DAVY VIEW

C&C’s FY26 EBIT out-turn was in line with revised expectations following its January trading update. The result reflects a very challenging backdrop for the Distribution activities juxtaposed against positive operating progress for Branded activities. The business is moving towards two distinct operating models of C&C Brands and Matthew Clark Bibendum (MCB). Management will host a Capital Markets Day (CMD) in September 2026. On first look, we envisage no material change to FY27 forecasts.