Branded Revenue Growth
Branded revenue increased 4% year‑on‑year to EUR 310.0m, driven by strong performance from Tennent's and Bulmers despite wider market weakness.
Branded Operating Profit and Margin Expansion
Branded operating profit rose from EUR 46.1m to EUR 51.0m and branded margin improved by 1.1 percentage points to 16.5%, reflecting efficiency gains, lower costs and stronger trading discipline.
Free Cash Flow Generation (Pre‑Exceptionals)
Group free cash flow before exceptionals of EUR 45.3m was generated, supported by adjusted EBITDA of EUR 104.0m (down EUR 7.7m year‑on‑year).
Strong Brand Performance and Innovation
Tennent's maintained market share in Scotland and became a top‑10 GB lager by volume; Tennent's limited edition and summer innovations performed well. Bulmers flavours grew 10% and Bulmers Zero volumes rose 24%, with a 33% share of the 0.0 cider category in the Republic of Ireland.
Portfolio Expansion and Integration
Acquisition of Innis & Gunn (March) successfully integrated into the group's commercial and supply chain infrastructure with low executional risk; Drygate and other premium additions broaden the premium portfolio.
Operational and Strategic Stabilisation
Major leadership refresh (~70% of senior team replaced), rollout of a 'data DNA' integration program and a dynamic cost allocation model to improve transparency, decision‑making and execution across the group.
Service Improvement
Management reported industry‑leading customer service and stable operating platform delivery (notably near‑flawless execution during the festive period), indicating improved operational reliability.
Capital Return and Dividend
Shareholder returns in FY2026 totalled EUR 38.2m (EUR 23.1m dividends and EUR 15.1m buybacks); proposed full year dividend EUR 0.0575 (final EUR 0.0367) and EUR 105m returned to shareholders since FY2025 start.