For the six months ending 31 August 2025, C&C Group announced results that were in line with expectations. Net revenue saw a 4% decline to €825.7 million, a drop primarily attributed to the previously disclosed transfer of Budweiser Brewing Group (BBG) distribution volume in the Republic of Ireland.

Despite the lower revenue, the company demonstrated improved profitability. Adjusted EBITDA rose by 2% to €58.1 million, and operating profit before exceptional items increased by 4% to €41.9 million. The group’s operating margin improved by 0.4 percentage points to 5.1%, with gains in both its Branded and Distribution business segments.

The company also showed strong cash generation, with underlying free cash flow more than doubling to €41.7 million, a 115% increase from the previous year. Basic earnings per share saw a significant 64% jump to 5.4 cents.

C&C’s core brands performed well, with both Tennent’s and Bulmers delivering net revenue growth and increasing their market share. Tennent’s net revenue was up 1.4%, outperforming the Scottish lager market, while Bulmers’ net revenue grew by 6.6%, supported by a positive summer in Ireland. The company also noted encouraging progress for its Magners cider brand in Great Britain’s off-trade sector.

Looking ahead, the company has maintained its full-year earnings expectations, stating that current trading is in line with its forecast. In his comments, Chief Executive Officer Roger White acknowledged the “challenging economic conditions” but stated the group was “well prepared for the all-important festive trading period”.

C&C continues its programme of returning capital to shareholders. The interim dividend has been increased by 4% to 2.08 cents per share. The group’s €150 million capital return programme is on track, with a €15 million share buyback tranche completed in September 2025.

The company also confirmed that a search process is underway for a new chief financial officer, following the announcement that Andrew Andrea will step down to take up a new role at Domino’s Pizza Group PLC.