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CAPITAL MARKETS DAY GLASGOW 24 September 2026
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Introduction
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Prior Experience His experience includes senior financial roles at Headlam Group plc, Mobico Group plc (previously National Express), Halfords Group plc and Molson Coors Brewing Company. Adam Phillips Chief Financial Officer Start Date | April 2026 Prior Experience Managing Director of Britvic GB&I and a member of the Britvic PLC Executive Committee. Before joining Britvic, Paul was UK Commercial Director and General Manager for Ireland at United Biscuits. His earlier career was spent at Mars Confectionery. Paul Graham Chief Commercial Officer Start Date | March 2026 Karen Bates Chief People Officer Prior Experience Prior to C&C, Karen was the Global HR Director at BrewDog. Prior to that Karen has worked in Exec level HR roles in multiple sectors including retail, hospitality, and energy – including Costa Coffee, Holland & Barrett, Drax, Gala, and Goldsmiths. Start Date | June 2025 Carole Kingsbury Chief Technology Officer Prior Experience With a background in technology consulting and senior leadership roles spanning multiple sectors— including energy, telecommunications, government, reinsurance and retail. Carole has held senior positions at Tesco, Currys and Ted Baker. Start Date | May 2024 Cara Chambers Chief Marketing Officer Prior Experience Prior to C&C, Cara was Global Marketing Director at International Beverage, and held several senior Marketing roles at Sainsbury’s Bank, Whyte & MacKay, Heineken & Scottish & Newcastle, having started her marketing career at Guinness. Start Date | April 2024 Andrea Pozzi Chief Operations Officer Prior Experience At C&C, Andrea has held several senior roles, including Group Manufacturing Director, Managing Director for EMEA, and Managing Director for Tennent's. Previously, at Carlsberg, Scottish Newcastle and Mars, Andrea built experience in manufacturing in both direct and indirect procurement. Start Date | September 2010 Presenting alongside me today 3
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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 4
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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 5
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The focus for today: C&C Brands Volume growth through: • Powerful brand bases to build on • Innovation agenda • Manufacturing flexibility, capability and capacity • Route to market (RTM) strength • Value added partnerships Margin growth through: • Volume consolidation • Brand partnerships • Price optimisation • Improved branded mix • Optimise cost to serve Business Strategy Our Enablers Operational Excellence | People & Culture | Technology & Data 6
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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 7
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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. Announcement of the acquisition of all of Asahi UK’s wholesale interests – Nectar Imports Ltd and the direct distribution operations of Asahi UK. (subject to completion) 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. We have been busy since late May… 8
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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 Global brewing and packing partnership Branded sales partnership Shareholder and sales partner 9
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Resilience We are still in the resilience building phase. Momentum Our momentum driving phase is now established and building. Delivery Reinforce our ability to deliver consistently and translate that successfully into financial performance. Quality of Earnings Quality of earnings and cash flow improvement. What next? How should you think about the shape of our recovery … 10
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>€100m Free Cash Flow FY28 – FY30 €85m Operating Profit FY30 Notes: • Free cash flow is after leases and exceptional costs • FY30 is the year ended February 2030 Financial outputs 11
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Setting the Context: Category Overview
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UK inflation rose to 2.9% in the year to July from 2.6% in June, driven by energy costs¹ Irish inflation steady at 3.4% in the year to August, mainly reflecting energy bills² UK consumer confidence improved again in August, reaching -14³ Irish sentiment edged up in August, though financial worries persist⁴ UK card spending rose 2.1% in August, a 13-month high, yet still under 3.1% CPIH inflation⁵ In Ireland, summer occasions lifted FMCG growth, led by soft drinks, ice cream, fruit and lager.⁶ Sources: ¹ONS, year to July 2026; ²Central Statistics Office Consumer Price Index August 2026; ³NIQ GfK Consumer Confidence B arometer August 2026; ⁴Credit Union Consumer Sentiment Index July 2026; ⁵Barclays UK Consumer Spend Report August 2026; ⁶NIQ Scantrack Ireland, 4 w /e 09.08.26. Spend up 2.7% in UK pubs, bars & clubs and 1.5% in restaurants, cafés & bakeries, shows social occasions holding firm against cost pressures. Macro: Despite cost-of-living pressures, people have been prioritising social occasions and experiences 13
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Source: GB On Trade: CGA OPM 12 w/e 08.08.26; UK Off Trade: Circana Total BWS 12we 08.08.26; ROI On Trade: CGA OPM 3 m/e 31.0 7.26; Ireland Off Trade; ROI Off Trade: NIQ 13 w/e 9.08.26. LAD = long alcoholic drinks (beer, cider, RTDS). LY = last year The Weather The MarketDrinks Price/Mix Seasonal Events GB: Stable on-trade universe, +117 (+0.1%) net new outlets in Jun vs Dec GB: Heatwaves prolonged in England; Scotland remained closer to average Latest 12 weeks – Drinks Category IRE: Heatwave drives strong sales of Cider, Lager & RTD UK&I: Online outperforms grocery retail driven by frequent quick shops GB: Prices/mix +6.8% on-trade; and +2.7% off-trade. IRE: Prices/mix +6.6% on-trade; and +0.6% off-trade. Staycations boost from weather & international travel concerns World Cup drives longer & later occasions, notably in England People are continuing to come together through drinks, both in hospitality and at home GB Hospitality +5.5% Value -0.8% Volume LAD, spirits, wine, softs GB Retail +3.2% Value +6.0% Volume LAD, spirits, wine Ireland Hospitality +1.6% Value -3.6% Volume LAD, spirits, softs Ireland Retail +5.5% Value +4.9% Volume LAD, wine 14
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C&C is well placed to leverage to our advantage Leading beer and cider brands suited to earlier occasions Wine, spirits, RTD and soft-drink breadth of portfolio Portfolio propositions designed around ‘with food’ occasions Earlier Occasions 2-7pm Saturday afternoons and early evenings Biggest gain in alcohol’s relative share of occasions vs. 2018 Mixed Repertoires 1 in 3 On-Trade soft drink occasions Also involve an alcoholic drink, excluding mixing Food led 60% Of alcohol occasions are with food Up 5.1 percentage points versus seven years ago Hospitality: people value socialising, and drinks remain at the centre of those moments Sources: Worldpanel by Numerator | Alcovision | Data to 30-Jun-25: earlier alcohol occasions and 1 in 3 mixed on-trade occasions. Worldpanel by Numerator | Alcovision | Data to 30-Sep-25: 60% of alcohol occasions are with food . Kantar Drinks Disrupted 2026. 15
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C&C is well placed to leverage to our advantage Scale through Tennent's Premium, flavour & moderation Extend cider leadership Flavour, formats & occasions Use innovation to scale Fruit, stout, no & low & RTDs Total FMCG +0.7% Unit Growth FMCG growth is limited by price increases, with value +2.0% Alcohol Beverages +6.0% Volume Growth At home drinking occasions drive volume ahead of value +3.2% Growth Pockets Beer, Cider, RTD Consumer Demand Flavour and moderation are growing beer, cider and RTDs Retail: long alcohol drinks are outperforming wider basket as growth broadens across categories and occasions Source: GB On Trade: CGA OPM 12 w/e 08.08.26; UK Off Trade: Circana Total BWS 12we 08.08.26; ROI On Trade: CGA OPM 3 m/e 31.0 7.26; Ireland Off Trade; ROI Off Trade: NIQ 13 w/e 9.08.26. LAD = long alcoholic drinks (beer, cider, RTDS). LY = last year 16
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Consumer People continue to prioritise social occasions and experiences. Occasions Beer and cider remain large, relevant and resilient categories. Channels Hospitality and retail play complementary roles in meeting consumer needs. Growth Premiumisation, flavour, moderation and convenience are expanding the opportunity set. Recap: why we remain confident in our categories C&C: Our brands are strongly positioned where consumers continue to spend and socialise 17
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Growing volume in C&C Brands
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The focus for this breakout session: C&C Brands Volume growth through: • Powerful brand bases to build on • Innovation agenda • Manufacturing flexibility, capability and capacity • Route to market (RTM) strength • Value added partnerships Margin growth through: • Volume consolidation • Brand partnerships • Price optimisation • Improved branded mix • Optimise cost to serve Business Strategy Our Enablers Operational Excellence | People & Culture | Technology & Data 19
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2 Innovation agenda 3 Manufacturing flexibility, capacity and capability 4 Route to market strength 5 Value added partnerships A vertically integrated, asset backed brand-led model 1 Powerful bases to build from Growing volume in C&C Brands 20
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SCOTLAND IRELAND TENNENT’S BULMERS 99.5% Distribution Must-stock Grocery SKU No.1 Best selling alcohol brand On & Off 2025 97% Brand awareness Kantar Brand Tracker 59% Cider volume share Ireland on-trade Bigger than Guinness Off Trade Sales L13W 91% Brand awareness Kantar Brand Tracker Scale + availability + cultural relevance Leadership + total availability + sustained share gains Our strongest brands lead in Scotland and Ireland, where local relevance creates resilient advantage 21
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Build Brand Power: Tennent’s is Scotland’s undisputed beer leader and our largest platform for creating value Scotland’s undisputed no.1 • 1 in 2 on-trade pints is a Tennent’s₁ • 5 of the top 10 off-trade beer SKUs are Tennent’s • Tennent’s is the same size as Bud and Stella combined₅ Facing category headwinds • Beer category in Scotland has contracted and premiumised₂ • An outlier in standard lager – Tennent’s growing vol and val₃ • Stout and No & Lo leading beer growth Resilient and growing momentum • Attracting incremental consumers through innovation • Expanding beyond lager into adjacent categories • Renewing relevance for new consumers through culture 1.Tennent’s on-trade volume share 52.5% of Scotland Total Lager; CGA OPMS MAT data P07 2026 2. Total Beer Scotland vol -2.2%; MAT Scotland Off Trade Nielsen Scantrack 08.08.26 3. Tennent’s Lager MAT +1.1% vol +12.3% val vs. Scotland Lager MAT -1.4% vol +8.0% val change; CGA OPMS MAT data P07 2026 4. Total Stout +10.1% val Total NAB/LAB 7.8% val; MAT Scotland Off Trade Nielsen Scantrack 08.08.26 5. Stella Artois Beer 182,022 HL, Budweiser Beer 163,490 HL, Tennent’s Beer 343,922 HL; MAT Scotland Off Trade Nielsen Scantrack 08.08.26 22
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Above all – Tennent’s is a Cultural Icon, connected to and embedded in the lives of the people of Scotland 23
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Bulmers is the #2 Long Alcoholic Drink (LAD) Brand by Vol and Value L13W ROI Off Trade Nielsen Scantrack 09.08.26 Bulmers is the #1 Fridge Brand by Vol and Value in ROI On Trade CGA OPM 30.06.26 Bulmers Original 8 pack Can is the #1 highest selling Off Trade SKU in both volume & value L13W ROI Off Trade Nielsen Scantrack 09.08.26 Bulmers value share of cider Nielsen Scantrack 06.09.26 Ireland’s favourite cider • 100% on/off-trade penetration with c.60% cider share • #2 off-trade LAD brand, with the best selling off-trade SKU • #1 fridge brand in the Irish on-trade Category & consumer Leadership • The largest and most valuable cider brand in Ireland • 91% brand awareness, 46% drunk in the last 3 months. • 19 consecutive periods of Bulmers value share growth Primed for further growth • Leading cider for awareness, consumption & demand power • Recruiting new consumers with 0.0 & Flavours innovation • NPD, pack, format and dispense innovation to grow Build brand power: Bulmers is the cider powerhouse, unrivalled category leadership, primed to deliver the next wave of growth 24
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Bulmers is an Irish cultural icon… continuing to win new drinkers and its place in Ireland’s hearts and minds 25
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We’ve transformed our approach to innovation enabling us to build on powerful brand bases to drive momentum Powerful brand bases Culturally connected brands loved by consumers & customers Innovation Dedicated team, stage gate process and 3-year launch pipeline Manufacturing capability & capacity Flexible sites, liquids & pack formats for beer, cider & beyond… Route to market strength On & Off trade execution engine Consumer & category insight Data-rich – quick actionable insight Getting insight based campaigns and innovation to market quickly and effectively to drive growth 26
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Innovation: Our core brands’ strength allows stretch to deliver growth New Bulmers 0.0% (spring 2025) Tennent’s Bavarian Pilsner (Nov 2025) Tennent’s Tops Innovation (March 2026) New Bulmers Flavours (spring 2026) Bulmers Glass Bottle into Retail (summer 2026) Magners 0.0% Pint Bottle (summer 2026) Tennent’s Stout launch (Autumn 2026) Tennent’s Tops - new flavour (spring 2027) Bulmers / Magners Flavour (spring 2027) Tennent’s Zero re-formulated (summer 2027) Tennent’s Stout Off-Trade (Autumn 2027) Bulmers draught innovation (2027) 27
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THE FASTEST GROWING STYLE IN BEER… FROM THE BRAND SCOTLAND TRUSTS TO BREW IT 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 Guinness, 35% ahead of Murphy's on flavour† Scale: our brewery, our route to market — on-trade first, prove rate of sale, then scale *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 . 28
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New Brand Creation Success: Outcider – a distinctive Gen Z challenger brand built to drive the next wave of cider growth. Recruiting new drinkers • Sweeter profile suited to younger palates • Modern brand world that stands apart • Focused plan to engage Gen Z Winning in the market • Northern Ireland's No.1 draught cider on-trade • Fastest rate of sale in that market • Now in 1,000+ outlets across Scotland and NI Opportunity to scale • Early proof of concept established • Targeted On Trade expansion in England & Wales underway • Scalable premium growth with potential to grow category 29
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Innis & Gunn acquisition strengthens our beer portfolio and expands our route to growth An attractive acquisition • Established and recognised premium beer brand • In need of brand development and improved execution • Manufacturing efficiency and recovery Enhances our portfolio • Broadens the premium beer offering • Supports full-range customer propositions • Creates additional recruitment opportunities Exciting growth potential • Brand permission to grow in England and Wales • International footprint and increasing demand • A clear path to growth to 100khl and beyond 30
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Brewing, canning, kegging and bottling 3m HL brewing and 4m HL packaging capacity Ability to double production without significant capex Brewing, canning, kegging, bottling and PET 3m HL cider production and 3.5m HL packaging capacity Ability to increase production without significant capex Capacity provides growth potential from organic C&C Brands growth, innovation and partnership opportunities Limited additional overhead or capex required Wellpark Brewery Glasgow, Scotland Scalable manufacturing platform Clonmel Tipperary, Ireland 31
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Operational efficiency – we are continually reviewing the efficiency of our manufacturing facilities Shift patterns Implemented new shift patterns to increase flexibility while reducing overtime and reliance on temp labour Operational excellence Systematically reviewing how to improve yield, energy efficiencies and process effectiveness Planning Structure change and improved production planning processes Maintenance Proactive and preventative maintenance to reduce cost, downtime and increase asset utilisation For FY24 to FY26 our overall fixed manufacturing cost in Clonmel and Wellpark (including labour) has declined by 4% despite inflation and wage increases New equipment Investments include can filler, packaging capability, CO2 recovery system, waste water treatment 32
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Our owned route to market enhances our ability to scale C&C brands and deliver attractive scale for partners Full control of our products from brewing, through customer, direct to consumer Owned logistics network A network of depots throughout Scotland and Ireland gets us closer to customers. Partnerships that add value Partnerships with leading brands across adjacent categories add value to the C&C Brands proposition. Unrivalled customer base Our portfolio of must-stock brands leads to commercial relationships with customers who trust us to grow. 33
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Building sustainability into every sourcing decision - Longstanding, local supplier partnerships (Scottish barley for beer, Irish apples for cider…) – our core brands do not travel far from grass to glass - 99% of consumption from renewable electricity backed by Renewable Certificate of Origin (REGOs) Making and moving products more sustainably - Target 50% reduction in natural gas consumption installing an E- Boiler (commissioning 2028) - Transitioning C&C delivery fleet from diesel to HVO - Recovery resources through biogas generation and CO2 recovery Clear commitments, transparent reporting - Carbon reduction target increased to 42% by 2030 (strength Science Based Target Initiative) - Corporate Sustainability Reporting Directive (CSRD) from FY2028 - CDP (Carbon Disclosure Project) A-rating for climate change Reducing our environmental impact across the value chain – how we source, produce, move and report 34
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Recap: Leading brands, proven innovation, and a platform built to make, move and sell 2: Innovation agenda 3: Manufacturing flexibility, capacity and capability 4: Route to market strength 5: Value added partnerships 1: Powerful bases to build from Category leading brands in Scotland and Ireland. Portfolio strength and depth. The category headwinds are our tailwinds Familiar brands and flexible packs support deliberate, value conscious occasions Meeting real consumer needs Wellpark and Clonmel capacity and capability Growth without significant new capex RTM and logistics network in Ireland and UK Ability to scale our and partner brands Overhead recovery in manufacturing – contract brewing and packing. Complementary partnerships add value to C&C Brands 35
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Growing margin in MCB
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The focus for this breakout session: C&C Brands Volume growth through: • Powerful brand bases to build on • Innovation agenda • Manufacturing flexibility, capability and capacity • Route to market (RTM) strength • Value added partnerships Margin growth through: • Volume consolidation • Brand partnerships • Price optimisation • Improved branded mix • Optimise cost to serve Business Strategy Our Enablers Operational Excellence | People & Culture | Technology & Data 37
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Our focus is on converting MCB’s significant scale into an appropriate return 3%+ Medium-term Ambition Scale is already in place The value creation agenda is margin expansion Not turnover for its own sake Better buying • pricing discipline • right growth • lower cost to serve Everything that follows is about closing the gap between scale and profitability c. €0.9bn Turnover FY to 28 February 2026 c. 1% Operating Margin Current conversion 38
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2 Brand partnerships Strong commercial agreements with our branded suppliers 3 Price optimisation Revenue Growth Management, segmentation and minimum thresholds 4 Improve branded mix Proactive mix management to leverage C&C Brand, Channel & Category 5 Optimise cost to serve Network efficiency, service design and simplification Five practical levers turn platform strength into margin Commercial discipline and operational efficiency work together to expand margin 1 Volume consolidation Fold acquired and partner volume into existing network capacity 39
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Consolidating volume into a network that already has the capacity to carry it Every incremental case improves drop density, network utilisation and unit economics The Asahi deal Nectar Imports and Asahi UK direct distribution – scale volume onto the platform Capacity to absorb 400+ vehicles serve 13,000+ outlets – more volume, no material new capex Proven to execute 5 depots consolidated, volume transferred, service levels held Headroom for growth We serve under 10% of independent free trade – providing room for growth 40 1 Volume consolidation
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Nectar National Reach Capacity to Scale A route to market brand owners cannot easily replicate – and terms that should reflect it We provide category-led solutions that benefit guests, customers and brand owners A range of hospitality channels in every postcode c.7000 SKUs across every major drinks category c.100 industry specialists across IFT, Regional & Nationals Current network has spare capacity for added volume Composite Range Customer Relations 41 2 Brand partnerships
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Pricing with structure and discipline, not at the customer’s expense Better price realisation on volume we already serve, with value as the conversation Structure • Structured RGM and pricing governance • Clear rules, fewer exceptions • Transparent and defensible price architecture Segmentation • Price to customer type, volume and service level • Minimum rates by segment • Cost to serve visible in every pricing decision Discipline • Recover input cost movements promptly • Manage discount and rebate leakage • Protect customer value while improving realisation 42 3 Price optimisation
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Shift the mix towards the brands, categories and customers that create value Better mix, not more volume – and a willingness to exit business with no route to return DELIVER MORE THAN FROM TO 20% OF SKUs 80% OF MARGIN Breadth as the objective Too many low-value SKUs and slower operations Undifferentiated supply Little own-brand or premium advantage All revenue treated equally Volume chased wherever it is available Demand-led range Relevant choice, better availability, less capital Own brand and premium Category, supplier and premiumisation mix that pays Selective growth Right accounts, IFT density and Bibendum beyond London 43 4 Improve branded mix
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Take cost and complexity out of the network, protect what customers value Redesign service around what customers value and what the economics support Protect Reliability Availability Consistency Problem resolution What customers genuinely value Remove cost and complexity Minimum drop size Fewer uneconomic deliveries Picking efficiency Reduce single-bottle handling Service tiers Match service promise to customer economics Delivery frequency Use day-one-for-day-three patterns where appropriate Route density Improve drops per route and call density Volume consolidation Use additional volume to improve utilisation 44 5 Optimise cost to serve
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The prize is a structurally stronger MCB A defined plan turning MCB’s scale, infrastructure, reach and supplier relevance into profit c.1% CURRENT MARGIN 200+bps MARGIN IMPROVEMENT PLAN 3%+ MEDIUM-TERM AMBITION Improved Margin Better revenue conversion into profit More Resilient Less dependence on low-return volume Better Platform Capacity and service focused on value creation 45
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Our Enablers
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The focus for this breakout session: C&C Brands Volume growth through: • Powerful brand bases to build on • Innovation agenda • Manufacturing flexibility, capability and capacity • Route to market (RTM) strength • Value added partnerships Margin growth through: • Volume consolidation • Brand partnerships • Price optimisation • Improved branded mix • Optimise cost to serve Business Strategy Our Enablers Operational Excellence | People & Culture | Technology & Data 47
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People and Culture
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01 Culture A culture that gets things done 02 People The right people, in the right roles in the right structure 03 Capability Relentless focus on high performance THE THREE PILLARS OF OUR PEOPLE STRATEGY Creating resilience 49
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EMPLOYEE NUMBERS 2,633 from 2,884 in 2024 A leaner, simpler organisation ENGAGEMENT SCORE 70% from 69% in 2024 Up a point through major change SURVEY RESPONSE 80% unchanged from 2024 Participation holding firm EMPLOYEE TURNOVER 20% from 30% in 2024 Turnover cut by a third Impact so far WHERE WE WERE, WHERE WE ARE Leaner, steadier, more engaged — 9.5% of headcount taken out while engagement rose and turnover fell by a third 50
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01 Operating model An operating model built to perform and deliver value 02 Employee value proposition Harnessing our brands to attract and retain diverse, high-quality talent 03 Culture A performance-led culture where people take ownership of our success 04 Technology Systems that drive performance, measure it and unlock efficiency Building the momentum OUR FOUR PRIORITIES FOR THE YEAR AHEAD 51
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Technology and Data
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Protect today – Build tomorrow Operating model ✓ Strengthened Security and Service operating model ✓ Structured third-party risk management ✓ Tested resilience across critical systems ✓ Group security culture programme ✓ Improved Incident readiness Improved value proposition ✓ Industry-standard process ✓ Right-sized solutions ✓ Leverage existing investment ✓ Retiring end-of-life platforms ✓ Data as a backbone ✓ Consolidating capability Data as an asset ✓ Trusted Data foundation ✓ Self-serve insight and dynamic reporting ✓ Common group-wide definitions and calculations ✓ Data quality assured ✓ Faster decision-making ✓ Firm foundation for ML and Agentic capability Digital route to market ✓ Improved digital capability ✓ Redefined Customer Experience across all routes to market ✓ Streamlined customer interaction ✓ Improved order automation capability Common ways of working > > Integrated business and technology roadmap > > Robust technology governance 53
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R O A D M A P 2025 Stabilise 2026 Enable 2027 Scale 2028 Accelerate What this delivers for C&C Group Culture Efficiency Momentum Legacy platforms retired and a materially stronger security posture across people, technology and data. Simplified processes, technology and data delivered to best practice standards, increasing efficiency and reducing risk and cost to serve A data-led backbone that can scale, providing trusted data driving decisions and actions and enabling better digital channel use. Proof points to date ✓ Cyber Essentials Plus Accreditation ✓ Security Scorecard rating significantly improved – from 82% to 94% ✓ NIST score > 10% in year ✓ External audit score improved by 40% ✓ Multiple systems consolidated or retired ✓ 3rd party Managed Service contracts consolidated and/or renegotiated ✓ Data Platform built – dynamic group data views established - legacy integration platforms retired 54
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Enablers: in summary PEOPLE & CULTURE AND TECHNOLOGY & DATA 01 Culture and people Restructure delivered a stable, accountable organisation with fewer layers and lower cost. 02 A leaner, steadier base Headcount down 9.5% to 2,633, turnover reduced to 20% and engagement up to 70%. 03 Protect today, build tomorrow Security, service and data foundations strengthened while the estate was simplified. 04 Momentum into 2026 Operating model, EVP, culture and technology drive the path from stabilise to accelerate. 2,633 employees, from 2,884 20% turnover, from 30% Certified Cyber Essentials Plus 94% security scorecard, from 82% 55
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Financial Framework
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Earnings have been volatile in recent years due to internal and external factors. The Group has inherently good cash generation characteristics, albeit weaker in the last couple of years and leverage has increased Context Good cash generation characteristics but weaker in recent years and leverage has increased ROCE of circa 10% in recent years Volume decline partially offset by price increases High cost inflation Volatility in earnings 57
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C&C Brands Includes: • Manufacturing and sale of our brands • Partnership operations • International sales • Wholesale of third-party products in Scotland and Ireland • Bibendum Off Trade – wine agency supply to retail The two businesses have different margin profiles as set out below Profiles of our two businesses MCB Wholesale of third-party brands and route to market for C&C Brands in England & Wales 96% of sales are third party brands c.€600m revenue and 10% operating margin c.€900m revenue and c.1% operating margin The revenue and margin figures above are for FY2658
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Margin evolution in recent years Cost inflation Category mix Volume Price Cost reduction initiatives Operating margin has averaged 4.3% in the last three years. Cost inflation, mix and volume have diluted margins, offset by price and cost reduction initiatives. Going forward, we anticipate Group operating margins to improve as we take actions, whilst headwinds stabilise slightly and we grow volume in C&C Brands Operating margin Drivers of operating margin going forwards Cost inflation Category mix Volume Price Cost reduction initiatives 59
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RCF maturing in 2030 Term loan maturing in 2030 PP maturing in 2030 and 2032 Receivables securitisation facility renewed annually 1. Available liquidity is cash plus undrawn element of RCF and receivables securitisation facility €600m of committed facilities The Group has €600m of diversified committed borrowing facilities and substantial liquidity headroom Financing €373m available liquidity1 at February 2026 €104m drawn down on receivables facility at February 2026 150 101 100 250 Committed facilities €m 60
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For many years the Group has used a receivables securitisation facility. This is a relatively low cost and flexible financing facility. This is a working capital facility; any amounts drawn on this are not presented in net debt Financing Efficient, flexible form of financing Low interest cost and non- recourse Quantum of draw down has plateaued in the last three years In line with accounting standards, is not included in net debt; instead it is a working capital facility 61
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Two amended metrics: Underlying free cash flow = includes lease costs but excludes exceptional costs Free cash flow = as above, less exceptional items Going forward we are adopting a revised definition of free cash flow, which now includes lease costs, as set out below Free cash flow definition Definition of free cash flow Note that the free cash flow numbers presented above are on a post-IFRS16 basis and can therefore be reconciled directly to the financial statements. However, there is little difference between FCF on a pre-IFRS16 and post-IFRS16 basis62
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€72m of free cash flow generated in the last three years €10m of this was from additional drawdown on the receivables facility; therefore, effectively €62m cash generated from trading Increased free cash flow generation from higher earnings and lower exceptional costs, combined with ongoing low growth capex requirements In the last three years, the Group has generated €72m of free cash flow (€62m if the additional drawdown on the receivables facility is excluded); we are targeting over €100m of free cash flow in the next three years Free cash flow Free cash flow history Free cash flow outlook Over €100m free cash flow for the three years FY28 to FY30 63
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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 We have established the following P&L and cash targets for the next three years Medium term targets 64
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Our capital allocation priorities start with maintaining a strong balance sheet and organic investment, followed by a progressive ordinary dividend. The choice for deployment of surplus capital depends on the attractiveness of the options at the time Capital allocation 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 65
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CAPITAL MARKETS DAY GLASGOW 24 September 2026
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Growing volume in C&C Brands
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The focus for this breakout session: C&C Brands Volume growth through: • Powerful brand bases to build on • Innovation agenda • Manufacturing flexibility, capability and capacity • Route to market (RTM) strength • Value added partnerships Margin growth through: • Volume consolidation • Brand partnerships • Price optimisation • Improved branded mix • Optimise cost to serve Business Strategy Our Enablers Operational Excellence | People & Culture | Technology & Data 3
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2 Innovation agenda 3 Manufacturing flexibility, capacity and capability 4 Route to market strength 5 Value added partnerships A vertically integrated, asset backed brand-led model 1 Powerful bases to build from Growing volume in C&C Brands 4
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SCOTLAND IRELAND TENNENT’S BULMERS 99.5% Distribution Must-stock Grocery SKU No.1 Best selling alcohol brand On & Off 2025 97% Brand awareness Kantar Brand Tracker 59% Cider volume share Ireland on-trade Bigger than Guinness Off Trade Sales L13W 91% Brand awareness Kantar Brand Tracker Scale + availability + cultural relevance Leadership + total availability + sustained share gains Our strongest brands lead in Scotland and Ireland, where local relevance creates resilient advantage 5
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Build Brand Power: Tennent’s is Scotland’s undisputed beer leader and our largest platform for creating value Scotland’s undisputed no.1 • 1 in 2 on-trade pints is a Tennent’s₁ • 5 of the top 10 off-trade beer SKUs are Tennent’s • Tennent’s is the same size as Bud and Stella combined₅ Facing category headwinds • Beer category in Scotland has contracted and premiumised₂ • An outlier in standard lager – Tennent’s growing vol and val₃ • Stout and No & Lo leading beer growth Resilient and growing momentum • Attracting incremental consumers through innovation • Expanding beyond lager into adjacent categories • Renewing relevance for new consumers through culture 1.Tennent’s on-trade volume share 52.5% of Scotland Total Lager; CGA OPMS MAT data P07 2026 2. Total Beer Scotland vol -2.2%; MAT Scotland Off Trade Nielsen Scantrack 08.08.26 3. Tennent’s Lager MAT +1.1% vol +12.3% val vs. Scotland Lager MAT -1.4% vol +8.0% val change; CGA OPMS MAT data P07 2026 4. Total Stout +10.1% val Total NAB/LAB 7.8% val; MAT Scotland Off Trade Nielsen Scantrack 08.08.26 5. Stella Artois Beer 182,022 HL, Budweiser Beer 163,490 HL, Tennent’s Beer 343,922 HL; MAT Scotland Off Trade Nielsen Scantrack 08.08.26 6
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Above all – Tennent’s is a Cultural Icon, connected to and embedded in the lives of the people of Scotland 7
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Bulmers is the #2 Long Alcoholic Drink (LAD) Brand by Vol and Value L13W ROI Off Trade Nielsen Scantrack 09.08.26 Bulmers is the #1 Fridge Brand by Vol and Value in ROI On Trade CGA OPM 30.06.26 Bulmers Original 8 pack Can is the #1 highest selling Off Trade SKU in both volume & value L13W ROI Off Trade Nielsen Scantrack 09.08.26 Bulmers value share of cider Nielsen Scantrack 06.09.26 Ireland’s favourite cider • 100% on/off-trade penetration with c.60% cider share • #2 off-trade LAD brand, with the best selling off-trade SKU • #1 fridge brand in the Irish on-trade Category & consumer Leadership • The largest and most valuable cider brand in Ireland • 91% brand awareness, 46% drunk in the last 3 months. • 19 consecutive periods of Bulmers value share growth Primed for further growth • Leading cider for awareness, consumption & demand power • Recruiting new consumers with 0.0 & Flavours innovation • NPD, pack, format and dispense innovation to grow Build brand power: Bulmers is the cider powerhouse, unrivalled category leadership, primed to deliver the next wave of growth 8
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Bulmers is an Irish cultural icon… continuing to win new drinkers and its place in Ireland’s hearts and minds 9
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We’ve transformed our approach to innovation enabling us to build on powerful brand bases to drive momentum Powerful brand bases Culturally connected brands loved by consumers & customers Innovation Dedicated team, stage gate process and 3-year launch pipeline Manufacturing capability & capacity Flexible sites, liquids & pack formats for beer, cider & beyond… Route to market strength On & Off trade execution engine Consumer & category insight Data-rich – quick actionable insight Getting insight based campaigns and innovation to market quickly and effectively to drive growth 10
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Innovation: Our core brands’ strength allows stretch to deliver growth New Bulmers 0.0% (spring 2025) Tennent’s Bavarian Pilsner (Nov 2025) Tennent’s Tops Innovation (March 2026) New Bulmers Flavours (spring 2026) Bulmers Glass Bottle into Retail (summer 2026) Magners 0.0% Pint Bottle (summer 2026) Tennent’s Stout launch (Autumn 2026) Tennent’s Tops - new flavour (spring 2027) Bulmers / Magners Flavour (spring 2027) Tennent’s Zero re-formulated (summer 2027) Tennent’s Stout Off-Trade (Autumn 2027) Bulmers draught innovation (2027) 11
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THE FASTEST GROWING STYLE IN BEER… FROM THE BRAND SCOTLAND TRUSTS TO BREW IT 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 Guinness, 35% ahead of Murphy's on flavour† Scale: our brewery, our route to market — on-trade first, prove rate of sale, then scale *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 . 12
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New Brand Creation Success: Outcider – a distinctive Gen Z challenger brand built to drive the next wave of cider growth. Recruiting new drinkers • Sweeter profile suited to younger palates • Modern brand world that stands apart • Focused plan to engage Gen Z Winning in the market • Northern Ireland's No.1 draught cider on-trade • Fastest rate of sale in that market • Now in 1,000+ outlets across Scotland and NI Opportunity to scale • Early proof of concept established • Targeted On Trade expansion in England & Wales underway • Scalable premium growth with potential to grow category 13
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Innis & Gunn acquisition strengthens our beer portfolio and expands our route to growth An attractive acquisition • Established and recognised premium beer brand • In need of brand development and improved execution • Manufacturing efficiency and recovery Enhances our portfolio • Broadens the premium beer offering • Supports full-range customer propositions • Creates additional recruitment opportunities Exciting growth potential • Brand permission to grow in England and Wales • International footprint and increasing demand • A clear path to growth to 100khl and beyond 14
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Brewing, canning, kegging and bottling 3m HL brewing and 4m HL packaging capacity Ability to double production without significant capex Brewing, canning, kegging, bottling and PET 3m HL cider production and 3.5m HL packaging capacity Ability to increase production without significant capex Capacity provides growth potential from organic C&C Brands growth, innovation and partnership opportunities Limited additional overhead or capex required Wellpark Brewery Glasgow, Scotland Scalable manufacturing platform Clonmel Tipperary, Ireland 15
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Operational efficiency – we are continually reviewing the efficiency of our manufacturing facilities Shift patterns Implemented new shift patterns to increase flexibility while reducing overtime and reliance on temp labour Operational excellence Systematically reviewing how to improve yield, energy efficiencies and process effectiveness Planning Structure change and improved production planning processes Maintenance Proactive and preventative maintenance to reduce cost, downtime and increase asset utilisation For FY24 to FY26 our overall fixed manufacturing cost in Clonmel and Wellpark (including labour) has declined by 4% despite inflation and wage increases New equipment Investments include can filler, packaging capability, CO2 recovery system, waste water treatment 16
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Our owned route to market enhances our ability to scale C&C brands and deliver attractive scale for partners Full control of our products from brewing, through customer, direct to consumer Owned logistics network A network of depots throughout Scotland and Ireland gets us closer to customers. Partnerships that add value Partnerships with leading brands across adjacent categories add value to the C&C Brands proposition. Unrivalled customer base Our portfolio of must-stock brands leads to commercial relationships with customers who trust us to grow. 17
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Building sustainability into every sourcing decision - Longstanding, local supplier partnerships (Scottish barley for beer, Irish apples for cider…) – our core brands do not travel far from grass to glass - 99% of consumption from renewable electricity backed by Renewable Certificate of Origin (REGOs) Making and moving products more sustainably - Target 50% reduction in natural gas consumption installing an E- Boiler (commissioning 2028) - Transitioning C&C delivery fleet from diesel to HVO - Recovery resources through biogas generation and CO2 recovery Clear commitments, transparent reporting - Carbon reduction target increased to 42% by 2030 (strength Science Based Target Initiative) - Corporate Sustainability Reporting Directive (CSRD) from FY2028 - CDP (Carbon Disclosure Project) A-rating for climate change Reducing our environmental impact across the value chain – how we source, produce, move and report 18
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Recap: Leading brands, proven innovation, and a platform built to make, move and sell 2: Innovation agenda 3: Manufacturing flexibility, capacity and capability 4: Route to market strength 5: Value added partnerships 1: Powerful bases to build from Category leading brands in Scotland and Ireland. Portfolio strength and depth. The category headwinds are our tailwinds Familiar brands and flexible packs support deliberate, value conscious occasions Meeting real consumer needs Wellpark and Clonmel capacity and capability Growth without significant new capex RTM and logistics network in Ireland and UK Ability to scale our and partner brands Overhead recovery in manufacturing – contract brewing and packing. Complementary partnerships add value to C&C Brands 19
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Growing margin in MCB
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The focus for this breakout session: C&C Brands Volume growth through: • Powerful brand bases to build on • Innovation agenda • Manufacturing flexibility, capability and capacity • Route to market (RTM) strength • Value added partnerships Margin growth through: • Volume consolidation • Brand partnerships • Price optimisation • Improved branded mix • Optimise cost to serve Business Strategy Our Enablers Operational Excellence | People & Culture | Technology & Data 21
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Our focus is on converting MCB’s significant scale into an appropriate return 3%+ Medium-term Ambition Scale is already in place The value creation agenda is margin expansion Not turnover for its own sake Better buying • pricing discipline • right growth • lower cost to serve Everything that follows is about closing the gap between scale and profitability c. €0.9bn Turnover FY to 28 February 2026 c. 1% Operating Margin Current conversion 22
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2 Brand partnerships Strong commercial agreements with our branded suppliers 3 Price optimisation Revenue Growth Management, segmentation and minimum thresholds 4 Improve branded mix Proactive mix management to leverage C&C Brand, Channel & Category 5 Optimise cost to serve Network efficiency, service design and simplification Five practical levers turn platform strength into margin Commercial discipline and operational efficiency work together to expand margin 1 Volume consolidation Fold acquired and partner volume into existing network capacity 23
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Consolidating volume into a network that already has the capacity to carry it Every incremental case improves drop density, network utilisation and unit economics The Asahi deal Nectar Imports and Asahi UK direct distribution – scale volume onto the platform Capacity to absorb 400+ vehicles serve 13,000+ outlets – more volume, no material new capex Proven to execute 5 depots consolidated, volume transferred, service levels held Headroom for growth We serve under 10% of independent free trade – providing room for growth 24 1 Volume consolidation
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Nectar National Reach Capacity to Scale A route to market brand owners cannot easily replicate – and terms that should reflect it We provide category-led solutions that benefit guests, customers and brand owners A range of hospitality channels in every postcode c.7000 SKUs across every major drinks category c.100 industry specialists across IFT, Regional & Nationals Current network has spare capacity for added volume Composite Range Customer Relations 25 2 Brand partnerships
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Pricing with structure and discipline, not at the customer’s expense Better price realisation on volume we already serve, with value as the conversation Structure • Structured RGM and pricing governance • Clear rules, fewer exceptions • Transparent and defensible price architecture Segmentation • Price to customer type, volume and service level • Minimum rates by segment • Cost to serve visible in every pricing decision Discipline • Recover input cost movements promptly • Manage discount and rebate leakage • Protect customer value while improving realisation 26 3 Price optimisation
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Shift the mix towards the brands, categories and customers that create value Better mix, not more volume – and a willingness to exit business with no route to return DELIVER MORE THAN FROM TO 20% OF SKUs 80% OF MARGIN Breadth as the objective Too many low-value SKUs and slower operations Undifferentiated supply Little own-brand or premium advantage All revenue treated equally Volume chased wherever it is available Demand-led range Relevant choice, better availability, less capital Own brand and premium Category, supplier and premiumisation mix that pays Selective growth Right accounts, IFT density and Bibendum beyond London 27 4 Improve branded mix
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Take cost and complexity out of the network, protect what customers value Redesign service around what customers value and what the economics support Protect Reliability Availability Consistency Problem resolution What customers genuinely value Remove cost and complexity Minimum drop size Fewer uneconomic deliveries Picking efficiency Reduce single-bottle handling Service tiers Match service promise to customer economics Delivery frequency Use day-one-for-day-three patterns where appropriate Route density Improve drops per route and call density Volume consolidation Use additional volume to improve utilisation 28 5 Optimise cost to serve
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The prize is a structurally stronger MCB A defined plan turning MCB’s scale, infrastructure, reach and supplier relevance into profit c.1% CURRENT MARGIN 200+bps MARGIN IMPROVEMENT PLAN 3%+ MEDIUM-TERM AMBITION Improved Margin Better revenue conversion into profit More Resilient Less dependence on low-return volume Better Platform Capacity and service focused on value creation 29
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Our Enablers
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The focus for this breakout session: C&C Brands Volume growth through: • Powerful brand bases to build on • Innovation agenda • Manufacturing flexibility, capability and capacity • Route to market (RTM) strength • Value added partnerships Margin growth through: • Volume consolidation • Brand partnerships • Price optimisation • Improved branded mix • Optimise cost to serve Business Strategy Our Enablers Operational Excellence | People & Culture | Technology & Data 31
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People and Culture
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01 Culture A culture that gets things done 02 People The right people, in the right roles in the right structure 03 Capability Relentless focus on high performance THE THREE PILLARS OF OUR PEOPLE STRATEGY Creating resilience 33
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EMPLOYEE NUMBERS 2,633 from 2,884 in 2024 A leaner, simpler organisation ENGAGEMENT SCORE 70% from 69% in 2024 Up a point through major change SURVEY RESPONSE 80% unchanged from 2024 Participation holding firm EMPLOYEE TURNOVER 20% from 30% in 2024 Turnover cut by a third Impact so far WHERE WE WERE, WHERE WE ARE Leaner, steadier, more engaged — 9.5% of headcount taken out while engagement rose and turnover fell by a third 34
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01 Operating model An operating model built to perform and deliver value 02 Employee value proposition Harnessing our brands to attract and retain diverse, high-quality talent 03 Culture A performance-led culture where people take ownership of our success 04 Technology Systems that drive performance, measure it and unlock efficiency Building the momentum OUR FOUR PRIORITIES FOR THE YEAR AHEAD 35
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Technology and Data
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Protect today – Build tomorrow Operating model ✓ Strengthened Security and Service operating model ✓ Structured third-party risk management ✓ Tested resilience across critical systems ✓ Group security culture programme ✓ Improved Incident readiness Improved value proposition ✓ Industry-standard process ✓ Right-sized solutions ✓ Leverage existing investment ✓ Retiring end-of-life platforms ✓ Data as a backbone ✓ Consolidating capability Data as an asset ✓ Trusted Data foundation ✓ Self-serve insight and dynamic reporting ✓ Common group-wide definitions and calculations ✓ Data quality assured ✓ Faster decision-making ✓ Firm foundation for ML and Agentic capability Digital route to market ✓ Improved digital capability ✓ Redefined Customer Experience across all routes to market ✓ Streamlined customer interaction ✓ Improved order automation capability Common ways of working > > Integrated business and technology roadmap > > Robust technology governance 37
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R O A D M A P 2025 Stabilise 2026 Enable 2027 Scale 2028 Accelerate What this delivers for C&C Group Culture Efficiency Momentum Legacy platforms retired and a materially stronger security posture across people, technology and data. Simplified processes, technology and data delivered to best practice standards, increasing efficiency and reducing risk and cost to serve A data-led backbone that can scale, providing trusted data driving decisions and actions and enabling better digital channel use. Proof points to date ✓ Cyber Essentials Plus Accreditation ✓ Security Scorecard rating significantly improved – from 82% to 94% ✓ NIST score > 10% in year ✓ External audit score improved by 40% ✓ Multiple systems consolidated or retired ✓ 3rd party Managed Service contracts consolidated and/or renegotiated ✓ Data Platform built – dynamic group data views established - legacy integration platforms retired 38
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Enablers: in summary PEOPLE & CULTURE AND TECHNOLOGY & DATA 01 Culture and people Restructure delivered a stable, accountable organisation with fewer layers and lower cost. 02 A leaner, steadier base Headcount down 9.5% to 2,633, turnover reduced to 20% and engagement up to 70%. 03 Protect today, build tomorrow Security, service and data foundations strengthened while the estate was simplified. 04 Momentum into 2026 Operating model, EVP, culture and technology drive the path from stabilise to accelerate. 2,633 employees, from 2,884 20% turnover, from 30% Certified Cyber Essentials Plus 94% security scorecard, from 82% 39