C&C Group Plc (GCC) Q2 2027 Earnings Report
DE:GCC Q2 2027 EPS Results
- Actual EPS
- EUR 0.07
- Consensus EPS
- EUR 0.07
- Beat/Miss
- Met expectations
- One Year Ago EPS
- EUR 0.07
DE:GCC Q2 2027 Revenue Results
- Actual Revenue
- EUR 819.41M
- Expected Revenue
- EUR 794.95M
- Beat/Miss
- Beat by +EUR 24.46M
- YoY Revenue Growth
- -2.64%
Earnings Announcement Details
- Quarter
- Q2 2027
- Date
- 10/28/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 28, 2026
DE:GCC Upcoming Earnings
C&C Group Plc's next earnings date is estimated for May 26, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2027 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2027 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive. C&C reported higher operating profit, improved margins, substantially stronger underlying free cash flow, lower leverage, progress on strategic simplification, completed acquisitions and encouraging brand and innovation performance. These positives were partly offset by lower group and Distribution revenue, a low and unchanged MCB margin, the absence of Distribution pricing benefits in the first half, ongoing volume-growth challenges, exceptional charges and uncertainty around consumer demand and costs.
Company Guidance
Management expects FY 2028 to be flat on this year with growth thereafter, targeting operating profit of EUR 85 million in FY 2030 and free cash flow generation of over EUR 100 million over the three years FY 2028 to FY 2030, after both leases and exceptional costs; it is targeting leverage of 1x-1.5x on a pre-IFRS 16 basis, expects full year exceptional charges to be lower than last year, expects a pretty similar Christmas to last year, and intends to pay a progressive ordinary dividend for the full year, FY 2027, with the interim dividend set at EUR 0.02 per share, which is 4% lower than last year's interim dividend.
- Operating Profit, Margin and Cash Flow ImprovementH1 operating profit increased 4% year-on-year to EUR 43.4 million from EUR 41.9 million, while group operating margin increased 40 basis points to 5.5%. Underlying free cash flow rose 18% to EUR 36.9 million from EUR 31.2 million.
- Branded Revenue GrowthBranded revenue increased 3% on a constant currency basis to EUR 177 million, led by Tennent's and Bulmers, supported by favorable weather, the FIFA World Cup, focused brand investment and innovation, and the contribution from Innis & Gunn.
- Branded Profit and Gross Margin ProgressionBranded operating profit increased EUR 2.5 million to EUR 29.2 million. Revenue growth, pricing and positive mix improved Branded gross margin, more than offsetting cost inflation, and Branded operating margin increased 80 basis points.
- Improved Balance Sheet and LeverageNet debt excluding leases ended the period at EUR 113.7 million, a reduction of nearly EUR 8 million over the six months since February. Leverage reduced from 1.6x at the February year-end to 1.4x at the end of August, against 1.1x at the same point last year.
- Free Cash Flow Funded Dividends and Acquisition SpendingThe Group generated EUR 25.1 million of free cash flow, which more than funded ordinary dividends of EUR 13.6 million and EUR 5.1 million of acquisition expenditure for Innis & Gunn. Financing is long dated, with no near-term refinancing requirement.
- Cost Management and Hedging PositionThe financial performance was supported by strong, consistent cost control. The Group is hedged for the remainder of the financial year and has contractually secured almost 100% of expected volume requirements for next year, while being partially hedged on next year's material prices.
- Completion of Innis & Gunn AcquisitionC&C completed the acquisition of Innis & Gunn in March, fully integrated the business and brand into its core portfolio, and described the transaction as having been completed at a sensible valuation. Management sees opportunities for growth across multiple markets and geographies.
- Completion of Nectar Wholesale AcquisitionThe acquisition of Asahi's Nectar wholesale business completed within the 10 days before the call. C&C has begun deliveries to former Nectar customers, and the business is being folded into MCB, with associated benefits expected to follow when all customers are transferred, expected in early the new year.
