&C Group plc (the "Group"), in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation contains statements which are, or may be deemed to be, forward-looking statements including statements about the Group's intentions, beliefs and expectations. These statements are based on the Group's current plans, estimates and projections, as well as the Group's expectations of external conditions and events. Forward- looking statements involve inherent known and unknown risks and uncertainties, are based on certain assumptions and speak only as of the date they are made. The Group undertakes no duty to and will not necessarily update any such statements in light of new information or future events, except to the extent required by any applicable law or regulation. Recipients of this presentation are therefore cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. Past performance is no guide to future performance and should not be taken as an indication or guarantee of future results and no representation or warranty, express or implied, is made regarding future performance. Persons needing advice should consult an independent financial adviser. The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Group, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this presentation. All information in this presentation is subject to verification, correction, completion and change without notice. This presentation is based on the Group’s unaudited HY2027 financial performance. Bulmers Ltd of Clonmel, Ireland, a company within the Group, owns the trademark BULMERS® in the Republic of Ireland. Bulmers Ltd is not connected with HP Bulmer Ltd of Hereford, UK. BULMERS ® Original Vintage Cider produced by Bulmers Ltd of Clonmel, Ireland is sold outside the Republic of Ireland under the name MAGNERS® Original Irish Cider. For further information see www.candcgroupplc.com 28