C&C Group

Website: C&C Group
Index: FTSE 250
EPIC: CCR
Supersector: Food, Beverage and Tobacco
Sector: Beverages
Subsector: Distillers and Vintners
Market Cap: £487.66M
Payout Frequency: Semi-Annual

C&C Group Dividend Analysis and Summary

Declared dividend and key dates

Dividend: Interim 2.08 euro cents per share (+4% year-on-year)
Ex-dividend date: 13/11/2025
Record date: 14/11/2025
Payment date: 12/12/2025
Currency: EUR; no scrip alternative
Estimated cash outflow for interim: ~€7.8m
Recent payments: Final dividend 4.13c paid on 18/07/2025; trailing 12-month DPS now ~6.21c

Coverage and balance sheet support

Earnings cover (H1): Adjusted basic EPS 6.7c vs interim DPS 2.08c (~3.2x cover)
Cash flow cover (H1): Underlying free cash flow €41.7m (~5x interim cash outflow)
Leverage: 1.1x net debt/EBITDA; interest cover 7.5x; available liquidity €356.6m; facilities extend to 2030
Capital returns: €150m programme to FY2027 on track; €15m buyback completed in September 2025; cumulative returns €92m including this interim

Dividend sustainability and growth outlook

Sustainability: Despite a 4% revenue decline (BBG ROI distribution exit), margins improved (+40bps) and operating profit rose 4%. Low leverage and strong liquidity underpin the dividend. Note that H1 free cash flow benefited partly from working capital and capex timing.
Growth trajectory: Interim DPS up 4%, following a 4% uplift in the July final. Share buybacks reduce share count, supporting per-share dividend growth. Management maintained full-year earnings expectations.
Capital allocation: Balanced between dividends and buybacks within a defined €150m framework, alongside disciplined cost control and efficiency initiatives—supportive of a progressive dividend if trading remains in line.

Structural or policy developments relevant to dividends

Share buybacks ongoing under the three-year €150m capital return plan (supportive of DPS growth and cover).
Route-to-market changes: Prior transfer of BBG distribution in ROI reduced revenue but improved efficiency focus; C&C has regained Magners UK control and is reinvesting to rebuild the brand—potential medium-term earnings support.
Management: CFO to step down by 13/03/2026; search underway. Governance transition to monitor given its link to capital allocation execution.
Operational simplification: “Simply Better Growth” programme and systems investments aimed at efficiency and control improvements; near-term exceptional costs continue but trending lower year-on-year.

Risks and flags for dividend stability

Market headwinds in UK/Ireland hospitality (volume softness in certain channels; competitive pricing in Off-Trade).
Cash flow timing: H1 free cash flow benefited from working capital/capex timing; conversion may normalize lower in H2.
Exceptional costs (restructuring and control reviews) persist, albeit reduced vs prior year, absorbing some cash.
Management transition risk as CFO departs, with potential execution risk around transformation and capital returns.
FX translation for UK holders: dividend declared in EUR; sterling receipts will vary with exchange rates.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
12/06/2025	18/07/2025	Final	4.13¢	EUX
13/11/2025	12/12/2025	Interim	2.08¢	EUX

Total (Annual Dividends Per Share): 5.46p (Using exchange rate on 12/12/2025 EUR = £0.87897)

Dividend Yield = Annual Dividends Per Share (5.46p) ÷ Share Price (133p) = 4.1%

Ex Dividend Date	Payment Date	Type	Amount	Currency
13/11/2025	12/12/2025	Interim	2.08¢	EUX
12/06/2025	18/07/2025	Final	4.13¢	EUX
14/11/2024	13/12/2024	Interim	2.00¢	EUX
18/07/2024	23/08/2024	Final	3.97¢	EUX
09/11/2023	01/12/2023	Interim	1.89¢	EUX
08/06/2023	21/07/2023	Final	3.79¢	EUX
31/10/2019	13/12/2019	Interim	5.50¢	EUX

Year

Number of Shares:

Payment	Paid	Amount
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