Annual Report and Accounts 2025

A couple of people that are holding some beer.

Building brands.
Delivering for our customers.

Enhancing efficiency.
Maintaining strength.

Our portfolio of much-loved brands and our industry-leading customer-focused distribution business and strong cash flow will stand us in good stead.

A man in a suit and glasses posing for a picture.

Ralph Findlay

Chair

A passion for delivering for our customers.

It’s an exciting time to be joining the business. C&C has a unique business model, great brands and a committed team, and I look forward to working with the Board and the wider team to lead C&C through the next phase of its development.

A man in a suit and tie posing for a picture.

Roger White

Chief Executive Officer

Improvement in both our branded and distribution segments.

In FY2025, the premium branded sector continued its significant contribution to Group profitability and the distribution sector recovered strongly from the logistical issues suffered in the prior years.

A man wearing glasses and a blue jacket.

Andrew Andrea

Chief Financial & Transformation Officer

Financial Highlights

Net revenue

1,665.5m

2024: €1,652.5m
Free cash flow conversion

61.4%

2024: 91.4%
Operating profit

77.1m

2024: €60.0m
Leverage ratio

0.9x

2024: 0.8x
Free cash flow

68.8m

2024: €85.6m
Net debt

80.9m

2024: €57.9m
Liquidity

369.0m

2024: €390.1m
Operating profit/(loss) after exceptional items

45.8m

2024: (€84.4m)
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C&C At a Glance

C&C 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.

Purpose

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

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.

We respect people and the planet

We bring joy to life

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.

BULMERS
TENNENT’S
MAGNERS
ORCHARD PIG
HEVERLEE
FIVE LAMPS
MENABREA
DRYGATE
OUTCIDER
INNIS & GUNN
JUBELS
journey’s end
GRAHAM BECK
CATENA ZAPATA
BIBENDUM
MATTHEW CLARK
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, stocked
Owned, not stocked
Leased, stocked
Leased, not stocked
Third party
Owned, third party operated
Manufacturing site
A map of the united states with dots.

Case Studies

01

Tennent's and Scottish Rugby extend collaboration

We’re celebrating the renewal of Tennent’s Lager and Scottish Rugby’s enduring 12-year partnership, extending their collaboration until 2028. The partnership supports the Scottish men’s and women’s National Teams, Edinburgh Rugby and Glasgow Warriors, across the next exciting four-year cycle.

02

Employee Engagement

Our two designated Employee Engagement Non-Executive Directors spend time throughout the year to ensure the employee voice is heard in the Boardroom and an action plan developed to ensure that employee feedback is used in Board decision making.

Two women laughing and clapping at an event.

03

Health, Safety & Fleet Centre of Excellence

As part of our strategic priority of Health & Safety, we have invested in a dedicated Centre of Excellence facility in Birmingham, led by our H&S Director Katie Rodham and the H&S Team, opened by our Chief Operating Officer Andrea Pozzi.

A man wearing a vest and a beanie standing in a warehouse.

04

Leading to Win

Our latest ‘Leading to Win’ cohort kicked off their programme by taking part in a ‘Big Challenge’ event in partnership with the Big Issue – a unique and impactful experiential learning event.

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.

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. Collectively, they deliver robust margins and are highly cash generative.

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 a broad spectrum of customer needs. Innovation remains a strategic focus, supported by exclusive distribution partnerships and equity investments in high-growth craft brands.

Distribution and 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 25 depots and an owned fleet that completes more than 700,000 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.

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 on page 22 for more information.

Sustainability

Sustainability

Our Environmental, Social and Governance (ESG) strategy is integral to C&C Group’s purpose and our three core values: ‘Respect people and the planet’; ‘We bring joy to life’; and ‘Quality is at our core.’

Our ESG strategy 'Delivering to a better world' is focused on six priorities:

Environment

Reduce our Carbon Footprint

Sustainably Produce and Source our Products & Services

Social

Ensure Alcohol is Consumed Responsibly

Enhance Health, Wellbeing & Capability of Colleagues

Governance

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

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

We have very much enjoyed meeting a wide range of people from different sites and roles in our engagement sessions over the last year. Colleagues have been very open in discussions about the things that they like about working at C&C and areas of improvement.

Sarah Newbitt

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