- Matthew Clark Bibendum IntegrationThe long-overdue integration of Matthew Clark and Bibendum is complete and the transition phase has been bedded in. The businesses have been reorganized, territories and skills reviewed, and a single wine list has been created to provide customer choice and value.
- Strategic Simplification and Organizational ProgressC&C completed its entity reduction project, reducing the number of formal group entities from over 100 to 21. The senior management team is in place, the two-business operating model of C&C Brands and MCB is being implemented, and the company is continuing to remove waste and inefficiency.
- Brand and Market Share MomentumThe beer portfolio benefited from favorable summer weather and the FIFA World Cup. C&C reported growing in value terms ahead of the market, with Tennent's gaining share in Scotland's competitive lager market. Bulmers grew share, Outcider showed strong growth in Northern Ireland, and Magners maintained its number one position in packaged apple cider in the GB on-trade.
- Innovation Across Beer and CiderTennent's Tops and Bulmers Flavours supported brand growth and customer and consumer excitement. Bulmers Flavours took a meaningful share of the Republic of Ireland market, while zero variants were introduced for Magners and Bulmers; Bulmers remained the number one low-and-no cider product in the Republic of Ireland.
- Early Encouragement for Tennent's StoutC&C launched Tennent's Stout after a year of development and planning. Management said early signs were encouraging and identified potential strategic value in broadening Tennent's beyond its core lager positioning and potentially expanding its geographic footprint.
- Partnership and Contract Manufacturing GrowthThird-party manufacturing represents approximately one-third of output from the Wellpark and Clonmel sites, and C&C saw growth in this area during the first half. Management expects partnerships and contract manufacturing to contribute to volume growth in C&C Brands over the next few years.
- Capacity and Network Utilization OpportunitiesC&C highlighted flexibility, capability, scale and available capacity across its Wellpark and Clonmel production sites. Management said industry capacity reductions could support additional longer-term and strategic partnerships, while the Nectar transaction is expected to improve MCB network utilization and efficiency.
- Sustainability ProgressThe dealcoholisation facility at Wellpark is progressing and is expected to be operational early in the new year. C&C advanced sustainable procurement in alignment with ISO 20400, was recognized as one of Europe's business climate leaders for 2026 after rising 154 places, and Clonmel achieved Origin Green Gold membership.
- Medium-Term Financial Targets and Capital AllocationC&C is targeting EUR 85 million of operating profit in FY 2030 and more than EUR 100 million of free cash flow over FY 2028 to FY 2030 after leases and exceptional costs. The company is targeting leverage of 1x-1.5x on a pre-IFRS 16 basis, organic investment, and a sustainable and progressive ordinary dividend.
- Full-Year Expectations ReaffirmedManagement remained fully committed to delivering its full-year expectations and to continuing the strategic progress outlined during the call.
DE:GCC Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| May 26, 2027 | 2027 (Q4) | ―- | -0.05 | ― | ― |
| Oct 28, 2026 | 2027 (Q2) | 0.070.07 | 0.07 | 5.97% (+0.00) | |
| May 19, 2026 | 2026 (Q4) | 0.06-0.05 | 0.07 | -166.10% (-0.12) | |
| Oct 23, 2025 | 2026 (Q2) | 0.060.07 | 0.06 | 13.56% (+0.01) | |
| May 28, 2025 | 2025 (Q4) | 0.060.06 | -0.28 | 121.22% (+0.34) | |
| Oct 29, 2024 | 2025 (Q2) | ―0.06 | 0.04 | 47.50% (+0.02) | |
| Jun 07, 2024 | 2024 (Q4) | ―-0.33 | 0.04 | -968.75% (-0.37) | |
| Oct 26, 2023 | 2024 (Q2) | ―0.04 | 0.1 | -57.89% (-0.06) | |
| May 24, 2023 | 2023 (Q4) | ―0.04 | 0.07 | -47.54% (-0.03) | |
| Oct 27, 2022 | 2023 (Q2) | 0.090.10 | 0.02 | 493.75% (+0.08) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed