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General information
C&C Group plc (the \u2018Company\u2019) is a company incorporated and tax resident in Ireland. The Group\u2019s
financial statements for the year ended 28 February 2026 consolidate the individual financial
statements of the Company and all subsidiary undertakings (together referred to as the \u2018Group\u2019)
together with the Group\u2019s share of the results and net assets of equity accounted investments for
the year ended 28 February 2026.
The Company and Group financial statements, together the \u2018financial statements\u2019, were authorised
for issue by the Directors on 18 May 2026.
The accounting policies applied in the preparation of the financial statements for the year ended
28 February 2026 are set out below. Except if mentioned otherwise these have been applied
consistently for all periods presented in these financial statements and by all Group entities.
Statement of compliance
The Group financial statements have been prepared in accordance with International Financial
Reporting Accounting Standards (\u2018IFRS\u2019), as adopted by the EU and as applied in accordance with
Companies Act 2014. The individual financial statements of the Company have been prepared in
accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u2018FRS 101\u2019). In
accordance with Section 304 of the Companies Act 2014, the Company has availed of the exemption
from presenting its individual Income Statement to the Annual General Meeting and from filing it
with the Registrar of Companies.
In these financial statements, the Company has applied the exemptions available under FRS 101 in
respect of the following disclosures:
\u2022 A cash flow statement and related notes;
\u2022 Disclosures in respect of transactions with wholly-owned subsidiaries;
\u2022 Disclosures in respect of capital management;
\u2022 The effects of new but not yet effective IFRSs;
\u2022 Disclosures in respect of the compensation of Key Management Personnel
\u2022 The requirements in IAS 24 \u2018Related party disclosures\u2019 to disclose related party transactions
entered into between two or more members of a group; and
\u2022 Disclosures in respect of Group equity settled share-based payments in accordance with IFRS 2
Share-Based Payments, as the financial statements of the Group include the equivalent disclosures.
Changes in accounting policies and disclosures
IFRS as adopted by the EU and applied by the Company and Group in the preparation of these financial
statements are those that were effective for accounting periods ending on or before 28 February 2026.
New accounting pronouncements adopted on 1 March 2025
The Group adopted the following new accounting policies on 1 March 2025 to comply with new
standards issued and amendments to IFRS:
\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21
The above amendment did not have a material impact on the Group\u2019s financial reporting on adoption.
New accounting pronouncements to be adopted on or after 1 March 2026
The following amendments to IFRS have been issued by the IASB and are effective for annual periods
beginning on or after 1 January 2026.
\u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to
IFRS 9 and IFRS 7
\u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
No material impact on the Group\u2019s financial reporting is expected from the adoption of the
Amendments or Annual Improvements.
New accounting pronouncements to be adopted on or after 1 March 2027
The following new standards issued and amendments to IFRS have been issued by the IASB and are
effective for annual periods beginning on or after 1 January 2027.
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures
IFRS 18 and IFRS 19 are effective for periods beginning on or after 1 January 2027. IFRS 18 requires
retrospective application and accordingly, the results for the year-ended 28 February 2027 will be
restated to comply with the new standard when presented in the financial statements for the year-
ended 28 February 2028. The Group is assessing the impact of these new standards and the Group\u2019s
financial reporting will be presented in accordance with these standards from 1 March 2027.
Material accounting policies
The material accounting policies applied by the Group in the preparation of these financial
statements are as follows:
Basis of preparation
The Group and the individual financial statements of the Company are prepared on the going
concern and historical cost convention, as modified by the revaluation of certain items of property,
plant and equipment, retirement benefits and derivative financial instruments. The accounting
policies have been applied consistently by Group entities and for all periods presented.
The financial statements are presented in Euro millions to one decimal place.
(i) Going concern basis
The Directors have adopted the going concern basis in preparing the financial statements after
assessing the Group\u2019s principal risks.
Management of liquidity and net debt continue to be a key focus for the Group. The Group
have reported net debt including leases and liquidity of \u20ac260.4m and \u20ac326.5m respectively at
28 February 2026, compared with \u20ac212.3m and \u20ac369.0m respectively in FY2025. The Group
delivered a leverage ratio (excluding leases) of 1.6x at 28 February 2026. The Covenant ratio for the
Group\u2019s RCF and term loan facilities was 1.6x at 28 February 2026, well within the covenant limit of
3.5x. Both measures are calculated on a pre-IFRS 16 basis.
In FY2023, the Group successfully completed a refinancing of its multi-currency facility and Euro
term loan agreement which was repaid in a single instalment following the publication of the Group\u2019s
FY2023 Results in May 2023. In FY2023, the Group also entered into a new five-year committed
sustainability-linked facility comprised of a \u20ac250m multi-currency revolving loan facility and a
\u20ac100m non-amortising Euro term loan. The facility offers optionality of two 1-year extensions to the
maturity date callable within 12 months and 24 months of the initial drawdown date respectively.
The multi-currency facility and the Euro term syndicate comprises six banks \u2013 ABN Amro Bank, Allied
Irish Bank, Bank of Ireland, Barclays Bank, HSBC and Rabobank. During FY2025, the Group exercised
the second optional extension of the facilities, resulting in maturity being extended to January 2030
(FY2030) on both the multi-currency facility and Euro term loan.
Overall conclusion
The headroom on the covenants within the financing facilities has been reviewed in detail by
management and assessed by the Directors. Given that the cash flow forecasts demonstrate
significant headroom, the Directors have concluded that the Group has sufficient resources available
until at least 31 August 2027 and therefore consider it appropriate to adopt the going concern basis of
accounting with no material uncertainties as to the Group\u2019s ability to continue to do so.
Basis of consolidation
The Group\u2019s financial statements consolidate the financial statements of the Company, and all
subsidiary undertakings, together with the Group\u2019s share of the results of equity accounted
investments for the year ended 28 February 2026.
(i) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed
to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. The financial statements of subsidiaries are included
in the consolidated financial statements from the date on which control commences until the date
on which control ceases.
(ii) Investments in associates (equity accounted investments)
The Group\u2019s interests in equity accounted investments comprise interests in associates, which are
those entities in which the Group has significant influence, but not control or joint control, over the
financial and operating policies. Interests in associates are accounted for using the equity method.
(iii) Company Financial Statements
Investments in subsidiaries are carried at cost less provision for impairment. Dividend income is
recognised when the right to receive payment is established.
Business combinations
Acquisitions
Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the
acquisition is measured at the aggregate of the fair values at the date of exchange of assets given,
liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs
are recognised in the consolidated income statement as incurred.
The acquiree\u2019s identifiable assets and liabilities are recognised at their fair values at the acquisition
date, which is the date on which control is transferred to the Group. Goodwill is measured as the
excess of the sum of the consideration transferred, the amount of any non-controlling interests in
the acquiree and the fair value of the Group\u2019s previously held equity interest in the acquiree, if any,
over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date.
Disposals
The difference between the carrying value of the net assets disposed of and the fair value of
consideration received is recorded as a gain or loss on disposal. Foreign exchange translation gains
or losses relating to subsidiaries, joint arrangements and associates that the Group has disposed
of, and that have previously been recorded in other comprehensive income or expense, are also
recognised as part of the gain or loss on disposal.
Property, plant and equipment (Note 11)
Property (comprising freehold land and buildings) is recognised at estimated fair value using a
Depreciated Replacement Cost (DRC) with the changes in the value of the property reflected in
Other Comprehensive Income in the case of a revaluation gain, to the extent it does not reverse
previously recognised losses, or as an impairment loss in the Income Statement to the extent it does
not reverse previously recognised revaluation gains. The fair value is based on estimated market
value at the valuation date, being the estimated amount that would be received to sell the property
in an orderly transaction between market participants at the measurement date, to the extent that
an active market exists. Such valuations are determined based on benchmarking against comparable
transactions for similar properties in similar locations as those of the Group or on the use of valuation
techniques including the use of market yields on comparable properties. If no active market exists or
there are no other observable comparative transactions, the fair value may be determined using a
valuation technique known as a Depreciated Replacement Cost approach.
Valuations are performed on at least a triennial basis or more frequently where changes in
circumstance or market conditions indicate a significant change.
Plant and machinery is carried at its revalued amount. In view of the specialised nature of the Group\u2019s
plant and machinery and the lack of comparable market-based evidence of a similar plant sold, upon
which to base a market approach of fair value, the Group uses a Depreciated Replacement Cost
approach to determine a fair value for such assets.
Depreciated Replacement Cost is assessed, firstly, by the identification of the gross replacement
cost for each class of plant and machinery. A depreciation factor derived from both the physical and
functional obsolescence of each class of asset, taking into account estimated residual values at the
end of the life of each class of asset, is then applied to the gross replacement cost to determine the
net replacement cost. An economic obsolescence factor, which is derived based on current and
anticipated capacity or utilisation of each class of plant and machinery as a function of total available
production capacity, is applied to determine the Depreciated Replacement Cost.
During FY2026, the Group reviewed its depreciation policy for plant & machinery and amended
the accounting estimates within the Depreciated Replacement Cost model applied to valuation
and depreciation of the plant and machinery assets utilised in the Group\u2019s beverage production.
The amendment moves from reducing balance to straight-line depreciation over the life of the assets
and reflects more accurately the usage and benefits derived from this category of fixed assets which
are delivered uniformly over time and relatively consistently throughout the assets useful economic
lives, which can be in excess of 30 years. This change in valuation and depreciation estimation
methodology will enable the Group to forecast more accurately for capital investment appraisal
and capital allocation decisions and brings the Group in line with industry practice.
In accordance with IAS 8, these changes have been recognised as a change in accounting estimates
and applied prospectively with effect from 1 March 2025. The impact of these changes on the
plant & machinery valuation has been an increase in the carrying value of \u20ac9.3m which has been
recognised in exceptional items within the statement of profit and loss (\u20ac7.2m) to the extent that
previous revaluation losses are reversed and within Other Comprehensive Income (\u20ac2.1m) for the
remainder of the revaluation gain. The current year depreciation charge was reduced by \u20ac2.1m.
Motor vehicles and other equipment are stated at cost less accumulated depreciation and
impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the asset. When parts
of an item of property, plant and equipment have different useful lives, they are accounted for
as separate items (major components) of property, plant and equipment. Subsequent costs are
included in an asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when
it is probable that future economic benefits associated with the item will flow to the Group.
Property, plant and equipment, other than freehold land and assets under construction, which are
not depreciated, were depreciated using the following rates which are calculated to write-off the
value of the asset, less the estimated salvage value of 5% for other plant and machinery and 15%
for storage tanks, over its expected useful life:
Land and Buildings
Land
n/a
Buildings \u2013 ROI
2-6% straight-line
Buildings \u2013 UK
2-3% straight-line
Plant and Machinery
Storage tanks
2-7% straight-line
Other plant and machinery
6-32% straight line (FY2025:
6-32% reducing balance)
Motor Vehicles and Other Equipment
Motor vehicles
15% straight-line
Other equipment including returnable bottles, cases and kegs
5-50% straight-line
Judgement is involved in the depreciation policy applied to certain fixed assets where there is
considered to be a salvage value. The Group considers that such assets have a salvage value equal
to 5% of cost for other plant and machinery and 15% for storage tanks, based on the expected scrap
value of the associated assets. The salvage value and useful lives of property, plant and equipment
are reviewed and adjusted if appropriate at each reporting date to take account of any changes
that could affect prospective depreciation charges and asset carrying values. When determining
useful economic lives, the principal factors the Group takes into account are the intensity at which
the assets are expected to be used, expected requirements for the equipment and technological
developments.
On disposal of property, plant and equipment, the cost or valuation and related accumulated
depreciation and impairments are removed from the Balance Sheet and the net amount, less
any proceeds, is taken to the Income Statement and any amounts included within the revaluation
reserve transferred to the retained income reserve.
The carrying amounts of the Group\u2019s property, plant and equipment are reviewed at each balance
sheet date to determine whether there is any indication of impairment. An impairment loss is
recognised when the carrying amount of an asset or its cash-generating unit exceeds its recoverable
amount (being the greater of fair value less costs to sell and value in use). Impairment losses are
debited directly to equity under the heading of revaluation reserve to the extent of any credit
balance existing in the revaluation reserve account in respect of that asset with the remaining
balance recognised in the Income Statement.
Leases (Note 11 and Note 19)
The Group enters into leases for a range of assets, principally relating to land and buildings, plant and
machinery and motor vehicles and other equipment. These leases have varying terms, renewal rights
and escalation clauses.
A contract contains a lease if it is enforceable and conveys the right to control the use of a specified
asset for a period of time in exchange for consideration, which is assessed at inception.
Group as a lessee
(i) Right-of-use assets
The Group recognises a right-of-use asset at the commencement date for contracts containing a
lease. The commencement date is the date at which the asset is made available for use by the Group.
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses,
and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the
lease liability adjusted for any payments made at or before the commencement date, initial direct
costs incurred, lease incentives received and an estimate of the cost to dismantle or restore the
underlying asset or the site on which it is located at the end of the lease term. The right-of-use asset
is depreciated over the lease term or, where a purchase option is reasonably certain to be exercised,
over the useful economic life of the asset in line with depreciation rates for owned property, plant
and equipment. The right-of-use asset is tested periodically for impairment if any impairment
indicator is considered to exist.
(ii) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the
present value of lease payments to be made over the lease term. The commencement date is
the date at which the asset is made available for use by the Group. Lease payments include fixed
payments less any lease incentives receivable, variable payments that are dependent on a rate or
index known at the commencement date, payments for an optional renewal period and purchase
and termination option payments, if the Group is reasonably certain to exercise those options.
Management applies judgement in determining whether it is reasonably certain that a renewal,
termination or purchase option will be exercised.
The lease liability is initially measured at the present value of the future lease payments, discounted
using the incremental borrowing rate or the interest rate implicit in the lease, if this is readily
determinable, over the remaining lease term. Incremental borrowing rates are calculated using
a portfolio approach, based on the risk profile of the entity holding the lease and the term and
currency of the lease.
After initial recognition, the lease liability is measured at amortised cost using the effective interest
method. It is remeasured when there is a change in future lease payments or when the Group
changes its assessment of whether it is reasonably certain to exercise an option within the contract.
A corresponding adjustment is made to the carrying amount of the right-of-use asset.
The Group chooses whether or not to include certain non-lease components, such as maintenance
costs, in the measurement of the right-of-use asset and lease liability on an underlying asset class
as afforded by the practical expedients in the standard. Where the non-lease components are not
included, the costs are separated from lease payments and are expensed as incurred.
(iii) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those
leases that have a lease term of 12 months or less from the commencement date and do not contain a
purchase option). It also applies the lease of low-value assets recognition exemption to leases where
the underlying asset value is low. Lease payments on short-term leases and leases of low-value assets
are recognised as an expense on a straight-line basis over the lease term.
Goodwill (Note 12)
At the date of acquisition any goodwill acquired is allocated to each cash-generating unit (\u2018CGU\u2019)
(which may comprise more than one cash-generating unit) expected to benefit from the
combination\u2019s synergies. These cash-generating units are then combined into groups of CGUs that
reflect the way that the Group manages its operations, which represent the lowest level within the
Group at which goodwill is monitored for internal management purposes. Impairment is determined
by assessing the recoverable amount of the group of CGUs to which the goodwill relates. These
groups of CGUs represent the lowest level within the Group at which goodwill is monitored for
internal management purposes.
Where goodwill forms part of a CGU or group of CGUs and part of the operation within that unit
is disposed of, the goodwill associated with the operation disposed of is included in the carrying
amount of the operation when determining the gain or loss on disposal of the operation. Goodwill
disposed of in this circumstance is measured on the basis of the relative values of the operation
disposed of and the proportion of the business segment retained.
Goodwill relating to associates is included in the carrying amount of the investment and is neither
amortised nor individually tested for impairment. Where indicators of impairment of an investment
arise in accordance with the requirements of IAS 36, the carrying amount is tested for impairment
by comparing its recoverable amount with its carrying amount.
Intangible assets (other than goodwill) (Note 12)
An intangible asset, which is a non-monetary asset without a physical substance, is capitalised
separately from goodwill.
Subsequent to initial recognition, intangible assets are carried at cost less any accumulated
amortisation and any accumulated impairment losses. The carrying values of intangible assets
considered to have an indefinite useful economic life are reviewed for indicators of impairment
regularly and are subject to impairment testing on an annual basis unless events or changes in
circumstances indicate that the carrying values may not be recoverable and impairment testing
is required earlier.
Software costs incurred with respect to new systems and costs incurred in acquiring software
and licences that will contribute to future period financial benefits through revenue generation
and/or cost reduction are capitalised. Costs capitalised include external direct costs of materials
and service and direct payroll and payroll related costs of employees\u2019 time spent on the development
side of the project.
Cloud software license agreements to use cloud software are treated as service contracts and
expensed in the Income Statement. Where the Group has both the contractual right to take
possession of the software anytime without significant penalty, and the ability to run the software
independently of the host vendor. The license agreement is capitalised as software within intangible
assets.
The amortisation charge on intangible assets considered to have finite lives is calculated to write-
off the book value of the asset over its useful life on a straight-line basis on the assumption of zero
residual value.
The useful lives of the Group\u2019s intangible assets are as follows:
Trade relationship re Tennent\u2019s acquisition
20 years
Trade relationship re Wallaces acquisition
10 years
Trade relationship re Gleeson acquisition
15 years
Trade relationship re Matthew Clark and Bibendum acquisition
15 years
Software and licence costs
5-8 years
Impairment of non-financial assets
Further disclosures relating to impairment of non-financial assets are also provided in the following
notes:
\u2022 Goodwill and intangible assets with indefinite lives: Note 12
\u2022 Intangible assets: Note 12
\u2022 Property, plant and equipment: Note 11
\u2022 Investments in associates: Note 13
The Group assesses at each reporting date, whether there is an indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the
Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of
an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is
determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or groups of assets. When the carrying amount of an asset
or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using
a post-tax discount rate that reflects current market assessments of the time value of money and the
risks specific to the asset. In determining fair value less costs of disposal, recent market transactions
are taken into account. If no such transactions can be identified, an appropriate valuation model is
used. These calculations are corroborated by valuation multiples, quoted share prices for publicly
traded companies or other available fair value indicators.
Impairment losses of continuing operations are recognised in the Income Statement in expense
categories consistent with the function of the impaired asset, except for properties previously
revalued with the revaluation taken to Other Comprehensive Income.
For assets, excluding goodwill and intangible assets, considered to have an indefinite useful life,
an assessment is made at each reporting date to determine whether there is an indication that
previously recognised impairment losses no longer exist or have decreased. If such indication exists,
the Group estimates the asset\u2019s or CGUs recoverable amount. A previously recognised impairment
loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s
recoverable amount since the last impairment loss was recognised.
Goodwill is subject to impairment testing on an annual basis and at any time during the year if an
indicator of impairment is considered to exist. In the year in which a business combination is effected
and where some or all of the goodwill allocated to a particular cash-generating unit arose in respect
of that combination, the cash-generating unit is tested for impairment prior to the end of the
relevant annual period. Where the carrying value exceeds the estimated recoverable amount (being
the greater of the fair value less costs of disposal and value-in-use), an impairment loss is recognised
by writing down goodwill to its recoverable amount. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset. The recoverable
amount of goodwill is determined by reference to the cash-generating unit to which the goodwill has
been allocated. Impairment losses arising in respect of goodwill are not reversed once recognised.
Intangible assets with indefinite useful economic lives are reviewed for indicators of impairment
regularly and are subject to impairment testing on an annual basis unless events or changes in
circumstances indicate that the carrying values may not be recoverable and impairment testing is
required earlier.
Retirement benefit obligations (Note 23)
The Group operates a number of defined contribution and defined benefit pension schemes.
Obligations to the defined contribution pension schemes are recognised as an expense in the
Income Statement as the related employee service is received. Under these schemes, the Group
has no obligation, either legal or constructive, to pay further contributions in the event that the fund
does not hold sufficient assets to meet its benefit commitments.
The liabilities and costs associated with the Group\u2019s defined benefit pension schemes, all of which
are funded and administered under trusts which are separate from the Group, are assessed on the
basis of the projected unit credit method by professionally qualified actuaries and are arrived at
using actuarial assumptions based on market expectations at the reporting date. The discount rates
employed in determining the present value of the schemes\u2019 liabilities are determined by reference
to market yields, at the reporting date, on high-quality corporate bonds of a currency and term
consistent with the currency and term of the associated post-employment benefit obligations. The
fair value of scheme assets is based on market price information, measured at bid value for publicly
quoted securities.
The resultant defined benefit pension net surplus or deficit is shown within either non-current assets
or non-current liabilities on the face of the Balance Sheet and comprises the total for each plan of
the present value of the defined benefit obligation less the fair value of plan assets out of which the
obligations are to be settled directly.
The Group has the ability to recognise any surplus in full, because the Group has an unconditional
right to a refund of surplus upon gradual settlement of liabilities. In making this assessment,
management considers trust deeds, scheme rules and statutory funding requirements.
The assumptions (disclosed in Note 23) underlying these valuations are updated at each reporting
period date based on current economic conditions and expectations (discount rates, salary inflation
and mortality rates) and reflect any changes to the terms and conditions of the post-retirement
pension plans. The deferred tax liabilities and assets arising on pension scheme surpluses and
deficits are disclosed separately within deferred tax assets or liabilities, as appropriate.
When the benefits of a defined benefit scheme are improved, the portion of the increased benefit
relating to the past service of employees is recognised as an expense immediately in the Income
Statement.
The expected increase in the present value of scheme liabilities arising from employee service in
the current period is recognised in arriving at operating profit or loss together with the net interest
expense/(income) on the net defined benefit liability/(asset). Differences between the actual
return on plan assets and the interest income, experience gains and losses on scheme liabilities,
together with the effect of changes in the current or prior assumptions underlying the liabilities are
recognised in Other Comprehensive Income. The amounts recognised in the Income Statement and
Other Comprehensive Income and the valuation of the defined benefit pension net surplus or deficit
are sensitive to the assumptions used.
Company
The Company has no direct employees and is not the sponsoring employer for any of the Group\u2019s
defined benefit pension schemes.
Income tax (Note 7 and Note 22)
Current income tax
Current tax expense represents the expected tax amount to be paid in respect of taxable income
for the current year and is based on reported profit and the expected statutory tax rates, reliefs,
and allowances applicable in the jurisdictions in which the Group operates. Current tax for the
current and prior years, to the extent that it is unpaid, is recognised as a liability in the Balance Sheet.
Deferred tax
Deferred tax is provided on the basis of the Balance Sheet liability method on all temporary
differences at the reporting date. Temporary differences are defined as the difference between the
tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred
tax assets and liabilities are not subject to discounting and are measured at the tax rates that are
expected to apply in the period in which the asset is recovered or the liability is settled based on
tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date.
Deferred tax assets and liabilities are recognised for all temporary differences except where they
arise from:
\u2022 The initial recognition of goodwill or an asset or a liability in a transaction that is not a business
combination and affects neither the accounting profit or loss nor the taxable profit or loss at
the time of the transaction and does not give rise to equal taxable and deductible temporary
differences, or,
\u2022 Taxable temporary differences associated with investments in subsidiaries where the timing of
the reversal of the temporary difference is subject to the Group\u2019s control and it is probable that
a reversal will not be recognised in the foreseeable future.
Deferred tax assets in respect of deductible temporary differences are recognised only to the
extent that it is probable that taxable profits or taxable temporary differences will be available
against which to offset these items. The recognition or non-recognition of deferred tax assets as
appropriate also requires judgement as it involves an assessment of the future recoverability of those
assets. The recognition of deferred tax assets is based on management\u2019s judgement and estimate
of the most probable amount of future taxable profits and taking into consideration applicable
tax legislation in the relevant jurisdiction. The carrying amounts of deferred tax assets are subject
to review at each reporting date and are reduced to the extent that future taxable profits are
considered to be insufficient to allow all or part of the deferred tax asset to be utilised.
The Group offsets deferred tax assets and deferred tax liabilities only if it has a legally enforceable
right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred
tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable
entity or different taxable entities which intend either to settle current tax liabilities and assets on a
net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which
significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
Deferred tax and current tax are recognised as a component of the tax expense in the
Income Statement except to the extent that they relate to items recognised directly in Other
Comprehensive Income or equity (for example, certain derivative financial instruments and
actuarial gains and losses on defined benefit pension schemes), in which case the related tax is also
recognised in Other Comprehensive Income or equity.
The Group has applied the amendment to IAS 12 Income Taxes on the mandatory temporary
exception to recognising and disclosing information about deferred tax assets and liabilities
that are related to tax law enacted or substantively enacted to implement the Pillar Two model
rules published by the Organisation for Economic Co-operation and Development (\u2018OECD\u2019). The
amendments require that entities shall apply the amendments immediately upon issuance. Pillar Two
legislation is not expected to have a material impact on the financial statements of the Group. The
Group continue to monitor changes in law and guidance as they apply to the Group.
Company financial assets
Financial assets are reviewed for impairment if there are any indications that the carrying value may
not be recoverable.
Share options granted to employees of subsidiary companies are accounted for as an increase in the
carrying value of the investment in subsidiaries and the share-based payment reserve.
Revenue recognition
The Group manufactures and distributes branded cider, beer, wine, spirits and soft drinks in which
revenue is recognised at a point in time when control is deemed to pass to the customer upon
leaving the Group\u2019s premises or upon delivery to a customer depending on the terms of sale.
Contracts do not contain multiple performance obligations (as defined by IFRS 15).
Across the Group, goods are often sold with discounts or rebates based on cumulative sales over
a period. The variable consideration is only recognised when it is highly probable that it will not be
subsequently reversed and is recognised using the most likely amount or expected value methods,
depending on the individual contract terms. In the application of appropriate revenue recognition,
judgement is exercised by management in the determination of the likelihood and quantum of items
giving rise to variable consideration based on experience and historical trading patterns.
The Group is deemed to be a principal to an arrangement when it controls a promised good or
service before transferring them to a customer; and accordingly recognises the revenue on a gross
basis. The Group is determined to be an agent in a transaction where the Group arranges for the
provision of goods or services on behalf of another party and does not control the goods and services
before being transferred to the customer; the net amount retained after any payments to the
principal is recognised as revenue.
Net revenue
Net revenue is defined by the Group as revenue less excise duty paid by the Group.
Excise duty
Excise duty is levied at the point of production in the case of the Group\u2019s manufactured products
and at the point of importation in the case of imported products in the relevant jurisdictions in which
the Group operates. As the Group\u2019s manufacturing and warehousing facilities are revenue approved
and registered excise facilities, the excise duty liability generally crystallises on transfer of product
from duty in suspense to duty paid status which normally coincides with the point of sale. The duty
number disclosed represents the cost of duty paid including any related true up or release on the
Group\u2019s products. Where goods are bought duty paid, and subsequently sold, the duty element is
not included in the duty line within net revenue but is included within the cost of goods sold.
Exceptional items (Note 5)
The Group has adopted an accounting policy and Income Statement format that seeks to highlight
specific significant items of income and expense within the Group results for the year which the
Directors believe provides a more useful analysis. Significant items are determined based on their
size, nature and/or being non-recurring items. Items categorised as Exceptional are done so based
on a qualitative and quantitative framework that considers these same factors:
\u2022 Size: For an item to be deemed exceptional, it must have a material effect on the Group\u2019s
profitability and should therefore be separately disclosed. For the purposes of FY2026 year-
end, the Group determined a material amount as an amount that would influence the economic
decisions of a user of the financial statements.
\u2022 Nature: Inconsistent items \u2013 these are items which are inconsistent amounts year on year
(where applicable) such as revaluation gains and losses
\u2022 Non-Recurring Items: These are events/transactions that are infrequent and unusual, or one-off
in nature. These include items such as restructuring and integration projects, litigation costs and
settlements, impairment of assets, acquisition related costs, and gains/losses from the sale of
assets or businesses.
The Directors exercise judgement to determine whether an item meets the above criteria in order
to be classified as an exceptional item.
Segmental reporting (Note 1)
Operating segments are reported in a manner consistent with the internal organisational and
management structure of the Group and the internal financial information provided to the Chief
Operating Decision-Maker (\u2018CODM\u2019), the Executive Directors, who are responsible for the allocation
of resources and the monitoring and assessment of performance of each of the operating segments.
Finance income and expenses (Note 6)
Finance income comprises interest income on funds invested and any gains on hedging instruments
that are recognised in the Income Statement. Interest income is recognised as it accrues in the
Income Statement, using the effective interest method.
Finance expenses comprise interest expense on borrowings, finance charges on sale of trade
receivables, amortisation of borrowing issue costs and unwinding the discount on provisions and
leases. Borrowing costs that are not directly attributable to the acquisition, construction or production
of a qualifying asset are recognised in the Income Statement using the effective interest method.
Share-based payments (Note 4)
The Group operates a number of executive and employee share schemes as set out in Note 4.
For all grants of share-based payments, the expense recognised in the Income Statement is based
on the fair value of the total number of entitlements expected to vest and is allocated to accounting
periods on a straight-line basis over the vesting period. The cumulative charge to the Income
Statement at each reporting date reflects the extent to which the vesting period has expired and
the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. It is reversed
only where entitlements do not vest because all non-market performance conditions have not been
met or where an employee in receipt of share entitlements leaves the Group before the end of the
vesting period and forfeits those options as a consequence.
The proceeds received by the Company net of any directly attributable transaction costs on the
vesting of share entitlements met by the issue of new shares are credited to share capital and share
premium when the share entitlements are exercised.
The share-based payment reserve comprises amounts expensed in the income statement in
connection with share-based payments, net of transfers to retained earnings on the exercise of
shares entitlements and the lapsing of such entitlements.
Amounts included in the share-based payments reserve are transferred to retained income when
vested options are exercised, forfeited post-vesting or lapse.
The dilutive effect of outstanding options, to the extent that they are to be settled by the issue of
new shares and to the extent that the vesting conditions would have been satisfied if the end of the
reporting period was the end of the contingency period, is reflected as additional share dilution in
the determination of diluted earnings per share.
Foreign currency translation
Items included in the financial statements of each of the Group\u2019s entities are measured using
the currency of the primary economic environment in which the entity operates (\u2018the functional
currency\u2019). The consolidated financial statements are presented in Euro, which is the presentation
currency of the Group and both the presentation and functional currency of the Company.
Transactions in foreign currencies are translated into the functional currency of each entity at the
foreign exchange rate ruling at the date of the transaction. Non-monetary assets carried at historic
cost are not subsequently retranslated. Monetary assets and liabilities denominated in foreign
currencies at the reporting date are translated into functional currencies at the foreign exchange
rate ruling at that date. Foreign exchange movements arising on translation are recognised in
the Income Statement with the exception of all monetary items designated as a hedge of a net
investment in a foreign operation, which are recognised in the consolidated financial statements
in Other Comprehensive Income until the disposal of the net investment, at which time they are
recognised in the Income Statement for the year.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising
on consolidation, are translated to Euro at the foreign exchange rates ruling at the reporting date.
The revenues and expenses of foreign operations are translated to Euro at the average exchange
rate for the financial period where that represents a reasonable approximation of actual rates.
Foreign exchange movements arising on translation of the net investment in a foreign operation,
including those arising on long-term intra-group loans for which settlement is neither planned nor
likely to happen in the foreseeable future and as a consequence are deemed quasi equity in nature,
are recognised directly in Other Comprehensive Income in the consolidated financial statements in
the foreign currency translation reserve. The portion of exchange gains or losses on foreign currency
borrowings or derivatives used to provide a hedge against a net investment in a foreign operation
that is designated as a hedge of those investments, is recognised directly in Other Comprehensive
Income to the extent that they are determined to be effective. The ineffective portion is recognised
immediately in the Income Statement for the year.
Any movements that have arisen since 1 March 2004, the date of transition to IFRS, are recognised in
the currency translation reserve and are recycled through the Income Statement on disposal of the
related business. Translation differences that arose before the date of transition to IFRS as adopted
by the EU in respect of all non-Euro denominated operations are not presented separately.
Inventories (Note 14)
Inventories are stated at the lower of cost and net realisable value. Cost includes all expenditure
incurred in acquiring the inventories and bringing them to their present location and condition
and is based on the first-in first-out principle.
In the case of finished goods and work in progress, cost includes direct production costs and the
appropriate share of production overheads plus excise duties, where appropriate. Net realisable
value is the estimated selling price in the ordinary course of business, less estimated costs necessary
to complete the sale.
Provision is made for slow-moving or obsolete stock where appropriate.
Provisions (Note 18)
A provision is recognised in the Balance Sheet when the Group has a present legal or constructive
obligation as a result of a past event, and it is probable that an outflow of economic benefits will
be required to settle the obligation. Provisions are measured at the Directors\u2019 best estimate of
the expenditure required to settle the obligation at the balance sheet date and are discounted
to present value at an appropriate rate if the effect of the time value of money is deemed material.
The carrying amount of the provision increases in each period to reflect the passage of time and
the unwinding of the discount. The increase in the provision due to the passage of time is recognised
in the Income Statement within finance expense.
Provisions are not recognised for future operating losses; however, provisions are recognised
for onerous contracts where the unavoidable cost exceeds the expected benefit. Due to the
inherent uncertainty with respect to such matters, the value of each provision is based on the best
information available at the time, including advice obtained from third-party experts, and is reviewed
by the Directors on a periodic basis with the potential financial exposure reassessed.
A contingent liability is not recognised but is disclosed where the existence of the obligation will
only be confirmed by future events or where it is not probable that an outflow of resources will be
required to settle the obligation or where the amount of the obligation cannot be measured with
reasonable reliability. Contingent assets are not recognised but are disclosed where an inflow of
economic benefits is probable.
Financial instruments
Trade and other receivables (Note 15)
Trade receivables are initially recognised at fair value (which usually equals the original invoice value)
and are subsequently measured at amortised cost less allowance for impairment losses. The Group
applies the simplified approach permitted by IFRS 9 Financial Instruments to measure expected
credit losses for trade receivables, which requires expected lifetime losses to be recognised from
initial recognition of the receivables. The carrying amount of these receivables approximates their
fair value as these are short-term in nature. The maximum exposure to credit risk at the reporting
date is the carrying value of each class of receivable.
Trade receivables are derecognised when the rights to receive cash flows from the asset have
expired or the Group has transferred its rights to receive cash flows from the asset or has assumed
an obligation to pay the received cash flows in full without material delay to a third-party under a
\u2018pass-through\u2019 arrangement, and either (a) the Group has transferred substantially all the risks and
rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks
and rewards of the asset, but has transferred control of the asset.
Cash and cash equivalents (Note 24)
Cash and cash equivalents in the Balance Sheet comprises of cash at bank and in hand and short-
term deposits with an original maturity of three months or less. Bank overdrafts that are repayable
on demand and form part of the Group\u2019s cash management are included as a component of cash for
the purpose of the statement of cash flows.
Advances to customers (Note 15)
Advances to customers, are initially recognised at fair value, amortised to the Income Statement
(and classified within sales discounts as a reduction in revenue) over the relevant period to
which the customer commitment is made, and subsequently carried at amortised cost less an
impairment allowance. Where there is a volume target the amortisation of the advance is included
in sales discounts as a reduction to revenue. Regarding advances to customers, the Group applies
the general approach to measure expected credit losses which requires a loss provision to be
recognised based on twelve-month or lifetime expected credit losses, provided a significant
increase in credit risk has occurred since initial recognition. The Group Credit Committee reviews
debt collection trends and commercial market information to assess any significant change in
credit risk.
Trade and other payables (Note 17)
Trade and other payables are recognised initially at fair value and subsequently measured at
amortised cost using the effective interest rate method.
Interest-bearing loans and borrowings (Note 20)
Interest-bearing loans and borrowings are recognised initially at fair value less attributable
transaction costs and are subsequently measured at amortised cost with any difference between
the amount originally recognised and redemption value being recognised in the Income Statement
over the period of the borrowings on an effective interest rate basis. Where the early refinancing of
a loan results in a significant change in the present value of the expected cash flows, the original loan
is derecognised and the replacement loan is recognised at fair value. The difference between the
original loan and the fair value of the replacement loan is recognised in finance costs in the year.
Derivative financial instruments (Note 24)
Derivatives are initially recognised at fair value on the date that a derivative contract is entered into,
and they are subsequently remeasured to their fair value at the end of each reporting period. The
accounting for subsequent changes in fair value depends on whether the derivative is designated as
a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain
derivatives as hedges of a particular risk associated with the cash flows of recognised assets and
liabilities and highly probable forecast transactions (cash flow hedges). The gains or losses related
to derivatives not used as effective hedging instruments are recognised in the Income Statement.
At inception of the hedge relationship, the Group documents the economic relationship between
hedging instruments and hedged items, including whether changes in the cash flows of the
hedging instruments are expected to offset changes in the cash flows of hedged items. The Group
documents its risk management objective and strategy for undertaking its hedge transactions. The
fair values of derivative financial instruments designated in hedge relationships are disclosed
in Note 24.
Movements in the hedging reserve in Shareholders\u2019 equity are shown in Note 24. The full fair value
of a hedging derivative is classified as a non-current asset or liability when the remaining maturity
of the hedged item is more than 12 months; it is classified as a current asset or liability when the
remaining maturity of the hedged item is less than 12 months. The Group enters into derivative
contracts only for hedging purposes/activities. The Group documents its assessment, both at hedge
inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions
are highly effective in offsetting changes in fair values or cash flows of hedged items.
Cash flow hedges that qualify for hedge accounting (Note 24)
The effective portion of changes in the fair value of derivatives that are designated and qualify as
cash flow hedges is recognised in the cash flow hedge reserve within equity. The gain or loss relating
to the ineffective portion is recognised immediately in the Income Statement as finance expenses.
The Group uses forward contracts to hedge forecast transactions, the Group generally designates
the full change in fair value of the forward contract, i.e. the forward rate including forward points,
as the hedging instrument. Gains or losses relating to the effective portion of the change in fair value
of the entire forward contract are recognised in the cash flow hedge reserve within equity.
Amounts accumulated in equity are reclassified in the periods when the hedged item affects profit
or loss. Where the hedged item subsequently results in the recognition of a non-financial asset (such
as inventory), the deferred hedging gains and losses are included within the initial cost of the asset.
The deferred amounts are ultimately recognised in profit or loss, when the hedged item affects
profit or loss (for example, through operating costs).
When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the
criteria for hedge accounting, any cumulative deferred gain or loss in equity at that time remains
in equity and recognised in profit or loss in the period the forecast transaction occurs and when
the forecast transaction is no longer expected to occur, the cumulative gains or losses that were
reported in equity are immediately reclassified to profit or loss.
Cash flow hedge reserve (Note 24)
The cash flow hedge reserve is used to recognise the effective portion of gains or losses on
derivatives that are designated and qualify as cash flow hedges, as described in Note 24. Amounts
are subsequently either transferred to the initial cost of inventory or reclassified to profit or loss as
appropriate.
Treasury shares (Note 26)
Equity share capital issued under its Joint Share Ownership Plan, which is held in trust by an
Employee Trust, as well as shares purchased under the Partnership and Matching Share Schemes
(see Note 4) are classified as Treasury shares on consolidation until such time as the Interests lapse
and the shares are cancelled or disposed of by the Trust. Additionally own equity instruments (i.e.
Ordinary Shares) acquired by the Company are deducted from equity and presented on the face of
the Company Balance Sheet as Treasury shares until the shares are cancelled or reissued. No gain
or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s
Ordinary Shares.
Financial guarantee contracts
Financial guarantee contracts are recognised as a financial liability at the time the guarantee is
issued. The liability is initially measured at fair value and subsequently at the higher of:
\u2022 the amount determined in accordance with the expected credit loss model under IFRS 9 Financial
Instruments, and
\u2022 the amount initially recognised less, where appropriate, the cumulative amount of income
recognised in accordance with the principles of IFRS 15 Revenue from Contracts with Customers.
The fair value of financial guarantees is determined based on the present value of the difference
in cash flows between the contractual payments required under the debt instrument and the
payments that would be required without the guarantee, or the estimated amount that would be
payable to a third party for assuming the obligations.
Where the guarantees in relation to loans or other payables of associates are provided for no
compensation, the fair values are accounted for as contributions and recognised as part of the
cost of the investment.
Significant Judgements and Estimates
The preparation of the consolidated financial statements in conformity with IFRS as adopted by
the EU requires management to make certain estimates, assumptions and judgements that affect
the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. The significant judgements, estimates and assumptions used by management may differ
from the actual outcome of the transaction and consequently the realised value of the associated
assets and liabilities may vary. The significant judgements and estimates which have been applied,
and which are expected to have a material impact, are as follows:
Significant judgements
Income Taxes
The Group is subject to income tax in a number of jurisdictions, and judgement is required in
determining the worldwide provision for taxes. There are many transactions and calculations during
the ordinary course of business, for which the ultimate tax determination is uncertain and the
complexity of the tax treatment may be such that the final tax charge may not be determined until
a formal resolution has been reached with the relevant tax authority which may take extended time
periods to conclude. The ultimate tax charge may, therefore, be different from that which initially is
reflected in the Group\u2019s consolidated tax charge and provision and any such differences could have a
material impact on the Group\u2019s income tax charge and consequently financial performance.
The determination of the provision for income tax is based on management\u2019s understanding of the
relevant tax law and judgement as to the appropriate tax charge, and management believe that all
assumptions and estimates used are reasonable and reflective of the tax legislation in jurisdictions
in which the Group operates. Where the final tax charge is different from the amounts that were
initially recorded, such differences are recognised in the income tax provision in the period in which
such determination is made.
Deferred tax assets in respect of deductible temporary differences are recognised only to the
extent that it is probable that taxable profits or taxable temporary differences will be available
against which to offset these items. The recognition or non-recognition of deferred tax assets as
appropriate also requires judgement as it involves an assessment of the future recoverability of those
assets. The recognition of deferred tax assets is based on management\u2019s judgement and estimate
of the most probable amount of future taxable profits and taking into consideration applicable tax
legislation in the relevant jurisdiction.
Revenue recognition
The Group generates revenue from a variety of geographies and across a large number of separate
legal entities spread across the Group\u2019s two business segments and has contract packaging
agreements with a number of customers, to utilise excess manufacturing capacity, that are non-
standard and complex and involve judgment as to whether contracts are within scope of IFRS 15
Revenue from Contracts with Customers, regarding significant and complex customer contracts,
discounts and marketing contributions. The Group has well developed policies, systems and
controls to inform management\u2019s judgements and estimates with regard to revenue recognition,
measurement and classification for its contract packaging agreements and complex customer
contracts.
Climate change
The potential climate change-related risks and opportunities to which the Group is exposed, as
identified by management, are disclosed in the Group\u2019s Task Force on Climate Related Financial
Disclosures on pages 40 to 51. Management has assessed the potential financial impacts relating
to the identified risks, primarily considering the useful lives of, and retirement obligations for,
property, plant and equipment, the possibility of impairment of goodwill and other long-lived assets
and the recoverability of the Group\u2019s deferred tax assets. Management has exercised judgement
in concluding that there are no further material financial impacts of the Group\u2019s climate-related
risks and opportunities on the consolidated financial statements. These judgements will be kept
under review by management as the future impacts of climate change depend on environmental,
regulatory and other factors outside of the Group\u2019s control which are not all currently known.
Classification of exceptional items
As discussed in more detail in the accounting policy on page 156, the Directors exercise judgement
to determine whether an item meets the criteria in order to be classified as an exceptional item.
See Note 5 for further details.
Sources of estimation uncertainty
Valuation of property, plant and equipment
The Group values its freehold land and buildings and plant and machinery at market value/
Depreciated Replacement Cost and consequently, carries out an annual valuation. The Group
engages external valuers to value the Group\u2019s property, plant and machinery at a minimum every
three years or at the date of acquisition for assets acquired as part of a business combination. An
external valuation was conducted at 28 February 2026 by PricewaterhouseCoopers LLP to value
the freehold land and buildings and plant and machinery at the Group\u2019s Clonmel (Tipperary) and
Wellpark (Glasgow) sites.
As outlined in the Property, Plant & Equipment accounting policy, the Group has reassessed the
estimates used within the DRC valuation in the current financial year. The key assumptions used to
determine the fair value of the freehold land and buildings and plant and machinery and sensitivity
analyses are provided in Note 11.
Recoverable amount of goodwill and brands
The impairment testing process requires management to make significant estimates regarding the
future cash flows expected to be generated by cash-generating units to which goodwill has been
allocated. Future cash flows relating to the eventual disposal of these cash-generating units and
other factors may also be relevant to determine the recoverable amount of goodwill. Management
periodically evaluates and updates the estimates based on the conditions which influence these
variables. The assumptions and conditions for determining impairments of goodwill reflect
management\u2019s best assumptions and estimates (discount rates, terminal growth rates, forecasted
volume, net revenue, operating profit) but these items involve inherent uncertainties described
above, many of which are not under management\u2019s control.
The Group also considered the potential impact of climate change as further discussed in Note 12.
This is an area of estimation and judgement. As a result, the accounting for such items could result in
different estimates or amounts if management used different assumptions or if different conditions
occur in future accounting periods.
The inputs to the value in use calculations are disclosed in Note 12.
Pension valuation
Significant estimates are used in the determination of the pension obligation, the amounts
recognised in the Income Statement and Statement of Other Comprehensive Income and the
valuation of the defined benefit pension net surplus or deficit are sensitive to the assumptions used.
The assumptions underlying the actuarial valuations (including discount rates, rates of increase in
future compensation levels, mortality rates, salary and pension increases and future inflation rates),
from which the amounts recognised in the consolidated financial statements are determined, are
updated annually based on current economic conditions and for any relevant changes to the terms
and conditions of the pension and post-retirement plans. These assumptions can be affected by
(i) the discount rate, changes in the rates of return on high-quality corporate bonds and (ii) for
future compensation levels, future labour market conditions. The weighted average actuarial
assumptions used and sensitivity analysis in relation to the significant assumptions employed in
the determination of pension and other post-retirement liabilities are contained in Note 23 to the
consolidated financial statements.
Whilst management believes that the assumptions used are appropriate, differences in actual
experience or changes in assumptions may affect the obligations and expenses recognised in
future accounting periods. The assets and liabilities of defined benefit pension schemes may exhibit
significant period-on-period volatility attributable primarily to changes in bond yields and longevity.
In addition to future service contributions, cash contributions may be required to remediate past
service deficits. A sensitivity analysis of the change in these assumptions is provided in Note 23.
Expected credit losses
The Group applies the simplified approach permitted by IFRS 9 Financial Instruments to measure
expected credit losses for trade receivables and advances to customers, which requires expected
lifetime losses to be recognised from initial recognition.
Estimates have been made around the credit losses expected to be incurred on the Group\u2019s financial
assets \u2013 principally being trade receivables and advances to customers. In determining the expected
credit losses, the loss rates are determined based on the grouping of trade receivables and advances
to customers sharing the same credit risk characteristics and past due days.
Regarding advances to customers, the Group applies the general approach to measure expected
credit losses which requires a loss provision to be recognised based on 12-month or lifetime expected
credit losses, provided a significant increase in credit risk has occurred since initial recognition.
Please refer to Note 15 for the impact of the expected credit loss approach on the Group\u2019s trade
receivables and advances to customers.
Valuation of inventory
Inventories are measured at the lower of cost and net realisable value. The Group\u2019s policy is to hold
inventories at original cost and create an inventory provision where evidence exists that indicates
net realisable value is below cost for a particular item of inventory. Damaged, slow-moving or
obsolete inventory are typical examples of such evidence.
See Note 14 for further details.
Impairment of investments in subsidiaries and intercompany receivables
(Company only)
Investment in subsidiary impairment testing process requires management to make significant
estimates regarding the future cash flows expected to be generated by the subsidiary. Management
periodically evaluates and updates the estimates based on the conditions which influence these
variables. The assumptions and conditions for determining impairments reflect management\u2019s best
assumptions and estimates (discount rates, terminal growth rates, net revenue, operating profit)
but these items involve inherent uncertainties, many of which are not under management\u2019s control.
This is an area of estimation and judgement. As a result, the accounting for such items could result in
different estimates or amounts if management used different assumptions or if different conditions
occur in future accounting periods.
See Note 13 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-539": { "value": "General information C&C Group plc (the \u2018Company\u2019) is a company incorporated and tax resident in Ireland. The Group\u2019s financial statements for the year ended 28 February 2026 consolidate the individual financial statements of the Company and all subsidiary undertakings (together referred to as the \u2018Group\u2019) together with the Group\u2019s share of the results and net assets of equity accounted investments for the year ended 28 February 2026. The Company and Group financial statements, together the \u2018financial statements\u2019, were authorised for issue by the Directors on 18 May 2026. The accounting policies applied in the preparation of the financial statements for the year ended 28 February 2026 are set out below. Except if mentioned otherwise these have been applied consistently for all periods presented in these financial statements and by all Group entities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-7": { "value": "C&C Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-537": { "value": "C&C Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-587": { "value": "C&C Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-536": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-8": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-535": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-540": { "value": "Statement of compliance The Group financial statements have been prepared in accordance with International Financial Reporting Accounting Standards (\u2018IFRS\u2019), as adopted by the EU and as applied in accordance with Companies Act 2014. The individual financial statements of the Company have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u2018FRS 101\u2019). In accordance with Section 304 of the Companies Act 2014, the Company has availed of the exemption from presenting its individual Income Statement to the Annual General Meeting and from filing it with the Registrar of Companies. In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures: \u2022 A cash flow statement and related notes; \u2022 Disclosures in respect of transactions with wholly-owned subsidiaries; \u2022 Disclosures in respect of capital management; \u2022 The effects of new but not yet effective IFRSs; \u2022 Disclosures in respect of the compensation of Key Management Personnel \u2022 The requirements in IAS 24 \u2018Related party disclosures\u2019 to disclose related party transactions entered into between two or more members of a group; and \u2022 Disclosures in respect of Group equity settled share-based payments in accordance with IFRS 2 Share-Based Payments, as the financial statements of the Group include the equivalent disclosures. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-541": { "value": "Changes in accounting policies and disclosures IFRS as adopted by the EU and applied by the Company and Group in the preparation of these financial statements are those that were effective for accounting periods ending on or before 28 February 2026. New accounting pronouncements adopted on 1 March 2025 The Group adopted the following new accounting policies on 1 March 2025 to comply with new standards issued and amendments to IFRS: \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 The above amendment did not have a material impact on the Group\u2019s financial reporting on adoption. New accounting pronouncements to be adopted on or after 1 March 2026 The following amendments to IFRS have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2026. \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 No material impact on the Group\u2019s financial reporting is expected from the adoption of the Amendments or Annual Improvements. New accounting pronouncements to be adopted on or after 1 March 2027 The following new standards issued and amendments to IFRS have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2027. \u2022 IFRS 18 Presentation and Disclosure in Financial Statements \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures IFRS 18 and IFRS 19 are effective for periods beginning on or after 1 January 2027. IFRS 18 requires retrospective application and accordingly, the results for the year-ended 28 February 2027 will be restated to comply with the new standard when presented in the financial statements for the year- ended 28 February 2028. The Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards from 1 March 2027.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-588": { "value": "New accounting pronouncements adopted on 1 March 2025 The Group adopted the following new accounting policies on 1 March 2025 to comply with new standards issued and amendments to IFRS: \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 The above amendment did not have a material impact on the Group\u2019s financial reporting on adoption. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-589": { "value": "New accounting pronouncements to be adopted on or after 1 March 2026 The following amendments to IFRS have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2026. \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 No material impact on the Group\u2019s financial reporting is expected from the adoption of the Amendments or Annual Improvements. New accounting pronouncements to be adopted on or after 1 March 2027 The following new standards issued and amendments to IFRS have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2027. \u2022 IFRS 18 Presentation and Disclosure in Financial Statements \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures IFRS 18 and IFRS 19 are effective for periods beginning on or after 1 January 2027. IFRS 18 requires retrospective application and accordingly, the results for the year-ended 28 February 2027 will be restated to comply with the new standard when presented in the financial statements for the year- ended 28 February 2028. The Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards from 1 March 2027.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-542": { "value": "Basis of preparation The Group and the individual financial statements of the Company are prepared on the going concern and historical cost convention, as modified by the revaluation of certain items of property, plant and equipment, retirement benefits and derivative financial instruments. The accounting policies have been applied consistently by Group entities and for all periods presented. The financial statements are presented in Euro millions to one decimal place. (i) Going concern basis The Directors have adopted the going concern basis in preparing the financial statements after assessing the Group\u2019s principal risks. Management of liquidity and net debt continue to be a key focus for the Group. The Group have reported net debt including leases and liquidity of \u20ac260.4m and \u20ac326.5m respectively at 28 February 2026, compared with \u20ac212.3m and \u20ac369.0m respectively in FY2025. The Group delivered a leverage ratio (excluding leases) of 1.6x at 28 February 2026. The Covenant ratio for the Group\u2019s RCF and term loan facilities was 1.6x at 28 February 2026, well within the covenant limit of 3.5x. Both measures are calculated on a pre-IFRS 16 basis. In FY2023, the Group successfully completed a refinancing of its multi-currency facility and Euro term loan agreement which was repaid in a single instalment following the publication of the Group\u2019s FY2023 Results in May 2023. In FY2023, the Group also entered into a new five-year committed sustainability-linked facility comprised of a \u20ac250m multi-currency revolving loan facility and a \u20ac100m non-amortising Euro term loan. The facility offers optionality of two 1-year extensions to the maturity date callable within 12 months and 24 months of the initial drawdown date respectively. The multi-currency facility and the Euro term syndicate comprises six banks \u2013 ABN Amro Bank, Allied Irish Bank, Bank of Ireland, Barclays Bank, HSBC and Rabobank. During FY2025, the Group exercised the second optional extension of the facilities, resulting in maturity being extended to January 2030 (FY2030) on both the multi-currency facility and Euro term loan. Overall conclusion The headroom on the covenants within the financing facilities has been reviewed in detail by management and assessed by the Directors. Given that the cash flow forecasts demonstrate significant headroom, the Directors have concluded that the Group has sufficient resources available until at least 31 August 2027 and therefore consider it appropriate to adopt the going concern basis of accounting with no material uncertainties as to the Group\u2019s ability to continue to do so. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-590": { "value": "(i) Going concern basis The Directors have adopted the going concern basis in preparing the financial statements after assessing the Group\u2019s principal risks. Management of liquidity and net debt continue to be a key focus for the Group. The Group have reported net debt including leases and liquidity of \u20ac260.4m and \u20ac326.5m respectively at 28 February 2026, compared with \u20ac212.3m and \u20ac369.0m respectively in FY2025. The Group delivered a leverage ratio (excluding leases) of 1.6x at 28 February 2026. The Covenant ratio for the Group\u2019s RCF and term loan facilities was 1.6x at 28 February 2026, well within the covenant limit of 3.5x. Both measures are calculated on a pre-IFRS 16 basis. In FY2023, the Group successfully completed a refinancing of its multi-currency facility and Euro term loan agreement which was repaid in a single instalment following the publication of the Group\u2019s FY2023 Results in May 2023. In FY2023, the Group also entered into a new five-year committed sustainability-linked facility comprised of a \u20ac250m multi-currency revolving loan facility and a \u20ac100m non-amortising Euro term loan. The facility offers optionality of two 1-year extensions to the maturity date callable within 12 months and 24 months of the initial drawdown date respectively. The multi-currency facility and the Euro term syndicate comprises six banks \u2013 ABN Amro Bank, Allied Irish Bank, Bank of Ireland, Barclays Bank, HSBC and Rabobank. During FY2025, the Group exercised the second optional extension of the facilities, resulting in maturity being extended to January 2030 (FY2030) on both the multi-currency facility and Euro term loan. Overall conclusion The headroom on the covenants within the financing facilities has been reviewed in detail by management and assessed by the Directors. Given that the cash flow forecasts demonstrate significant headroom, the Directors have concluded that the Group has sufficient resources available until at least 31 August 2027 and therefore consider it appropriate to adopt the going concern basis of accounting with no material uncertainties as to the Group\u2019s ability to continue to do so. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-543": { "value": "Basis of consolidation The Group\u2019s financial statements consolidate the financial statements of the Company, and all subsidiary undertakings, together with the Group\u2019s share of the results of equity accounted investments for the year ended 28 February 2026. (i) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. (ii) Investments in associates (equity accounted investments) The Group\u2019s interests in equity accounted investments comprise interests in associates, which are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Interests in associates are accounted for using the equity method. (iii) Company Financial Statements Investments in subsidiaries are carried at cost less provision for impairment. Dividend income is recognised when the right to receive payment is established. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-591": { "value": "(i) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-640": { "value": "(ii) Investments in associates (equity accounted investments) The Group\u2019s interests in equity accounted investments comprise interests in associates, which are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Interests in associates are accounted for using the equity method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-592": { "value": "(ii) Investments in associates (equity accounted investments) The Group\u2019s interests in equity accounted investments comprise interests in associates, which are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Interests in associates are accounted for using the equity method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-544": { "value": "Business combinations Acquisitions Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the consolidated income statement as incurred. The acquiree\u2019s identifiable assets and liabilities are recognised at their fair values at the acquisition date, which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group\u2019s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. Disposals The difference between the carrying value of the net assets disposed of and the fair value of consideration received is recorded as a gain or loss on disposal. Foreign exchange translation gains or losses relating to subsidiaries, joint arrangements and associates that the Group has disposed of, and that have previously been recorded in other comprehensive income or expense, are also recognised as part of the gain or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-593": { "value": "Property, plant and equipment (Note 11) Property (comprising freehold land and buildings) is recognised at estimated fair value using a Depreciated Replacement Cost (DRC) with the changes in the value of the property reflected in Other Comprehensive Income in the case of a revaluation gain, to the extent it does not reverse previously recognised losses, or as an impairment loss in the Income Statement to the extent it does not reverse previously recognised revaluation gains. The fair value is based on estimated market value at the valuation date, being the estimated amount that would be received to sell the property in an orderly transaction between market participants at the measurement date, to the extent that an active market exists. Such valuations are determined based on benchmarking against comparable transactions for similar properties in similar locations as those of the Group or on the use of valuation techniques including the use of market yields on comparable properties. If no active market exists or there are no other observable comparative transactions, the fair value may be determined using a valuation technique known as a Depreciated Replacement Cost approach. Valuations are performed on at least a triennial basis or more frequently where changes in circumstance or market conditions indicate a significant change. Plant and machinery is carried at its revalued amount. In view of the specialised nature of the Group\u2019s plant and machinery and the lack of comparable market-based evidence of a similar plant sold, upon which to base a market approach of fair value, the Group uses a Depreciated Replacement Cost approach to determine a fair value for such assets. Depreciated Replacement Cost is assessed, firstly, by the identification of the gross replacement cost for each class of plant and machinery. A depreciation factor derived from both the physical and functional obsolescence of each class of asset, taking into account estimated residual values at the end of the life of each class of asset, is then applied to the gross replacement cost to determine the net replacement cost. An economic obsolescence factor, which is derived based on current and anticipated capacity or utilisation of each class of plant and machinery as a function of total available production capacity, is applied to determine the Depreciated Replacement Cost. During FY2026, the Group reviewed its depreciation policy for plant & machinery and amended the accounting estimates within the Depreciated Replacement Cost model applied to valuation and depreciation of the plant and machinery assets utilised in the Group\u2019s beverage production. The amendment moves from reducing balance to straight-line depreciation over the life of the assets and reflects more accurately the usage and benefits derived from this category of fixed assets which are delivered uniformly over time and relatively consistently throughout the assets useful economic lives, which can be in excess of 30 years. This change in valuation and depreciation estimation methodology will enable the Group to forecast more accurately for capital investment appraisal and capital allocation decisions and brings the Group in line with industry practice. In accordance with IAS 8, these changes have been recognised as a change in accounting estimates and applied prospectively with effect from 1 March 2025. The impact of these changes on the plant & machinery valuation has been an increase in the carrying value of \u20ac9.3m which has been recognised in exceptional items within the statement of profit and loss (\u20ac7.2m) to the extent that previous revaluation losses are reversed and within Other Comprehensive Income (\u20ac2.1m) for the remainder of the revaluation gain. The current year depreciation charge was reduced by \u20ac2.1m. Motor vehicles and other equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Subsequent costs are included in an asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group. Property, plant and equipment, other than freehold land and assets under construction, which are not depreciated, were depreciated using the following rates which are calculated to write-off the value of the asset, less the estimated salvage value of 5% for other plant and machinery and 15% for storage tanks, over its expected useful life:
Land and Buildings
Land
n/a
Buildings \u2013 ROI
2-6% straight-line
Buildings \u2013 UK
2-3% straight-line
Plant and Machinery
Storage tanks
2-7% straight-line
Other plant and machinery
6-32% straight line (FY2025:
6-32% reducing balance)
Motor Vehicles and Other Equipment
Motor vehicles
15% straight-line
Other equipment including returnable bottles, cases and kegs
5-50% straight-line
Judgement is involved in the depreciation policy applied to certain fixed assets where there is considered to be a salvage value. The Group considers that such assets have a salvage value equal to 5% of cost for other plant and machinery and 15% for storage tanks, based on the expected scrap value of the associated assets. The salvage value and useful lives of property, plant and equipment are reviewed and adjusted if appropriate at each reporting date to take account of any changes that could affect prospective depreciation charges and asset carrying values. When determining useful economic lives, the principal factors the Group takes into account are the intensity at which the assets are expected to be used, expected requirements for the equipment and technological developments. On disposal of property, plant and equipment, the cost or valuation and related accumulated depreciation and impairments are removed from the Balance Sheet and the net amount, less any proceeds, is taken to the Income Statement and any amounts included within the revaluation reserve transferred to the retained income reserve. The carrying amounts of the Group\u2019s property, plant and equipment are reviewed at each balance sheet date to determine whether there is any indication of impairment. An impairment loss is recognised when the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount (being the greater of fair value less costs to sell and value in use). Impairment losses are debited directly to equity under the heading of revaluation reserve to the extent of any credit balance existing in the revaluation reserve account in respect of that asset with the remaining balance recognised in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-545": { "value": "Property, plant and equipment (Note 11) Property (comprising freehold land and buildings) is recognised at estimated fair value using a Depreciated Replacement Cost (DRC) with the changes in the value of the property reflected in Other Comprehensive Income in the case of a revaluation gain, to the extent it does not reverse previously recognised losses, or as an impairment loss in the Income Statement to the extent it does not reverse previously recognised revaluation gains. The fair value is based on estimated market value at the valuation date, being the estimated amount that would be received to sell the property in an orderly transaction between market participants at the measurement date, to the extent that an active market exists. Such valuations are determined based on benchmarking against comparable transactions for similar properties in similar locations as those of the Group or on the use of valuation techniques including the use of market yields on comparable properties. If no active market exists or there are no other observable comparative transactions, the fair value may be determined using a valuation technique known as a Depreciated Replacement Cost approach. Valuations are performed on at least a triennial basis or more frequently where changes in circumstance or market conditions indicate a significant change. Plant and machinery is carried at its revalued amount. In view of the specialised nature of the Group\u2019s plant and machinery and the lack of comparable market-based evidence of a similar plant sold, upon which to base a market approach of fair value, the Group uses a Depreciated Replacement Cost approach to determine a fair value for such assets. Depreciated Replacement Cost is assessed, firstly, by the identification of the gross replacement cost for each class of plant and machinery. A depreciation factor derived from both the physical and functional obsolescence of each class of asset, taking into account estimated residual values at the end of the life of each class of asset, is then applied to the gross replacement cost to determine the net replacement cost. An economic obsolescence factor, which is derived based on current and anticipated capacity or utilisation of each class of plant and machinery as a function of total available production capacity, is applied to determine the Depreciated Replacement Cost. During FY2026, the Group reviewed its depreciation policy for plant & machinery and amended the accounting estimates within the Depreciated Replacement Cost model applied to valuation and depreciation of the plant and machinery assets utilised in the Group\u2019s beverage production. The amendment moves from reducing balance to straight-line depreciation over the life of the assets and reflects more accurately the usage and benefits derived from this category of fixed assets which are delivered uniformly over time and relatively consistently throughout the assets useful economic lives, which can be in excess of 30 years. This change in valuation and depreciation estimation methodology will enable the Group to forecast more accurately for capital investment appraisal and capital allocation decisions and brings the Group in line with industry practice. In accordance with IAS 8, these changes have been recognised as a change in accounting estimates and applied prospectively with effect from 1 March 2025. The impact of these changes on the plant & machinery valuation has been an increase in the carrying value of \u20ac9.3m which has been recognised in exceptional items within the statement of profit and loss (\u20ac7.2m) to the extent that previous revaluation losses are reversed and within Other Comprehensive Income (\u20ac2.1m) for the remainder of the revaluation gain. The current year depreciation charge was reduced by \u20ac2.1m. Motor vehicles and other equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Subsequent costs are included in an asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group. Property, plant and equipment, other than freehold land and assets under construction, which are not depreciated, were depreciated using the following rates which are calculated to write-off the value of the asset, less the estimated salvage value of 5% for other plant and machinery and 15% for storage tanks, over its expected useful life:
Land and Buildings
Land
n/a
Buildings \u2013 ROI
2-6% straight-line
Buildings \u2013 UK
2-3% straight-line
Plant and Machinery
Storage tanks
2-7% straight-line
Other plant and machinery
6-32% straight line (FY2025:
6-32% reducing balance)
Motor Vehicles and Other Equipment
Motor vehicles
15% straight-line
Other equipment including returnable bottles, cases and kegs
5-50% straight-line
Judgement is involved in the depreciation policy applied to certain fixed assets where there is considered to be a salvage value. The Group considers that such assets have a salvage value equal to 5% of cost for other plant and machinery and 15% for storage tanks, based on the expected scrap value of the associated assets. The salvage value and useful lives of property, plant and equipment are reviewed and adjusted if appropriate at each reporting date to take account of any changes that could affect prospective depreciation charges and asset carrying values. When determining useful economic lives, the principal factors the Group takes into account are the intensity at which the assets are expected to be used, expected requirements for the equipment and technological developments. On disposal of property, plant and equipment, the cost or valuation and related accumulated depreciation and impairments are removed from the Balance Sheet and the net amount, less any proceeds, is taken to the Income Statement and any amounts included within the revaluation reserve transferred to the retained income reserve. The carrying amounts of the Group\u2019s property, plant and equipment are reviewed at each balance sheet date to determine whether there is any indication of impairment. An impairment loss is recognised when the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount (being the greater of fair value less costs to sell and value in use). Impairment losses are debited directly to equity under the heading of revaluation reserve to the extent of any credit balance existing in the revaluation reserve account in respect of that asset with the remaining balance recognised in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-546": { "value": "Leases (Note 11 and Note 19) The Group enters into leases for a range of assets, principally relating to land and buildings, plant and machinery and motor vehicles and other equipment. These leases have varying terms, renewal rights and escalation clauses. A contract contains a lease if it is enforceable and conveys the right to control the use of a specified asset for a period of time in exchange for consideration, which is assessed at inception. Group as a lessee (i) Right-of-use assets The Group recognises a right-of-use asset at the commencement date for contracts containing a lease. The commencement date is the date at which the asset is made available for use by the Group. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the lease liability adjusted for any payments made at or before the commencement date, initial direct costs incurred, lease incentives received and an estimate of the cost to dismantle or restore the underlying asset or the site on which it is located at the end of the lease term. The right-of-use asset is depreciated over the lease term or, where a purchase option is reasonably certain to be exercised, over the useful economic life of the asset in line with depreciation rates for owned property, plant and equipment. The right-of-use asset is tested periodically for impairment if any impairment indicator is considered to exist. (ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The commencement date is the date at which the asset is made available for use by the Group. Lease payments include fixed payments less any lease incentives receivable, variable payments that are dependent on a rate or index known at the commencement date, payments for an optional renewal period and purchase and termination option payments, if the Group is reasonably certain to exercise those options. Management applies judgement in determining whether it is reasonably certain that a renewal, termination or purchase option will be exercised. The lease liability is initially measured at the present value of the future lease payments, discounted using the incremental borrowing rate or the interest rate implicit in the lease, if this is readily determinable, over the remaining lease term. Incremental borrowing rates are calculated using a portfolio approach, based on the risk profile of the entity holding the lease and the term and currency of the lease. After initial recognition, the lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments or when the Group changes its assessment of whether it is reasonably certain to exercise an option within the contract. A corresponding adjustment is made to the carrying amount of the right-of-use asset. The Group chooses whether or not to include certain non-lease components, such as maintenance costs, in the measurement of the right-of-use asset and lease liability on an underlying asset class as afforded by the practical expedients in the standard. Where the non-lease components are not included, the costs are separated from lease payments and are expensed as incurred. (iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases where the underlying asset value is low. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-594": { "value": "Goodwill (Note 12) At the date of acquisition any goodwill acquired is allocated to each cash-generating unit (\u2018CGU\u2019) (which may comprise more than one cash-generating unit) expected to benefit from the combination\u2019s synergies. These cash-generating units are then combined into groups of CGUs that reflect the way that the Group manages its operations, which represent the lowest level within the Group at which goodwill is monitored for internal management purposes. Impairment is determined by assessing the recoverable amount of the group of CGUs to which the goodwill relates. These groups of CGUs represent the lowest level within the Group at which goodwill is monitored for internal management purposes. Where goodwill forms part of a CGU or group of CGUs and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured on the basis of the relative values of the operation disposed of and the proportion of the business segment retained. Goodwill relating to associates is included in the carrying amount of the investment and is neither amortised nor individually tested for impairment. Where indicators of impairment of an investment arise in accordance with the requirements of IAS 36, the carrying amount is tested for impairment by comparing its recoverable amount with its carrying amount. Intangible assets (other than goodwill) (Note 12) An intangible asset, which is a non-monetary asset without a physical substance, is capitalised separately from goodwill. Subsequent to initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The carrying values of intangible assets considered to have an indefinite useful economic life are reviewed for indicators of impairment regularly and are subject to impairment testing on an annual basis unless events or changes in circumstances indicate that the carrying values may not be recoverable and impairment testing is required earlier. Software costs incurred with respect to new systems and costs incurred in acquiring software and licences that will contribute to future period financial benefits through revenue generation and/or cost reduction are capitalised. Costs capitalised include external direct costs of materials and service and direct payroll and payroll related costs of employees\u2019 time spent on the development side of the project. Cloud software license agreements to use cloud software are treated as service contracts and expensed in the Income Statement. Where the Group has both the contractual right to take possession of the software anytime without significant penalty, and the ability to run the software independently of the host vendor. The license agreement is capitalised as software within intangible assets. The amortisation charge on intangible assets considered to have finite lives is calculated to write- off the book value of the asset over its useful life on a straight-line basis on the assumption of zero residual value. The useful lives of the Group\u2019s intangible assets are as follows:
Trade relationship re Tennent\u2019s acquisition
20 years
Trade relationship re Wallaces acquisition
10 years
Trade relationship re Gleeson acquisition
15 years
Trade relationship re Matthew Clark and Bibendum acquisition
15 years
Software and licence costs
5-8 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-547": { "value": "Goodwill (Note 12) At the date of acquisition any goodwill acquired is allocated to each cash-generating unit (\u2018CGU\u2019) (which may comprise more than one cash-generating unit) expected to benefit from the combination\u2019s synergies. These cash-generating units are then combined into groups of CGUs that reflect the way that the Group manages its operations, which represent the lowest level within the Group at which goodwill is monitored for internal management purposes. Impairment is determined by assessing the recoverable amount of the group of CGUs to which the goodwill relates. These groups of CGUs represent the lowest level within the Group at which goodwill is monitored for internal management purposes. Where goodwill forms part of a CGU or group of CGUs and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured on the basis of the relative values of the operation disposed of and the proportion of the business segment retained. Goodwill relating to associates is included in the carrying amount of the investment and is neither amortised nor individually tested for impairment. Where indicators of impairment of an investment arise in accordance with the requirements of IAS 36, the carrying amount is tested for impairment by comparing its recoverable amount with its carrying amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-548": { "value": "Intangible assets (other than goodwill) (Note 12) An intangible asset, which is a non-monetary asset without a physical substance, is capitalised separately from goodwill. Subsequent to initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The carrying values of intangible assets considered to have an indefinite useful economic life are reviewed for indicators of impairment regularly and are subject to impairment testing on an annual basis unless events or changes in circumstances indicate that the carrying values may not be recoverable and impairment testing is required earlier. Software costs incurred with respect to new systems and costs incurred in acquiring software and licences that will contribute to future period financial benefits through revenue generation and/or cost reduction are capitalised. Costs capitalised include external direct costs of materials and service and direct payroll and payroll related costs of employees\u2019 time spent on the development side of the project. Cloud software license agreements to use cloud software are treated as service contracts and expensed in the Income Statement. Where the Group has both the contractual right to take possession of the software anytime without significant penalty, and the ability to run the software independently of the host vendor. The license agreement is capitalised as software within intangible assets. The amortisation charge on intangible assets considered to have finite lives is calculated to write- off the book value of the asset over its useful life on a straight-line basis on the assumption of zero residual value. The useful lives of the Group\u2019s intangible assets are as follows:
Trade relationship re Tennent\u2019s acquisition
20 years
Trade relationship re Wallaces acquisition
10 years
Trade relationship re Gleeson acquisition
15 years
Trade relationship re Matthew Clark and Bibendum acquisition
15 years
Software and licence costs
5-8 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-549": { "value": "Impairment of non-financial assets Further disclosures relating to impairment of non-financial assets are also provided in the following notes: \u2022 Goodwill and intangible assets with indefinite lives: Note 12 \u2022 Intangible assets: Note 12 \u2022 Property, plant and equipment: Note 11 \u2022 Investments in associates: Note 13 The Group assesses at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. Impairment losses of continuing operations are recognised in the Income Statement in expense categories consistent with the function of the impaired asset, except for properties previously revalued with the revaluation taken to Other Comprehensive Income. For assets, excluding goodwill and intangible assets, considered to have an indefinite useful life, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGUs recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. Goodwill is subject to impairment testing on an annual basis and at any time during the year if an indicator of impairment is considered to exist. In the year in which a business combination is effected and where some or all of the goodwill allocated to a particular cash-generating unit arose in respect of that combination, the cash-generating unit is tested for impairment prior to the end of the relevant annual period. Where the carrying value exceeds the estimated recoverable amount (being the greater of the fair value less costs of disposal and value-in-use), an impairment loss is recognised by writing down goodwill to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The recoverable amount of goodwill is determined by reference to the cash-generating unit to which the goodwill has been allocated. Impairment losses arising in respect of goodwill are not reversed once recognised. Intangible assets with indefinite useful economic lives are reviewed for indicators of impairment regularly and are subject to impairment testing on an annual basis unless events or changes in circumstances indicate that the carrying values may not be recoverable and impairment testing is required earlier. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-595": { "value": "Impairment of non-financial assets Further disclosures relating to impairment of non-financial assets are also provided in the following notes: \u2022 Goodwill and intangible assets with indefinite lives: Note 12 \u2022 Intangible assets: Note 12 \u2022 Property, plant and equipment: Note 11 \u2022 Investments in associates: Note 13 The Group assesses at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. Impairment losses of continuing operations are recognised in the Income Statement in expense categories consistent with the function of the impaired asset, except for properties previously revalued with the revaluation taken to Other Comprehensive Income. For assets, excluding goodwill and intangible assets, considered to have an indefinite useful life, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGUs recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. Goodwill is subject to impairment testing on an annual basis and at any time during the year if an indicator of impairment is considered to exist. In the year in which a business combination is effected and where some or all of the goodwill allocated to a particular cash-generating unit arose in respect of that combination, the cash-generating unit is tested for impairment prior to the end of the relevant annual period. Where the carrying value exceeds the estimated recoverable amount (being the greater of the fair value less costs of disposal and value-in-use), an impairment loss is recognised by writing down goodwill to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The recoverable amount of goodwill is determined by reference to the cash-generating unit to which the goodwill has been allocated. Impairment losses arising in respect of goodwill are not reversed once recognised. Intangible assets with indefinite useful economic lives are reviewed for indicators of impairment regularly and are subject to impairment testing on an annual basis unless events or changes in circumstances indicate that the carrying values may not be recoverable and impairment testing is required earlier. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-550": { "value": "Retirement benefit obligations (Note 23) The Group operates a number of defined contribution and defined benefit pension schemes. Obligations to the defined contribution pension schemes are recognised as an expense in the Income Statement as the related employee service is received. Under these schemes, the Group has no obligation, either legal or constructive, to pay further contributions in the event that the fund does not hold sufficient assets to meet its benefit commitments. The liabilities and costs associated with the Group\u2019s defined benefit pension schemes, all of which are funded and administered under trusts which are separate from the Group, are assessed on the basis of the projected unit credit method by professionally qualified actuaries and are arrived at using actuarial assumptions based on market expectations at the reporting date. The discount rates employed in determining the present value of the schemes\u2019 liabilities are determined by reference to market yields, at the reporting date, on high-quality corporate bonds of a currency and term consistent with the currency and term of the associated post-employment benefit obligations. The fair value of scheme assets is based on market price information, measured at bid value for publicly quoted securities. The resultant defined benefit pension net surplus or deficit is shown within either non-current assets or non-current liabilities on the face of the Balance Sheet and comprises the total for each plan of the present value of the defined benefit obligation less the fair value of plan assets out of which the obligations are to be settled directly. The Group has the ability to recognise any surplus in full, because the Group has an unconditional right to a refund of surplus upon gradual settlement of liabilities. In making this assessment, management considers trust deeds, scheme rules and statutory funding requirements. The assumptions (disclosed in Note 23) underlying these valuations are updated at each reporting period date based on current economic conditions and expectations (discount rates, salary inflation and mortality rates) and reflect any changes to the terms and conditions of the post-retirement pension plans. The deferred tax liabilities and assets arising on pension scheme surpluses and deficits are disclosed separately within deferred tax assets or liabilities, as appropriate. When the benefits of a defined benefit scheme are improved, the portion of the increased benefit relating to the past service of employees is recognised as an expense immediately in the Income Statement. The expected increase in the present value of scheme liabilities arising from employee service in the current period is recognised in arriving at operating profit or loss together with the net interest expense/(income) on the net defined benefit liability/(asset). Differences between the actual return on plan assets and the interest income, experience gains and losses on scheme liabilities, together with the effect of changes in the current or prior assumptions underlying the liabilities are recognised in Other Comprehensive Income. The amounts recognised in the Income Statement and Other Comprehensive Income and the valuation of the defined benefit pension net surplus or deficit are sensitive to the assumptions used. Company The Company has no direct employees and is not the sponsoring employer for any of the Group\u2019s defined benefit pension schemes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-551": { "value": "Income tax (Note 7 and Note 22) Current income tax Current tax expense represents the expected tax amount to be paid in respect of taxable income for the current year and is based on reported profit and the expected statutory tax rates, reliefs, and allowances applicable in the jurisdictions in which the Group operates. Current tax for the current and prior years, to the extent that it is unpaid, is recognised as a liability in the Balance Sheet. Deferred tax Deferred tax is provided on the basis of the Balance Sheet liability method on all temporary differences at the reporting date. Temporary differences are defined as the difference between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets and liabilities are not subject to discounting and are measured at the tax rates that are expected to apply in the period in which the asset is recovered or the liability is settled based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are recognised for all temporary differences except where they arise from: \u2022 The initial recognition of goodwill or an asset or a liability in a transaction that is not a business combination and affects neither the accounting profit or loss nor the taxable profit or loss at the time of the transaction and does not give rise to equal taxable and deductible temporary differences, or, \u2022 Taxable temporary differences associated with investments in subsidiaries where the timing of the reversal of the temporary difference is subject to the Group\u2019s control and it is probable that a reversal will not be recognised in the foreseeable future. Deferred tax assets in respect of deductible temporary differences are recognised only to the extent that it is probable that taxable profits or taxable temporary differences will be available against which to offset these items. The recognition or non-recognition of deferred tax assets as appropriate also requires judgement as it involves an assessment of the future recoverability of those assets. The recognition of deferred tax assets is based on management\u2019s judgement and estimate of the most probable amount of future taxable profits and taking into consideration applicable tax legislation in the relevant jurisdiction. The carrying amounts of deferred tax assets are subject to review at each reporting date and are reduced to the extent that future taxable profits are considered to be insufficient to allow all or part of the deferred tax asset to be utilised. The Group offsets deferred tax assets and deferred tax liabilities only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Deferred tax and current tax are recognised as a component of the tax expense in the Income Statement except to the extent that they relate to items recognised directly in Other Comprehensive Income or equity (for example, certain derivative financial instruments and actuarial gains and losses on defined benefit pension schemes), in which case the related tax is also recognised in Other Comprehensive Income or equity. The Group has applied the amendment to IAS 12 Income Taxes on the mandatory temporary exception to recognising and disclosing information about deferred tax assets and liabilities that are related to tax law enacted or substantively enacted to implement the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (\u2018OECD\u2019). The amendments require that entities shall apply the amendments immediately upon issuance. Pillar Two legislation is not expected to have a material impact on the financial statements of the Group. The Group continue to monitor changes in law and guidance as they apply to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-596": { "value": "Deferred tax Deferred tax is provided on the basis of the Balance Sheet liability method on all temporary differences at the reporting date. Temporary differences are defined as the difference between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets and liabilities are not subject to discounting and are measured at the tax rates that are expected to apply in the period in which the asset is recovered or the liability is settled based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are recognised for all temporary differences except where they arise from: \u2022 The initial recognition of goodwill or an asset or a liability in a transaction that is not a business combination and affects neither the accounting profit or loss nor the taxable profit or loss at the time of the transaction and does not give rise to equal taxable and deductible temporary differences, or, \u2022 Taxable temporary differences associated with investments in subsidiaries where the timing of the reversal of the temporary difference is subject to the Group\u2019s control and it is probable that a reversal will not be recognised in the foreseeable future. Deferred tax assets in respect of deductible temporary differences are recognised only to the extent that it is probable that taxable profits or taxable temporary differences will be available against which to offset these items. The recognition or non-recognition of deferred tax assets as appropriate also requires judgement as it involves an assessment of the future recoverability of those assets. The recognition of deferred tax assets is based on management\u2019s judgement and estimate of the most probable amount of future taxable profits and taking into consideration applicable tax legislation in the relevant jurisdiction. The carrying amounts of deferred tax assets are subject to review at each reporting date and are reduced to the extent that future taxable profits are considered to be insufficient to allow all or part of the deferred tax asset to be utilised. The Group offsets deferred tax assets and deferred tax liabilities only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Deferred tax and current tax are recognised as a component of the tax expense in the Income Statement except to the extent that they relate to items recognised directly in Other Comprehensive Income or equity (for example, certain derivative financial instruments and actuarial gains and losses on defined benefit pension schemes), in which case the related tax is also recognised in Other Comprehensive Income or equity. The Group has applied the amendment to IAS 12 Income Taxes on the mandatory temporary exception to recognising and disclosing information about deferred tax assets and liabilities that are related to tax law enacted or substantively enacted to implement the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (\u2018OECD\u2019). The amendments require that entities shall apply the amendments immediately upon issuance. Pillar Two legislation is not expected to have a material impact on the financial statements of the Group. The Group continue to monitor changes in law and guidance as they apply to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-597": { "value": "Company financial assets Financial assets are reviewed for impairment if there are any indications that the carrying value may not be recoverable. Share options granted to employees of subsidiary companies are accounted for as an increase in the carrying value of the investment in subsidiaries and the share-based payment reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-552": { "value": "Company financial assets Financial assets are reviewed for impairment if there are any indications that the carrying value may not be recoverable. Share options granted to employees of subsidiary companies are accounted for as an increase in the carrying value of the investment in subsidiaries and the share-based payment reserve. Financial instruments Trade and other receivables (Note 15) Trade receivables are initially recognised at fair value (which usually equals the original invoice value) and are subsequently measured at amortised cost less allowance for impairment losses. The Group applies the simplified approach permitted by IFRS 9 Financial Instruments to measure expected credit losses for trade receivables, which requires expected lifetime losses to be recognised from initial recognition of the receivables. The carrying amount of these receivables approximates their fair value as these are short-term in nature. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable. Trade receivables are derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third-party under a \u2018pass-through\u2019 arrangement, and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Cash and cash equivalents (Note 24) Cash and cash equivalents in the Balance Sheet comprises of cash at bank and in hand and short- term deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form part of the Group\u2019s cash management are included as a component of cash for the purpose of the statement of cash flows. Advances to customers (Note 15) Advances to customers, are initially recognised at fair value, amortised to the Income Statement (and classified within sales discounts as a reduction in revenue) over the relevant period to which the customer commitment is made, and subsequently carried at amortised cost less an impairment allowance. Where there is a volume target the amortisation of the advance is included in sales discounts as a reduction to revenue. Regarding advances to customers, the Group applies the general approach to measure expected credit losses which requires a loss provision to be recognised based on twelve-month or lifetime expected credit losses, provided a significant increase in credit risk has occurred since initial recognition. The Group Credit Committee reviews debt collection trends and commercial market information to assess any significant change in credit risk. Trade and other payables (Note 17) Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. Interest-bearing loans and borrowings (Note 20) Interest-bearing loans and borrowings are recognised initially at fair value less attributable transaction costs and are subsequently measured at amortised cost with any difference between the amount originally recognised and redemption value being recognised in the Income Statement over the period of the borrowings on an effective interest rate basis. Where the early refinancing of a loan results in a significant change in the present value of the expected cash flows, the original loan is derecognised and the replacement loan is recognised at fair value. The difference between the original loan and the fair value of the replacement loan is recognised in finance costs in the year. Derivative financial instruments (Note 24) Derivatives are initially recognised at fair value on the date that a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). The gains or losses related to derivatives not used as effective hedging instruments are recognised in the Income Statement. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The fair values of derivative financial instruments designated in hedge relationships are disclosed in Note 24. Movements in the hedging reserve in Shareholders\u2019 equity are shown in Note 24. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. The Group enters into derivative contracts only for hedging purposes/activities. The Group documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Cash flow hedges that qualify for hedge accounting (Note 24) The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement as finance expenses. The Group uses forward contracts to hedge forecast transactions, the Group generally designates the full change in fair value of the forward contract, i.e. the forward rate including forward points, as the hedging instrument. Gains or losses relating to the effective portion of the change in fair value of the entire forward contract are recognised in the cash flow hedge reserve within equity. Amounts accumulated in equity are reclassified in the periods when the hedged item affects profit or loss. Where the hedged item subsequently results in the recognition of a non-financial asset (such as inventory), the deferred hedging gains and losses are included within the initial cost of the asset. The deferred amounts are ultimately recognised in profit or loss, when the hedged item affects profit or loss (for example, through operating costs). When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss in equity at that time remains in equity and recognised in profit or loss in the period the forecast transaction occurs and when the forecast transaction is no longer expected to occur, the cumulative gains or losses that were reported in equity are immediately reclassified to profit or loss. Cash flow hedge reserve (Note 24) The cash flow hedge reserve is used to recognise the effective portion of gains or losses on derivatives that are designated and qualify as cash flow hedges, as described in Note 24. Amounts are subsequently either transferred to the initial cost of inventory or reclassified to profit or loss as appropriate. Treasury shares (Note 26) Equity share capital issued under its Joint Share Ownership Plan, which is held in trust by an Employee Trust, as well as shares purchased under the Partnership and Matching Share Schemes (see Note 4) are classified as Treasury shares on consolidation until such time as the Interests lapse and the shares are cancelled or disposed of by the Trust. Additionally own equity instruments (i.e. Ordinary Shares) acquired by the Company are deducted from equity and presented on the face of the Company Balance Sheet as Treasury shares until the shares are cancelled or reissued. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s Ordinary Shares. Financial guarantee contracts Financial guarantee contracts are recognised as a financial liability at the time the guarantee is issued. The liability is initially measured at fair value and subsequently at the higher of: \u2022 the amount determined in accordance with the expected credit loss model under IFRS 9 Financial Instruments, and \u2022 the amount initially recognised less, where appropriate, the cumulative amount of income recognised in accordance with the principles of IFRS 15 Revenue from Contracts with Customers. The fair value of financial guarantees is determined based on the present value of the difference in cash flows between the contractual payments required under the debt instrument and the payments that would be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the obligations. Where the guarantees in relation to loans or other payables of associates are provided for no compensation, the fair values are accounted for as contributions and recognised as part of the cost of the investment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-553": { "value": "Revenue recognition The Group manufactures and distributes branded cider, beer, wine, spirits and soft drinks in which revenue is recognised at a point in time when control is deemed to pass to the customer upon leaving the Group\u2019s premises or upon delivery to a customer depending on the terms of sale. Contracts do not contain multiple performance obligations (as defined by IFRS 15). Across the Group, goods are often sold with discounts or rebates based on cumulative sales over a period. The variable consideration is only recognised when it is highly probable that it will not be subsequently reversed and is recognised using the most likely amount or expected value methods, depending on the individual contract terms. In the application of appropriate revenue recognition, judgement is exercised by management in the determination of the likelihood and quantum of items giving rise to variable consideration based on experience and historical trading patterns. The Group is deemed to be a principal to an arrangement when it controls a promised good or service before transferring them to a customer; and accordingly recognises the revenue on a gross basis. The Group is determined to be an agent in a transaction where the Group arranges for the provision of goods or services on behalf of another party and does not control the goods and services before being transferred to the customer; the net amount retained after any payments to the principal is recognised as revenue. Net revenue Net revenue is defined by the Group as revenue less excise duty paid by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-554": { "value": "Excise duty Excise duty is levied at the point of production in the case of the Group\u2019s manufactured products and at the point of importation in the case of imported products in the relevant jurisdictions in which the Group operates. As the Group\u2019s manufacturing and warehousing facilities are revenue approved and registered excise facilities, the excise duty liability generally crystallises on transfer of product from duty in suspense to duty paid status which normally coincides with the point of sale. The duty number disclosed represents the cost of duty paid including any related true up or release on the Group\u2019s products. Where goods are bought duty paid, and subsequently sold, the duty element is not included in the duty line within net revenue but is included within the cost of goods sold. ", "dimensions": { "concept": "ccgroupplc:DescriptionOfAccountingPolicyForExciseDuty", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-555": { "value": "Exceptional items (Note 5) The Group has adopted an accounting policy and Income Statement format that seeks to highlight specific significant items of income and expense within the Group results for the year which the Directors believe provides a more useful analysis. Significant items are determined based on their size, nature and/or being non-recurring items. Items categorised as Exceptional are done so based on a qualitative and quantitative framework that considers these same factors: \u2022 Size: For an item to be deemed exceptional, it must have a material effect on the Group\u2019s profitability and should therefore be separately disclosed. For the purposes of FY2026 year- end, the Group determined a material amount as an amount that would influence the economic decisions of a user of the financial statements. \u2022 Nature: Inconsistent items \u2013 these are items which are inconsistent amounts year on year (where applicable) such as revaluation gains and losses \u2022 Non-Recurring Items: These are events/transactions that are infrequent and unusual, or one-off in nature. These include items such as restructuring and integration projects, litigation costs and settlements, impairment of assets, acquisition related costs, and gains/losses from the sale of assets or businesses. The Directors exercise judgement to determine whether an item meets the above criteria in order to be classified as an exceptional item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-556": { "value": "Segmental reporting (Note 1) Operating segments are reported in a manner consistent with the internal organisational and management structure of the Group and the internal financial information provided to the Chief Operating Decision-Maker (\u2018CODM\u2019), the Executive Directors, who are responsible for the allocation of resources and the monitoring and assessment of performance of each of the operating segments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-641": { "value": "Finance income and expenses (Note 6) Finance income comprises interest income on funds invested and any gains on hedging instruments that are recognised in the Income Statement. Interest income is recognised as it accrues in the Income Statement, using the effective interest method. Finance expenses comprise interest expense on borrowings, finance charges on sale of trade receivables, amortisation of borrowing issue costs and unwinding the discount on provisions and leases. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in the Income Statement using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-598": { "value": "Finance income and expenses (Note 6) Finance income comprises interest income on funds invested and any gains on hedging instruments that are recognised in the Income Statement. Interest income is recognised as it accrues in the Income Statement, using the effective interest method. Finance expenses comprise interest expense on borrowings, finance charges on sale of trade receivables, amortisation of borrowing issue costs and unwinding the discount on provisions and leases. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in the Income Statement using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-557": { "value": "Finance income and expenses (Note 6) Finance income comprises interest income on funds invested and any gains on hedging instruments that are recognised in the Income Statement. Interest income is recognised as it accrues in the Income Statement, using the effective interest method. Finance expenses comprise interest expense on borrowings, finance charges on sale of trade receivables, amortisation of borrowing issue costs and unwinding the discount on provisions and leases. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in the Income Statement using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-558": { "value": "Share-based payments (Note 4) The Group operates a number of executive and employee share schemes as set out in Note 4. For all grants of share-based payments, the expense recognised in the Income Statement is based on the fair value of the total number of entitlements expected to vest and is allocated to accounting periods on a straight-line basis over the vesting period. The cumulative charge to the Income Statement at each reporting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. It is reversed only where entitlements do not vest because all non-market performance conditions have not been met or where an employee in receipt of share entitlements leaves the Group before the end of the vesting period and forfeits those options as a consequence. The proceeds received by the Company net of any directly attributable transaction costs on the vesting of share entitlements met by the issue of new shares are credited to share capital and share premium when the share entitlements are exercised. The share-based payment reserve comprises amounts expensed in the income statement in connection with share-based payments, net of transfers to retained earnings on the exercise of shares entitlements and the lapsing of such entitlements. Amounts included in the share-based payments reserve are transferred to retained income when vested options are exercised, forfeited post-vesting or lapse. The dilutive effect of outstanding options, to the extent that they are to be settled by the issue of new shares and to the extent that the vesting conditions would have been satisfied if the end of the reporting period was the end of the contingency period, is reflected as additional share dilution in the determination of diluted earnings per share. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-599": { "value": "Foreign currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Euro, which is the presentation currency of the Group and both the presentation and functional currency of the Company. Transactions in foreign currencies are translated into the functional currency of each entity at the foreign exchange rate ruling at the date of the transaction. Non-monetary assets carried at historic cost are not subsequently retranslated. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into functional currencies at the foreign exchange rate ruling at that date. Foreign exchange movements arising on translation are recognised in the Income Statement with the exception of all monetary items designated as a hedge of a net investment in a foreign operation, which are recognised in the consolidated financial statements in Other Comprehensive Income until the disposal of the net investment, at which time they are recognised in the Income Statement for the year. The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to Euro at the foreign exchange rates ruling at the reporting date. The revenues and expenses of foreign operations are translated to Euro at the average exchange rate for the financial period where that represents a reasonable approximation of actual rates. Foreign exchange movements arising on translation of the net investment in a foreign operation, including those arising on long-term intra-group loans for which settlement is neither planned nor likely to happen in the foreseeable future and as a consequence are deemed quasi equity in nature, are recognised directly in Other Comprehensive Income in the consolidated financial statements in the foreign currency translation reserve. The portion of exchange gains or losses on foreign currency borrowings or derivatives used to provide a hedge against a net investment in a foreign operation that is designated as a hedge of those investments, is recognised directly in Other Comprehensive Income to the extent that they are determined to be effective. The ineffective portion is recognised immediately in the Income Statement for the year. Any movements that have arisen since 1 March 2004, the date of transition to IFRS, are recognised in the currency translation reserve and are recycled through the Income Statement on disposal of the related business. Translation differences that arose before the date of transition to IFRS as adopted by the EU in respect of all non-Euro denominated operations are not presented separately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-559": { "value": "Foreign currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Euro, which is the presentation currency of the Group and both the presentation and functional currency of the Company. Transactions in foreign currencies are translated into the functional currency of each entity at the foreign exchange rate ruling at the date of the transaction. Non-monetary assets carried at historic cost are not subsequently retranslated. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into functional currencies at the foreign exchange rate ruling at that date. Foreign exchange movements arising on translation are recognised in the Income Statement with the exception of all monetary items designated as a hedge of a net investment in a foreign operation, which are recognised in the consolidated financial statements in Other Comprehensive Income until the disposal of the net investment, at which time they are recognised in the Income Statement for the year. The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to Euro at the foreign exchange rates ruling at the reporting date. The revenues and expenses of foreign operations are translated to Euro at the average exchange rate for the financial period where that represents a reasonable approximation of actual rates. Foreign exchange movements arising on translation of the net investment in a foreign operation, including those arising on long-term intra-group loans for which settlement is neither planned nor likely to happen in the foreseeable future and as a consequence are deemed quasi equity in nature, are recognised directly in Other Comprehensive Income in the consolidated financial statements in the foreign currency translation reserve. The portion of exchange gains or losses on foreign currency borrowings or derivatives used to provide a hedge against a net investment in a foreign operation that is designated as a hedge of those investments, is recognised directly in Other Comprehensive Income to the extent that they are determined to be effective. The ineffective portion is recognised immediately in the Income Statement for the year. Any movements that have arisen since 1 March 2004, the date of transition to IFRS, are recognised in the currency translation reserve and are recycled through the Income Statement on disposal of the related business. Translation differences that arose before the date of transition to IFRS as adopted by the EU in respect of all non-Euro denominated operations are not presented separately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-560": { "value": "Inventories (Note 14) Inventories are stated at the lower of cost and net realisable value. Cost includes all expenditure incurred in acquiring the inventories and bringing them to their present location and condition and is based on the first-in first-out principle. In the case of finished goods and work in progress, cost includes direct production costs and the appropriate share of production overheads plus excise duties, where appropriate. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs necessary to complete the sale. Provision is made for slow-moving or obsolete stock where appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-561": { "value": "Provisions (Note 18) A provision is recognised in the Balance Sheet when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value at an appropriate rate if the effect of the time value of money is deemed material. The carrying amount of the provision increases in each period to reflect the passage of time and the unwinding of the discount. The increase in the provision due to the passage of time is recognised in the Income Statement within finance expense. Provisions are not recognised for future operating losses; however, provisions are recognised for onerous contracts where the unavoidable cost exceeds the expected benefit. Due to the inherent uncertainty with respect to such matters, the value of each provision is based on the best information available at the time, including advice obtained from third-party experts, and is reviewed by the Directors on a periodic basis with the potential financial exposure reassessed. A contingent liability is not recognised but is disclosed where the existence of the obligation will only be confirmed by future events or where it is not probable that an outflow of resources will be required to settle the obligation or where the amount of the obligation cannot be measured with reasonable reliability. Contingent assets are not recognised but are disclosed where an inflow of economic benefits is probable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-600": { "value": "Trade and other receivables (Note 15) Trade receivables are initially recognised at fair value (which usually equals the original invoice value) and are subsequently measured at amortised cost less allowance for impairment losses. The Group applies the simplified approach permitted by IFRS 9 Financial Instruments to measure expected credit losses for trade receivables, which requires expected lifetime losses to be recognised from initial recognition of the receivables. The carrying amount of these receivables approximates their fair value as these are short-term in nature. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable. Trade receivables are derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third-party under a \u2018pass-through\u2019 arrangement, and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-601": { "value": "Cash and cash equivalents (Note 24) Cash and cash equivalents in the Balance Sheet comprises of cash at bank and in hand and short- term deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form part of the Group\u2019s cash management are included as a component of cash for the purpose of the statement of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-602": { "value": "Advances to customers (Note 15) Advances to customers, are initially recognised at fair value, amortised to the Income Statement (and classified within sales discounts as a reduction in revenue) over the relevant period to which the customer commitment is made, and subsequently carried at amortised cost less an impairment allowance. Where there is a volume target the amortisation of the advance is included in sales discounts as a reduction to revenue. Regarding advances to customers, the Group applies the general approach to measure expected credit losses which requires a loss provision to be recognised based on twelve-month or lifetime expected credit losses, provided a significant increase in credit risk has occurred since initial recognition. The Group Credit Committee reviews debt collection trends and commercial market information to assess any significant change in credit risk. ", "dimensions": { "concept": "ccgroupplc:DescriptionOfAccountingPolicyForAdvancesToCustomers", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-603": { "value": "Trade and other payables (Note 17) Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-662": { "value": "Interest-bearing loans and borrowings (Note 20) Interest-bearing loans and borrowings are recognised initially at fair value less attributable transaction costs and are subsequently measured at amortised cost with any difference between the amount originally recognised and redemption value being recognised in the Income Statement over the period of the borrowings on an effective interest rate basis. Where the early refinancing of a loan results in a significant change in the present value of the expected cash flows, the original loan is derecognised and the replacement loan is recognised at fair value. The difference between the original loan and the fair value of the replacement loan is recognised in finance costs in the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-604": { "value": "Interest-bearing loans and borrowings (Note 20) Interest-bearing loans and borrowings are recognised initially at fair value less attributable transaction costs and are subsequently measured at amortised cost with any difference between the amount originally recognised and redemption value being recognised in the Income Statement over the period of the borrowings on an effective interest rate basis. Where the early refinancing of a loan results in a significant change in the present value of the expected cash flows, the original loan is derecognised and the replacement loan is recognised at fair value. The difference between the original loan and the fair value of the replacement loan is recognised in finance costs in the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-656": { "value": "Derivative financial instruments (Note 24) Derivatives are initially recognised at fair value on the date that a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). The gains or losses related to derivatives not used as effective hedging instruments are recognised in the Income Statement. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The fair values of derivative financial instruments designated in hedge relationships are disclosed in Note 24. Movements in the hedging reserve in Shareholders\u2019 equity are shown in Note 24. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. The Group enters into derivative contracts only for hedging purposes/activities. The Group documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Cash flow hedges that qualify for hedge accounting (Note 24) The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement as finance expenses. The Group uses forward contracts to hedge forecast transactions, the Group generally designates the full change in fair value of the forward contract, i.e. the forward rate including forward points, as the hedging instrument. Gains or losses relating to the effective portion of the change in fair value of the entire forward contract are recognised in the cash flow hedge reserve within equity. Amounts accumulated in equity are reclassified in the periods when the hedged item affects profit or loss. Where the hedged item subsequently results in the recognition of a non-financial asset (such as inventory), the deferred hedging gains and losses are included within the initial cost of the asset. The deferred amounts are ultimately recognised in profit or loss, when the hedged item affects profit or loss (for example, through operating costs). When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss in equity at that time remains in equity and recognised in profit or loss in the period the forecast transaction occurs and when the forecast transaction is no longer expected to occur, the cumulative gains or losses that were reported in equity are immediately reclassified to profit or loss. Cash flow hedge reserve (Note 24) The cash flow hedge reserve is used to recognise the effective portion of gains or losses on derivatives that are designated and qualify as cash flow hedges, as described in Note 24. Amounts are subsequently either transferred to the initial cost of inventory or reclassified to profit or loss as appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-642": { "value": "Derivative financial instruments (Note 24) Derivatives are initially recognised at fair value on the date that a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). The gains or losses related to derivatives not used as effective hedging instruments are recognised in the Income Statement. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The fair values of derivative financial instruments designated in hedge relationships are disclosed in Note 24. Movements in the hedging reserve in Shareholders\u2019 equity are shown in Note 24. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. The Group enters into derivative contracts only for hedging purposes/activities. The Group documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Cash flow hedges that qualify for hedge accounting (Note 24) The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement as finance expenses. The Group uses forward contracts to hedge forecast transactions, the Group generally designates the full change in fair value of the forward contract, i.e. the forward rate including forward points, as the hedging instrument. Gains or losses relating to the effective portion of the change in fair value of the entire forward contract are recognised in the cash flow hedge reserve within equity. Amounts accumulated in equity are reclassified in the periods when the hedged item affects profit or loss. Where the hedged item subsequently results in the recognition of a non-financial asset (such as inventory), the deferred hedging gains and losses are included within the initial cost of the asset. The deferred amounts are ultimately recognised in profit or loss, when the hedged item affects profit or loss (for example, through operating costs). When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss in equity at that time remains in equity and recognised in profit or loss in the period the forecast transaction occurs and when the forecast transaction is no longer expected to occur, the cumulative gains or losses that were reported in equity are immediately reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-605": { "value": "Derivative financial instruments (Note 24) Derivatives are initially recognised at fair value on the date that a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). The gains or losses related to derivatives not used as effective hedging instruments are recognised in the Income Statement. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The fair values of derivative financial instruments designated in hedge relationships are disclosed in Note 24. Movements in the hedging reserve in Shareholders\u2019 equity are shown in Note 24. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. The Group enters into derivative contracts only for hedging purposes/activities. The Group documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Cash flow hedges that qualify for hedge accounting (Note 24) The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement as finance expenses. The Group uses forward contracts to hedge forecast transactions, the Group generally designates the full change in fair value of the forward contract, i.e. the forward rate including forward points, as the hedging instrument. Gains or losses relating to the effective portion of the change in fair value of the entire forward contract are recognised in the cash flow hedge reserve within equity. Amounts accumulated in equity are reclassified in the periods when the hedged item affects profit or loss. Where the hedged item subsequently results in the recognition of a non-financial asset (such as inventory), the deferred hedging gains and losses are included within the initial cost of the asset. The deferred amounts are ultimately recognised in profit or loss, when the hedged item affects profit or loss (for example, through operating costs). When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss in equity at that time remains in equity and recognised in profit or loss in the period the forecast transaction occurs and when the forecast transaction is no longer expected to occur, the cumulative gains or losses that were reported in equity are immediately reclassified to profit or loss. Cash flow hedge reserve (Note 24) The cash flow hedge reserve is used to recognise the effective portion of gains or losses on derivatives that are designated and qualify as cash flow hedges, as described in Note 24. Amounts are subsequently either transferred to the initial cost of inventory or reclassified to profit or loss as appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-606": { "value": "Treasury shares (Note 26) Equity share capital issued under its Joint Share Ownership Plan, which is held in trust by an Employee Trust, as well as shares purchased under the Partnership and Matching Share Schemes (see Note 4) are classified as Treasury shares on consolidation until such time as the Interests lapse and the shares are cancelled or disposed of by the Trust. Additionally own equity instruments (i.e. Ordinary Shares) acquired by the Company are deducted from equity and presented on the face of the Company Balance Sheet as Treasury shares until the shares are cancelled or reissued. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s Ordinary Shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-607": { "value": "Financial guarantee contracts Financial guarantee contracts are recognised as a financial liability at the time the guarantee is issued. The liability is initially measured at fair value and subsequently at the higher of: \u2022 the amount determined in accordance with the expected credit loss model under IFRS 9 Financial Instruments, and \u2022 the amount initially recognised less, where appropriate, the cumulative amount of income recognised in accordance with the principles of IFRS 15 Revenue from Contracts with Customers. The fair value of financial guarantees is determined based on the present value of the difference in cash flows between the contractual payments required under the debt instrument and the payments that would be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the obligations. Where the guarantees in relation to loans or other payables of associates are provided for no compensation, the fair values are accounted for as contributions and recognised as part of the cost of the investment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-562": { "value": "Significant Judgements and Estimates The preparation of the consolidated financial statements in conformity with IFRS as adopted by the EU requires management to make certain estimates, assumptions and judgements that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The significant judgements, estimates and assumptions used by management may differ from the actual outcome of the transaction and consequently the realised value of the associated assets and liabilities may vary. The significant judgements and estimates which have been applied, and which are expected to have a material impact, are as follows: Significant judgements Income Taxes The Group is subject to income tax in a number of jurisdictions, and judgement is required in determining the worldwide provision for taxes. There are many transactions and calculations during the ordinary course of business, for which the ultimate tax determination is uncertain and the complexity of the tax treatment may be such that the final tax charge may not be determined until a formal resolution has been reached with the relevant tax authority which may take extended time periods to conclude. The ultimate tax charge may, therefore, be different from that which initially is reflected in the Group\u2019s consolidated tax charge and provision and any such differences could have a material impact on the Group\u2019s income tax charge and consequently financial performance. The determination of the provision for income tax is based on management\u2019s understanding of the relevant tax law and judgement as to the appropriate tax charge, and management believe that all assumptions and estimates used are reasonable and reflective of the tax legislation in jurisdictions in which the Group operates. Where the final tax charge is different from the amounts that were initially recorded, such differences are recognised in the income tax provision in the period in which such determination is made. Deferred tax assets in respect of deductible temporary differences are recognised only to the extent that it is probable that taxable profits or taxable temporary differences will be available against which to offset these items. The recognition or non-recognition of deferred tax assets as appropriate also requires judgement as it involves an assessment of the future recoverability of those assets. The recognition of deferred tax assets is based on management\u2019s judgement and estimate of the most probable amount of future taxable profits and taking into consideration applicable tax legislation in the relevant jurisdiction. Revenue recognition The Group generates revenue from a variety of geographies and across a large number of separate legal entities spread across the Group\u2019s two business segments and has contract packaging agreements with a number of customers, to utilise excess manufacturing capacity, that are non- standard and complex and involve judgment as to whether contracts are within scope of IFRS 15 Revenue from Contracts with Customers, regarding significant and complex customer contracts, discounts and marketing contributions. The Group has well developed policies, systems and controls to inform management\u2019s judgements and estimates with regard to revenue recognition, measurement and classification for its contract packaging agreements and complex customer contracts. Climate change The potential climate change-related risks and opportunities to which the Group is exposed, as identified by management, are disclosed in the Group\u2019s Task Force on Climate Related Financial Disclosures on pages 40 to 51. Management has assessed the potential financial impacts relating to the identified risks, primarily considering the useful lives of, and retirement obligations for, property, plant and equipment, the possibility of impairment of goodwill and other long-lived assets and the recoverability of the Group\u2019s deferred tax assets. Management has exercised judgement in concluding that there are no further material financial impacts of the Group\u2019s climate-related risks and opportunities on the consolidated financial statements. These judgements will be kept under review by management as the future impacts of climate change depend on environmental, regulatory and other factors outside of the Group\u2019s control which are not all currently known. Classification of exceptional items As discussed in more detail in the accounting policy on page 156, the Directors exercise judgement to determine whether an item meets the criteria in order to be classified as an exceptional item. See Note 5 for further details. Sources of estimation uncertainty Valuation of property, plant and equipment The Group values its freehold land and buildings and plant and machinery at market value/ Depreciated Replacement Cost and consequently, carries out an annual valuation. The Group engages external valuers to value the Group\u2019s property, plant and machinery at a minimum every three years or at the date of acquisition for assets acquired as part of a business combination. An external valuation was conducted at 28 February 2026 by PricewaterhouseCoopers LLP to value the freehold land and buildings and plant and machinery at the Group\u2019s Clonmel (Tipperary) and Wellpark (Glasgow) sites. As outlined in the Property, Plant & Equipment accounting policy, the Group has reassessed the estimates used within the DRC valuation in the current financial year. The key assumptions used to determine the fair value of the freehold land and buildings and plant and machinery and sensitivity analyses are provided in Note 11. Recoverable amount of goodwill and brands The impairment testing process requires management to make significant estimates regarding the future cash flows expected to be generated by cash-generating units to which goodwill has been allocated. Future cash flows relating to the eventual disposal of these cash-generating units and other factors may also be relevant to determine the recoverable amount of goodwill. Management periodically evaluates and updates the estimates based on the conditions which influence these variables. The assumptions and conditions for determining impairments of goodwill reflect management\u2019s best assumptions and estimates (discount rates, terminal growth rates, forecasted volume, net revenue, operating profit) but these items involve inherent uncertainties described above, many of which are not under management\u2019s control. The Group also considered the potential impact of climate change as further discussed in Note 12. This is an area of estimation and judgement. As a result, the accounting for such items could result in different estimates or amounts if management used different assumptions or if different conditions occur in future accounting periods. The inputs to the value in use calculations are disclosed in Note 12. Pension valuation Significant estimates are used in the determination of the pension obligation, the amounts recognised in the Income Statement and Statement of Other Comprehensive Income and the valuation of the defined benefit pension net surplus or deficit are sensitive to the assumptions used. The assumptions underlying the actuarial valuations (including discount rates, rates of increase in future compensation levels, mortality rates, salary and pension increases and future inflation rates), from which the amounts recognised in the consolidated financial statements are determined, are updated annually based on current economic conditions and for any relevant changes to the terms and conditions of the pension and post-retirement plans. These assumptions can be affected by (i) the discount rate, changes in the rates of return on high-quality corporate bonds and (ii) for future compensation levels, future labour market conditions. The weighted average actuarial assumptions used and sensitivity analysis in relation to the significant assumptions employed in the determination of pension and other post-retirement liabilities are contained in Note 23 to the consolidated financial statements. Whilst management believes that the assumptions used are appropriate, differences in actual experience or changes in assumptions may affect the obligations and expenses recognised in future accounting periods. The assets and liabilities of defined benefit pension schemes may exhibit significant period-on-period volatility attributable primarily to changes in bond yields and longevity. In addition to future service contributions, cash contributions may be required to remediate past service deficits. A sensitivity analysis of the change in these assumptions is provided in Note 23. Expected credit losses The Group applies the simplified approach permitted by IFRS 9 Financial Instruments to measure expected credit losses for trade receivables and advances to customers, which requires expected lifetime losses to be recognised from initial recognition. Estimates have been made around the credit losses expected to be incurred on the Group\u2019s financial assets \u2013 principally being trade receivables and advances to customers. In determining the expected credit losses, the loss rates are determined based on the grouping of trade receivables and advances to customers sharing the same credit risk characteristics and past due days. Regarding advances to customers, the Group applies the general approach to measure expected credit losses which requires a loss provision to be recognised based on 12-month or lifetime expected credit losses, provided a significant increase in credit risk has occurred since initial recognition. Please refer to Note 15 for the impact of the expected credit loss approach on the Group\u2019s trade receivables and advances to customers. Valuation of inventory Inventories are measured at the lower of cost and net realisable value. The Group\u2019s policy is to hold inventories at original cost and create an inventory provision where evidence exists that indicates net realisable value is below cost for a particular item of inventory. Damaged, slow-moving or obsolete inventory are typical examples of such evidence. See Note 14 for further details. Impairment of investments in subsidiaries and intercompany receivables (Company only) Investment in subsidiary impairment testing process requires management to make significant estimates regarding the future cash flows expected to be generated by the subsidiary. Management periodically evaluates and updates the estimates based on the conditions which influence these variables. The assumptions and conditions for determining impairments reflect management\u2019s best assumptions and estimates (discount rates, terminal growth rates, net revenue, operating profit) but these items involve inherent uncertainties, many of which are not under management\u2019s control. This is an area of estimation and judgement. As a result, the accounting for such items could result in different estimates or amounts if management used different assumptions or if different conditions occur in future accounting periods. See Note 13 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-608": { "value": "Sources of estimation uncertainty Valuation of property, plant and equipment The Group values its freehold land and buildings and plant and machinery at market value/ Depreciated Replacement Cost and consequently, carries out an annual valuation. The Group engages external valuers to value the Group\u2019s property, plant and machinery at a minimum every three years or at the date of acquisition for assets acquired as part of a business combination. An external valuation was conducted at 28 February 2026 by PricewaterhouseCoopers LLP to value the freehold land and buildings and plant and machinery at the Group\u2019s Clonmel (Tipperary) and Wellpark (Glasgow) sites. As outlined in the Property, Plant & Equipment accounting policy, the Group has reassessed the estimates used within the DRC valuation in the current financial year. The key assumptions used to determine the fair value of the freehold land and buildings and plant and machinery and sensitivity analyses are provided in Note 11. Recoverable amount of goodwill and brands The impairment testing process requires management to make significant estimates regarding the future cash flows expected to be generated by cash-generating units to which goodwill has been allocated. Future cash flows relating to the eventual disposal of these cash-generating units and other factors may also be relevant to determine the recoverable amount of goodwill. Management periodically evaluates and updates the estimates based on the conditions which influence these variables. The assumptions and conditions for determining impairments of goodwill reflect management\u2019s best assumptions and estimates (discount rates, terminal growth rates, forecasted volume, net revenue, operating profit) but these items involve inherent uncertainties described above, many of which are not under management\u2019s control. The Group also considered the potential impact of climate change as further discussed in Note 12. This is an area of estimation and judgement. As a result, the accounting for such items could result in different estimates or amounts if management used different assumptions or if different conditions occur in future accounting periods. The inputs to the value in use calculations are disclosed in Note 12. Pension valuation Significant estimates are used in the determination of the pension obligation, the amounts recognised in the Income Statement and Statement of Other Comprehensive Income and the valuation of the defined benefit pension net surplus or deficit are sensitive to the assumptions used. The assumptions underlying the actuarial valuations (including discount rates, rates of increase in future compensation levels, mortality rates, salary and pension increases and future inflation rates), from which the amounts recognised in the consolidated financial statements are determined, are updated annually based on current economic conditions and for any relevant changes to the terms and conditions of the pension and post-retirement plans. These assumptions can be affected by (i) the discount rate, changes in the rates of return on high-quality corporate bonds and (ii) for future compensation levels, future labour market conditions. The weighted average actuarial assumptions used and sensitivity analysis in relation to the significant assumptions employed in the determination of pension and other post-retirement liabilities are contained in Note 23 to the consolidated financial statements. Whilst management believes that the assumptions used are appropriate, differences in actual experience or changes in assumptions may affect the obligations and expenses recognised in future accounting periods. The assets and liabilities of defined benefit pension schemes may exhibit significant period-on-period volatility attributable primarily to changes in bond yields and longevity. In addition to future service contributions, cash contributions may be required to remediate past service deficits. A sensitivity analysis of the change in these assumptions is provided in Note 23. Expected credit losses The Group applies the simplified approach permitted by IFRS 9 Financial Instruments to measure expected credit losses for trade receivables and advances to customers, which requires expected lifetime losses to be recognised from initial recognition. Estimates have been made around the credit losses expected to be incurred on the Group\u2019s financial assets \u2013 principally being trade receivables and advances to customers. In determining the expected credit losses, the loss rates are determined based on the grouping of trade receivables and advances to customers sharing the same credit risk characteristics and past due days. Regarding advances to customers, the Group applies the general approach to measure expected credit losses which requires a loss provision to be recognised based on 12-month or lifetime expected credit losses, provided a significant increase in credit risk has occurred since initial recognition. Please refer to Note 15 for the impact of the expected credit loss approach on the Group\u2019s trade receivables and advances to customers. Valuation of inventory Inventories are measured at the lower of cost and net realisable value. The Group\u2019s policy is to hold inventories at original cost and create an inventory provision where evidence exists that indicates net realisable value is below cost for a particular item of inventory. Damaged, slow-moving or obsolete inventory are typical examples of such evidence. See Note 14 for further details. Impairment of investments in subsidiaries and intercompany receivables (Company only) Investment in subsidiary impairment testing process requires management to make significant estimates regarding the future cash flows expected to be generated by the subsidiary. Management periodically evaluates and updates the estimates based on the conditions which influence these variables. The assumptions and conditions for determining impairments reflect management\u2019s best assumptions and estimates (discount rates, terminal growth rates, net revenue, operating profit) but these items involve inherent uncertainties, many of which are not under management\u2019s control. This is an area of estimation and judgement. As a result, the accounting for such items could result in different estimates or amounts if management used different assumptions or if different conditions occur in future accounting periods. See Note 13 for further details.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-563": { "value": "
1. Segmental Reporting
The Group\u2019s business activity is the manufacturing, marketing and distribution of branded beer,
cider, wine, spirits and soft drinks.
The Chief Operating Decision Maker (\u2019CODM\u2019), identified as the Executive Directors, assesses and
monitors the operating results of segments separately via internal management reports in order
to manage the business and allocate resources effectively.
The identified business segments are as follows:
(i) Branded
This segment is defined as brands fully owned or that are exclusively distributed by the Group,
whereby the Group is responsible for marketing as well as sale of the brand in the associated
geography, it includes the financial results from sale of own branded products being principally
Bulmers, Tennent\u2019s, Magners and the growing portfolio of premium beers and ciders including
Drygate Brewing, Five Lamps, Heverlee, Menabrea and Orchard Pig.
(ii) Distribution
This segment is defined as third-party brands sold through the Group\u2019s distribution businesses and
brands where the Group acts as an exclusive agent for a brand in a specific geography. It includes the
results from the Matthew Clark and Bibendum (\u2018MCB\u2019) business which includes third-party brand
distribution, wine wholesaling and distribution, together with the Gleesons distribution business in
Ireland and the distribution of private label products.
The Group\u2019s analysis by segment includes both items directly attributable to a segment and those,
including central overheads, which are allocated on a reasonable basis in presenting information to
the CODM. Inter-segmental revenue is not material and thus not subject to separate disclosure.
(a) Analysis by segment
2026 2025
Operating Operating
Revenue Net revenue profit Revenue Net revenue profit
Group
Notes
\u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Branded
453.6
309.5
51.0
452.6
298.6
46.1
Distribution
1,408.0
1,260.3
19.5
1,556.8
1,366.9
31.0
Total before
exceptional items
1,861.6
1,569.8
70.5
2,009.4
1,665.5
77.1
Exceptional items
5
\u2013
\u2013
(40.1)
\u2013
\u2013
(31.3)
Total
1,861.6
1,569.8
30.4
2,009.4
1,665.5
45.8
Impairment of
promissory note
5
\u2013
(4.5)
Net loss on disposal
5
\u2013
(0.1)
Finance income
6
2.0
2.7
Finance expense
6
(22.7)
(24.0)
Share of equity
accounted investments\u2019
profit after tax
13
\u2013
0.1
Finance expense
exceptional items
5, 6
(0.6)
(0.4)
Profit before tax
9.1
19.6
The exceptional items included in operating profit in the current financial year are a \u20ac40.1m charge
(FY2025: \u20ac31.3m charge), of which \u20ac28.9m (FY2025: \u20ac14.2m) relates to Branded and \u20ac11.2m
(FY2025: \u20ac17.1m) relates to Distribution. See Notes 5 and 10 for further details.
(b) Other segment information
2026
2025
Tangible and Depreciation, Tangible and Depreciation,
intangible amortisation intangible amortisation
expenditure Lease additions and impairment expenditure Lease additions and impairment
\u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Branded
8.6
2.7
36.1
16.8
5.7
21.6
Distribution
4.4
18.7
19.9
3.4
16.6
17.6
Total
13.0
21.5
56.0
20.2
22.3
39.2
(c) Geographical analysis of segment revenue and net revenue
Revenue
Net revenue
2026 2025 2026 2025
\u20acm \u20acm \u20acm \u20acm
Ireland
296.1
364.4
221.1
269.5
Great Britain
1,545.2
1,624.5
1,328.4
1,375.5
International*
20.3
20.5
20.3
20.5
Total
1,861.6
2,009.4
1,569.8
1,665.5
* International as a geographic region consists of multiple countries that in aggregate represent 1% of Group revenue.
The geographical analysis of revenue and net revenue is based on the location of the third-party
customers.
(d) Geographical analysis of non-current assets
Ireland Great Britain International Total
At 28 February 2026 \u20acm \u20acm \u20acm \u20acm
Property, plant and equipment
75.7
209.8
\u2013
285.5
Goodwill and intangible assets
159.6
317.8
21.9
499.3
Equity accounted investments
and financial assets
0.6
0.8
0.1
1.5
Total
235.9
528.4
22.0
786.3
Ireland Great Britain International Total
At 28 February 2025 \u20acm \u20acm \u20acm \u20acm
Property, plant and equipment
80.5
192.8
1.1
274.4
Goodwill and intangible assets
160.7
350.4
21.9
533.0
Equity accounted investments
and financial assets
0.6
0.8
0.1
1.5
Total
241.8
544.0
23.1
808.9
The geographical analysis of non-current assets, with the exception of goodwill and intangible
assets, is based on the geographical location of the assets. The geographical analysis of goodwill and
intangible assets is allocated based on the country of destination.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-609": { "value": "(c) Geographical analysis of segment revenue and net revenue
Revenue
Net revenue
2026 2025 2026 2025
\u20acm \u20acm \u20acm \u20acm
Ireland
296.1
364.4
221.1
269.5
Great Britain
1,545.2
1,624.5
1,328.4
1,375.5
International*
20.3
20.5
20.3
20.5
Total
1,861.6
2,009.4
1,569.8
1,665.5
* International as a geographic region consists of multiple countries that in aggregate represent 1% of Group revenue. The geographical analysis of revenue and net revenue is based on the location of the third-party customers. (d) Geographical analysis of non-current assets
Ireland Great Britain International Total
At 28 February 2026 \u20acm \u20acm \u20acm \u20acm
Property, plant and equipment
75.7
209.8
\u2013
285.5
Goodwill and intangible assets
159.6
317.8
21.9
499.3
Equity accounted investments
and financial assets
0.6
0.8
0.1
1.5
Total
235.9
528.4
22.0
786.3
Ireland Great Britain International Total
At 28 February 2025 \u20acm \u20acm \u20acm \u20acm
Property, plant and equipment
80.5
192.8
1.1
274.4
Goodwill and intangible assets
160.7
350.4
21.9
533.0
Equity accounted investments
and financial assets
0.6
0.8
0.1
1.5
Total
241.8
544.0
23.1
808.9
The geographical analysis of non-current assets, with the exception of goodwill and intangible assets, is based on the geographical location of the assets. The geographical analysis of goodwill and intangible assets is allocated based on the country of destination.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-564": { "value": "
2. Operating Costs
2026
2025
Before Before
exceptional Exceptional exceptional Exceptional
items items (Note 5) Total items items (Note 5) Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Raw material cost of goods sold/bought-in finished goods
1,191.0
\u2013
1,191.0
1,282.1
\u2013
1,282.1
Inventory write-down/(recovered) (Note 14)
1.2
\u2013
1.2
(0.6)
\u2013
(0.6)
Employee remuneration (Note 3)
153.6
6.0
159.6
156.2
7.8
164.0
Direct brand marketing
20.0
4.1
24.1
20.9
\u2013
20.9
Other operating, selling and administration costs
100.8
14.8
115.6
95.0
17.5
112.5
Foreign exchange
(1.1)
\u2013
(1.1)
(2.0)
\u2013
(2.0)
Depreciation (Notes 11 and 19)
31.0
\u2013
31.0
32.1
\u2013
32.1
Amortisation (Note 12)
2.8
\u2013
2.8
2.8
\u2013
2.8
Auditor\u2019s remuneration (see below)
2.2
0.2
2.4
2.0
1.7
3.7
Impairment of intangible assets (Note 12)
\u2013
16.1
16.1
\u2013
\u2013
\u2013
Impairment of property, plant and equipment (Note 11)
\u2013
0.4
0.4
\u2013
1.8
1.8
Impairment of right-of-use assets (Note 19)
\u2013
5.7
5.7
\u2013
2.5
2.5
Net loss on disposal of property, plant and equipment (Note 11)
0.1
\u2013
0.1
0.1
\u2013
0.1
Revaluation of property, plant and equipment (Note 11)
(2.3)
(7.2)
(9.5)
(0.2)
\u2013
(0.2)
Total operating costs
1,499.3
40.1
1,539.4
1,588.4
31.3
1,619.7
Auditor\u2019s remuneration
The remuneration of the Group\u2019s statutory auditor, Ernst and Young, Chartered Accountants is as follows:
2026 2025
\u20acm \u20acm
Audit of the Group financial statements
2.2
3.6
Non-audit services*
0.2
0.1
Total
2.4
3.7
* \u20ac207,500 of non-audit fees were paid to Group\u2019s statutory auditor, Ernst and Young, Chartered Accountants during the current year which were in connection with limited assurance on climate-related matters and summary approval procedures for the capital reductions of subsidiary
undertakings (FY2025: \u20ac106,000).
The audit fee for the audit of the financial statements of the Company was less than \u20ac0.1m in the current financial year (FY2025: less than \u20ac0.1m). Included within Audit of Group financial statements is
\u20ac0.2m which is included in Restructuring Costs in Exceptional Items (FY2025: \u20ac1.7m included within Risk Management and Control Reviews in Exceptional Items (Note 5)).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-643": { "value": "2. Operating Costs
2026
2025
Before Before
exceptional Exceptional exceptional Exceptional
items items (Note 5) Total items items (Note 5) Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Raw material cost of goods sold/bought-in finished goods
1,191.0
\u2013
1,191.0
1,282.1
\u2013
1,282.1
Inventory write-down/(recovered) (Note 14)
1.2
\u2013
1.2
(0.6)
\u2013
(0.6)
Employee remuneration (Note 3)
153.6
6.0
159.6
156.2
7.8
164.0
Direct brand marketing
20.0
4.1
24.1
20.9
\u2013
20.9
Other operating, selling and administration costs
100.8
14.8
115.6
95.0
17.5
112.5
Foreign exchange
(1.1)
\u2013
(1.1)
(2.0)
\u2013
(2.0)
Depreciation (Notes 11 and 19)
31.0
\u2013
31.0
32.1
\u2013
32.1
Amortisation (Note 12)
2.8
\u2013
2.8
2.8
\u2013
2.8
Auditor\u2019s remuneration (see below)
2.2
0.2
2.4
2.0
1.7
3.7
Impairment of intangible assets (Note 12)
\u2013
16.1
16.1
\u2013
\u2013
\u2013
Impairment of property, plant and equipment (Note 11)
\u2013
0.4
0.4
\u2013
1.8
1.8
Impairment of right-of-use assets (Note 19)
\u2013
5.7
5.7
\u2013
2.5
2.5
Net loss on disposal of property, plant and equipment (Note 11)
0.1
\u2013
0.1
0.1
\u2013
0.1
Revaluation of property, plant and equipment (Note 11)
(2.3)
(7.2)
(9.5)
(0.2)
\u2013
(0.2)
Total operating costs
1,499.3
40.1
1,539.4
1,588.4
31.3
1,619.7
Auditor\u2019s remuneration The remuneration of the Group\u2019s statutory auditor, Ernst and Young, Chartered Accountants is as follows:
2026 2025
\u20acm \u20acm
Audit of the Group financial statements
2.2
3.6
Non-audit services*
0.2
0.1
Total
2.4
3.7
* \u20ac207,500 of non-audit fees were paid to Group\u2019s statutory auditor, Ernst and Young, Chartered Accountants during the current year which were in connection with limited assurance on climate-related matters and summary approval procedures for the capital reductions of subsidiary undertakings (FY2025: \u20ac106,000). The audit fee for the audit of the financial statements of the Company was less than \u20ac0.1m in the current financial year (FY2025: less than \u20ac0.1m). Included within Audit of Group financial statements is \u20ac0.2m which is included in Restructuring Costs in Exceptional Items (FY2025: \u20ac1.7m included within Risk Management and Control Reviews in Exceptional Items (Note 5)).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-610": { "value": "2. Operating Costs
2026
2025
Before Before
exceptional Exceptional exceptional Exceptional
items items (Note 5) Total items items (Note 5) Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Raw material cost of goods sold/bought-in finished goods
1,191.0
\u2013
1,191.0
1,282.1
\u2013
1,282.1
Inventory write-down/(recovered) (Note 14)
1.2
\u2013
1.2
(0.6)
\u2013
(0.6)
Employee remuneration (Note 3)
153.6
6.0
159.6
156.2
7.8
164.0
Direct brand marketing
20.0
4.1
24.1
20.9
\u2013
20.9
Other operating, selling and administration costs
100.8
14.8
115.6
95.0
17.5
112.5
Foreign exchange
(1.1)
\u2013
(1.1)
(2.0)
\u2013
(2.0)
Depreciation (Notes 11 and 19)
31.0
\u2013
31.0
32.1
\u2013
32.1
Amortisation (Note 12)
2.8
\u2013
2.8
2.8
\u2013
2.8
Auditor\u2019s remuneration (see below)
2.2
0.2
2.4
2.0
1.7
3.7
Impairment of intangible assets (Note 12)
\u2013
16.1
16.1
\u2013
\u2013
\u2013
Impairment of property, plant and equipment (Note 11)
\u2013
0.4
0.4
\u2013
1.8
1.8
Impairment of right-of-use assets (Note 19)
\u2013
5.7
5.7
\u2013
2.5
2.5
Net loss on disposal of property, plant and equipment (Note 11)
0.1
\u2013
0.1
0.1
\u2013
0.1
Revaluation of property, plant and equipment (Note 11)
(2.3)
(7.2)
(9.5)
(0.2)
\u2013
(0.2)
Total operating costs
1,499.3
40.1
1,539.4
1,588.4
31.3
1,619.7
Auditor\u2019s remuneration The remuneration of the Group\u2019s statutory auditor, Ernst and Young, Chartered Accountants is as follows:
2026 2025
\u20acm \u20acm
Audit of the Group financial statements
2.2
3.6
Non-audit services*
0.2
0.1
Total
2.4
3.7
* \u20ac207,500 of non-audit fees were paid to Group\u2019s statutory auditor, Ernst and Young, Chartered Accountants during the current year which were in connection with limited assurance on climate-related matters and summary approval procedures for the capital reductions of subsidiary undertakings (FY2025: \u20ac106,000). The audit fee for the audit of the financial statements of the Company was less than \u20ac0.1m in the current financial year (FY2025: less than \u20ac0.1m). Included within Audit of Group financial statements is \u20ac0.2m which is included in Restructuring Costs in Exceptional Items (FY2025: \u20ac1.7m included within Risk Management and Control Reviews in Exceptional Items (Note 5)).", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-657": { "value": "Auditor\u2019s remuneration The remuneration of the Group\u2019s statutory auditor, Ernst and Young, Chartered Accountants is as follows:
2026 2025
\u20acm \u20acm
Audit of the Group financial statements
2.2
3.6
Non-audit services*
0.2
0.1
Total
2.4
3.7
* \u20ac207,500 of non-audit fees were paid to Group\u2019s statutory auditor, Ernst and Young, Chartered Accountants during the current year which were in connection with limited assurance on climate-related matters and summary approval procedures for the capital reductions of subsidiary undertakings (FY2025: \u20ac106,000). The audit fee for the audit of the financial statements of the Company was less than \u20ac0.1m in the current financial year (FY2025: less than \u20ac0.1m). Included within Audit of Group financial statements is \u20ac0.2m which is included in Restructuring Costs in Exceptional Items (FY2025: \u20ac1.7m included within Risk Management and Control Reviews in Exceptional Items (Note 5)).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-565": { "value": "
3. Employee Numbers and Remuneration Costs
The average number of persons employed by the Group (including Executive Directors) during the
year, analysed by category, was as follows:
2026 2025
Group Number Number
Sales and marketing
410
434
Production and distribution
1,559
1,533
Administration
793
814
Total
2,762
2,781
The actual number of persons employed by the Group as at 28 February 2026 was 2,762
(FY2025: 2,746).
The aggregate remuneration costs of these employees can be analysed as follows:
2026 2025
\u20acm \u20acm
Wages, salaries and other short-term employee benefits
132.3
136.1
Restructuring costs and termination benefits
6.0
7.8
Social welfare costs
16.0
13.9
Retirement benefits \u2013 defined benefit schemes (Note 23)
(0.6)
(0.9)
Retirement benefits \u2013 defined contribution schemes, including
related expenses
5.8
5.9
Equity settled share-based payments (Note 4)
(0.4)
0.7
Other equity settled share-based payments (Note 4)
0.5
0.5
Total
159.6
164.0
Directors\u2019 remuneration
2026 2025
\u20acm \u20acm
Directors\u2019 remuneration (Note 29)
2.5
4.3
Further information relating to the Directors remuneration is set out in the Directors\u2019 Remuneration
Report on pages 110 to 128.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-566": { "value": "
4. Share-Based Payments
The Group has a number of employee equity-settled share-based payment schemes as set out below.
Recruitment and Retention Plan
In June 2010, the Group established a Recruitment and Retention Plan (\u2018R&R\u2019) under the terms of
which options to purchase shares in C&C Group plc at nominal cost are granted to certain members
of management, excluding Executive Directors.
The performance conditions and/or other terms and conditions for awards granted under this plan
are specifically approved by the Board of Directors at the time of each individual award, following
a recommendation by the Remuneration Committee. Performance conditions vary per award
but include some or all of the following conditions: continuous employment, performance targets
linked to the business unit to which the recipient is aligned, or a requirement to have a personal
shareholding in the Company at the end of the performance period.
Obligations arising under the Recruitment and Retention Plan will be satisfied by the purchase of
existing shares on the open market. Upon settlement, any difference between the amount included
in the share-based payment reserve account and the cash paid to purchase the shares is recognised
in retained income via the Statement of Changes in Equity.
Long-Term Incentive Plan
The Group also has an established Long-Term Incentive Plan (\u2018LTIP\u2019) under the terms of which options
to purchase shares in C&C Group plc are granted at nominal cost to certain Executive Directors
and members of management. Details of Directors\u2019 awards are contained within the Directors\u2019
Remuneration Report. Threshold vesting in respect of any year will be no more than 25%, but subject
to the overriding three-year financial performance assessment. No award will vest until the end of
the full three-year performance period, and Executive Directors\u2019 awards will then be subject to a
further two-year holding period. Participation is subject to the following vesting conditions:
June and
June July January October
2023 2024 2025 2025
awards awards awards awards
Performance period
FY2024 \u2013
FY2025 \u2013 FY2025 \u2013 FY2026 \u2013
Target weighting: FY2026 FY2027 FY2028 FY2029
Earnings per share (\u2018EPS\u2019)
45%
45%
\u2013
55%
Total shareholder return (\u2018TSR\u2019)
35%
35%
\u2013
35%
Share price growth
\u2013
\u2013
100%
\u2013
Environmental
20%
20%
\u2013
10%
The EPS target has a minimum and maximum threshold to be achieved by the end of the three-year
performance period.
The Environmental target is based on reductions in Scope 1 and 2 emissions, with a minimum and
maximum threshold to be achieved over the three-year performance period.
The Share price growth target is based on the growth in the three-month average closing mid-
market share price between the announcement date and the third anniversary of the grant date,
with a minimum and maximum threshold to be achieved over the three-year performance period.
The TSR target is based on the change in Net Return Index over the three-year full performance
period, ranked against a comparator group, with a minimum threshold of median performance
in the comparator group and a maximum threshold of upper quartile performance in the
comparator group.
Partnership and Matching Share Schemes
In November 2011, the Group set up Partnership and Matching Share Schemes for all ROI and UK
based employees of the Group under the approved profit-sharing schemes referred to below.
Under these schemes, employees can invest in shares in C&C Group plc (partnership shares)
that will be matched on a 1:1 basis by the Company (matching shares) subject to tax authority
approved limits. Both the partnership and matching shares were held on behalf of the employee by
the Scheme trustee, MUFG Corporate Markets Limited until 28 February 2025. Starting 1 March
2025, the partnership and matching shares are now held by the new trustees, Computershare
Trustees (Ireland) Limited and Computershare Trustees Limited. The shares are purchased on
the open market on a monthly basis at the market price prevailing at the date of purchase with any
remaining cash amounts carried forward and used in the next share purchase. The shares are held
in trust for the participating employee, who has full voting rights and dividend entitlements on both
partnership and matching shares. Matching shares may be forfeited and/or tax penalties may apply
if the employee leaves the Group or removes their partnership shares within the Revenue-stipulated
vesting period. The Revenue stipulated vesting period for matching shares awarded under the ROI
scheme is three years and under the UK scheme is up to five years.
The Group held 1,431,628 matching shares (2,778,402) partnership and matching in trust at
28 February 2026 (FY2025: 1,257,736 matching shares (2,514,685 partnership and matching held)).
Award valuation
The fair values assigned to the equity settled awards granted were computed using the Black
Scholes option pricing model and Monte Carlo model. As per IFRS 2 Share-based Payment, non-
market or performance-related conditions were not taken into account in establishing the fair value
of equity instruments granted. Instead, these non-market vesting conditions are taken into account
by adjusting the number of equity instruments included in the measurement of the transaction
amount so that ultimately the amount recognised for time and services received as consideration for
the equity instruments granted is based on the number of equity instruments that eventually vest,
unless the failure to vest is due to failure to meet a market condition.
The main assumptions used in the valuations for equity settled share-based payment awards granted
in the current and prior financial years were as follows:
LTIP LTIP LTIP
LTIP LTIP options LTIP options options
options options granted options granted granted R&R LTIP R&R
granted granted (Other granted (ED* (Other options options options
October (ED*) June Awards) January Awards) Awards) granted granted granted
2025 2025 June 25 2025 July 24 July 24 July 24 June 23 June 23
Fair value at date
of grant
\u20ac1.31
\u20ac1.74
\u20ac1.74
\u20ac0.89
\u20ac1.54
\u20ac1.59
\u20ac1.86
\u20ac1.26
\u20ac1.12
Market value at
date of grant
\u20ac1.58
\u20ac2.00
\u20ac2.00
\u20ac1.74
\u20ac1.92
\u20ac1.92
\u20ac1.92
\u20ac1.59
\u20ac1.59
Exercise price
\u2013
\u2013
-
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Risk free interest
rate (%)
3.60
4.10
3.80
4.26
4.00
4.00
4.35
4.74
4.74
Expected
volatility (%)
39.2
31.9
31.9
31.0
32.1
32.1
26.1
39.0
39.0
Expected term
until exercise
(years)
3.0
3.0
3.0
3.0
2.6
2.6
1.0
3.0
3.0
Dividend yield
(%)
\u2013
\u2013
-
\u2013
\u2013
\u2013
3.1%
\u2013
4.2
* Executive Director
Expected volatility is calculated by reference to historic share price movements prior to the date
of grant over a period of time commensurate with the expected term until exercise. The dividends
which would be paid on a share reduces the fair value of an award since, in not owning the underlying
shares, a recipient does not receive the dividend income on these shares. For the LTIP award, the
participants are entitled to receive dividends, and therefore the dividend yield has been set to zero
to reflect this.
Details of the share entitlements and share options granted under these schemes at 28 February 2026,
together with the share option expense for the year ended 28 February 2026 and 28 February 2025
respectively, are as follows:
Weighted Income
Weighted average Statement Income
average remaining (credit)/ Statement
vesting contractual Ordinary expense expense
period life shares Grant price 2026 2025
(years) (years) options \u20ac \u20acm \u20acm
Long-Term Incentive Plan
2.8
1.3
5,917,274
\u2013
(0.5)
0.5
Recruitment and Retention
Plan
0.6
\u2013
110,277
\u2013
0.1
0.2
6,027,551
(0.4)
0.7
Partnership and Matching
Share Schemes
0.5
0.5
Amortisation charged to profit or loss in respect to the above equity-settled share-based payments
amounted to \u00a30.3m during the year (FY2025: \u00a31.2m).
A summary of activity under the Group\u2019s equity settled share option schemes with the weighted
average exercise price of the share options is as follows:
2026
2025
Weighted Weighted
average average
Ordinary Shares exercise price Ordinary Shares exercise price
options \u20ac options \u20ac
Outstanding at beginning of year
6,095,710
\u2013
5,069,162
0.09
Granted
2,186,590
\u2013
2,596,315
\u2013
Exercised
(272,900)
\u2013
(857,285)
\u2013
Forfeited/lapsed
(1,981,849)
\u2013
(712,482)
\u2013
Outstanding at end of year*
6,027,551
\u2013
6,095,710
\u2013
* All outstanding awards remaining at 28 February 2026 are nominal cost options
The aggregate number of share options exercisable at 28 February 2026 was 633,601 (FY2025:
666,739).
The weighted average market share price at date of exercise of all share options exercised during
the year was \u00a31.64 or \u20ac1.90 Euro equivalent (FY2025: \u00a31.58 or \u20ac1.88 Euro equivalent).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-567": { "value": "
5. Exceptional Items
2026 2025
Group \u20acm \u20acm
Restructuring costs (a)
(23.4)
(23.8)
Risk management and control reviews (b)
(1.0)
(6.1)
Brand dispense assets (c)
(7.3)
\u2013
PPE Revaluation (d)
7.2
\u2013
Impairment of brands (e)
(15.6)
\u2013
Bittersweet cider apple contracts (f)
\u2013
0.3
ERP implementation costs (g)
\u2013
0.1
Director settlement arrangements (h)
\u2013
(1.8)
Operating profit/(loss) exceptional items
(40.1)
(31.3)
Vermont promissory note (i)
\u2013
(4.5)
Net loss on disposal (j)
\u2013
(0.1)
Finance expense (k)
(0.6)
(0.4)
Included in profit/(loss) before tax
(40.7)
(36.3)
Income tax credit (l)
6.5
5.1
Included in profit/(loss) after tax
(34.2)
(31.2)
Details of the exceptional items are as follows:
(a) Restructuring costs
During the period, the Group invested in a number of strategic initiatives to realign support functions
and optimise organisational structures to more efficiently support the business operations. The
overall objective of the strategic initiatives is to reduce costs and drive efficiency improvements
across the operating model and enhance the future growth of the business. During the period,
the Group incurred costs of \u20ac23.4m (FY2025: \u20ac23.8m) primarily related to the following:
\u2022 \u20ac16.9m (FY2025: \u20ac11.6m) related to the ongoing strategic review of the Group\u2019s commercial,
supply and head office functions to optimise organisational design of the business and enable
a more efficient and robust governance and reporting structure moving forward. This charge
primarily reflects costs associated with implementing and embedding transformation process
improvements and related redundancy costs.
\u2022 \u20ac2.4m (FY2025: \u20ac11.7m) related to the continued rationalisation of the Group\u2019s depot and
distribution operations with further onerous costs incurred in relation to the Newbridge
distribution centre and final costs relating to Orbital West. In FY2025, costs were also incurred
in relation to the closures of the Crayford, Borrisleigh and Shepton Mallet depots.
\u2022 \u20ac4.1m (FY2025: \u20ac0.5m) of costs incurred to reassume control and distribution of Magners and
the wider cider portfolio in Great Britain as of 1 January 2025 following agreement with BBG.
\u20ac18.2m (FY2025: \u20ac17.7m) of these costs were cash settled in the current financial period.
(b) Risk management and control reviews
During the period the Group incurred further costs of \u20ac1.0m (FY2025: \u20ac6.1m) associated with the
control issues notified to the market on 7 June 2024 which caused the Group to defer publication of
its FY2024 annual results. This costs primarily related to legal and professional costs associated with
internal and external reviews into the issues, additional audit and accounting fees, retention costs for
key personnel and external accounting support costs.
Cash spend in the current financial period totalled \u20ac2.4m in respect of these costs, including
settlement of \u20ac1.5m of costs accrued at 28 February 2025.
(c) Brand dispense assets
During FY2026, the Group completed an impairment assessment of all brand dispense assets held
within customer premises. The review resulted in a \u20ac4.6 impairment of brand dispense assets which
upon investigation were identified as no longer being in place within outlets. It also resulted in a
\u20ac2.7m charge to recognise an onerous contract provision for the maintenance of those assets with
a \u20ac0.5m of interest charges relating to the onerous contract provision. Each of these elements had
no cash impact in the current financial period.
(d) PPE Revaluation
As outlined within the Group\u2019s accounting policies, during the year the Group reviewed its
depreciation policy applied to Plant & Machinery and has amended the accounting estimate within
the Depreciated Replacement Cost model applied to valuation and depreciation of the plant and
machinery assets utilised in the Group\u2019s beverage production. The current year valuation gain on
those assets of \u20ac7.2m is primarily attributed to the change in estimate and has been deemed an
exceptional credit for FY2026.
(e) Impairment of brands
In FY2026, a non-cash impairment charge of \u20ac15.6m was recognised in respect of the Cider Brands
purchased as part of the Gaymers acquisition from FY2010 and the Orchard Pig acquisition in
FY2018, reflecting challenging trading conditions in the UK cider market.
(f) Bittersweet cider apple contracts
FY2025, the Group recognised a net gain in respect of the disposal of excess apple inventory of \u20ac0.3m.
(g) ERP implementation costs
Following the Group\u2019s ERP implementation in 2023 and subsequent remediation in FY2024; a credit
was recognised in FY2025 for amounts returned to the Group in relation to IT costs incurred.
(h) Director settlement arrangements
During FY2025, \u20ac1.8m of redundancy costs were incurred following the announcement on
7 June 2024 that Patrick McMahon would step down as CEO and that Ralph Findlay, in addition to his
duties as Chair of the Board, would be appointed CEO.
Cash spend in the current financial period was \u20ac0.2m in respect of accrued costs held at
28 February 2025.
(i) Vermont promissory note
During FY2025, the Group recognised a provision of \u20ac4.5m against the outstanding promissory
note receivable on the disposal of the Group\u2019s subsidiary Vermont Hard Cider Company in 2022.
(j) Net loss on disposal
The Net loss on disposal incurred in FY2025 includes a loss of \u20ac0.9m from the sale of the Group\u2019s
Portuguese businesses, including legal costs of \u20ac0.1m, a gain of \u20ac0.4m on the disposal of the
Group\u2019s 50% investment in joint venture entity Beck & Scott (Services) Ltd and a gain of \u20ac0.4m
on the remeasurement of the existing interest of 49% in the joint venture entity Drygate Brewing
Company Ltd.
(k) Finance expense
Finance charges of \u20ac0.1m (FY2025: \u20ac0.4m) have been recognised in respect of the interest impact
on discounted cashflows related to the onerous contracts provision for apple growers recorded in
prior periods. Additionally, \u20ac0.5m of interest has been recognised in relation to the Brand dispense
asset provision outlined in (c) above.
(l) Income tax credit
The tax credit in the current financial period, with respect to the above exceptional items,
amounted to a credit of \u20ac6.5m (FY2025: \u20ac5.1m credit).
", "dimensions": { "concept": "ccgroupplc:DisclosureOExceptionalItems", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-568": { "value": "
6. Finance Income and Expense
2026 2025
Group \u20acm \u20acm
Finance expense:
Interest expense on borrowings
(9.9)
(11.9)
Other finance expense*
(4.7)
(5.1)
Interest on lease liabilities (Note 19)
(8.1)
( 7.0)
Total finance expense before exceptional items
(22.7)
(24.0)
Exceptional finance expense:
Interest expense
(0.6)
(0.4)
Total exceptional finance expense
(0.6)
(0.4)
Total finance expenses
(23.3)
(24.4)
Finance income:
Interest income
2.0
2.7
Total finance income
2.0
2.7
* Other finance expense includes debtor securitisation costs of \u20ac4.0m (FY2025 \u20ac5.0m) .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-668": { "value": "6. Finance Income and Expense
2026 2025
Group \u20acm \u20acm
Finance expense:
Interest expense on borrowings
(9.9)
(11.9)
Other finance expense*
(4.7)
(5.1)
Interest on lease liabilities (Note 19)
(8.1)
( 7.0)
Total finance expense before exceptional items
(22.7)
(24.0)
Exceptional finance expense:
Interest expense
(0.6)
(0.4)
Total exceptional finance expense
(0.6)
(0.4)
Total finance expenses
(23.3)
(24.4)
Finance income:
Interest income
2.0
2.7
Total finance income
2.0
2.7
* Other finance expense includes debtor securitisation costs of \u20ac4.0m (FY2025 \u20ac5.0m) ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-663": { "value": "6. Finance Income and Expense
2026 2025
Group \u20acm \u20acm
Finance expense:
Interest expense on borrowings
(9.9)
(11.9)
Other finance expense*
(4.7)
(5.1)
Interest on lease liabilities (Note 19)
(8.1)
( 7.0)
Total finance expense before exceptional items
(22.7)
(24.0)
Exceptional finance expense:
Interest expense
(0.6)
(0.4)
Total exceptional finance expense
(0.6)
(0.4)
Total finance expenses
(23.3)
(24.4)
Finance income:
Interest income
2.0
2.7
Total finance income
2.0
2.7
* Other finance expense includes debtor securitisation costs of \u20ac4.0m (FY2025 \u20ac5.0m) .", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-658": { "value": "6. Finance Income and Expense
2026 2025
Group \u20acm \u20acm
Finance expense:
Interest expense on borrowings
(9.9)
(11.9)
Other finance expense*
(4.7)
(5.1)
Interest on lease liabilities (Note 19)
(8.1)
( 7.0)
Total finance expense before exceptional items
(22.7)
(24.0)
Exceptional finance expense:
Interest expense
(0.6)
(0.4)
Total exceptional finance expense
(0.6)
(0.4)
Total finance expenses
(23.3)
(24.4)
Finance income:
Interest income
2.0
2.7
Total finance income
2.0
2.7
* Other finance expense includes debtor securitisation costs of \u20ac4.0m (FY2025 \u20ac5.0m) .", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-644": { "value": "6. Finance Income and Expense
2026 2025
Group \u20acm \u20acm
Finance expense:
Interest expense on borrowings
(9.9)
(11.9)
Other finance expense*
(4.7)
(5.1)
Interest on lease liabilities (Note 19)
(8.1)
( 7.0)
Total finance expense before exceptional items
(22.7)
(24.0)
Exceptional finance expense:
Interest expense
(0.6)
(0.4)
Total exceptional finance expense
(0.6)
(0.4)
Total finance expenses
(23.3)
(24.4)
Finance income:
Interest income
2.0
2.7
Total finance income
2.0
2.7
* Other finance expense includes debtor securitisation costs of \u20ac4.0m (FY2025 \u20ac5.0m) .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-611": { "value": "6. Finance Income and Expense
2026 2025
Group \u20acm \u20acm
Finance expense:
Interest expense on borrowings
(9.9)
(11.9)
Other finance expense*
(4.7)
(5.1)
Interest on lease liabilities (Note 19)
(8.1)
( 7.0)
Total finance expense before exceptional items
(22.7)
(24.0)
Exceptional finance expense:
Interest expense
(0.6)
(0.4)
Total exceptional finance expense
(0.6)
(0.4)
Total finance expenses
(23.3)
(24.4)
Finance income:
Interest income
2.0
2.7
Total finance income
2.0
2.7
* Other finance expense includes debtor securitisation costs of \u20ac4.0m (FY2025 \u20ac5.0m) .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-569": { "value": "
7. Income Tax
a) Analysis of expense in year recognised in the Income Statement
2026 2025
Group \u20acm \u20acm
Current tax:
Irish corporation tax
1.5
3.2
Foreign corporation tax
0.3
(0.7)
Adjustments in respect of previous years
(1.1)
(3.2)
Total current tax charge/(credit)
0.7
(0.7)
Deferred tax:
Irish
1.2
0.5
Foreign
4.5
3.0
Adjustments in respect of previous years
(0.8)
3.2
Total deferred tax charge
4.9
6.7
Total income tax expense recognised in the Income Statement
5.6
6.0
Relating to continuing operations
\u2013 continuing operations before exceptional items
12.1
11.1
\u2013 continuing operations exceptional items
(6.5)
(5.1)
Total income tax expense recognised in the Income Statement
5.6
6.0
The tax assessed for the year is different from that calculated at the standard rate of corporation tax
in the Republic of Ireland, as explained below:
2026 2025
\u20acm \u20acm
Profit before tax
9.1
19.6
Tax at standard rate of corporation tax in the Republic of Ireland
of 12.5%
1.1
2.4
Actual tax expense is affected by the following:
Expenses not deductible for tax purposes
4.4
3.0
Adjustments in respect of prior years
(1.9)
\u2013
Income taxed at rates other than the standard rate of tax
0.3
2.2
Other
2.5
(1.4)
Recognition of deferred tax assets
(0.8)
(0.2)
Total income tax expense recognised in the Income Statement
5.6
6.0
b) Deferred tax recognised directly in Other Comprehensive Income
2026 2025
\u20acm \u20acm
Deferred tax arising on revaluation of property, plant and machinery
reflected in revaluation reserve
0.4
0.2
Deferred tax arising on movement of retirement benefits
1.3
(0.8)
Total deferred tax credit
1.7
(0.6)
c) Factors that may affect future charges
Future income tax charges may be impacted by changes to the corporation tax rates and/or changes
to corporation tax legislation in force in the jurisdictions in which the Group operates. Changes in
the geographical mix of future earnings will also impact the total tax charge.
The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework
on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax
challenges arising from the digitalisation of the global economy. The legislation has been effective
for the Group\u2019s current financial year beginning 1 March 2025. The Government of Ireland, the
jurisdiction in which C&C Group plc is incorporated, transposed the Global Minimum Tax Pillar
Two rules into domestic legislation as part of the Finance (No. 2) Act 2023 (the \u2018Finance Act\u2019).
The Finance Act closely follows the EU Minimum Tax Directive and OECD Guidance released to date.
The objective of these complex rules is to achieve minimum effective tax rates of 15% globally.
C&C Group plc, the ultimate parent Company of the Group, will be required to pay to the Irish tax
authorities top-up tax on the profits of its subsidiaries with an effective tax rate of less than 15%
for each jurisdiction in which the Group operates. Alternatively, it can elect to rely on safe harbour
criteria to exclude qualifying subsidiaries.
No current tax income or expense related to Pillar Two income taxes was recognised in the tax
charge for the year ended 28 February 2026 (FY2025: \u20acnil). The Group is continuing to assess
the impact of the Pillar Two income taxes legislation on its future financial performance.
22. Deferred Tax Assets and Liabilities
2026
2025
Net Net
(liabilities)/ (liabilities)/
Assets Liabilities assets Assets Liabilities assets
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Property, plant and equipment
1.6
(22.1)
(20.5)
1.6
(19.3)
(17.7 )
Intangible assets
4.2
(10.6)
(6.4)
7.3
(13.0)
(5.7)
Retirement benefits
0.4
(5.7)
(5.3)
0.6
(4.5)
(3.9)
Trade related items and losses
15.2
(2.2)
13.0
16.1
(1.8)
14.3
Total
21.4
(40.6)
(19.2)
25.6
(38.6)
(13.0)
The Group has not recognised deferred tax in relation to temporary differences applicable to
investments in subsidiaries on the basis that the Group can control the timing and the realisation
of these temporary differences and it is unlikely that the temporary differences will reverse in the
foreseeable future. The aggregate amount of temporary differences applicable to investments
in subsidiaries and equity accounted investments, in respect of which deferred tax liabilities have
not been recognised, is immaterial on the basis that the participation exemptions and foreign tax
credits should be available such that no material temporary differences arise. There are no other
unrecognised deferred tax liabilities.
\u20ac10.4m (FY2025: \u20ac11.1m) of deferred tax assets have been recognised at the end of FY2026 in
respect of tax losses that require future taxable profits to arise in excess of profits arising from the
reversal of existing temporary differences. Following a forecasting exercise, the Group is estimating
sufficient future taxable profits to recognise these deferred tax assets.
In addition, no deferred tax asset has been recognised in respect of certain tax losses incurred by
the Group on the basis that the recovery is considered unlikely in the foreseeable future or due to
the complexity and uncertainty of the tax treatment in connection with certain items giving rise to
some of the losses. The cumulative value of such tax losses is \u20ac1.0m (FY2025: \u20ac2.5m). In the event
that sufficient taxable profits arise or the tax treatment becomes sufficiently certain in the relevant
jurisdictions in future years, these losses may be utilised. Following the sale of Vermont Hard Cider
Company there are some US tax losses remaining that are due to expire in 2035/2038.
Analysis of movement in net deferred tax (liabilities)/assets
Property, Property, Trade
plant and plant and related
equipment: equipment: items and Intangible Retirement
ROI Other assets assets benefits Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
At 1 March 2024
(2.2)
(13.4)
18.2
(4.3)
(4.6)
(6.3)
Recognised in Income
Statement
(0.3)
(1.2)
(4.1)
(1.0)
(0.1)
(6.7)
Recognised in Other
Comprehensive Income
\u2013
(0.2)
\u2013
\u2013
0.8
0.6
Recognised on acquisition
(Note 10)
\u2013
(0.4)
0.2
(0.1)
\u2013
(0.3)
Translation adjustment
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
At 28 February 2025
(2.5)
(15.2)
14.3
(5.7)
(3.9)
(13.0)
Recognised in Income
Statement
(0.7)
(2.5)
(0.6)
(1.0)
(0.1)
(4.9)
Recognised in Other
Comprehensive Income
\u2013
(0.4)
\u2013
\u2013
(1.3)
(1.7)
Translation adjustment
\u2013
0.8
(0.7)
0.3
\u2013
0.4
At 28 February 2026
(3.2)
(17.3)
13.0
(6.4)
(5.3)
(19.2)
Company
The Company had no deferred tax assets or liabilities at 28 February 2026 or at 28 February 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-612": { "value": "The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy. The legislation has been effective for the Group\u2019s current financial year beginning 1 March 2025. The Government of Ireland, the jurisdiction in which C&C Group plc is incorporated, transposed the Global Minimum Tax Pillar Two rules into domestic legislation as part of the Finance (No. 2) Act 2023 (the \u2018Finance Act\u2019). The Finance Act closely follows the EU Minimum Tax Directive and OECD Guidance released to date. The objective of these complex rules is to achieve minimum effective tax rates of 15% globally. C&C Group plc, the ultimate parent Company of the Group, will be required to pay to the Irish tax authorities top-up tax on the profits of its subsidiaries with an effective tax rate of less than 15% for each jurisdiction in which the Group operates. Alternatively, it can elect to rely on safe harbour criteria to exclude qualifying subsidiaries. No current tax income or expense related to Pillar Two income taxes was recognised in the tax charge for the year ended 28 February 2026 (FY2025: \u20acnil). The Group is continuing to assess the impact of the Pillar Two income taxes legislation on its future financial performance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-570": { "value": "
8. Dividends
2026 2025
Group \u20acm \u20acm
Declared during the financial year:
Final dividend for the year ended 28 February 2025: 4.13 cent per share
(FY2024: 3.79 cent per share)
15.4
15.3
Interim dividend at 31 August 2025: 2.08 cent per share
(FY2025: 2.00 cent per share)
7.7
7.6
Total equity dividends
23.1
22.9
Settled as follows:
Paid in cash
23.1
22.9
Payment of LTIP dividend declared and accrued in prior year
(0.1)
\u2013
Total equity dividends
23.0
22.9
Proposed after the end of the year and not recognised as a liability
Final dividend for the year ended 28 February 2026: 3 .67 cent per share
(FY2025: 4. 13 cent per share)
13.6
15.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-10": { "value": "0.0367", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-9": { "value": "0.0413", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-571": { "value": "9. Earnings Per Share
2026 2025
Group Millions Millions
Weighted average number of shares for basic earnings per share
371.3
383.1
Adjustment for the effect of conversion of options
3.0
2.5
Weighted average number of shares for diluted earnings per share
374.3
385.6
2026 2025
\u20acm \u20acm
Group profit for the financial year
3.5
13.6
Adjustment for exceptional items, net of tax (Note 5)
34.2
31.2
Earnings as adjusted for exceptional items, net of tax
37.7
44.8
2026 2025
Cents Cents
Basic earnings per share:
Basic earnings per share
0.9
3.5
Adjusted basic earnings per share
10.2
11.7
2026 2025
Cents Cents
Diluted earnings per share:
Diluted earnings per share
0.9
3.5
Adjusted diluted earnings per share
10.1
11.6
Employee share awards (excluding awards which were granted under plans where the rules stipulate that obligations must be satisfied by the purchase of existing shares (Note 4)), which are performance-based are treated as contingently issuable shares because their issue is contingent upon satisfaction of specified performance conditions in addition to the passage of time. In accordance with IAS 33 Earnings per Share, these contingently issuable shares are excluded from the computation of diluted earnings per share where the vesting conditions would not have been satisfied as at the end of the reporting period. If dilutive other contingently issuable Ordinary Shares are included in diluted EPS, this is based on the number of shares that would be issuable if the end of the reporting period was the end of the contingency period. Contingently issuable shares excluded from the calculation of diluted earnings per share at 28 February 2026 totalled 717,512 (FY2025: 1,987,067 ).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-613": { "value": "
10. Acquisitions and Disposal
Acquisitions
There were no acquisitions in the year ended 28 February 2026.
On 27 February 2025, the Group acquired an additional 51% interest in Drygate Brewing Company
Limited (\u2018Drygate Brewing\u2019), having previously held a 49% interest. Drygate Brewing was previously
accounted for as a joint venture (see Note 13). The primary reason for acquiring the business was to
enhance the Group\u2019s range of fast-growing, premium and craft beers. The results of the acquired
entity were consolidated in the Group\u2019s income statement from 1 March 2025.
The total consideration paid by the Group for Drygate Brewing was \u20ac0.9m, comprising \u20ac0.4m for
the Group\u2019s existing 49% equity interest and \u20ac0.5m for the additional 51% equity interest. A gain of
\u20ac0.4m has been recognised in FY2025 within Net loss on Subsidiary disposal on the remeasurement
of the Group\u2019s 49% existing investment in joint venture entity Drygate Brewing.
The acquisition date fair values of the assets and liabilities acquired are as set out in the table below.
\u20acm
Identifiable intangible assets: Acquired brands (Note 12)
0.6
Property, plant and equipment (Note 11)
1.8
Inventories
0.1
Trade and other receivables
0.8
Deferred tax liabilities (Note 22)
(0.3)
Trade and other payables
(3.3)
Net identifiable liabilities acquired
(0.3)
Goodwill (Note 12)
1.2
Total consideration*
0.9
* The total consideration paid by the Group for Drygate Brewing was \u20ac0.9m, comprising \u20ac0.4m for the Group\u2019s existing 49% equity interest and
\u20ac0.5m for the additional 51% equity interest. This was a non cash transaction.
The fair value of trade and other receivables and other classes of assets and their gross contractual
amount are the same.
The goodwill arising on acquisition is principally related to the synergies expected to arise following
the integration of the Drygate business including operational cost rationalisation and revenue
synergies driven by the Group\u2019s large premium brands portfolio and wide distribution network.
Disposals
There were no disposals in the year ended 28 February 2026.
On 4 February 2025 the Group also completed its disposal of its 50% shareholding in Beck & Scott
(Services) Ltd for proceeds of \u20ac0.4m. The gain on disposal was \u20ac0.4m. The above are included in
the Group\u2019s Net loss on disposal of \u20ac0.1m as included in exceptional items for the year (see Note 5).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-572": { "value": "10. Acquisitions and Disposal Acquisitions There were no acquisitions in the year ended 28 February 2026. On 27 February 2025, the Group acquired an additional 51% interest in Drygate Brewing Company Limited (\u2018Drygate Brewing\u2019), having previously held a 49% interest. Drygate Brewing was previously accounted for as a joint venture (see Note 13). The primary reason for acquiring the business was to enhance the Group\u2019s range of fast-growing, premium and craft beers. The results of the acquired entity were consolidated in the Group\u2019s income statement from 1 March 2025. The total consideration paid by the Group for Drygate Brewing was \u20ac0.9m, comprising \u20ac0.4m for the Group\u2019s existing 49% equity interest and \u20ac0.5m for the additional 51% equity interest. A gain of \u20ac0.4m has been recognised in FY2025 within Net loss on Subsidiary disposal on the remeasurement of the Group\u2019s 49% existing investment in joint venture entity Drygate Brewing. The acquisition date fair values of the assets and liabilities acquired are as set out in the table below.
\u20acm
Identifiable intangible assets: Acquired brands (Note 12)
0.6
Property, plant and equipment (Note 11)
1.8
Inventories
0.1
Trade and other receivables
0.8
Deferred tax liabilities (Note 22)
(0.3)
Trade and other payables
(3.3)
Net identifiable liabilities acquired
(0.3)
Goodwill (Note 12)
1.2
Total consideration*
0.9
* The total consideration paid by the Group for Drygate Brewing was \u20ac0.9m, comprising \u20ac0.4m for the Group\u2019s existing 49% equity interest and \u20ac0.5m for the additional 51% equity interest. This was a non cash transaction. The fair value of trade and other receivables and other classes of assets and their gross contractual amount are the same. The goodwill arising on acquisition is principally related to the synergies expected to arise following the integration of the Drygate business including operational cost rationalisation and revenue synergies driven by the Group\u2019s large premium brands portfolio and wide distribution network. Disposals There were no disposals in the year ended 28 February 2026. On 4 February 2025 the Group also completed its disposal of its 50% shareholding in Beck & Scott (Services) Ltd for proceeds of \u20ac0.4m. The gain on disposal was \u20ac0.4m. The above are included in the Group\u2019s Net loss on disposal of \u20ac0.1m as included in exceptional items for the year (see Note 5).", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-573": { "value": "
11. Property, Plant and Equipment
Motor vehicles
Freehold land Plant and and other
and buildings machinery equipment Total
Group \u20acm \u20acm \u20acm \u20acm
Cost or valuation
At 29 February 2024
95.6
217.9
69.1
382.6
Translation adjustment
2.0
3.0
1.3
6.3
Additions
3.5
8.7
4.3
16.5
Acquisition of subsidiary (Note 10)
\u2013
1.8
\u2013
1.8
Assets held for sale (Note 16)
\u2013
(3.1)
\u2013
(3.1)
Disposals
(0.9)
(0.7)
(1.6)
(3.2)
Impairment
(1.8)
\u2013
\u2013
(1.8)
Revaluation of property, plant and
machinery
2.7
(0.7)
\u2013
2.0
At 28 February 2025
101.1
226.9
73.1
401.1
Translation adjustment
(3.1)
(5.1)
(2.0)
(10.2)
Reclassification
1.3
(1.5)
0.2
\u2013
Additions
1.8
6.2
3.2
11.2
Disposals
(9.1)
(5.6)
(5.9)
(20.6)
Impairment
\u2013
(0.4)
\u2013
(0.4)
Revaluation of property, plant and
machinery
3.9
9.3
\u2013
13.2
At 28 February 2026
95.9
229.8
68.6
394.3
Accumulated depreciation
At 29 February 2024
23.0
155.5
56.4
234.9
Translation adjustment
0.4
1.7
0.9
3.0
Assets held for sale (Note 16)
\u2013
(2.0)
\u2013
(2.0)
Disposals
(1.6)
(0.7)
(0.9)
(3.2)
Charge for the year
2.9
4.5
4.2
11.6
At 28 February 2025
24.7
159.0
60.6
244.3
Translation adjustment
(0.6)
(2.4)
(1.6)
(4.6)
Disposals
(8.9)
(5.9)
(5.7)
(20.5)
Charge for the year
2.7
2.6
4.9
10.2
At 28 February 2026
17.9
153.3
58.2
229.4
Net book value
At 28 February 2026
78.0
76.5
10.4
164.9
At 28 February 2025
76.4
67.9
12.5
156.8
Right-of-use assets arising from the Group\u2019s lease arrangements are recorded within property, plant
and equipment:
2026 2025
\u20acm \u20acm
Property, plant and equipment
164.9
156.8
Right-of-use assets (Note 19)
120.6
117.6
Total
285.5
274.4
No depreciation is charged on freehold land which had a book value of \u20ac16.1m at 28 February 2026
(FY2025: \u20ac16.3m).
Valuation of freehold land and buildings and plant and machinery \u2013 28 February 2026
In the current financial year, the Group engaged the Real Estate and Capital Equipment Valuation
team of PricewaterhouseCoopers LLP to value the Group\u2019s freehold land and buildings and plant and
machinery at the Group\u2019s manufacturing facilities in Clonmel (Tipperary) and Wellpark (Glasgow).
The valuers are members of the Royal Institution of Chartered Surveyors with experience of
undertaking property, plant and equipment valuations on a global basis.
For specialised assets, comprising the production facilities at Clonmel and Wellpark Brewery, the
Depreciated Replacement Cost approach was applied to value land and buildings. The Depreciated
Replacement Cost approach was also used to derive fair value for the plant and machinery at the
Group\u2019s manufacturing facilities given their specialised nature.
The result of these external valuations, as at 28 February 2026, was an increase in the value to
freehold land and buildings of \u20ac3.9m of which \u20ac2.3m was credited to the Income Statement and
\u20ac1.6m was credited to Other Comprehensive Income (FY2025: increase of \u20ac2.7m of which \u20ac0.9m
was credited to the Income Statement and \u20ac1.8m was credited to Other Comprehensive Income).
Additionally, there was an increase in the value of plant and machinery of \u20ac9.3m of which \u20ac7.2m
was charged to the Income Statement within Exceptional items (Note 5) and \u20ac2.1m was charged
to Other Comprehensive Income (FY2025: decrease of \u20ac0.7m all of which was charged to the
Income Statement).
In FY2025, the Group recognised an impairment charge of \u20ac1.8m in respect of assets previously
capitalised as part of the Newbridge depot in Edinburgh. Operations at this location were
discontinued in June 2024 as part of the continued rationalisation of the Group\u2019s depot and
distribution operations and these assets are considered to be fully impaired at 28 February 2025.
For all other items of land and buildings and plant and machinery the Group completed an internal
assessment of the appropriateness of their carrying value. Assisted by a market overview provided
by the valuation team from PricewaterhouseCoopers LLP, with respect to the geographic locations
of the Group\u2019s assets, the Group concluded that the carrying value was appropriate at 28 February
2026 and no adjustment were recorded in this regard.
Motor vehicles
Freehold land Plant and and other
and buildings machinery equipment Total
\u20acm \u20acm \u20acm \u20acm
Net book value
(excluding right-of-use assets)
Carrying value at 28 February 2026
post revaluation
78.0
76.5
10.4
164.9
Carrying value at 28 February 2026
pre revaluation
74.1
67.2
10.4
151.7
Gain/(loss) on revaluation
3.9
9.3
\u2013
13.2
28 February 2026 classified within:
Income statement
2.3
\u2013
\u2013
2.3
Income statement
(Exceptional items Note 5)
\u2013
7.2
\u2013
7.2
Other Comprehensive Income
1.6
2.1
\u2013
3.7
Net book value
(excluding right-of-use assets)
Carrying value at 28 February 2025
post revaluation
76.4
67.9
12.5
156.8
Carrying value at 28 February 2025
pre revaluation
73.7
68.6
12.5
154.8
Gain/(loss) on revaluation
2.7
(0.7)
\u2013
2.0
28 February 2025 classified within:
Income statement
0.9
(0.7)
\u2013
0.2
Other Comprehensive Income
1.8
\u2013
\u2013
1.8
Fair value hierarchy
The valuations of freehold land and buildings and plant and machinery, excluding right-of-use assets,
are derived using data from sources which are not widely available to the public and involve a degree
of judgement. For these reasons, the valuations of the Group\u2019s freehold land and buildings and plant
and machinery are classified as \u2018Level 3\u2019 as defined by IFRS 13 Fair Value Measurement, and as
illustrated below:
Significant Significant
Carrying Quoted prices observable unobservable
amount Level 1 Level 2 Level 3
\u20acm \u20acm \u20acm \u20acm
Recurring measurements
Freehold land and buildings measured
at market value
16.0
\u2013
\u2013
16.0
Freehold land and buildings measured
at Depreciated Replacement Cost
62.0
\u2013
\u2013
62.0
Plant and machinery measured at
Depreciated Replacement Cost
76.5
\u2013
\u2013
76.5
At 28 February 2026
154.5
\u2013
\u2013
154.5
Recurring measurements
Freehold land and buildings measured
at market value
16.9
\u2013
\u2013
16.9
Freehold land and buildings measured
at Depreciated Replacement Cost
59.3
\u2013
\u2013
59.3
Plant and machinery measured at
Depreciated Replacement Cost
68.1
\u2013
\u2013
68.1
At 28 February 2025
144.3
\u2013
\u2013
144.3
Measurement techniques
The Group used the following techniques to determine the fair value measurements categorised
in Level 3:
\u2022 The Group\u2019s specialised assets such as the production facilities at Clonmel and Wellpark are
valued using the Depreciated Replacement Cost approach. The Group sold its production
facilities in Portugal during the prior year. Depreciated Replacement Cost is assessed, firstly,
by the identification of the gross replacement cost for each class of asset at each of the Group\u2019s
plants. A depreciation factor derived from both the physical and functional obsolescence of each
class of asset, taking into account estimated residual values at the end of the life of each class of
asset, is then applied to the gross replacement cost to determine the net replacement cost.
An economic obsolescence factor, which is derived based on current and anticipated capacity
or utilisation of each plant and machinery asset, at each of the Group\u2019s plants, as a function of
total available production capacity, is applied to determine the Depreciated Replacement Cost.
Unobservable inputs
The significant unobservable inputs used in the market value measurement of land and buildings
is as follows:
Range of Range of Relationship of
Significant unobservable inputs \u2013 unobservable inputs \u2013 unobservable inputs
Valuation technique unobservable inputs Land (\u2018000) Buildings to fair value
Comparable Price per square The higher the
market foot/acre price per square
transactions foot/acre, the
higher the fair value
Republic of Ireland
\u20ac50 \u2013 \u20ac150
\u20ac24 \u2013 \u20ac1,293
(FY2025: (FY2025:
\u20ac50 \u2013
\u20ac150)
\u20ac47 \u2013 \u20ac1,256) per
per hectare square metre
United Kingdom
\u00a3150 \u2013 \u00a3250
\u00a3233 \u2013 \u00a31,697
(FY2025: \u00a3150 \u2013 (FY2025: \u00a3239
\u00a3250) per acre \u2013\u00a31,669)
per square metre
The significant unobservable inputs used in the Depreciated Replacement Cost measurement of
freehold land and buildings and plant and machinery are as follows:
Gross replacement cost Increase in gross replacement cost ranging from 0% to 10%
adjustment (FY2025: 0% to 14%)
Economic obsolescence Economic obsolescence, considered on an asset-by-asset basis,
adjustment factor for each plant, ranging from 0% to 23% (FY2025: 0% to 20%).
The weighted average obsolescence factor by site is as follows:
\u2022
Cidery, Ireland \u2013 23% (FY2025: 20%)
\u2022
Brewery Scotland \u2013 6% (FY2025: 3%)
Physical and functional Adjustment for changes to physical and functional obsolescence
obsolescence adjustment factor ranging from 64% to 85% (FY2025: 65% to 70%)
The carrying value of freehold land and buildings which is valued on the Depreciated Replacement
Cost basis, would increase by \u20ac2.3m (FY2025: \u20ac0.5m) if the economic obsolescence adjustment
factor was decreased by 5%. If the economic obsolescence adjustment increased by 5% the value
would decrease by \u20ac2.3m (FY2025: \u20ac0.5m). The estimated carrying value of the same land and
buildings would increase/(decrease) by \u20ac1.1m (FY2025: \u20ac1.1m) if the gross replacement cost was
increased/(decreased) by 2%.
The carrying value of plant and machinery in the Group, which is valued on the Depreciated
Replacement Cost basis, would increase by \u20ac4.2m (FY2025: \u20ac3.2m) if the economic obsolescence
adjustment factor was decreased by 5%. If the economic obsolescence adjustment increased by
5% the value would decrease by \u20ac4.3m (FY2025: \u20ac3.3m). The estimated carrying value of the same
plant and machinery would increase/(decrease) by \u20ac1.4m (FY2025: \u20ac1.1m) if the gross replacement
cost was increased/(decreased) by 2%.
Company
The Company has no property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-614": { "value": "Right-of-use assets arising from the Group\u2019s lease arrangements are recorded within property, plant and equipment:
2026 2025
\u20acm \u20acm
Property, plant and equipment
164.9
156.8
Right-of-use assets (Note 19)
120.6
117.6
Total
285.5
274.4
No depreciation is charged on freehold land which had a book value of \u20ac16.1m at 28 February 2026 (FY2025: \u20ac16.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-574": { "value": "
12. Goodwill and Intangible Assets
Other intangible
Goodwill Brands assets Total
Group \u20acm \u20acm \u20acm \u20acm
Cost
At 29 February 2024
599.0
323.6
48.6
971.2
Additions
1.2
0.6
1.9
3.7
Translation adjustment
5.9
3.8
0.5
10.2
At 28 February 2025
606.1
328.0
51.0
985.1
Additions
\u2013
\u2013
1.8
1.8
Translation adjustment
(9.5)
(6.2)
(0.9)
(16.6)
At 28 February 2026
596.6
321.8
51.9
970.3
Amortisation and impairment
At 29 February 2024
201.2
214.6
33.5
449.3
Amortisation charge for the year
\u2013
\u2013
2.8
2.8
At 28 February 2025
201.2
214.6
36.3
452.1
Impairment charge for the year
\u2013
15.6
0.5
16.1
Amortisation charge for the year
\u2013
\u2013
2.8
2.8
At 28 February 2026
201.2
230.2
39.6
471.0
Net book value
At 28 February 2026
395.4
91.6
12.3
499.3
At 28 February 2025
404.9
113.4
14.7
533.0
Goodwill
Goodwill arose on the acquisition of businesses and represents the synergies arising from cost
savings and the opportunity to utilise the extended distribution network of the Group to leverage
the marketing of acquired products. All goodwill is regarded as having an indefinite life and is not
subject to amortisation under IFRS but is subject to annual impairment testing.
In line with IAS 36: Impairment of Assets goodwill is allocated to each cash-generating unit (CGU)
which is expected to benefit from the combination synergies. These cash-generating units are
then combined into groups of CGUs that reflect the way that the Group manages its operations,
which represent the lowest level within the Group at which goodwill is monitored for internal
management purposes.
Brands
Brands are expected to generate positive cash flows for as long as the Group owns the brands and
have been assigned indefinite lives and are subject to annual impairment testing.
Capitalised brands include the Tennent\u2019s beer brands and the Gaymers cider brands acquired during
FY2010, Waverley wine brands acquired during FY2013 and the Matthew Clark and Bibendum
brands acquired during FY2019. The Tennent\u2019s, Gaymers and Matthew Clark and Bibendum brands
were valued at fair value on the date of acquisition in accordance with the requirements of IFRS 3
Business Combinations by independent professional valuers. The Waverley wine brands were valued
at cost.
The carrying value of brands includes \u20ac73.6m (FY2025: \u20ac78.0m) in the Tennent\u2019s (Branded) CGU,
\u20ac1.2m (FY2025: \u20ac17.7m) in the Cider (Branded) CGU and \u20ac16.8m (FY2025: \u20ac17.7m) in the MCB
(Distribution) CGU. All of the Groups\u2019 brands are located in Great Britain, based on the country
of destination of sales. There are no changes from last year to the CGUs at which the indefinite life
intangible assets are tested for impairment.
The brands are protected by trademarks, which are renewable indefinitely in all major markets
where they are sold, and it is the Group\u2019s policy to support them with the appropriate level of brand
advertising. In addition, there are not believed to be any legal, regulatory or contractual provisions
that limit the useful lives of these brands. Accordingly, the Directors believe that it is appropriate
that the brands be treated as having indefinite lives for accounting purposes.
No intangible assets were acquired by way of government grant. There are no title restrictions on
any of the capitalised intangible assets and no intangible assets are pledged as security. There are
no contractual commitments in relation to the acquisition of intangible assets at year end.
Other intangible assets
Other intangible assets comprise the fair value of trade relationships acquired as part of the
acquisition of Matthew Clark and Bibendum in FY2019, trade relationships acquired as part of
the acquisition of TCB Wholesale during FY2015, the Gleeson trade relationships acquired during
FY2014 and 20-year distribution rights for third-party beer products acquired as part of the
acquisition of the Tennent\u2019s business during FY2010. These were valued at fair value on the date of
acquisition in accordance with the requirements of IFRS 3 Business Combinations by independent
professional valuers. The intangible assets have a finite life and are subject to amortisation on a
straight-line basis. Also included within other intangible assets are software and licences.
The carrying value of other intangible includes \u20ac10.9m (FY2025: \u20ac13.2m) located in Great Britain
and \u20ac1.4m (FY2025: \u20ac1.5m) located in Ireland at 28 February 2026, based on the country of
destination of sales.
Impairment testing
To ensure that goodwill and brands that are considered to have an indefinite useful economic life
are not carried at above their recoverable amount, impairment testing is performed to compare the
carrying value of the total assets (including indefinite life assets) of the Group of cash-generating
units with their recoverable amount through value-in-use computations. Impairment testing is
performed annually or more frequently if there is an indication that the carrying amount may not
be recoverable. Where the value-in-use exceeds the carrying value of the asset, the asset is not
impaired.
As permitted by IAS: 36 Impairment of Assets, the value of the Group\u2019s goodwill has been allocated
to groups of cash-generating units, which are not larger than an operating segment determined in
accordance with IFRS 8 Operating Segments. These business segments represent the lowest levels
within the Group at which the associated goodwill is monitored for management purposes.
The recoverable amount is calculated using value-in-use computations based on estimated future
cash flows discounted to present value using a discount rate appropriate to each cash-generating
unit and brand. Terminal values are calculated on the assumption that cash flows continue in
perpetuity.
The key assumptions used are:
\u2022 Net revenue and operating profit growth rates \u2013 cash flows for each cash-generating unit and
brand are based on detailed, Board-approved, financial projections for year one to three which
are then projected out for years four to five using an appropriate growth rates.
\u2022 Long-term growth rate \u2013 cash flows after the first five years are extrapolated using a long-term
growth rate, on the assumption that cash flows for the first five years will increase at a nominal
growth rate in perpetuity.
\u2022 Discount rate.
The key assumptions are based on management\u2019s assessment of anticipated market conditions
for each cash-generating unit. Historical experience was considered, along with an analysis of
core strengths and weaknesses in the markets of operation. External factors considered include
macroeconomic conditions, inflation expectations by geography, regulation and anticipated
regulatory changes (such as expected adjustments to duty rates and minimum pricing), market
growth rates, sales price trends, competitor activity, market share objectives, and strategic plans
and initiatives.
There is estimation uncertainty regarding the impact of climate change in the medium to long term.
Based on the analysis that has been undertaken to date, as set out in the Strategic Report, the
impairment review assumes that the medium to long-term impact is not material to the cashflow
forecasts or in contradiction to the long-term growth rate applied.
Year ended 28 February 2026
The table below shows key assumptions used in the value in use calculations for the year ended
28 February 2026 and 28 February 2025:
FY2026
FY2025
Discount Terminal Discount Terminal
Group of cash- Operating Goodwill rate growth rate Goodwill rate growth rate
generating units segment \u20acm % % \u20acm % %
Cider
Branded
185.7
7.4%
2.0%
187.2
6.9%
2.0%
Tennent\u2019s
Branded
63.5
8.7%
2.0%
65.2
8.2%
2.0%
Ireland
Distribution
20.9
7.4%
2.0%
20.9
6.9%
2.0%
MCB
Distribution
103.4
8.7%
2.0%
109.7
8.2%
2.0%
Export
Distribution
21.9
8.7%
2.0%
21.9
8.2%
2.0%
Total
395.4
404.9
A terminal growth rate of 2.0% in perpetuity was assumed based on an assessment of the likely long-
term growth prospects for the sectors and geographies in which the Group operates. The resulting
cash flows were discounted to present value using a range of discount rates between 7.4% and 8.7%;
these rates are in line with the Group\u2019s estimated pre-tax weighted average cost of capital for the
two main geographies in which the Group operates (Ireland and Great Britain), arrived at using the
Capital Asset Pricing Model as adjusted for asset and country specific factors.
Sensitivity analysis
The impairment testing carried out at 28 February 2026 identified headroom in the recoverable
amount of the goodwill and other intangible assets. The impairment testing for brands identified
a value-in-use which was \u20ac15.6m below the carrying value of the Cider brands. Accordingly, an
equivalent impairment loss was recognised within exceptional items in the Consolidated Income
Statement in the period.
The impairment loss arose primarily due to a year-on-year reduction in the cider volume and
uncertainty over medium-term growth rates for the Group\u2019s brands specifically within the
UK cider market for the brands acquired as part of the Gaymer\u2019s and Orchard Pig acquisitions.
Whilst the Group expected long-term growth from its branded products, the accounting standard
(IAS 36) for impairment assessments does not allow forecasts to be used where assumptions
cannot be evidenced or have not yet been fully implemented (e.g. ongoing cost savings initiatives).
As a result, the ongoing cost reduction and efficiency programmes restricted the available evidence
to demonstrate this growth at 28 February 2026.
For goodwill, the value-in-use calculations indicated headroom in respect of all CGUs. However, the
CGU with the least headroom was the MCB CGU (\u20ac17.7m) and had \u20ac16.8m of allocated brand. The
table below identifies the impact of a movement in the key inputs with respect to the MCB CGU.
Decrease on
headroom
Movement \u20acm
Decrease in operating profit
\u20ac2.5m
34.6
Increase in discount rate
0.25%
3.4
Increase in terminal growth rate
0.25%
2.7
Year ended 28 February 2025
A terminal growth rate of 2.0% in perpetuity was assumed based on an assessment of the likely long-
term growth prospects for the sectors and geographies in which the Group operates. The resulting
cash flows were discounted to present value using a range of discount rates between 6.9% and
8.2%; these rates are in line with the Group\u2019s estimated pre-tax weighted average cost of capital
for the two main geographies in which the Group operates (Ireland and Great Britain), arrived at
using the Capital Asset Pricing Model as adjusted for asset and country specific factors.
Sensitivity analysis
Impairment testing conducted for the year ending 28 February 2025 did not reveal any cash-
generating unit to be sensitive. The value-in-use calculations indicate significant headroom in
respect of all cash-generating units. No reasonably possible change in the operating profit growth,
pre-tax discount rate or long-term growth rate would lead to an impairment and accordingly these
sensitivities have not been provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-615": { "value": "12. Goodwill and Intangible Assets
Other intangible
Goodwill Brands assets Total
Group \u20acm \u20acm \u20acm \u20acm
Cost
At 29 February 2024
599.0
323.6
48.6
971.2
Additions
1.2
0.6
1.9
3.7
Translation adjustment
5.9
3.8
0.5
10.2
At 28 February 2025
606.1
328.0
51.0
985.1
Additions
\u2013
\u2013
1.8
1.8
Translation adjustment
(9.5)
(6.2)
(0.9)
(16.6)
At 28 February 2026
596.6
321.8
51.9
970.3
Amortisation and impairment
At 29 February 2024
201.2
214.6
33.5
449.3
Amortisation charge for the year
\u2013
\u2013
2.8
2.8
At 28 February 2025
201.2
214.6
36.3
452.1
Impairment charge for the year
\u2013
15.6
0.5
16.1
Amortisation charge for the year
\u2013
\u2013
2.8
2.8
At 28 February 2026
201.2
230.2
39.6
471.0
Net book value
At 28 February 2026
395.4
91.6
12.3
499.3
At 28 February 2025
404.9
113.4
14.7
533.0
Goodwill Goodwill arose on the acquisition of businesses and represents the synergies arising from cost savings and the opportunity to utilise the extended distribution network of the Group to leverage the marketing of acquired products. All goodwill is regarded as having an indefinite life and is not subject to amortisation under IFRS but is subject to annual impairment testing. In line with IAS 36: Impairment of Assets goodwill is allocated to each cash-generating unit (CGU) which is expected to benefit from the combination synergies. These cash-generating units are then combined into groups of CGUs that reflect the way that the Group manages its operations, which represent the lowest level within the Group at which goodwill is monitored for internal management purposes. Brands Brands are expected to generate positive cash flows for as long as the Group owns the brands and have been assigned indefinite lives and are subject to annual impairment testing. Capitalised brands include the Tennent\u2019s beer brands and the Gaymers cider brands acquired during FY2010, Waverley wine brands acquired during FY2013 and the Matthew Clark and Bibendum brands acquired during FY2019. The Tennent\u2019s, Gaymers and Matthew Clark and Bibendum brands were valued at fair value on the date of acquisition in accordance with the requirements of IFRS 3 Business Combinations by independent professional valuers. The Waverley wine brands were valued at cost. The carrying value of brands includes \u20ac73.6m (FY2025: \u20ac78.0m) in the Tennent\u2019s (Branded) CGU, \u20ac1.2m (FY2025: \u20ac17.7m) in the Cider (Branded) CGU and \u20ac16.8m (FY2025: \u20ac17.7m) in the MCB (Distribution) CGU. All of the Groups\u2019 brands are located in Great Britain, based on the country of destination of sales. There are no changes from last year to the CGUs at which the indefinite life intangible assets are tested for impairment. The brands are protected by trademarks, which are renewable indefinitely in all major markets where they are sold, and it is the Group\u2019s policy to support them with the appropriate level of brand advertising. In addition, there are not believed to be any legal, regulatory or contractual provisions that limit the useful lives of these brands. Accordingly, the Directors believe that it is appropriate that the brands be treated as having indefinite lives for accounting purposes. No intangible assets were acquired by way of government grant. There are no title restrictions on any of the capitalised intangible assets and no intangible assets are pledged as security. There are no contractual commitments in relation to the acquisition of intangible assets at year end. Other intangible assets Other intangible assets comprise the fair value of trade relationships acquired as part of the acquisition of Matthew Clark and Bibendum in FY2019, trade relationships acquired as part of the acquisition of TCB Wholesale during FY2015, the Gleeson trade relationships acquired during FY2014 and 20-year distribution rights for third-party beer products acquired as part of the acquisition of the Tennent\u2019s business during FY2010. These were valued at fair value on the date of acquisition in accordance with the requirements of IFRS 3 Business Combinations by independent professional valuers. The intangible assets have a finite life and are subject to amortisation on a straight-line basis. Also included within other intangible assets are software and licences. The carrying value of other intangible includes \u20ac10.9m (FY2025: \u20ac13.2m) located in Great Britain and \u20ac1.4m (FY2025: \u20ac1.5m) located in Ireland at 28 February 2026, based on the country of destination of sales. Impairment testing To ensure that goodwill and brands that are considered to have an indefinite useful economic life are not carried at above their recoverable amount, impairment testing is performed to compare the carrying value of the total assets (including indefinite life assets) of the Group of cash-generating units with their recoverable amount through value-in-use computations. Impairment testing is performed annually or more frequently if there is an indication that the carrying amount may not be recoverable. Where the value-in-use exceeds the carrying value of the asset, the asset is not impaired. As permitted by IAS: 36 Impairment of Assets, the value of the Group\u2019s goodwill has been allocated to groups of cash-generating units, which are not larger than an operating segment determined in accordance with IFRS 8 Operating Segments. These business segments represent the lowest levels within the Group at which the associated goodwill is monitored for management purposes. The recoverable amount is calculated using value-in-use computations based on estimated future cash flows discounted to present value using a discount rate appropriate to each cash-generating unit and brand. Terminal values are calculated on the assumption that cash flows continue in perpetuity. The key assumptions used are: \u2022 Net revenue and operating profit growth rates \u2013 cash flows for each cash-generating unit and brand are based on detailed, Board-approved, financial projections for year one to three which are then projected out for years four to five using an appropriate growth rates. \u2022 Long-term growth rate \u2013 cash flows after the first five years are extrapolated using a long-term growth rate, on the assumption that cash flows for the first five years will increase at a nominal growth rate in perpetuity. \u2022 Discount rate. The key assumptions are based on management\u2019s assessment of anticipated market conditions for each cash-generating unit. Historical experience was considered, along with an analysis of core strengths and weaknesses in the markets of operation. External factors considered include macroeconomic conditions, inflation expectations by geography, regulation and anticipated regulatory changes (such as expected adjustments to duty rates and minimum pricing), market growth rates, sales price trends, competitor activity, market share objectives, and strategic plans and initiatives. There is estimation uncertainty regarding the impact of climate change in the medium to long term. Based on the analysis that has been undertaken to date, as set out in the Strategic Report, the impairment review assumes that the medium to long-term impact is not material to the cashflow forecasts or in contradiction to the long-term growth rate applied. Year ended 28 February 2026 The table below shows key assumptions used in the value in use calculations for the year ended 28 February 2026 and 28 February 2025:
FY2026
FY2025
Discount Terminal Discount Terminal
Group of cash- Operating Goodwill rate growth rate Goodwill rate growth rate
generating units segment \u20acm % % \u20acm % %
Cider
Branded
185.7
7.4%
2.0%
187.2
6.9%
2.0%
Tennent\u2019s
Branded
63.5
8.7%
2.0%
65.2
8.2%
2.0%
Ireland
Distribution
20.9
7.4%
2.0%
20.9
6.9%
2.0%
MCB
Distribution
103.4
8.7%
2.0%
109.7
8.2%
2.0%
Export
Distribution
21.9
8.7%
2.0%
21.9
8.2%
2.0%
Total
395.4
404.9
A terminal growth rate of 2.0% in perpetuity was assumed based on an assessment of the likely long- term growth prospects for the sectors and geographies in which the Group operates. The resulting cash flows were discounted to present value using a range of discount rates between 7.4% and 8.7%; these rates are in line with the Group\u2019s estimated pre-tax weighted average cost of capital for the two main geographies in which the Group operates (Ireland and Great Britain), arrived at using the Capital Asset Pricing Model as adjusted for asset and country specific factors. Sensitivity analysis The impairment testing carried out at 28 February 2026 identified headroom in the recoverable amount of the goodwill and other intangible assets. The impairment testing for brands identified a value-in-use which was \u20ac15.6m below the carrying value of the Cider brands. Accordingly, an equivalent impairment loss was recognised within exceptional items in the Consolidated Income Statement in the period. The impairment loss arose primarily due to a year-on-year reduction in the cider volume and uncertainty over medium-term growth rates for the Group\u2019s brands specifically within the UK cider market for the brands acquired as part of the Gaymer\u2019s and Orchard Pig acquisitions. Whilst the Group expected long-term growth from its branded products, the accounting standard (IAS 36) for impairment assessments does not allow forecasts to be used where assumptions cannot be evidenced or have not yet been fully implemented (e.g. ongoing cost savings initiatives). As a result, the ongoing cost reduction and efficiency programmes restricted the available evidence to demonstrate this growth at 28 February 2026. For goodwill, the value-in-use calculations indicated headroom in respect of all CGUs. However, the CGU with the least headroom was the MCB CGU (\u20ac17.7m) and had \u20ac16.8m of allocated brand. The table below identifies the impact of a movement in the key inputs with respect to the MCB CGU.
Decrease on
headroom
Movement \u20acm
Decrease in operating profit
\u20ac2.5m
34.6
Increase in discount rate
0.25%
3.4
Increase in terminal growth rate
0.25%
2.7
Year ended 28 February 2025 A terminal growth rate of 2.0% in perpetuity was assumed based on an assessment of the likely long- term growth prospects for the sectors and geographies in which the Group operates. The resulting cash flows were discounted to present value using a range of discount rates between 6.9% and 8.2%; these rates are in line with the Group\u2019s estimated pre-tax weighted average cost of capital for the two main geographies in which the Group operates (Ireland and Great Britain), arrived at using the Capital Asset Pricing Model as adjusted for asset and country specific factors. Sensitivity analysis Impairment testing conducted for the year ending 28 February 2025 did not reveal any cash- generating unit to be sensitive. The value-in-use calculations indicate significant headroom in respect of all cash-generating units. No reasonably possible change in the operating profit growth, pre-tax discount rate or long-term growth rate would lead to an impairment and accordingly these sensitivities have not been provided.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-645": { "value": "12. Goodwill and Intangible Assets
Other intangible
Goodwill Brands assets Total
Group \u20acm \u20acm \u20acm \u20acm
Cost
At 29 February 2024
599.0
323.6
48.6
971.2
Additions
1.2
0.6
1.9
3.7
Translation adjustment
5.9
3.8
0.5
10.2
At 28 February 2025
606.1
328.0
51.0
985.1
Additions
\u2013
\u2013
1.8
1.8
Translation adjustment
(9.5)
(6.2)
(0.9)
(16.6)
At 28 February 2026
596.6
321.8
51.9
970.3
Amortisation and impairment
At 29 February 2024
201.2
214.6
33.5
449.3
Amortisation charge for the year
\u2013
\u2013
2.8
2.8
At 28 February 2025
201.2
214.6
36.3
452.1
Impairment charge for the year
\u2013
15.6
0.5
16.1
Amortisation charge for the year
\u2013
\u2013
2.8
2.8
At 28 February 2026
201.2
230.2
39.6
471.0
Net book value
At 28 February 2026
395.4
91.6
12.3
499.3
At 28 February 2025
404.9
113.4
14.7
533.0
Goodwill Goodwill arose on the acquisition of businesses and represents the synergies arising from cost savings and the opportunity to utilise the extended distribution network of the Group to leverage the marketing of acquired products. All goodwill is regarded as having an indefinite life and is not subject to amortisation under IFRS but is subject to annual impairment testing. In line with IAS 36: Impairment of Assets goodwill is allocated to each cash-generating unit (CGU) which is expected to benefit from the combination synergies. These cash-generating units are then combined into groups of CGUs that reflect the way that the Group manages its operations, which represent the lowest level within the Group at which goodwill is monitored for internal management purposes. Brands Brands are expected to generate positive cash flows for as long as the Group owns the brands and have been assigned indefinite lives and are subject to annual impairment testing. Capitalised brands include the Tennent\u2019s beer brands and the Gaymers cider brands acquired during FY2010, Waverley wine brands acquired during FY2013 and the Matthew Clark and Bibendum brands acquired during FY2019. The Tennent\u2019s, Gaymers and Matthew Clark and Bibendum brands were valued at fair value on the date of acquisition in accordance with the requirements of IFRS 3 Business Combinations by independent professional valuers. The Waverley wine brands were valued at cost. The carrying value of brands includes \u20ac73.6m (FY2025: \u20ac78.0m) in the Tennent\u2019s (Branded) CGU, \u20ac1.2m (FY2025: \u20ac17.7m) in the Cider (Branded) CGU and \u20ac16.8m (FY2025: \u20ac17.7m) in the MCB (Distribution) CGU. All of the Groups\u2019 brands are located in Great Britain, based on the country of destination of sales. There are no changes from last year to the CGUs at which the indefinite life intangible assets are tested for impairment. The brands are protected by trademarks, which are renewable indefinitely in all major markets where they are sold, and it is the Group\u2019s policy to support them with the appropriate level of brand advertising. In addition, there are not believed to be any legal, regulatory or contractual provisions that limit the useful lives of these brands. Accordingly, the Directors believe that it is appropriate that the brands be treated as having indefinite lives for accounting purposes. No intangible assets were acquired by way of government grant. There are no title restrictions on any of the capitalised intangible assets and no intangible assets are pledged as security. There are no contractual commitments in relation to the acquisition of intangible assets at year end. Other intangible assets Other intangible assets comprise the fair value of trade relationships acquired as part of the acquisition of Matthew Clark and Bibendum in FY2019, trade relationships acquired as part of the acquisition of TCB Wholesale during FY2015, the Gleeson trade relationships acquired during FY2014 and 20-year distribution rights for third-party beer products acquired as part of the acquisition of the Tennent\u2019s business during FY2010. These were valued at fair value on the date of acquisition in accordance with the requirements of IFRS 3 Business Combinations by independent professional valuers. The intangible assets have a finite life and are subject to amortisation on a straight-line basis. Also included within other intangible assets are software and licences. The carrying value of other intangible includes \u20ac10.9m (FY2025: \u20ac13.2m) located in Great Britain and \u20ac1.4m (FY2025: \u20ac1.5m) located in Ireland at 28 February 2026, based on the country of destination of sales. Impairment testing To ensure that goodwill and brands that are considered to have an indefinite useful economic life are not carried at above their recoverable amount, impairment testing is performed to compare the carrying value of the total assets (including indefinite life assets) of the Group of cash-generating units with their recoverable amount through value-in-use computations. Impairment testing is performed annually or more frequently if there is an indication that the carrying amount may not be recoverable. Where the value-in-use exceeds the carrying value of the asset, the asset is not impaired. As permitted by IAS: 36 Impairment of Assets, the value of the Group\u2019s goodwill has been allocated to groups of cash-generating units, which are not larger than an operating segment determined in accordance with IFRS 8 Operating Segments. These business segments represent the lowest levels within the Group at which the associated goodwill is monitored for management purposes. The recoverable amount is calculated using value-in-use computations based on estimated future cash flows discounted to present value using a discount rate appropriate to each cash-generating unit and brand. Terminal values are calculated on the assumption that cash flows continue in perpetuity. The key assumptions used are: \u2022 Net revenue and operating profit growth rates \u2013 cash flows for each cash-generating unit and brand are based on detailed, Board-approved, financial projections for year one to three which are then projected out for years four to five using an appropriate growth rates. \u2022 Long-term growth rate \u2013 cash flows after the first five years are extrapolated using a long-term growth rate, on the assumption that cash flows for the first five years will increase at a nominal growth rate in perpetuity. \u2022 Discount rate. The key assumptions are based on management\u2019s assessment of anticipated market conditions for each cash-generating unit. Historical experience was considered, along with an analysis of core strengths and weaknesses in the markets of operation. External factors considered include macroeconomic conditions, inflation expectations by geography, regulation and anticipated regulatory changes (such as expected adjustments to duty rates and minimum pricing), market growth rates, sales price trends, competitor activity, market share objectives, and strategic plans and initiatives. There is estimation uncertainty regarding the impact of climate change in the medium to long term. Based on the analysis that has been undertaken to date, as set out in the Strategic Report, the impairment review assumes that the medium to long-term impact is not material to the cashflow forecasts or in contradiction to the long-term growth rate applied. Year ended 28 February 2026 The table below shows key assumptions used in the value in use calculations for the year ended 28 February 2026 and 28 February 2025:
FY2026
FY2025
Discount Terminal Discount Terminal
Group of cash- Operating Goodwill rate growth rate Goodwill rate growth rate
generating units segment \u20acm % % \u20acm % %
Cider
Branded
185.7
7.4%
2.0%
187.2
6.9%
2.0%
Tennent\u2019s
Branded
63.5
8.7%
2.0%
65.2
8.2%
2.0%
Ireland
Distribution
20.9
7.4%
2.0%
20.9
6.9%
2.0%
MCB
Distribution
103.4
8.7%
2.0%
109.7
8.2%
2.0%
Export
Distribution
21.9
8.7%
2.0%
21.9
8.2%
2.0%
Total
395.4
404.9
A terminal growth rate of 2.0% in perpetuity was assumed based on an assessment of the likely long- term growth prospects for the sectors and geographies in which the Group operates. The resulting cash flows were discounted to present value using a range of discount rates between 7.4% and 8.7%; these rates are in line with the Group\u2019s estimated pre-tax weighted average cost of capital for the two main geographies in which the Group operates (Ireland and Great Britain), arrived at using the Capital Asset Pricing Model as adjusted for asset and country specific factors. Sensitivity analysis The impairment testing carried out at 28 February 2026 identified headroom in the recoverable amount of the goodwill and other intangible assets. The impairment testing for brands identified a value-in-use which was \u20ac15.6m below the carrying value of the Cider brands. Accordingly, an equivalent impairment loss was recognised within exceptional items in the Consolidated Income Statement in the period. The impairment loss arose primarily due to a year-on-year reduction in the cider volume and uncertainty over medium-term growth rates for the Group\u2019s brands specifically within the UK cider market for the brands acquired as part of the Gaymer\u2019s and Orchard Pig acquisitions. Whilst the Group expected long-term growth from its branded products, the accounting standard (IAS 36) for impairment assessments does not allow forecasts to be used where assumptions cannot be evidenced or have not yet been fully implemented (e.g. ongoing cost savings initiatives). As a result, the ongoing cost reduction and efficiency programmes restricted the available evidence to demonstrate this growth at 28 February 2026. For goodwill, the value-in-use calculations indicated headroom in respect of all CGUs. However, the CGU with the least headroom was the MCB CGU (\u20ac17.7m) and had \u20ac16.8m of allocated brand. The table below identifies the impact of a movement in the key inputs with respect to the MCB CGU.
Decrease on
headroom
Movement \u20acm
Decrease in operating profit
\u20ac2.5m
34.6
Increase in discount rate
0.25%
3.4
Increase in terminal growth rate
0.25%
2.7
Year ended 28 February 2025 A terminal growth rate of 2.0% in perpetuity was assumed based on an assessment of the likely long- term growth prospects for the sectors and geographies in which the Group operates. The resulting cash flows were discounted to present value using a range of discount rates between 6.9% and 8.2%; these rates are in line with the Group\u2019s estimated pre-tax weighted average cost of capital for the two main geographies in which the Group operates (Ireland and Great Britain), arrived at using the Capital Asset Pricing Model as adjusted for asset and country specific factors. Sensitivity analysis Impairment testing conducted for the year ending 28 February 2025 did not reveal any cash- generating unit to be sensitive. The value-in-use calculations indicate significant headroom in respect of all cash-generating units. No reasonably possible change in the operating profit growth, pre-tax discount rate or long-term growth rate would lead to an impairment and accordingly these sensitivities have not been provided.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-575": { "value": "
13. Equity Accounted Investments and Financial Assets
a) Equity accounted investments and financial assets \u2013 Group
Associates Financial assets Total
Group \u20acm \u20acm \u20acm
Investment in equity accounted investments
and financial assets
Carrying amount at 29 February 2024
0.4
1.0
1.4
Share of profit after tax
0.1
\u2013
0.1
Carrying amount at 28 February 2025
0.5
1.0
1.5
Share of profit after tax
\u2013
\u2013
\u2013
Carrying amount at 28 February 2026
0.5
1.0
1.5
Summarised financial information for the Group\u2019s investment in joint ventures and associates which
are accounted for using the equity method is as follows:
Joint
Associates ventures Associates
2026 2025 2025
\u20acm \u20acm \u20acm
Non-current assets
2.5
\u2013
2.7
Current assets
1.1
\u2013
1.1
Non-current liabilities
(0.8)
\u2013
(0.6)
Current liabilities
(0.6)
\u2013
(1.1)
Net assets
2.2
\u2013
2.1
Revenue
3.2
1.7
3.8
Profit/(loss) before tax
\u2013
(0.4)
0.4
A listing of the Group\u2019s joint ventures, associates and financial assets is set out in Note 30.
The results of joint ventures during FY2025 related to the Group\u2019s 49% ownership interest in Drygate
Brewing Company Limited, a joint venture arrangement with Heather Ale Limited, run by the Williams
brothers, who are recognised as leading family craft brewers in Scotland. The joint venture, which is
run independently of the joint venture partners\u2019 existing businesses, operates a craft brewing and
retail facility adjacent to Wellpark brewery. On 27 February 2025, the Group acquired the remaining
51% as set out in Note 10. As a result, the Group no longer has any joint venture shareholdings.
The results of associates largely relates to the Group\u2019s 25% ownership interest Whitewater Brewing
Company Limited, an Irish craft brewer. During FY2025, the Group disposed of their 50% investment
in Beck & Scott.
b) Financial Assets \u2013 Company
Equity investment in subsidiary undertakings
2026 2025
Company \u20acm \u20acm
Cost
At 1 March
1,160.1
1,160.1
Capital contributions arising from share-based payments
0.3
1.2
Contributions received in relation to share-based payments
(0.3)
(1.2)
Capital contribution into subsidiary undertakings
68.3
\u2013
At 28 February
1,228.4
1,160.1
Accumulated impairment losses
At 1 March
375.0
175.0
Impairment
82.2
200.0
At 28 February
457.2
375.0
Net book value
At 28 February
771.2
785.1
Details of subsidiary undertakings are set out in Note 30.
The total expense of \u20ac0.3m (FY2025: \u20ac1.2m) attributable to equity settled awards granted to
employees of subsidiary undertakings has been included as a capital contribution in financial assets.
In the current and prior years the respective subsidiary entities have been recharged an amount
equal to the expense.
Impairment testing
The Company reviews the carrying amount of its investment when events and circumstances
indicate that the carrying amounts of its investments may not be recoverable. Impairment tests
are performed by comparing the carrying amount and the recoverable amount of the assets.
The recoverable amount is the higher of the investment\u2019s fair value less costs of disposal and its
value-in-use. In assessing the value-in-use, the estimated future cash flows generated by the
subsidiary undertakings are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks.
Where there are indicators of impairment, the calculation of value-in-use is most sensitive to the
following key assumptions:
\u2022 Cash flows are based on detailed, Board-approved, financial projections for years one to three
which are then projected out for years four to five using an appropriate growth rates.
\u2022 Discount rates are calculated using a weighted average cost of capital approach. They reflect
the individual nature and specific risks relating to the business and the market in which the Group
operates. The pre-tax discount rate used was 8.5% (2025: 8.1%).
\u2022 A long-term growth rate of 2.0% (2025: 2.0%).
At 28 February 2026, the Group forecasts and business plan gave a decreased cash flow when
compared to twelve months ago, resulting in a lower value-in-use and consequently an impairment
charge of \u20ac82.2m (FY2025: \u20ac200.0m) was recognised.
Sensitivity analysis
At 28 February 2026:
\u2022 a 5% decrease in projected operating profit for all years would increase the amount of the
impairment by \u20ac60m (FY2025: \u20ac68m); and
\u2022 an increase in the discount rate of 0.5% would increase the amount of the impairment by \u20ac88m
(FY2025: \u20ac98m)
30. Subsidiaries and Equity Accounted Investments
Subsidiaries
Incorporated and Registered in ROI
Trading Companies
Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
Bulmers Limited
(a)
Cider
Ordinary
C&C Group International Holdings
(a)
Holding Company
Ordinary & Convertible
Limited
C&C Group Sterling Holdings Limited
(b)
Holding Company
Ordinary
C&C Management Services Limited
(a)
Provision of
6% Cumulative Preference,
Management Services 5% Second Non-Cumulative
Preference & Ordinary Stock
C&C Finco Limited
(b)
Financing Company
Ordinary
M&J Gleeson & Co Unlimited Company (b)
Wholesale
Ordinary
Wm. Magner Limited
(a)
Export
Ordinary
Non-Trading Companies
Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
C&C Group Pension Trust Limited
(a)
Non-Trading
Ordinary
C&C Group Irish Holdings Limited
(a)
Non-Trading
Ordinary
Incorporated and Registered in the United Kingdom
Trading Companies Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
Bibendum Off Trade Limited
(h)
Wholesale
Ordinary & Participating
Preference
C&C Holdings (NI) Limited
(e)
Holding Company
Ordinary
C&C IP UK Limited
(c)
Licensing Activity
Ordinary
C&C Management Services (UK)
(c)
Provision of
Ordinary
Limited Management Services
Magners GB Ltd
(c)
Cider and Beer
Ordinary
Matthew Clark Bibendum Limited
(c)
Wholesale
Ordinary
Tennent Caledonian Breweries UK
(d)
Beer and Cider
Ordinary
Limited
Tennent Caledonian Breweries
(d)
Wholesale
Ordinary
Wholesale Limited
Tennent\u2019s NI Ltd
(e)
Cider & Beer
Ordinary & 3.25%
Cumulative Preference
Non-Trading Companies
Matthew Clark Bibendum (Holdings)
(c)
Holding Company
Ordinary A & Ordinary B
Limited
Incorporated and Registered in Luxembourg
Non-Trading Companies Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
C&C IP S\u00e0rl
(f)
Non-Trading
Class A to J Units
Incorporated and Registered in Delaware USA
Non-Trading Companies Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
Vermont Hard Cider Company
(g)
Non-Trading
Common Stock
Holdings, Inc.
Companies currently in liquidation process
Class of shares held as at 28 February
Entity Registered Date of VL
Name
2026
(100% unless stated)
UK
01/08/2025
Bibendum PLB (Topco) Limited
Ordinary
UK
01/08/2025
Bibendum Group Limited
Ordinary
UK
01/08/2025
Bibendum Wine Limited
Ordinary
UK
01/08/2025
C&C Profit Sharing Trustees (NI) Limited
Ordinary
UK
01/08/2025
Wallaces Express Limited
Ordinary
Luxembourg 18/08/2025
C&C Luxembourg S\u00e0rl
Class A to J Units
UK
26/11/2025
Gleeson N.I. Limited
Ordinary
UK
26/11/2025
Walker & Wodehouse Wines Limited
Ordinary
UK
16/12/2025
Vintage Glasgow Limited
Ordinary
UK
16/12/2025
Macrocom (1018) Limited
Ordinary
UK
26/02/2026
Drygate Brewing Company Limited
Ordinary
Registered Office Addresses
(a) Annerville, Clonmel, Co. Tipperary, E91 NY79, Ireland.
(b) Bulmers House, Keeper Road, Crumlin, Dublin 12, D12 K702, Ireland.
(c) Pavilion 2, The Pavilions, Bridgwater Road, Bristol, BS99 6ZZ, United Kingdom.
(d) Wellpark Brewery, 161 Duke Street, Glasgow, G31 1JD, United Kingdom.
(e) 6 Aghnatrisk Road, Culcavy, Hillsborough, Co Down, BT26 6JJ, Northern Ireland.
(f) L-2132 Luxembourg, 18 Avenue Marie-Therese, Luxembourg.
(g) 251 Little Falls Drive, Wilmington, DE 19808, US
(h) 16 St Martin\u2019s Le Grand, London, EC1 4EN, United Kingdom
Equity accounted investments
Class of shares held as
at 28 February 2026
Equity accounted investments
Notes
Nature of business
(100% unless stated)
Associates
Braxatorium Parcensis CVBA (Belgium)
(a)
Brewing
33.33%
Shanter Inns Limited (Scotland)
(b)
Public houses
Ordinary, 33%
Whitewater Brewing Co. Limited (Northern Ireland)
(c)
Brewing
Ordinary, 25%
Financial assets
Jubel Limited (England and Wales)
(d)
Brewing
Ordinary, 7.8%
Bramerton Condiments Limited (England and Wales)
(e)
Food and beverage Ordinary, 0.28%
Financial assets (in administration)
Innis & Gunn Holdings Limited (Scotland)
(f)
Brewing
8%
Notes:
The registered office address for each of the companies mentioned above and in the notes is as follows:
(a) 3001 Leuven-Heverlee, Abdij van Park 7, Belgium.
(b) 230 High Street, Ayr, KA7 1RQ, United Kingdom.
(c) 3a Clarkill Road, Castlewellan, County Down, Northern Ireland, BT31 9BJ, United Kingdom.
(d) Office 311, Edinburgh House, 170 Kennington Lane, London, SE11 5DP, United Kingdom.
(e) 25 Farringdon Street, London, EC4A 4AB, United Kingdom.
(f) C/O Fti Consulting Llp, Wizu Workspace, 2 West Regent Street, Glasgow, G2 1RW
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-616": { "value": "13. Equity Accounted Investments and Financial Assets a) Equity accounted investments and financial assets \u2013 Group
Associates Financial assets Total
Group \u20acm \u20acm \u20acm
Investment in equity accounted investments
and financial assets
Carrying amount at 29 February 2024
0.4
1.0
1.4
Share of profit after tax
0.1
\u2013
0.1
Carrying amount at 28 February 2025
0.5
1.0
1.5
Share of profit after tax
\u2013
\u2013
\u2013
Carrying amount at 28 February 2026
0.5
1.0
1.5
Summarised financial information for the Group\u2019s investment in joint ventures and associates which are accounted for using the equity method is as follows:
Joint
Associates ventures Associates
2026 2025 2025
\u20acm \u20acm \u20acm
Non-current assets
2.5
\u2013
2.7
Current assets
1.1
\u2013
1.1
Non-current liabilities
(0.8)
\u2013
(0.6)
Current liabilities
(0.6)
\u2013
(1.1)
Net assets
2.2
\u2013
2.1
Revenue
3.2
1.7
3.8
Profit/(loss) before tax
\u2013
(0.4)
0.4
A listing of the Group\u2019s joint ventures, associates and financial assets is set out in Note 30. The results of joint ventures during FY2025 related to the Group\u2019s 49% ownership interest in Drygate Brewing Company Limited, a joint venture arrangement with Heather Ale Limited, run by the Williams brothers, who are recognised as leading family craft brewers in Scotland. The joint venture, which is run independently of the joint venture partners\u2019 existing businesses, operates a craft brewing and retail facility adjacent to Wellpark brewery. On 27 February 2025, the Group acquired the remaining 51% as set out in Note 10. As a result, the Group no longer has any joint venture shareholdings. The results of associates largely relates to the Group\u2019s 25% ownership interest Whitewater Brewing Company Limited, an Irish craft brewer. During FY2025, the Group disposed of their 50% investment in Beck & Scott. b) Financial Assets \u2013 Company Equity investment in subsidiary undertakings
2026 2025
Company \u20acm \u20acm
Cost
At 1 March
1,160.1
1,160.1
Capital contributions arising from share-based payments
0.3
1.2
Contributions received in relation to share-based payments
(0.3)
(1.2)
Capital contribution into subsidiary undertakings
68.3
\u2013
At 28 February
1,228.4
1,160.1
Accumulated impairment losses
At 1 March
375.0
175.0
Impairment
82.2
200.0
At 28 February
457.2
375.0
Net book value
At 28 February
771.2
785.1
Details of subsidiary undertakings are set out in Note 30. The total expense of \u20ac0.3m (FY2025: \u20ac1.2m) attributable to equity settled awards granted to employees of subsidiary undertakings has been included as a capital contribution in financial assets. In the current and prior years the respective subsidiary entities have been recharged an amount equal to the expense. Impairment testing The Company reviews the carrying amount of its investment when events and circumstances indicate that the carrying amounts of its investments may not be recoverable. Impairment tests are performed by comparing the carrying amount and the recoverable amount of the assets. The recoverable amount is the higher of the investment\u2019s fair value less costs of disposal and its value-in-use. In assessing the value-in-use, the estimated future cash flows generated by the subsidiary undertakings are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks. Where there are indicators of impairment, the calculation of value-in-use is most sensitive to the following key assumptions: \u2022 Cash flows are based on detailed, Board-approved, financial projections for years one to three which are then projected out for years four to five using an appropriate growth rates. \u2022 Discount rates are calculated using a weighted average cost of capital approach. They reflect the individual nature and specific risks relating to the business and the market in which the Group operates. The pre-tax discount rate used was 8.5% (2025: 8.1%). \u2022 A long-term growth rate of 2.0% (2025: 2.0%). At 28 February 2026, the Group forecasts and business plan gave a decreased cash flow when compared to twelve months ago, resulting in a lower value-in-use and consequently an impairment charge of \u20ac82.2m (FY2025: \u20ac200.0m) was recognised. Sensitivity analysis At 28 February 2026: \u2022 a 5% decrease in projected operating profit for all years would increase the amount of the impairment by \u20ac60m (FY2025: \u20ac68m); and \u2022 an increase in the discount rate of 0.5% would increase the amount of the impairment by \u20ac88m (FY2025: \u20ac98m) 30. Subsidiaries and Equity Accounted Investments Subsidiaries Incorporated and Registered in ROI Trading Companies
Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
Bulmers Limited
(a)
Cider
Ordinary
C&C Group International Holdings
(a)
Holding Company
Ordinary & Convertible
Limited
C&C Group Sterling Holdings Limited
(b)
Holding Company
Ordinary
C&C Management Services Limited
(a)
Provision of
6% Cumulative Preference,
Management Services 5% Second Non-Cumulative
Preference & Ordinary Stock
C&C Finco Limited
(b)
Financing Company
Ordinary
M&J Gleeson & Co Unlimited Company (b)
Wholesale
Ordinary
Wm. Magner Limited
(a)
Export
Ordinary
Non-Trading Companies
Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
C&C Group Pension Trust Limited
(a)
Non-Trading
Ordinary
C&C Group Irish Holdings Limited
(a)
Non-Trading
Ordinary
Incorporated and Registered in the United Kingdom
Trading Companies Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
Bibendum Off Trade Limited
(h)
Wholesale
Ordinary & Participating
Preference
C&C Holdings (NI) Limited
(e)
Holding Company
Ordinary
C&C IP UK Limited
(c)
Licensing Activity
Ordinary
C&C Management Services (UK)
(c)
Provision of
Ordinary
Limited Management Services
Magners GB Ltd
(c)
Cider and Beer
Ordinary
Matthew Clark Bibendum Limited
(c)
Wholesale
Ordinary
Tennent Caledonian Breweries UK
(d)
Beer and Cider
Ordinary
Limited
Tennent Caledonian Breweries
(d)
Wholesale
Ordinary
Wholesale Limited
Tennent\u2019s NI Ltd
(e)
Cider & Beer
Ordinary & 3.25%
Cumulative Preference
Non-Trading Companies
Matthew Clark Bibendum (Holdings)
(c)
Holding Company
Ordinary A & Ordinary B
Limited
Incorporated and Registered in Luxembourg
Non-Trading Companies Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
C&C IP S\u00e0rl
(f)
Non-Trading
Class A to J Units
Incorporated and Registered in Delaware USA
Non-Trading Companies Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
Vermont Hard Cider Company
(g)
Non-Trading
Common Stock
Holdings, Inc.
Companies currently in liquidation process
Class of shares held as at 28 February
Entity Registered Date of VL
Name
2026
(100% unless stated)
UK
01/08/2025
Bibendum PLB (Topco) Limited
Ordinary
UK
01/08/2025
Bibendum Group Limited
Ordinary
UK
01/08/2025
Bibendum Wine Limited
Ordinary
UK
01/08/2025
C&C Profit Sharing Trustees (NI) Limited
Ordinary
UK
01/08/2025
Wallaces Express Limited
Ordinary
Luxembourg 18/08/2025
C&C Luxembourg S\u00e0rl
Class A to J Units
UK
26/11/2025
Gleeson N.I. Limited
Ordinary
UK
26/11/2025
Walker & Wodehouse Wines Limited
Ordinary
UK
16/12/2025
Vintage Glasgow Limited
Ordinary
UK
16/12/2025
Macrocom (1018) Limited
Ordinary
UK
26/02/2026
Drygate Brewing Company Limited
Ordinary
Registered Office Addresses (a) Annerville, Clonmel, Co. Tipperary, E91 NY79, Ireland. (b) Bulmers House, Keeper Road, Crumlin, Dublin 12, D12 K702, Ireland. (c) Pavilion 2, The Pavilions, Bridgwater Road, Bristol, BS99 6ZZ, United Kingdom. (d) Wellpark Brewery, 161 Duke Street, Glasgow, G31 1JD, United Kingdom. (e) 6 Aghnatrisk Road, Culcavy, Hillsborough, Co Down, BT26 6JJ, Northern Ireland. (f) L-2132 Luxembourg, 18 Avenue Marie-Therese, Luxembourg. (g) 251 Little Falls Drive, Wilmington, DE 19808, US (h) 16 St Martin\u2019s Le Grand, London, EC1 4EN, United Kingdom Equity accounted investments
Class of shares held as
at 28 February 2026
Equity accounted investments
Notes
Nature of business
(100% unless stated)
Associates
Braxatorium Parcensis CVBA (Belgium)
(a)
Brewing
33.33%
Shanter Inns Limited (Scotland)
(b)
Public houses
Ordinary, 33%
Whitewater Brewing Co. Limited (Northern Ireland)
(c)
Brewing
Ordinary, 25%
Financial assets
Jubel Limited (England and Wales)
(d)
Brewing
Ordinary, 7.8%
Bramerton Condiments Limited (England and Wales)
(e)
Food and beverage Ordinary, 0.28%
Financial assets (in administration)
Innis & Gunn Holdings Limited (Scotland)
(f)
Brewing
8%
Notes: The registered office address for each of the companies mentioned above and in the notes is as follows: (a) 3001 Leuven-Heverlee, Abdij van Park 7, Belgium. (b) 230 High Street, Ayr, KA7 1RQ, United Kingdom. (c) 3a Clarkill Road, Castlewellan, County Down, Northern Ireland, BT31 9BJ, United Kingdom. (d) Office 311, Edinburgh House, 170 Kennington Lane, London, SE11 5DP, United Kingdom. (e) 25 Farringdon Street, London, EC4A 4AB, United Kingdom. (f) C/O Fti Consulting Llp, Wizu Workspace, 2 West Regent Street, Glasgow, G2 1RW", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-576": { "value": "
14. Inventories
2026 2025
Group \u20acm \u20acm
Raw materials and consumables
36.8
37.3
Finished goods and goods for resale
111.0
119.2
Total inventories at lower of cost and net realisable value
147.8
156.5
Inventory write-downs recognised within operating costs before exceptional items amounted to
\u20ac1.2m (FY2025: \u20ac0.6m).
Inventory impairment allowance levels are reviewed by management and revised where appropriate,
taking account of the latest available information on the recoverability of carrying amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-577": { "value": "
15. Trade and Other Receivables
Group
Company
2026 2025 2026 2025
\u20acm \u20acm \u20acm \u20acm
Current receivables:
Trade receivables
90.6
100.1
\u2013
\u2013
Amounts due from Group undertakings
\u2013
\u2013
373.5
422.6
Advances to customers
16.7
5.5
\u2013
\u2013
Prepayments and other receivables
22.8
28.8
\u2013
\u2013
Non\u2013current receivables:
130.1
134.4
373.5
422.6
Amounts due from Group undertakings
\u2013
\u2013
134.7
157.0
Advances to customers
21.4
34.5
\u2013
\u2013
Prepayments and other receivables
1.5
0.4
\u2013
\u2013
22.9
34.9
134.7
157.0
Total
153.0
169.3
508.2
579.6
Amounts due from Group undertakings are a combination of interest-bearing and interest free receivables and are all repayable on demand.
The Group manages credit risk through the use of a receivables purchase arrangement for an element of its trade receivables. Under the terms of this arrangement, the Group transfers the credit risk,
late payment risk and control of the receivables sold. This arrangement contributed \u20ac104.2m to Group cash and cash equivalents as at 28 February 2026 (FY2025: \u20ac109.8m). The Group\u2019s trade receivables
subject to the programme are derecognised as the arrangement meets the derecognition criteria in IFRS 9 Financial Instruments.
The aged analysis of trade receivables and advances to customers analysed between amounts that were not past due and amounts past due at 28 February 2026 and 28 February 2025 were as follows:
Trade receivables
Advances to customers
Total
Total
Gross Impairment Gross Impairment Gross Impairment Gross Impairment
2026 2026 2026 2026 2026 2026 2025 2025
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Not past due
85.3
(0.9)
36.2
(2.2)
121.5
(3.1)
127.4
(3.4)
Past due 0-30 days
3.9
(0.1)
0.1
\u2013
4.0
(0.1)
8.3
(0.2)
Past due 31-120 days
2.8
(1.3)
0.3
\u2013
3.1
(1.3)
4.9
(0.7)
Past due 121-365 days
0.8
\u2013
1.1
(0.1)
1.9
(0.1)
3.5
(2.8)
Past due more than one year
1.3
(1.2)
5.1
(2.4)
6.4
(3.6)
7.9
(4.8)
Total
94.1
(3.5)
42.8
(4.7)
136.9
(8.2)
152.0
(11.9)
Trade receivables, advances to customers and other receivables are recognised initially at fair value and subsequently measured at amortised cost less loss allowance or impairment losses.
Trade receivables are on average receivable within 18 days (FY2025: 19 days) of the balance sheet date, are unsecured and are not interest-bearing. For more information on the Group\u2019s credit risk exposure
refer to Note 24.
The movement in the allowance for impairment in respect of trade receivables and advances to customers during the year was as follows:
Trade Advances to
receivables customers Total Total
2026 2026 2026 2025
Group \u20acm \u20acm \u20acm \u20acm
At beginning of year
(6.5)
(5.4)
(11.9)
16.1
Recovered during the year
0.8
1.0
1.8
\u2013
(Released)/Provided during the year
(0.9)
(0.4)
(1.3)
0.7
Derecognised on acquisition of joint venture
\u2013
\u2013
\u2013
(2.1)
Written off during the year
2.8
\u2013
2.8
( 3.1)
Translation adjustment
0.3
0.1
0.4
0.3
At end of year
(3.5)
(4.7)
(8.2)
11.9
At 28 February 2026, regarding the impact of the expected credit loss model On-Trade receivables and advances to customers, the Group has provided for expected credit losses over the next twelve
months of \u20ac2.1m (FY2025: \u20ac3.0m) and expected lifetime losses of \u20ac6.1m (FY2025: \u20ac8.9m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-664": { "value": "15. Trade and Other Receivables
Group
Company
2026 2025 2026 2025
\u20acm \u20acm \u20acm \u20acm
Current receivables:
Trade receivables
90.6
100.1
\u2013
\u2013
Amounts due from Group undertakings
\u2013
\u2013
373.5
422.6
Advances to customers
16.7
5.5
\u2013
\u2013
Prepayments and other receivables
22.8
28.8
\u2013
\u2013
Non\u2013current receivables:
130.1
134.4
373.5
422.6
Amounts due from Group undertakings
\u2013
\u2013
134.7
157.0
Advances to customers
21.4
34.5
\u2013
\u2013
Prepayments and other receivables
1.5
0.4
\u2013
\u2013
22.9
34.9
134.7
157.0
Total
153.0
169.3
508.2
579.6
Amounts due from Group undertakings are a combination of interest-bearing and interest free receivables and are all repayable on demand. The Group manages credit risk through the use of a receivables purchase arrangement for an element of its trade receivables. Under the terms of this arrangement, the Group transfers the credit risk, late payment risk and control of the receivables sold. This arrangement contributed \u20ac104.2m to Group cash and cash equivalents as at 28 February 2026 (FY2025: \u20ac109.8m). The Group\u2019s trade receivables subject to the programme are derecognised as the arrangement meets the derecognition criteria in IFRS 9 Financial Instruments. The aged analysis of trade receivables and advances to customers analysed between amounts that were not past due and amounts past due at 28 February 2026 and 28 February 2025 were as follows:
Trade receivables
Advances to customers
Total
Total
Gross Impairment Gross Impairment Gross Impairment Gross Impairment
2026 2026 2026 2026 2026 2026 2025 2025
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Not past due
85.3
(0.9)
36.2
(2.2)
121.5
(3.1)
127.4
(3.4)
Past due 0-30 days
3.9
(0.1)
0.1
\u2013
4.0
(0.1)
8.3
(0.2)
Past due 31-120 days
2.8
(1.3)
0.3
\u2013
3.1
(1.3)
4.9
(0.7)
Past due 121-365 days
0.8
\u2013
1.1
(0.1)
1.9
(0.1)
3.5
(2.8)
Past due more than one year
1.3
(1.2)
5.1
(2.4)
6.4
(3.6)
7.9
(4.8)
Total
94.1
(3.5)
42.8
(4.7)
136.9
(8.2)
152.0
(11.9)
Trade receivables, advances to customers and other receivables are recognised initially at fair value and subsequently measured at amortised cost less loss allowance or impairment losses. Trade receivables are on average receivable within 18 days (FY2025: 19 days) of the balance sheet date, are unsecured and are not interest-bearing. For more information on the Group\u2019s credit risk exposure refer to Note 24. The movement in the allowance for impairment in respect of trade receivables and advances to customers during the year was as follows:
Trade Advances to
receivables customers Total Total
2026 2026 2026 2025
Group \u20acm \u20acm \u20acm \u20acm
At beginning of year
(6.5)
(5.4)
(11.9)
16.1
Recovered during the year
0.8
1.0
1.8
\u2013
(Released)/Provided during the year
(0.9)
(0.4)
(1.3)
0.7
Derecognised on acquisition of joint venture
\u2013
\u2013
\u2013
(2.1)
Written off during the year
2.8
\u2013
2.8
( 3.1)
Translation adjustment
0.3
0.1
0.4
0.3
At end of year
(3.5)
(4.7)
(8.2)
11.9
At 28 February 2026, regarding the impact of the expected credit loss model On-Trade receivables and advances to customers, the Group has provided for expected credit losses over the next twelve months of \u20ac2.1m (FY2025: \u20ac3.0m) and expected lifetime losses of \u20ac6.1m (FY2025: \u20ac8.9m).
Group
Company
2026 2025 2026 2025
\u20acm \u20acm \u20acm \u20acm
Current assets
Unsecured loans \u2013 issue costs
0.6
0.6
\u2013
\u2013
Private Placement notes \u2013 issue costs
0.1
0.1
0.1
0.1
Non\u2013current liabilities
0.7
0.7
0.1
0.1
Unsecured loans repayable on maturity
(159.1)
(125.0)
\u2013
\u2013
Unsecured loans \u2013 issue costs
1.6
2.2
\u2013
\u2013
Private Placement notes \u2013 issue costs
0.4
0.7
0.4
0.7
Private Placement notes repayable by
one repayment on maturity
(100.6)
(103.5)
(100.6)
(103.5)
(257.7)
(225.6)
(100.2)
(102.8)
Total borrowings
(257.0)
(224.9)
(100.1)
(102.7)
22. Deferred Tax Assets and Liabilities
2026
2025
Net Net
(liabilities)/ (liabilities)/
Assets Liabilities assets Assets Liabilities assets
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Property, plant and equipment
1.6
(22.1)
(20.5)
1.6
(19.3)
(17.7 )
Intangible assets
4.2
(10.6)
(6.4)
7.3
(13.0)
(5.7)
Retirement benefits
0.4
(5.7)
(5.3)
0.6
(4.5)
(3.9)
Trade related items and losses
15.2
(2.2)
13.0
16.1
(1.8)
14.3
Total
21.4
(40.6)
(19.2)
25.6
(38.6)
(13.0)
The Group has not recognised deferred tax in relation to temporary differences applicable to investments in subsidiaries on the basis that the Group can control the timing and the realisation of these temporary differences and it is unlikely that the temporary differences will reverse in the foreseeable future. The aggregate amount of temporary differences applicable to investments in subsidiaries and equity accounted investments, in respect of which deferred tax liabilities have not been recognised, is immaterial on the basis that the participation exemptions and foreign tax credits should be available such that no material temporary differences arise. There are no other unrecognised deferred tax liabilities. \u20ac10.4m (FY2025: \u20ac11.1m) of deferred tax assets have been recognised at the end of FY2026 in respect of tax losses that require future taxable profits to arise in excess of profits arising from the reversal of existing temporary differences. Following a forecasting exercise, the Group is estimating sufficient future taxable profits to recognise these deferred tax assets. In addition, no deferred tax asset has been recognised in respect of certain tax losses incurred by the Group on the basis that the recovery is considered unlikely in the foreseeable future or due to the complexity and uncertainty of the tax treatment in connection with certain items giving rise to some of the losses. The cumulative value of such tax losses is \u20ac1.0m (FY2025: \u20ac2.5m). In the event that sufficient taxable profits arise or the tax treatment becomes sufficiently certain in the relevant jurisdictions in future years, these losses may be utilised. Following the sale of Vermont Hard Cider Company there are some US tax losses remaining that are due to expire in 2035/2038.
Property, Property, Trade
plant and plant and related
equipment: equipment: items and Intangible Retirement
ROI Other assets assets benefits Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
At 1 March 2024
(2.2)
(13.4)
18.2
(4.3)
(4.6)
(6.3)
Recognised in Income
Statement
(0.3)
(1.2)
(4.1)
(1.0)
(0.1)
(6.7)
Recognised in Other
Comprehensive Income
\u2013
(0.2)
\u2013
\u2013
0.8
0.6
Recognised on acquisition
(Note 10)
\u2013
(0.4)
0.2
(0.1)
\u2013
(0.3)
Translation adjustment
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
At 28 February 2025
(2.5)
(15.2)
14.3
(5.7)
(3.9)
(13.0)
Recognised in Income
Statement
(0.7)
(2.5)
(0.6)
(1.0)
(0.1)
(4.9)
Recognised in Other
Comprehensive Income
\u2013
(0.4)
\u2013
\u2013
(1.3)
(1.7)
Translation adjustment
\u2013
0.8
(0.7)
0.3
\u2013
0.4
At 28 February 2026
(3.2)
(17.3)
13.0
(6.4)
(5.3)
(19.2)
Company The Company had no deferred tax assets or liabilities at 28 February 2026 or at 28 February 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-617": { "value": "15. Trade and Other Receivables
Group
Company
2026 2025 2026 2025
\u20acm \u20acm \u20acm \u20acm
Current receivables:
Trade receivables
90.6
100.1
\u2013
\u2013
Amounts due from Group undertakings
\u2013
\u2013
373.5
422.6
Advances to customers
16.7
5.5
\u2013
\u2013
Prepayments and other receivables
22.8
28.8
\u2013
\u2013
Non\u2013current receivables:
130.1
134.4
373.5
422.6
Amounts due from Group undertakings
\u2013
\u2013
134.7
157.0
Advances to customers
21.4
34.5
\u2013
\u2013
Prepayments and other receivables
1.5
0.4
\u2013
\u2013
22.9
34.9
134.7
157.0
Total
153.0
169.3
508.2
579.6
Amounts due from Group undertakings are a combination of interest-bearing and interest free receivables and are all repayable on demand. The Group manages credit risk through the use of a receivables purchase arrangement for an element of its trade receivables. Under the terms of this arrangement, the Group transfers the credit risk, late payment risk and control of the receivables sold. This arrangement contributed \u20ac104.2m to Group cash and cash equivalents as at 28 February 2026 (FY2025: \u20ac109.8m). The Group\u2019s trade receivables subject to the programme are derecognised as the arrangement meets the derecognition criteria in IFRS 9 Financial Instruments. The aged analysis of trade receivables and advances to customers analysed between amounts that were not past due and amounts past due at 28 February 2026 and 28 February 2025 were as follows:
Trade receivables
Advances to customers
Total
Total
Gross Impairment Gross Impairment Gross Impairment Gross Impairment
2026 2026 2026 2026 2026 2026 2025 2025
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Not past due
85.3
(0.9)
36.2
(2.2)
121.5
(3.1)
127.4
(3.4)
Past due 0-30 days
3.9
(0.1)
0.1
\u2013
4.0
(0.1)
8.3
(0.2)
Past due 31-120 days
2.8
(1.3)
0.3
\u2013
3.1
(1.3)
4.9
(0.7)
Past due 121-365 days
0.8
\u2013
1.1
(0.1)
1.9
(0.1)
3.5
(2.8)
Past due more than one year
1.3
(1.2)
5.1
(2.4)
6.4
(3.6)
7.9
(4.8)
Total
94.1
(3.5)
42.8
(4.7)
136.9
(8.2)
152.0
(11.9)
Trade receivables, advances to customers and other receivables are recognised initially at fair value and subsequently measured at amortised cost less loss allowance or impairment losses. Trade receivables are on average receivable within 18 days (FY2025: 19 days) of the balance sheet date, are unsecured and are not interest-bearing. For more information on the Group\u2019s credit risk exposure refer to Note 24. The movement in the allowance for impairment in respect of trade receivables and advances to customers during the year was as follows:
Trade Advances to
receivables customers Total Total
2026 2026 2026 2025
Group \u20acm \u20acm \u20acm \u20acm
At beginning of year
(6.5)
(5.4)
(11.9)
16.1
Recovered during the year
0.8
1.0
1.8
\u2013
(Released)/Provided during the year
(0.9)
(0.4)
(1.3)
0.7
Derecognised on acquisition of joint venture
\u2013
\u2013
\u2013
(2.1)
Written off during the year
2.8
\u2013
2.8
( 3.1)
Translation adjustment
0.3
0.1
0.4
0.3
At end of year
(3.5)
(4.7)
(8.2)
11.9
At 28 February 2026, regarding the impact of the expected credit loss model On-Trade receivables and advances to customers, the Group has provided for expected credit losses over the next twelve months of \u20ac2.1m (FY2025: \u20ac3.0m) and expected lifetime losses of \u20ac6.1m (FY2025: \u20ac8.9m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-669": { "value": "The aged analysis of trade receivables and advances to customers analysed between amounts that were not past due and amounts past due at 28 February 2026 and 28 February 2025 were as follows:
Trade receivables
Advances to customers
Total
Total
Gross Impairment Gross Impairment Gross Impairment Gross Impairment
2026 2026 2026 2026 2026 2026 2025 2025
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Not past due
85.3
(0.9)
36.2
(2.2)
121.5
(3.1)
127.4
(3.4)
Past due 0-30 days
3.9
(0.1)
0.1
\u2013
4.0
(0.1)
8.3
(0.2)
Past due 31-120 days
2.8
(1.3)
0.3
\u2013
3.1
(1.3)
4.9
(0.7)
Past due 121-365 days
0.8
\u2013
1.1
(0.1)
1.9
(0.1)
3.5
(2.8)
Past due more than one year
1.3
(1.2)
5.1
(2.4)
6.4
(3.6)
7.9
(4.8)
Total
94.1
(3.5)
42.8
(4.7)
136.9
(8.2)
152.0
(11.9)
Trade receivables, advances to customers and other receivables are recognised initially at fair value and subsequently measured at amortised cost less loss allowance or impairment losses. Trade receivables are on average receivable within 18 days (FY2025: 19 days) of the balance sheet date, are unsecured and are not interest-bearing. For more information on the Group\u2019s credit risk exposure refer to Note 24. The movement in the allowance for impairment in respect of trade receivables and advances to customers during the year was as follows:
Trade Advances to
receivables customers Total Total
2026 2026 2026 2025
Group \u20acm \u20acm \u20acm \u20acm
At beginning of year
(6.5)
(5.4)
(11.9)
16.1
Recovered during the year
0.8
1.0
1.8
\u2013
(Released)/Provided during the year
(0.9)
(0.4)
(1.3)
0.7
Derecognised on acquisition of joint venture
\u2013
\u2013
\u2013
(2.1)
Written off during the year
2.8
\u2013
2.8
( 3.1)
Translation adjustment
0.3
0.1
0.4
0.3
At end of year
(3.5)
(4.7)
(8.2)
11.9
At 28 February 2026, regarding the impact of the expected credit loss model On-Trade receivables and advances to customers, the Group has provided for expected credit losses over the next twelve months of \u20ac2.1m (FY2025: \u20ac3.0m) and expected lifetime losses of \u20ac6.1m (FY2025: \u20ac8.9m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-579": { "value": "
16. Assets Held for Sale
At 28 February 2025, assets held for sale included 26 storage tanks at Clonmel which are surplus
to requirements. During FY2026, six of these tanks were sold for sale for proceeds of \u20ac0.3m. The
remaining 20 tanks are available to purchase and, as of the reporting date, no offers of purchase
have been received.
The assets classified as held for sale as at 28 February were as follows:
2026 2025
Group \u20acm \u20acm
Assets
Property, plant and equipment
0.8
1.1
Assets held for sale
0.8
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-620": { "value": "16. Assets Held for Sale At 28 February 2025, assets held for sale included 26 storage tanks at Clonmel which are surplus to requirements. During FY2026, six of these tanks were sold for sale for proceeds of \u20ac0.3m. The remaining 20 tanks are available to purchase and, as of the reporting date, no offers of purchase have been received. The assets classified as held for sale as at 28 February were as follows:
2026 2025
Group \u20acm \u20acm
Assets
Property, plant and equipment
0.8
1.1
Assets held for sale
0.8
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-578": { "value": "
17. Trade and Other Payables
Group
Company
2026 2025 2026 2025
Group \u20acm \u20acm \u20acm \u20acm
Trade payables
220.4
254.4
\u2013
\u2013
Payroll taxes and social security
5.3
5.0
\u2013
\u2013
VAT
18.8
14.8
\u2013
\u2013
Excise duty
18.3
24.1
\u2013
\u2013
Accruals
62.3
72.1
3.9
3.6
Amounts due to Group undertakings
\u2013
\u2013
106.6
72.0
Total
325.1
370.4
110.5
75.6
Amounts due to Group undertakings are a combination of interest-bearing and interest free
payables and are all payable on demand.
The Group\u2019s exposure to currency and liquidity risk related to trade and other payables is disclosed
in Note 24.
Company
For the purposes of Section 357 of the Companies Act 2014, the Company has undertaken by Board
resolution to indemnify the creditors of its subsidiaries incorporated in the Republic of Ireland in
respect of all amounts shown as liabilities or commitments in the statutory financial statements
as referred to in Section 357 (1) (b) of the Companies Act 2014 for the financial year ending on
28 February 2026 or any amended financial period incorporating the said financial year. All other
provisions of Section 357 have been complied with in this regard. In addition, the Company has also
availed of the exemption from filing subsidiary financial statements in Ireland. The Company does
not expect any material loss to arise from these guarantees and considers their fair value to be
negligible.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-670": { "value": "17. Trade and Other Payables
Group
Company
2026 2025 2026 2025
Group \u20acm \u20acm \u20acm \u20acm
Trade payables
220.4
254.4
\u2013
\u2013
Payroll taxes and social security
5.3
5.0
\u2013
\u2013
VAT
18.8
14.8
\u2013
\u2013
Excise duty
18.3
24.1
\u2013
\u2013
Accruals
62.3
72.1
3.9
3.6
Amounts due to Group undertakings
\u2013
\u2013
106.6
72.0
Total
325.1
370.4
110.5
75.6
Amounts due to Group undertakings are a combination of interest-bearing and interest free payables and are all payable on demand. The Group\u2019s exposure to currency and liquidity risk related to trade and other payables is disclosed in Note 24. Company For the purposes of Section 357 of the Companies Act 2014, the Company has undertaken by Board resolution to indemnify the creditors of its subsidiaries incorporated in the Republic of Ireland in respect of all amounts shown as liabilities or commitments in the statutory financial statements as referred to in Section 357 (1) (b) of the Companies Act 2014 for the financial year ending on 28 February 2026 or any amended financial period incorporating the said financial year. All other provisions of Section 357 have been complied with in this regard. In addition, the Company has also availed of the exemption from filing subsidiary financial statements in Ireland. The Company does not expect any material loss to arise from these guarantees and considers their fair value to be negligible. 20. Interest-Bearing Loans And Borrowings
Group
Company
2026 2025 2026 2025
\u20acm \u20acm \u20acm \u20acm
Current assets
Unsecured loans \u2013 issue costs
0.6
0.6
\u2013
\u2013
Private Placement notes \u2013 issue costs
0.1
0.1
0.1
0.1
Non\u2013current liabilities
0.7
0.7
0.1
0.1
Unsecured loans repayable on maturity
(159.1)
(125.0)
\u2013
\u2013
Unsecured loans \u2013 issue costs
1.6
2.2
\u2013
\u2013
Private Placement notes \u2013 issue costs
0.4
0.7
0.4
0.7
Private Placement notes repayable by
one repayment on maturity
(100.6)
(103.5)
(100.6)
(103.5)
(257.7)
(225.6)
(100.2)
(102.8)
Total borrowings
(257.0)
(224.9)
(100.1)
(102.7)
Group and Company Outstanding borrowings of the Group and Company are net of unamortised issue costs. During FY2021, the Group completed the successful issue of new US Private Placement (\u2018USPP\u2019) notes and incurred additional issue costs of \u20ac1.4m in this regard. During FY2023, the Group completed the successful negotiation of a multi-currency revolving facilities and Euro term loan agreement, incurring issue costs of \u20ac2.8m which were capitalised at the start of the facility, which commenced in FY2024. During FY2024, the Group successfully negotiated a one-year extension to the multi-currency revolving facilities and Euro term loan agreement, incurring further issue costs of \u20ac0.7m. During FY2025 the Group completed the second extension of this facility incurring further costs of \u20ac0.5m. All unamortised issue costs are being amortised to the Income Statement over the remaining life of the multi-currency revolving facilities agreement, the Euro term loan and the US Private Placement notes to which they relate. The value of unamortised issue costs at 28 February 2026 was \u20ac2.7m (FY2025: \u20ac3.6m) of which \u20ac0.7m (FY2025: \u20ac0.7m) is presented as a current asset and \u20ac2.0m (FY2025: \u20ac2.9m) is netted against non-current liabilities. Terms and debt repayment schedule
Nominal rates Carrying value Carrying value
of interest at 2026 2025
Group
Currency
28 February 2026
Year of maturity
\u20acm \u20acm
Unsecured term loan Euribor +
repayable on maturity
Euro
1.46%
(1)
2030
100.0
100.0
Unsecured RCF loan Euribor +
repayable on maturity
Euro
1.31%
(1)
2030
25.0
25.0
Unsecured RCF loan
repayable on maturity
GBP
1.31%
(1)
2030
34.1
\u2013
Private Placement notes
repayable on maturity
Euro/GBP
1.6%\u20132.74%
2030/2032
100.6
103.5
259.7
228.5
Nominal rates Carrying value Carrying value
of interest at 2026 2025
Company
Currency
28 February 2026
Year of maturity
\u20acm \u20acm
Private Placement notes
repayable on maturity
Euro/GBP
1.6%\u20132.74%
2030/2032
100.6
103.5
1. The margin rate applied to the unsecured loans repayable on maturity is subject to six-monthly covenant testing of net debt to EBITDA ratio as outlined below, and a change to this ratio may result in a change in the margin. The upper and lower margin rates applicable are 1.15% to 2.55% for the unsecured RCF loan and 1.3% to 2.7% for the unsecured term loan. Borrowing facilities Group The Group manages its borrowing requirements by entering into committed loan facility agreements. It also holds USPP notes which diversifies the Group\u2019s sources of debt finance. The Group successfully completed a refinancing of its multi-currency facility and Euro term loan agreement which was repaid in a single instalment following the publication of the Group\u2019s FY2023 Results. The Group entered into a new five-year committed sustainability-linked facility comprised of a \u20ac250m multi-currency revolving loan facility and a \u20ac100m non-amortising Euro term loan. The facility offers optionality of two 1-year extensions to the maturity date callable within 12 months and 24 months of the initial drawdown date respectively. The multi-currency facility and the Euro term syndicate comprises six banks \u2013 ABN Amro Bank, Allied Irish Bank, Bank of Ireland, Barclays Bank, HSBC and Rabobank. During FY2025, the Group exercised the second optional extension of the facilities, resulting in maturity being extended to January 2030 (FY2030) on both the multi-currency facility and Euro term loan. In March 2020, the Group completed the successful issue of new USPP notes. The unsecured notes, denominated in both Euro and Sterling, have maturities of 10 and 12 years and diversify the Group\u2019s sources of debt finance. As at 28 February 2026, the holding is valued at \u20ac100.6m (FY2025: \u20ac103.5m). Under the terms of the multi-currency facility and Euro term loan, the Group must pay a commitment fee based on 35% of the applicable margin on undrawn committed amounts and variable interest on drawn amounts based on variable Euribor/Sonia interest rates plus a margin, the level of which is dependent on the Net Debt: EBITDA ratio, plus a utilisation fee, the level of which is dependent on percentage utilisation. The Group may select an interest period of one, two, three or six months. The current and future multi-currency revolving facilities agreement provides for a further \u20ac100m in the form of an uncommitted accordion facility upon approval from the Group\u2019s banking syndicate. All bank loans drawn are unsecured and rank pari passu. All borrowings of the Group are guaranteed by a number of the Group\u2019s subsidiary undertakings. The USPP allows the early prepayment of the notes at any time subject to the payment of a make whole amount to compensate the note holders for the interest that would have been received on the notes had they not been prepaid early. All borrowings of the Group at 28 February 2026 are repayable in full on change of control of the Group. Company The Company is an original borrower under the terms of the Group\u2019s multi-currency revolving facility and Euro term loan but is not a borrower in relation to the Group\u2019s multi-currency revolving facility and Euro term loan drawn debt at 28 February 2026. The Company is a borrower with respect to the Group\u2019s USPP notes of \u20ac100.6m (FY2025: \u20ac103.5m) as at 28 February 2026. Under the terms of the USPP, the Company pays a margin of 1.6% with respect to \u20ac13.4m of USPP notes (FY2025: \u20ac13.4m) with a 10-year tenure; 1.73% with respect to \u20ac40.4m (FY2025: \u20ac40.4m) of USPP notes with a 12-year tenure and 2.74% with respect to \u00a341.1m (FY2025: \u00a341.1m) notes with a 10-year tenure. A fee is payable where Group EBITDA is below \u20ac120.0m and a below investment grade fee payable when the Group\u2019s credit rating is below investment grade. These fees will remain applicable until the conditions are met and total 1.50%. Covenants The Group\u2019s and Company\u2019s multi-currency revolving facility, which are all classified as non-current, are contingent on future compliance with the following financial covenants: \u2022 Interest cover: The ratio of EBITDA to net interest for a period of twelve months ending on each half-year date will not be less than 3.5:1 \u2022 Net debt: EBITDA: The ratio of net debt on each half-year date to EBITDA for a period of 12 months ending on a half-year date will not exceed 3.5:1 There is no effect on the Group\u2019s covenants as a result of implementing IFRS 16 Leases as all covenants are calculated on a pre-IFRS 16 Leases adoption basis. Further information about the Group\u2019s exposure to interest rate, foreign currency and liquidity risk is disclosed in Note 24. 22. Deferred Tax Assets and Liabilities
2026
2025
Net Net
(liabilities)/ (liabilities)/
Assets Liabilities assets Assets Liabilities assets
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Property, plant and equipment
1.6
(22.1)
(20.5)
1.6
(19.3)
(17.7 )
Intangible assets
4.2
(10.6)
(6.4)
7.3
(13.0)
(5.7)
Retirement benefits
0.4
(5.7)
(5.3)
0.6
(4.5)
(3.9)
Trade related items and losses
15.2
(2.2)
13.0
16.1
(1.8)
14.3
Total
21.4
(40.6)
(19.2)
25.6
(38.6)
(13.0)
The Group has not recognised deferred tax in relation to temporary differences applicable to investments in subsidiaries on the basis that the Group can control the timing and the realisation of these temporary differences and it is unlikely that the temporary differences will reverse in the foreseeable future. The aggregate amount of temporary differences applicable to investments in subsidiaries and equity accounted investments, in respect of which deferred tax liabilities have not been recognised, is immaterial on the basis that the participation exemptions and foreign tax credits should be available such that no material temporary differences arise. There are no other unrecognised deferred tax liabilities. \u20ac10.4m (FY2025: \u20ac11.1m) of deferred tax assets have been recognised at the end of FY2026 in respect of tax losses that require future taxable profits to arise in excess of profits arising from the reversal of existing temporary differences. Following a forecasting exercise, the Group is estimating sufficient future taxable profits to recognise these deferred tax assets. In addition, no deferred tax asset has been recognised in respect of certain tax losses incurred by the Group on the basis that the recovery is considered unlikely in the foreseeable future or due to the complexity and uncertainty of the tax treatment in connection with certain items giving rise to some of the losses. The cumulative value of such tax losses is \u20ac1.0m (FY2025: \u20ac2.5m). In the event that sufficient taxable profits arise or the tax treatment becomes sufficiently certain in the relevant jurisdictions in future years, these losses may be utilised. Following the sale of Vermont Hard Cider Company there are some US tax losses remaining that are due to expire in 2035/2038. Analysis of movement in net deferred tax (liabilities)/assets
Property, Property, Trade
plant and plant and related
equipment: equipment: items and Intangible Retirement
ROI Other assets assets benefits Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
At 1 March 2024
(2.2)
(13.4)
18.2
(4.3)
(4.6)
(6.3)
Recognised in Income
Statement
(0.3)
(1.2)
(4.1)
(1.0)
(0.1)
(6.7)
Recognised in Other
Comprehensive Income
\u2013
(0.2)
\u2013
\u2013
0.8
0.6
Recognised on acquisition
(Note 10)
\u2013
(0.4)
0.2
(0.1)
\u2013
(0.3)
Translation adjustment
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
At 28 February 2025
(2.5)
(15.2)
14.3
(5.7)
(3.9)
(13.0)
Recognised in Income
Statement
(0.7)
(2.5)
(0.6)
(1.0)
(0.1)
(4.9)
Recognised in Other
Comprehensive Income
\u2013
(0.4)
\u2013
\u2013
(1.3)
(1.7)
Translation adjustment
\u2013
0.8
(0.7)
0.3
\u2013
0.4
At 28 February 2026
(3.2)
(17.3)
13.0
(6.4)
(5.3)
(19.2)
Company The Company had no deferred tax assets or liabilities at 28 February 2026 or at 28 February 2025. 25. Other Financial Liabilities
2026 2025
Group \u20acm \u20acm
Contractual financial liabilities:
At 1 March
6.2
6.8
Translation adjustment
(0.3)
0.2
Charged during the year
\u2013
\u2013
Utilised during the year
(1.0)
(1.0)
Unwinding of discount on provisions
0.1
0.2
At end of year
5.0
6.2
Disclosure of financial liabilities
2026 2025
Group \u20acm \u20acm
Current liabilities
0.9
1.0
Non-current liabilities
4.1
5.2
5.0
6.2
During the year ended 29 February 2024, the Group made an offer to settle some of its onerous contract obligations with its bittersweet apple suppliers (see Note 18) and accordingly \u20ac6.8m was reclassified as a financial liability and initially recognised at fair value based on the present value of the future payments, in accordance with IFRS 9. During FY2026, a total of \u20ac1.6m has been paid to the suppliers comprising \u20ac1.0m in respect of financial liabilities and \u20ac0.6m in respect of onerous contracts (see Note 18).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-618": { "value": "17. Trade and Other Payables
Group
Company
2026 2025 2026 2025
Group \u20acm \u20acm \u20acm \u20acm
Trade payables
220.4
254.4
\u2013
\u2013
Payroll taxes and social security
5.3
5.0
\u2013
\u2013
VAT
18.8
14.8
\u2013
\u2013
Excise duty
18.3
24.1
\u2013
\u2013
Accruals
62.3
72.1
3.9
3.6
Amounts due to Group undertakings
\u2013
\u2013
106.6
72.0
Total
325.1
370.4
110.5
75.6
Amounts due to Group undertakings are a combination of interest-bearing and interest free payables and are all payable on demand. The Group\u2019s exposure to currency and liquidity risk related to trade and other payables is disclosed in Note 24. Company For the purposes of Section 357 of the Companies Act 2014, the Company has undertaken by Board resolution to indemnify the creditors of its subsidiaries incorporated in the Republic of Ireland in respect of all amounts shown as liabilities or commitments in the statutory financial statements as referred to in Section 357 (1) (b) of the Companies Act 2014 for the financial year ending on 28 February 2026 or any amended financial period incorporating the said financial year. All other provisions of Section 357 have been complied with in this regard. In addition, the Company has also availed of the exemption from filing subsidiary financial statements in Ireland. The Company does not expect any material loss to arise from these guarantees and considers their fair value to be negligible. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-619": { "value": "
18. Provisions
Onerous
Dilapidations contracts Other Total
Group \u20acm \u20acm \u20acm \u20acm
At 1 March 2024
5.3
3.4
1.4
10.1
Translation adjustment
0.2
0.1
0.1
0.4
Charged during the year
3.5
2.2
0.9
6.6
Released during the year
(0.7)
(0.1)
(0.4)
(1.2)
Utilised during the year
(0.8)
(0.4)
(0.3)
(1.5)
Unwinding of discount on provisions
0.1
0.1
\u2013
0.2
At 28 February 2025
7.6
5.3
1.7
14.6
Translation adjustment
(0.5)
(0.3)
(0.1)
(0.9)
Charged during the year
0.6
3.5
1.6
5.7
Released during the year
(0.6)
(0.8)
\u2013
(1.4)
Utilised during the year
(1.3)
(2.2)
(0.7)
(4.2)
Unwinding of discount on provisions
0.1
0.4
\u2013
0.5
At 28 February 2026
5.9
5.9
2.5
14.3
Disclosure of provisions
2026 2025
Group \u20acm \u20acm
Current liabilities
8.7
7.6
Non-current liabilities
5.6
7.0
14.3
14.6
Dilapidations
During the year ended 28 February 2026, the Group has performed independent assessments of
the dilapidations liabilities across its leased properties portfolio and concluded that an additional
provision of \u20ac0.6m (FY2025: \u20ac3.5m) was required. Of this amount, \u20ac0.3m was for leased depots in
England (FY2025:\u20ac2.2m) and \u20ac0.3m was in respect of leased depots in Scotland (FY2025: \u20ac1.3m).
The dilapidation liabilities solely relate to leased properties.
Onerous contracts
Included within Onerous contracts are the Group\u2019s future obligations with its bittersweet apple
suppliers under existing long-term contractual arrangements, recognised at present value as the
Group does not expect to receive any economic benefit from the remaining duration of the contracts
in accordance with IAS 37: Provisions, Contingent Liabilities and Contingent Assets. During the year
ended 29 February 2024, the Group made an offer to settle these contracts and accordingly \u20ac6.8m
was reclassified as a financial liability and initially recognised at fair value based on the present
value of the future payments, in accordance with IFRS 9 (see Note 25), with the balance of \u20ac3.4m
classified as an onerous contract since no agreement has yet been reached with the remaining
suppliers. During FY2026, a total of \u20ac1.6m has been paid to the suppliers comprising \u20ac1.0m in
respect of financial liabilities and \u20ac0.6m in respect of onerous contracts (see Note 25).
These contracts with bittersweet apple suppliers have an average duration of eight years (FY2025:
nine years) remaining. Annual payments will be made over the life of the contracts. There are no
significant variability or sensitivities to note, there will be fluctuation in quantities depending on
harvests, but the fluctuation will be minimal, reducing over time as contracted acres fall out of
contract. See Note 27 for further details of commitments.
Within Onerous contracts are the Group\u2019s future obligations with its lessors on rental properties in
England and Scotland, of which \u20ac0.3m has been released during the year (FY2025: \u20ac2.2m charged).
Of this amount, \u20ac0.8m release was in respect of the Group\u2019s Regents Park Road office in London
which was closed in April 2025 and \u20ac0.5m charge was in respect of the Newbridge depot in
Edinburgh, which was closed in June 2024.
Also included within Onerous contracts is a provision for future obligations on the Group\u2019s brand
dispense asset agreement. As outlined in Note 5, an exceptional charge of \u20ac7.3m was recognised in
the year which included \u20ac2.7m for the recognition of loss provision and \u20ac4.6m for the recognition
of impairment loss on these assets.
Other Provisions
During the year ended 28 February 2026, the Group charged \u20ac1.6m (FY2025: \u20ac0.9m) of other
provisions in respect of anticipated costs associated with dilapidations on leased vehicles and
with legal and insurance claims. As at 28 February 2026, the balance of \u20ac2.5m (FY2025: \u20ac1.7m)
relates to costs that the Group expects to incur over an extended period, none of which are
individually material.
25. Other Financial Liabilities
2026 2025
Group \u20acm \u20acm
Contractual financial liabilities:
At 1 March
6.2
6.8
Translation adjustment
(0.3)
0.2
Charged during the year
\u2013
\u2013
Utilised during the year
(1.0)
(1.0)
Unwinding of discount on provisions
0.1
0.2
At end of year
5.0
6.2
Disclosure of financial liabilities
2026 2025
Group \u20acm \u20acm
Current liabilities
0.9
1.0
Non-current liabilities
4.1
5.2
5.0
6.2
During the year ended 29 February 2024, the Group made an offer to settle some of its onerous contract obligations with its bittersweet apple suppliers (see Note 18) and accordingly \u20ac6.8m was reclassified as a financial liability and initially recognised at fair value based on the present value of the future payments, in accordance with IFRS 9. During FY2026, a total of \u20ac1.6m has been paid to the suppliers comprising \u20ac1.0m in respect of financial liabilities and \u20ac0.6m in respect of onerous contracts (see Note 18).", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-665": { "value": "18. Provisions
Onerous
Dilapidations contracts Other Total
Group \u20acm \u20acm \u20acm \u20acm
At 1 March 2024
5.3
3.4
1.4
10.1
Translation adjustment
0.2
0.1
0.1
0.4
Charged during the year
3.5
2.2
0.9
6.6
Released during the year
(0.7)
(0.1)
(0.4)
(1.2)
Utilised during the year
(0.8)
(0.4)
(0.3)
(1.5)
Unwinding of discount on provisions
0.1
0.1
\u2013
0.2
At 28 February 2025
7.6
5.3
1.7
14.6
Translation adjustment
(0.5)
(0.3)
(0.1)
(0.9)
Charged during the year
0.6
3.5
1.6
5.7
Released during the year
(0.6)
(0.8)
\u2013
(1.4)
Utilised during the year
(1.3)
(2.2)
(0.7)
(4.2)
Unwinding of discount on provisions
0.1
0.4
\u2013
0.5
At 28 February 2026
5.9
5.9
2.5
14.3
Disclosure of provisions
2026 2025
Group \u20acm \u20acm
Current liabilities
8.7
7.6
Non-current liabilities
5.6
7.0
14.3
14.6
Dilapidations During the year ended 28 February 2026, the Group has performed independent assessments of the dilapidations liabilities across its leased properties portfolio and concluded that an additional provision of \u20ac0.6m (FY2025: \u20ac3.5m) was required. Of this amount, \u20ac0.3m was for leased depots in England (FY2025:\u20ac2.2m) and \u20ac0.3m was in respect of leased depots in Scotland (FY2025: \u20ac1.3m). The dilapidation liabilities solely relate to leased properties. Onerous contracts Included within Onerous contracts are the Group\u2019s future obligations with its bittersweet apple suppliers under existing long-term contractual arrangements, recognised at present value as the Group does not expect to receive any economic benefit from the remaining duration of the contracts in accordance with IAS 37: Provisions, Contingent Liabilities and Contingent Assets. During the year ended 29 February 2024, the Group made an offer to settle these contracts and accordingly \u20ac6.8m was reclassified as a financial liability and initially recognised at fair value based on the present value of the future payments, in accordance with IFRS 9 (see Note 25), with the balance of \u20ac3.4m classified as an onerous contract since no agreement has yet been reached with the remaining suppliers. During FY2026, a total of \u20ac1.6m has been paid to the suppliers comprising \u20ac1.0m in respect of financial liabilities and \u20ac0.6m in respect of onerous contracts (see Note 25). These contracts with bittersweet apple suppliers have an average duration of eight years (FY2025: nine years) remaining. Annual payments will be made over the life of the contracts. There are no significant variability or sensitivities to note, there will be fluctuation in quantities depending on harvests, but the fluctuation will be minimal, reducing over time as contracted acres fall out of contract. See Note 27 for further details of commitments. Within Onerous contracts are the Group\u2019s future obligations with its lessors on rental properties in England and Scotland, of which \u20ac0.3m has been released during the year (FY2025: \u20ac2.2m charged). Of this amount, \u20ac0.8m release was in respect of the Group\u2019s Regents Park Road office in London which was closed in April 2025 and \u20ac0.5m charge was in respect of the Newbridge depot in Edinburgh, which was closed in June 2024. Also included within Onerous contracts is a provision for future obligations on the Group\u2019s brand dispense asset agreement. As outlined in Note 5, an exceptional charge of \u20ac7.3m was recognised in the year which included \u20ac2.7m for the recognition of loss provision and \u20ac4.6m for the recognition of impairment loss on these assets. Other Provisions During the year ended 28 February 2026, the Group charged \u20ac1.6m (FY2025: \u20ac0.9m) of other provisions in respect of anticipated costs associated with dilapidations on leased vehicles and with legal and insurance claims. As at 28 February 2026, the balance of \u20ac2.5m (FY2025: \u20ac1.7m) relates to costs that the Group expects to incur over an extended period, none of which are individually material. 25. Other Financial Liabilities
2026 2025
Group \u20acm \u20acm
Contractual financial liabilities:
At 1 March
6.2
6.8
Translation adjustment
(0.3)
0.2
Charged during the year
\u2013
\u2013
Utilised during the year
(1.0)
(1.0)
Unwinding of discount on provisions
0.1
0.2
At end of year
5.0
6.2
Disclosure of financial liabilities
2026 2025
Group \u20acm \u20acm
Current liabilities
0.9
1.0
Non-current liabilities
4.1
5.2
5.0
6.2
During the year ended 29 February 2024, the Group made an offer to settle some of its onerous contract obligations with its bittersweet apple suppliers (see Note 18) and accordingly \u20ac6.8m was reclassified as a financial liability and initially recognised at fair value based on the present value of the future payments, in accordance with IFRS 9. During FY2026, a total of \u20ac1.6m has been paid to the suppliers comprising \u20ac1.0m in respect of financial liabilities and \u20ac0.6m in respect of onerous contracts (see Note 18).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-580": { "value": "
19. Leases
The Group has lease contracts for various items of freehold land and buildings, plant and machinery
and motor vehicles and other equipment. Set out below are the carrying amounts of right-of-use
assets (included under property, plant and equipment Note 11) recognised and the movements
during the year:
Lease right-of-use assets
Motor vehicles
Freehold land Plant and and other
and buildings machinery equipment Total
Group \u20acm \u20acm \u20acm \u20acm
Net carrying amount:
At 1 March 2024
54.9
5.3
39.8
100.0
Translation adjustment
2.4
0.4
0.9
3.7
Additions
8.1
2.7
11.5
22.3
Disposals
(3.0)
\u2013
\u2013
(3.0)
Remeasurement
17.6
\u2013
\u2013
17.6
Depreciation charge for the year
( 7.3)
(5.3)
( 7.9)
(20.5)
Impairment
(2.5)
\u2013
\u2013
(2.5)
At 28 February 2025
70.2
3.1
44.3
117.6
Translation adjustment
(4.1)
\u2013
(2.3)
(6.4)
Additions
\u2013
\u2013
21.5
21.5
Disposals
\u2013
\u2013
(0.2)
(0.2)
Remeasurement
14.1
(0.1)
0.6
14.6
Depreciation charge for the year
(6.8)
(1.3)
(12.7)
(20.8)
Impairment
(1.1)
\u2013
(4.6)
(5.7)
Reclassification
3.2
(0.3)
(2.9)
\u2013
At 28 February 2026
75.5
1.4
43.7
120.6
The freehold land and buildings impairment charge relates to the Group\u2019s Newbridge distribution
depot in Edinburgh (\u20ac0.6m) and the Regents Park Road office in London (\u20ac0.5m) and has been
recognised in accordance with IAS 36. Impairment within motor vehicles and other leases relates to
the brand dispense assets (\u20ac4.6m). These charges have been recognised in exceptional items during
the period (see Note 5 for details).
Lease liabilities
Motor vehicles
Freehold land Plant and and other
and buildings machinery equipment Total
Group \u20acm \u20acm \u20acm \u20acm
Net carrying amount:
At 1 March 2024
(63.6)
(5.6)
(40.9)
(110.1)
Translation adjustment
(2.9)
(0.4)
(0.9)
(4.2)
Additions to lease liabilities
(8.2)
(2.7)
(11.6)
(22.5)
Disposals
3.0
\u2013
\u2013
3.0
Remeasurement
(16.1)
\u2013
\u2013
(16.1)
Payments*
10.4
6.2
8.9
25.5
Interest (discount unwinding)
(4.9)
(1.1)
(1.0)
( 7.0)
At 28 February 2025
(82.3)
(3.6)
(45.5)
(131.4)
Translation adjustment
4.7
0.2
2.4
7.3
Additions to lease liabilities
\u2013
\u2013
(21.5)
(21.5)
Disposals
\u2013
\u2013
0.2
0.2
Remeasurement
(14.5)
0.1
(0.6)
(15.0)
Payments*
11.6
1.5
16.4
29.5
Interest (discount unwinding)
(5.2)
(0.1)
(2.8)
(8.1)
Reclassification
(6.4)
0.3
6.1
\u2013
At 28 February 2026
(92.1)
(1.6)
(45.3)
(139.0)
* Payments are apportioned between finance charges \u20ac7.8m (FY2025: \u20ac7.0m) and payment of lease liabilities \u20ac21.4m (FY2025: \u20ac18.5m) in the
Cash Flow Statement.
Disclosure of lease liabilities
2026 2025
Group \u20acm \u20acm
Current liabilities
(19.0)
(19.7)
Non-current liabilities
(120.0)
(111.7)
(139.0)
(131.4)
The table below shows a maturity analysis of the undiscounted lease liability arising from the Group\u2019s
leasing activities.
These projections are based on the foreign exchange rates at the end of the relevant financial year
and on interest rates (discounted projections only) applicable to the lease portfolio.
2026
2025
Undiscounted Undiscounted
Group \u20acm \u20acm
Within one year
(26.2)
(26.8)
Between one and two years
(24.8)
(23.1)
Between two and three years
(20.0)
(21.1)
Between three and four years
(17.2)
(14.7)
Between four and five years
(15.2)
(12.7)
After five years
(85.2)
(78.7)
Total
(188.6)
(177.1)
The Group avails of the exemption from capitalising lease costs for short-term leases and low-value
assets where the relevant criteria for accounting for them under IFRS 16 Leases are met. The following
lease costs have been charged to the Income Statement as incurred:
2026 2025
\u20acm \u20acm
Expense relating to short-term leases (included in operating costs)
0.1
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-621": { "value": "Lease right-of-use assets
Motor vehicles
Freehold land Plant and and other
and buildings machinery equipment Total
Group \u20acm \u20acm \u20acm \u20acm
Net carrying amount:
At 1 March 2024
54.9
5.3
39.8
100.0
Translation adjustment
2.4
0.4
0.9
3.7
Additions
8.1
2.7
11.5
22.3
Disposals
(3.0)
\u2013
\u2013
(3.0)
Remeasurement
17.6
\u2013
\u2013
17.6
Depreciation charge for the year
( 7.3)
(5.3)
( 7.9)
(20.5)
Impairment
(2.5)
\u2013
\u2013
(2.5)
At 28 February 2025
70.2
3.1
44.3
117.6
Translation adjustment
(4.1)
\u2013
(2.3)
(6.4)
Additions
\u2013
\u2013
21.5
21.5
Disposals
\u2013
\u2013
(0.2)
(0.2)
Remeasurement
14.1
(0.1)
0.6
14.6
Depreciation charge for the year
(6.8)
(1.3)
(12.7)
(20.8)
Impairment
(1.1)
\u2013
(4.6)
(5.7)
Reclassification
3.2
(0.3)
(2.9)
\u2013
At 28 February 2026
75.5
1.4
43.7
120.6
The freehold land and buildings impairment charge relates to the Group\u2019s Newbridge distribution depot in Edinburgh (\u20ac0.6m) and the Regents Park Road office in London (\u20ac0.5m) and has been recognised in accordance with IAS 36. Impairment within motor vehicles and other leases relates to the brand dispense assets (\u20ac4.6m). These charges have been recognised in exceptional items during the period (see Note 5 for details). ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-581": { "value": "
20. Interest-Bearing Loans And Borrowings
Group
Company
2026 2025 2026 2025
\u20acm \u20acm \u20acm \u20acm
Current assets
Unsecured loans \u2013 issue costs
0.6
0.6
\u2013
\u2013
Private Placement notes \u2013 issue costs
0.1
0.1
0.1
0.1
Non\u2013current liabilities
0.7
0.7
0.1
0.1
Unsecured loans repayable on maturity
(159.1)
(125.0)
\u2013
\u2013
Unsecured loans \u2013 issue costs
1.6
2.2
\u2013
\u2013
Private Placement notes \u2013 issue costs
0.4
0.7
0.4
0.7
Private Placement notes repayable by
one repayment on maturity
(100.6)
(103.5)
(100.6)
(103.5)
(257.7)
(225.6)
(100.2)
(102.8)
Total borrowings
(257.0)
(224.9)
(100.1)
(102.7)
Group and Company
Outstanding borrowings of the Group and Company are net of unamortised issue costs. During
FY2021, the Group completed the successful issue of new US Private Placement (\u2018USPP\u2019) notes
and incurred additional issue costs of \u20ac1.4m in this regard. During FY2023, the Group completed
the successful negotiation of a multi-currency revolving facilities and Euro term loan agreement,
incurring issue costs of \u20ac2.8m which were capitalised at the start of the facility, which commenced
in FY2024.
During FY2024, the Group successfully negotiated a one-year extension to the multi-currency
revolving facilities and Euro term loan agreement, incurring further issue costs of \u20ac0.7m. During
FY2025 the Group completed the second extension of this facility incurring further costs of \u20ac0.5m.
All unamortised issue costs are being amortised to the Income Statement over the remaining life of
the multi-currency revolving facilities agreement, the Euro term loan and the US Private Placement
notes to which they relate. The value of unamortised issue costs at 28 February 2026 was \u20ac2.7m
(FY2025: \u20ac3.6m) of which \u20ac0.7m (FY2025: \u20ac0.7m) is presented as a current asset and \u20ac2.0m
(FY2025: \u20ac2.9m) is netted against non-current liabilities.
Terms and debt repayment schedule
Nominal rates Carrying value Carrying value
of interest at 2026 2025
Group
Currency
28 February 2026
Year of maturity
\u20acm \u20acm
Unsecured term loan Euribor +
repayable on maturity
Euro
1.46%
(1)
2030
100.0
100.0
Unsecured RCF loan Euribor +
repayable on maturity
Euro
1.31%
(1)
2030
25.0
25.0
Unsecured RCF loan
repayable on maturity
GBP
1.31%
(1)
2030
34.1
\u2013
Private Placement notes
repayable on maturity
Euro/GBP
1.6%\u20132.74%
2030/2032
100.6
103.5
259.7
228.5
Nominal rates Carrying value Carrying value
of interest at 2026 2025
Company
Currency
28 February 2026
Year of maturity
\u20acm \u20acm
Private Placement notes
repayable on maturity
Euro/GBP
1.6%\u20132.74%
2030/2032
100.6
103.5
1. The margin rate applied to the unsecured loans repayable on maturity is subject to six-monthly covenant testing of net debt to EBITDA ratio as
outlined below, and a change to this ratio may result in a change in the margin. The upper and lower margin rates applicable are 1.15% to 2.55%
for the unsecured RCF loan and 1.3% to 2.7% for the unsecured term loan.
Borrowing facilities
Group
The Group manages its borrowing requirements by entering into committed loan facility
agreements. It also holds USPP notes which diversifies the Group\u2019s sources of debt finance. The
Group successfully completed a refinancing of its multi-currency facility and Euro term loan
agreement which was repaid in a single instalment following the publication of the Group\u2019s FY2023
Results. The Group entered into a new five-year committed sustainability-linked facility comprised
of a \u20ac250m multi-currency revolving loan facility and a \u20ac100m non-amortising Euro term loan. The
facility offers optionality of two 1-year extensions to the maturity date callable within 12 months and
24 months of the initial drawdown date respectively. The multi-currency facility and the Euro term
syndicate comprises six banks \u2013 ABN Amro Bank, Allied Irish Bank, Bank of Ireland, Barclays Bank,
HSBC and Rabobank. During FY2025, the Group exercised the second optional extension of the
facilities, resulting in maturity being extended to January 2030 (FY2030) on both the multi-currency
facility and Euro term loan.
In March 2020, the Group completed the successful issue of new USPP notes. The unsecured notes,
denominated in both Euro and Sterling, have maturities of 10 and 12 years and diversify the Group\u2019s
sources of debt finance. As at 28 February 2026, the holding is valued at \u20ac100.6m (FY2025: \u20ac103.5m).
Under the terms of the multi-currency facility and Euro term loan, the Group must pay a
commitment fee based on 35% of the applicable margin on undrawn committed amounts and
variable interest on drawn amounts based on variable Euribor/Sonia interest rates plus a margin,
the level of which is dependent on the Net Debt: EBITDA ratio, plus a utilisation fee, the level of which
is dependent on percentage utilisation. The Group may select an interest period of one, two, three
or six months.
The current and future multi-currency revolving facilities agreement provides for a further \u20ac100m
in the form of an uncommitted accordion facility upon approval from the Group\u2019s banking syndicate.
All bank loans drawn are unsecured and rank pari passu. All borrowings of the Group are guaranteed
by a number of the Group\u2019s subsidiary undertakings. The USPP allows the early prepayment of the
notes at any time subject to the payment of a make whole amount to compensate the note holders
for the interest that would have been received on the notes had they not been prepaid early.
All borrowings of the Group at 28 February 2026 are repayable in full on change of control of the
Group.
Company
The Company is an original borrower under the terms of the Group\u2019s multi-currency revolving facility
and Euro term loan but is not a borrower in relation to the Group\u2019s multi-currency revolving facility
and Euro term loan drawn debt at 28 February 2026.
The Company is a borrower with respect to the Group\u2019s USPP notes of \u20ac100.6m (FY2025: \u20ac103.5m)
as at 28 February 2026. Under the terms of the USPP, the Company pays a margin of 1.6% with
respect to \u20ac13.4m of USPP notes (FY2025: \u20ac13.4m) with a 10-year tenure; 1.73% with respect
to \u20ac40.4m (FY2025: \u20ac40.4m) of USPP notes with a 12-year tenure and 2.74% with respect to
\u00a341.1m (FY2025: \u00a341.1m) notes with a 10-year tenure. A fee is payable where Group EBITDA is
below \u20ac120.0m and a below investment grade fee payable when the Group\u2019s credit rating is below
investment grade. These fees will remain applicable until the conditions are met and total 1.50%.
Covenants
The Group\u2019s and Company\u2019s multi-currency revolving facility, which are all classified as non-current,
are contingent on future compliance with the following financial covenants:
\u2022 Interest cover: The ratio of EBITDA to net interest for a period of twelve months ending on each
half-year date will not be less than 3.5:1
\u2022 Net debt: EBITDA: The ratio of net debt on each half-year date to EBITDA for a period of 12 months
ending on a half-year date will not exceed 3.5:1
There is no effect on the Group\u2019s covenants as a result of implementing IFRS 16 Leases as all
covenants are calculated on a pre-IFRS 16 Leases adoption basis.
Further information about the Group\u2019s exposure to interest rate, foreign currency and liquidity risk
is disclosed in Note 24.
21. Analysis of Net Debt
Interest-bearing
loans and Cash and cash Net debt Lease liabilities Net debt
borrowings* equivalents excluding leases (Note 19) including leases
Group \u20acm \u20acm \u20acm \u20acm \u20acm
1 March 2024
(218.0)
160.1
(57.9)
(110.1)
(168.0)
Translation adjustment
(1.7)
5.0
3.3
(4.2)
(0.9)
Additions, disposals and
remeasurements
0.5
\u2013
0.5
(35.6)
(35.1)
Net cash flow
(5.0)
(21.1)
(26.1)
25.5
(0.6)
Non-cash changes
(0.7)
\u2013
(0.7)
( 7.0)
( 7.7 )
28 February 2025
(224.9)
144.0
(80.9)
(131.4)
(212.3)
Translation adjustment
2.8
(7.5)
(4.7)
7.3
2.6
Additions, disposals and
remeasurements
\u2013
\u2013
\u2013
(36.3)
(36.3)
Net cash flow
(34.2)
(0.9)
(35.1)
29.5
(5.6)
Non-cash changes
(0.7)
\u2013
(0.7)
(8.1)
(8.8)
28 February 2026
(257.0)
135.6
(121.4)
(139.0)
(260.4)
* Interest-bearing loans and borrowings at 28 February 2026 are net of unamortised issue costs of \u20ac2.7m (FY2025: \u20ac3.6m).
Unamortised borrowing costs of \u20ac0.7m (FY2025: \u20ac0.7m) are presented within financial assets, please see Notes 20 and 24.
Interest-bearing
loans and Cash and cash
borrowings* equivalents Net debt
Company \u20acm \u20acm \u20acm
1 March 2024
(101.0)
0.3
(100.7)
Translation adjustment
(1.6)
\u2013
(1.6)
Net cash flow
\u2013
(0.2)
(0.2)
Non-cash changes
(0.1)
\u2013
(0.1)
28 February 2025
(102.7)
0.1
(102.6)
Translation adjustment
2.6
\u2013
2.6
Net cash flow
\u2013
\u2013
\u2013
Non-cash changes
(0.1)
\u2013
(0.1)
28 February 2026
(100.2)
0.1
(100.1)
* Interest-bearing loans and borrowings at 28 February 2026 are net of unamortised issue costs of \u20ac0.7 (FY2025: \u20ac0.7m). Unamortised
borrowing costs of \u20ac0.1m (FY2025: \u20ac0.1m) are presented within financial assets, please see Notes 20 and 24.
The non-cash charge to the Company and Group\u2019s interest-bearing loans and borrowings in
the current financial year relates to the amortisation of issue costs of \u20ac0.7m (FY2025: \u20ac0.7m).
The non-cash changes for the Group\u2019s lease liabilities in the current financial year relate to lease
interest/discount unwinding of \u20ac8.1m (FY2025: \u20ac7.0m) \u2013 see Note 19.
As outlined in further detail in Note 28, the Company, together with a number of its subsidiaries,
gave a letter of guarantee to secure its obligations in respect of all debt drawn by the Company
and Group at 28 February 2025.
24. Financial Instruments and Financial Risk Management
The Group\u2019s multinational operations expose it to various financial risks in the ordinary course of
business that include credit risk, liquidity risk, commodity price risk, currency risk and interest rate
risk. This note discusses the Group\u2019s exposure to each of these financial risks and summarises the
risk management strategy for managing these risks. The note is presented as follows:
a) Overview of the Group\u2019s risk exposures and management strategy
b) Financial assets and liabilities as at 28 February 2026 and February 2025 and determination
of fair value
c) Market risk
d) Credit risk
e) Liquidity risk
a) Overview of the Group\u2019s risk exposures and management strategy
The main financial market risks that the Group is exposed to include foreign currency exchange rate
risk, commodity price fluctuations, interest rate risk and financial counterparty creditworthiness.
The Board continues to monitor and manage closely these and all other financial risks faced by
the Group.
The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s
risk management framework. This is executed through various committees to which the Board has
delegated appropriate levels of authority. An essential part of this framework is the role undertaken
by the Audit Committee, supported by the internal audit function and the Chief Financial Officer.
The Board, through its Committees, has reviewed the internal control environment and the risk
management systems and process for identifying and evaluating the significant risks affecting
the business and the policies and procedures by which these risks will be managed effectively.
The Board has embedded these structures and procedures throughout the Group and considers
them to be a robust and efficient mechanism for creating a culture of risk awareness at every level
of management.
The Group\u2019s risk management programme seeks to minimise the potential adverse effects,
arising from fluctuations in financial markets, on the Group\u2019s financial performance in a non-
speculative manner at a reasonable cost when economically viable to do so. The Group achieves
the management of these risks in part, where appropriate, through the use of derivative financial
instruments. All derivative financial contracts entered into in this regard are in liquid markets with
credit-worthy parties. Treasury activities are performed within strict terms of reference that have
been approved by the Board. See currency risk and interest rate risk sections for further details.
b) Financial assets and liabilities
The carrying and fair values of financial assets and liabilities by measurement category were as follows:
2026
2025
Carrying value Fair value Carrying value Fair value
Group \u20acm \u20acm \u20acm \u20acm
Financial assets:
Cash and cash equivalents
(1)
135.6
135.6
144.0
144.0
Trade receivables
(1)
90.6
90.6
100.1
100.1
Advances to customers
(1)
38.1
38.1
40.0
40.0
Unamortised borrowing costs
(1,3)
0.7
0.7
0.7
0.7
Derivative contracts
(2)
0.1
0.1
\u2013
\u2013
265.1
265.1
284.8
284.8
Financial liabilities:
Interest-bearing loans and borrowings
(257.0)
(259.7)
(225.6)
(228.5)
Trade and other payables
(1)
(282.7)
(282.6)
(326.5)
(326.5)
Derivative contracts
(2)
\u2013
\u2013
(0.4)
(0.4)
Other financial liabilities
(1)
(5.0)
(5.0)
(6.2)
(6.2)
(544.7)
(547.3)
(558.7)
(561.6)
(279.6)
(282.2)
(273.9)
(276.8)
1. At amortised cost, excluding statutory balances (VAT of \u20ac18.8m (FY2025: \u20ac14.8m), excise duty of \u20ac18.3m (FY2025: \u20ac24.1m) and payroll taxes
and social security of \u20ac5.3m (FY2025: \u20ac5.0m).
2. Derivatives designated as hedging instruments.
3. Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
2026
2025
Carrying value Fair value Carrying value Fair value
Company \u20acm \u20acm \u20acm \u20acm
Financial assets:
Cash and cash equivalents
(1)
0.1
0.1
0.1
0.1
Unamortised borrowing costs
(1, 2)
0.1
0.1
0.1
0.1
Amounts due from Group
undertakings
(1)
508.2
508.3
579.6
579.6
508.4
508.5
579.8
579.8
Financial liabilities:
Interest-bearing loans and borrowings
(1)
(100.2)
(100.7)
(102.7)
(103.5)
Amounts due to Group undertakings
(1)
(106.6)
(106.6)
(72.0)
(72.0)
Accruals
(1)
(3.9)
(3.9)
(3.6)
(3.5)
(210.7)
(211.2)
(178.3)
(179.0)
297.7
297.3
401.5
400.8
1. At amortised cost.
2. Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
Fair value and carrying information
Set out below are the main methods and assumptions used in estimating the fair values of the
Group\u2019s financial assets and liabilities. There is no material difference between the fair value of
financial assets and liabilities falling due within one year and their carrying amount as, due to the
short-term maturity of these financial assets and liabilities, their carrying amount is deemed to
approximate fair value.
Short-term bank deposits and cash and cash equivalents
The nominal amount of all short-term bank deposits and cash and cash equivalents is deemed to
reflect fair value at the balance sheet date.
Trade receivables and advances to customers
The Group\u2019s trade receivables and advances to customers classified as financial assets are held at
amortised cost, which approximates their fair value as these are short-term in nature; hence, the
maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable.
Unamortised borrowing costs
Unamortised borrowing costs classified as financial assets are held at amortised cost. See Notes 20
and 21 for further details.
Derivative contracts
Derivative contract financial assets and financial liabilities are initially recognised at fair value on the
date that a derivative contract is entered into, and they are subsequently remeasured to their fair
value at the end of each reporting period (see section (c) below).
Interest-bearing loans and borrowings
The fair value of all interest-bearing loans and borrowings has been calculated by discounting all
future cash flows to their present value using a market rate reflecting the Group\u2019s cost of borrowing
at the balance sheet date (Level 2). See Note 20 for further details.
Trade and other payables
The carrying amount of all trade payables is deemed to reflect fair value at the balance sheet date.
Other financial liabilities
The carrying value and valuation basis of the Group\u2019s other financial liabilities are set out in Note 25 .
c) Market risk
Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange
rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial
instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return on risk.
Commodity price risk
The Group is exposed to variability in the price of commodities used in the production or in the
packaging of finished products, such as apples, glass, barley, aluminium, polymer, wheat and sugar/
glucose. Commodity price risk is managed, where economically viable, through fixed price contracts
with suppliers incorporating appropriate commodity hedging and pricing mechanisms. The Group
does not directly enter into commodity hedge contracts. The cost of production is also sensitive to
variability in the price of energy, primarily gas and electricity. It is Group policy to fix the cost of a
certain level of its energy requirement through fixed price contractual arrangements directly with
its energy suppliers.
Currency risk
The Company\u2019s functional and reporting currency is Euro. The Euro is also the Group\u2019s reporting
currency and the currency used for all planning and budgetary purposes. The Group is exposed to
currency risk in relation to sales and purchase transactions by Group companies in currencies other
than their functional currency (transaction risk), and fluctuations in the Euro value of the Group\u2019s
net investment in foreign currency (primarily Sterling) denominated subsidiary undertakings
(translation risk). Currency exposures for the entire Group are managed and controlled centrally.
The Group seeks to minimise its foreign currency transaction exposure, when possible, by offsetting
the foreign currency input costs against the same foreign currency receipts, creating a natural
hedge. When the remaining net currency exposure is material, the Group enters into foreign
currency forward contracts to mitigate and protect against adverse movements in currency risk
and remove uncertainty over the foreign currency equivalent cash flows. At 28 February 2026, the
Group had \u20ac9.5m of forward foreign currency cash flow hedges outstanding (FY2025: \u20ac11.8m).
In addition, the Group has a number of long-term intra-group loans for which settlement is neither
planned nor likely to happen in the foreseeable future, and as a consequence of which are deemed
quasi equity in nature and are therefore part of the Group\u2019s net investment in its foreign operations.
The Group does not hedge the translation exposure arising on the translation of the profits of
foreign currency subsidiaries.
The net currency gains and losses on transactional currency exposures are recognised in the Income
Statement and the changes arising from fluctuations in the Euro value of the Group\u2019s net investment
in foreign operations are reported separately within Other Comprehensive Income.
2026 2025
Group \u20acm \u20acm
Derivatives:
Cash flow hedges \u2013 currency forwards
\u2013
(0.4)
Total
\u2013
(0.4)
Interrelationship
between significant
Significant unobservable inputs and
Type
Valuation technique
unobservable inputs fair value measurement
Foreign Forward pricing: The fair value is determined
Not applicable.
Not applicable.
currency using quoted forward exchange rates at the
forward reporting date and present value calculations
contracts based on high credit quality yield curves in
respective currencies.
Hedge ineffectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the
hedged item and hedging instrument. For hedges of foreign currency purchases, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms
of the hedged item. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item, such that the critical terms no longer match
exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness.
In hedges of foreign currency purchases, ineffectiveness might arise if the timing of the forecast transaction changes from what was originally estimated, or if a degree of forecast purchases are no
longer highly probable to occur. The hedging ratio is 1:1 as the quantity of purchases designated matches the notional amount of the hedging instrument. No ineffectiveness was recognised in the Income
Statement in the current or prior financial year.
The currency profile of the Group and Company\u2019s financial instruments subject to translational exposure as at 28 February 2026 is as follows:
Euro Sterling USD AUD NZD Not at risk Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
2.0
1.1
0.8
\u2013
0.3
131.4
135.6
Trade receivables
4.0
0.1
1.3
0.6
0.3
84.3
90.6
Advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
38.1
38.1
Interest-bearing loans and borrowings*
(122.6)
(41.3)
\u2013
\u2013
\u2013
(93.1)
(257.0)
Lease liabilities
\u2013
(1.2)
\u2013
\u2013
\u2013
(137.8)
(139.0)
Trade and other payables
(18.2)
(8.0)
(1.7)
(0.1)
(0.8)
(296.3)
(325.1)
Financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(5.0)
(5.0)
Gross currency exposure
(134.8)
(49.3)
0.4
0.5
(0.2)
(278.4)
(461.8)
Sterling USD Not at risk Total
Company \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
\u2013
\u2013
0.1
0.1
Interest-bearing loans and borrowings*
(41.3)
\u2013
(58.9)
(100.2)
Net amounts due from Group undertakings
42.9
(0.6)
359.3
401.6
Accruals
\u2013
\u2013
(3.9)
(3.9)
Gross currency exposure
1.6
(0.6)
296.6
297.6
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
The currency profile of the Group and Company\u2019s financial instruments subject to translational exposure as at 28 February 2025 was as follows:
Euro Sterling USD AUD NZD ZAR Not at risk Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
3.6
3.0
4.4
0.4
0.2
\u2013
132.4
144.0
Trade receivables
4.7
\u2013
0.8
0.7
0.5
\u2013
93.4
100.1
Advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
40.0
40.0
Interest-bearing loans and borrowings*
(121.9)
(49.7)
\u2013
\u2013
\u2013
\u2013
(53.3)
(224.9)
Lease liabilities
\u2013
(2.1)
\u2013
\u2013
\u2013
\u2013
(129.3)
(131.4)
Trade and other payables
(19.5)
(12.2)
(3.4)
(0.3)
(1.3)
\u2013
(289.8)
(326.5)
Financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(6.2)
(6.2)
Gross currency exposure
(133.1)
(61.0)
1.8
0.8
(0.6)
\u2013
(212.8)
(404.9)
Sterling USD Not at risk Total
Company \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
0.1
\u2013
\u2013
0.1
Interest-bearing loans and borrowings*
(49.6)
\u2013
(53.1)
(102.7)
Net amounts due to Group undertakings
10.8
\u2013
496.8
507.6
Accruals
\u2013
\u2013
(3.6)
(3.6)
Gross currency exposure
(38.7)
\u2013
440.1
401.4
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
A 10% strengthening in the Euro against all currencies noted above, based on outstanding financial assets and liabilities at 28 February 2026, would have a \u20ac4.4m positive impact (FY2025: \u20ac5.4m) on equity.
A 10% weakening in the Euro against all currencies noted above would have a \u20ac5.4m negative effect (FY2025: \u20ac6.6m) on equity. This analysis assumes that all other variables, in particular interest rates,
remain constant.
Interest rate risk
The interest rate profile of the Group and Company\u2019s interest-bearing financial instruments at the reporting date is summarised as follows:
Group
Company
2026 2025 2026 2025
Interest rate profile \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
Floating rate
135.6
144.0
0.1
0.1
Unsecured term and RCF loans*
Floating rate
(156.9)
(122.1)
\u2013
\u2013
Private Placement notes*
Fixed rate
(100.2)
(102.8)
(100.2)
(102.8)
(121.5)
(80.9)
(100.1)
(102.7)
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
Interrelationship
between significant
Significant unobservable inputs and
Type
Valuation technique
unobservable inputs fair value measurement
Interest Swap models: The fair value is calculated as the
Not applicable.
Not applicable.
rate swaps present value of the estimated future cash flows.
Estimates of future floating-rate cash flows are
based on quoted swap rates, futures prices and
interbank borrowing rates.
Estimated cash flows are discounted using a
yield curve constructed from similar sources and
which reflects the relevant benchmark interbank
rate used by market participants for this purpose
when pricing interest rate swaps.
The fair value estimate is subject to a credit risk
adjustment that reflects the credit risk of the
Group and of the counterparty; this is calculated
based on credit spreads derived from current
credit default swap or bond prices.
The Group exposure to interest rate risk arises principally from its long-term debt obligations.
A 0.25% increase/decrease in Euribor and Sonia rates would result in a \u20ac0.7m (FY2025: \u20ac0.7m)
impact on the Income Statement, over the duration of the tenure, with respect to the interest
charge on interest-bearing loans and borrowings.
The Group is exposed to interest rate risk in relation to its \u20ac350m multi-currency interest-bearing
revolving credit facility. With the Group\u2019s USPP notes, there is a portion of long-term debt obligations
where the interest is fixed for the duration of the facilities and not subject to changes in Euribor and
Sonia rates. Interest rate exposures for the Group are managed and controlled centrally. The Group
seeks to minimise its interest rate exposure by assessing and executing hedging strategies in a non-
speculative manner, in line with Group policy and at a reasonable cost when economically viable to do so.
As at 28 February 2026, the Group had a portion of its interest rate risk hedged with the objective to
manage risk of the Group\u2019s long-term exposure to interest rates and in line with C&C Group Policy.
Following European Central Bank and Bank of England rates cuts from mid-2024 through 2025, the
Group reassessed its exposure prior to \u20ac60m of interest rate hedge maturing in September 2025.
As a result of the reassessment, the Group has executed a \u20ac100m three-year Euro interest rate
hedge against Euro debt facilities exposed to EURIBOR fluctuations. The hedge was executed in line
with the Group guardrails and ensures that 77% (FY2025: 72%) of the Group\u2019s interest-bearing loans
and borrowings as at 28 February 2026 are now either hedged or fixed through the USPP notes. The
USPP notes were issued in March 2020 with a fixed interest rate for Euro and GBP notes, the notes
have maturity dates ranging from 2030 to 2032.
Derivatives are only used for economic hedging purposes and not as speculative investments.
However, where derivatives do not meet the hedge accounting criteria, they are classified as
\u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through the Income
Statement. They are presented as current assets or liabilities to the extent they are expected to be
settled within 12 months after the end of the reporting period.
2026 2025
Group \u20acm \u20acm
Hedging reserves \u2013 interest rate hedges
Opening balance 1 March
(0.4)
0.3
Change in fair value of hedging recognised in Other Comprehensive
Income for the year
0.5
(0.7)
Closing balance 28 February \u2013 continuing interest rate hedges
0.1
(0.4)
Hedge ineffectiveness is determined at the inception of the hedge relationship, and through periodic
prospective effectiveness assessments, to ensure that an economic relationship exists between the
hedged item and hedging instrument.
For hedges of interest rates, the critical terms of the hedging instrument match exactly with the
terms of the hedged item. The Group therefore performs a qualitative assessment of effectiveness.
If changes in circumstances affect the terms of the hedged item, such that the critical terms
no longer match exactly with the critical terms of the hedging instrument, the Group uses the
hypothetical derivative method to assess effectiveness. In hedges of interest rates, ineffectiveness
might arise on the sale of the business or repayment of debt which would impact hedged item.
No ineffectiveness was recognised in the Income Statement in the current or prior financial year.
d) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s trade
receivables, its cash advances to customers, cash and cash equivalents (including deposits with
banks) and derivative financial instruments contracted with banks. The Group has an indirect
exposure to European Sovereigns via its defined benefit pension scheme investment portfolio. In the
context of the Group\u2019s operations, credit risk is mainly influenced by the individual characteristics of
individual counterparties and is not considered particularly concentrated as it primarily arises from
a wide and varied customer base; there are no material dependencies or concentrations of individual
customers which would warrant disclosure under IFRS 8 Operating Segments.
The Group has detailed procedures for monitoring and managing the credit risk related to its
trade receivables and advances to customers based on experience, customer track records and
historic default rates and forward-looking information, such as concentration maturity and the
macroeconomic circumstances within the Group\u2019s primary trading markets.
Generally, individual \u2018risk limits\u2019 are set on a customer-by-customer basis and risk is only accepted
above such limits in defined circumstances. A strict credit assessment is made of all new applicants
who request credit-trading terms. The utilisation and revision, where appropriate, of credit limits
is regularly monitored. Impairment provision accounts are used to record impairment losses
unless the Group is satisfied that no recovery of the amount owing is possible. At that point, the
amount is considered irrecoverable and is written off directly against the trade receivable or
advance to customer. The Group also manages credit risk through the use of a receivables purchase
arrangement, for an element of its trade receivables. Under the terms of this arrangement,
the Group transfers the credit risk, late payment risk and control of the receivables sold. As at
28 February 2026, the Group\u2019s year end cash and cash equivalents had benefited by \u20ac104.2m
(FY2025: \u20ac109.8m) with respect to this purchase arrangement. The Group\u2019s trade receivables
subject to the programme are derecognised as the arrangement meets the derecognition criteria
in IFRS 9 Financial Instruments.
Advances to customers are generally secured by, amongst others, rights over property or intangible
assets, such as the right to take possession of the premises of the customer. During the financial
year, the Group did not exercise its right to take possession of any material collateral that would
require disclosure. At 28 February 2026, the Group held collateral of \u20ac1.3m (FY2025: \u20ac0.3m) on
financial assets that are credit impaired and recognised no expected credit loss on financial assets
of \u20ac18.3m (FY2025: \u20ac18.3m) due to collateral.
Interest rates calculated on repayment/annuity advances are generally based on the risk-free rate
plus a margin, which takes into account the risk profile of the customer and value of security given.
The Group establishes an allowance for impairment of customer\u2019s advances that represents its
estimate of potential future losses.
From time to time, the Group holds significant cash and cash equivalents balances, which are
invested on a short-term basis and disclosed under cash and cash equivalent s in the Consolidated
Balance Sheet. Risk of counterparty default arising on short-term cash deposits is controlled within
a framework of dealing primarily with banks who are members of the Group\u2019s banking syndicate,
and by limiting the credit exposure to any one of these banks or institutions. Management does
not expect any counterparty to fail to meet its obligations.
The Company also bears credit risk in relation to amounts owed by Group undertakings and from
guarantees provided in respect of the liabilities of wholly owned subsidiaries as disclosed in Note 28.
The carrying amount of financial assets, net of impairment provisions represents the maximum
credit exposure. The maximum exposure to credit risk at the reporting date was:
Group
Company
2026 2025 2026 2025
Group \u20acm \u20acm \u20acm \u20acm
Trade receivables
90.6
100.1
\u2013
\u2013
Advances to customers
38.1
40.0
\u2013
\u2013
Amounts due from Group
undertakings
\u2013
\u2013
508.2
579.6
Cash and cash equivalents
135.6
144.0
0.1
0.1
264.3
284.1
508.3
579.7
The ageing of trade receivables and advances to customers together with an analysis of movement
in the Group\u2019s impairment provisions against these receivables are disclosed in Note 15. The Group
does not have any significant concentrations of risk.
e) Liquidity risk
Liquidity risk is the risk that the Group or Company will not be able to meet its financial obligations
as they fall due.
The Group\u2019s policy is to ensure that sufficient resources are available either from cash and cash
equivalents balances, cash flows or committed bank facilities to meet all debt obligations as they
fall due. To achieve this, the Group (a) maintains adequate cash and cash equivalents balances;
(b) prepares detailed cash projections; and (c) keeps refinancing options under review. In addition,
the Group maintains an overdraft facility that is unsecured.
Cash and liquidity continue to be a key focus for the Group.
In March 2020, the Group completed the successful issue of the new USPP notes. The unsecured
notes, denominated in both Euro and Sterling, have maturities of 10 and 12 years and diversify the
Group\u2019s sources of debt finance.
The Group successfully negotiated and completed a refinancing of the current multi-currency
facility agreement which was repayable in a single instalment in May 2023 following the
announcement of the Group\u2019s FY2023 Results, at which point the new facility began. The Group has
entered into a new five-year committed sustainability-linked facility comprised of a \u20ac250m multi-
currency revolving loan facility and a \u20ac100m non-amortising Euro term loan, both with a maturity
of FY2028. The facility offers optionality of two 1-year extensions to the maturity date callable within
12 months and 24 months of initial drawdown respectively. During FY2025, the Group exercised
the second optional extension of the facilities bringing the maturity date of \u20ac250m multi-currency
revolving loan facility and a \u20ac100m non-amortising Euro term loan to January 2030 (FY2030).
Both the multi-currency facility and the Euro term loan were negotiated with six banks, namely
ABN Amro Bank, Allied Irish Bank, Bank of Ireland, Barclays Bank, HSBC and Rabobank.
The multi-currency revolving facilities agreement provides for a further \u20ac100m in the form of an
uncommitted accordion facility. At 28 February 2026 the Group had \u20ac159.1m drawn down from the
term loan and multi-currency revolving facilities (FY2025: \u20ac125.0m) and \u20ac100.2m drawn down from
Private Placement notes (FY2025: \u20ac103.5m).
The Company and Group had no financial indebtedness in the form of non-bank debt.
All bank loans drawn are unsecured and rank pari passu. All borrowings of the Group are guaranteed
by a number of the Group\u2019s subsidiary undertakings. The Euro term loan and multi-currency facilities
agreement allows the early repayment of debt without incurring additional charges or penalties. The
USPP allows the early prepayment of the notes at any time subject to the payment of a make whole
amount to compensate the note holders for the interest that would have been received on the notes
had they not been prepaid early.
All borrowings of the Company and Group at 28 February 2026 are repayable in full on change of
control of the Group.
The Company and the Group complied with all covenants at each reporting date in the current and
prior financial year. There is no effect on the Group\u2019s covenants as a result of implementing IFRS 16
Leases in FY2020 as all covenants are calculated on a pre-IFRS 16 Leases adoption basis.
he following are the contractual maturities of financial liabilities, including interest payments:
2026
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(257.0)
(301.5)
(4.9)
(4.9)
(9.7)
(282.0)
Trade and other payables
(325.1)
(325.1)
(325.1)
\u2013
\u2013
\u2013
Lease liabilities
(139.0)
(188.6)
(13.1)
(13.1)
(24.8)
(137.6)
Other financial liabilities
(5.0)
(5.2)
(0.5)
(0.5)
(0.9)
(3.3)
Total
(726.1)
(820.4)
(343.6)
(18.5)
(35.4)
(422.9)
2025
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(224.9)
(277.1)
(4.5)
(4.5)
(8.9)
(259.2)
Trade and other payables
(326.5)
(326.5)
(326.5)
\u2013
\u2013
\u2013
Lease liabilities
(131.4)
(17 7.1)
(13.4)
(13.4)
(23.1)
(127.2)
Other financial liabilities
(6.2)
(6.2)
\u2013
(1.0)
(1.0)
(4.2)
Total
(689.0)
(786.9)
(344.4)
(18.9)
(33.0)
(390.6)
2026
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Company \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(100.2)
(118.7)
(1.9)
(1.9)
(3.7)
(111.2)
Amounts due to Group undertakings
(106.6)
(106.7)
(53.4)
(53.3)
\u2013
\u2013
Accruals
(3.9)
(3.9)
(3.9)
\u2013
\u2013
\u2013
Total contracted outflows
(210.7)
(229.3)
(59.2)
(55.2)
(3.7)
(111.2)
Company
2025
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
\u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(102.7)
(126.3)
(1.9)
(1.9)
(3.8)
(118.8)
Amounts due to Group undertakings
(72.0)
(72.0)
(72.0)
\u2013
\u2013
\u2013
Accruals
(3.6)
(3.6)
(3.6)
\u2013
\u2013
\u2013
Total contracted outflows
(178.3)
(201.9)
( 77.5)
(1.9)
(3.8)
(118.8)
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
25. Other Financial Liabilities
2026 2025
Group \u20acm \u20acm
Contractual financial liabilities:
At 1 March
6.2
6.8
Translation adjustment
(0.3)
0.2
Charged during the year
\u2013
\u2013
Utilised during the year
(1.0)
(1.0)
Unwinding of discount on provisions
0.1
0.2
At end of year
5.0
6.2
Disclosure of financial liabilities
2026 2025
Group \u20acm \u20acm
Current liabilities
0.9
1.0
Non-current liabilities
4.1
5.2
5.0
6.2
During the year ended 29 February 2024, the Group made an offer to settle some of its onerous
contract obligations with its bittersweet apple suppliers (see Note 18) and accordingly \u20ac6.8m was
reclassified as a financial liability and initially recognised at fair value based on the present value of
the future payments, in accordance with IFRS 9. During FY2026, a total of \u20ac1.6m has been paid to
the suppliers comprising \u20ac1.0m in respect of financial liabilities and \u20ac0.6m in respect of onerous
contracts (see Note 18).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-673": { "value": "20. Interest-Bearing Loans And Borrowings
Group
Company
2026 2025 2026 2025
\u20acm \u20acm \u20acm \u20acm
Current assets
Unsecured loans \u2013 issue costs
0.6
0.6
\u2013
\u2013
Private Placement notes \u2013 issue costs
0.1
0.1
0.1
0.1
Non\u2013current liabilities
0.7
0.7
0.1
0.1
Unsecured loans repayable on maturity
(159.1)
(125.0)
\u2013
\u2013
Unsecured loans \u2013 issue costs
1.6
2.2
\u2013
\u2013
Private Placement notes \u2013 issue costs
0.4
0.7
0.4
0.7
Private Placement notes repayable by
one repayment on maturity
(100.6)
(103.5)
(100.6)
(103.5)
(257.7)
(225.6)
(100.2)
(102.8)
Total borrowings
(257.0)
(224.9)
(100.1)
(102.7)
Group and Company Outstanding borrowings of the Group and Company are net of unamortised issue costs. During FY2021, the Group completed the successful issue of new US Private Placement (\u2018USPP\u2019) notes and incurred additional issue costs of \u20ac1.4m in this regard. During FY2023, the Group completed the successful negotiation of a multi-currency revolving facilities and Euro term loan agreement, incurring issue costs of \u20ac2.8m which were capitalised at the start of the facility, which commenced in FY2024. During FY2024, the Group successfully negotiated a one-year extension to the multi-currency revolving facilities and Euro term loan agreement, incurring further issue costs of \u20ac0.7m. During FY2025 the Group completed the second extension of this facility incurring further costs of \u20ac0.5m. All unamortised issue costs are being amortised to the Income Statement over the remaining life of the multi-currency revolving facilities agreement, the Euro term loan and the US Private Placement notes to which they relate. The value of unamortised issue costs at 28 February 2026 was \u20ac2.7m (FY2025: \u20ac3.6m) of which \u20ac0.7m (FY2025: \u20ac0.7m) is presented as a current asset and \u20ac2.0m (FY2025: \u20ac2.9m) is netted against non-current liabilities. Terms and debt repayment schedule
Nominal rates Carrying value Carrying value
of interest at 2026 2025
Group
Currency
28 February 2026
Year of maturity
\u20acm \u20acm
Unsecured term loan Euribor +
repayable on maturity
Euro
1.46%
(1)
2030
100.0
100.0
Unsecured RCF loan Euribor +
repayable on maturity
Euro
1.31%
(1)
2030
25.0
25.0
Unsecured RCF loan
repayable on maturity
GBP
1.31%
(1)
2030
34.1
\u2013
Private Placement notes
repayable on maturity
Euro/GBP
1.6%\u20132.74%
2030/2032
100.6
103.5
259.7
228.5
Nominal rates Carrying value Carrying value
of interest at 2026 2025
Company
Currency
28 February 2026
Year of maturity
\u20acm \u20acm
Private Placement notes
repayable on maturity
Euro/GBP
1.6%\u20132.74%
2030/2032
100.6
103.5
1. The margin rate applied to the unsecured loans repayable on maturity is subject to six-monthly covenant testing of net debt to EBITDA ratio as outlined below, and a change to this ratio may result in a change in the margin. The upper and lower margin rates applicable are 1.15% to 2.55% for the unsecured RCF loan and 1.3% to 2.7% for the unsecured term loan. Borrowing facilities Group The Group manages its borrowing requirements by entering into committed loan facility agreements. It also holds USPP notes which diversifies the Group\u2019s sources of debt finance. The Group successfully completed a refinancing of its multi-currency facility and Euro term loan agreement which was repaid in a single instalment following the publication of the Group\u2019s FY2023 Results. The Group entered into a new five-year committed sustainability-linked facility comprised of a \u20ac250m multi-currency revolving loan facility and a \u20ac100m non-amortising Euro term loan. The facility offers optionality of two 1-year extensions to the maturity date callable within 12 months and 24 months of the initial drawdown date respectively. The multi-currency facility and the Euro term syndicate comprises six banks \u2013 ABN Amro Bank, Allied Irish Bank, Bank of Ireland, Barclays Bank, HSBC and Rabobank. During FY2025, the Group exercised the second optional extension of the facilities, resulting in maturity being extended to January 2030 (FY2030) on both the multi-currency facility and Euro term loan. In March 2020, the Group completed the successful issue of new USPP notes. The unsecured notes, denominated in both Euro and Sterling, have maturities of 10 and 12 years and diversify the Group\u2019s sources of debt finance. As at 28 February 2026, the holding is valued at \u20ac100.6m (FY2025: \u20ac103.5m). Under the terms of the multi-currency facility and Euro term loan, the Group must pay a commitment fee based on 35% of the applicable margin on undrawn committed amounts and variable interest on drawn amounts based on variable Euribor/Sonia interest rates plus a margin, the level of which is dependent on the Net Debt: EBITDA ratio, plus a utilisation fee, the level of which is dependent on percentage utilisation. The Group may select an interest period of one, two, three or six months. The current and future multi-currency revolving facilities agreement provides for a further \u20ac100m in the form of an uncommitted accordion facility upon approval from the Group\u2019s banking syndicate. All bank loans drawn are unsecured and rank pari passu. All borrowings of the Group are guaranteed by a number of the Group\u2019s subsidiary undertakings. The USPP allows the early prepayment of the notes at any time subject to the payment of a make whole amount to compensate the note holders for the interest that would have been received on the notes had they not been prepaid early. All borrowings of the Group at 28 February 2026 are repayable in full on change of control of the Group. Company The Company is an original borrower under the terms of the Group\u2019s multi-currency revolving facility and Euro term loan but is not a borrower in relation to the Group\u2019s multi-currency revolving facility and Euro term loan drawn debt at 28 February 2026. The Company is a borrower with respect to the Group\u2019s USPP notes of \u20ac100.6m (FY2025: \u20ac103.5m) as at 28 February 2026. Under the terms of the USPP, the Company pays a margin of 1.6% with respect to \u20ac13.4m of USPP notes (FY2025: \u20ac13.4m) with a 10-year tenure; 1.73% with respect to \u20ac40.4m (FY2025: \u20ac40.4m) of USPP notes with a 12-year tenure and 2.74% with respect to \u00a341.1m (FY2025: \u00a341.1m) notes with a 10-year tenure. A fee is payable where Group EBITDA is below \u20ac120.0m and a below investment grade fee payable when the Group\u2019s credit rating is below investment grade. These fees will remain applicable until the conditions are met and total 1.50%. Covenants The Group\u2019s and Company\u2019s multi-currency revolving facility, which are all classified as non-current, are contingent on future compliance with the following financial covenants: \u2022 Interest cover: The ratio of EBITDA to net interest for a period of twelve months ending on each half-year date will not be less than 3.5:1 \u2022 Net debt: EBITDA: The ratio of net debt on each half-year date to EBITDA for a period of 12 months ending on a half-year date will not exceed 3.5:1 There is no effect on the Group\u2019s covenants as a result of implementing IFRS 16 Leases as all covenants are calculated on a pre-IFRS 16 Leases adoption basis. Further information about the Group\u2019s exposure to interest rate, foreign currency and liquidity risk is disclosed in Note 24. b) Financial assets and liabilities The carrying and fair values of financial assets and liabilities by measurement category were as follows:
2026
2025
Carrying value Fair value Carrying value Fair value
Group \u20acm \u20acm \u20acm \u20acm
Financial assets:
Cash and cash equivalents
(1)
135.6
135.6
144.0
144.0
Trade receivables
(1)
90.6
90.6
100.1
100.1
Advances to customers
(1)
38.1
38.1
40.0
40.0
Unamortised borrowing costs
(1,3)
0.7
0.7
0.7
0.7
Derivative contracts
(2)
0.1
0.1
\u2013
\u2013
265.1
265.1
284.8
284.8
Financial liabilities:
Interest-bearing loans and borrowings
(257.0)
(259.7)
(225.6)
(228.5)
Trade and other payables
(1)
(282.7)
(282.6)
(326.5)
(326.5)
Derivative contracts
(2)
\u2013
\u2013
(0.4)
(0.4)
Other financial liabilities
(1)
(5.0)
(5.0)
(6.2)
(6.2)
(544.7)
(547.3)
(558.7)
(561.6)
(279.6)
(282.2)
(273.9)
(276.8)
1. At amortised cost, excluding statutory balances (VAT of \u20ac18.8m (FY2025: \u20ac14.8m), excise duty of \u20ac18.3m (FY2025: \u20ac24.1m) and payroll taxes and social security of \u20ac5.3m (FY2025: \u20ac5.0m). 2. Derivatives designated as hedging instruments. 3. Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
2026
2025
Carrying value Fair value Carrying value Fair value
Company \u20acm \u20acm \u20acm \u20acm
Financial assets:
Cash and cash equivalents
(1)
0.1
0.1
0.1
0.1
Unamortised borrowing costs
(1, 2)
0.1
0.1
0.1
0.1
Amounts due from Group
undertakings
(1)
508.2
508.3
579.6
579.6
508.4
508.5
579.8
579.8
Financial liabilities:
Interest-bearing loans and borrowings
(1)
(100.2)
(100.7)
(102.7)
(103.5)
Amounts due to Group undertakings
(1)
(106.6)
(106.6)
(72.0)
(72.0)
Accruals
(1)
(3.9)
(3.9)
(3.6)
(3.5)
(210.7)
(211.2)
(178.3)
(179.0)
297.7
297.3
401.5
400.8
1. At amortised cost. 2. Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. 25. Other Financial Liabilities
2026 2025
Group \u20acm \u20acm
Contractual financial liabilities:
At 1 March
6.2
6.8
Translation adjustment
(0.3)
0.2
Charged during the year
\u2013
\u2013
Utilised during the year
(1.0)
(1.0)
Unwinding of discount on provisions
0.1
0.2
At end of year
5.0
6.2
Disclosure of financial liabilities
2026 2025
Group \u20acm \u20acm
Current liabilities
0.9
1.0
Non-current liabilities
4.1
5.2
5.0
6.2
During the year ended 29 February 2024, the Group made an offer to settle some of its onerous contract obligations with its bittersweet apple suppliers (see Note 18) and accordingly \u20ac6.8m was reclassified as a financial liability and initially recognised at fair value based on the present value of the future payments, in accordance with IFRS 9. During FY2026, a total of \u20ac1.6m has been paid to the suppliers comprising \u20ac1.0m in respect of financial liabilities and \u20ac0.6m in respect of onerous contracts (see Note 18).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-622": { "value": "20. Interest-Bearing Loans And Borrowings
Group
Company
2026 2025 2026 2025
\u20acm \u20acm \u20acm \u20acm
Current assets
Unsecured loans \u2013 issue costs
0.6
0.6
\u2013
\u2013
Private Placement notes \u2013 issue costs
0.1
0.1
0.1
0.1
Non\u2013current liabilities
0.7
0.7
0.1
0.1
Unsecured loans repayable on maturity
(159.1)
(125.0)
\u2013
\u2013
Unsecured loans \u2013 issue costs
1.6
2.2
\u2013
\u2013
Private Placement notes \u2013 issue costs
0.4
0.7
0.4
0.7
Private Placement notes repayable by
one repayment on maturity
(100.6)
(103.5)
(100.6)
(103.5)
(257.7)
(225.6)
(100.2)
(102.8)
Total borrowings
(257.0)
(224.9)
(100.1)
(102.7)
Group and Company Outstanding borrowings of the Group and Company are net of unamortised issue costs. During FY2021, the Group completed the successful issue of new US Private Placement (\u2018USPP\u2019) notes and incurred additional issue costs of \u20ac1.4m in this regard. During FY2023, the Group completed the successful negotiation of a multi-currency revolving facilities and Euro term loan agreement, incurring issue costs of \u20ac2.8m which were capitalised at the start of the facility, which commenced in FY2024. During FY2024, the Group successfully negotiated a one-year extension to the multi-currency revolving facilities and Euro term loan agreement, incurring further issue costs of \u20ac0.7m. During FY2025 the Group completed the second extension of this facility incurring further costs of \u20ac0.5m. All unamortised issue costs are being amortised to the Income Statement over the remaining life of the multi-currency revolving facilities agreement, the Euro term loan and the US Private Placement notes to which they relate. The value of unamortised issue costs at 28 February 2026 was \u20ac2.7m (FY2025: \u20ac3.6m) of which \u20ac0.7m (FY2025: \u20ac0.7m) is presented as a current asset and \u20ac2.0m (FY2025: \u20ac2.9m) is netted against non-current liabilities. Terms and debt repayment schedule
Nominal rates Carrying value Carrying value
of interest at 2026 2025
Group
Currency
28 February 2026
Year of maturity
\u20acm \u20acm
Unsecured term loan Euribor +
repayable on maturity
Euro
1.46%
(1)
2030
100.0
100.0
Unsecured RCF loan Euribor +
repayable on maturity
Euro
1.31%
(1)
2030
25.0
25.0
Unsecured RCF loan
repayable on maturity
GBP
1.31%
(1)
2030
34.1
\u2013
Private Placement notes
repayable on maturity
Euro/GBP
1.6%\u20132.74%
2030/2032
100.6
103.5
259.7
228.5
Nominal rates Carrying value Carrying value
of interest at 2026 2025
Company
Currency
28 February 2026
Year of maturity
\u20acm \u20acm
Private Placement notes
repayable on maturity
Euro/GBP
1.6%\u20132.74%
2030/2032
100.6
103.5
1. The margin rate applied to the unsecured loans repayable on maturity is subject to six-monthly covenant testing of net debt to EBITDA ratio as outlined below, and a change to this ratio may result in a change in the margin. The upper and lower margin rates applicable are 1.15% to 2.55% for the unsecured RCF loan and 1.3% to 2.7% for the unsecured term loan. Borrowing facilities Group The Group manages its borrowing requirements by entering into committed loan facility agreements. It also holds USPP notes which diversifies the Group\u2019s sources of debt finance. The Group successfully completed a refinancing of its multi-currency facility and Euro term loan agreement which was repaid in a single instalment following the publication of the Group\u2019s FY2023 Results. The Group entered into a new five-year committed sustainability-linked facility comprised of a \u20ac250m multi-currency revolving loan facility and a \u20ac100m non-amortising Euro term loan. The facility offers optionality of two 1-year extensions to the maturity date callable within 12 months and 24 months of the initial drawdown date respectively. The multi-currency facility and the Euro term syndicate comprises six banks \u2013 ABN Amro Bank, Allied Irish Bank, Bank of Ireland, Barclays Bank, HSBC and Rabobank. During FY2025, the Group exercised the second optional extension of the facilities, resulting in maturity being extended to January 2030 (FY2030) on both the multi-currency facility and Euro term loan. In March 2020, the Group completed the successful issue of new USPP notes. The unsecured notes, denominated in both Euro and Sterling, have maturities of 10 and 12 years and diversify the Group\u2019s sources of debt finance. As at 28 February 2026, the holding is valued at \u20ac100.6m (FY2025: \u20ac103.5m). Under the terms of the multi-currency facility and Euro term loan, the Group must pay a commitment fee based on 35% of the applicable margin on undrawn committed amounts and variable interest on drawn amounts based on variable Euribor/Sonia interest rates plus a margin, the level of which is dependent on the Net Debt: EBITDA ratio, plus a utilisation fee, the level of which is dependent on percentage utilisation. The Group may select an interest period of one, two, three or six months. The current and future multi-currency revolving facilities agreement provides for a further \u20ac100m in the form of an uncommitted accordion facility upon approval from the Group\u2019s banking syndicate. All bank loans drawn are unsecured and rank pari passu. All borrowings of the Group are guaranteed by a number of the Group\u2019s subsidiary undertakings. The USPP allows the early prepayment of the notes at any time subject to the payment of a make whole amount to compensate the note holders for the interest that would have been received on the notes had they not been prepaid early. All borrowings of the Group at 28 February 2026 are repayable in full on change of control of the Group. Company The Company is an original borrower under the terms of the Group\u2019s multi-currency revolving facility and Euro term loan but is not a borrower in relation to the Group\u2019s multi-currency revolving facility and Euro term loan drawn debt at 28 February 2026. The Company is a borrower with respect to the Group\u2019s USPP notes of \u20ac100.6m (FY2025: \u20ac103.5m) as at 28 February 2026. Under the terms of the USPP, the Company pays a margin of 1.6% with respect to \u20ac13.4m of USPP notes (FY2025: \u20ac13.4m) with a 10-year tenure; 1.73% with respect to \u20ac40.4m (FY2025: \u20ac40.4m) of USPP notes with a 12-year tenure and 2.74% with respect to \u00a341.1m (FY2025: \u00a341.1m) notes with a 10-year tenure. A fee is payable where Group EBITDA is below \u20ac120.0m and a below investment grade fee payable when the Group\u2019s credit rating is below investment grade. These fees will remain applicable until the conditions are met and total 1.50%. Covenants The Group\u2019s and Company\u2019s multi-currency revolving facility, which are all classified as non-current, are contingent on future compliance with the following financial covenants: \u2022 Interest cover: The ratio of EBITDA to net interest for a period of twelve months ending on each half-year date will not be less than 3.5:1 \u2022 Net debt: EBITDA: The ratio of net debt on each half-year date to EBITDA for a period of 12 months ending on a half-year date will not exceed 3.5:1 There is no effect on the Group\u2019s covenants as a result of implementing IFRS 16 Leases as all covenants are calculated on a pre-IFRS 16 Leases adoption basis. Further information about the Group\u2019s exposure to interest rate, foreign currency and liquidity risk is disclosed in Note 24. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-646": { "value": "
Group
Company
2026 2025 2026 2025
\u20acm \u20acm \u20acm \u20acm
Current assets
Unsecured loans \u2013 issue costs
0.6
0.6
\u2013
\u2013
Private Placement notes \u2013 issue costs
0.1
0.1
0.1
0.1
Non\u2013current liabilities
0.7
0.7
0.1
0.1
Unsecured loans repayable on maturity
(159.1)
(125.0)
\u2013
\u2013
Unsecured loans \u2013 issue costs
1.6
2.2
\u2013
\u2013
Private Placement notes \u2013 issue costs
0.4
0.7
0.4
0.7
Private Placement notes repayable by
one repayment on maturity
(100.6)
(103.5)
(100.6)
(103.5)
(257.7)
(225.6)
(100.2)
(102.8)
Total borrowings
(257.0)
(224.9)
(100.1)
(102.7)
2026 2025
Group \u20acm \u20acm
Contractual financial liabilities:
At 1 March
6.2
6.8
Translation adjustment
(0.3)
0.2
Charged during the year
\u2013
\u2013
Utilised during the year
(1.0)
(1.0)
Unwinding of discount on provisions
0.1
0.2
At end of year
5.0
6.2
Disclosure of financial liabilities
2026 2025
Group \u20acm \u20acm
Current liabilities
0.9
1.0
Non-current liabilities
4.1
5.2
5.0
6.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-659": { "value": "
Group
Company
2026 2025 2026 2025
\u20acm \u20acm \u20acm \u20acm
Current assets
Unsecured loans \u2013 issue costs
0.6
0.6
\u2013
\u2013
Private Placement notes \u2013 issue costs
0.1
0.1
0.1
0.1
Non\u2013current liabilities
0.7
0.7
0.1
0.1
Unsecured loans repayable on maturity
(159.1)
(125.0)
\u2013
\u2013
Unsecured loans \u2013 issue costs
1.6
2.2
\u2013
\u2013
Private Placement notes \u2013 issue costs
0.4
0.7
0.4
0.7
Private Placement notes repayable by
one repayment on maturity
(100.6)
(103.5)
(100.6)
(103.5)
(257.7)
(225.6)
(100.2)
(102.8)
Total borrowings
(257.0)
(224.9)
(100.1)
(102.7)
2026 2025
Group \u20acm \u20acm
Contractual financial liabilities:
At 1 March
6.2
6.8
Translation adjustment
(0.3)
0.2
Charged during the year
\u2013
\u2013
Utilised during the year
(1.0)
(1.0)
Unwinding of discount on provisions
0.1
0.2
At end of year
5.0
6.2
Disclosure of financial liabilities
2026 2025
Group \u20acm \u20acm
Current liabilities
0.9
1.0
Non-current liabilities
4.1
5.2
5.0
6.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-623": { "value": "21. Analysis of Net Debt
Interest-bearing
loans and Cash and cash Net debt Lease liabilities Net debt
borrowings* equivalents excluding leases (Note 19) including leases
Group \u20acm \u20acm \u20acm \u20acm \u20acm
1 March 2024
(218.0)
160.1
(57.9)
(110.1)
(168.0)
Translation adjustment
(1.7)
5.0
3.3
(4.2)
(0.9)
Additions, disposals and
remeasurements
0.5
\u2013
0.5
(35.6)
(35.1)
Net cash flow
(5.0)
(21.1)
(26.1)
25.5
(0.6)
Non-cash changes
(0.7)
\u2013
(0.7)
( 7.0)
( 7.7 )
28 February 2025
(224.9)
144.0
(80.9)
(131.4)
(212.3)
Translation adjustment
2.8
(7.5)
(4.7)
7.3
2.6
Additions, disposals and
remeasurements
\u2013
\u2013
\u2013
(36.3)
(36.3)
Net cash flow
(34.2)
(0.9)
(35.1)
29.5
(5.6)
Non-cash changes
(0.7)
\u2013
(0.7)
(8.1)
(8.8)
28 February 2026
(257.0)
135.6
(121.4)
(139.0)
(260.4)
* Interest-bearing loans and borrowings at 28 February 2026 are net of unamortised issue costs of \u20ac2.7m (FY2025: \u20ac3.6m). Unamortised borrowing costs of \u20ac0.7m (FY2025: \u20ac0.7m) are presented within financial assets, please see Notes 20 and 24.
Interest-bearing
loans and Cash and cash
borrowings* equivalents Net debt
Company \u20acm \u20acm \u20acm
1 March 2024
(101.0)
0.3
(100.7)
Translation adjustment
(1.6)
\u2013
(1.6)
Net cash flow
\u2013
(0.2)
(0.2)
Non-cash changes
(0.1)
\u2013
(0.1)
28 February 2025
(102.7)
0.1
(102.6)
Translation adjustment
2.6
\u2013
2.6
Net cash flow
\u2013
\u2013
\u2013
Non-cash changes
(0.1)
\u2013
(0.1)
28 February 2026
(100.2)
0.1
(100.1)
* Interest-bearing loans and borrowings at 28 February 2026 are net of unamortised issue costs of \u20ac0.7 (FY2025: \u20ac0.7m). Unamortised borrowing costs of \u20ac0.1m (FY2025: \u20ac0.1m) are presented within financial assets, please see Notes 20 and 24. The non-cash charge to the Company and Group\u2019s interest-bearing loans and borrowings in the current financial year relates to the amortisation of issue costs of \u20ac0.7m (FY2025: \u20ac0.7m). The non-cash changes for the Group\u2019s lease liabilities in the current financial year relate to lease interest/discount unwinding of \u20ac8.1m (FY2025: \u20ac7.0m) \u2013 see Note 19. As outlined in further detail in Note 28, the Company, together with a number of its subsidiaries, gave a letter of guarantee to secure its obligations in respect of all debt drawn by the Company and Group at 28 February 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-647": { "value": "22. Deferred Tax Assets and Liabilities
2026
2025
Net Net
(liabilities)/ (liabilities)/
Assets Liabilities assets Assets Liabilities assets
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Property, plant and equipment
1.6
(22.1)
(20.5)
1.6
(19.3)
(17.7 )
Intangible assets
4.2
(10.6)
(6.4)
7.3
(13.0)
(5.7)
Retirement benefits
0.4
(5.7)
(5.3)
0.6
(4.5)
(3.9)
Trade related items and losses
15.2
(2.2)
13.0
16.1
(1.8)
14.3
Total
21.4
(40.6)
(19.2)
25.6
(38.6)
(13.0)
The Group has not recognised deferred tax in relation to temporary differences applicable to investments in subsidiaries on the basis that the Group can control the timing and the realisation of these temporary differences and it is unlikely that the temporary differences will reverse in the foreseeable future. The aggregate amount of temporary differences applicable to investments in subsidiaries and equity accounted investments, in respect of which deferred tax liabilities have not been recognised, is immaterial on the basis that the participation exemptions and foreign tax credits should be available such that no material temporary differences arise. There are no other unrecognised deferred tax liabilities. \u20ac10.4m (FY2025: \u20ac11.1m) of deferred tax assets have been recognised at the end of FY2026 in respect of tax losses that require future taxable profits to arise in excess of profits arising from the reversal of existing temporary differences. Following a forecasting exercise, the Group is estimating sufficient future taxable profits to recognise these deferred tax assets. In addition, no deferred tax asset has been recognised in respect of certain tax losses incurred by the Group on the basis that the recovery is considered unlikely in the foreseeable future or due to the complexity and uncertainty of the tax treatment in connection with certain items giving rise to some of the losses. The cumulative value of such tax losses is \u20ac1.0m (FY2025: \u20ac2.5m). In the event that sufficient taxable profits arise or the tax treatment becomes sufficiently certain in the relevant jurisdictions in future years, these losses may be utilised. Following the sale of Vermont Hard Cider Company there are some US tax losses remaining that are due to expire in 2035/2038. Analysis of movement in net deferred tax (liabilities)/assets
Property, Property, Trade
plant and plant and related
equipment: equipment: items and Intangible Retirement
ROI Other assets assets benefits Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
At 1 March 2024
(2.2)
(13.4)
18.2
(4.3)
(4.6)
(6.3)
Recognised in Income
Statement
(0.3)
(1.2)
(4.1)
(1.0)
(0.1)
(6.7)
Recognised in Other
Comprehensive Income
\u2013
(0.2)
\u2013
\u2013
0.8
0.6
Recognised on acquisition
(Note 10)
\u2013
(0.4)
0.2
(0.1)
\u2013
(0.3)
Translation adjustment
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
At 28 February 2025
(2.5)
(15.2)
14.3
(5.7)
(3.9)
(13.0)
Recognised in Income
Statement
(0.7)
(2.5)
(0.6)
(1.0)
(0.1)
(4.9)
Recognised in Other
Comprehensive Income
\u2013
(0.4)
\u2013
\u2013
(1.3)
(1.7)
Translation adjustment
\u2013
0.8
(0.7)
0.3
\u2013
0.4
At 28 February 2026
(3.2)
(17.3)
13.0
(6.4)
(5.3)
(19.2)
Company The Company had no deferred tax assets or liabilities at 28 February 2026 or at 28 February 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-624": { "value": "22. Deferred Tax Assets and Liabilities
2026
2025
Net Net
(liabilities)/ (liabilities)/
Assets Liabilities assets Assets Liabilities assets
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Property, plant and equipment
1.6
(22.1)
(20.5)
1.6
(19.3)
(17.7 )
Intangible assets
4.2
(10.6)
(6.4)
7.3
(13.0)
(5.7)
Retirement benefits
0.4
(5.7)
(5.3)
0.6
(4.5)
(3.9)
Trade related items and losses
15.2
(2.2)
13.0
16.1
(1.8)
14.3
Total
21.4
(40.6)
(19.2)
25.6
(38.6)
(13.0)
The Group has not recognised deferred tax in relation to temporary differences applicable to investments in subsidiaries on the basis that the Group can control the timing and the realisation of these temporary differences and it is unlikely that the temporary differences will reverse in the foreseeable future. The aggregate amount of temporary differences applicable to investments in subsidiaries and equity accounted investments, in respect of which deferred tax liabilities have not been recognised, is immaterial on the basis that the participation exemptions and foreign tax credits should be available such that no material temporary differences arise. There are no other unrecognised deferred tax liabilities. \u20ac10.4m (FY2025: \u20ac11.1m) of deferred tax assets have been recognised at the end of FY2026 in respect of tax losses that require future taxable profits to arise in excess of profits arising from the reversal of existing temporary differences. Following a forecasting exercise, the Group is estimating sufficient future taxable profits to recognise these deferred tax assets. In addition, no deferred tax asset has been recognised in respect of certain tax losses incurred by the Group on the basis that the recovery is considered unlikely in the foreseeable future or due to the complexity and uncertainty of the tax treatment in connection with certain items giving rise to some of the losses. The cumulative value of such tax losses is \u20ac1.0m (FY2025: \u20ac2.5m). In the event that sufficient taxable profits arise or the tax treatment becomes sufficiently certain in the relevant jurisdictions in future years, these losses may be utilised. Following the sale of Vermont Hard Cider Company there are some US tax losses remaining that are due to expire in 2035/2038. Analysis of movement in net deferred tax (liabilities)/assets
Property, Property, Trade
plant and plant and related
equipment: equipment: items and Intangible Retirement
ROI Other assets assets benefits Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
At 1 March 2024
(2.2)
(13.4)
18.2
(4.3)
(4.6)
(6.3)
Recognised in Income
Statement
(0.3)
(1.2)
(4.1)
(1.0)
(0.1)
(6.7)
Recognised in Other
Comprehensive Income
\u2013
(0.2)
\u2013
\u2013
0.8
0.6
Recognised on acquisition
(Note 10)
\u2013
(0.4)
0.2
(0.1)
\u2013
(0.3)
Translation adjustment
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
At 28 February 2025
(2.5)
(15.2)
14.3
(5.7)
(3.9)
(13.0)
Recognised in Income
Statement
(0.7)
(2.5)
(0.6)
(1.0)
(0.1)
(4.9)
Recognised in Other
Comprehensive Income
\u2013
(0.4)
\u2013
\u2013
(1.3)
(1.7)
Translation adjustment
\u2013
0.8
(0.7)
0.3
\u2013
0.4
At 28 February 2026
(3.2)
(17.3)
13.0
(6.4)
(5.3)
(19.2)
Company The Company had no deferred tax assets or liabilities at 28 February 2026 or at 28 February 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-582": { "value": "
23. Retirement Benefits
The Group operates a number of defined benefit pension schemes for certain employees, past and
present, in the Republic of Ireland (\u2018ROI\u2019) and in Northern Ireland (\u2018NI\u2019), all of which provide pension
benefits based on final salary and the assets of which are held in separate trustee administered
funds. The Group closed its defined benefit pension schemes to new members in March 2006 and
provides only defined contribution pension schemes for employees joining the Group since that date.
The Group provides permanent health insurance cover for the benefit of certain employees and
separately charges this to the Income Statement.
The defined benefit pension scheme assets are held in separate trustee-administered funds to meet
long-term pension liabilities to past and present employees. The trustees of the funds are required
to act in the best interest of the funds\u2019 beneficiaries. The appointment of trustees to the funds is
determined by the schemes\u2019 trust documentation. The Group has a policy in relation to its principal
staff pension fund that members of the fund should nominate half of all fund trustees.
There are no active members remaining in the executive defined benefit pension scheme (FY2025:
no active members). There are 41 active members (FY2025: 43), representing less than 10% of total
membership, in the ROI Staff defined benefit pension scheme members) and two active members
(FY2025: 2) in the NI defined benefit pension scheme.
Actuarial valuations \u2013 funding requirements
Independent actuarial valuations of the defined benefit pension schemes are carried out on a
triennial basis using the attained age/aggregate method. The most recently completed actuarial
valuations of the ROI defined benefit pension schemes were carried out with an effective date of
1 January 2024 while the date of the most recent actuarial valuation of the NI defined benefit pension
scheme was 31 December 2023.
The funding requirements in relation to the Group\u2019s ROI defined benefit pension schemes are
assessed at each valuation date and are implemented in accordance with the advice of the actuaries.
Arising from the formal actuarial valuations of the Group\u2019s staff defined benefit pension scheme, the
Group committed to contributions of \u20ac294,000 per annum in calendar year 2025 and increasing
at a rate of 2.3% each calendar year thereafter. There is no funding requirement with respect to the
Group\u2019s ROI executive defined benefit pension scheme or the Group\u2019s NI defined benefit pension
scheme, both of which are in surplus. The Group has an unconditional right to any surplus remaining
in these schemes in the event the scheme concludes.
The Group is exposed to a number of risks in relation to the funding position of these schemes, namely: \u2022 Asset volatility: It is the Group\u2019s intention to pursue a long-term investment policy that emphasises investment in secure monetary assets to provide for the contractual benefits payable to members. The investment portfolio has exposure to equities, other growth assets, insurance contracts and fixed interest investments, the returns from which are uncertain and may fluctuate significantly in line with market movements. Assets held are valued at fair value using bid prices where relevant. \u2022 Discount rate: The discount rate is the rate of interest used to discount post-employment benefit obligations and is determined by reference to market yields at the balance sheet date on high quality corporate bonds with a currency and term consistent with the currency and estimated term of the Group\u2019s post-employment benefit obligations. Movements in discount rates have a significant impact on the value of the schemes\u2019 liabilities. \u2022 Longevity: The value of the defined benefit obligations is influenced by demographic factors such as mortality experience and retirement patterns. Changes to life expectancy have a significant impact on the value of the schemes\u2019 liabilities. Method and assumptions The schemes\u2019 independent actuary, Mercer (Ireland) Limited, has employed the projected unit credit method to determine the present value of the defined benefit obligations arising and the related current service cost. The financial assumptions that have the most significant impact on the results of the actuarial valuations are those relating to the discount rate used to convert future pension liabilities to current values and the rate of inflation/salary increase. These, and other assumptions used to determine the retirement benefits and current service cost under IAS 19: Employee Benefits, are set out below. Mortality rates also have a significant impact on the actuarial valuations, as the number of deaths within the scheme have been too small to analyse and produce any meaningful scheme-specific estimates of future levels of mortality, the rates used have been based on the most up-to-date mortality tables, (the S4PMA CMI 2024 1.5% (males) and S4PFA_M CMI 2024 1.5% (females) for the ROI schemes and S4PMA CMI 2023 1.25% (males) and S4PFA_M CMI 2023 1.25% (females) for the NI scheme) with age ratings and loading factors to allow for future mortality improvements. These tables conform to best practice. The growing trend for people to live longer and the expectation that this will continue has been reflected in the mortality assumptions used for this valuation as indicated below. This assumption will continue to be monitored in light of general trends in mortality experience. Based on these tables, the assumed life expectations on retirement are:
ROI
NI
Number of years Number of years Number of years Number of years
Future life expectations at age 65 2026 2025 2026 2025
Current retirees \u2013
Male
22.4 \u2013 23.1
22.8 \u2013 23.6
21.1
21.0
no allowance for future
improvements
Female
24.3 \u2013 25.2
24.6 \u2013 25.5
23.4
23.3
Future retirees \u2013
Male
23.1 \u2013 24.0
23.6 \u2013 24.4
22.4
22.3
with allowance for future
improvements
Female
25.2 \u2013 26.1
25.5 \u2013 26.4
24.9
24.8
Scheme liabilities The average age of active members is 54 and 53 years (FY2025: 54 and 51 years) for the ROI Staff and the NI defined benefit pension schemes respectively (the executive defined benefit pension scheme has no active members), while the average duration of liabilities ranges from 11 to 15 years (FY2025: 11 to 16 years). The principal long-term financial assumptions used by the Group\u2019s actuaries in the computation of the defined benefit liabilities arising on pension schemes as at 28 February 2026 and 28 February 2025 are as follows:
2026
2025
ROI
NI
ROI
NI
Salary increases
0.0% \u2013 2.7%
3.5%
0.0% \u2013 2.7%
3.5%
Increases to pensions in payment
2.1%
1.9%
2.1%
1.8%
Discount rate
4.2%
5.7%
3.5%
5.6%
Inflation rate
2.1%
3.1%
2.1%
3.1%
A reduction in discount rate used to value the schemes\u2019 liabilities by 0.25% would increase the valuation of liabilities by \u20ac3.8m (FY2025: \u20ac4.8m) while an increase in inflation/salary increase expectations of 0.25% would increase the valuation of liabilities by \u20ac4.0m (FY2025: \u20ac4.9m). The sensitivity is calculated by changing the individual assumption while holding all other assumptions constant.
Amounts recognised in the Income Statement and in the Statement of
Comprehensive Income
2026 2025
Group \u20acm \u20acm
Current service cost
(0.4)
(0.4)
Administrative expenses
(0.1)
(0.1)
Interest cost on scheme liabilities
(4.9)
(5.1)
Interest income on scheme assets
6.0
6.5
Income recognised in the Income Statement
0.6
0.9
Actual return on scheme assets
(3.7)
(1.9)
Effect of changes in demographic assumptions
1.9
(0.4)
Effect on changes in financial assumptions
11.2
(1.6)
Effect of experience adjustments
1.1
0.2
Expense recognised in Other Comprehensive Income
10.5
(3.7)
Expense recognised in Total Comprehensive Income
11.1
(2.8)
Reconciliation of the scheme assets and obligations through the year
ROI NI Total
Group \u20acm \u20acm \u20acm
Assets
At 1 March 2024
162.9
8.3
171.2
Translation adjustment
\u2013
0.4
0.4
Expected interest income on scheme assets
6.1
0.4
6.5
Actual return less interest income on scheme assets
(1.3)
(0.6)
(1.9)
Administrative expenses
\u2013
(0.1)
(0.1)
Employer contributions
0.3
\u2013
0.3
Member contributions
0.1
\u2013
0.1
Benefit payments
(6.9)
(0.1)
( 7.0)
At 28 February 2025
161.2
8.3
169.5
Translation adjustment
\u2013
(0.5)
(0.5)
Expected interest income on scheme assets
5.5
0.5
6.0
Actual return less interest income on scheme assets
(3.7)
\u2013
(3.7)
Administrative expenses
\u2013
(0.1)
(0.1)
Employer contributions
0.3
\u2013
0.3
Member contributions
0.1
\u2013
0.1
Benefit payments
( 7.0)
(0.2)
( 7.2)
At 28 February 2026
156.4
8.0
164.4
Liabilities
At 1 March 2024
131.7
5.2
136.9
Translation adjustment
\u2013
0.2
0.2
Current service cost
0.4
\u2013
0.4
Interest cost on scheme liabilities
4.8
0.3
5.1
Member contributions
0.1
\u2013
0.1
Actuarial loss/(gain) immediately recognised in equity
2.4
(0.6)
1.8
Benefit payments
(6.9)
(0.1)
( 7.0)
At 28 February 2025
132.5
5.0
137.5
Translation adjustment
\u2013
(0.3)
(0.3)
Current service cost
0.4
\u2013
0.4
Interest cost on scheme liabilities
4.6
0.3
4.9
Member contributions
0.1
\u2013
0.1
Actuarial loss/(gain) immediately recognised in equity
(14.0)
(0.2)
(14.2)
Benefit payments
( 7.0)
(0.2)
( 7.2)
At 28 February 2026
116.6
4.6
121.2
ROI NI Total
Group \u20acm \u20acm \u20acm
Net pension surplus/(deficit)
At 28 February 2026
Pension surplus
39.8
3.4
43.2
At 29 February 2025
Pension surplus
28.7
3.3
32.0
Scheme assets
2026 2025
Group \u20acm \u20acm
Investments quoted in active markets
Equity
22.0
20.1
Bonds
94.8
89.6
Alternatives*
7.2
17.4
Insured**
29.9
32.7
Cash and cash equivalents
4.7
1.7
Investments unquoted
Property
5.7
8.0
Total
164.4
169.5
* The alternative investment category includes investments in various asset classes including equities, commodities, currencies and funds. The
investments are managed by fund managers.
** The Trustees of the C&C Group Executive Pension and Life Assurance Scheme entered into an annuity buy in contract with effect from
27 February 2024 in respect of current pensioners in payment. While the obligation to provide pensions to these members remains a liability of
the Scheme, the insurance contract provides a matching cash flow and longevity hedge.
The alternative investment category includes investments in various asset classes including equities,
commodities, currencies and funds. The investments are managed by fund managers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-625": { "value": "23. Retirement Benefits The Group operates a number of defined benefit pension schemes for certain employees, past and present, in the Republic of Ireland (\u2018ROI\u2019) and in Northern Ireland (\u2018NI\u2019), all of which provide pension benefits based on final salary and the assets of which are held in separate trustee administered funds. The Group closed its defined benefit pension schemes to new members in March 2006 and provides only defined contribution pension schemes for employees joining the Group since that date. The Group provides permanent health insurance cover for the benefit of certain employees and separately charges this to the Income Statement. The defined benefit pension scheme assets are held in separate trustee-administered funds to meet long-term pension liabilities to past and present employees. The trustees of the funds are required to act in the best interest of the funds\u2019 beneficiaries. The appointment of trustees to the funds is determined by the schemes\u2019 trust documentation. The Group has a policy in relation to its principal staff pension fund that members of the fund should nominate half of all fund trustees. There are no active members remaining in the executive defined benefit pension scheme (FY2025: no active members). There are 41 active members (FY2025: 43), representing less than 10% of total membership, in the ROI Staff defined benefit pension scheme members) and two active members (FY2025: 2) in the NI defined benefit pension scheme. Actuarial valuations \u2013 funding requirements Independent actuarial valuations of the defined benefit pension schemes are carried out on a triennial basis using the attained age/aggregate method. The most recently completed actuarial valuations of the ROI defined benefit pension schemes were carried out with an effective date of 1 January 2024 while the date of the most recent actuarial valuation of the NI defined benefit pension scheme was 31 December 2023. The funding requirements in relation to the Group\u2019s ROI defined benefit pension schemes are assessed at each valuation date and are implemented in accordance with the advice of the actuaries. Arising from the formal actuarial valuations of the Group\u2019s staff defined benefit pension scheme, the Group committed to contributions of \u20ac294,000 per annum in calendar year 2025 and increasing at a rate of 2.3% each calendar year thereafter. There is no funding requirement with respect to the Group\u2019s ROI executive defined benefit pension scheme or the Group\u2019s NI defined benefit pension scheme, both of which are in surplus. The Group has an unconditional right to any surplus remaining in these schemes in the event the scheme concludes.
The Group is exposed to a number of risks in relation to the funding position of these schemes,
namely:
\u2022 Asset volatility: It is the Group\u2019s intention to pursue a long-term investment policy that
emphasises investment in secure monetary assets to provide for the contractual benefits payable
to members. The investment portfolio has exposure to equities, other growth assets, insurance
contracts and fixed interest investments, the returns from which are uncertain and may fluctuate
significantly in line with market movements. Assets held are valued at fair value using bid prices
where relevant.
\u2022 Discount rate: The discount rate is the rate of interest used to discount post-employment benefit
obligations and is determined by reference to market yields at the balance sheet date on high
quality corporate bonds with a currency and term consistent with the currency and estimated
term of the Group\u2019s post-employment benefit obligations. Movements in discount rates have a
significant impact on the value of the schemes\u2019 liabilities.
\u2022 Longevity: The value of the defined benefit obligations is influenced by demographic factors such
as mortality experience and retirement patterns. Changes to life expectancy have a significant
impact on the value of the schemes\u2019 liabilities.
Method and assumptions
The schemes\u2019 independent actuary, Mercer (Ireland) Limited, has employed the projected unit
credit method to determine the present value of the defined benefit obligations arising and the
related current service cost.
The financial assumptions that have the most significant impact on the results of the actuarial
valuations are those relating to the discount rate used to convert future pension liabilities to current
values and the rate of inflation/salary increase. These, and other assumptions used to determine the
retirement benefits and current service cost under IAS 19: Employee Benefits, are set out below.
Mortality rates also have a significant impact on the actuarial valuations, as the number of deaths
within the scheme have been too small to analyse and produce any meaningful scheme-specific
estimates of future levels of mortality, the rates used have been based on the most up-to-date
mortality tables, (the S4PMA CMI 2024 1.5% (males) and S4PFA_M CMI 2024 1.5% (females) for
the ROI schemes and S4PMA CMI 2023 1.25% (males) and S4PFA_M CMI 2023 1.25% (females)
for the NI scheme) with age ratings and loading factors to allow for future mortality improvements.
These tables conform to best practice. The growing trend for people to live longer and the
expectation that this will continue has been reflected in the mortality assumptions used for this
valuation as indicated below. This assumption will continue to be monitored in light of general trends
in mortality experience.
Based on these tables, the assumed life expectations on retirement are:
ROI
NI
Number of years Number of years Number of years Number of years
Future life expectations at age 65 2026 2025 2026 2025
Current retirees \u2013
Male
22.4 \u2013 23.1
22.8 \u2013 23.6
21.1
21.0
no allowance for future
improvements
Female
24.3 \u2013 25.2
24.6 \u2013 25.5
23.4
23.3
Future retirees \u2013
Male
23.1 \u2013 24.0
23.6 \u2013 24.4
22.4
22.3
with allowance for future
improvements
Female
25.2 \u2013 26.1
25.5 \u2013 26.4
24.9
24.8
Scheme liabilities
The average age of active members is 54 and 53 years (FY2025: 54 and 51 years) for the ROI Staff
and the NI defined benefit pension schemes respectively (the executive defined benefit pension
scheme has no active members), while the average duration of liabilities ranges from 11 to 15 years
(FY2025: 11 to 16 years).
The principal long-term financial assumptions used by the Group\u2019s actuaries in the computation of
the defined benefit liabilities arising on pension schemes as at 28 February 2026 and 28 February
2025 are as follows:
2026
2025
ROI
NI
ROI
NI
Salary increases
0.0% \u2013 2.7%
3.5%
0.0% \u2013 2.7%
3.5%
Increases to pensions in payment
2.1%
1.9%
2.1%
1.8%
Discount rate
4.2%
5.7%
3.5%
5.6%
Inflation rate
2.1%
3.1%
2.1%
3.1%
A reduction in discount rate used to value the schemes\u2019 liabilities by 0.25% would increase the
valuation of liabilities by \u20ac3.8m (FY2025: \u20ac4.8m) while an increase in inflation/salary increase
expectations of 0.25% would increase the valuation of liabilities by \u20ac4.0m (FY2025: \u20ac4.9m).
The sensitivity is calculated by changing the individual assumption while holding all other
assumptions constant.
Amounts recognised in the Income Statement and in the Statement of Comprehensive Income
2026 2025
Group \u20acm \u20acm
Current service cost
(0.4)
(0.4)
Administrative expenses
(0.1)
(0.1)
Interest cost on scheme liabilities
(4.9)
(5.1)
Interest income on scheme assets
6.0
6.5
Income recognised in the Income Statement
0.6
0.9
Actual return on scheme assets
(3.7)
(1.9)
Effect of changes in demographic assumptions
1.9
(0.4)
Effect on changes in financial assumptions
11.2
(1.6)
Effect of experience adjustments
1.1
0.2
Expense recognised in Other Comprehensive Income
10.5
(3.7)
Expense recognised in Total Comprehensive Income
11.1
(2.8)
Reconciliation of the scheme assets and obligations through the year
ROI NI Total
Group \u20acm \u20acm \u20acm
Assets
At 1 March 2024
162.9
8.3
171.2
Translation adjustment
\u2013
0.4
0.4
Expected interest income on scheme assets
6.1
0.4
6.5
Actual return less interest income on scheme assets
(1.3)
(0.6)
(1.9)
Administrative expenses
\u2013
(0.1)
(0.1)
Employer contributions
0.3
\u2013
0.3
Member contributions
0.1
\u2013
0.1
Benefit payments
(6.9)
(0.1)
( 7.0)
At 28 February 2025
161.2
8.3
169.5
Translation adjustment
\u2013
(0.5)
(0.5)
Expected interest income on scheme assets
5.5
0.5
6.0
Actual return less interest income on scheme assets
(3.7)
\u2013
(3.7)
Administrative expenses
\u2013
(0.1)
(0.1)
Employer contributions
0.3
\u2013
0.3
Member contributions
0.1
\u2013
0.1
Benefit payments
( 7.0)
(0.2)
( 7.2)
At 28 February 2026
156.4
8.0
164.4
Liabilities
At 1 March 2024
131.7
5.2
136.9
Translation adjustment
\u2013
0.2
0.2
Current service cost
0.4
\u2013
0.4
Interest cost on scheme liabilities
4.8
0.3
5.1
Member contributions
0.1
\u2013
0.1
Actuarial loss/(gain) immediately recognised in equity
2.4
(0.6)
1.8
Benefit payments
(6.9)
(0.1)
( 7.0)
At 28 February 2025
132.5
5.0
137.5
Translation adjustment
\u2013
(0.3)
(0.3)
Current service cost
0.4
\u2013
0.4
Interest cost on scheme liabilities
4.6
0.3
4.9
Member contributions
0.1
\u2013
0.1
Actuarial loss/(gain) immediately recognised in equity
(14.0)
(0.2)
(14.2)
Benefit payments
( 7.0)
(0.2)
( 7.2)
At 28 February 2026
116.6
4.6
121.2
ROI NI Total
Group \u20acm \u20acm \u20acm
Net pension surplus/(deficit)
At 28 February 2026
Pension surplus
39.8
3.4
43.2
At 29 February 2025
Pension surplus
28.7
3.3
32.0
Scheme assets
2026 2025
Group \u20acm \u20acm
Investments quoted in active markets
Equity
22.0
20.1
Bonds
94.8
89.6
Alternatives*
7.2
17.4
Insured**
29.9
32.7
Cash and cash equivalents
4.7
1.7
Investments unquoted
Property
5.7
8.0
Total
164.4
169.5
* The alternative investment category includes investments in various asset classes including equities, commodities, currencies and funds. The investments are managed by fund managers. ** The Trustees of the C&C Group Executive Pension and Life Assurance Scheme entered into an annuity buy in contract with effect from 27 February 2024 in respect of current pensioners in payment. While the obligation to provide pensions to these members remains a liability of the Scheme, the insurance contract provides a matching cash flow and longevity hedge. The alternative investment category includes investments in various asset classes including equities, commodities, currencies and funds. The investments are managed by fund managers.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-671": { "value": "24. Financial Instruments and Financial Risk Management The Group\u2019s multinational operations expose it to various financial risks in the ordinary course of business that include credit risk, liquidity risk, commodity price risk, currency risk and interest rate risk. This note discusses the Group\u2019s exposure to each of these financial risks and summarises the risk management strategy for managing these risks. The note is presented as follows: a) Overview of the Group\u2019s risk exposures and management strategy b) Financial assets and liabilities as at 28 February 2026 and February 2025 and determination of fair value c) Market risk d) Credit risk e) Liquidity risk a) Overview of the Group\u2019s risk exposures and management strategy The main financial market risks that the Group is exposed to include foreign currency exchange rate risk, commodity price fluctuations, interest rate risk and financial counterparty creditworthiness. The Board continues to monitor and manage closely these and all other financial risks faced by the Group. The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. This is executed through various committees to which the Board has delegated appropriate levels of authority. An essential part of this framework is the role undertaken by the Audit Committee, supported by the internal audit function and the Chief Financial Officer. The Board, through its Committees, has reviewed the internal control environment and the risk management systems and process for identifying and evaluating the significant risks affecting the business and the policies and procedures by which these risks will be managed effectively. The Board has embedded these structures and procedures throughout the Group and considers them to be a robust and efficient mechanism for creating a culture of risk awareness at every level of management. The Group\u2019s risk management programme seeks to minimise the potential adverse effects, arising from fluctuations in financial markets, on the Group\u2019s financial performance in a non- speculative manner at a reasonable cost when economically viable to do so. The Group achieves the management of these risks in part, where appropriate, through the use of derivative financial instruments. All derivative financial contracts entered into in this regard are in liquid markets with credit-worthy parties. Treasury activities are performed within strict terms of reference that have been approved by the Board. See currency risk and interest rate risk sections for further details. b) Financial assets and liabilities The carrying and fair values of financial assets and liabilities by measurement category were as follows:
2026
2025
Carrying value Fair value Carrying value Fair value
Group \u20acm \u20acm \u20acm \u20acm
Financial assets:
Cash and cash equivalents
(1)
135.6
135.6
144.0
144.0
Trade receivables
(1)
90.6
90.6
100.1
100.1
Advances to customers
(1)
38.1
38.1
40.0
40.0
Unamortised borrowing costs
(1,3)
0.7
0.7
0.7
0.7
Derivative contracts
(2)
0.1
0.1
\u2013
\u2013
265.1
265.1
284.8
284.8
Financial liabilities:
Interest-bearing loans and borrowings
(257.0)
(259.7)
(225.6)
(228.5)
Trade and other payables
(1)
(282.7)
(282.6)
(326.5)
(326.5)
Derivative contracts
(2)
\u2013
\u2013
(0.4)
(0.4)
Other financial liabilities
(1)
(5.0)
(5.0)
(6.2)
(6.2)
(544.7)
(547.3)
(558.7)
(561.6)
(279.6)
(282.2)
(273.9)
(276.8)
1. At amortised cost, excluding statutory balances (VAT of \u20ac18.8m (FY2025: \u20ac14.8m), excise duty of \u20ac18.3m (FY2025: \u20ac24.1m) and payroll taxes and social security of \u20ac5.3m (FY2025: \u20ac5.0m). 2. Derivatives designated as hedging instruments. 3. Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
2026
2025
Carrying value Fair value Carrying value Fair value
Company \u20acm \u20acm \u20acm \u20acm
Financial assets:
Cash and cash equivalents
(1)
0.1
0.1
0.1
0.1
Unamortised borrowing costs
(1, 2)
0.1
0.1
0.1
0.1
Amounts due from Group
undertakings
(1)
508.2
508.3
579.6
579.6
508.4
508.5
579.8
579.8
Financial liabilities:
Interest-bearing loans and borrowings
(1)
(100.2)
(100.7)
(102.7)
(103.5)
Amounts due to Group undertakings
(1)
(106.6)
(106.6)
(72.0)
(72.0)
Accruals
(1)
(3.9)
(3.9)
(3.6)
(3.5)
(210.7)
(211.2)
(178.3)
(179.0)
297.7
297.3
401.5
400.8
1. At amortised cost. 2. Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. Fair value and carrying information Set out below are the main methods and assumptions used in estimating the fair values of the Group\u2019s financial assets and liabilities. There is no material difference between the fair value of financial assets and liabilities falling due within one year and their carrying amount as, due to the short-term maturity of these financial assets and liabilities, their carrying amount is deemed to approximate fair value. Short-term bank deposits and cash and cash equivalents The nominal amount of all short-term bank deposits and cash and cash equivalents is deemed to reflect fair value at the balance sheet date. Trade receivables and advances to customers The Group\u2019s trade receivables and advances to customers classified as financial assets are held at amortised cost, which approximates their fair value as these are short-term in nature; hence, the maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable. Unamortised borrowing costs Unamortised borrowing costs classified as financial assets are held at amortised cost. See Notes 20 and 21 for further details. Derivative contracts Derivative contract financial assets and financial liabilities are initially recognised at fair value on the date that a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period (see section (c) below). Interest-bearing loans and borrowings The fair value of all interest-bearing loans and borrowings has been calculated by discounting all future cash flows to their present value using a market rate reflecting the Group\u2019s cost of borrowing at the balance sheet date (Level 2). See Note 20 for further details. Trade and other payables The carrying amount of all trade payables is deemed to reflect fair value at the balance sheet date. Other financial liabilities The carrying value and valuation basis of the Group\u2019s other financial liabilities are set out in Note 25 . c) Market risk Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. Commodity price risk The Group is exposed to variability in the price of commodities used in the production or in the packaging of finished products, such as apples, glass, barley, aluminium, polymer, wheat and sugar/ glucose. Commodity price risk is managed, where economically viable, through fixed price contracts with suppliers incorporating appropriate commodity hedging and pricing mechanisms. The Group does not directly enter into commodity hedge contracts. The cost of production is also sensitive to variability in the price of energy, primarily gas and electricity. It is Group policy to fix the cost of a certain level of its energy requirement through fixed price contractual arrangements directly with its energy suppliers. Currency risk The Company\u2019s functional and reporting currency is Euro. The Euro is also the Group\u2019s reporting currency and the currency used for all planning and budgetary purposes. The Group is exposed to currency risk in relation to sales and purchase transactions by Group companies in currencies other than their functional currency (transaction risk), and fluctuations in the Euro value of the Group\u2019s net investment in foreign currency (primarily Sterling) denominated subsidiary undertakings (translation risk). Currency exposures for the entire Group are managed and controlled centrally. The Group seeks to minimise its foreign currency transaction exposure, when possible, by offsetting the foreign currency input costs against the same foreign currency receipts, creating a natural hedge. When the remaining net currency exposure is material, the Group enters into foreign currency forward contracts to mitigate and protect against adverse movements in currency risk and remove uncertainty over the foreign currency equivalent cash flows. At 28 February 2026, the Group had \u20ac9.5m of forward foreign currency cash flow hedges outstanding (FY2025: \u20ac11.8m). In addition, the Group has a number of long-term intra-group loans for which settlement is neither planned nor likely to happen in the foreseeable future, and as a consequence of which are deemed quasi equity in nature and are therefore part of the Group\u2019s net investment in its foreign operations. The Group does not hedge the translation exposure arising on the translation of the profits of foreign currency subsidiaries. The net currency gains and losses on transactional currency exposures are recognised in the Income Statement and the changes arising from fluctuations in the Euro value of the Group\u2019s net investment in foreign operations are reported separately within Other Comprehensive Income.
2026 2025
Group \u20acm \u20acm
Derivatives:
Cash flow hedges \u2013 currency forwards
\u2013
(0.4)
Total
\u2013
(0.4)
Interrelationship
between significant
Significant unobservable inputs and
Type
Valuation technique
unobservable inputs fair value measurement
Foreign Forward pricing: The fair value is determined
Not applicable.
Not applicable.
currency using quoted forward exchange rates at the
forward reporting date and present value calculations
contracts based on high credit quality yield curves in
respective currencies.
Hedge ineffectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of foreign currency purchases, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item, such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. In hedges of foreign currency purchases, ineffectiveness might arise if the timing of the forecast transaction changes from what was originally estimated, or if a degree of forecast purchases are no longer highly probable to occur. The hedging ratio is 1:1 as the quantity of purchases designated matches the notional amount of the hedging instrument. No ineffectiveness was recognised in the Income Statement in the current or prior financial year. The currency profile of the Group and Company\u2019s financial instruments subject to translational exposure as at 28 February 2026 is as follows:
Euro Sterling USD AUD NZD Not at risk Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
2.0
1.1
0.8
\u2013
0.3
131.4
135.6
Trade receivables
4.0
0.1
1.3
0.6
0.3
84.3
90.6
Advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
38.1
38.1
Interest-bearing loans and borrowings*
(122.6)
(41.3)
\u2013
\u2013
\u2013
(93.1)
(257.0)
Lease liabilities
\u2013
(1.2)
\u2013
\u2013
\u2013
(137.8)
(139.0)
Trade and other payables
(18.2)
(8.0)
(1.7)
(0.1)
(0.8)
(296.3)
(325.1)
Financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(5.0)
(5.0)
Gross currency exposure
(134.8)
(49.3)
0.4
0.5
(0.2)
(278.4)
(461.8)
Sterling USD Not at risk Total
Company \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
\u2013
\u2013
0.1
0.1
Interest-bearing loans and borrowings*
(41.3)
\u2013
(58.9)
(100.2)
Net amounts due from Group undertakings
42.9
(0.6)
359.3
401.6
Accruals
\u2013
\u2013
(3.9)
(3.9)
Gross currency exposure
1.6
(0.6)
296.6
297.6
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. The currency profile of the Group and Company\u2019s financial instruments subject to translational exposure as at 28 February 2025 was as follows:
Euro Sterling USD AUD NZD ZAR Not at risk Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
3.6
3.0
4.4
0.4
0.2
\u2013
132.4
144.0
Trade receivables
4.7
\u2013
0.8
0.7
0.5
\u2013
93.4
100.1
Advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
40.0
40.0
Interest-bearing loans and borrowings*
(121.9)
(49.7)
\u2013
\u2013
\u2013
\u2013
(53.3)
(224.9)
Lease liabilities
\u2013
(2.1)
\u2013
\u2013
\u2013
\u2013
(129.3)
(131.4)
Trade and other payables
(19.5)
(12.2)
(3.4)
(0.3)
(1.3)
\u2013
(289.8)
(326.5)
Financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(6.2)
(6.2)
Gross currency exposure
(133.1)
(61.0)
1.8
0.8
(0.6)
\u2013
(212.8)
(404.9)
Sterling USD Not at risk Total
Company \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
0.1
\u2013
\u2013
0.1
Interest-bearing loans and borrowings*
(49.6)
\u2013
(53.1)
(102.7)
Net amounts due to Group undertakings
10.8
\u2013
496.8
507.6
Accruals
\u2013
\u2013
(3.6)
(3.6)
Gross currency exposure
(38.7)
\u2013
440.1
401.4
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. A 10% strengthening in the Euro against all currencies noted above, based on outstanding financial assets and liabilities at 28 February 2026, would have a \u20ac4.4m positive impact (FY2025: \u20ac5.4m) on equity. A 10% weakening in the Euro against all currencies noted above would have a \u20ac5.4m negative effect (FY2025: \u20ac6.6m) on equity. This analysis assumes that all other variables, in particular interest rates, remain constant. Interest rate risk The interest rate profile of the Group and Company\u2019s interest-bearing financial instruments at the reporting date is summarised as follows:
Group
Company
2026 2025 2026 2025
Interest rate profile \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
Floating rate
135.6
144.0
0.1
0.1
Unsecured term and RCF loans*
Floating rate
(156.9)
(122.1)
\u2013
\u2013
Private Placement notes*
Fixed rate
(100.2)
(102.8)
(100.2)
(102.8)
(121.5)
(80.9)
(100.1)
(102.7)
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
Interrelationship
between significant
Significant unobservable inputs and
Type
Valuation technique
unobservable inputs fair value measurement
Interest Swap models: The fair value is calculated as the
Not applicable.
Not applicable.
rate swaps present value of the estimated future cash flows.
Estimates of future floating-rate cash flows are
based on quoted swap rates, futures prices and
interbank borrowing rates.
Estimated cash flows are discounted using a
yield curve constructed from similar sources and
which reflects the relevant benchmark interbank
rate used by market participants for this purpose
when pricing interest rate swaps.
The fair value estimate is subject to a credit risk
adjustment that reflects the credit risk of the
Group and of the counterparty; this is calculated
based on credit spreads derived from current
credit default swap or bond prices.
The Group exposure to interest rate risk arises principally from its long-term debt obligations. A 0.25% increase/decrease in Euribor and Sonia rates would result in a \u20ac0.7m (FY2025: \u20ac0.7m) impact on the Income Statement, over the duration of the tenure, with respect to the interest charge on interest-bearing loans and borrowings. The Group is exposed to interest rate risk in relation to its \u20ac350m multi-currency interest-bearing revolving credit facility. With the Group\u2019s USPP notes, there is a portion of long-term debt obligations where the interest is fixed for the duration of the facilities and not subject to changes in Euribor and Sonia rates. Interest rate exposures for the Group are managed and controlled centrally. The Group seeks to minimise its interest rate exposure by assessing and executing hedging strategies in a non- speculative manner, in line with Group policy and at a reasonable cost when economically viable to do so. As at 28 February 2026, the Group had a portion of its interest rate risk hedged with the objective to manage risk of the Group\u2019s long-term exposure to interest rates and in line with C&C Group Policy. Following European Central Bank and Bank of England rates cuts from mid-2024 through 2025, the Group reassessed its exposure prior to \u20ac60m of interest rate hedge maturing in September 2025. As a result of the reassessment, the Group has executed a \u20ac100m three-year Euro interest rate hedge against Euro debt facilities exposed to EURIBOR fluctuations. The hedge was executed in line with the Group guardrails and ensures that 77% (FY2025: 72%) of the Group\u2019s interest-bearing loans and borrowings as at 28 February 2026 are now either hedged or fixed through the USPP notes. The USPP notes were issued in March 2020 with a fixed interest rate for Euro and GBP notes, the notes have maturity dates ranging from 2030 to 2032. Derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classified as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through the Income Statement. They are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.
2026 2025
Group \u20acm \u20acm
Hedging reserves \u2013 interest rate hedges
Opening balance 1 March
(0.4)
0.3
Change in fair value of hedging recognised in Other Comprehensive
Income for the year
0.5
(0.7)
Closing balance 28 February \u2013 continuing interest rate hedges
0.1
(0.4)
Hedge ineffectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of interest rates, the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item, such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. In hedges of interest rates, ineffectiveness might arise on the sale of the business or repayment of debt which would impact hedged item. No ineffectiveness was recognised in the Income Statement in the current or prior financial year. d) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s trade receivables, its cash advances to customers, cash and cash equivalents (including deposits with banks) and derivative financial instruments contracted with banks. The Group has an indirect exposure to European Sovereigns via its defined benefit pension scheme investment portfolio. In the context of the Group\u2019s operations, credit risk is mainly influenced by the individual characteristics of individual counterparties and is not considered particularly concentrated as it primarily arises from a wide and varied customer base; there are no material dependencies or concentrations of individual customers which would warrant disclosure under IFRS 8 Operating Segments. The Group has detailed procedures for monitoring and managing the credit risk related to its trade receivables and advances to customers based on experience, customer track records and historic default rates and forward-looking information, such as concentration maturity and the macroeconomic circumstances within the Group\u2019s primary trading markets. Generally, individual \u2018risk limits\u2019 are set on a customer-by-customer basis and risk is only accepted above such limits in defined circumstances. A strict credit assessment is made of all new applicants who request credit-trading terms. The utilisation and revision, where appropriate, of credit limits is regularly monitored. Impairment provision accounts are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point, the amount is considered irrecoverable and is written off directly against the trade receivable or advance to customer. The Group also manages credit risk through the use of a receivables purchase arrangement, for an element of its trade receivables. Under the terms of this arrangement, the Group transfers the credit risk, late payment risk and control of the receivables sold. As at 28 February 2026, the Group\u2019s year end cash and cash equivalents had benefited by \u20ac104.2m (FY2025: \u20ac109.8m) with respect to this purchase arrangement. The Group\u2019s trade receivables subject to the programme are derecognised as the arrangement meets the derecognition criteria in IFRS 9 Financial Instruments. Advances to customers are generally secured by, amongst others, rights over property or intangible assets, such as the right to take possession of the premises of the customer. During the financial year, the Group did not exercise its right to take possession of any material collateral that would require disclosure. At 28 February 2026, the Group held collateral of \u20ac1.3m (FY2025: \u20ac0.3m) on financial assets that are credit impaired and recognised no expected credit loss on financial assets of \u20ac18.3m (FY2025: \u20ac18.3m) due to collateral. Interest rates calculated on repayment/annuity advances are generally based on the risk-free rate plus a margin, which takes into account the risk profile of the customer and value of security given. The Group establishes an allowance for impairment of customer\u2019s advances that represents its estimate of potential future losses. From time to time, the Group holds significant cash and cash equivalents balances, which are invested on a short-term basis and disclosed under cash and cash equivalent s in the Consolidated Balance Sheet. Risk of counterparty default arising on short-term cash deposits is controlled within a framework of dealing primarily with banks who are members of the Group\u2019s banking syndicate, and by limiting the credit exposure to any one of these banks or institutions. Management does not expect any counterparty to fail to meet its obligations. The Company also bears credit risk in relation to amounts owed by Group undertakings and from guarantees provided in respect of the liabilities of wholly owned subsidiaries as disclosed in Note 28. The carrying amount of financial assets, net of impairment provisions represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Group
Company
2026 2025 2026 2025
Group \u20acm \u20acm \u20acm \u20acm
Trade receivables
90.6
100.1
\u2013
\u2013
Advances to customers
38.1
40.0
\u2013
\u2013
Amounts due from Group
undertakings
\u2013
\u2013
508.2
579.6
Cash and cash equivalents
135.6
144.0
0.1
0.1
264.3
284.1
508.3
579.7
The ageing of trade receivables and advances to customers together with an analysis of movement in the Group\u2019s impairment provisions against these receivables are disclosed in Note 15. The Group does not have any significant concentrations of risk. e) Liquidity risk Liquidity risk is the risk that the Group or Company will not be able to meet its financial obligations as they fall due. The Group\u2019s policy is to ensure that sufficient resources are available either from cash and cash equivalents balances, cash flows or committed bank facilities to meet all debt obligations as they fall due. To achieve this, the Group (a) maintains adequate cash and cash equivalents balances; (b) prepares detailed cash projections; and (c) keeps refinancing options under review. In addition, the Group maintains an overdraft facility that is unsecured. Cash and liquidity continue to be a key focus for the Group. In March 2020, the Group completed the successful issue of the new USPP notes. The unsecured notes, denominated in both Euro and Sterling, have maturities of 10 and 12 years and diversify the Group\u2019s sources of debt finance. The Group successfully negotiated and completed a refinancing of the current multi-currency facility agreement which was repayable in a single instalment in May 2023 following the announcement of the Group\u2019s FY2023 Results, at which point the new facility began. The Group has entered into a new five-year committed sustainability-linked facility comprised of a \u20ac250m multi- currency revolving loan facility and a \u20ac100m non-amortising Euro term loan, both with a maturity of FY2028. The facility offers optionality of two 1-year extensions to the maturity date callable within 12 months and 24 months of initial drawdown respectively. During FY2025, the Group exercised the second optional extension of the facilities bringing the maturity date of \u20ac250m multi-currency revolving loan facility and a \u20ac100m non-amortising Euro term loan to January 2030 (FY2030). Both the multi-currency facility and the Euro term loan were negotiated with six banks, namely ABN Amro Bank, Allied Irish Bank, Bank of Ireland, Barclays Bank, HSBC and Rabobank. The multi-currency revolving facilities agreement provides for a further \u20ac100m in the form of an uncommitted accordion facility. At 28 February 2026 the Group had \u20ac159.1m drawn down from the term loan and multi-currency revolving facilities (FY2025: \u20ac125.0m) and \u20ac100.2m drawn down from Private Placement notes (FY2025: \u20ac103.5m). The Company and Group had no financial indebtedness in the form of non-bank debt. All bank loans drawn are unsecured and rank pari passu. All borrowings of the Group are guaranteed by a number of the Group\u2019s subsidiary undertakings. The Euro term loan and multi-currency facilities agreement allows the early repayment of debt without incurring additional charges or penalties. The USPP allows the early prepayment of the notes at any time subject to the payment of a make whole amount to compensate the note holders for the interest that would have been received on the notes had they not been prepaid early. All borrowings of the Company and Group at 28 February 2026 are repayable in full on change of control of the Group. The Company and the Group complied with all covenants at each reporting date in the current and prior financial year. There is no effect on the Group\u2019s covenants as a result of implementing IFRS 16 Leases in FY2020 as all covenants are calculated on a pre-IFRS 16 Leases adoption basis. The following are the contractual maturities of financial liabilities, including interest payments:
2026
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(257.0)
(301.5)
(4.9)
(4.9)
(9.7)
(282.0)
Trade and other payables
(325.1)
(325.1)
(325.1)
\u2013
\u2013
\u2013
Lease liabilities
(139.0)
(188.6)
(13.1)
(13.1)
(24.8)
(137.6)
Other financial liabilities
(5.0)
(5.2)
(0.5)
(0.5)
(0.9)
(3.3)
Total
(726.1)
(820.4)
(343.6)
(18.5)
(35.4)
(422.9)
2025
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(224.9)
(277.1)
(4.5)
(4.5)
(8.9)
(259.2)
Trade and other payables
(326.5)
(326.5)
(326.5)
\u2013
\u2013
\u2013
Lease liabilities
(131.4)
(17 7.1)
(13.4)
(13.4)
(23.1)
(127.2)
Other financial liabilities
(6.2)
(6.2)
\u2013
(1.0)
(1.0)
(4.2)
Total
(689.0)
(786.9)
(344.4)
(18.9)
(33.0)
(390.6)
2026
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Company \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(100.2)
(118.7)
(1.9)
(1.9)
(3.7)
(111.2)
Amounts due to Group undertakings
(106.6)
(106.7)
(53.4)
(53.3)
\u2013
\u2013
Accruals
(3.9)
(3.9)
(3.9)
\u2013
\u2013
\u2013
Total contracted outflows
(210.7)
(229.3)
(59.2)
(55.2)
(3.7)
(111.2)
Company
2025
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
\u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(102.7)
(126.3)
(1.9)
(1.9)
(3.8)
(118.8)
Amounts due to Group undertakings
(72.0)
(72.0)
(72.0)
\u2013
\u2013
\u2013
Accruals
(3.6)
(3.6)
(3.6)
\u2013
\u2013
\u2013
Total contracted outflows
(178.3)
(201.9)
( 77.5)
(1.9)
(3.8)
(118.8)
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-666": { "value": "24. Financial Instruments and Financial Risk Management The Group\u2019s multinational operations expose it to various financial risks in the ordinary course of business that include credit risk, liquidity risk, commodity price risk, currency risk and interest rate risk. This note discusses the Group\u2019s exposure to each of these financial risks and summarises the risk management strategy for managing these risks. The note is presented as follows: a) Overview of the Group\u2019s risk exposures and management strategy b) Financial assets and liabilities as at 28 February 2026 and February 2025 and determination of fair value c) Market risk d) Credit risk e) Liquidity risk a) Overview of the Group\u2019s risk exposures and management strategy The main financial market risks that the Group is exposed to include foreign currency exchange rate risk, commodity price fluctuations, interest rate risk and financial counterparty creditworthiness. The Board continues to monitor and manage closely these and all other financial risks faced by the Group. The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. This is executed through various committees to which the Board has delegated appropriate levels of authority. An essential part of this framework is the role undertaken by the Audit Committee, supported by the internal audit function and the Chief Financial Officer. The Board, through its Committees, has reviewed the internal control environment and the risk management systems and process for identifying and evaluating the significant risks affecting the business and the policies and procedures by which these risks will be managed effectively. The Board has embedded these structures and procedures throughout the Group and considers them to be a robust and efficient mechanism for creating a culture of risk awareness at every level of management. The Group\u2019s risk management programme seeks to minimise the potential adverse effects, arising from fluctuations in financial markets, on the Group\u2019s financial performance in a non- speculative manner at a reasonable cost when economically viable to do so. The Group achieves the management of these risks in part, where appropriate, through the use of derivative financial instruments. All derivative financial contracts entered into in this regard are in liquid markets with credit-worthy parties. Treasury activities are performed within strict terms of reference that have been approved by the Board. See currency risk and interest rate risk sections for further details. b) Financial assets and liabilities The carrying and fair values of financial assets and liabilities by measurement category were as follows:
2026
2025
Carrying value Fair value Carrying value Fair value
Group \u20acm \u20acm \u20acm \u20acm
Financial assets:
Cash and cash equivalents
(1)
135.6
135.6
144.0
144.0
Trade receivables
(1)
90.6
90.6
100.1
100.1
Advances to customers
(1)
38.1
38.1
40.0
40.0
Unamortised borrowing costs
(1,3)
0.7
0.7
0.7
0.7
Derivative contracts
(2)
0.1
0.1
\u2013
\u2013
265.1
265.1
284.8
284.8
Financial liabilities:
Interest-bearing loans and borrowings
(257.0)
(259.7)
(225.6)
(228.5)
Trade and other payables
(1)
(282.7)
(282.6)
(326.5)
(326.5)
Derivative contracts
(2)
\u2013
\u2013
(0.4)
(0.4)
Other financial liabilities
(1)
(5.0)
(5.0)
(6.2)
(6.2)
(544.7)
(547.3)
(558.7)
(561.6)
(279.6)
(282.2)
(273.9)
(276.8)
1. At amortised cost, excluding statutory balances (VAT of \u20ac18.8m (FY2025: \u20ac14.8m), excise duty of \u20ac18.3m (FY2025: \u20ac24.1m) and payroll taxes and social security of \u20ac5.3m (FY2025: \u20ac5.0m). 2. Derivatives designated as hedging instruments. 3. Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
2026
2025
Carrying value Fair value Carrying value Fair value
Company \u20acm \u20acm \u20acm \u20acm
Financial assets:
Cash and cash equivalents
(1)
0.1
0.1
0.1
0.1
Unamortised borrowing costs
(1, 2)
0.1
0.1
0.1
0.1
Amounts due from Group
undertakings
(1)
508.2
508.3
579.6
579.6
508.4
508.5
579.8
579.8
Financial liabilities:
Interest-bearing loans and borrowings
(1)
(100.2)
(100.7)
(102.7)
(103.5)
Amounts due to Group undertakings
(1)
(106.6)
(106.6)
(72.0)
(72.0)
Accruals
(1)
(3.9)
(3.9)
(3.6)
(3.5)
(210.7)
(211.2)
(178.3)
(179.0)
297.7
297.3
401.5
400.8
1. At amortised cost. 2. Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. Fair value and carrying information Set out below are the main methods and assumptions used in estimating the fair values of the Group\u2019s financial assets and liabilities. There is no material difference between the fair value of financial assets and liabilities falling due within one year and their carrying amount as, due to the short-term maturity of these financial assets and liabilities, their carrying amount is deemed to approximate fair value. Short-term bank deposits and cash and cash equivalents The nominal amount of all short-term bank deposits and cash and cash equivalents is deemed to reflect fair value at the balance sheet date. Trade receivables and advances to customers The Group\u2019s trade receivables and advances to customers classified as financial assets are held at amortised cost, which approximates their fair value as these are short-term in nature; hence, the maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable. Unamortised borrowing costs Unamortised borrowing costs classified as financial assets are held at amortised cost. See Notes 20 and 21 for further details. Derivative contracts Derivative contract financial assets and financial liabilities are initially recognised at fair value on the date that a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period (see section (c) below). Interest-bearing loans and borrowings The fair value of all interest-bearing loans and borrowings has been calculated by discounting all future cash flows to their present value using a market rate reflecting the Group\u2019s cost of borrowing at the balance sheet date (Level 2). See Note 20 for further details. Trade and other payables The carrying amount of all trade payables is deemed to reflect fair value at the balance sheet date. Other financial liabilities The carrying value and valuation basis of the Group\u2019s other financial liabilities are set out in Note 25 . c) Market risk Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. Commodity price risk The Group is exposed to variability in the price of commodities used in the production or in the packaging of finished products, such as apples, glass, barley, aluminium, polymer, wheat and sugar/ glucose. Commodity price risk is managed, where economically viable, through fixed price contracts with suppliers incorporating appropriate commodity hedging and pricing mechanisms. The Group does not directly enter into commodity hedge contracts. The cost of production is also sensitive to variability in the price of energy, primarily gas and electricity. It is Group policy to fix the cost of a certain level of its energy requirement through fixed price contractual arrangements directly with its energy suppliers. Currency risk The Company\u2019s functional and reporting currency is Euro. The Euro is also the Group\u2019s reporting currency and the currency used for all planning and budgetary purposes. The Group is exposed to currency risk in relation to sales and purchase transactions by Group companies in currencies other than their functional currency (transaction risk), and fluctuations in the Euro value of the Group\u2019s net investment in foreign currency (primarily Sterling) denominated subsidiary undertakings (translation risk). Currency exposures for the entire Group are managed and controlled centrally. The Group seeks to minimise its foreign currency transaction exposure, when possible, by offsetting the foreign currency input costs against the same foreign currency receipts, creating a natural hedge. When the remaining net currency exposure is material, the Group enters into foreign currency forward contracts to mitigate and protect against adverse movements in currency risk and remove uncertainty over the foreign currency equivalent cash flows. At 28 February 2026, the Group had \u20ac9.5m of forward foreign currency cash flow hedges outstanding (FY2025: \u20ac11.8m). In addition, the Group has a number of long-term intra-group loans for which settlement is neither planned nor likely to happen in the foreseeable future, and as a consequence of which are deemed quasi equity in nature and are therefore part of the Group\u2019s net investment in its foreign operations. The Group does not hedge the translation exposure arising on the translation of the profits of foreign currency subsidiaries. The net currency gains and losses on transactional currency exposures are recognised in the Income Statement and the changes arising from fluctuations in the Euro value of the Group\u2019s net investment in foreign operations are reported separately within Other Comprehensive Income.
2026 2025
Group \u20acm \u20acm
Derivatives:
Cash flow hedges \u2013 currency forwards
\u2013
(0.4)
Total
\u2013
(0.4)
Interrelationship
between significant
Significant unobservable inputs and
Type
Valuation technique
unobservable inputs fair value measurement
Foreign Forward pricing: The fair value is determined
Not applicable.
Not applicable.
currency using quoted forward exchange rates at the
forward reporting date and present value calculations
contracts based on high credit quality yield curves in
respective currencies.
Hedge ineffectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of foreign currency purchases, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item, such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. In hedges of foreign currency purchases, ineffectiveness might arise if the timing of the forecast transaction changes from what was originally estimated, or if a degree of forecast purchases are no longer highly probable to occur. The hedging ratio is 1:1 as the quantity of purchases designated matches the notional amount of the hedging instrument. No ineffectiveness was recognised in the Income Statement in the current or prior financial year. The currency profile of the Group and Company\u2019s financial instruments subject to translational exposure as at 28 February 2026 is as follows:
Euro Sterling USD AUD NZD Not at risk Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
2.0
1.1
0.8
\u2013
0.3
131.4
135.6
Trade receivables
4.0
0.1
1.3
0.6
0.3
84.3
90.6
Advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
38.1
38.1
Interest-bearing loans and borrowings*
(122.6)
(41.3)
\u2013
\u2013
\u2013
(93.1)
(257.0)
Lease liabilities
\u2013
(1.2)
\u2013
\u2013
\u2013
(137.8)
(139.0)
Trade and other payables
(18.2)
(8.0)
(1.7)
(0.1)
(0.8)
(296.3)
(325.1)
Financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(5.0)
(5.0)
Gross currency exposure
(134.8)
(49.3)
0.4
0.5
(0.2)
(278.4)
(461.8)
Sterling USD Not at risk Total
Company \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
\u2013
\u2013
0.1
0.1
Interest-bearing loans and borrowings*
(41.3)
\u2013
(58.9)
(100.2)
Net amounts due from Group undertakings
42.9
(0.6)
359.3
401.6
Accruals
\u2013
\u2013
(3.9)
(3.9)
Gross currency exposure
1.6
(0.6)
296.6
297.6
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. The currency profile of the Group and Company\u2019s financial instruments subject to translational exposure as at 28 February 2025 was as follows:
Euro Sterling USD AUD NZD ZAR Not at risk Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
3.6
3.0
4.4
0.4
0.2
\u2013
132.4
144.0
Trade receivables
4.7
\u2013
0.8
0.7
0.5
\u2013
93.4
100.1
Advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
40.0
40.0
Interest-bearing loans and borrowings*
(121.9)
(49.7)
\u2013
\u2013
\u2013
\u2013
(53.3)
(224.9)
Lease liabilities
\u2013
(2.1)
\u2013
\u2013
\u2013
\u2013
(129.3)
(131.4)
Trade and other payables
(19.5)
(12.2)
(3.4)
(0.3)
(1.3)
\u2013
(289.8)
(326.5)
Financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(6.2)
(6.2)
Gross currency exposure
(133.1)
(61.0)
1.8
0.8
(0.6)
\u2013
(212.8)
(404.9)
Sterling USD Not at risk Total
Company \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
0.1
\u2013
\u2013
0.1
Interest-bearing loans and borrowings*
(49.6)
\u2013
(53.1)
(102.7)
Net amounts due to Group undertakings
10.8
\u2013
496.8
507.6
Accruals
\u2013
\u2013
(3.6)
(3.6)
Gross currency exposure
(38.7)
\u2013
440.1
401.4
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. A 10% strengthening in the Euro against all currencies noted above, based on outstanding financial assets and liabilities at 28 February 2026, would have a \u20ac4.4m positive impact (FY2025: \u20ac5.4m) on equity. A 10% weakening in the Euro against all currencies noted above would have a \u20ac5.4m negative effect (FY2025: \u20ac6.6m) on equity. This analysis assumes that all other variables, in particular interest rates, remain constant. Interest rate risk The interest rate profile of the Group and Company\u2019s interest-bearing financial instruments at the reporting date is summarised as follows:
Group
Company
2026 2025 2026 2025
Interest rate profile \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
Floating rate
135.6
144.0
0.1
0.1
Unsecured term and RCF loans*
Floating rate
(156.9)
(122.1)
\u2013
\u2013
Private Placement notes*
Fixed rate
(100.2)
(102.8)
(100.2)
(102.8)
(121.5)
(80.9)
(100.1)
(102.7)
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. Interrelationship between significant Significant unobservable inputs and ype Valuation technique unobservable inputs fair value measurement Interest Swap models: The fair value is calculated as the Not applicable. Not applicable. rate swaps present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources and which reflects the relevant benchmark interbank rate used by market participants for this purpose when pricing interest rate swaps. The fair value estimate is subject to a credit risk adjustment that reflects the credit risk of the Group and of the counterparty; this is calculated based on credit spreads derived from current credit default swap or bond prices. The Group exposure to interest rate risk arises principally from its long-term debt obligations. A 0.25% increase/decrease in Euribor and Sonia rates would result in a \u20ac0.7m (FY2025: \u20ac0.7m) impact on the Income Statement, over the duration of the tenure, with respect to the interest charge on interest-bearing loans and borrowings. The Group is exposed to interest rate risk in relation to its \u20ac350m multi-currency interest-bearing revolving credit facility. With the Group\u2019s USPP notes, there is a portion of long-term debt obligations where the interest is fixed for the duration of the facilities and not subject to changes in Euribor and Sonia rates. Interest rate exposures for the Group are managed and controlled centrally. The Group seeks to minimise its interest rate exposure by assessing and executing hedging strategies in a non- speculative manner, in line with Group policy and at a reasonable cost when economically viable to do so. As at 28 February 2026, the Group had a portion of its interest rate risk hedged with the objective to manage risk of the Group\u2019s long-term exposure to interest rates and in line with C&C Group Policy. Following European Central Bank and Bank of England rates cuts from mid-2024 through 2025, the Group reassessed its exposure prior to \u20ac60m of interest rate hedge maturing in September 2025. As a result of the reassessment, the Group has executed a \u20ac100m three-year Euro interest rate hedge against Euro debt facilities exposed to EURIBOR fluctuations. The hedge was executed in line with the Group guardrails and ensures that 77% (FY2025: 72%) of the Group\u2019s interest-bearing loans and borrowings as at 28 February 2026 are now either hedged or fixed through the USPP notes. The USPP notes were issued in March 2020 with a fixed interest rate for Euro and GBP notes, the notes have maturity dates ranging from 2030 to 2032. Derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classified as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through the Income Statement. They are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.
2026 2025
Group \u20acm \u20acm
Hedging reserves \u2013 interest rate hedges
Opening balance 1 March
(0.4)
0.3
Change in fair value of hedging recognised in Other Comprehensive
Income for the year
0.5
(0.7)
Closing balance 28 February \u2013 continuing interest rate hedges
0.1
(0.4)
Hedge ineffectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of interest rates, the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item, such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. In hedges of interest rates, ineffectiveness might arise on the sale of the business or repayment of debt which would impact hedged item. No ineffectiveness was recognised in the Income Statement in the current or prior financial year. d) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s trade receivables, its cash advances to customers, cash and cash equivalents (including deposits with banks) and derivative financial instruments contracted with banks. The Group has an indirect exposure to European Sovereigns via its defined benefit pension scheme investment portfolio. In the context of the Group\u2019s operations, credit risk is mainly influenced by the individual characteristics of individual counterparties and is not considered particularly concentrated as it primarily arises from a wide and varied customer base; there are no material dependencies or concentrations of individual customers which would warrant disclosure under IFRS 8 Operating Segments. The Group has detailed procedures for monitoring and managing the credit risk related to its trade receivables and advances to customers based on experience, customer track records and historic default rates and forward-looking information, such as concentration maturity and the macroeconomic circumstances within the Group\u2019s primary trading markets. Generally, individual \u2018risk limits\u2019 are set on a customer-by-customer basis and risk is only accepted above such limits in defined circumstances. A strict credit assessment is made of all new applicants who request credit-trading terms. The utilisation and revision, where appropriate, of credit limits is regularly monitored. Impairment provision accounts are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point, the amount is considered irrecoverable and is written off directly against the trade receivable or advance to customer. The Group also manages credit risk through the use of a receivables purchase arrangement, for an element of its trade receivables. Under the terms of this arrangement, the Group transfers the credit risk, late payment risk and control of the receivables sold. As at 28 February 2026, the Group\u2019s year end cash and cash equivalents had benefited by \u20ac104.2m (FY2025: \u20ac109.8m) with respect to this purchase arrangement. The Group\u2019s trade receivables subject to the programme are derecognised as the arrangement meets the derecognition criteria in IFRS 9 Financial Instruments. Advances to customers are generally secured by, amongst others, rights over property or intangible assets, such as the right to take possession of the premises of the customer. During the financial year, the Group did not exercise its right to take possession of any material collateral that would require disclosure. At 28 February 2026, the Group held collateral of \u20ac1.3m (FY2025: \u20ac0.3m) on financial assets that are credit impaired and recognised no expected credit loss on financial assets of \u20ac18.3m (FY2025: \u20ac18.3m) due to collateral. Interest rates calculated on repayment/annuity advances are generally based on the risk-free rate plus a margin, which takes into account the risk profile of the customer and value of security given. The Group establishes an allowance for impairment of customer\u2019s advances that represents its estimate of potential future losses. From time to time, the Group holds significant cash and cash equivalents balances, which are invested on a short-term basis and disclosed under cash and cash equivalent s in the Consolidated Balance Sheet. Risk of counterparty default arising on short-term cash deposits is controlled within a framework of dealing primarily with banks who are members of the Group\u2019s banking syndicate, and by limiting the credit exposure to any one of these banks or institutions. Management does not expect any counterparty to fail to meet its obligations. The Company also bears credit risk in relation to amounts owed by Group undertakings and from guarantees provided in respect of the liabilities of wholly owned subsidiaries as disclosed in Note 28. The carrying amount of financial assets, net of impairment provisions represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Group
Company
2026 2025 2026 2025
Group \u20acm \u20acm \u20acm \u20acm
Trade receivables
90.6
100.1
\u2013
\u2013
Advances to customers
38.1
40.0
\u2013
\u2013
Amounts due from Group
undertakings
\u2013
\u2013
508.2
579.6
Cash and cash equivalents
135.6
144.0
0.1
0.1
264.3
284.1
508.3
579.7
The ageing of trade receivables and advances to customers together with an analysis of movement in the Group\u2019s impairment provisions against these receivables are disclosed in Note 15. The Group does not have any significant concentrations of risk. e) Liquidity risk Liquidity risk is the risk that the Group or Company will not be able to meet its financial obligations as they fall due. The Group\u2019s policy is to ensure that sufficient resources are available either from cash and cash equivalents balances, cash flows or committed bank facilities to meet all debt obligations as they fall due. To achieve this, the Group (a) maintains adequate cash and cash equivalents balances; (b) prepares detailed cash projections; and (c) keeps refinancing options under review. In addition, the Group maintains an overdraft facility that is unsecured. Cash and liquidity continue to be a key focus for the Group. In March 2020, the Group completed the successful issue of the new USPP notes. The unsecured notes, denominated in both Euro and Sterling, have maturities of 10 and 12 years and diversify the Group\u2019s sources of debt finance. The Group successfully negotiated and completed a refinancing of the current multi-currency facility agreement which was repayable in a single instalment in May 2023 following the announcement of the Group\u2019s FY2023 Results, at which point the new facility began. The Group has entered into a new five-year committed sustainability-linked facility comprised of a \u20ac250m multi- currency revolving loan facility and a \u20ac100m non-amortising Euro term loan, both with a maturity of FY2028. The facility offers optionality of two 1-year extensions to the maturity date callable within 12 months and 24 months of initial drawdown respectively. During FY2025, the Group exercised the second optional extension of the facilities bringing the maturity date of \u20ac250m multi-currency revolving loan facility and a \u20ac100m non-amortising Euro term loan to January 2030 (FY2030). Both the multi-currency facility and the Euro term loan were negotiated with six banks, namely ABN Amro Bank, Allied Irish Bank, Bank of Ireland, Barclays Bank, HSBC and Rabobank. The multi-currency revolving facilities agreement provides for a further \u20ac100m in the form of an uncommitted accordion facility. At 28 February 2026 the Group had \u20ac159.1m drawn down from the term loan and multi-currency revolving facilities (FY2025: \u20ac125.0m) and \u20ac100.2m drawn down from Private Placement notes (FY2025: \u20ac103.5m). The Company and Group had no financial indebtedness in the form of non-bank debt. All bank loans drawn are unsecured and rank pari passu. All borrowings of the Group are guaranteed by a number of the Group\u2019s subsidiary undertakings. The Euro term loan and multi-currency facilities agreement allows the early repayment of debt without incurring additional charges or penalties. The USPP allows the early prepayment of the notes at any time subject to the payment of a make whole amount to compensate the note holders for the interest that would have been received on the notes had they not been prepaid early. All borrowings of the Company and Group at 28 February 2026 are repayable in full on change of control of the Group. The Company and the Group complied with all covenants at each reporting date in the current and prior financial year. There is no effect on the Group\u2019s covenants as a result of implementing IFRS 16 Leases in FY2020 as all covenants are calculated on a pre-IFRS 16 Leases adoption basis. The following are the contractual maturities of financial liabilities, including interest payments:
2026
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(257.0)
(301.5)
(4.9)
(4.9)
(9.7)
(282.0)
Trade and other payables
(325.1)
(325.1)
(325.1)
\u2013
\u2013
\u2013
Lease liabilities
(139.0)
(188.6)
(13.1)
(13.1)
(24.8)
(137.6)
Other financial liabilities
(5.0)
(5.2)
(0.5)
(0.5)
(0.9)
(3.3)
Total
(726.1)
(820.4)
(343.6)
(18.5)
(35.4)
(422.9)
2025
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(224.9)
(277.1)
(4.5)
(4.5)
(8.9)
(259.2)
Trade and other payables
(326.5)
(326.5)
(326.5)
\u2013
\u2013
\u2013
Lease liabilities
(131.4)
(17 7.1)
(13.4)
(13.4)
(23.1)
(127.2)
Other financial liabilities
(6.2)
(6.2)
\u2013
(1.0)
(1.0)
(4.2)
Total
(689.0)
(786.9)
(344.4)
(18.9)
(33.0)
(390.6)
2026
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Company \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(100.2)
(118.7)
(1.9)
(1.9)
(3.7)
(111.2)
Amounts due to Group undertakings
(106.6)
(106.7)
(53.4)
(53.3)
\u2013
\u2013
Accruals
(3.9)
(3.9)
(3.9)
\u2013
\u2013
\u2013
Total contracted outflows
(210.7)
(229.3)
(59.2)
(55.2)
(3.7)
(111.2)
Company
2025
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
\u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(102.7)
(126.3)
(1.9)
(1.9)
(3.8)
(118.8)
Amounts due to Group undertakings
(72.0)
(72.0)
(72.0)
\u2013
\u2013
\u2013
Accruals
(3.6)
(3.6)
(3.6)
\u2013
\u2013
\u2013
Total contracted outflows
(178.3)
(201.9)
( 77.5)
(1.9)
(3.8)
(118.8)
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-626": { "value": "24. Financial Instruments and Financial Risk Management The Group\u2019s multinational operations expose it to various financial risks in the ordinary course of business that include credit risk, liquidity risk, commodity price risk, currency risk and interest rate risk. This note discusses the Group\u2019s exposure to each of these financial risks and summarises the risk management strategy for managing these risks. The note is presented as follows: a) Overview of the Group\u2019s risk exposures and management strategy b) Financial assets and liabilities as at 28 February 2026 and February 2025 and determination of fair value c) Market risk d) Credit risk e) Liquidity risk a) Overview of the Group\u2019s risk exposures and management strategy The main financial market risks that the Group is exposed to include foreign currency exchange rate risk, commodity price fluctuations, interest rate risk and financial counterparty creditworthiness. The Board continues to monitor and manage closely these and all other financial risks faced by the Group. The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. This is executed through various committees to which the Board has delegated appropriate levels of authority. An essential part of this framework is the role undertaken by the Audit Committee, supported by the internal audit function and the Chief Financial Officer. The Board, through its Committees, has reviewed the internal control environment and the risk management systems and process for identifying and evaluating the significant risks affecting the business and the policies and procedures by which these risks will be managed effectively. The Board has embedded these structures and procedures throughout the Group and considers them to be a robust and efficient mechanism for creating a culture of risk awareness at every level of management. The Group\u2019s risk management programme seeks to minimise the potential adverse effects, arising from fluctuations in financial markets, on the Group\u2019s financial performance in a non- speculative manner at a reasonable cost when economically viable to do so. The Group achieves the management of these risks in part, where appropriate, through the use of derivative financial instruments. All derivative financial contracts entered into in this regard are in liquid markets with credit-worthy parties. Treasury activities are performed within strict terms of reference that have been approved by the Board. See currency risk and interest rate risk sections for further details. b) Financial assets and liabilities The carrying and fair values of financial assets and liabilities by measurement category were as follows:
2026
2025
Carrying value Fair value Carrying value Fair value
Group \u20acm \u20acm \u20acm \u20acm
Financial assets:
Cash and cash equivalents
(1)
135.6
135.6
144.0
144.0
Trade receivables
(1)
90.6
90.6
100.1
100.1
Advances to customers
(1)
38.1
38.1
40.0
40.0
Unamortised borrowing costs
(1,3)
0.7
0.7
0.7
0.7
Derivative contracts
(2)
0.1
0.1
\u2013
\u2013
265.1
265.1
284.8
284.8
Financial liabilities:
Interest-bearing loans and borrowings
(257.0)
(259.7)
(225.6)
(228.5)
Trade and other payables
(1)
(282.7)
(282.6)
(326.5)
(326.5)
Derivative contracts
(2)
\u2013
\u2013
(0.4)
(0.4)
Other financial liabilities
(1)
(5.0)
(5.0)
(6.2)
(6.2)
(544.7)
(547.3)
(558.7)
(561.6)
(279.6)
(282.2)
(273.9)
(276.8)
1. At amortised cost, excluding statutory balances (VAT of \u20ac18.8m (FY2025: \u20ac14.8m), excise duty of \u20ac18.3m (FY2025: \u20ac24.1m) and payroll taxes and social security of \u20ac5.3m (FY2025: \u20ac5.0m). 2. Derivatives designated as hedging instruments. 3. Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
2026
2025
Carrying value Fair value Carrying value Fair value
Company \u20acm \u20acm \u20acm \u20acm
Financial assets:
Cash and cash equivalents
(1)
0.1
0.1
0.1
0.1
Unamortised borrowing costs
(1, 2)
0.1
0.1
0.1
0.1
Amounts due from Group
undertakings
(1)
508.2
508.3
579.6
579.6
508.4
508.5
579.8
579.8
Financial liabilities:
Interest-bearing loans and borrowings
(1)
(100.2)
(100.7)
(102.7)
(103.5)
Amounts due to Group undertakings
(1)
(106.6)
(106.6)
(72.0)
(72.0)
Accruals
(1)
(3.9)
(3.9)
(3.6)
(3.5)
(210.7)
(211.2)
(178.3)
(179.0)
297.7
297.3
401.5
400.8
1. At amortised cost. 2. Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. Fair value and carrying information Set out below are the main methods and assumptions used in estimating the fair values of the Group\u2019s financial assets and liabilities. There is no material difference between the fair value of financial assets and liabilities falling due within one year and their carrying amount as, due to the short-term maturity of these financial assets and liabilities, their carrying amount is deemed to approximate fair value. Short-term bank deposits and cash and cash equivalents The nominal amount of all short-term bank deposits and cash and cash equivalents is deemed to reflect fair value at the balance sheet date. Trade receivables and advances to customers The Group\u2019s trade receivables and advances to customers classified as financial assets are held at amortised cost, which approximates their fair value as these are short-term in nature; hence, the maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable. Unamortised borrowing costs Unamortised borrowing costs classified as financial assets are held at amortised cost. See Notes 20 and 21 for further details. Derivative contracts Derivative contract financial assets and financial liabilities are initially recognised at fair value on the date that a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period (see section (c) below). Interest-bearing loans and borrowings The fair value of all interest-bearing loans and borrowings has been calculated by discounting all future cash flows to their present value using a market rate reflecting the Group\u2019s cost of borrowing at the balance sheet date (Level 2). See Note 20 for further details. Trade and other payables The carrying amount of all trade payables is deemed to reflect fair value at the balance sheet date. Other financial liabilities The carrying value and valuation basis of the Group\u2019s other financial liabilities are set out in Note 25 . c) Market risk Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. Commodity price risk The Group is exposed to variability in the price of commodities used in the production or in the packaging of finished products, such as apples, glass, barley, aluminium, polymer, wheat and sugar/ glucose. Commodity price risk is managed, where economically viable, through fixed price contracts with suppliers incorporating appropriate commodity hedging and pricing mechanisms. The Group does not directly enter into commodity hedge contracts. The cost of production is also sensitive to variability in the price of energy, primarily gas and electricity. It is Group policy to fix the cost of a certain level of its energy requirement through fixed price contractual arrangements directly with its energy suppliers. Currency risk The Company\u2019s functional and reporting currency is Euro. The Euro is also the Group\u2019s reporting currency and the currency used for all planning and budgetary purposes. The Group is exposed to currency risk in relation to sales and purchase transactions by Group companies in currencies other than their functional currency (transaction risk), and fluctuations in the Euro value of the Group\u2019s net investment in foreign currency (primarily Sterling) denominated subsidiary undertakings (translation risk). Currency exposures for the entire Group are managed and controlled centrally. The Group seeks to minimise its foreign currency transaction exposure, when possible, by offsetting the foreign currency input costs against the same foreign currency receipts, creating a natural hedge. When the remaining net currency exposure is material, the Group enters into foreign currency forward contracts to mitigate and protect against adverse movements in currency risk and remove uncertainty over the foreign currency equivalent cash flows. At 28 February 2026, the Group had \u20ac9.5m of forward foreign currency cash flow hedges outstanding (FY2025: \u20ac11.8m). In addition, the Group has a number of long-term intra-group loans for which settlement is neither planned nor likely to happen in the foreseeable future, and as a consequence of which are deemed quasi equity in nature and are therefore part of the Group\u2019s net investment in its foreign operations. The Group does not hedge the translation exposure arising on the translation of the profits of foreign currency subsidiaries. The net currency gains and losses on transactional currency exposures are recognised in the Income Statement and the changes arising from fluctuations in the Euro value of the Group\u2019s net investment in foreign operations are reported separately within Other Comprehensive Income.
2026 2025
Group \u20acm \u20acm
Derivatives:
Cash flow hedges \u2013 currency forwards
\u2013
(0.4)
Total
\u2013
(0.4)
Interrelationship
between significant
Significant unobservable inputs and
Type
Valuation technique
unobservable inputs fair value measurement
Foreign Forward pricing: The fair value is determined
Not applicable.
Not applicable.
currency using quoted forward exchange rates at the
forward reporting date and present value calculations
contracts based on high credit quality yield curves in
respective currencies.
Hedge ineffectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of foreign currency purchases, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item, such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. In hedges of foreign currency purchases, ineffectiveness might arise if the timing of the forecast transaction changes from what was originally estimated, or if a degree of forecast purchases are no longer highly probable to occur. The hedging ratio is 1:1 as the quantity of purchases designated matches the notional amount of the hedging instrument. No ineffectiveness was recognised in the Income Statement in the current or prior financial year. The currency profile of the Group and Company\u2019s financial instruments subject to translational exposure as at 28 February 2026 is as follows:
Euro Sterling USD AUD NZD Not at risk Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
2.0
1.1
0.8
\u2013
0.3
131.4
135.6
Trade receivables
4.0
0.1
1.3
0.6
0.3
84.3
90.6
Advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
38.1
38.1
Interest-bearing loans and borrowings*
(122.6)
(41.3)
\u2013
\u2013
\u2013
(93.1)
(257.0)
Lease liabilities
\u2013
(1.2)
\u2013
\u2013
\u2013
(137.8)
(139.0)
Trade and other payables
(18.2)
(8.0)
(1.7)
(0.1)
(0.8)
(296.3)
(325.1)
Financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(5.0)
(5.0)
Gross currency exposure
(134.8)
(49.3)
0.4
0.5
(0.2)
(278.4)
(461.8)
Sterling USD Not at risk Total
Company \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
\u2013
\u2013
0.1
0.1
Interest-bearing loans and borrowings*
(41.3)
\u2013
(58.9)
(100.2)
Net amounts due from Group undertakings
42.9
(0.6)
359.3
401.6
Accruals
\u2013
\u2013
(3.9)
(3.9)
Gross currency exposure
1.6
(0.6)
296.6
297.6
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. The currency profile of the Group and Company\u2019s financial instruments subject to translational exposure as at 28 February 2025 was as follows:
Euro Sterling USD AUD NZD ZAR Not at risk Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
3.6
3.0
4.4
0.4
0.2
\u2013
132.4
144.0
Trade receivables
4.7
\u2013
0.8
0.7
0.5
\u2013
93.4
100.1
Advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
40.0
40.0
Interest-bearing loans and borrowings*
(121.9)
(49.7)
\u2013
\u2013
\u2013
\u2013
(53.3)
(224.9)
Lease liabilities
\u2013
(2.1)
\u2013
\u2013
\u2013
\u2013
(129.3)
(131.4)
Trade and other payables
(19.5)
(12.2)
(3.4)
(0.3)
(1.3)
\u2013
(289.8)
(326.5)
Financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(6.2)
(6.2)
Gross currency exposure
(133.1)
(61.0)
1.8
0.8
(0.6)
\u2013
(212.8)
(404.9)
Sterling USD Not at risk Total
Company \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
0.1
\u2013
\u2013
0.1
Interest-bearing loans and borrowings*
(49.6)
\u2013
(53.1)
(102.7)
Net amounts due to Group undertakings
10.8
\u2013
496.8
507.6
Accruals
\u2013
\u2013
(3.6)
(3.6)
Gross currency exposure
(38.7)
\u2013
440.1
401.4
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. A 10% strengthening in the Euro against all currencies noted above, based on outstanding financial assets and liabilities at 28 February 2026, would have a \u20ac4.4m positive impact (FY2025: \u20ac5.4m) on equity. A 10% weakening in the Euro against all currencies noted above would have a \u20ac5.4m negative effect (FY2025: \u20ac6.6m) on equity. This analysis assumes that all other variables, in particular interest rates, remain constant. Interest rate risk The interest rate profile of the Group and Company\u2019s interest-bearing financial instruments at the reporting date is summarised as follows:
Group
Company
2026 2025 2026 2025
Interest rate profile \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
Floating rate
135.6
144.0
0.1
0.1
Unsecured term and RCF loans*
Floating rate
(156.9)
(122.1)
\u2013
\u2013
Private Placement notes*
Fixed rate
(100.2)
(102.8)
(100.2)
(102.8)
(121.5)
(80.9)
(100.1)
(102.7)
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
Interrelationship
between significant
Significant unobservable inputs and
Type
Valuation technique
unobservable inputs fair value measurement
Interest Swap models: The fair value is calculated as the
Not applicable.
Not applicable.
rate swaps present value of the estimated future cash flows.
Estimates of future floating-rate cash flows are
based on quoted swap rates, futures prices and
interbank borrowing rates.
Estimated cash flows are discounted using a
yield curve constructed from similar sources and
which reflects the relevant benchmark interbank
rate used by market participants for this purpose
when pricing interest rate swaps.
The fair value estimate is subject to a credit risk
adjustment that reflects the credit risk of the
Group and of the counterparty; this is calculated
based on credit spreads derived from current
credit default swap or bond prices.
The Group exposure to interest rate risk arises principally from its long-term debt obligations. A 0.25% increase/decrease in Euribor and Sonia rates would result in a \u20ac0.7m (FY2025: \u20ac0.7m) impact on the Income Statement, over the duration of the tenure, with respect to the interest charge on interest-bearing loans and borrowings. The Group is exposed to interest rate risk in relation to its \u20ac350m multi-currency interest-bearing revolving credit facility. With the Group\u2019s USPP notes, there is a portion of long-term debt obligations where the interest is fixed for the duration of the facilities and not subject to changes in Euribor and Sonia rates. Interest rate exposures for the Group are managed and controlled centrally. The Group seeks to minimise its interest rate exposure by assessing and executing hedging strategies in a non- speculative manner, in line with Group policy and at a reasonable cost when economically viable to do so. As at 28 February 2026, the Group had a portion of its interest rate risk hedged with the objective to manage risk of the Group\u2019s long-term exposure to interest rates and in line with C&C Group Policy. Following European Central Bank and Bank of England rates cuts from mid-2024 through 2025, the Group reassessed its exposure prior to \u20ac60m of interest rate hedge maturing in September 2025. As a result of the reassessment, the Group has executed a \u20ac100m three-year Euro interest rate hedge against Euro debt facilities exposed to EURIBOR fluctuations. The hedge was executed in line with the Group guardrails and ensures that 77% (FY2025: 72%) of the Group\u2019s interest-bearing loans and borrowings as at 28 February 2026 are now either hedged or fixed through the USPP notes. The USPP notes were issued in March 2020 with a fixed interest rate for Euro and GBP notes, the notes have maturity dates ranging from 2030 to 2032. Derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classified as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through the Income Statement. They are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.
2026 2025
Group \u20acm \u20acm
Hedging reserves \u2013 interest rate hedges
Opening balance 1 March
(0.4)
0.3
Change in fair value of hedging recognised in Other Comprehensive
Income for the year
0.5
(0.7)
Closing balance 28 February \u2013 continuing interest rate hedges
0.1
(0.4)
Hedge ineffectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of interest rates, the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item, such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. In hedges of interest rates, ineffectiveness might arise on the sale of the business or repayment of debt which would impact hedged item. No ineffectiveness was recognised in the Income Statement in the current or prior financial year. d) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s trade receivables, its cash advances to customers, cash and cash equivalents (including deposits with banks) and derivative financial instruments contracted with banks. The Group has an indirect exposure to European Sovereigns via its defined benefit pension scheme investment portfolio. In the context of the Group\u2019s operations, credit risk is mainly influenced by the individual characteristics of individual counterparties and is not considered particularly concentrated as it primarily arises from a wide and varied customer base; there are no material dependencies or concentrations of individual customers which would warrant disclosure under IFRS 8 Operating Segments. The Group has detailed procedures for monitoring and managing the credit risk related to its trade receivables and advances to customers based on experience, customer track records and historic default rates and forward-looking information, such as concentration maturity and the macroeconomic circumstances within the Group\u2019s primary trading markets. Generally, individual \u2018risk limits\u2019 are set on a customer-by-customer basis and risk is only accepted above such limits in defined circumstances. A strict credit assessment is made of all new applicants who request credit-trading terms. The utilisation and revision, where appropriate, of credit limits is regularly monitored. Impairment provision accounts are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point, the amount is considered irrecoverable and is written off directly against the trade receivable or advance to customer. The Group also manages credit risk through the use of a receivables purchase arrangement, for an element of its trade receivables. Under the terms of this arrangement, the Group transfers the credit risk, late payment risk and control of the receivables sold. As at 28 February 2026, the Group\u2019s year end cash and cash equivalents had benefited by \u20ac104.2m (FY2025: \u20ac109.8m) with respect to this purchase arrangement. The Group\u2019s trade receivables subject to the programme are derecognised as the arrangement meets the derecognition criteria in IFRS 9 Financial Instruments. Advances to customers are generally secured by, amongst others, rights over property or intangible assets, such as the right to take possession of the premises of the customer. During the financial year, the Group did not exercise its right to take possession of any material collateral that would require disclosure. At 28 February 2026, the Group held collateral of \u20ac1.3m (FY2025: \u20ac0.3m) on financial assets that are credit impaired and recognised no expected credit loss on financial assets of \u20ac18.3m (FY2025: \u20ac18.3m) due to collateral. Interest rates calculated on repayment/annuity advances are generally based on the risk-free rate plus a margin, which takes into account the risk profile of the customer and value of security given. The Group establishes an allowance for impairment of customer\u2019s advances that represents its estimate of potential future losses. From time to time, the Group holds significant cash and cash equivalents balances, which are invested on a short-term basis and disclosed under cash and cash equivalent s in the Consolidated Balance Sheet. Risk of counterparty default arising on short-term cash deposits is controlled within a framework of dealing primarily with banks who are members of the Group\u2019s banking syndicate, and by limiting the credit exposure to any one of these banks or institutions. Management does not expect any counterparty to fail to meet its obligations. The Company also bears credit risk in relation to amounts owed by Group undertakings and from guarantees provided in respect of the liabilities of wholly owned subsidiaries as disclosed in Note 28. The carrying amount of financial assets, net of impairment provisions represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Group
Company
2026 2025 2026 2025
Group \u20acm \u20acm \u20acm \u20acm
Trade receivables
90.6
100.1
\u2013
\u2013
Advances to customers
38.1
40.0
\u2013
\u2013
Amounts due from Group
undertakings
\u2013
\u2013
508.2
579.6
Cash and cash equivalents
135.6
144.0
0.1
0.1
264.3
284.1
508.3
579.7
The ageing of trade receivables and advances to customers together with an analysis of movement in the Group\u2019s impairment provisions against these receivables are disclosed in Note 15. The Group does not have any significant concentrations of risk. e) Liquidity risk Liquidity risk is the risk that the Group or Company will not be able to meet its financial obligations as they fall due. The Group\u2019s policy is to ensure that sufficient resources are available either from cash and cash equivalents balances, cash flows or committed bank facilities to meet all debt obligations as they fall due. To achieve this, the Group (a) maintains adequate cash and cash equivalents balances; (b) prepares detailed cash projections; and (c) keeps refinancing options under review. In addition, the Group maintains an overdraft facility that is unsecured. Cash and liquidity continue to be a key focus for the Group. In March 2020, the Group completed the successful issue of the new USPP notes. The unsecured notes, denominated in both Euro and Sterling, have maturities of 10 and 12 years and diversify the Group\u2019s sources of debt finance. The Group successfully negotiated and completed a refinancing of the current multi-currency facility agreement which was repayable in a single instalment in May 2023 following the announcement of the Group\u2019s FY2023 Results, at which point the new facility began. The Group has entered into a new five-year committed sustainability-linked facility comprised of a \u20ac250m multi- currency revolving loan facility and a \u20ac100m non-amortising Euro term loan, both with a maturity of FY2028. The facility offers optionality of two 1-year extensions to the maturity date callable within 12 months and 24 months of initial drawdown respectively. During FY2025, the Group exercised the second optional extension of the facilities bringing the maturity date of \u20ac250m multi-currency revolving loan facility and a \u20ac100m non-amortising Euro term loan to January 2030 (FY2030). Both the multi-currency facility and the Euro term loan were negotiated with six banks, namely ABN Amro Bank, Allied Irish Bank, Bank of Ireland, Barclays Bank, HSBC and Rabobank. The multi-currency revolving facilities agreement provides for a further \u20ac100m in the form of an uncommitted accordion facility. At 28 February 2026 the Group had \u20ac159.1m drawn down from the term loan and multi-currency revolving facilities (FY2025: \u20ac125.0m) and \u20ac100.2m drawn down from Private Placement notes (FY2025: \u20ac103.5m). The Company and Group had no financial indebtedness in the form of non-bank debt. All bank loans drawn are unsecured and rank pari passu. All borrowings of the Group are guaranteed by a number of the Group\u2019s subsidiary undertakings. The Euro term loan and multi-currency facilities agreement allows the early repayment of debt without incurring additional charges or penalties. The USPP allows the early prepayment of the notes at any time subject to the payment of a make whole amount to compensate the note holders for the interest that would have been received on the notes had they not been prepaid early. All borrowings of the Company and Group at 28 February 2026 are repayable in full on change of control of the Group. The Company and the Group complied with all covenants at each reporting date in the current and prior financial year. There is no effect on the Group\u2019s covenants as a result of implementing IFRS 16 Leases in FY2020 as all covenants are calculated on a pre-IFRS 16 Leases adoption basis.
The following are the contractual maturities of financial liabilities, including interest payments:
2026
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(257.0)
(301.5)
(4.9)
(4.9)
(9.7)
(282.0)
Trade and other payables
(325.1)
(325.1)
(325.1)
\u2013
\u2013
\u2013
Lease liabilities
(139.0)
(188.6)
(13.1)
(13.1)
(24.8)
(137.6)
Other financial liabilities
(5.0)
(5.2)
(0.5)
(0.5)
(0.9)
(3.3)
Total
(726.1)
(820.4)
(343.6)
(18.5)
(35.4)
(422.9)
2025
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(224.9)
(277.1)
(4.5)
(4.5)
(8.9)
(259.2)
Trade and other payables
(326.5)
(326.5)
(326.5)
\u2013
\u2013
\u2013
Lease liabilities
(131.4)
(17 7.1)
(13.4)
(13.4)
(23.1)
(127.2)
Other financial liabilities
(6.2)
(6.2)
\u2013
(1.0)
(1.0)
(4.2)
Total
(689.0)
(786.9)
(344.4)
(18.9)
(33.0)
(390.6)
2026
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Company \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(100.2)
(118.7)
(1.9)
(1.9)
(3.7)
(111.2)
Amounts due to Group undertakings
(106.6)
(106.7)
(53.4)
(53.3)
\u2013
\u2013
Accruals
(3.9)
(3.9)
(3.9)
\u2013
\u2013
\u2013
Total contracted outflows
(210.7)
(229.3)
(59.2)
(55.2)
(3.7)
(111.2)
Company
2025
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
\u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(102.7)
(126.3)
(1.9)
(1.9)
(3.8)
(118.8)
Amounts due to Group undertakings
(72.0)
(72.0)
(72.0)
\u2013
\u2013
\u2013
Accruals
(3.6)
(3.6)
(3.6)
\u2013
\u2013
\u2013
Total contracted outflows
(178.3)
(201.9)
( 77.5)
(1.9)
(3.8)
(118.8)
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-648": { "value": "b) Financial assets and liabilities The carrying and fair values of financial assets and liabilities by measurement category were as follows:
2026
2025
Carrying value Fair value Carrying value Fair value
Group \u20acm \u20acm \u20acm \u20acm
Financial assets:
Cash and cash equivalents
(1)
135.6
135.6
144.0
144.0
Trade receivables
(1)
90.6
90.6
100.1
100.1
Advances to customers
(1)
38.1
38.1
40.0
40.0
Unamortised borrowing costs
(1,3)
0.7
0.7
0.7
0.7
Derivative contracts
(2)
0.1
0.1
\u2013
\u2013
265.1
265.1
284.8
284.8
Financial liabilities:
Interest-bearing loans and borrowings
(257.0)
(259.7)
(225.6)
(228.5)
Trade and other payables
(1)
(282.7)
(282.6)
(326.5)
(326.5)
Derivative contracts
(2)
\u2013
\u2013
(0.4)
(0.4)
Other financial liabilities
(1)
(5.0)
(5.0)
(6.2)
(6.2)
(544.7)
(547.3)
(558.7)
(561.6)
(279.6)
(282.2)
(273.9)
(276.8)
1. At amortised cost, excluding statutory balances (VAT of \u20ac18.8m (FY2025: \u20ac14.8m), excise duty of \u20ac18.3m (FY2025: \u20ac24.1m) and payroll taxes and social security of \u20ac5.3m (FY2025: \u20ac5.0m). 2. Derivatives designated as hedging instruments. 3. Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
2026
2025
Carrying value Fair value Carrying value Fair value
Company \u20acm \u20acm \u20acm \u20acm
Financial assets:
Cash and cash equivalents
(1)
0.1
0.1
0.1
0.1
Unamortised borrowing costs
(1, 2)
0.1
0.1
0.1
0.1
Amounts due from Group
undertakings
(1)
508.2
508.3
579.6
579.6
508.4
508.5
579.8
579.8
Financial liabilities:
Interest-bearing loans and borrowings
(1)
(100.2)
(100.7)
(102.7)
(103.5)
Amounts due to Group undertakings
(1)
(106.6)
(106.6)
(72.0)
(72.0)
Accruals
(1)
(3.9)
(3.9)
(3.6)
(3.5)
(210.7)
(211.2)
(178.3)
(179.0)
297.7
297.3
401.5
400.8
1. At amortised cost. 2. Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-660": { "value": "Fair value and carrying information Set out below are the main methods and assumptions used in estimating the fair values of the Group\u2019s financial assets and liabilities. There is no material difference between the fair value of financial assets and liabilities falling due within one year and their carrying amount as, due to the short-term maturity of these financial assets and liabilities, their carrying amount is deemed to approximate fair value. Short-term bank deposits and cash and cash equivalents The nominal amount of all short-term bank deposits and cash and cash equivalents is deemed to reflect fair value at the balance sheet date. Trade receivables and advances to customers The Group\u2019s trade receivables and advances to customers classified as financial assets are held at amortised cost, which approximates their fair value as these are short-term in nature; hence, the maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable. Unamortised borrowing costs Unamortised borrowing costs classified as financial assets are held at amortised cost. See Notes 20 and 21 for further details. Derivative contracts Derivative contract financial assets and financial liabilities are initially recognised at fair value on the date that a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period (see section (c) below). Interest-bearing loans and borrowings The fair value of all interest-bearing loans and borrowings has been calculated by discounting all future cash flows to their present value using a market rate reflecting the Group\u2019s cost of borrowing at the balance sheet date (Level 2). See Note 20 for further details. Trade and other payables The carrying amount of all trade payables is deemed to reflect fair value at the balance sheet date. Other financial liabilities The carrying value and valuation basis of the Group\u2019s other financial liabilities are set out in Note 25 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-649": { "value": "Fair value and carrying information Set out below are the main methods and assumptions used in estimating the fair values of the Group\u2019s financial assets and liabilities. There is no material difference between the fair value of financial assets and liabilities falling due within one year and their carrying amount as, due to the short-term maturity of these financial assets and liabilities, their carrying amount is deemed to approximate fair value. Short-term bank deposits and cash and cash equivalents The nominal amount of all short-term bank deposits and cash and cash equivalents is deemed to reflect fair value at the balance sheet date. Trade receivables and advances to customers The Group\u2019s trade receivables and advances to customers classified as financial assets are held at amortised cost, which approximates their fair value as these are short-term in nature; hence, the maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable. Unamortised borrowing costs Unamortised borrowing costs classified as financial assets are held at amortised cost. See Notes 20 and 21 for further details. Derivative contracts Derivative contract financial assets and financial liabilities are initially recognised at fair value on the date that a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period (see section (c) below). Interest-bearing loans and borrowings The fair value of all interest-bearing loans and borrowings has been calculated by discounting all future cash flows to their present value using a market rate reflecting the Group\u2019s cost of borrowing at the balance sheet date (Level 2). See Note 20 for further details. Trade and other payables The carrying amount of all trade payables is deemed to reflect fair value at the balance sheet date. Other financial liabilities The carrying value and valuation basis of the Group\u2019s other financial liabilities are set out in Note 25 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-650": { "value": "c) Market risk Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. Commodity price risk The Group is exposed to variability in the price of commodities used in the production or in the packaging of finished products, such as apples, glass, barley, aluminium, polymer, wheat and sugar/ glucose. Commodity price risk is managed, where economically viable, through fixed price contracts with suppliers incorporating appropriate commodity hedging and pricing mechanisms. The Group does not directly enter into commodity hedge contracts. The cost of production is also sensitive to variability in the price of energy, primarily gas and electricity. It is Group policy to fix the cost of a certain level of its energy requirement through fixed price contractual arrangements directly with its energy suppliers. Currency risk The Company\u2019s functional and reporting currency is Euro. The Euro is also the Group\u2019s reporting currency and the currency used for all planning and budgetary purposes. The Group is exposed to currency risk in relation to sales and purchase transactions by Group companies in currencies other than their functional currency (transaction risk), and fluctuations in the Euro value of the Group\u2019s net investment in foreign currency (primarily Sterling) denominated subsidiary undertakings (translation risk). Currency exposures for the entire Group are managed and controlled centrally. The Group seeks to minimise its foreign currency transaction exposure, when possible, by offsetting the foreign currency input costs against the same foreign currency receipts, creating a natural hedge. When the remaining net currency exposure is material, the Group enters into foreign currency forward contracts to mitigate and protect against adverse movements in currency risk and remove uncertainty over the foreign currency equivalent cash flows. At 28 February 2026, the Group had \u20ac9.5m of forward foreign currency cash flow hedges outstanding (FY2025: \u20ac11.8m). In addition, the Group has a number of long-term intra-group loans for which settlement is neither planned nor likely to happen in the foreseeable future, and as a consequence of which are deemed quasi equity in nature and are therefore part of the Group\u2019s net investment in its foreign operations. The Group does not hedge the translation exposure arising on the translation of the profits of foreign currency subsidiaries. The net currency gains and losses on transactional currency exposures are recognised in the Income Statement and the changes arising from fluctuations in the Euro value of the Group\u2019s net investment in foreign operations are reported separately within Other Comprehensive Income.
2026 2025
Group \u20acm \u20acm
Derivatives:
Cash flow hedges \u2013 currency forwards
\u2013
(0.4)
Total
\u2013
(0.4)
Interrelationship
between significant
Significant unobservable inputs and
Type
Valuation technique
unobservable inputs fair value measurement
Foreign Forward pricing: The fair value is determined
Not applicable.
Not applicable.
currency using quoted forward exchange rates at the
forward reporting date and present value calculations
contracts based on high credit quality yield curves in
respective currencies.
Hedge ineffectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of foreign currency purchases, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item, such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. In hedges of foreign currency purchases, ineffectiveness might arise if the timing of the forecast transaction changes from what was originally estimated, or if a degree of forecast purchases are no longer highly probable to occur. The hedging ratio is 1:1 as the quantity of purchases designated matches the notional amount of the hedging instrument. No ineffectiveness was recognised in the Income Statement in the current or prior financial year. The currency profile of the Group and Company\u2019s financial instruments subject to translational exposure as at 28 February 2026 is as follows:
Euro Sterling USD AUD NZD Not at risk Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
2.0
1.1
0.8
\u2013
0.3
131.4
135.6
Trade receivables
4.0
0.1
1.3
0.6
0.3
84.3
90.6
Advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
38.1
38.1
Interest-bearing loans and borrowings*
(122.6)
(41.3)
\u2013
\u2013
\u2013
(93.1)
(257.0)
Lease liabilities
\u2013
(1.2)
\u2013
\u2013
\u2013
(137.8)
(139.0)
Trade and other payables
(18.2)
(8.0)
(1.7)
(0.1)
(0.8)
(296.3)
(325.1)
Financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(5.0)
(5.0)
Gross currency exposure
(134.8)
(49.3)
0.4
0.5
(0.2)
(278.4)
(461.8)
Sterling USD Not at risk Total
Company \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
\u2013
\u2013
0.1
0.1
Interest-bearing loans and borrowings*
(41.3)
\u2013
(58.9)
(100.2)
Net amounts due from Group undertakings
42.9
(0.6)
359.3
401.6
Accruals
\u2013
\u2013
(3.9)
(3.9)
Gross currency exposure
1.6
(0.6)
296.6
297.6
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. The currency profile of the Group and Company\u2019s financial instruments subject to translational exposure as at 28 February 2025 was as follows:
Euro Sterling USD AUD NZD ZAR Not at risk Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
3.6
3.0
4.4
0.4
0.2
\u2013
132.4
144.0
Trade receivables
4.7
\u2013
0.8
0.7
0.5
\u2013
93.4
100.1
Advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
40.0
40.0
Interest-bearing loans and borrowings*
(121.9)
(49.7)
\u2013
\u2013
\u2013
\u2013
(53.3)
(224.9)
Lease liabilities
\u2013
(2.1)
\u2013
\u2013
\u2013
\u2013
(129.3)
(131.4)
Trade and other payables
(19.5)
(12.2)
(3.4)
(0.3)
(1.3)
\u2013
(289.8)
(326.5)
Financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(6.2)
(6.2)
Gross currency exposure
(133.1)
(61.0)
1.8
0.8
(0.6)
\u2013
(212.8)
(404.9)
Sterling USD Not at risk Total
Company \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
0.1
\u2013
\u2013
0.1
Interest-bearing loans and borrowings*
(49.6)
\u2013
(53.1)
(102.7)
Net amounts due to Group undertakings
10.8
\u2013
496.8
507.6
Accruals
\u2013
\u2013
(3.6)
(3.6)
Gross currency exposure
(38.7)
\u2013
440.1
401.4
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. A 10% strengthening in the Euro against all currencies noted above, based on outstanding financial assets and liabilities at 28 February 2026, would have a \u20ac4.4m positive impact (FY2025: \u20ac5.4m) on equity. A 10% weakening in the Euro against all currencies noted above would have a \u20ac5.4m negative effect (FY2025: \u20ac6.6m) on equity. This analysis assumes that all other variables, in particular interest rates, remain constant. Interest rate risk The interest rate profile of the Group and Company\u2019s interest-bearing financial instruments at the reporting date is summarised as follows:
Group
Company
2026 2025 2026 2025
Interest rate profile \u20acm \u20acm \u20acm \u20acm
Cash and cash equivalents
Floating rate
135.6
144.0
0.1
0.1
Unsecured term and RCF loans*
Floating rate
(156.9)
(122.1)
\u2013
\u2013
Private Placement notes*
Fixed rate
(100.2)
(102.8)
(100.2)
(102.8)
(121.5)
(80.9)
(100.1)
(102.7)
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24.
Interrelationship
between significant
Significant unobservable inputs and
Type
Valuation technique
unobservable inputs fair value measurement
Interest Swap models: The fair value is calculated as the
Not applicable.
Not applicable.
rate swaps present value of the estimated future cash flows.
Estimates of future floating-rate cash flows are
based on quoted swap rates, futures prices and
interbank borrowing rates.
Estimated cash flows are discounted using a
yield curve constructed from similar sources and
which reflects the relevant benchmark interbank
rate used by market participants for this purpose
when pricing interest rate swaps.
The fair value estimate is subject to a credit risk
adjustment that reflects the credit risk of the
Group and of the counterparty; this is calculated
based on credit spreads derived from current
credit default swap or bond prices.
The Group exposure to interest rate risk arises principally from its long-term debt obligations. A 0.25% increase/decrease in Euribor and Sonia rates would result in a \u20ac0.7m (FY2025: \u20ac0.7m) impact on the Income Statement, over the duration of the tenure, with respect to the interest charge on interest-bearing loans and borrowings. The Group is exposed to interest rate risk in relation to its \u20ac350m multi-currency interest-bearing revolving credit facility. With the Group\u2019s USPP notes, there is a portion of long-term debt obligations where the interest is fixed for the duration of the facilities and not subject to changes in Euribor and Sonia rates. Interest rate exposures for the Group are managed and controlled centrally. The Group seeks to minimise its interest rate exposure by assessing and executing hedging strategies in a non- speculative manner, in line with Group policy and at a reasonable cost when economically viable to do so. As at 28 February 2026, the Group had a portion of its interest rate risk hedged with the objective to manage risk of the Group\u2019s long-term exposure to interest rates and in line with C&C Group Policy. Following European Central Bank and Bank of England rates cuts from mid-2024 through 2025, the Group reassessed its exposure prior to \u20ac60m of interest rate hedge maturing in September 2025. As a result of the reassessment, the Group has executed a \u20ac100m three-year Euro interest rate hedge against Euro debt facilities exposed to EURIBOR fluctuations. The hedge was executed in line with the Group guardrails and ensures that 77% (FY2025: 72%) of the Group\u2019s interest-bearing loans and borrowings as at 28 February 2026 are now either hedged or fixed through the USPP notes. The USPP notes were issued in March 2020 with a fixed interest rate for Euro and GBP notes, the notes have maturity dates ranging from 2030 to 2032. Derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classified as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through the Income Statement. They are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.
2026 2025
Group \u20acm \u20acm
Hedging reserves \u2013 interest rate hedges
Opening balance 1 March
(0.4)
0.3
Change in fair value of hedging recognised in Other Comprehensive
Income for the year
0.5
(0.7)
Closing balance 28 February \u2013 continuing interest rate hedges
0.1
(0.4)
Hedge ineffectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of interest rates, the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item, such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. In hedges of interest rates, ineffectiveness might arise on the sale of the business or repayment of debt which would impact hedged item. No ineffectiveness was recognised in the Income Statement in the current or prior financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-651": { "value": "d) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s trade receivables, its cash advances to customers, cash and cash equivalents (including deposits with banks) and derivative financial instruments contracted with banks. The Group has an indirect exposure to European Sovereigns via its defined benefit pension scheme investment portfolio. In the context of the Group\u2019s operations, credit risk is mainly influenced by the individual characteristics of individual counterparties and is not considered particularly concentrated as it primarily arises from a wide and varied customer base; there are no material dependencies or concentrations of individual customers which would warrant disclosure under IFRS 8 Operating Segments. The Group has detailed procedures for monitoring and managing the credit risk related to its trade receivables and advances to customers based on experience, customer track records and historic default rates and forward-looking information, such as concentration maturity and the macroeconomic circumstances within the Group\u2019s primary trading markets. Generally, individual \u2018risk limits\u2019 are set on a customer-by-customer basis and risk is only accepted above such limits in defined circumstances. A strict credit assessment is made of all new applicants who request credit-trading terms. The utilisation and revision, where appropriate, of credit limits is regularly monitored. Impairment provision accounts are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point, the amount is considered irrecoverable and is written off directly against the trade receivable or advance to customer. The Group also manages credit risk through the use of a receivables purchase arrangement, for an element of its trade receivables. Under the terms of this arrangement, the Group transfers the credit risk, late payment risk and control of the receivables sold. As at 28 February 2026, the Group\u2019s year end cash and cash equivalents had benefited by \u20ac104.2m (FY2025: \u20ac109.8m) with respect to this purchase arrangement. The Group\u2019s trade receivables subject to the programme are derecognised as the arrangement meets the derecognition criteria in IFRS 9 Financial Instruments. Advances to customers are generally secured by, amongst others, rights over property or intangible assets, such as the right to take possession of the premises of the customer. During the financial year, the Group did not exercise its right to take possession of any material collateral that would require disclosure. At 28 February 2026, the Group held collateral of \u20ac1.3m (FY2025: \u20ac0.3m) on financial assets that are credit impaired and recognised no expected credit loss on financial assets of \u20ac18.3m (FY2025: \u20ac18.3m) due to collateral. Interest rates calculated on repayment/annuity advances are generally based on the risk-free rate plus a margin, which takes into account the risk profile of the customer and value of security given. The Group establishes an allowance for impairment of customer\u2019s advances that represents its estimate of potential future losses. From time to time, the Group holds significant cash and cash equivalents balances, which are invested on a short-term basis and disclosed under cash and cash equivalent s in the Consolidated Balance Sheet. Risk of counterparty default arising on short-term cash deposits is controlled within a framework of dealing primarily with banks who are members of the Group\u2019s banking syndicate, and by limiting the credit exposure to any one of these banks or institutions. Management does not expect any counterparty to fail to meet its obligations. The Company also bears credit risk in relation to amounts owed by Group undertakings and from guarantees provided in respect of the liabilities of wholly owned subsidiaries as disclosed in Note 28. The carrying amount of financial assets, net of impairment provisions represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Group
Company
2026 2025 2026 2025
Group \u20acm \u20acm \u20acm \u20acm
Trade receivables
90.6
100.1
\u2013
\u2013
Advances to customers
38.1
40.0
\u2013
\u2013
Amounts due from Group
undertakings
\u2013
\u2013
508.2
579.6
Cash and cash equivalents
135.6
144.0
0.1
0.1
264.3
284.1
508.3
579.7
The ageing of trade receivables and advances to customers together with an analysis of movement in the Group\u2019s impairment provisions against these receivables are disclosed in Note 15. The Group does not have any significant concentrations of risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-652": { "value": "e) Liquidity risk Liquidity risk is the risk that the Group or Company will not be able to meet its financial obligations as they fall due. The Group\u2019s policy is to ensure that sufficient resources are available either from cash and cash equivalents balances, cash flows or committed bank facilities to meet all debt obligations as they fall due. To achieve this, the Group (a) maintains adequate cash and cash equivalents balances; (b) prepares detailed cash projections; and (c) keeps refinancing options under review. In addition, the Group maintains an overdraft facility that is unsecured. Cash and liquidity continue to be a key focus for the Group. In March 2020, the Group completed the successful issue of the new USPP notes. The unsecured notes, denominated in both Euro and Sterling, have maturities of 10 and 12 years and diversify the Group\u2019s sources of debt finance. The Group successfully negotiated and completed a refinancing of the current multi-currency facility agreement which was repayable in a single instalment in May 2023 following the announcement of the Group\u2019s FY2023 Results, at which point the new facility began. The Group has entered into a new five-year committed sustainability-linked facility comprised of a \u20ac250m multi- currency revolving loan facility and a \u20ac100m non-amortising Euro term loan, both with a maturity of FY2028. The facility offers optionality of two 1-year extensions to the maturity date callable within 12 months and 24 months of initial drawdown respectively. During FY2025, the Group exercised the second optional extension of the facilities bringing the maturity date of \u20ac250m multi-currency revolving loan facility and a \u20ac100m non-amortising Euro term loan to January 2030 (FY2030). Both the multi-currency facility and the Euro term loan were negotiated with six banks, namely ABN Amro Bank, Allied Irish Bank, Bank of Ireland, Barclays Bank, HSBC and Rabobank. The multi-currency revolving facilities agreement provides for a further \u20ac100m in the form of an uncommitted accordion facility. At 28 February 2026 the Group had \u20ac159.1m drawn down from the term loan and multi-currency revolving facilities (FY2025: \u20ac125.0m) and \u20ac100.2m drawn down from Private Placement notes (FY2025: \u20ac103.5m). The Company and Group had no financial indebtedness in the form of non-bank debt. All bank loans drawn are unsecured and rank pari passu. All borrowings of the Group are guaranteed by a number of the Group\u2019s subsidiary undertakings. The Euro term loan and multi-currency facilities agreement allows the early repayment of debt without incurring additional charges or penalties. The USPP allows the early prepayment of the notes at any time subject to the payment of a make whole amount to compensate the note holders for the interest that would have been received on the notes had they not been prepaid early. All borrowings of the Company and Group at 28 February 2026 are repayable in full on change of control of the Group. The Company and the Group complied with all covenants at each reporting date in the current and prior financial year. There is no effect on the Group\u2019s covenants as a result of implementing IFRS 16 Leases in FY2020 as all covenants are calculated on a pre-IFRS 16 Leases adoption basis. The following are the contractual maturities of financial liabilities, including interest payments:
2026
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(257.0)
(301.5)
(4.9)
(4.9)
(9.7)
(282.0)
Trade and other payables
(325.1)
(325.1)
(325.1)
\u2013
\u2013
\u2013
Lease liabilities
(139.0)
(188.6)
(13.1)
(13.1)
(24.8)
(137.6)
Other financial liabilities
(5.0)
(5.2)
(0.5)
(0.5)
(0.9)
(3.3)
Total
(726.1)
(820.4)
(343.6)
(18.5)
(35.4)
(422.9)
2025
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(224.9)
(277.1)
(4.5)
(4.5)
(8.9)
(259.2)
Trade and other payables
(326.5)
(326.5)
(326.5)
\u2013
\u2013
\u2013
Lease liabilities
(131.4)
(17 7.1)
(13.4)
(13.4)
(23.1)
(127.2)
Other financial liabilities
(6.2)
(6.2)
\u2013
(1.0)
(1.0)
(4.2)
Total
(689.0)
(786.9)
(344.4)
(18.9)
(33.0)
(390.6)
2026
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
Company \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(100.2)
(118.7)
(1.9)
(1.9)
(3.7)
(111.2)
Amounts due to Group undertakings
(106.6)
(106.7)
(53.4)
(53.3)
\u2013
\u2013
Accruals
(3.9)
(3.9)
(3.9)
\u2013
\u2013
\u2013
Total contracted outflows
(210.7)
(229.3)
(59.2)
(55.2)
(3.7)
(111.2)
Company
2025
Carrying Contractual cash 6 months 6\u201312 1\u20132 Greater than
amount flows or less months years 2 years
\u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Interest-bearing loans and borrowings*
(102.7)
(126.3)
(1.9)
(1.9)
(3.8)
(118.8)
Amounts due to Group undertakings
(72.0)
(72.0)
(72.0)
\u2013
\u2013
\u2013
Accruals
(3.6)
(3.6)
(3.6)
\u2013
\u2013
\u2013
Total contracted outflows
(178.3)
(201.9)
( 77.5)
(1.9)
(3.8)
(118.8)
* Unamortised borrowing costs are presented within financial assets, please see Notes 20 and 24. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-583": { "value": "
26. Share Capital and Reserves
Allotted and Allotted and
called up Authorised called up
Ordinary Shares of \u20ac0.01 each
Authorised Number
Number* \u20acm \u20acm
At 1 March 2024
800,000,000
402,708,890
8.0
4.0
Shares issued in respect of
options exercised
\u2013
804,688
\u2013
\u2013
Shares cancelled following
share buybacks
\u2013
(16,139,861)
\u2013
(0.2)
At 28 February 2025
800,000,000
387,373,717
8.0
3.8
Shares cancelled following
share buybacks
\u2013
(7,783,689)
\u2013
(0.1)
At 28 February 2026
800,000,000
379,590,028
8.0
3.7
* Inclusive of 11.2m (FY2025: 11.3m, FY2024: 11.2m) Treasury shares (see below).
All shares in issue carry equal voting and dividend rights.
Share buybacks
The share buyback programme announced in FY2024 remained active in FY2026. The Group has
completed one tranche of share buybacks for \u20ac15.1m during FY2026.
Under the Programme, the Group purchased and cancelled 7,783,689 shares with a nominal value
of \u20ac0.01 each during the current financial year (FY2025: 16,139,861 shares), representing 2.0% of
the Group\u2019s issued share capital at 1 March 2025 (FY2025: 4.0% at 1 March 2024), at an average
price paid of 1.94 euro per share and a total cost of \u20ac15.1m (FY2025: 1.86 euro per share and a
total cost of \u20ac30.0m).
Treasury shares
Ordinary Shares held by the Trustee of the Employee Trust
and Partnership and Matching Share Scheme
Other Treasury Shares
Total Treasury Shares
(1)
Consideration Total Consideration Total Consideration Total
Number of shares \u20ac
\u20acm
Number of shares
\u20ac
\u20acm
Number of shares
\u20ac \u20acm
At 1 March 2025
2,17 7,799
6.6
9,025,000
29.7
11,202,799
36.3
Shares acquired in the open market
290,471
1.83
0.5
\u2013
\u2013
\u2013
290,471
1.83
0.5
Shares disposed of or transferred to Participants
(237,199)
2.74
(0.6)
\u2013
\u2013
\u2013
(237,199)
2.74
(0.6)
At 28 February 2025
2,231,071
6.5
9,025,000
\u2013
29.7
11,256,071
36.2
Shares acquired in the open market
755,726
1.59
1.2
\u2013
\u2013
\u2013
755,726
1.59
1.2
Shares disposed of or transferred to Participants
(857,284)
3.62
(3.1)
\u2013
\u2013
\u2013
(857,284)
3.62
(3.1)
At 28 February 2026
2,129,513
4.6
9,025,000
\u2013
29.7
11,154,513
34.3
1. The nominal value of Treasury shares at 28 February 2026 was \u20ac0.1m, (FY2025: \u20ac0.1m, FY2024: \u20ac0.1m).
All shares held by Computer share Trustees (Jersey) Limited as trustees of the C&C Employee Trust, Computershare Trustees (Ireland) Limited and Computershare Trustees Limited as trustees of the
Partnership and Matching Share schemes which were neither cancelled nor disposed of by the Trust at 28 February 2026 continue to be included in the treasury share reserve. During the financial year,
853,864 (FY2025: 237,199) shares were either sold or transferred by the Trustees and are no longer accounted for as Treasury shares.
Equity share capital issued under its Joint Share Ownership Plan, which is held in trust by an Employee Trust is classified as Treasury shares on consolidation until such time as the Interests lapse and the
shares are cancelled or disposed of by the Trust. All interests have now vested or lapsed and all vested interests have now been exercised. Remaining in the Trust are shares that lapsed and shares that
were withheld by the Trust in lieu of some, or all, of the consideration due with respect to exercised interests. Also included in the reserve is the purchase of 9,025,000 of the Company\u2019s own shares in
the financial year ended 28 February 2015 at an average price of \u20ac3.29 per share under the Group\u2019s share buyback programme.
The treasury shares in the parent Company pertain to the 1,431,628 (FY2025: 1,257,736) parent Company\u2019s shares held by the trustees in respect to the matching shares granted to employees. The cost
of these shares amounted to \u20ac2.8m as at 28 February 2026 (FY2025: \u20ac2.6m). Shares acquired in the open market amounted to \u20ac0.5m during the year (FY2025: \u20ac0.5m) while transfers to participants
amounted to \u20ac0.3m during the year (FY2025: \u20ac0.5m).
Share premium \u2013 Group
The change in legal parent of the Group on 30 April 2004, as disclosed in detail in that year\u2019s annual report, was accounted for as a reverse acquisition. This transaction gave rise to a reverse acquisition
reserve debit of \u20ac703.9m, which, for presentational purposes in the Group financial statements, has been netted against the share premium in the Balance Sheet.
Share premium \u2013 Company
The share premium, as stated in the Company Balance Sheet, represents the premium recognised on shares issued and amounts to \u20ac1,048.2m at 28 February 2026 (FY2025: \u20ac1,048.2m).
Other undenominated reserve and capital reserve
These reserves initially arose on the conversion of preference shares into share capital of the Company and other changes and reorganisations of the Group\u2019s capital structure.
Cash flow hedge reserve
The hedging reserve includes the effective portion of the cumulative net change in the fair value
of cash flow hedging instruments related to hedged transactions that have not yet occurred.
Share-based payment reserve
The reserve relates to amounts expensed in the Income Statement in connection with share option
grants falling within the scope of IFRS 2 Share-Based Payment, less reclassifications to retained
income following exercise/forfeit post vesting or lapse of such share options and interests, as set
out in Note 4.
Currency translation reserve
The translation reserve comprises all foreign exchange differences from 1 March 2004, arising from
the translation of the Group\u2019s net investment in its non-Euro denominated operations, including
the translation of the profits of such operations from the average exchange rate for the year to the
exchange rate at the Balance Sheet date.
Revaluation reserve
Since 2009 the Group has completed a number of external and internal valuations on its property,
plant and equipment. Gains arising from such revaluations are posted to the Group\u2019s revaluation
reserve, unless it reverses a revaluation decrease on the same asset previously recognised as an
expense, where it is first credited to the Income Statement to the extent of the write down.
Any decreases in the value of the Group\u2019s property, plant and equipment as a result of external
or internal valuations are recognised in the Income Statement except where there had been a
previously recognised gain in the revaluation reserve as a result of the same asset, in which case,
the gain is eliminated from the revaluation reserve to offset the loss in the first instance.
During the current financial year, as outlined in detail in Note 11, the Group engaged external valuers
to value the freehold land and buildings and plant and machinery at the Group\u2019s Clonmel (Tipperary)
and Wellpark (Glasgow). Using the valuation methodologies, this resulted in a net revaluation gain
of \u20ac3.7m (FY2025: \u20ac1.8m) accounted for within the revaluation reserve via Other Comprehensive
Income.
Capital management
The Board\u2019s policy is to maintain a strong capital base so as to safeguard the Group\u2019s ability to:
continue as a going concern for the benefit of Shareholders and stakeholders; maintain investor,
creditor and market confidence; and sustain the future development of the business through the
optimisation of the value of its debt and equity shareholding balance.
The Board considers capital to comprise of long-term debt and equity. The Board periodically
reviews the capital structure of the Group, considering the cost of capital and the risks associated
with each class of capital. The Board approves any material adjustments to the capital structure
in terms of the relative proportions of debt and equity. In order to maintain or adjust the capital
structure, the Group may issue new shares, dispose of assets to reduce debt, alter dividend policy
by increasing or reducing the dividend paid to Shareholders, return capital to Shareholders and/or
buyback shares.
Please refer to Note 20 for details of the Group\u2019s loans and borrowings.
Subject to Shareholder approval at the Annual General Meeting, the Directors have proposed a final
dividend of 3.67 cent per Ordinary Share to be paid on 17 July 2026 to Shareholders registered at the
close of business on 12 June 2026. An interim dividend of 2.08 cent per share was paid with respect
to FY2026; therefore, the Group\u2019s full year dividend will amount to 5.75 cent per share. There is no
scrip dividend alternative. Total dividends for the prior financial year were 6.13 cent per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-627": { "value": "
Allotted and Allotted and
called up Authorised called up
Ordinary Shares of \u20ac0.01 each
Authorised Number
Number* \u20acm \u20acm
At 1 March 2024
800,000,000
402,708,890
8.0
4.0
Shares issued in respect of
options exercised
\u2013
804,688
\u2013
\u2013
Shares cancelled following
share buybacks
\u2013
(16,139,861)
\u2013
(0.2)
At 28 February 2025
800,000,000
387,373,717
8.0
3.8
Shares cancelled following
share buybacks
\u2013
(7,783,689)
\u2013
(0.1)
At 28 February 2026
800,000,000
379,590,028
8.0
3.7
* Inclusive of 11.2m (FY2025: 11.3m, FY2024: 11.2m) Treasury shares (see below). All shares in issue carry equal voting and dividend rights. Share buybacks The share buyback programme announced in FY2024 remained active in FY2026. The Group has completed one tranche of share buybacks for \u20ac15.1m during FY2026. Under the Programme, the Group purchased and cancelled 7,783,689 shares with a nominal value of \u20ac0.01 each during the current financial year (FY2025: 16,139,861 shares), representing 2.0% of the Group\u2019s issued share capital at 1 March 2025 (FY2025: 4.0% at 1 March 2024), at an average price paid of 1.94 euro per share and a total cost of \u20ac15.1m (FY2025: 1.86 euro per share and a total cost of \u20ac30.0m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-653": { "value": "Treasury shares
Ordinary Shares held by the Trustee of the Employee Trust
and Partnership and Matching Share Scheme
Other Treasury Shares
Total Treasury Shares
(1)
Consideration Total Consideration Total Consideration Total
Number of shares \u20ac
\u20acm
Number of shares
\u20ac
\u20acm
Number of shares
\u20ac \u20acm
At 1 March 2025
2,17 7,799
6.6
9,025,000
29.7
11,202,799
36.3
Shares acquired in the open market
290,471
1.83
0.5
\u2013
\u2013
\u2013
290,471
1.83
0.5
Shares disposed of or transferred to Participants
(237,199)
2.74
(0.6)
\u2013
\u2013
\u2013
(237,199)
2.74
(0.6)
At 28 February 2025
2,231,071
6.5
9,025,000
\u2013
29.7
11,256,071
36.2
Shares acquired in the open market
755,726
1.59
1.2
\u2013
\u2013
\u2013
755,726
1.59
1.2
Shares disposed of or transferred to Participants
(857,284)
3.62
(3.1)
\u2013
\u2013
\u2013
(857,284)
3.62
(3.1)
At 28 February 2026
2,129,513
4.6
9,025,000
\u2013
29.7
11,154,513
34.3
1. The nominal value of Treasury shares at 28 February 2026 was \u20ac0.1m, (FY2025: \u20ac0.1m, FY2024: \u20ac0.1m). All shares held by Computer share Trustees (Jersey) Limited as trustees of the C&C Employee Trust, Computershare Trustees (Ireland) Limited and Computershare Trustees Limited as trustees of the Partnership and Matching Share schemes which were neither cancelled nor disposed of by the Trust at 28 February 2026 continue to be included in the treasury share reserve. During the financial year, 853,864 (FY2025: 237,199) shares were either sold or transferred by the Trustees and are no longer accounted for as Treasury shares. Equity share capital issued under its Joint Share Ownership Plan, which is held in trust by an Employee Trust is classified as Treasury shares on consolidation until such time as the Interests lapse and the shares are cancelled or disposed of by the Trust. All interests have now vested or lapsed and all vested interests have now been exercised. Remaining in the Trust are shares that lapsed and shares that were withheld by the Trust in lieu of some, or all, of the consideration due with respect to exercised interests. Also included in the reserve is the purchase of 9,025,000 of the Company\u2019s own shares in the financial year ended 28 February 2015 at an average price of \u20ac3.29 per share under the Group\u2019s share buyback programme. The treasury shares in the parent Company pertain to the 1,431,628 (FY2025: 1,257,736) parent Company\u2019s shares held by the trustees in respect to the matching shares granted to employees. The cost of these shares amounted to \u20ac2.8m as at 28 February 2026 (FY2025: \u20ac2.6m). Shares acquired in the open market amounted to \u20ac0.5m during the year (FY2025: \u20ac0.5m) while transfers to participants amounted to \u20ac0.3m during the year (FY2025: \u20ac0.5m). Share premium \u2013 Group The change in legal parent of the Group on 30 April 2004, as disclosed in detail in that year\u2019s annual report, was accounted for as a reverse acquisition. This transaction gave rise to a reverse acquisition reserve debit of \u20ac703.9m, which, for presentational purposes in the Group financial statements, has been netted against the share premium in the Balance Sheet. Share premium \u2013 Company The share premium, as stated in the Company Balance Sheet, represents the premium recognised on shares issued and amounts to \u20ac1,048.2m at 28 February 2026 (FY2025: \u20ac1,048.2m). Other undenominated reserve and capital reserve These reserves initially arose on the conversion of preference shares into share capital of the Company and other changes and reorganisations of the Group\u2019s capital structure. Cash flow hedge reserve The hedging reserve includes the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. Share-based payment reserve The reserve relates to amounts expensed in the Income Statement in connection with share option grants falling within the scope of IFRS 2 Share-Based Payment, less reclassifications to retained income following exercise/forfeit post vesting or lapse of such share options and interests, as set out in Note 4. Currency translation reserve The translation reserve comprises all foreign exchange differences from 1 March 2004, arising from the translation of the Group\u2019s net investment in its non-Euro denominated operations, including the translation of the profits of such operations from the average exchange rate for the year to the exchange rate at the Balance Sheet date. Revaluation reserve Since 2009 the Group has completed a number of external and internal valuations on its property, plant and equipment. Gains arising from such revaluations are posted to the Group\u2019s revaluation reserve, unless it reverses a revaluation decrease on the same asset previously recognised as an expense, where it is first credited to the Income Statement to the extent of the write down. Any decreases in the value of the Group\u2019s property, plant and equipment as a result of external or internal valuations are recognised in the Income Statement except where there had been a previously recognised gain in the revaluation reserve as a result of the same asset, in which case, the gain is eliminated from the revaluation reserve to offset the loss in the first instance. During the current financial year, as outlined in detail in Note 11, the Group engaged external valuers to value the freehold land and buildings and plant and machinery at the Group\u2019s Clonmel (Tipperary) and Wellpark (Glasgow). Using the valuation methodologies, this resulted in a net revaluation gain of \u20ac3.7m (FY2025: \u20ac1.8m) accounted for within the revaluation reserve via Other Comprehensive Income. Capital management The Board\u2019s policy is to maintain a strong capital base so as to safeguard the Group\u2019s ability to: continue as a going concern for the benefit of Shareholders and stakeholders; maintain investor, creditor and market confidence; and sustain the future development of the business through the optimisation of the value of its debt and equity shareholding balance. The Board considers capital to comprise of long-term debt and equity. The Board periodically reviews the capital structure of the Group, considering the cost of capital and the risks associated with each class of capital. The Board approves any material adjustments to the capital structure in terms of the relative proportions of debt and equity. In order to maintain or adjust the capital structure, the Group may issue new shares, dispose of assets to reduce debt, alter dividend policy by increasing or reducing the dividend paid to Shareholders, return capital to Shareholders and/or buyback shares. Please refer to Note 20 for details of the Group\u2019s loans and borrowings. Subject to Shareholder approval at the Annual General Meeting, the Directors have proposed a final dividend of 3.67 cent per Ordinary Share to be paid on 17 July 2026 to Shareholders registered at the close of business on 12 June 2026. An interim dividend of 2.08 cent per share was paid with respect to FY2026; therefore, the Group\u2019s full year dividend will amount to 5.75 cent per share. There is no scrip dividend alternative. Total dividends for the prior financial year were 6.13 cent per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-628": { "value": "Treasury shares
Ordinary Shares held by the Trustee of the Employee Trust
and Partnership and Matching Share Scheme
Other Treasury Shares
Total Treasury Shares
(1)
Consideration Total Consideration Total Consideration Total
Number of shares \u20ac
\u20acm
Number of shares
\u20ac
\u20acm
Number of shares
\u20ac \u20acm
At 1 March 2025
2,17 7,799
6.6
9,025,000
29.7
11,202,799
36.3
Shares acquired in the open market
290,471
1.83
0.5
\u2013
\u2013
\u2013
290,471
1.83
0.5
Shares disposed of or transferred to Participants
(237,199)
2.74
(0.6)
\u2013
\u2013
\u2013
(237,199)
2.74
(0.6)
At 28 February 2025
2,231,071
6.5
9,025,000
\u2013
29.7
11,256,071
36.2
Shares acquired in the open market
755,726
1.59
1.2
\u2013
\u2013
\u2013
755,726
1.59
1.2
Shares disposed of or transferred to Participants
(857,284)
3.62
(3.1)
\u2013
\u2013
\u2013
(857,284)
3.62
(3.1)
At 28 February 2026
2,129,513
4.6
9,025,000
\u2013
29.7
11,154,513
34.3
1. The nominal value of Treasury shares at 28 February 2026 was \u20ac0.1m, (FY2025: \u20ac0.1m, FY2024: \u20ac0.1m). All shares held by Computer share Trustees (Jersey) Limited as trustees of the C&C Employee Trust, Computershare Trustees (Ireland) Limited and Computershare Trustees Limited as trustees of the Partnership and Matching Share schemes which were neither cancelled nor disposed of by the Trust at 28 February 2026 continue to be included in the treasury share reserve. During the financial year, 853,864 (FY2025: 237,199) shares were either sold or transferred by the Trustees and are no longer accounted for as Treasury shares. Equity share capital issued under its Joint Share Ownership Plan, which is held in trust by an Employee Trust is classified as Treasury shares on consolidation until such time as the Interests lapse and the shares are cancelled or disposed of by the Trust. All interests have now vested or lapsed and all vested interests have now been exercised. Remaining in the Trust are shares that lapsed and shares that were withheld by the Trust in lieu of some, or all, of the consideration due with respect to exercised interests. Also included in the reserve is the purchase of 9,025,000 of the Company\u2019s own shares in the financial year ended 28 February 2015 at an average price of \u20ac3.29 per share under the Group\u2019s share buyback programme. The treasury shares in the parent Company pertain to the 1,431,628 (FY2025: 1,257,736) parent Company\u2019s shares held by the trustees in respect to the matching shares granted to employees. The cost of these shares amounted to \u20ac2.8m as at 28 February 2026 (FY2025: \u20ac2.6m). Shares acquired in the open market amounted to \u20ac0.5m during the year (FY2025: \u20ac0.5m) while transfers to participants amounted to \u20ac0.3m during the year (FY2025: \u20ac0.5m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-629": { "value": "Share premium \u2013 Group The change in legal parent of the Group on 30 April 2004, as disclosed in detail in that year\u2019s annual report, was accounted for as a reverse acquisition. This transaction gave rise to a reverse acquisition reserve debit of \u20ac703.9m, which, for presentational purposes in the Group financial statements, has been netted against the share premium in the Balance Sheet. ", "dimensions": { "concept": "ccgroupplc:DisclosureOfSharePremiumGroup", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-630": { "value": "Share premium \u2013 Company The share premium, as stated in the Company Balance Sheet, represents the premium recognised on shares issued and amounts to \u20ac1,048.2m at 28 February 2026 (FY2025: \u20ac1,048.2m). ", "dimensions": { "concept": "ccgroupplc:DisclosureOfSharePremiumCompany", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-631": { "value": "Other undenominated reserve and capital reserve These reserves initially arose on the conversion of preference shares into share capital of the Company and other changes and reorganisations of the Group\u2019s capital structure. ", "dimensions": { "concept": "ccgroupplc:DisclosureOfOtherUndenominatedReserveAndCapitalReserve", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-632": { "value": "Cash flow hedge reserve The hedging reserve includes the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. ", "dimensions": { "concept": "ccgroupplc:DisclosureOfCashFlowHedge", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-633": { "value": "Share-based payment reserve The reserve relates to amounts expensed in the Income Statement in connection with share option grants falling within the scope of IFRS 2 Share-Based Payment, less reclassifications to retained income following exercise/forfeit post vesting or lapse of such share options and interests, as set out in Note 4. ", "dimensions": { "concept": "ccgroupplc:DisclosureOfShareBasedPaymentReserve", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-634": { "value": "Currency translation reserve The translation reserve comprises all foreign exchange differences from 1 March 2004, arising from the translation of the Group\u2019s net investment in its non-Euro denominated operations, including the translation of the profits of such operations from the average exchange rate for the year to the exchange rate at the Balance Sheet date. ", "dimensions": { "concept": "ccgroupplc:DisclosureOfCurrencyTranslationReserve", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-635": { "value": "Revaluation reserve Since 2009 the Group has completed a number of external and internal valuations on its property, plant and equipment. Gains arising from such revaluations are posted to the Group\u2019s revaluation reserve, unless it reverses a revaluation decrease on the same asset previously recognised as an expense, where it is first credited to the Income Statement to the extent of the write down. Any decreases in the value of the Group\u2019s property, plant and equipment as a result of external or internal valuations are recognised in the Income Statement except where there had been a previously recognised gain in the revaluation reserve as a result of the same asset, in which case, the gain is eliminated from the revaluation reserve to offset the loss in the first instance. During the current financial year, as outlined in detail in Note 11, the Group engaged external valuers to value the freehold land and buildings and plant and machinery at the Group\u2019s Clonmel (Tipperary) and Wellpark (Glasgow). Using the valuation methodologies, this resulted in a net revaluation gain of \u20ac3.7m (FY2025: \u20ac1.8m) accounted for within the revaluation reserve via Other Comprehensive Income. ", "dimensions": { "concept": "ccgroupplc:DisclosureOfRevaluationReserve", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-636": { "value": "Capital management The Board\u2019s policy is to maintain a strong capital base so as to safeguard the Group\u2019s ability to: continue as a going concern for the benefit of Shareholders and stakeholders; maintain investor, creditor and market confidence; and sustain the future development of the business through the optimisation of the value of its debt and equity shareholding balance. The Board considers capital to comprise of long-term debt and equity. The Board periodically reviews the capital structure of the Group, considering the cost of capital and the risks associated with each class of capital. The Board approves any material adjustments to the capital structure in terms of the relative proportions of debt and equity. In order to maintain or adjust the capital structure, the Group may issue new shares, dispose of assets to reduce debt, alter dividend policy by increasing or reducing the dividend paid to Shareholders, return capital to Shareholders and/or buyback shares. Please refer to Note 20 for details of the Group\u2019s loans and borrowings. Subject to Shareholder approval at the Annual General Meeting, the Directors have proposed a final dividend of 3.67 cent per Ordinary Share to be paid on 17 July 2026 to Shareholders registered at the close of business on 12 June 2026. An interim dividend of 2.08 cent per share was paid with respect to FY2026; therefore, the Group\u2019s full year dividend will amount to 5.75 cent per share. There is no scrip dividend alternative. Total dividends for the prior financial year were 6.13 cent per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-637": { "value": "
27. Commitments
a) Capital commitments
At the year end, the following capital commitments authorised by the Board had not been provided for in the consolidated financial statements:
2026 2025
Group \u20acm \u20acm
Contracted
3.4
4.6
Not contracted
11.5
14.5
14.9
19.1
The contracted capital commitments at 28 February 2026 are with respect of contracts that support the Group in achieving its environmental targets and optimising its operational footprint.
b) Other commitments
At the year end, the value of contracts placed for future expenditure was:
2026
Gas and
Apples Glass Marketing Barley and Sugar Aluminium Electricity Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Payable in less than one year
1.3
\u2013
3.0
13.9
6.6
0.6
25.4
Payable between 1 and 5 years
4.9
\u2013
4.0
\u2013
\u2013
\u2013
8.9
Payable greater than 5 years
2.9
\u2013
\u2013
\u2013
\u2013
\u2013
2.9
9.1
\u2013
7.0
13.9
6.6
0.6
37.2
2025
Gas and
Apples Glass Marketing Barley and Sugar Aluminium Electricity Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Payable in less than one year
1.6
0.3
3.4
15.6
5.7
\u2013
26.6
Payable between 1 and 5 years
4.5
\u2013
1.7
11.7
\u2013
\u2013
17.9
Payable greater than 5 years
3.2
\u2013
\u2013
\u2013
\u2013
\u2013
3.2
9.3
0.3
5.1
27.3
5.7
\u2013
47.7
Where the Group has hedged an input cost, but a market exists for the Group to resell that input cost in the open market, then the Group does not classify that as a commitment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-584": { "value": "27. Commitments a) Capital commitments At the year end, the following capital commitments authorised by the Board had not been provided for in the consolidated financial statements:
2026 2025
Group \u20acm \u20acm
Contracted
3.4
4.6
Not contracted
11.5
14.5
14.9
19.1
The contracted capital commitments at 28 February 2026 are with respect of contracts that support the Group in achieving its environmental targets and optimising its operational footprint. b) Other commitments At the year end, the value of contracts placed for future expenditure was:
2026
Gas and
Apples Glass Marketing Barley and Sugar Aluminium Electricity Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Payable in less than one year
1.3
\u2013
3.0
13.9
6.6
0.6
25.4
Payable between 1 and 5 years
4.9
\u2013
4.0
\u2013
\u2013
\u2013
8.9
Payable greater than 5 years
2.9
\u2013
\u2013
\u2013
\u2013
\u2013
2.9
9.1
\u2013
7.0
13.9
6.6
0.6
37.2
2025
Gas and
Apples Glass Marketing Barley and Sugar Aluminium Electricity Total
Group \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm \u20acm
Payable in less than one year
1.6
0.3
3.4
15.6
5.7
\u2013
26.6
Payable between 1 and 5 years
4.5
\u2013
1.7
11.7
\u2013
\u2013
17.9
Payable greater than 5 years
3.2
\u2013
\u2013
\u2013
\u2013
\u2013
3.2
9.3
0.3
5.1
27.3
5.7
\u2013
47.7
Where the Group has hedged an input cost, but a market exists for the Group to resell that input cost in the open market, then the Group does not classify that as a commitment.
28. Guarantees and Contingencies
Where the Group or subsidiaries enter into financial guarantee contracts to guarantee the
indebtedness of other companies or joint ventures and associates within the Group, the Group/
subsidiary treats the guarantee contract as a financial liability.
As outlined in Note 20, the Group has US Private Placement notes and a multi-currency revolving
facility in place at year end. The Company has US Private Placement notes in place at year end.
The Company, together with a number of its subsidiaries, gave a letter of guarantee to secure its
obligations in respect of all borrowings as at 28 February 2026. The actual loans outstanding for
the Group at 28 February 2026 amounted to \u20ac257.0m (FY2025: \u20ac228.5m).
The resolution of uncertain tax positions, including those arising from ongoing Irish Revenue tax
reviews, could vary from what the Company and its subsidiaries has assumed, which could have an
adverse effect on the business.
During the year ended 28 February 2025, the Group assigned the lease of its former Crayford depot
to a third-party and, as part of the transaction, provided the landlord with a guarantee of \u20ac3.2m to
cover future rentals to March 2032. The value of the future rentals at 28 February 2026 is \u20ac2.8m.
Pursuant to the provisions of Section 357 of the Companies Act 2014, the Company has guaranteed
commitments entered into and liabilities of certain of its subsidiary undertakings incorporated in
the Republic of Ireland for the financial year to 28 February 2026 and as a result such subsidiaries
are exempt from certain filing provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-638": { "value": "28. Guarantees and Contingencies Where the Group or subsidiaries enter into financial guarantee contracts to guarantee the indebtedness of other companies or joint ventures and associates within the Group, the Group/ subsidiary treats the guarantee contract as a financial liability. As outlined in Note 20, the Group has US Private Placement notes and a multi-currency revolving facility in place at year end. The Company has US Private Placement notes in place at year end. The Company, together with a number of its subsidiaries, gave a letter of guarantee to secure its obligations in respect of all borrowings as at 28 February 2026. The actual loans outstanding for the Group at 28 February 2026 amounted to \u20ac257.0m (FY2025: \u20ac228.5m). The resolution of uncertain tax positions, including those arising from ongoing Irish Revenue tax reviews, could vary from what the Company and its subsidiaries has assumed, which could have an adverse effect on the business. During the year ended 28 February 2025, the Group assigned the lease of its former Crayford depot to a third-party and, as part of the transaction, provided the landlord with a guarantee of \u20ac3.2m to cover future rentals to March 2032. The value of the future rentals at 28 February 2026 is \u20ac2.8m. Pursuant to the provisions of Section 357 of the Companies Act 2014, the Company has guaranteed commitments entered into and liabilities of certain of its subsidiary undertakings incorporated in the Republic of Ireland for the financial year to 28 February 2026 and as a result such subsidiaries are exempt from certain filing provisions.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-585": { "value": "
29. Related Party Transactions
The principal related party relationships requiring disclosure in the consolidated financial statements
of the Group under IAS 24: Related Party Disclosures pertain to the existence of subsidiary
undertakings and equity accounted investments, transactions entered into by the Group with these
subsidiary undertakings and equity accounted investments and the identification and compensation
of and transactions with key management personnel.
a) Group
Transactions
Transactions between the Group and its related parties are made on terms equivalent to those that
prevail in arm\u2019s length transactions.
Subsidiary undertakings
The consolidated financial statements include the financial statements of the Company and its
subsidiaries. A listing of all subsidiaries is provided in Note 30. Sales to and purchases from subsidiary
undertakings, together with outstanding payables and receivables, are eliminated in the preparation of
the consolidated financial statements in accordance with IFRS 10 Consolidated Financial Statements.
Equity accounted investments
See Note 13 for details on equity accounted investments.
Loans extended by the Group to equity accounted investments are considered trading in nature and
are included within advances to customers in trade and other receivables (Note 15).
Details of transactions with equity accounted investments during the year and related outstanding
balances at the year end are as follows:
Associates
2026 2025
Group \u20acm \u20acm
Net revenue
0.2
0.2
Trade and other receivables
\u2013
\u2013
Purchases
0.6
0.6
Trade and other payables
\u2013
0.1
Loans
\u2013
\u2013
All outstanding trading balances with equity accounted investments, which arose from arm\u2019s length
transactions, are to be settled in cash within 60 days of the reporting date.
Key management personnel
For the purposes of the disclosure requirements of IAS 24: Related Party Disclosures, the Group
has defined the term \u2018key management personnel\u2019, as its Executive and Non-Executive Directors.
Executive Directors participate in the Group\u2019s equity share award schemes (Note 4) and are covered
for death in service by an insurance policy. Executive Directors may also benefit from medical
insurance under a Group policy (or the Group offers a cash alternative). No other non-cash benefits
are provided. Non-Executive Directors do not receive share-based payments nor post-employment
benefits. Details of the key management personnel and directors\u2019 equity awards can also be found in
the Directors\u2019 Remuneration Report within this annual report.
Details of key management remuneration, charged to the Income Statement, are as follows:
2026 2025
Group Number Number
Number of individuals
10
13
2026 2025
\u20acm \u20acm
Salaries and other short-term employee benefits*
2.3
3.7
Post-employment benefits
\u2013
0.1
Equity settled share-based payment charge and related dividend accrual
0.2
\u2013
Pay in lieu of notice*
\u2013
0.5
Total
2.5
4.3
* In FY2025, Patrick McMahon received a gross payment in termination of his employment of \u20ac1,088,063 including \u20ac526,500 in lieu of notice
During the current and prior financial year, there were no transactions or balances between the
Group and its key management personnel or members of their close family apart from the Group sells
stock to St Austell Brewery Company Limited, of which Jill Caseberry is a Non-Executive Director. All
transactions with related parties involve the normal supply of goods or services and are priced on an
arm\u2019s length basis. For the purposes of the Section 305 of the Companies Act 2014, the aggregate
gains by Directors on the exercise of share options during FY2026 was nil (FY2025: \u20ac0.2m).
b) Company
The Company has a related party relationship with its subsidiary undertakings. Details of the
transactions in the year between the Company and its subsidiary undertakings are as follows:
2026 2025
\u20acm \u20acm
Dividend income
14.9
11.1
Expenses paid on behalf of and recharged by subsidiary undertakings
to the Company
(6.7)
(5.3)
Equity settled share-based payments for employees of subsidiary
undertakings
(0.2)
0.9
Injection of cash funding and other movements with subsidiary
undertakings
(114.7)
(61.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-639": { "value": "29. Related Party Transactions The principal related party relationships requiring disclosure in the consolidated financial statements of the Group under IAS 24: Related Party Disclosures pertain to the existence of subsidiary undertakings and equity accounted investments, transactions entered into by the Group with these subsidiary undertakings and equity accounted investments and the identification and compensation of and transactions with key management personnel. a) Group Transactions Transactions between the Group and its related parties are made on terms equivalent to those that prevail in arm\u2019s length transactions. Subsidiary undertakings The consolidated financial statements include the financial statements of the Company and its subsidiaries. A listing of all subsidiaries is provided in Note 30. Sales to and purchases from subsidiary undertakings, together with outstanding payables and receivables, are eliminated in the preparation of the consolidated financial statements in accordance with IFRS 10 Consolidated Financial Statements. Equity accounted investments See Note 13 for details on equity accounted investments. Loans extended by the Group to equity accounted investments are considered trading in nature and are included within advances to customers in trade and other receivables (Note 15). Details of transactions with equity accounted investments during the year and related outstanding balances at the year end are as follows:
Associates
2026 2025
Group \u20acm \u20acm
Net revenue
0.2
0.2
Trade and other receivables
\u2013
\u2013
Purchases
0.6
0.6
Trade and other payables
\u2013
0.1
Loans
\u2013
\u2013
All outstanding trading balances with equity accounted investments, which arose from arm\u2019s length transactions, are to be settled in cash within 60 days of the reporting date. Key management personnel For the purposes of the disclosure requirements of IAS 24: Related Party Disclosures, the Group has defined the term \u2018key management personnel\u2019, as its Executive and Non-Executive Directors. Executive Directors participate in the Group\u2019s equity share award schemes (Note 4) and are covered for death in service by an insurance policy. Executive Directors may also benefit from medical insurance under a Group policy (or the Group offers a cash alternative). No other non-cash benefits are provided. Non-Executive Directors do not receive share-based payments nor post-employment benefits. Details of the key management personnel and directors\u2019 equity awards can also be found in the Directors\u2019 Remuneration Report within this annual report. Details of key management remuneration, charged to the Income Statement, are as follows:
2026 2025
Group Number Number
Number of individuals
10
13
2026 2025
\u20acm \u20acm
Salaries and other short-term employee benefits*
2.3
3.7
Post-employment benefits
\u2013
0.1
Equity settled share-based payment charge and related dividend accrual
0.2
\u2013
Pay in lieu of notice*
\u2013
0.5
Total
2.5
4.3
* In FY2025, Patrick McMahon received a gross payment in termination of his employment of \u20ac1,088,063 including \u20ac526,500 in lieu of notice During the current and prior financial year, there were no transactions or balances between the Group and its key management personnel or members of their close family apart from the Group sells stock to St Austell Brewery Company Limited, of which Jill Caseberry is a Non-Executive Director. All transactions with related parties involve the normal supply of goods or services and are priced on an arm\u2019s length basis. For the purposes of the Section 305 of the Companies Act 2014, the aggregate gains by Directors on the exercise of share options during FY2026 was nil (FY2025: \u20ac0.2m). b) Company The Company has a related party relationship with its subsidiary undertakings. Details of the transactions in the year between the Company and its subsidiary undertakings are as follows:
2026 2025
\u20acm \u20acm
Dividend income
14.9
11.1
Expenses paid on behalf of and recharged by subsidiary undertakings
to the Company
(6.7)
(5.3)
Equity settled share-based payments for employees of subsidiary
undertakings
(0.2)
0.9
Injection of cash funding and other movements with subsidiary
undertakings
(114.7)
(61.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-654": { "value": "Key management personnel For the purposes of the disclosure requirements of IAS 24: Related Party Disclosures, the Group has defined the term \u2018key management personnel\u2019, as its Executive and Non-Executive Directors. Executive Directors participate in the Group\u2019s equity share award schemes (Note 4) and are covered for death in service by an insurance policy. Executive Directors may also benefit from medical insurance under a Group policy (or the Group offers a cash alternative). No other non-cash benefits are provided. Non-Executive Directors do not receive share-based payments nor post-employment benefits. Details of the key management personnel and directors\u2019 equity awards can also be found in the Directors\u2019 Remuneration Report within this annual report. Details of key management remuneration, charged to the Income Statement, are as follows:
2026 2025
Group Number Number
Number of individuals
10
13
2026 2025
\u20acm \u20acm
Salaries and other short-term employee benefits*
2.3
3.7
Post-employment benefits
\u2013
0.1
Equity settled share-based payment charge and related dividend accrual
0.2
\u2013
Pay in lieu of notice*
\u2013
0.5
Total
2.5
4.3
* In FY2025, Patrick McMahon received a gross payment in termination of his employment of \u20ac1,088,063 including \u20ac526,500 in lieu of notice During the current and prior financial year, there were no transactions or balances between the Group and its key management personnel or members of their close family apart from the Group sells stock to St Austell Brewery Company Limited, of which Jill Caseberry is a Non-Executive Director. All transactions with related parties involve the normal supply of goods or services and are priced on an arm\u2019s length basis. For the purposes of the Section 305 of the Companies Act 2014, the aggregate gains by Directors on the exercise of share options during FY2026 was nil (FY2025: \u20ac0.2m). b) Company The Company has a related party relationship with its subsidiary undertakings. Details of the transactions in the year between the Company and its subsidiary undertakings are as follows:
2026 2025
\u20acm \u20acm
Dividend income
14.9
11.1
Expenses paid on behalf of and recharged by subsidiary undertakings
to the Company
(6.7)
(5.3)
Equity settled share-based payments for employees of subsidiary
undertakings
(0.2)
0.9
Injection of cash funding and other movements with subsidiary
undertakings
(114.7)
(61.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-661": { "value": "30. Subsidiaries and Equity Accounted Investments Subsidiaries Incorporated and Registered in ROI Trading Companies
Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
Bulmers Limited
(a)
Cider
Ordinary
C&C Group International Holdings
(a)
Holding Company
Ordinary & Convertible
Limited
C&C Group Sterling Holdings Limited
(b)
Holding Company
Ordinary
C&C Management Services Limited
(a)
Provision of
6% Cumulative Preference,
Management Services 5% Second Non-Cumulative
Preference & Ordinary Stock
C&C Finco Limited
(b)
Financing Company
Ordinary
M&J Gleeson & Co Unlimited Company (b)
Wholesale
Ordinary
Wm. Magner Limited
(a)
Export
Ordinary
Non-Trading Companies
Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
C&C Group Pension Trust Limited
(a)
Non-Trading
Ordinary
C&C Group Irish Holdings Limited
(a)
Non-Trading
Ordinary
Incorporated and Registered in the United Kingdom
Trading Companies Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
Bibendum Off Trade Limited
(h)
Wholesale
Ordinary & Participating
Preference
C&C Holdings (NI) Limited
(e)
Holding Company
Ordinary
C&C IP UK Limited
(c)
Licensing Activity
Ordinary
C&C Management Services (UK)
(c)
Provision of
Ordinary
Limited Management Services
Magners GB Ltd
(c)
Cider and Beer
Ordinary
Matthew Clark Bibendum Limited
(c)
Wholesale
Ordinary
Tennent Caledonian Breweries UK
(d)
Beer and Cider
Ordinary
Limited
Tennent Caledonian Breweries
(d)
Wholesale
Ordinary
Wholesale Limited
Tennent\u2019s NI Ltd
(e)
Cider & Beer
Ordinary & 3.25%
Cumulative Preference
Non-Trading Companies
Matthew Clark Bibendum (Holdings)
(c)
Holding Company
Ordinary A & Ordinary B
Limited
Incorporated and Registered in Luxembourg
Non-Trading Companies Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
C&C IP S\u00e0rl
(f)
Non-Trading
Class A to J Units
Incorporated and Registered in Delaware USA
Non-Trading Companies Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
Vermont Hard Cider Company
(g)
Non-Trading
Common Stock
Holdings, Inc.
Companies currently in liquidation process
Class of shares held as at 28 February
Entity Registered Date of VL
Name
2026
(100% unless stated)
UK
01/08/2025
Bibendum PLB (Topco) Limited
Ordinary
UK
01/08/2025
Bibendum Group Limited
Ordinary
UK
01/08/2025
Bibendum Wine Limited
Ordinary
UK
01/08/2025
C&C Profit Sharing Trustees (NI) Limited
Ordinary
UK
01/08/2025
Wallaces Express Limited
Ordinary
Luxembourg 18/08/2025
C&C Luxembourg S\u00e0rl
Class A to J Units
UK
26/11/2025
Gleeson N.I. Limited
Ordinary
UK
26/11/2025
Walker & Wodehouse Wines Limited
Ordinary
UK
16/12/2025
Vintage Glasgow Limited
Ordinary
UK
16/12/2025
Macrocom (1018) Limited
Ordinary
UK
26/02/2026
Drygate Brewing Company Limited
Ordinary
Registered Office Addresses (a) Annerville, Clonmel, Co. Tipperary, E91 NY79, Ireland. (b) Bulmers House, Keeper Road, Crumlin, Dublin 12, D12 K702, Ireland. (c) Pavilion 2, The Pavilions, Bridgwater Road, Bristol, BS99 6ZZ, United Kingdom. (d) Wellpark Brewery, 161 Duke Street, Glasgow, G31 1JD, United Kingdom. (e) 6 Aghnatrisk Road, Culcavy, Hillsborough, Co Down, BT26 6JJ, Northern Ireland. (f) L-2132 Luxembourg, 18 Avenue Marie-Therese, Luxembourg. (g) 251 Little Falls Drive, Wilmington, DE 19808, US (h) 16 St Martin\u2019s Le Grand, London, EC1 4EN, United Kingdom Equity accounted investments
Class of shares held as
at 28 February 2026
Equity accounted investments
Notes
Nature of business
(100% unless stated)
Associates
Braxatorium Parcensis CVBA (Belgium)
(a)
Brewing
33.33%
Shanter Inns Limited (Scotland)
(b)
Public houses
Ordinary, 33%
Whitewater Brewing Co. Limited (Northern Ireland)
(c)
Brewing
Ordinary, 25%
Financial assets
Jubel Limited (England and Wales)
(d)
Brewing
Ordinary, 7.8%
Bramerton Condiments Limited (England and Wales)
(e)
Food and beverage Ordinary, 0.28%
Financial assets (in administration)
Innis & Gunn Holdings Limited (Scotland)
(f)
Brewing
8%
Notes: The registered office address for each of the companies mentioned above and in the notes is as follows: (a) 3001 Leuven-Heverlee, Abdij van Park 7, Belgium. (b) 230 High Street, Ayr, KA7 1RQ, United Kingdom. (c) 3a Clarkill Road, Castlewellan, County Down, Northern Ireland, BT31 9BJ, United Kingdom. (d) Office 311, Edinburgh House, 170 Kennington Lane, London, SE11 5DP, United Kingdom. (e) 25 Farringdon Street, London, EC4A 4AB, United Kingdom. (f) C/O Fti Consulting Llp, Wizu Workspace, 2 West Regent Street, Glasgow, G2 1RW", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-655": { "value": "30. Subsidiaries and Equity Accounted Investments Subsidiaries Incorporated and Registered in ROI Trading Companies
Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
Bulmers Limited
(a)
Cider
Ordinary
C&C Group International Holdings
(a)
Holding Company
Ordinary & Convertible
Limited
C&C Group Sterling Holdings Limited
(b)
Holding Company
Ordinary
C&C Management Services Limited
(a)
Provision of
6% Cumulative Preference,
Management Services 5% Second Non-Cumulative
Preference & Ordinary Stock
C&C Finco Limited
(b)
Financing Company
Ordinary
M&J Gleeson & Co Unlimited Company (b)
Wholesale
Ordinary
Wm. Magner Limited
(a)
Export
Ordinary
Non-Trading Companies
Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
C&C Group Pension Trust Limited
(a)
Non-Trading
Ordinary
C&C Group Irish Holdings Limited
(a)
Non-Trading
Ordinary
Incorporated and Registered in the United Kingdom
Trading Companies Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
Bibendum Off Trade Limited
(h)
Wholesale
Ordinary & Participating
Preference
C&C Holdings (NI) Limited
(e)
Holding Company
Ordinary
C&C IP UK Limited
(c)
Licensing Activity
Ordinary
C&C Management Services (UK)
(c)
Provision of
Ordinary
Limited Management Services
Magners GB Ltd
(c)
Cider and Beer
Ordinary
Matthew Clark Bibendum Limited
(c)
Wholesale
Ordinary
Tennent Caledonian Breweries UK
(d)
Beer and Cider
Ordinary
Limited
Tennent Caledonian Breweries
(d)
Wholesale
Ordinary
Wholesale Limited
Tennent\u2019s NI Ltd
(e)
Cider & Beer
Ordinary & 3.25%
Cumulative Preference
Non-Trading Companies
Matthew Clark Bibendum (Holdings)
(c)
Holding Company
Ordinary A & Ordinary B
Limited
Incorporated and Registered in Luxembourg
Non-Trading Companies Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
C&C IP S\u00e0rl
(f)
Non-Trading
Class A to J Units
Incorporated and Registered in Delaware USA
Non-Trading Companies Registered Class of shares held as at 28 February
Company Name
Office
Nature of Business
2026
(100% unless stated)
Vermont Hard Cider Company
(g)
Non-Trading
Common Stock
Holdings, Inc.
Companies currently in liquidation process
Class of shares held as at 28 February
Entity Registered Date of VL
Name
2026
(100% unless stated)
UK
01/08/2025
Bibendum PLB (Topco) Limited
Ordinary
UK
01/08/2025
Bibendum Group Limited
Ordinary
UK
01/08/2025
Bibendum Wine Limited
Ordinary
UK
01/08/2025
C&C Profit Sharing Trustees (NI) Limited
Ordinary
UK
01/08/2025
Wallaces Express Limited
Ordinary
Luxembourg 18/08/2025
C&C Luxembourg S\u00e0rl
Class A to J Units
UK
26/11/2025
Gleeson N.I. Limited
Ordinary
UK
26/11/2025
Walker & Wodehouse Wines Limited
Ordinary
UK
16/12/2025
Vintage Glasgow Limited
Ordinary
UK
16/12/2025
Macrocom (1018) Limited
Ordinary
UK
26/02/2026
Drygate Brewing Company Limited
Ordinary
Registered Office Addresses (a) Annerville, Clonmel, Co. Tipperary, E91 NY79, Ireland. (b) Bulmers House, Keeper Road, Crumlin, Dublin 12, D12 K702, Ireland. (c) Pavilion 2, The Pavilions, Bridgwater Road, Bristol, BS99 6ZZ, United Kingdom. (d) Wellpark Brewery, 161 Duke Street, Glasgow, G31 1JD, United Kingdom. (e) 6 Aghnatrisk Road, Culcavy, Hillsborough, Co Down, BT26 6JJ, Northern Ireland. (f) L-2132 Luxembourg, 18 Avenue Marie-Therese, Luxembourg. (g) 251 Little Falls Drive, Wilmington, DE 19808, US (h) 16 St Martin\u2019s Le Grand, London, EC1 4EN, United Kingdom Equity accounted investments
Class of shares held as
at 28 February 2026
Equity accounted investments
Notes
Nature of business
(100% unless stated)
Associates
Braxatorium Parcensis CVBA (Belgium)
(a)
Brewing
33.33%
Shanter Inns Limited (Scotland)
(b)
Public houses
Ordinary, 33%
Whitewater Brewing Co. Limited (Northern Ireland)
(c)
Brewing
Ordinary, 25%
Financial assets
Jubel Limited (England and Wales)
(d)
Brewing
Ordinary, 7.8%
Bramerton Condiments Limited (England and Wales)
(e)
Food and beverage Ordinary, 0.28%
Financial assets (in administration)
Innis & Gunn Holdings Limited (Scotland)
(f)
Brewing
8%
Notes: The registered office address for each of the companies mentioned above and in the notes is as follows: (a) 3001 Leuven-Heverlee, Abdij van Park 7, Belgium. (b) 230 High Street, Ayr, KA7 1RQ, United Kingdom. (c) 3a Clarkill Road, Castlewellan, County Down, Northern Ireland, BT31 9BJ, United Kingdom. (d) Office 311, Edinburgh House, 170 Kennington Lane, London, SE11 5DP, United Kingdom. (e) 25 Farringdon Street, London, EC4A 4AB, United Kingdom. (f) C/O Fti Consulting Llp, Wizu Workspace, 2 West Regent Street, Glasgow, G2 1RW", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-672": { "value": "Equity accounted investments
Class of shares held as
at 28 February 2026
Equity accounted investments
Notes
Nature of business
(100% unless stated)
Associates
Braxatorium Parcensis CVBA (Belgium)
(a)
Brewing
33.33%
Shanter Inns Limited (Scotland)
(b)
Public houses
Ordinary, 33%
Whitewater Brewing Co. Limited (Northern Ireland)
(c)
Brewing
Ordinary, 25%
Financial assets
Jubel Limited (England and Wales)
(d)
Brewing
Ordinary, 7.8%
Bramerton Condiments Limited (England and Wales)
(e)
Food and beverage Ordinary, 0.28%
Financial assets (in administration)
Innis & Gunn Holdings Limited (Scotland)
(f)
Brewing
8%
Notes: The registered office address for each of the companies mentioned above and in the notes is as follows: (a) 3001 Leuven-Heverlee, Abdij van Park 7, Belgium. (b) 230 High Street, Ayr, KA7 1RQ, United Kingdom. (c) 3a Clarkill Road, Castlewellan, County Down, Northern Ireland, BT31 9BJ, United Kingdom. (d) Office 311, Edinburgh House, 170 Kennington Lane, London, SE11 5DP, United Kingdom. (e) 25 Farringdon Street, London, EC4A 4AB, United Kingdom. (f) C/O Fti Consulting Llp, Wizu Workspace, 2 West Regent Street, Glasgow, G2 1RW", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-667": { "value": "Equity accounted investments
Class of shares held as
at 28 February 2026
Equity accounted investments
Notes
Nature of business
(100% unless stated)
Associates
Braxatorium Parcensis CVBA (Belgium)
(a)
Brewing
33.33%
Shanter Inns Limited (Scotland)
(b)
Public houses
Ordinary, 33%
Whitewater Brewing Co. Limited (Northern Ireland)
(c)
Brewing
Ordinary, 25%
Financial assets
Jubel Limited (England and Wales)
(d)
Brewing
Ordinary, 7.8%
Bramerton Condiments Limited (England and Wales)
(e)
Food and beverage Ordinary, 0.28%
Financial assets (in administration)
Innis & Gunn Holdings Limited (Scotland)
(f)
Brewing
8%
Notes: The registered office address for each of the companies mentioned above and in the notes is as follows: (a) 3001 Leuven-Heverlee, Abdij van Park 7, Belgium. (b) 230 High Street, Ayr, KA7 1RQ, United Kingdom. (c) 3a Clarkill Road, Castlewellan, County Down, Northern Ireland, BT31 9BJ, United Kingdom. (d) Office 311, Edinburgh House, 170 Kennington Lane, London, SE11 5DP, United Kingdom. (e) 25 Farringdon Street, London, EC4A 4AB, United Kingdom. (f) C/O Fti Consulting Llp, Wizu Workspace, 2 West Regent Street, Glasgow, G2 1RW", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-586": { "value": "
31. Post-Balance Sheet Events
Innis & Gunn brand acquisition.
On 6 March 2026, the Group acquired the Innis & Gunn brand and associated global intellectual
property for \u20ac5.1m from the administrators of Innis & Gunn. A breakdown of the assets acquired
is as follows:
Consideration paid
\u20acm
Intangible assets
5.0
Property, plant and equipment
0.1
Total consideration
5.1
No other material post-balance sheet events requiring disclosure have been identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-11": { "value": "Bulmers House Keeper Road Crumlin Dublin 12 D12 K702 Ireland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:635400LNUHA2LDXXV850", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } } } }