C&C Group delivers ‘resilient financial performance’ in FY2025
Solid earnings and margin progression, alongside continued strong cash generation
Print28 May 2025
C&C Group delivered a resilient financial performance in FY2025, achieving strong revenue growth, increased profitability, and solid operational progress across its brands and distribution segments, despite a challenging macroeconomic backdrop.
Financial summary
- Resilient performance across the Group.
- Net revenue of €1,665.5m, in line with FY2024.
- Revenue growth in Matthew Clark Bibendum, and in-line performance across Branded.
- Adjusted EBITDA up 19.5% to €112.0m and Operating Profit growth of 28.5% to €77.1 million.
- Improved operating margins in Branded and Distribution segments.
- Strong free cashflow generation; Leverage ratio in FY2025 of 0.9x.
| €m | FY2025 | FY2024 | vs FY2024 |
| Net revenue | 1,665.5 | 1,652.5 | +13.0 |
| Adjusted EBITDA | 112.0 | 93.7 | +18.3 |
| Operating profit before exceptional items | 77.1 | 60.0 | +17.1 |
| Operating margin | 4.6% | 3.6% | +1.0 ppts |
| Adj. Profit before tax | 55.9 | 38.8 | +17.1 |
| Adj. Basic earnings per share | 11.7c | 8.1c | +3.6c |
| Basic earnings/(loss) per share | 3.5c | (29.0)c | +32.5c |
| Free cash Flow (excluding exceptionals) | 68.8 | 85.6 | -16.8 |
| Net debt (excluding leases) | 80.9 | 57.9 | +23.0 |
| Leverage ratio | 0.9x | 0.8x | +0.1x |
Operating highlights
- Tennent’s and Bulmers achieved market share gains, maintaining market-leading positions.
- Magners relaunch underway with initial off-trade gains.
- Recovering customer momentum – Matthew Clark Bibendum customer numbers up 8%.
- Strong recovery in distribution service levels with 98% “On Time” and 96% “In Full”.
- Investment in control improvements and commencement of simplification programme.
Outlook and capital returns
- Current trading encouraging and no change to expected outturn for the financial year.
- Limited tariff impact on trading and costs.
- Proposed final dividend of 4.13c (FY2024: 3.97c) up 4% on FY2024.
- €150m capital return programme maintained; €15m tranche share buyback programme commenced on 1 May 2025.
Roger White, Group chief executive officer, commented: “The Group has progressed on a number of fronts over the last year, despite the ongoing challenging macro and market backdrop.
“Our two leading brands, Tennent’s and Bulmers gained market share and we see future growth opportunities for both.
“Our Premium brand performance is encouraging, benefitting from ongoing consumer appeal for premium beer and cider which is driving growth in this segment.
“Within Distribution, Matthew Clark Bibendum continued to deliver positive momentum, achieving consistently improved service levels, growing its customer base by 8%, providing great range and value.
“Looking ahead, year to date trading is encouraging. With the key summer trading period ahead, we are executing our plans for the year, supporting our customers, investing in innovation and brand-building, people, and systems, whilst continuing to simplify the business and control costs. We remain focussed on building a solid platform from which we can maximise the potential of the group. We are developing plans to grow sustainably whilst delivering on our financial targets, creating increased long-term shareholder value.”
Read more: AB InBev UK and C&C Group agree new distribution changes
© 2025, ShelfLife by Ryan Brennan
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