DAVY VIEW

Trading in the first half of FY27 has been in line with company expectations, with EBIT expected in the range of €43-44m (Davy: €38m) – the result provides a good foundation for FY27. We expect to leave our FY27 EBIT forecast of €70.5m unchanged in what remains a challenging environment. Separately, C&C has reached agreement with Asahi UK to acquire all of its UK wholesale interests, which delivers needed scale and new customers to the group’s UK distribution platform. C&C will host a Capital Markets Day on September 24th in Glasgow.